Metal Bank’s Expanding Resource Base Raises Questions on Project Divestments and JV Strategies

Livingstone Gold Resource Expansion

Metal Bank Limited (ASX: MBK) has delivered a significant boost to its Livingstone Gold Project in Western Australia, announcing a 73% increase in its global gold resource to 2.81 million tonnes at 1.36 grams per tonne gold, equating to 122,600 ounces. This upgrade reflects a combination of inferred and indicated resources across three proximal deposits: Kingsley, Homestead, and Winja. Kingsley alone saw a 139% increase to 73,000 ounces, while Homestead and Winja contributed additional ounces, with resources located near surface and within trucking distance of existing processing facilities.

The company also highlighted substantial exploration upside, with numerous untested gold targets along a strike length exceeding 40 kilometres. These include prospects such as Dampier, Drake, Hilltop, VHF, Stanley, and Stella, which remain largely underexplored. Metal Bank is actively reviewing options to expand and upgrade these resources, including potential divestment opportunities given strong corporate interest and proximity to infrastructure.

Graphite Potential at Millennium Project

In Queensland, Metal Bank’s Millennium Co-Cu-Au-graphite project has secured a $275,000 grant from the Queensland Government’s Collaborative Exploration Initiative. This funding supports diamond drilling, re-assaying of previous drill samples, and preliminary metallurgical studies focused on the graphite mineralisation identified over a two-kilometre strike length. Recent re-assays revealed significant graphite intersections, with grades exceeding 18% total graphitic carbon over substantial widths, located within granted mining leases.

This grant-backed program aims to de-risk the graphite component as a valuable by-product alongside the existing cobalt, copper, and gold resources. The company plans to commence drilling and metallurgical work in the second quarter of 2025, with results expected later in the year.

Advancing Copper Exploration in MENA

Metal Bank continues to advance its Middle East and North Africa (MENA) strategy, focusing on copper and critical minerals. In Saudi Arabia, the company’s joint venture Consolidated Mining Company (CMC) holds the Wadi Al Junah project, a highly prospective volcanogenic massive sulphide (VMS) copper-zinc-gold-silver system. Fieldwork and surface sampling have been completed, with assay results pending. Additional exploration license applications are underway, alongside discussions with third parties for potential cooperation and joint ventures.

In Jordan, Metal Bank has lodged applications for a two-year renewal of exploration rights over the Malaqa project and Areas 47 and 65. A diamond drilling program at Area 65 is scheduled to commence in the third quarter of 2025, supported by a secured drilling contractor and pending import approvals for the drill rig. The projects target stratiform copper-oxide mineralisation and porphyry-style copper-molybdenum systems, with encouraging preliminary geochemical results.

Corporate and Strategic Outlook

Metal Bank’s Executive Chair, Inés Scotland, emphasised the company’s commitment to unlocking value across its portfolio, highlighting the Livingstone resource upgrade and the Queensland graphite grant as key milestones. The company is also actively seeking joint venture partners or divestment opportunities for its South East Queensland gold projects to optimise shareholder value.

Exploration expenditure for the quarter totaled $378,000, covering geological, geophysical, assay, and drilling activities. Related party payments amounted to $89,000. The company’s diversified portfolio and multi-jurisdictional approach position it well to capitalise on growing demand for critical minerals and gold.