Metal Bank Limited (ASX:MBK) ('MBK' or 'the Company') announced on 10 September 2025 that it has signed a non-binding term sheet (Term Sheet) with Hastings Technology Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold assets of HAS, (subject to due diligence, binding documentation and other conditions precedent including shareholder approval) (Proposed Acquisition), and has commenced a scoping study for the Kingsley and Homestead deposits at the Livingstone Project, furthering its Western Australian focussed gold strategy to expand MBK's WA gold portfolio and move to production.
MBK has now completed its Due Diligence and the preparation of binding documentation and other documents required for shareholder and other approvals is proceeding. Under the Proposed Acquisition MBK is to acquire the following HAS Gold Assets: Great Western Gold Pty Ltd (GWG), the holder of a 75% interest in the Whiteheads Gold Project JV tenements and other tenements 100% held by GWG, covering 380sqkm located approximately 80km NE of Kalgoorlie (Whiteheads Project); Ark Gold Pty Ltd (Ark), the holder of the Ark gold project, comprising two exploratione licences located approx. 40km southeast of HAS' Yangibana Project 250 km northeast of Carnarvon in Western Australia (Ark Project) and The Darcy's gold project comprising 3 exploration licenses covering an area of 100 sq kms situated adjacent to HAS' Brockman Niobium and Heavy Rare Earths Project in the East Kimberley region of Western Australia (Darcy Project).
The Proposed Acquisition is subject to satisfactory completion of mutual due diligence, signing of binding documentation, MBK shareholder approval under Listing Rule 7.1 and other necessary approvals, including ASX review pursuant to Listing Rule 11.1. A summary of the agreed terms for the Proposed Acquisition is set out in MBK's ASX Release of 10 September 2025 'MBK Executing WA Gold Strategy'. HAS is continuing to advance the Whiteheads project prior to completion of the Proposed Acquisition. HAS has advised it has now completed an initial Heritage Survey with the Kakarra people at the Sever Leaders Prospect which has confirmed that no heritage sites are within the initial drill site area. HAS has also confirmed that all other necessary permits and approvals are in place and drilling will commence on 22 September for an initial resource at Seven Leaders and further HAS' plan to early production. The initial drill plan consists of c.1,500m of RC drilling to confirm historical drill data and a geotechnical diamond core hole to ensure adequate geotechnical data is available to design and implement the starter pit. The drill program, including the diamond hole, will take approx. 2 weeks to complete. On completion of drilling and the subsequent drill hole assays, HAS intends to announce an initial Resource on the Seven Leaders project, proceeding to mining lease application and submission of the Mining Proposal.
MBK's Chair Ines Scotland commented: 'HAS are working full-steam ahead on advancing the Whiteheads Gold Project with the $500k of funds set aside for this purpose. Tim Gilbert, who will become MBK's CEO post the completion of the transaction is an experienced mining engineer and is managing the approvals and upcoming drill program. There will be solid news flow as both the Whiteheads and Livingstone Project have a lot of work underway.'
Whiteheads
The Whiteheads project is located 80km north of Kalgoorlie in a world class minerals province with several operating processing plants within trucking distance for toll treatment. It comprises a significant tenement package, including, 13 exploration licences, one prospecting licence and 1 mining lease (not currently in production) covering approximately 380 sq kms, with walk-up drill targets, multiple prospects and untested surface gold anomalies. The Whiteheads Project benefits from excellent access via sealed and well-maintained unsealed roads, well-established infrastructure and proximity to operating mines, including Northern Star Resources Ltd (ASX:NST) Kanowna Belle mine 40kms to the south. The project location also offers potential access to significant nearby third-party processing capacity, which could provide future pathways for toll treatment options. HAS has committed $500,000 to expedite development work during the due diligence period ensuring that exploration and permitting works continue.
Great Boulder Resources Limited (ASX:GBR) acquired Whiteheads in 2019 and amalgamated the eastern and western halves of the project via joint venture and farm-in agreements. Prior to this ownership was fragmented and much of the area was underexplored. GBR conducted extensive exploration with results previously announced to ASX by GBR. HAS acquired the project earlier this year following completion of separate Tenement Purchase Agreements with GBR, Mithril Silver and Gold Limited and Aberdeen Pty Ltd, consolidating ownership of the Project's tenements by GWG with 100% ownership or 75% for eastern tenements subject to JV with Zebina Minerals (refer Appendix 1). The project has significant exploration upside supported by over 10,000 metres of historical drilling, extensive soil sampling, gravity surveys and geochemical programs, which has enabled HAS to commence execution of a systematic exploration program aimed at fast-tracking early development options. HAS' initial RC and AC drilling campaigns are focussed on testing extensions and infilling key prospects, including Blue Pole, Lady Betty and Seven Leaders, to underpin a maiden Mineral Resource Estimate. Entech has been appointed by HAS to assist with scoping studies to assess mining potential utilising third party processing options.
Contact:
Ines Scotland
Executive Chair
Email: ines@metalbank.com.au
Sue-Ann Higgins
Executive Director and Company Secretary
Email: sue-ann@metalbank.com.au
Competent Person Statements
The information in this report that relates to Exploration Results and Mineral Resource Estimates has been extracted from various ASX Announcements referenced in this report and are available to be viewed on the Company's website at www.metalbank.com.au or through the ASX website at www.asx.com.au (using ticker code 'MBK') . The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant ASX announcements and News Releases. In the case of Mineral Resource estimates , all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original ASX announcements or News Releases
