Metal Bank Limited (ASX:MBK) has entered into an option agreement with Butchers Creek Metals Pty Ltd, a wholly owned subsidiary of WIN Metals Limited (ASX:WIN), granting WIN the right to acquire the Darcys Gold Project tenement in Western Australia's East Kimberley region, following an initial option fee payment of $15,000.

Key Points

  • An option fee of $15,000 has been paid by Butchers Creek Metals, with a further $85,000 payable upon exercise of the option within the five-year option period.
  • A milestone payment of $250,000 (in cash or WIN shares, at BCM's election) is payable if a JORC 2012 Gold Mineral Resource of 100,000oz or more is identified on the tenement.
  • Metal Bank retains a 0.75% gross revenue royalty on gold production from the project area after the first 25,000 ounces of production.
  • WIN Metals has provided a guarantee of BCM's performance of its obligations under the agreement.

Darcys Gold Project Tenement Details

The Darcys Gold Project is a greenfields gold exploration project comprising a tenement application, E80/5248, covering 100km² in Western Australia's East Kimberley region. The project is located within the historic Halls Creek gold mining district, adjacent to Nicolson's Gold Mine and several kilometres north-west of WIN's Butchers Creek Gold Project. Metal Bank disclosed it acquired Darcys from Hastings Technology Metals in 2025 as part of a broader acquisition that also included the Whiteheads Gold Project near Kalgoorlie and the Ark Gold Project in Western Australia's Gascoyne region.

Option Agreement Material Terms

Under the agreement, Butchers Creek Metals is required to use its best endeavours to secure the grant of the tenement during the option period, including finalising terms of a Heritage Protection Agreement with Native Title parties and meeting associated costs. BCM is required to perform all obligations binding on the tenement holder following grant of the tenement and until the option is exercised. MBK has agreed not to dispose of or deal with the tenement during the option period, and BCM is entitled to lodge a consent caveat to protect its interests under the agreement. The agreement is between BCM, WIN, MBK, and Brockman Project Holdings Pty Ltd.

Livingstone Gold Project Drilling Under Way

Metal Bank disclosed that the Darcys tenement is considered a non-core asset, and that disposal enables the company to concentrate capital and management focus on advancing the Livingstone Gold Project towards production. The company stated that drilling is currently under way at the Homestead and Kingsley project areas to provide geotechnical data and metallurgical samples to assist with mine planning. Metal Bank also referenced ongoing exploration at its Millennium Copper-Cobalt-Gold Project in Queensland as a continuing priority alongside the Livingstone development activities.