Quarterly Activity Report for the quarter ending September 30, 2025

Metal Bank Limited (“MBK” or “the Company”) would like to outline below its activities for the Quarter ended September 30, 2025 (“Quarter”).

---

Highlights

Execute WA Gold Strategy

• MBK continues to implement its rapid gold production strategy. This includes building a gold portfolio in WA with assets that have the potential for near-term production, utilizing nearby third-party processing infrastructure, building on currently defined resources and exploiting significant exploration upside.¹.
• MBK’s Livingstone Project holds a global gold resource of 2.81 million tonnes @ 1.36 g/t Au for 122.6 koz Au (70% inferred, 30% indicated)² of:
  • 1.68 Mt @ 1.35 g/t Au for 73.0 koz Au (inferred resource) at Kingsley; And
  • 1.00 Mt @ 1.35 g/t Au for 43.4 koz Au (83% indicated, 17% inferred resource) at Homestead.
• All resources are located at surface/near surface, within trucking distance of existing gold mining and processing centers.
• MBK is seeking to accelerate production at the shallow wells at Homestead and Kingsley Prospects, at the Livingstone Gold Project in WA, with an exploratory study due to start in the quarter.³.
• In execution of its strategy, MBK has agreed to acquire the gold assets of Hastings Technology Metals Ltd (HAS), including the Whiteheads Project, for MBK shares.⁴ subject to conditions precedent, including approval of the shareholders of MBK and HAS.
• HAS’s Whiteheads gold project, near Kalgoorlie, is well placed to accelerate production, with drilling recently completed at the Seven Leaders prospect and mine design and planning underway⁵.

Millennium Co-Cu-Au Qld

• The Millennium Co-Cu-Au Graphite Project represents a critical near-term mineral development opportunity, at surface, on granted mining leases and in proximity to existing mining infrastructure in Cloncurry and surrounding areas that are a well-known exploration and mining region.
• Drilling is scheduled to begin in November during Millennium as the first step in the Queensland Government-funded Critical Minerals Collaborative Exploration Initiative work program.⁶.
• The work program includes diamond drilling, retesting of previous drill samples and preparatory metallurgical work and is aimed at advancing the additional graphite potential beyond the current Co-Cu-Au mineral resource.

Saudi Arabia

• MBK continues to assess new potential project areas in Saudi Arabia for copper, gold and other critical minerals, with six applications for exploration permits submitted and one awarded in 2024.
• MBK continues discussions with third parties holding exploration licenses about possible cooperation.

Commercial

• MBK is making a partially subscribed Legal Offer of one (1) New Share for every three (3) shares held by eligible shareholders at an offer price of $0.014 per share, to raise up to $2.32 million.
• This offering has been partially subscribed and is well supported so far.
• The MBK Annual General Meeting will be held on 10 November 2025 at 3pm at the RSM Australia offices, Level 7, 1 Martin Place, Sydney NSW 2000.

Click here for the quarterly cash flow report

Click here for the full ASX release

This article contains content from Metal Bank Limited, which is licensed for publication on Investing News Australia. This article does not constitute advice on financial products. It is your responsibility to conduct appropriate due diligence before acting on the information provided here. View our full disclaimer here.