Metal Bank Limited (MBK:ASX), a company focused on building a gold portfolio in Western Australia with assets that have the potential for near-term production utilising nearby third-party processing infrastructure, released its quarterly activities report for the period ended 31 December 2025. The report highlights significant progress in the company’s WA gold strategy and ongoing exploration efforts across its project portfolio. MBK also has a 51% interest and the right to earn up to 80% of the Millennium Cobalt-Copper-Gold project which holds a 2012 JORC Inferred Resource across 5 granted Mining Leases with significant potential for expansion and graphite identified over >2km strike length within and adjacent to existing JORC Resource.
A key achievement during the quarter was the completion of the acquisition of gold assets from Hastings Technology Metals Ltd, including the Whiteheads Project near Kalgoorlie. Mine design and planning are underway at Whiteheads, following the completion of a maiden JORC resource estimate at the Seven Leaders prospect, paving the way for potential fast-track production in 2026. Scoping study work also continued at the Livingstone Gold Project, with a mining lease application lodged for the Homestead and Winja deposits.
MBK also reported on its Millennium Co-Cu-Au project in Queensland, where drilling was completed as part of the Queensland Government’s Critical Minerals Collaborative Exploration Initiative grant-supported work program. Samples have been submitted for assay, and the work program includes re-assaying of previous drill samples and preliminary metallurgical work. An application was submitted for an additional mining lease at Millennium, encompassing the southern granted leases and a previously inaccessible area.
In corporate matters, Tim Gilbert was appointed as CEO in December, and Charles Lew joined the MBK Board as a non-executive director. The company completed a partially underwritten Entitlement Offer, raising $2.42 million. Shares issued to HAS as consideration for the acquisition of its gold assets were distributed in-specie to HAS shareholders in December, and an unmarketable parcel share sale facility was established.
