Metal Bank Limited
Metal Bank Limited (ASX: MBK), based in Sydney, is a gold, copper and cobalt explorer moving towards gold production in Western Australia. It holds 75% of the Livingstone Gold Project, about 140 km north-west of Meekatharra in the Bryah-Padbury Basin, through its subsidiary Westernx, with Trillbar Resources holding 25%. Livingstone carries a JORC (2012) Mineral Resource of 2.81 Mt at 1.36 g/t Au for 122,500 oz across three deposits: Homestead (1.00 Mt at 1.35 g/t for 43,400 oz, of which 36,200 oz Indicated), Kingsley (1.68 Mt at 1.35 g/t for 73,000 oz, Inferred) and Winja (125,000 t at 1.53 g/t for 6,200 oz, Inferred). Mining lease applications have been lodged over all three, and the company is prioritising first production from Homestead, targeted for 2027. In December 2025 it acquired the Western Australian gold assets of Hastings Technology Metals, including 75% of the Whiteheads project north-east of Kalgoorlie, where the Seven Leaders deposit has a JORC Mineral Resource of 138,000 t at 1.4 g/t Au for 6,300 oz (6,200 oz Indicated). It also holds 51% of the Millennium copper-cobalt-gold project near Cloncurry, Queensland, with the right to earn up to 80%; Millennium has a 2012 JORC Inferred Resource of 8.4 Mt at 0.29% Cu. Its other projects are the 8 Mile, Wild Irishman and Eidsvold gold projects in south-east Queensland and the Ark and Darcys gold projects in Western Australia.
Notable vs. Peers
- Trading within 5% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Western Australia / Queensland, Australia -- Tier-1 mining jurisdiction.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Livingstone Gold Project, Bryah-Padbury Basin, Western Australia (checked Oct 1, 2026; recheck due Mar 30, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chair of Metal Bank Limited, appointed August 13, 2013. Over 20 years' experience in the mining industry, having worked with major gold and copper companies including Rio Tinto entities Comalco, Lihir and Kennecott Utah Copper; former Managing Director/CEO of Ivanhoe Australia and Citadel Resource Group.
Chief Executive Officer of Metal Bank Limited, appointed following completion of the company's acquisition of Hastings' gold assets. Mining engineer with more than 30 years' experience in senior roles across Rio Tinto, Newmont and Gold Fields Australia.
Executive Director of Metal Bank Limited, appointed September 17, 2012. More than 30 years' experience as Chief Financial Officer, Company Secretary and director of public and private companies in Australia and Hong Kong; also a director of Hastings Technology Metals.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
A new substantial holder was disclosed in June 2026 but its identity could not be confirmed this session, and net institutional flow has been sharply negative recently. No qualifying open-market insider buying was found.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Metal Bank is moving towards gold production in Western Australia through its 75% interest in the Livingstone Gold Project, about 140 km north-west of Meekatharra, and its 75% interest in the Whiteheads project north-east of Kalgoorlie. Its resources total 42,400 oz of gold indicated, with no measured category, plus 86,500 oz inferred, across the Homestead, Kingsley and Winja deposits at Livingstone and the Seven Leaders deposit at Whiteheads. Mining lease applications cover all three Livingstone deposits, and the company is prioritising first production from Homestead, targeted for 2027. It also holds 51% of the Millennium copper-cobalt-gold project near Cloncurry, Queensland, with the right to earn up to 80%.