Metal Bank’s Shift to Producer Hinges on Hastings Deal and Leadership Changes

Acquisition Milestone Achieved

Metal Bank Limited (ASX – MBK) has reached a pivotal moment in its growth trajectory with the imminent completion of its acquisition of Hastings Technology Metals’ gold assets. Scheduled for 5 December 2025, this transaction will see MBK issue 160 million shares to Hastings shareholders, significantly expanding its footprint in Western Australia’s prolific gold regions.

The acquisition includes key projects such as the Whiteheads Gold Project near Kalgoorlie, the Ark Gold Project in the Gascoyne region, and the Darcy’s Gold Project in the East Kimberley. These assets complement MBK’s existing portfolio and underpin its strategic shift from exploration towards production.

Leadership to Drive Production Focus

Coinciding with the acquisition, MBK has appointed Tim Gilbert as its new Chief Executive Officer. Gilbert brings over 30 years of mining industry experience, having held senior operational roles at major players including Rio Tinto, Newmont, and Gold Fields Australia. His recent tenure as COO at Hastings saw him spearheading efforts to fast-track the Seven Leaders and Blue Poles deposits at Whiteheads, highlighting his capability to transition projects from exploration to production.

Gilbert’s appointment signals MBK’s intent to leverage his expertise to accelerate development and operational execution across its expanded gold portfolio. Meanwhile, Inés Scotland transitions to Non-executive Chair, maintaining continuity in governance as the company embarks on this new chapter.

Board Strengthened with Industry Veteran

Adding further depth to MBK’s leadership, Charles Lew, Chair of Hastings, will join MBK’s board as a non-executive director post-completion. Lew’s extensive investment banking background and hands-on experience managing the Yangibana Rare Earths Project bring valuable strategic insight, particularly as MBK advances its Western Australian gold strategy.

Strategic Outlook and Next Steps

MBK’s acquisition and leadership appointments come at a time when the company is actively progressing exploration and development programs. Upcoming milestones include the maiden JORC Mineral Resource Estimate for the Seven Leaders deposit, scoping studies, and securing mining approvals. These efforts aim to transition MBK from a junior explorer to a gold producer capable of funding future growth internally.

With a diversified portfolio spanning gold, cobalt, copper, and rare earths, MBK is positioning itself to capitalize on commodity demand trends. The integration of Hastings’ assets and leadership expertise is expected to enhance operational capabilities and unlock value for shareholders.