Announcement • Jul 03
Metal Bank Limited has completed a Follow-on Equity Offering in the amount of AUD 1.2 million. Metal Bank Limited has completed a Follow-on Equity Offering in the amount of AUD 1.2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 58,823,529
Price\Range: AUD 0.017
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 11,764,706
Price\Range: AUD 0.017
Transaction Features: Subsequent Direct Listing Announcement • May 21
Metal Bank Limited has filed a Follow-on Equity Offering in the amount of AUD 1.2 million. Metal Bank Limited has filed a Follow-on Equity Offering in the amount of AUD 1.2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 70,588,235
Price\Range: AUD 0.017
Transaction Features: Subsequent Direct Listing New Risk • May 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.8m free cash flow). Earnings have declined by 5.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$10.1m market cap, or US$7.19m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Board Change • May 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Charles Lew was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.5m (US$9.67m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.8m free cash flow). Earnings have declined by 5.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.5m market cap, or US$9.67m). Board Change • May 01
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Charles Lew was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Charles Lew was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 05
Metal Bank Limited (ASX:MBK) completed the acquisition of Great Western Gold Pty Ltd, Ark Gold Pty Ltd and Brockman Project Holdings Pty Limited from Hastings Technology Metals Limited (ASX:HAS). Metal Bank Limited (ASX:MBK) signed a non-binding term sheet to acquire Great Western Gold Pty Ltd, Ark Gold Pty Ltd and Brockman Project Holdings Pty Limited from Hastings Technology Metals Limited (ASX:HAS) for AUD 2.4 million on September 10, 2025. As of September 29, 2025, a binding Sale and Purchase Agreement has been signed. The consideration consists of 160.02 million common equity of Metal Bank Limited to be issued and cash payment of AUD 0.3 million. Following the completion, Inés Scotland will move to Non-Executive Chair, Charles Lew will join the board as a Non-Executive Director, and Tim Gilbert will join as Chief Executive Officer. As of November 28, 2025 Hastings Technology Metals Ltd shareholders approved the transaction.
The Proposed Acquisition is subject to satisfactory completion of mutual due diligence, which is currently in progress, signing of binding documentation, Metal Bank Limited and Hastings Technology Metals Limited shareholder approval and other necessary approvals, including ASX review. As of September 16, 2025, Metal Bank Limited has now completed the due diligence and will proceed with preparation of binding documentation. Metal Bank Limited and Hastings Technology Metals Limited have completed the due diligence. The expected completion date of the transaction is December 1, 2025. As of December 1, 2025 all conditions related to this transaction have been satisfied or waived.
Metal Bank Limited (ASX:MBK) completed the acquisition of Great Western Gold Pty Ltd, Ark Gold Pty Ltd and Brockman Project Holdings Pty Limited from Hastings Technology Metals Limited (ASX:HAS) on December 5, 2025 Announcement • Nov 29
Metal Bank Ltd. Commences Diamond Drilling At the Millennium Copper Cobalt Gold Graphite Project Metal Bank Ltd. has commenced diamond drilling at the Millennium Copper Cobalt Gold Graphite Project ("Millennium" andor the "Project") as part of a AUD 250,000 Queensland Government-funded Collaborative Exploration Initiative (CEI) program . Global Energy is fully carried on exploration spend as part of Metal Bank's earn-in for 80% of the Millennium. This drilling targets high grade near surface extensions to previously announced graphite results (Figure 1), plus bulk metallurgical samples within and adjacent the JORC2012 Mineral Resource Estimate (MRE) of 8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Au for a 1.23% CuEq. CuEq = Cu% +(Co% x 9.16) + (Au g/t x 0.678) using long term metal prices of Cu: US$3.50/lb ($7716/t); Co:US$32.00/lb ($70 547.84/t); Au: US 1900/oz; Cu recovery=95.1%; Co recovery=95.3%; Au recovery=81.4%; Cu payability=80%; Co payability = 80%; Au payability = 80% Metal Bank has also submitted an application for an additional mining lease (ML) at Millennium to facilitate further exploration and operations for both Co-Cu-Au and graphite resources (Figure 1). This application area consists of some 159 hectares which encompass the southern granted leases and importantly includes the Gap Zone, a previously inaccessible 200m x 200m area not included in the current MRE. Announcement • Nov 07
Metal Bank Limited has filed a Follow-on Equity Offering in the amount of AUD 0.098883 million. Metal Bank Limited has filed a Follow-on Equity Offering in the amount of AUD 0.098883 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,063,066
Price\Range: AUD 0.014
Discount Per Security: AUD 0.00084
Transaction Features: Subsequent Direct Listing Announcement • Oct 09
Metal Bank Limited, Annual General Meeting, Nov 10, 2025 Metal Bank Limited, Annual General Meeting, Nov 10, 2025. Location: rsm australia partners, level 13, 60 castlereagh street, sydney nsw 2000, Australia Announcement • Sep 23
Metal Bank Limited has filed a Follow-on Equity Offering in the amount of AUD 2.32 million. Metal Bank Limited has filed a Follow-on Equity Offering in the amount of AUD 2.32 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 71,428,571
Price\Range: AUD 0.014
Discount Per Security: AUD 0.00056
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 94,285,714
Price\Range: AUD 0.014
Transaction Features: Rights Offering Announcement • Sep 11
Metal Bank Limited (ASX:MBK) signed a non-binding term sheet to acquire Great Western Gold Pty Ltd, Ark Gold Pty Ltd and Brockman Project Holdings Pty Limited from Hastings Technology Metals Limited (ASX:HAS) for AUD 3.1 million. Metal Bank Limited (ASX:MBK) signed a non-binding term sheet to acquire Great Western Gold Pty Ltd, Ark Gold Pty Ltd and Brockman Project Holdings Pty Limited from Hastings Technology Metals Limited (ASX:HAS) for AUD 2.9 million on September 10, 2025. The consideration consists of 160.02 million common equity of Metal Bank Limited to be issued and contingent payment of AUD 0.8 million cash.
