Binding Agreement Signed with HAS

Metal Bank Limited (ASX:MBK) (‘MBK’ or ‘the Company’) is pleased to advise that following completion of due diligence by both parties, a binding Sale and Purchase Agreement (SPA) has now been signed with Hastings Technology Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold assets of HAS, (subject to conditions precedent including shareholder approvals) (Proposed Acquisition).

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• MBK and HAS have signed a binding agreement for the acquisition of the HAS Gold Assets
  
• Drilling has commenced at the Seven Leaders prospect at the Whiteheads Project
  
• Drilling is focused around the Seven Leaders Project and will include geotechnical drilling for use in pit design
• Livingstone Scoping Study is progressing

As consideration for the Proposed Acquisition, MBK will issue to HAS MBK Shares (Consideration Shares) at Completion for a total value of $2,300,000, at a share price of $0.014373, being the 10 day VWAP at the date of signing the term sheet. The consideration comprises $2,000,000 for the HAS Gold Assets plus $300,000 for the cash balance to be held by GWG at Completion.

Under the Proposed Acquisition MBK is to acquire the following HAS Gold Assets*:

• Great Western Gold Pty Ltd (GWG), the holder of a 75% interest in the Whiteheads Gold Project JV tenements and other tenements 100% held by GWG, covering ~380sqkm located approximately 80km NE of Kalgoorlie (Whiteheads Project);
  
• Ark Gold Pty Ltd (Ark), the holder of the Ark gold project, comprising two exploration licences located approx. 40km southeast of HAS’ Yangibana Project 250 km northeast of Carnarvon in Western Australia (Ark Project); and
  
• The Darcy’s gold project comprising 3 exploration licenses covering an area of ~ 100 sq kms situated adjacent to HAS’ Brockman Niobium and Heavy Rare Earths Project in the East Kimberley region of Western Australia (Darcy Project).

*The Proposed Acquisition is subject to conditions precedent, including shareholder approval under Listing Rule 7.1 for MBK’s issue of the Consideration Shares and HAS shareholder approval for the in-specie distribution of the Consideration Shares to its shareholders. MBK has obtained ASX confirmation that Listing Rules 11.1.2 and 11.1.3 do not apply to the Proposed Acquisition, satisfying one of the conditions precedent.

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