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Metal Bank Limited
(Sydney:MBK)
Metal Bank Limited (MBK) vs. iShares MSCI Australia ETF (EWA)
Metal Bank Limited Business Overview & Revenue Model
Metal Bank Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 4.62K | 0.00 | 18.69K | 835.00 | 106.28K |
| Gross Profit | 0.00 | 4.62K | -10.00K | 17.71K | -1.11K | -3.27K |
| EBITDA | -965.69K | -778.70K | -2.08M | -920.04K | -1.89M | -361.17K |
| Net Income | -1.10M | -2.12M | -2.22M | -7.05M | -1.89M | -364.44K |
Balance Sheet | ||||||
| Total Assets | 17.35M | 15.77M | 16.27M | 14.40M | 22.63M | 10.97M |
| Cash, Cash Equivalents and Short-Term Investments | 1.19M | 396.35K | 794.66K | 767.59K | 5.69M | 1.00M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 489.01K | 359.69K | 630.16K | 398.33K | 2.29M | 166.23K |
| Stockholders Equity | 16.86M | 15.41M | 15.64M | 14.00M | 20.34M | 10.80M |
Cash Flow | ||||||
| Free Cash Flow | -1.21M | -1.87M | -2.59M | -4.92M | -4.94M | -2.07M |
| Operating Cash Flow | -211.01K | -770.37K | -764.49K | -565.81K | -1.39M | -478.85K |
| Investing Cash Flow | -1.67M | -1.10M | -1.83M | -4.36M | -3.55M | -1.19M |
| Financing Cash Flow | 1.48M | 1.47M | 2.62M | 9.63M | 9.63M | 2.05M |
Metal Bank Limited Technical Analysis
Metal Bank Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | AU$11.88M | -9.09 | -10.51% | ― | ― | 15.38% | |
50 Neutral | AU$12.37M | -1.77 | ― | ― | ― | ― | |
49 Neutral | AU$25.24M | -6.74 | -13.63% | ― | ― | 31.75% | |
46 Neutral | AU$21.91M | -3.11 | -60.89% | ― | ― | 77.62% | |
44 Neutral | AU$16.43M | -20.00 | -48.18% | ― | ― | 95.24% |
Metal Bank Limited Corporate Events
Metal Bank Limited reported its quarterly cash flow for the period ended 31 December 2025, showing no receipts from customers and operating cash outflows driven mainly by administration and corporate costs of $574,000 and exploration and evaluation spending of $283,000. Despite negative operating and investing cash flows, the company strengthened its cash position through $2.4 million in equity issuance and $300,000 in cash from the acquisition of a subsidiary, resulting in a net increase in cash to $1.973 million at quarter end, underscoring its continued dependence on capital markets to fund exploration activities and corporate operations.
The most recent analyst rating on (AU:MBK) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Metal Bank Limited stock, see the AU:MBK Stock Forecast page.
Metal Bank Limited has advanced its Western Australian gold strategy during the December 2025 quarter by completing the acquisition of Hastings Technology Metals’ gold assets, including the Whiteheads Project near Kalgoorlie, and progressing work at its Livingstone Gold Project. The company reports that Whiteheads is well positioned for potential fast-tracked production in 2026, supported by a maiden JORC resource at the Seven Leaders prospect and ongoing mine design, while Livingstone’s Homestead and Kingsley prospects are the subject of a continuing scoping study and a newly lodged mining lease application over the Homestead and Winja deposits, underpinned by a 122.6koz JORC 2012 resource that is within trucking distance of existing processing facilities. In Queensland, Metal Bank’s Millennium Co-Cu-Au-graphite project is advancing as a near-term critical minerals development opportunity, with drilling completed under a government-supported exploration initiative, samples submitted for assay, further metallurgical work planned to evaluate high-grade graphite alongside existing cobalt-copper-gold resources, and a new mining lease application lodged over 159 hectares to consolidate and expand its development footprint.
The most recent analyst rating on (AU:MBK) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Metal Bank Limited stock, see the AU:MBK Stock Forecast page.
Metal Bank Limited has launched an unmarketable parcel share sale facility for shareholders holding less than A$500 worth of fully paid ordinary shares as at 22 December 2025, enabling them to sell these small parcels without using a broker or incurring brokerage or handling fees, with the company covering the transaction costs other than any tax liabilities. The initiative, which affects 8,428 shareholders holding a combined 28,099,168 shares, is intended both to assist small investors and to streamline Metal Bank’s share register by reducing the administrative cost of maintaining a large number of very small holdings, with shareholders needing to return a retention form by 10 February 2026 if they wish to keep their shares.
