Metal Bank Raises $2.32M to Fast-Track WA Gold and Queensland Graphite Projects
Metal Bank Limited has announced a non-renounceable entitlement offer to raise approximately $2.32 million, partially underwritten, to fund its Western Australia gold strategy and Queensland graphite exploration. The offer closes on 31 October 2025 and coincides with a strategic acquisition of gold assets from Hastings Technology Metals.
- Non-renounceable entitlement offer at $0.014 per share
- Offer partially underwritten up to $1 million by Equator Capital Management
- Funds allocated to Livingstone and Whiteheads gold projects and Millennium graphite exploration
- Acquisition of Hastings Technology Metals’ gold assets pending shareholder approval
- Offer open to eligible shareholders in Australia and New Zealand, closing 31 October 2025
Entitlement Offer Overview
Metal Bank Limited (ASX, MBK) has launched a pro-rata, non-renounceable entitlement offer to raise up to approximately $2.32 million before costs. Eligible shareholders can subscribe for one new share for every three shares held at an offer price of $0.014 per share, representing an 18% discount to the last traded price and a 20% discount to the 10-day volume weighted average price prior to the announcement.
The offer is partially underwritten by Equator Capital Management Ltd for up to $1 million, providing a degree of certainty to the capital raising. The entitlement offer closes at 5, 00pm AEDT on 31 October 2025.
Strategic Use of Funds
Funds raised will primarily support Metal Bank’s Western Australia gold strategy, including advancing the Livingstone Project’s scoping study and progressing the Whiteheads Project through resource definition and mining approvals. Additionally, the company will assess the graphite potential at its Millennium Copper & Cobalt Project in Queensland, supported by a government grant for metallurgical studies.
General working capital and costs associated with the entitlement offer will also be covered by the proceeds.
Acquisition of Hastings Technology Metals’ Gold Assets
In a complementary strategic move, Metal Bank has agreed to acquire gold assets from Hastings Technology Metals, including the Whiteheads, Ark, and Darcy’s projects in Western Australia. This acquisition, valued at approximately $2.3 million payable in Metal Bank shares, is subject to shareholder approvals and other customary conditions precedent, with completion expected following general meetings in early November 2025.
The acquisition significantly expands Metal Bank’s gold portfolio, positioning the company for near-term production and resource growth in a prolific region.
Offer Details and Shareholder Impact
The entitlement offer is open to shareholders registered as at 5, 00pm AEST on 29 September 2025 with addresses in Australia, New Zealand, and select jurisdictions where participation is lawful. The offer is non-renounceable, meaning entitlements cannot be traded or transferred.
Shareholders who fully subscribe may apply for additional shares beyond their entitlement under a Top Up Facility, subject to availability and board discretion. Any shortfall shares not taken up by shareholders or the underwriter may be placed at the board’s discretion within three months post-offer.
Assuming full subscription, the company’s share capital will increase by approximately 166 million shares, diluting existing holdings proportionally. The company does not anticipate any material change in control, with no shareholder expected to exceed 20% voting power post-offer.
Risks and Considerations
Metal Bank highlights that the offer and its exploration activities carry inherent risks typical of mineral exploration companies, including financing risk, exploration uncertainty, regulatory and environmental compliance, and dilution risk for shareholders who do not participate.
The company advises shareholders to carefully consider these risks and seek professional advice before participating.
Bottom Line?
Metal Bank’s entitlement offer and strategic acquisition mark a pivotal step in its growth trajectory, but subscription success and exploration outcomes will be key to watch.
Questions in the middle?
- Will the entitlement offer achieve full subscription given its partial underwriting?
- How will the acquisition of Hastings Technology Metals’ assets accelerate Metal Bank’s path to production?
- What are the timelines and milestones for the Livingstone and Whiteheads projects post-capital raise?
