Metal Bank Secures $1.2M Placement at 30% Premium to Advance Western Australia Gold Projects Toward Production

Metal Bank Finalises $1.2M Placement with Last $200,000 Tranche Received

On 2 July 2026, Metal Bank Limited confirmed receipt of the final $200,000 tranche of its placement, bringing total capital raised to $1.2 million and formally closing the fundraising process first announced on 21 May 2026. This tranche involved issuing 11,746,706 new shares at $0.017 each, consistent with the placement’s initial pricing terms.

The placement was secured from new strategic cornerstone investors, reflecting the company’s deliberate strategy to attract aligned, long-term shareholders as it advances toward gold production. The identities of these cornerstone investors were not disclosed. The successful completion of this placement removes near-term funding uncertainties and provides Metal Bank with the capital necessary to advance key initiatives across its Western Australian gold portfolio in the coming months.

Placement Shares Priced at 30% Premium, Signaling Strong Investor Confidence

Notably, the placement shares were issued at $0.017 each, a 30% premium to Metal Bank’s closing share price on 1 July 2026. Placements at a premium, rather than the more typical discount, are uncommon among junior explorers and generally indicate that incoming investors value the company’s near-term prospects at or above the current market price.

While the immediate impact on share price was not publicly detailed, existing shareholders benefit from avoiding the dilution discount often associated with capital raises in the junior mining sector. The company confirmed that funds will be used to progress its gold projects toward production as well as for working capital and placement-related costs, though specific allocations were not disclosed.

Seven Leaders Deposit Set for Production in 2026

The Seven Leaders deposit, part of the Whiteheads Gold Project located approximately 80 kilometres northeast of Kalgoorlie, Western Australia, is Metal Bank’s most advanced near-term production asset. CEO Tim Gilbert stated the mine development and closure plan is "well advanced," with production on track to commence in 2026.

Upcoming milestones include completion of sterilisation drilling at Seven Leaders by August 2026 and confirmation of the preferred mining contractor. Metal Bank is collaborating with the selected contractor to optimise the mine plan, marking a transition from study-phase work to pre-production planning. Investors will be watching for formal contractor appointment and submission of mining proposals or approvals.

On-Site Gravity Circuit Favored for Processing at Seven Leaders

Metal Bank has identified an on-site gravity circuit as the preferred processing method at Seven Leaders, citing "greater opportunity" compared to a more costly off-site contracted processing approach. This option typically offers lower operating costs and enhanced control over ore processing, positively impacting project economics for a small-scale gold deposit.

While detailed capital or operating costs for the gravity circuit were not disclosed, this preference indicates a focus on a self-contained, cost-efficient production model. Additionally, access and native title agreements are "close to being finalised," representing critical regulatory milestones prior to mining commencement. Investors should monitor the finalisation of these agreements closely.

Homestead and Winja Deposits Targeted for 2027 Production with 50,000oz Resource

At the Livingstone Gold Project, Metal Bank is advancing the Homestead and Winja deposits, which collectively contain a 50,000-ounce mineral resource. CEO Tim Gilbert indicated these deposits are planned to follow Seven Leaders into production in 2027, establishing a sequenced production pipeline across the company’s Western Australian gold assets.

The Livingstone project holds a JORC 2012 Mineral Resource Estimate of 2.81 million tonnes at 1.36 grams per tonne gold, totaling 122,500 ounces across three nearby deposits. Metal Bank owns 75% of the project. The broader resource base provides a longer-term production outlook beyond Homestead and Winja, with significant exploration potential including numerous untested gold targets.

Entech Completes PFS Mine Plan Optimisation; Environmental Surveys Finalized at Homestead

At Homestead, two key workstreams have been completed ahead of a potential production decision. Flora and fauna surveys have been conducted, fulfilling essential environmental data requirements for regulatory approval in Western Australia. These surveys are prerequisites for submitting a mining proposal to state authorities.

Engineering consultancy Entech has also completed a pre-feasibility study (PFS) mine plan optimisation, which "provides a clear pathway to maximise value by prioritising higher-value ounces." This milestone reduces project risk by refining the extraction sequence to focus on higher-grade material first, enhancing project economics and capital returns. Specific findings from the Entech study were not disclosed.

Whiteheads Gold Project: Extensive Tenements and Additional Prospects

The Whiteheads Gold Project, hosting Seven Leaders, covers around 380 square kilometres about 80 kilometres northeast of Kalgoorlie. Metal Bank holds a 75% interest in the joint venture tenements and 100% ownership of other tenements within the project area. Besides Seven Leaders, the project includes the Blue Poles and Lady Betty prospects, representing future exploration and development opportunities.

Located in the Kalgoorlie region, one of Australia’s most established gold mining districts, the project benefits from proximity to infrastructure such as roads, power, and mining services, which can reduce capital costs for development. The preference for an on-site gravity circuit aligns with a development approach suited to the deposit’s scale and location.

Broader Portfolio Includes Millennium Cobalt-Copper-Gold and Queensland Gold Assets

While the placement proceeds focus on Western Australian gold projects, Metal Bank’s portfolio also includes a 51% interest in the Millennium Cobalt-Copper-Gold project, with rights to earn up to 80%. This project hosts a JORC 2012 Inferred Resource across five granted mining leases. Graphite has been identified over more than two kilometres of strike length within and near the existing resource, and the company is conducting a Collaborative Exploration Initiative grant program to assess graphite potential.

In Queensland, Metal Bank holds the 8 Mile, Wild Irishman, and Eidsvold Gold projects in the state’s southeast. The 2026 strategy indicates ongoing assessment of value realisation options for these assets, though no specific transactions or development activities were announced. Additional assets include the Ark gold project in Western Australia’s Gascoyne region and the Darcys gold project application in the East Kimberley region near Halls Creek, providing longer-term optionality.

CEO Tim Gilbert Highlights Accelerated Path to Gold Production

CEO Tim Gilbert emphasized the company’s production ambitions and the role of the completed placement in funding them. He stated the premium-priced funding "enables us to accelerate our pathway to production at Seven Leaders while continuing to advance the Homestead and Winja deposits at Livingstone." He described the period ahead as "busy and important" as studies progress.

Gilbert reaffirmed the plan to commence production at Seven Leaders in 2026, with Homestead and Winja following in 2027. Achieving these timelines would represent a significant transition from explorer and developer to operating gold producer. The company did not provide production volume guidance, revenue forecasts, or cost metrics. Investors will closely watch updates as sterilisation drilling concludes in August and contractor negotiations advance.

Upcoming Milestones Mark Critical Phase in Production Planning

With $1.2 million secured, Metal Bank is focused on execution. The immediate priority is completing sterilisation drilling at Seven Leaders by August 2026. This drilling confirms the absence of culturally or environmentally sensitive material within the proposed mine footprint and is typically required before final mining approvals.

Additionally, finalising access and native title agreements—reported as "close to being finalised"—and confirming a mining contractor are critical near-term milestones for Seven Leaders. At Livingstone, the next steps involve converting Entech’s PFS mine plan optimisation into a formal mining proposal and advancing regulatory approvals. These milestones will be closely monitored as Metal Bank pursues gold production at Seven Leaders before the end of 2026.