Metal Bank Limited has announced a maiden JORC 2012 Mineral Resource Estimate for the Seven Leaders Prospect within the Whiteheads Gold Project, located near Kalgoorlie. The estimate reveals a resource of 138,000 tonnes at 1.4g/t Au for 6,300 ounces of gold, providing a foundation for the company’s expedited gold production strategy. This development is expected to streamline the mining proposal assessment and enable the company to self-fund future exploration campaigns. The recent drilling results have shown higher-than-expected grades, indicating potential for increased project economics and additional upside in mined grade. Metal Bank is also progressing with applications for mining leases at other deposits and plans further drilling in 2026, underscoring its strategy to produce gold to fund growth.
Metal Bank Limited has experienced a notable increase in its share price and trading volume, attributed to several recent developments. The company is in the process of finalizing a Mineral Resource Estimate for the Seven Leaders prospect at the Whiteheads Project, which has been well-publicized and is not considered the cause of the trading activity. Instead, the completion of the acquisition of gold assets from Hastings Technology Metals Limited and the application for a mining lease at the Livingstone Project, along with the distribution of consideration shares, are likely contributing factors. An announcement regarding the Mineral Resource Estimate is expected before market opening on December 15, 2025.
Metal Bank Limited has announced the appointment of Foon Keong Charles Lew as a director, effective December 5, 2025. Lew holds a significant interest in the company, with 8,332,912 ordinary shares registered in his name and an additional 514,752 shares indirectly held through his spouse, Ms. Xue Ni Tan. This appointment and the associated shareholding may influence the company’s strategic direction and stakeholder interests.
Hastings Technology Metals Ltd has completed the distribution of Metal Bank Limited shares to its shareholders, following the divestment of its gold assets. This strategic move, approved by shareholders, involved issuing over 160 million MBK shares to Hastings shareholders, with an adjusted exercise price for HASO options. This transaction marks a significant step in Hastings’ strategic focus, potentially impacting its financial structure and offering stakeholders an opportunity to benefit from Metal Bank’s prospects.
Metal Bank Limited has lodged a mining lease application for the Homestead and Winja gold deposits at its Livingstone Project in Western Australia, which together hold a JORC Resource of 1.129 million tonnes at 1.36g/t gold for 49.6 thousand ounces of gold. This move is part of the company’s strategy to fast-track these deposits to production, with scoping studies underway to ensure mining lease approvals are in place while finalizing associated works. The Homestead and Winja deposits represent a low capital cost opportunity to progress to mining, with further studies planned for the Kingsley deposit.
Metal Bank Limited has issued over 160 million fully paid ordinary shares to Hastings Technology Metals Ltd as part of its acquisition of gold assets from Hastings. This strategic move is expected to enhance Metal Bank’s asset portfolio and strengthen its position in the mining industry, potentially impacting stakeholders by increasing the company’s market value and operational capacity.
Metal Bank Limited has completed the acquisition of Hastings’ gold assets, including the Whiteheads, Ark, and Darcy’s projects, expanding its portfolio in Western Australia. The company has issued shares to Hastings as part of the acquisition and appointed Charles Lew as a non-executive director, enhancing its strategic leadership. This acquisition aligns with MBK’s strategy to fast-track its gold projects and advance the Whiteheads project towards production, potentially impacting its market position and offering growth opportunities for stakeholders.
Metal Bank Limited has announced the issuance of 14,084,507 performance rights under an employee incentive scheme, which are not intended to be quoted on the ASX. This move is part of the company’s strategy to incentivize employees and align their interests with the company’s growth objectives, potentially impacting its operational efficiency and market positioning.
Metal Bank Limited announced the issuance of 10,905,125 ordinary fully paid securities as a sign-on bonus to its new Chief Executive Officer. These securities are subject to trading restrictions, reflecting the company’s strategic move to strengthen its leadership and potentially enhance its market position.
Metal Bank Limited has announced the completion of its acquisition of Hastings Technology Metals Ltd’s gold assets, scheduled for December 5, 2025. This acquisition includes significant gold projects in Western Australia, positioning MBK to transition from an explorer to a producer. The company has also appointed Tim Gilbert as its new CEO, leveraging his extensive experience in the mining sector to drive their strategic goals. Additionally, Charles Lew, with his vast investment banking experience, will join the MBK Board as a non-executive director, further strengthening the company’s leadership. These developments are expected to enhance MBK’s operational capabilities and support its growth strategy in the gold mining sector.
Metal Bank Limited has commenced a diamond drilling program at its Millennium project, targeting high-grade graphite extensions and metallurgical samples, supported by a $250k grant from the Queensland Government. The company has also applied for an additional mining lease to cover the Gap Zone, which is expected to enhance project economics and facilitate further exploration and operations for cobalt, copper, gold, and graphite resources.
