Metal Bank (ASX:MBK) has signed a binding agreement with Hastings Technology Metals (ASX:HAS) to acquire Hastings’ gold assets across Western Australia.
Both companies first entered into a non-binding agreement in September covering the assets, which include the Whiteheads Gold Joint Venture, Ark Gold, and Darcy’s projects.
Under the deal, Metal Bank, which has a market capitalisation of $7.46 million, will issue 160.02 million shares at $0.0143 per share.
The total consideration accounts for $2 million to be directly held by Hastings, and the remaining $300,000 for the cash balance to be held by privately owned Great Western Gold, which has a 75% interest in the Whiteheads project.
Shareholder approval will be sought at an upcoming general meeting which will take place on 10 November 2025. Hastings also intends to seek shareholder approval at its upcoming general meeting, scheduled for mid-November 2025.
Metal Bank Chairman Ines Scotland says the deal will further enhance the company’s Western Australian gold strategy.
“Drilling has commenced at the Seven Leaders prospect within the HAS Whiteheads Project area and our Scoping Study for the Homestead and Kingsley deposits is progressing,” Scotland says.
Hastings Executive Chairman Charles Lew adds that the deal underscores the shared vision and spirit of cooperation between both companies.
“This is a transformational step for Hastings as it continues to focus on developing its rare earth and niobium assets at Yangibana and Brockman,” Lew says.
Metal Bank is a copper and gold-focused explorer with assets in Australia and Saudi Arabia.
Hastings Technology Metals is a Perth-based rare earths developer. The company’s flagship Yangibana Project is located in the Gascoyne region of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Hastings Technology Metals & Metal Bank
