Metal Bank Signs Terra Mining MOU to De-Risk Seven Leaders Start

Strategic Alliance to Accelerate Seven Leaders Production

Metal Bank Limited (ASX:MBK) has inked a non-binding Memorandum of Understanding (MOU) with Terra Mining, a well-regarded mining contractor with deep roots in the Kalgoorlie region. This agreement lays the groundwork for a binding contract to deliver mining and crushing services at the Seven Leaders deposit, part of MBK's Whiteheads Project. The collaboration aims to fast-track the operation toward a planned mining commencement in the fourth quarter of 2026.

Terra Mining’s Managing Director Ree Dai emphasised the company’s readiness to support a rapid start-up, highlighting their existing equipment, personnel, and systems. Terra's operational footprint in the Goldfields, including rapid growth at the Extension Hill mine, positions them well to meet MBK’s production timelines. This development follows MBK's recent capital raise designed to accelerate production at Seven Leaders and Livingstone, reflecting a concerted push to deliver near-term gold output $1.2M capital raise.

Seven Leaders Resource and Mining Plans

The Seven Leaders deposit carries a JORC 2012 Mineral Resource Estimate of 138,000 tonnes grading 1.4 grams per tonne gold, equating to 6,300 ounces, predominantly in the Indicated category. Mining will be conventional open-cut, drill and blast, executed by contracted operators. Recent metallurgical test work has delivered outstanding gold recovery rates, exceeding 99% leaching efficiency and 72.5% gravity recovery, underpinning the economic viability of the deposit. These results also reduce haulage costs and eliminate toll treatment expenses, with ongoing studies exploring onsite gravity concentration to further optimise cost savings and preserve high-grade nuggets Outstanding gold recovery results.

MBK is concurrently advancing mining lease applications and processing plans, with the MOU stipulating collaboration on mine management, environmental health and safety compliance, and operational performance benchmarks. The agreement also covers logistics such as personnel accommodation and site transportation, aiming to meet or exceed industry standards as benchmarked by independent experts. The partnership with Terra Mining significantly de-risks the Seven Leaders project by securing an experienced contractor ahead of final approvals and contract execution.

Broader WA Gold Strategy and Future Opportunities

Beyond Seven Leaders, the MOU opens the door for Terra Mining to extend services to MBK’s Livingstone Project near Meekatharra in 2027. Livingstone holds a larger JORC 2012 resource of 122,600 ounces across multiple deposits, with ongoing mining studies and toll treatment agreements progressing. This fits into MBK’s phased approach to bringing multiple Western Australian gold assets into production, supported by recent mining studies and environmental surveys Mining studies and toll treatment MOU.

MBK’s portfolio extends beyond gold, including cobalt-copper-gold projects and critical minerals in Queensland, but the immediate focus remains on unlocking value from its WA gold deposits. The company is also advancing Native Title negotiations with the Kakarra people and access agreements with pastoralists, both critical to securing the mining licence required to finalise the Terra Mining contract and commence operations.