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Targeting high-demand copper-gold projects, Metal Bank (ASX:MBK) offers a compelling investment opportunity by exploring assets in Australia, Saudi Arabia and Jordan. The company focuses on optimizing and divesting the Livingstone gold project to generate capital for expanding its copper projects in the Middle East. Metal Bank's strong regional presence, particularly in Saudi Arabia and Jordan, is underpinned by deep industry relationships and extensive operating experience.
The company is securing copper and other critical minerals projects in Saudi Arabia, through its joint venture company, Consolidated Mining Company (CMC). CMC is 60 percent owned by MBK and 40 percent by Central Mining Holding Company. Its first project, Wadi Al Junah, has been awarded exploration licences in November 2024.
Wadi Al Junah is a joint venture through Consolidated Mining Company (CMC, MBK 60 percent). Exploration activities include regional geochemical surveys, surface mapping, and shear-zone anomaly identification. Phase 1 drilling is planned for Q2 2025.
Company Highlights
- Strategically focused on copper exploration and development, leveraging extensive experience and partnerships in the MENA region. Aiming for long-term growth from copper assets.
- Focused on the Livingstone gold project divestment, with ongoing JORC resource optimization, and strong corporate acquisition interest. If divested, proceeds are earmarked to fast-track exploration on the company’s copper projects.
- Expanding in Saudi Arabia by progressing the Wadi Al Junah copper project through a joint venture with Central Mining Holding Company.
- Disciplined capital allocation approach focused on low overheads and in-ground exploration investment.
- The company’s leadership team brings a proven track record in Saudi Arabia and Australia of exploration success and project execution, positioning the company for long-term value creation in the critical minerals market.
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Metal Bank
Investor Insight
Metal Bank Limited (MBK) offers a compelling investment opportunity driven by its copper-focused growth strategy, targeting high-demand projects across the Middle Eastern region.
Overview
Metal Bank (ASX:MBK) is a growth-focused explorer engaged in copper and gold exploration and development across Australia, Saudi Arabia and Jordan.
The company’s near-term focus is on optimizing and divesting the Livingstone gold project to generate capital for expanding its copper projects in the Middle East. Metal Bank's strong regional presence, particularly in Saudi Arabia and Jordan, is underpinned by deep industry relationships and extensive operating experience.
In the near term, MBK is executing its Middle East and North African (MENA) strategy focused on Saudi Arabia and Jordan. The strategy includes securing copper and other critical minerals projects in Saudi Arabia, through its joint venture company, Consolidated Mining Company (CMC). CMC is 60 percent owned by MBK and 40 percent by Central Mining Holding Company. Its first project, Wadi Al Junah, has been awarded exploration licences in November 2024. MBK has also identified several new areas of interest and exploration licence applications have already been submitted. MBK is also in discussions with third parties holding exploration licences for potential cooperation/joint ventures.
In Jordan, key agreements have been secured for copper exploration within historic mining areas. The three copper project areas granted in Jordan are Malaqa, Area 47 and Area 65. Two of these projects are in areas with historic mining activities, while the third is highly prospective for large-scale copper under cover.
The leadership team brings a proven track record of exploration success and project execution, positioning the company for long-term value creation in the critical minerals market.
Company Highlights
- Strategically focused on copper exploration and development, leveraging extensive experience and partnerships in the MENA region. Aiming for long-term growth from copper assets.
- Focused on the Livingstone gold project divestment, with ongoing JORC resource optimization, and strong corporate acquisition interest. If divested, proceeds are earmarked to fast-track exploration on the company’s copper projects.
- Expanding in Saudi Arabia by progressing the Wadi Al Junah copper project through a joint venture with Central Mining Holding Company.
- Disciplined capital allocation approach focused on low overheads and in-ground exploration investment.
- The company’s leadership team brings a proven track record in Saudi Arabia and Australia of exploration success and project execution, positioning the company for long-term value creation in the critical minerals market.
Key Projects
Livingstone Gold Project (Western Australia)
Multiple prospects at Livingstone gold project
The Livingstone gold project is an advanced gold exploration project located 140 km northwest of Meekatharra in Western Australia. The project spans 395 sq km within the Bryah-Padbury Basin. The project hosts a JORC 2012 resource of 40,300 oz gold (Homestead) and 30,500 oz gold (Kingsley). Exploration efforts include geophysical mapping, RC drilling, and over 40 km of strike target assessments. The company is updating resource models and conducting pit optimization. Strong corporate interest has led to discussions to expedite divestment, with proceeds to fund MENA operations.
