Hastings Acquisition to proceed – CEO Appointed

Metal Bank Limited (‘MBK’ or ‘the Company’) is pleased to advise that following the approval of shareholders of Hastings Technology Metals Ltd (Hastings) to the in-specie distribution of MBK Consideration Shares at the Hastings Annual General Meeting held on 28 November 2025, all conditions precedent to MBK’s acquisition of the gold assets of Hastings¹ (Acquisition) have now been satisfied or waived.

Highlights

• Shareholders of Hastings Technology Metals Ltd (Hastings) have approved the in-specie distribution of MBK Consideration Shares
• All conditions precedent to the MBK acquisition of the Hastings gold assets have now been satisfied or waived
• Completion of the acquisition scheduled for 5 December 2025
• MBK has appointed Tim Gilbert as its CEO
• Charles Lew to join the MBK Board as non-executive director following completion

Completion of the acquisition is scheduled for 1 December 2025. At Completion, MBK will issue to Hastings 160,022,264 MBK Shares (Consideration Shares) as consideration for acquisition of the following 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 an exploration license 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).

MBK is also pleased to announce the appointment of Tim Gilbert as Chief Executive Officer, effective today. Tim is a mining engineer with more than three decades of experience in a range of senior roles in the resources sector across multiple commodities, including battery and base metals, diamonds and gold. His expertise covers a range of strategic, operational and technical roles for global mining companies including Rio Tinto, Newmont, Thiess and Gold Fields Australia where he was VP Operations and previously General Manager, Agnew Gold Mine.

Most recently, as COO of Hastings, Tim has been leading Hastings’ strategy of fast-tracking the Seven Leaders and Blue Poles deposits at Whiteheads to production. Recent drilling at Seven Leaders has confirmed high grade gold mineralisation² and Entech (a multi-disciplinary mining consultancy) has been contracted for a maiden JORC2012 Mineral Resource Estimate (MRE) and scoping study work, with the MRE expected to be announced this month.

With the appointment of Mr Gilbert as CEO, Inés Scotland will move from Executive to Non- executive Chair effective immediately.

Charles Lew, the Chair of Hastings, will join MBK’s Board as a non-executive director following Completion of the Acquisition on 5 December 2025.

Mr Lew has more than 30 years of investment banking experience, including serving as Managing Director of ABN Amro’s investment banking business in Singapore from 1997 to 2000. After leaving ABN Amro, Mr Lew started his own investment management company, Equator Capital, which manages a hedge fund (which he exited active management in 2018).

Mr Lew, has actively managed the advancement of the Yangibana Rare Earths Project since 2014, from discovery of high grade NdPr rare earths to the recently concluded joint venture with Wyloo Metals and has championed the Hastings gold strategy. The Directors of MBK look forward to Mr Lew joining the Board.

In commenting, Ines Scotland Executive Chair MBK said:

“We are very pleased to have Tim join us as CEO. Tim’s extensive strategic, operational and technical experience across multiple commodities including management of gold operations, are perfectly matched to MBK’s strategic needs. Tim will lead the charge on our execution of our WA gold strategy, moving MBK from explorer to miner, and the advancement of our Millennium and other Projects.

We are also looking forward to Charles joining the Board. Charles is an enthusiastic supporter of our WA Gold Strategy and his experience and skills will be a valuable addition to the Board.”

Tim Gilbert also commented:

“Both the MBK and Hastings’ gold assets have great potential and with their current status, MBK will be able to bring them into production quickly. Our plan to be a producer, which funds future exploration and growth, with the gold price of today and the combined assets we have, makes for a very exciting future to grow MBK. I am proud and excited to be part of the larger Metal Bank team.”

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