MBK Update - HAS Gold Assets Acquisition

Metal Bank Limited (‘MBK’ or ‘the Company’) is pleased to advise the successful completion of the phase one drilling program by Hastings Technology Metals Ltd (HAS) at the Seven Leaders prospect, one of the multiple targets at the Whiteheads Gold project in WA near Kalgoorlie. The Whiteheads Gold project is one of the HAS gold assets that MBK has agreed to acquire from HAS subject to MBK and HAS Shareholder approvals and other conditions precedent (Proposed Acquisition)¹.

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Highlights

• Phase One RC and geotechnical drilling program completed at the Whiteheads Project’s Seven Leaders prospect
• Geotechnical analysis, mine design and mine planning are advancing
• Major shareholders with an aggregate 19% interest in MBK shares have voted in favour of MBK’s proposed acquisition of the gold assets of Hastings Technology Metals1, including the Whiteheads Project.

The Whiteheads Project has significant historical drilling and evidence of historical underground workings. The completed drill program was designed to:

• confirm previous historical drilling;
• provide new samples for assay; and
• provide geotechnical information for mine design, planning and scheduling.

The drilling program was managed by Tim Gilbert, currently COO at Hastings, who will become CEO of MBK upon satisfaction of the conditions precedent to the Proposed Acquisition. Highlights from the drilling program include:

• zero safety or environmental incidents;
• 32 holes for 1,222m of RC drilling which will primarily be used for Mineral Resource Estimate (MRE) and pit design as well as recorded for grade control in the future mine plan; and
• 52m of diamond core drilling for geotechnical and mine design.

Figure 1: Tim Gilbert and Matt Skeet (Castle Drilling)

HAS is working closely with Entech in Perth who are progressing:

• mine design and scheduling;
• geotechnical analysis; and
• the maiden MRE for the Whiteheads Project.

Additionally, HAS has progressed discussions with both Kakarra and Salubris regarding Native Title Agreements and land access to Gindalbie Station, respectively.

In commenting, Ines Scotland Executive Chair MBK, “Our strategy to move to gold production in WA is quickly becoming a reality. Tim, the geologists and contract teams have produced a great result to rapidly advance key work streams. We are excited to complete the acquisition of the Hastings gold portfolio, which is subject to shareholder approval at our AGM in a couple of weeks and other conditions precedent which are in progress. We are receiving good support from shareholders in the Rights Issue and we also have partial underwriting in place, so we will be well funded to complete our planned work programs.”

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