Metal Bank Limited (ASX:MBK) signed a non-binding term sheet to acquire Great Western Gold Pty Ltd, Ark Gold Pty Ltd and Brockman Project Holdings Pty Limited from Hastings Technology Metals Limited (ASX:HAS) for AUD 2.1 million on September 10, 2025. As of September 29, 2025, a binding Sale and Purchase Agreement has been signed. The consideration consists of 160.02 million common equity of Metal Bank Limited to be issued. Following the completion, Inés Scotland will move to Non-Executive Chair, Charles Lew will join the board as a Non-Executive Director, and Tim Gilbert will join as Chief Executive Officer. As of November 28, 2025 Hastings Technology Metals Ltd shareholders approved the transaction.

The Proposed Acquisition is subject to satisfactory completion of mutual due diligence, which is currently in progress, signing of binding documentation, Metal Bank Limited and Hastings Technology Metals Limited shareholder approval and other necessary approvals, including ASX review. As of September 16, 2025, Metal Bank Limited has now completed the due diligence and will proceed with preparation of binding documentation. Metal Bank Limited and Hastings Technology Metals Limited have completed the due diligence. The expected completion date of the transaction is December 1, 2025. As of December 1, 2025 all conditions related to this transaction have been satisfied or waived.

Metal Bank Limited (ASX:MBK) completed the acquisition of Great Western Gold Pty Ltd, Ark Gold Pty Ltd and Brockman Project Holdings Pty Limited from Hastings Technology Metals Limited (ASX:HAS) on December 5, 2025