Metal Bank to Acquire 160 Million Shares in Hastings Gold Asset Deal
Hastings Technology Metals has secured shareholder approval to distribute Metal Bank shares as it divests its gold assets, marking a strategic pivot towards rare earths.
- Shareholders approve in-specie distribution of Metal Bank consideration shares
- Completion of gold asset divestment scheduled for 5 December 2025
- Metal Bank acquires Whiteheads, Ark, and Darcy gold projects
- Hastings COO Tim Gilbert appointed CEO of Metal Bank
- Hastings Chair Charles Lew to join Metal Bank board post-completion
Strategic Divestment Approved
Hastings Technology Metals Ltd (ASX – HAS) has taken a decisive step in reshaping its portfolio by divesting its gold assets to Metal Bank (MBK). Following strong shareholder support at the recent Annual General Meeting, the company will distribute 160 million MBK shares to its shareholders in an in-specie distribution, effectively transferring ownership of key gold projects to Metal Bank.
Assets Changing Hands
The divestment includes three significant gold projects in Western Australia – the Whiteheads Gold Project, Ark Gold Project, and Darcy’s Gold Project. These assets cover a combined area of approximately 580 square kilometres and are strategically located near established mining hubs such as Kalgoorlie and Carnarvon. The transfer of these assets to Metal Bank is set to complete on 5 December 2025, after all acquisition conditions have been met or waived.
Leadership and Board Changes Signal Collaboration
In a move that underscores the close relationship between the two companies, Hastings’ Chief Operating Officer Tim Gilbert has been appointed as Metal Bank’s Chief Executive Officer effective immediately. Additionally, Hastings’ Executive Chairman Charles Lew will join Metal Bank’s board as a non-executive director following completion. These appointments suggest a collaborative approach to unlocking value from the gold assets under Metal Bank’s stewardship.
Focus on Rare Earths and Shareholder Value
For Hastings, this divestment represents a strategic refocus on its core rare earths business, particularly the flagship Yangibana Rare Earths and Niobium Project. Executive Chairman Charles Lew highlighted that the transaction provides shareholders with immediate liquidity and dual exposure to promising resource sectors; rare earths through Hastings and gold through Metal Bank. This dual investment opportunity could appeal to investors seeking diversified exposure within the mining sector.
Looking Ahead
As Hastings concentrates on advancing its rare earths projects, Metal Bank inherits a portfolio of gold assets with potential upside amid a robust gold price environment. The market will be watching closely to see how Metal Bank leverages these acquisitions and how Hastings’ sharpened focus on rare earths translates into operational progress and shareholder returns.
Bottom Line?
Hastings’ gold divestment marks a clear pivot to rare earths, setting the stage for distinct growth paths for both companies.
Questions in the middle?
- How will Metal Bank finance and develop the newly acquired gold projects?
- What impact will the divestment have on Hastings’ balance sheet and cash flow?
- Can Hastings accelerate rare earth production to capitalize on growing demand?