The project has multiple advanced gold targets, inadequately tested to date, including Hilltop, Stanley, Winja, Winja West, VHF and Kirba, Additionally, independent experts have identified more than 10 regional greenfields targets with 40km prospective strike length.
Wadi Al Junah Project (Saudi Arabia)
A 427 sq km VMS copper-zinc-gold-silver project, Wadi Al Junah is a joint venture through Consolidated Mining Company (CMC, MBK 60 percent). Exploration activities include regional geochemical surveys, surface mapping, and shear-zone anomaly identification. Phase 1 drilling is planned for Q2 2025.
The Wadi Al Junah project is 35 km east of the Al Hajar gold-silver (copper-zinc) deposit that was previously mined by Saudi’s state-owned mining company, Ma’aden, and is close to the major regional centre and airport of Bisha. The project has received very limited rock chip sampling as part of regional scale mapping work in the 1960s and 1970s. with results of up to 1.53 percent copper, 0.44 grams per ton (g/t) gold and 160 g/t silver. MBK aims to define drill targets in preparation for initial drill programs.
Metal Bank is leveraging its extensive history in Saudi Arabia, and pursuing additional tenement applications and joint venture partnerships. The country has enacted a new mining code in 2021, establishing mining-friendly regulations and a system of refunding exploration expenditure for approved projects.
Jordan Copper Projects – Malaqa, Area 47 and Area 65
This three-project portfolio is aimed at large-scale copper exploration. The Malaqa project has shown copper mineralization over an 800-meter strike through chip and channel sampling. Area 47 features a 4 sq km geochemical anomaly indicative of porphyry-style mineralization, while Area 65 is a bulk-tonnage copper-oxide target. Metal Bank is planning a drilling campaign during 2025 and also assessing local joint venture opportunities to progress these three projects.
Millennium Project (Queensland)
Rock sample from the Millennium project
This cobalt-copper-gold project holds a JORC 2012 Inferred Resource of 8.4 Mt at 0.09 percent cobalt, 0.29 percent copper, and 0.12 g/t gold. Recent reanalysis of historic cores revealed high-grade graphite intersections (e.g. 56 m at 18.29 percent graphite). Located on granted mining leases, the project offers polymetallic potential. Metal Bank is planning further metallurgical testing and drilling to expand both the copper and graphite resource base.
Management Team
Inés Scotland – Executive Chair
Inés Scotland has over 20 years of experience in the mining industry, having worked with major gold and copper companies across Australia, Papua New Guinea, the USA, and the Middle East. Her career includes roles with Rio Tinto companies such as Comalco, Lihir, and Kennecott Utah Copper. Notably, she was the managing director and CEO of Citadel Resource Group Limited, where she led the development of the Jabal Sayid Copper Project in Saudi Arabia. Under her leadership, Citadel grew to a market capitalization of $1.3 billion before its acquisition by Equinox Minerals in January 2011. She also served as the managing director and CEO of Ivanhoe Australia, an ASX-listed company with a market capitalization of $500 million. Scotland was appointed as chair of Metal Bank Limited on August 13, 2013.
Guy Robertson – Executive Director
Guy Robertson brings over 30 years of experience as a chief financial officer, company secretary, and director for both public and private companies in Australia and Hong Kong. His previous roles include serving as chief financial officer and general manager of finance for organizations such as Jardine Lloyd Thompson, Colliers International, and Franklins. He has over a decade of experience with ASX-listed mineral exploration companies and currently holds directorships with Hastings Technology Metals, GreenTech Metals, Artemis Resources, and Alien Metals. Robertson was appointed as an executive director of Metal Bank on September 17, 2012.
Sue-Ann Higgins – Company Secretary and Executive Director
Sue-Ann Higgins is an experienced company executive with over 25 years in the mining industry. She has held senior legal and commercial roles with companies including ARCO Coal Australia, WMC Resources, Oxiana, and Citadel Resource Group. Her expertise encompasses governance and compliance, mergers and acquisitions, equity capital markets, and mineral exploration, development, and operations. Higgins was appointed as company secretary on August 21, 2013, and became an executive director on February 24, 2020.
Copper and gold-focused exploration in Australia and the Middle East
Top 5 Canadian Mining Stocks This Week: Guardian Exploration Gains 94 Percent
The projects include the Phase 2 expansion of LNG Canada’s Kitimat facility, which will double capacity of liquified natural gas to 28 million metric tons per annum, the development of Foran Mining's (TSX:FOM) McIlvenna Bay copper-zinc mine in Saskatchewan, and an expansion of Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) and Imperial Metals' (TSX:III) Red Chris copper-gold mine in Northern British Columbia.
Carney also stated that a second set of projects would be announced before the CFL’s Grey Cup on November 16.
