Metal Bank has secured $1.2 million through a placement at a 30% premium, enabling accelerated development at its Seven Leaders deposit and advancing gold projects at Livingstone.
- Placement raises $1.2 million at $0.017 per share
- Funds to progress Seven Leaders, Homestead, and Winja deposits
- Seven Leaders production targeted for 2026; Livingstone projects for 2027
- Mine planning and environmental surveys advancing
- Strategic cornerstone investors support placement
Placement Completion and Premium Pricing
Metal Bank Limited (ASX:MBK) has completed its placement, raising a total of $1.2 million through the issuance of 11.75 million shares at $0.017 each. This final tranche of $200,000 concludes the funding round first announced in May 2026, with the placement price representing a notable 30% premium to the company’s closing price on 1 July 2026. The fresh capital comes from new strategic cornerstone investors, underscoring confidence in Metal Bank’s near-term production plans.
Advancing Seven Leaders Towards Production
The funds will primarily support advancing the Seven Leaders gold deposit at the Whiteheads Gold Project, located about 80km northeast of Kalgoorlie. Metal Bank’s CEO Tim Gilbert highlighted that the company remains on track to commence production at Seven Leaders this year. The mine development plan is well progressed, with sterilisation drilling expected to wrap up in August and a preferred mining contractor identified. The company is now collaborating with the contractor to optimise the mine plan.
Processing strategy is also taking shape, with Metal Bank favouring an on-site gravity circuit over more costly off-site contracted processing. This approach aligns with previous metallurgical results showing strong gravity recovery rates, which support operational efficiency. Access and native title agreements are nearing finalisation, clearing important regulatory and community engagement hurdles.
Progress at Livingstone’s Homestead and Winja Deposits
Beyond Seven Leaders, the placement proceeds will also fund development at the Homestead and Winja deposits within the Livingstone Gold Project, where Metal Bank holds a 75% interest. These deposits collectively host a JORC 2012 resource of approximately 50,000 ounces of gold. Recent flora and fauna surveys have been completed at Homestead, and Entech has delivered a pre-feasibility study (PFS) mine plan optimisation, focusing on maximising value by prioritising higher-grade ounces.
Production at Homestead and Winja is targeted to follow in 2027, complementing the Seven Leaders timeline. These projects form a critical part of Metal Bank’s Western Australian gold strategy, which also includes securing mining approvals, contractors, and toll treatment agreements to underpin operational readiness.
Broader Portfolio and Exploration Focus
Metal Bank’s portfolio extends beyond these core projects, including interests in the Ark and Darcys gold projects in Western Australia, the Millennium Cobalt-Copper-Gold project with graphite potential, and gold projects in South East Queensland. The company’s 2026 exploration program remains focused on advancing mining studies, securing approvals, and executing its Western Australian gold strategy, alongside exploring critical minerals opportunities in Queensland.
Overall, the placement solidifies Metal Bank’s financial footing as it transitions from exploration to production, with clear milestones set for Seven Leaders and Livingstone. The premium pricing of the placement shares and backing by strategic investors provide a vote of confidence in the company’s development trajectory.
Bottom Line?
Metal Bank’s completed placement at a premium price boosts its push towards gold production, with key project milestones expected this year and next.
Questions in the middle?
- Will Seven Leaders meet its targeted production start in 2026 amid ongoing mine plan optimisation?
- How will the choice of on-site gravity processing impact operational costs and recovery rates?
- What are the timelines and risks around securing final approvals and native title agreements?