Can Metal Bank Overcome Regulatory Hurdles to Unlock WA Gold Potential?

Strategic Acquisition Bolsters WA Gold Portfolio

Metal Bank Limited (ASX – MBK) has taken a significant step forward in its Western Australian gold strategy by completing the acquisition of Hastings Technology Metals’ gold assets. This transaction brings the Whiteheads Project and other key tenements under MBK’s control, expanding its footprint in one of Australia’s most prolific gold regions. The Whiteheads Project, located approximately 80 kilometres northeast of Kalgoorlie, offers excellent infrastructure access and proximity to existing processing facilities, positioning MBK well for near-term production.

Seven Leaders Maiden Resource Paves Way for Production

Central to MBK’s accelerated production plans is the Seven Leaders prospect within the Whiteheads Project. A maiden JORC 2012 Mineral Resource Estimate was announced during the quarter, outlining 138,000 tonnes at 1.4 grams per tonne gold for 6,300 ounces. This resource provides a solid foundation for a starter pit, with mine design and scheduling underway alongside discussions for toll treatment agreements. The company aims to fast-track mining operations to commence in 2026, leveraging nearby third-party processing infrastructure to reduce capital intensity.

Advancing Livingstone and Other Gold Projects

MBK’s Livingstone Gold Project, where it holds a 75% interest, continues to develop with ongoing scoping studies for the Homestead and Kingsley prospects. The project boasts a combined JORC resource of 2.81 million tonnes at 1.36 grams per tonne gold, equating to approximately 122,600 ounces. Mining lease applications for Homestead and Winja deposits have been lodged, signalling MBK’s intent to progress these assets towards production. The project’s proximity to existing mining centres and surface-level resources enhances its development appeal.

Millennium Project – Critical Minerals and Graphite Potential

In Queensland, MBK’s Millennium Co-Cu-Au-graphite project represents a promising critical minerals opportunity. The project holds an inferred JORC resource of 8.4 million tonnes with notable cobalt, copper, and gold grades. Recent drilling supported by a Queensland Government grant has been completed, with assay results pending. Importantly, graphite mineralisation has been identified over more than two kilometres of strike, potentially adding significant value. MBK has also applied for an additional mining lease to access previously inaccessible zones and expand exploration.

Corporate Developments and Capital Raising

On the corporate front, MBK appointed Tim Gilbert as CEO and welcomed Charles Lew, former Chair of Hastings, to its board as a non-executive director. The company successfully completed a partially underwritten entitlement offer, raising approximately $2.42 million at $0.014 per share. This capital injection supports ongoing exploration and development activities. Additionally, MBK established an unmarketable parcel share sale facility to streamline its shareholder base.

Looking Ahead

MBK’s multi-pronged approach across Western Australia, Queensland, and Saudi Arabia positions it as a diversified explorer with near-term production ambitions. The company’s focus on utilising existing infrastructure and advancing mining approvals could accelerate value delivery. However, pending assay results from Millennium and regulatory approvals for mining leases remain key milestones to watch.