What did Metal Bank Limited (ASX:MBK) announce regarding its Western Australian operations?

Metal Bank has signed a non-binding Memorandum of Understanding (MOU) with contract miner Terra Mining. The agreement establishes a framework to negotiate a binding contract for mining and crushing services at MBK's Seven Leaders gold deposit.

Why does the deal with Terra Mining matter for Metal Bank (ASX:MBK) shareholders?

he partnership is designed to de-risk the Seven Leaders project by leveraging Terra Mining's established operational infrastructure and management experience. Because Terra Mining has an existing base in Kalgoorlie, it allows MBK to target a rapid operational start-up.

What are the key resource metrics and gold grades for Metal Bank’s (ASX:MBK) Seven Leaders deposit?

The Seven Leaders deposit holds a JORC 2012 Mineral Resource Estimate of 138,000 tonnes of ore at a grade of 1.4g/t gold. This equates to approximately 6,300 total ounces of gold. The resource is split into 6,200 ounces in the Indicated category and 100 ounces in the Inferred category.

When is gold production expected to begin at the Seven Leaders project?

Metal Bank is targeting a rapid start-up with immediate ore delivery within the current calendar year. Terra Mining has confirmed that its personnel, equipment, and systems are already mobilised and ready for deployment.

How does this news change the long-term investment thesis for Metal Bank (ASX:MBK)?

This news shifts MBK's narrative from purely speculative exploration toward near-term cash flow generation and active production. By outsourcing mining and crushing services, MBK reduces its initial capital expenditure requirements for equipment.

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Metal Bank secures MOU for WA gold project

Written by Heidi Cuthbert Published May. 26 2026Last Updated May. 26 2026

Metal Bank (ASX:MBK) has finalised a non-binding memorandum of understanding with experienced contractor Terra Mining to secure contract mining and crushing services for its Seven Leaders deposit.

Located within the broader Whiteheads Project in Western Australia, the Seven Leaders deposit currently boasts a JORC 2012 mineral resource estimate of 138,000 tonnes at 1.4g/t gold, containing approximately 6,300 ounces (comprising 6,200 ounces indicated and 100 ounces inferred).

The alliance establishes a framework to negotiate a binding agreement, leveraging Terra Mining’s extensive management history across Australian resource sectors to streamline operations in challenging environments.

According to Metal Bank's CEO, Tim Gilbert, Terra Mining’s established operational base in Kalgoorlie uniquely positions the contractor to support a rapid start-up and immediate ore delivery this calendar year.

The partnership de-risks the Seven Leaders Project for MBK while introducing scope to expand operations across the company’s wider Western Australian portfolio.

Looking ahead, the MOU lays the groundwork to potentially extend services to MBK’s Livingstone Project, situated north-west of Meekatharra, by 2027.

Terra Mining’s Managing Director, Ree Dai, expressed strong optimism regarding the long-term strategic alliance, confirming that the necessary personnel, equipment, and systems are fully mobilised for a rapid deployment.

At the time of reporting, Metal Bank’s share price was $0.017.