InvestSMART

Metal Bank Limited (ASX:MBK)

ALERT: Price-sensitive ASX Announcement for MBK
Current share price for MBK : $0.012 -0.003 (-20%)+
Announcement
Release
26 May 2026 8:44AM
Price at Release
$0.015
Full Release
download
Summary
Metal Bank Limited (MBK) has entered into a non-binding Memorandum of Understanding (MOU) with Terra Mining for the provision of mining and crushing services at the Seven Leaders deposit, part of MBK's Whiteheads project in Western Australia. This collaboration aims to establish a framework for negotiating a binding contract for mining operations, including all necessary equipment, personnel, and safety compliance. The project, estimated to begin in the fourth quarter of 2026, revolves around extracting ore from a deposit with a JORC 2012 Mineral Resource Estimate of 138,000 tonnes at 1.4 g/t for 6,300 ounces of gold. The MOU allows both parties to align their efforts for timely production readiness and may extend to other MBK projects like the Livingstone Project. Discussions on access and agreements with local stakeholders, including Native Title negotiations with the Kakarra people, are ongoing, with production anticipated by the end of 2026.
Key Points
  • Non-binding MOU between MBK and Terra Mining for mining services at Seven Leaders.
  • Seven Leaders deposit has a JORC 2012 MRE of 138,000t @ 1.4 g/t for 6,300oz.
  • MOU includes negotiating a mining contract with Terra Mining for extraction services.
  • Estimated project start is Q4 2026, with completion around six months later.
  • The project is part of MBK's phased strategy for its WA gold deposits.
  • Discussions on access agreements and Native Title negotiations are ongoing.
  • Potential to expand the relationship to MBK's Livingstone Project.
  • Recent test work shows promising gold recovery, considering cost-saving measures.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.