The Proposed Acquisition is subject to satisfactory completion of mutual due diligence, which is currently in progress, signing of binding documentation, MBK shareholder approval and other necessary approvals, including ASX review Board Change • Aug 18
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). COO, Company Secretary & Executive Director Sue-Ann Higgins was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Nov 05
Metal Bank Limited has filed a Follow-on Equity Offering in the amount of AUD 1.561837 million. Metal Bank Limited has filed a Follow-on Equity Offering in the amount of AUD 1.561837 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 97,614,823
Price\Range: AUD 0.016
Discount Per Security: AUD 0.00048
Transaction Features: Rights Offering Announcement • Oct 01
Metal Bank Limited, Annual General Meeting, Nov 28, 2024 Metal Bank Limited, Annual General Meeting, Nov 28, 2024. New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.7m free cash flow). Shares are highly illiquid. Earnings have declined by 50% per year over the past 5 years. Revenue is less than US$1m (AU$19k revenue, or US$13k). Market cap is less than US$10m (AU$7.81m market cap, or US$5.39m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (26% increase in shares outstanding). New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$3.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.7m free cash flow). Shares are highly illiquid. Earnings have declined by 50% per year over the past 5 years. Revenue is less than US$1m (AU$8.5k revenue, or US$5.6k). Market cap is less than US$10m (AU$8.59m market cap, or US$5.65m). Minor Risk Shareholders have been diluted in the past year (41% increase in shares outstanding). Board Change • Mar 04
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). COO, Company Secretary & Executive Director Sue-Ann Higgins was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). COO, Company Secretary & Executive Director Sue-Ann Higgins was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Nov 29
Metal Bank Limited has completed a Follow-on Equity Offering in the amount of AUD 1.560758 million. Metal Bank Limited has completed a Follow-on Equity Offering in the amount of AUD 1.560758 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 44,345,013
Price\Range: AUD 0.034
Discount Per Security: AUD 0.00204
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,559,638
Price\Range: AUD 0.034
Discount Per Security: AUD 0.00204
Transaction Features: Rights Offering Board Change • Nov 02
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). COO, Company Secretary & Executive Director Sue-Ann Higgins was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Sep 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$4.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.9m free cash flow). Earnings have declined by 58% per year over the past 5 years. Revenue is less than US$1m (AU$19k revenue, or US$12k). Market cap is less than US$10m (AU$12.1m market cap, or US$7.78m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • Sep 22
Metal Bank Limited, Annual General Meeting, Nov 23, 2023 Metal Bank Limited, Annual General Meeting, Nov 23, 2023. Board Change • Jun 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). COO, Company Secretary & Executive Director Sue-Ann Higgins was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 03
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). COO, Company Secretary & Executive Director Sue-Ann Higgins was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 17
First half 2023 earnings released: AU$0.025 loss per share (vs AU$0.007 loss in 1H 2022) First half 2023 results: AU$0.025 loss per share (further deteriorated from AU$0.007 loss in 1H 2022). Net loss: AU$6.59m (loss widened 404% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Feb 16
Metal Bank Limited Announces Millennium Project Update Metal Bank Limited provided the following update on the timeline for its upgraded resource estimate at the Millennium Project in NW Queensland, after recent diamond drilling assays confirmed high cobalt grades. Due to a possible increase in tonnes and the significant economic value of cobalt in the project, the updated resource estimate requires a specialist with at least five years cobalt experience to prepare and certify the updated resource. Metal Bank is speaking with qualified parties and is expecting to finalise their engagement within the next couple of weeks. This will allow the completion of the updated cobalt-copper resource and the release to the market. MBK holds a 51% Joint Venture interest in the Millennium project and assets and has the sole and exclusive right to earn an additional 29% Joint Venture Interest (taking its total interest to 80%) by funding exploration expenditure to the amount of $2 million. The Millennium Project represents an excellent opportunity for MBK to advance and develop a cobalt-copper asset of significant size, close to processing solutions and excellent infrastructure in the Mount Isa region. The cobalt grades confirm Millennium as one of Australia's grade undeveloped battery metals projects, contained within granted mining licenses. MBK developed a three-phase work program for Millennium in 2022 2 seeking to confirm the Exploration Target for the Project, and future Resource expansion and development potential. The Exploration Target is based on extensions both along strike and at depth in both the Southern and Central Area cobalt-copper-gold resources and in the Northern Area, where shallow copper intervals at broad spacing have been returned some 800-1000m north of the closest Resource. Board Change • Feb 03
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). COO, Company Secretary & Executive Director Sue-Ann Higgins was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 17
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. COO, Company Secretary & Executive Director Sue-Ann Higgins was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 01
Full year 2022 earnings released: AU$0.001 loss per share (vs AU$0 in FY 2021) Full year 2022 results: AU$0.001 loss per share (further deteriorated from AU$0 in FY 2021). Net loss: AU$1.89m (loss widened 420% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Board Change • Apr 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Company Secretary & Executive Director Sue-Ann Higgins was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 14
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.001 loss per share (down from AU$0 in 1H 2021). Net loss: AU$1.31m (loss widened 486% from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 16% per year. Recent Insider Transactions • Dec 12
Company Secretary & Executive Director recently bought AU$62k worth of stock On the 8th of December, Sue-Ann Higgins bought around 8m shares on-market at roughly AU$0.008 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$93k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 01
Full year earnings released - AU$0.0015 loss per share Over the last 12 months the company has reported total losses of AU$1.33m, with losses widening by 213% from the prior year. 