Metal Bank Limited has announced plans for the development of gold assets acquired from Hastings Technology Metals Ltd, following shareholder approval. This strategic move is expected to enhance Metal Bank’s position in the gold mining industry, potentially leading to significant growth and value creation for stakeholders.
Metal Bank Limited announced that Hastings Technology Metals Ltd’s recent drilling at the Seven Leaders prospect within the Whiteheads Gold Project has confirmed high-grade gold mineralization. This development supports MBK’s strategic transformation into a gold producer, with the acquisition of the Whiteheads Gold Project expected to finalize in early December 2025, pending shareholder approval. The drilling results indicate a larger and higher-grade deposit than previously anticipated, positioning MBK to advance the project through mining approvals and into production by 2026.
Hastings Technology Metals Ltd has announced successful results from its recent drilling at the Seven Leaders prospect, part of the Whiteheads gold project. The drilling has confirmed high-grade gold mineralization near the surface, with significant intersections reported. This development supports the company’s geological modeling and resource work, with a maiden Mineral Resource Estimate expected in December 2025. The results indicate stronger gold grades and thicknesses than historical data, suggesting potential for further exploration and resource expansion.
Metal Bank Limited has announced a change in its substantial holdings, as Sue-Ann Higgins ceased to be a substantial holder on November 7, 2025. This change occurred due to the acceptance of shares in an Entitlement Offer and the dilution of shareholding, impacting the voting securities of the company. The implications of this change suggest a shift in the company’s shareholder structure, which may influence its strategic decisions and stakeholder interests.
Metal Bank Limited has announced the issuance of 28,571,429 fully paid ordinary securities, which are set to be quoted on the ASX under the code MBK as of November 14, 2025. This move is part of a previously announced transaction and is expected to enhance the company’s capital structure, potentially impacting its market position and offering new opportunities for stakeholders.
Metal Bank Limited has announced the quotation of 7,063,066 fully paid ordinary securities on the ASX, effective November 13, 2025. This move is part of previously announced transactions and is expected to enhance the company’s liquidity and market presence, potentially benefiting stakeholders by increasing the company’s capacity to raise capital and invest in further exploration activities.
Metal Bank Limited has announced the application for quotation of 15,183,363 ordinary fully paid securities on the Australian Securities Exchange (ASX). This move is part of a previously announced transaction, and it represents a strategic step in expanding the company’s market presence and potentially increasing its capital base.
Metal Bank Limited announced a change in the director’s interest notice for Sue-Ann Higgins. The changes include the acquisition of ordinary shares and performance rights through an entitlement offer and the company’s equity incentive plan. This announcement highlights the director’s increased stake in the company, potentially signaling confidence in the company’s future prospects.
Metal Bank Limited has announced a change in the director’s interest, specifically for Inés Scotland, who has acquired additional ordinary shares and performance rights. This change is part of an entitlement offer and the company’s equity incentive plan, reflecting strategic moves to align management interests with company performance, potentially impacting stakeholder confidence and company valuation.
Metal Bank Limited has announced the issuance of 27,901,410 unquoted equity securities in the form of 2027 Performance Rights as part of an employee incentive scheme. This move is intended to align employee interests with company performance and could potentially enhance operational efficiency and stakeholder value.
Metal Bank Limited announced the successful outcomes of its Annual General Meeting held on November 10, 2025, where all proposed resolutions were passed by a poll. This includes the adoption of the remuneration report, re-election of a director, approval of share issues, and renewal of takeover provisions. The approval of these resolutions reflects strong shareholder support and positions the company for continued strategic growth and operational stability.
Metal Bank Limited has successfully raised approximately $2.42 million through its Entitlement Offer, which was well-supported by existing shareholders, the Underwriter, and new institutional and professional investors. The funds will be used to advance the company’s gold strategy in Western Australia and to assess the graphite potential at the Millennium project in Queensland, supporting its transformation into a revenue-generating operations company.
Metal Bank Limited has announced a proposed issue of 7,063,066 ordinary fully paid securities, with the issue date set for November 14, 2025. This strategic move is aimed at raising capital, potentially enhancing the company’s financial position and enabling further exploration and development activities, which could strengthen its market position and offer growth opportunities for stakeholders.
Metal Bank Limited has announced the application for quotation of 122,065,383 fully paid ordinary securities on the Australian Securities Exchange (ASX), effective November 7, 2025. This move is part of a previously announced transaction, potentially impacting the company’s market positioning by increasing its capital base and enhancing liquidity for stakeholders.