Metal Bank advances Seven Leaders gold project with mining lease application targeting Q4 2026 start

Mining Lease Application Submitted

Metal Bank Limited (ASX:MBK) has announced that its wholly owned subsidiary, Great Western Gold Pty Ltd, has lodged a Mining Lease (ML) application over the Seven Leaders deposit, part of the Whiteheads Gold Project located approximately 80km northeast of Kalgoorlie, Western Australia. The deposit is held under a joint venture arrangement with Zebina Minerals Pty Ltd, with Metal Bank holding a 75% interest.

Resource and Metallurgical Highlights

The Seven Leaders deposit hosts an initial JORC 2012 Mineral Resource Estimate (MRE) of 138,000 tonnes at 1.4 grams per tonne (g/t) gold, equating to approximately 6,300 ounces of gold, predominantly in the indicated category (6,200oz indicated, 100oz inferred). Recent metallurgical test work has demonstrated outstanding gold recovery results, including intensive leaching exceeding 99% recovery and gravity gold recovery of 72.5%, as reported in Metal Bank’s March 2026 release. These results support the company’s efforts to determine an optimum processing strategy with anticipated low capital costs.

Mining and Development Plans

The mineralisation at Seven Leaders is largely shallow, extending from surface to at least 60 metres below ground, and is hosted within oxidised and transitional zones. The deposit extends over a strike length of approximately 250 metres. Metal Bank plans to develop the deposit using conventional open-cut mining methods involving drill and blast operations. Discussions with mining contractors are underway, alongside ongoing environmental and heritage surveys.

The company targets mining commencement in the fourth quarter of 2026, subject to completion of optimisation studies, mine planning, sterilisation drilling for infrastructure placement, access agreements with Gindalbie Station, and preparation of mine development and closure plans. Metal Bank’s CEO, Tim Gilbert, noted that the mining lease application represents an important step towards near-term gold production at Seven Leaders.

Broader Project Portfolio and Strategy

Beyond Seven Leaders, Metal Bank holds a significant portfolio of advanced gold, copper, and cobalt exploration projects across Western Australia and Queensland. This includes a 75% interest in the Livingstone Gold Project near Kalgoorlie, which contains a JORC 2012 Mineral Resource Estimate of 122,500 ounces of gold, and a 51% interest in the Millennium Cobalt-Copper-Gold Project in Queensland. The company’s 2025-2026 exploration programs focus on advancing these projects towards production readiness, including scoping studies, securing mining approvals, and negotiating toll treatment agreements.

Metal Bank’s announcement follows its March 2026 report of exceptional gold recovery rates at Seven Leaders, reinforcing the project’s potential for low-cost processing and near-term production. The company continues to progress key work streams in parallel to the mining lease application process.