Key Highlights

  • The company is prioritising first production at the Homestead deposit in the Livingstone Project over a starter pit at Seven Leaders, targeting 2027.
  • The Livingstone global JORC 2012 Mineral Resource is 2.81 million tonnes at 1.36 g/t gold for 122.6 thousand ounces, of which 70 per cent is Inferred.
  • Cash was A$1.478 million with an estimated 2.96 quarters of funding, and a further A$752,400 placement was agreed after quarter end.

Strategy: Homestead first

Metal Bank (ASX:MBK) said in its quarterly activities report on 28 October 2026 that it is prioritising first production at the Homestead deposit in the Livingstone Project over a starter pit at Seven Leaders in the Whiteheads Project, citing Homestead's greater scale. The company is targeting production at Homestead in 2027. A Mining Lease application covering Homestead and Winja was lodged in December 2025, and targeted diamond drilling for geotechnical and metallurgical data was due to start in October 2026. A Mining Lease application for the Kingsley deposit was lodged on 30 July 2026, and Kingsley is planned to follow Homestead.

Livingstone resource

Metal Bank holds 75 per cent of Livingstone. The global JORC 2012 Mineral Resource is 2.81 million tonnes at 1.36 grams per tonne gold for 122.6 thousand ounces, of which 70 per cent is Inferred and 30 per cent Indicated. Kingsley contains 1.68 million tonnes at 1.35 g/t for 73.0 thousand ounces, all Inferred. Homestead holds 1.00 million tonne at 1.35 g/t for 43.4 thousand ounces, 83 per cent Indicated, and Winja holds 125 thousand tonnes at 1.53 g/t for 6.2 thousand ounces. The company said all the resources are at or near surface and within trucking distance of processing facilities. A conceptual Kingsley East Exploration Target of about 290 to 400 thousand tonnes at 1.8 to 2.0 g/t is not a Mineral Resource.

Whiteheads

At Whiteheads, also 75 per cent owned, the Seven Leaders maiden resource is 138,000 tonnes at 1.4 g/t for 6,300 ounces, of which 6,200 ounces are Indicated. A Mining Lease application was lodged in April 2026. A value engineering study could not confirm earlier gravity recovery results, so the company now considers traditional recovery methods most suitable.

Queensland assets

At the Millennium Project in Queensland, where Metal Bank holds 51 per cent and can earn up to 80 per cent, the Inferred Resource is 8.4 million tonnes at 0.09 per cent cobalt, 0.29 per cent copper and 0.12 g/t gold. Applications are progressing for an additional Mining Lease over the 159 hectare Gap Zone and for an exploration permit. No exploration was carried out on the South East Queensland gold projects, and the company is seeking a joint venture or divestment partner.

Funding and cash

In July 2026 the company placed 70,588,235 shares at A$0.017 to raise A$1.2 million. After quarter end it agreed a placement of 60,000,000 shares at A$0.01254 to JAG Capital Equity SDN BHD, raising A$752,400.

The Appendix 5B shows opening cash of A$1.851 million, an operating outflow of A$227,000, investing outflow of A$272,000 and financing inflow of A$124,000, leaving A$1.478 million. Equity issues brought in A$200,000, less A$76,000 of costs. The company estimated 2.96 quarters of funding. Related-party payments were A$88,000. The filing shows a small inconsistency, with an operating outflow of A$225,000 in one line and A$227,000 in another, and the closing balance matches the lower figure.

Costs and people

Exploration spend in the quarter was A$272,000 and administration costs were A$228,000, according to the activities report. The report names Tim Gilbert as chief executive and Sue-Ann Higgins as executive director and company secretary. The placement priced at A$0.017 was described as a 30 per cent premium to the market price at the time, while the later placement to JAG Capital was priced lower, at A$0.01254, so the two raisings were struck at different levels.

Next steps and caveats

Metal Bank's stated milestones are the Homestead diamond drilling for geotechnical and metallurgical data, progress on the Mining Lease applications and the 2027 production target. The leases have not yet been granted, and the report does not disclose a funded mine plan, so production timing is a company target rather than a confirmed outcome. The resource tables also contain a minor discrepancy, with Livingstone stated as 122.6 thousand ounces in most places and 122.5 thousand in the business overview.