Quarterly Activities Report for the Quarter ended 31 December 2024

Metal Bank Limited (‘MBK’ or ‘the Company’) is pleased to outline below the activities for the Quarter ended 31 December 2024 (‘Quarter’).

Highlights

WA Livingstone Gold

• Strategic review of the Livingstone project continues with existing JORC resource optimization work currently underway
• Advanced gold project with defined gold resources and significant expansion potential at Kingsley extension and Livingstone North within trucking distance to existing processing facilities
• Multiple exploration targets¹ defined by geochemical, alteration, structural, geophysical and drilling results over >40km of structural strike length
• Numerous high-quality gold targets not yet tested

Saudi Arabia

• CMC (MBK’s Saudi JV Company) awarded the Wadi Al Junah Project from the recent Saudi Government Exploration Licensing Round 6
• Wadi Al Junah is prospective for volcanogenic massive sulphide (VMS) copper-zinc-gold-silver mineralisation and shear zone gold-silver, with several untested priority targets
• Initial fieldwork conducted at Wadi Al Junah, with sampling results awaited
• MBK continues to assess new potential project areas in Saudi Arabia prospective for copper, gold and other critical minerals
• MBK continues discussions with third parties holding exploration licences regarding potential co-operation
• MBK’s Chair, Ines Scotland and Executive General Manager Jon Black attended the Future Minerals Forum in KSA

Jordan

• Exploration rights granted over Area 65, a bulk tonnage stratiform copper- oxide target, located northwest of the company’s Malaqa project
• Exploration rights now held over Area 47, a newly recognized 4km² intrusive system in Southern Jordan anomalous for Mo-Cu-Pb-Zn in recent stream sediments; the Company’s Malaqa project; and Area 65
• MBK continued to advance its three-project strategy in Jordan aimed at systematically progressing all three projects (Malaqa, Area 47 and Area 65) to drilling status at the same time, to provide cost effective scale for a drilling program

Millennium Co-Cu-Au Qld

• Thick, high grade intersections returned from graphite analysis of previous Cu-Co-Au drilling samples including²:
  • 56m @ 18.29% graphite from 66m (MI22RD01)
  • 20m @ 14.05% graphite from 64m (MI22RD02)
  • 49m @ 12.97% graphite from surface, and 14m @ 18.88% graphite from 64m (MI22RD06)
• Significant intersections within and adjacent to the pit model for the existing 2012 JORC Inferred Resource of 8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Au for a 1.23% CuEq³
• Further metallurgical and drilling work in planning, to unlock additional value to commence following the wet season

Corporate

• Entitlement Offer seeking to raise up to $1.56 million closed fully subscribed with significant support from existing shareholders and new institutional and professional investors
• MBK’s Annual General Meeting held in November 2024, with all resolutions carried

Metal Bank Executive Chair, Ines Scotland, commented:

“During the Quarter we have made significant advances at all of our projects.

In Western Australia, we are continuing our strategic and resource review on our Livingstone Gold Project. This is a valuable project, supported by a very robust gold market, and we are focused on unlocking the value.

We have progressed our three-tier strategy in Saudi: our JV Company with our former partner for the Jabal Sayid Project has been awarded the Wadi Al Junah project following the Round 6 Auctions; our geologists have reviewed available data, conducted field work and assays are awaited; and we have also furthered discussions with industry participants who hold granted licences regarding potential co-operation.

We have now secured exploration rights over two areas in addition to our original Malaqa project in Jordan and we are in discussions with a local company regarding a JV on the projects to offset our time and funding requirements.

In Queensland, graphite analysis of previous drilling samples at our Millennium project returned thick, high grade intersections, which will be followed up with further drilling and metallurgical testing aimed at adding further value to this project”.

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