In major M&A news, mining giants Teck (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Anglo American (LSE:AAL,OTCQX:AAUKF) announced on Monday (September 8) that they would combine in a US$70 billion “merger of equals.” If approved, the resulting company will be called Anglo Teck, and will be headquartered in Vancouver, British Columbia.
In a news release, Teck said the deal would create US$800 million in pre-tax recurring annual synergies by year four, with US$1.4 billion in pre-tax yearly earnings from optimizations at the adjacent Collahuasi and Quebrada Blanca copper mines in Chile.
Barrick Mining (TSX:ABX,NYSE:B) announced on Wednesday (September 10) that it had reached an agreement to sell its Hemlo Gold Mine in Ontario to Carcetti Capital, which will be renamed Hemlo Mining, for gross proceeds of US$1.09 billion through a combination of cash and shares.
The sale marks Barrick's continued divestment of non-core assets following the sale of its Donlin and Alturas projects earlier in the year.
Also, this week saw the TSX release its annual TSX30 top companies list, which included 17 resource companies, 15 of which are precious-metals-focused. The top three precious metals stocks were Lundin Gold (TSX:LUG,OTCQX:LUGDF), Avino Silver & Gold (TSX:ASM) and New Gold (TSX:NGD,NYSE:NGD). The top overall company was Celestica (TSX:CLS), which focuses on AI supply chain optimizations.
In other TSX news, Newmont applied to delist its shares from the exchange on Wednesday citing low trading volumes. The company has been looking to cut overhead in recent years, and the move could lower administrative costs and improve efficiency, Reuters reports.
South of the border, the US Bureau of Labor Statistics released its consumer price index data on Thursday, which showed inflation had ticked up to 2.9 percent over the same period last year. The numbers, along with last week’s weak jobs report, will be factors for the Federal Reserve when it meets for its September meeting next week.
As of Friday afternoon, over 95 percent of analysts are expecting the central bank to make a 25 point cut to the rate, bringing it to the 4 to 4.25 percent range.
For more on what’s moving markets this week, check out our top market news.
Markets and commodities react
Canadian equity markets were mostly positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) set another new record high on Thursday, climbing to 29,409.74 before retreating to end the week up 0.97 percent to 29,283.82.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) performed even better, climbing 3.67 percent to finish Friday at 879.67. However, the CSE Composite Index (CSE:CSECOMP) went the opposite direction, shedding 2.17 percent to end the week at 153.81.
The gold price was in focus again this week as it climbed to a new record high of US$3,667 per ounce on Tuesday, as analysts predict a rate cut by the Federal Reserve when it meets next week. Gold ended the week up 2.74 percent at US$3,642.70 per ounce.
Silver had a similarly explosive week, climbing past US$42 per ounce for the first time since 2011 and gaining 3.82 percent on the week to close Friday at US$42.16.
Copper also saw gains this week rising 2.17 percent to US$4.65 per pound. Meanwhile, the S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) posted a slight decrease of 0.1 percent to end the week at 548.34.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stocks data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Guardian Exploration (TSXV:GX)
Weekly gain: 94.44 percent
Market cap: C$14.34 million
Share price: C$0.175
Guardian Exploration is an exploration and development company with a portfolio of oil and gas and mineral properties.
Among its properties is the Sun Dog gold project covering an area of 9,415 hectares in the Kivalliq Region in Nunavut, Canada. The site is located near the historic Cullaton Lake mine, which produced 100,000 ounces of gold between October 1981 and September 1985.
The company acquired the project on May 2 from New Break Resources (CSE:NBRK). Under the terms of the deal, Guardian received a 100 percent interest in the property, along with mineral rights and 60 drums of Jet A fuel in exchange for 5 million shares and a cash payment of C$75,000.
Guardian also reimbursed New Break C$18,830 for annual rent and granted New Break the option to buy back a 20 percent interest in the property for C$1.00.
The most recent news from the project came on Monday, when the company reported that it is commencing a one-month field program at the site that will include geological mapping, soil sampling and trenching. Guardian plans to perform follow-up exploration and drilling in 2026.
2. Sokoman Minerals (TSXV:SIC)
Weekly gain: 80 percent
Market cap: C$13.57 million
Share price: C$0.045
Sokoman Minerals is a discovery-oriented company with a portfolio of gold projects and one of the largest land positions in Newfoundland and Labrador, Canada. It also owns a 40 percent stake in the Killick lithium project, a 40/40/20 joint venture with Benton Resources (TSXV:BEX,OTC:BNTRF) and Piedmont Lithium (OTC Pink:PLLTL).
