Metal Bank Reports 6,300oz Gold Resource and High-Grade Graphite at Millennium Project

Seven Leaders Project Targets Late 2026 Mining Start

Metal Bank Limited (ASX:MBK) is gearing up to commence mining at its Seven Leaders gold deposit in Western Australia’s Whiteheads Project by the fourth quarter of 2026. The deposit holds a maiden JORC 2012 Mineral Resource Estimate (MRE) of 138,000 tonnes at 1.4g/t gold for 6,300 ounces, predominantly indicated. The company has lodged a mining lease application and is conducting optimisation studies to determine the best processing strategy, including a recently initiated value engineering study into gravity gold recovery. This gravity circuit could significantly reduce costs by eliminating haulage and cyanide toll treatment expenses, while maximising recovery of the nuggety gold characteristic of the deposit. The appointment of Philip Engelbrecht, a seasoned gold processing executive with over 35 years’ experience, to lead processing studies further underscores MBK’s commitment to fast-tracking production at Seven Leaders. These developments build on the company’s recent lodging mining lease application for Seven Leaders and reporting exceptional gold recovery results that validate the project’s near-term potential.

Livingstone Project Advances with Mining Lease Applications and Environmental Surveys

At the Livingstone Gold Project, also in Western Australia and where MBK holds a 75% interest, mining studies continue for the Homestead and Kingsley prospects. The project boasts a global JORC 2012 resource of 2.81 million tonnes at 1.36g/t gold for 122,600 ounces, with 70% classified as inferred. MBK lodged mining lease applications for the Homestead and Winja deposits, which are surface and near-surface resources conveniently located within trucking distance of existing processing facilities. An environmental survey was completed during the quarter, supporting ongoing regulatory processes. The company’s strategy focuses on leveraging third-party processing infrastructure to expedite production and reduce capital outlay.

Millennium Project Emerges as Critical Minerals Opportunity with Graphite and Toll Treatment MOU

In Queensland, MBK’s Millennium Co-Cu-Au-graphite project is shaping up as a near-term critical minerals development, with a JORC 2012 Inferred Resource of 8.4 million tonnes grading 0.29% copper, 0.09% cobalt, and 0.12g/t gold. Drilling completed under a Queensland Government Collaborative Exploration Initiative grant has confirmed thick, high-grade graphite mineralisation over more than 2 kilometres of strike adjacent to the existing copper-cobalt-gold resource. Notably, assays included 13.1 metres at 12.23% total graphitic carbon from near surface and 30.85 metres at 14.11% TGC from 60.4 metres depth. Metallurgical test work is underway to assess processing options for this graphite, which could add significant value to the project. Supporting this, MBK signed a memorandum of understanding with Austral Resources to evaluate toll treatment of Millennium ore at Austral’s Rocklands processing facility, located about 19 kilometres from the project. Austral is advancing feasibility studies to establish Rocklands as a regional processing hub, potentially accelerating MBK’s path to production. These developments follow previous announcements of high-grade graphite intersections at Millennium and the MOU with Austral Resources for toll treatment.

Corporate and Financial Position Bolstered by Asset Sale and Equity Raise

Metal Bank’s cash position stood at $1.39 million at the end of March 2026, with operating cash outflows of $162,000 and capitalised exploration expenditure of $418,000 during the quarter. Post-quarter, the company significantly boosted liquidity by selling its holding in Neo Performance Materials Inc, generating $14.56 million in cash inflows. Additionally, MBK activated its existing At-The-Market facility, selling 3.15 million shares for $2.13 million. These moves provide a strong financial runway to support ongoing exploration and development activities across its portfolio. The company also completed an unmarketable parcel share sale facility, attracting support from sophisticated and professional investors. Director fees and related party payments amounted to $109,000 for the quarter.