Its primary focus is on its flagship Moosehead gold project located in Central Newfoundland. The advanced project consists of 98 claims covering 2,450 hectares and hosts an orogenic Fosterville-style gold system, according to Sokoman. The company has defined seven zones with high-grade mineralization through over 130,000 meters of drilling.
Sokomon announced on Friday that it was commencing diamond drilling at the site with the focus on testing the Eastern and Western Trend gold zones for depth extensions as well as undiscovered parallel zones. The drill holes will test to a depth of 1,000 meters.
Additionally, the company reported on September 2 that it expanded its land position at its Crippleback Lake gold-copper property to 13,000 hectares and planned to mobilize for induced polarization surveys, sampling and mapping of the site immediately.
3. CopAur Minerals (TSXV:CPAU)
Weekly gain: 61.11 percent
Market cap: C$11.84 million
Share price: C$0.145
CopAur is a gold exploration and development company advancing its flagship Kinsley Mountain oxide gold project in Nevada, United States.
The project is home to a historic open pit gold mine that produced approximately 138,000 ounces between 1995 and 1999. According to the project page, the property hosts an indicated mineral resource of 418,000 ounces of gold with an average grade of 2.63 grams per metric ton (g/t) gold.
On August 7, the company announced that it was shifting its full focus to advance work at its Kinsey Mountain project.
The company’s most recent news came on Monday when it reported that it had hired Andrew Neale as its new CEO. Neale brings more than 35 years of mining experience to CopAur and has held senior positions with Freeport-McMoRan (NYSE:FCX) where he oversaw operations at its Grasberg copper-gold mine in Indonesia.
The company added that it was currently awaiting a decision from the Nevada Bureau of Land Management on a pair of permits for the Kinsey Mountain site, with one allowing it to test for reclamation at the heap leach pad and the other to allow it to restart production.
4. Silver North Resources (TSXV:SNAG)
Weekly gain: 60 percent
Market cap: C$26.72 million
Share price: C$0.40
Silver North Resources is primarily focused on advancing a portfolio of silver assets in the Yukon, Canada.
Its flagship Haldane silver project covers an area of 8,164 hectares in the Yukon’s Keno Hill Silver District and has seen silver exploration dating back to the late 1800s. The property hosts several deposits, including the Main Fault and the West Fault targets, which have produced high-grade silver assays up to 3,267 g/t over 1.26 meters at the West Fault and both zones hosting additional amounts of gold, lead, and zinc.
The company announced on August 15 that it commenced a 10 hole drill program at Haldane to follow up on the discovery of the Main Fault zone in 2024.
Additionally, the company announced on August 20 that it had begun its initial exploration program at the Veronica property at its GDR project in the Yukon. The program is eligible for partial funding up to C$30,000 as part of the Yukon Mineral Exploration Program.
5. Blue Star Gold (TSXV:BAU)
Weekly gain: 53.12 percent
Market cap: C$25.67 million
Share price: C$0.245
Blue Star Gold is a gold exploration and development company operating in Nunavut, Canada.
Its flagship asset is the Ulu gold project, which includes the Ulu mining lease and the Hood River property, together forming a 12,000 hectare land package. The property features a renewable 21 year mining lease for the advanced-stage Flood Zone deposit.
As per a February 2023 updated mineral resource estimate (MRE), Ulu holds a measured and indicated resource of 572,000 ounces of gold from 2.54 million metric tons of ore at an average grade of 7.02 g/t gold, along with an additional inferred resource of 303,000 ounces of gold from 1.28 million metric tons of ore at 7.34 g/t.
Blue Star also owns the Roma gold project, located on 11,532 hectares of crown mineral claims and 4,119 hectares of mineral exploration agreements in Nunavut's High Lake greenstone belt.
On Wednesday, Blue Star reported results from surface samples at its Auma prospect at Roma. The company said it had collected a total of 133 samples, with 44 returning gold grades above 1 g/t, including two samples with grades of 151 g/t and 125 g/t gold. The sampling program extended Zone 3, which is untested by drilling, by an additional 35 meters for a strike length of 130 meters.
Additionally, Blue Star also found high values of copper in quartz veining, with one sample producing a grade of 7.64 g/t gold and 4.2 percent copper.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many mining companies are listed on the TSX and TSXV?
As of May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 companies, with 181 of those being mining companies.
Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Top 5 Canadian Mining Stocks This Week: Kirkland Lake Discovery Gains 88 Percent
Top 5 Canadian Mining Stocks This Week: Kirkland Lake Discovery Gains 88 PercentTop 5 Canadian Mining Stocks This Week: San Lorenzo Gold Shines with 329 Percent GainArticle by Dean Belder; FAQs by Lauren Kelly.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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