Hastings Acquisition to proceed – CEO Appointed

Steel Financial institution Restricted (‘MBK’ or ‘the Firm’) is happy to advise that following the approval of shareholders of Hastings Know-how Metals Ltd (Hastings) to the in-specie distribution of MBK Consideration Shares on the Hastings Annual Basic Assembly held on 28 November 2025, all situations precedent to MBK’s acquisition of the gold belongings of Hastings¹ (Acquisition) have now been happy or waived.

Highlights

• Shareholders of Hastings Know-how Metals Ltd (Hastings) have accredited the in-specie distribution of MBK Consideration Shares
• All situations precedent to the MBK acquisition of the Hastings gold belongings have now been happy or waived
• Completion of the acquisition scheduled for five December 2025
• MBK has appointed Tim Gilbert as its CEO
• Charles Lew to affix the MBK Board as non-executive director following completion

Completion of the acquisition is scheduled for 1 December 2025. At Completion, MBK will problem to Hastings 160,022,264 MBK Shares (Consideration Shares) as consideration for acquisition of the next gold belongings:

• Nice Western Gold Pty Ltd (GWG), the holder of a 75% curiosity within the Whiteheads Gold Undertaking JV tenements and different tenements 100% held by GWG, overlaying ~380sqkm positioned roughly 80km NE of Kalgoorlie (Whiteheads Undertaking);
• Ark Gold Pty Ltd (Ark), the holder of the Ark gold mission, comprising two exploration licences positioned approx. 40km southeast of HAS’ Yangibana Undertaking 250 km northeast of Carnarvon in Western Australia (Ark Undertaking); and
• The Darcy’s gold mission comprising an exploration license overlaying an space of ~ 100 sq kms located adjoining to HAS’ Brockman Niobium and Heavy Uncommon Earths Undertaking within the East Kimberley area of Western Australia (Darcy Undertaking).

MBK can be happy to announce the appointment of Tim Gilbert as Chief Govt Officer, efficient right this moment. Tim is a mining engineer with greater than three many years of expertise in a spread of senior roles within the assets sector throughout a number of commodities, together with battery and base metals, diamonds and gold. His experience covers a spread of strategic, operational and technical roles for world mining firms together with Rio Tinto, Newmont, Thiess and Gold Fields Australia the place he was VP Operations and beforehand Basic Supervisor, Agnew Gold Mine.

Most lately, as COO of Hastings, Tim has been main Hastings’ technique of fast-tracking the Seven Leaders and Blue Poles deposits at Whiteheads to manufacturing. Latest drilling at Seven Leaders has confirmed excessive grade gold mineralisation² and Entech (a multi-disciplinary mining consultancy) has been contracted for a maiden JORC2012 Mineral Useful resource Estimate (MRE) and scoping examine work, with the MRE anticipated to be introduced this month.

With the appointment of Mr Gilbert as CEO, Inés Scotland will transfer from Govt to Non- government Chair efficient instantly.

Charles Lew, the Chair of Hastings, will be a part of MBK’s Board as a non-executive director following Completion of the Acquisition on 5 December 2025.

Mr Lew has greater than 30 years of funding banking expertise, together with serving as Managing Director of ABN Amro’s funding banking enterprise in Singapore from 1997 to 2000. After leaving ABN Amro, Mr Lew began his personal funding administration firm, Equator Capital, which manages a hedge fund (which he exited energetic administration in 2018).

Mr Lew, has actively managed the development of the Yangibana Uncommon Earths Undertaking since 2014, from discovery of excessive grade NdPr uncommon earths to the lately concluded three way partnership with Wyloo Metals and has championed the Hastings gold technique. The Administrators of MBK stay up for Mr Lew becoming a member of the Board.

In commenting, Ines Scotland Govt Chair MBK stated:

“We’re very happy to have Tim be a part of us as CEO. Tim’s intensive strategic, operational and technical expertise throughout a number of commodities together with administration of gold operations, are completely matched to MBK’s strategic wants. Tim will lead the cost on our execution of our WA gold technique, shifting MBK from explorer to miner, and the development of our Millennium and different Tasks.

We’re additionally trying ahead to Charles becoming a member of the Board. Charles is an enthusiastic supporter of our WA Gold Technique and his expertise and abilities can be a invaluable addition to the Board.”

Tim Gilbert additionally commented:

“Each the MBK and Hastings’ gold belongings have nice potential and with their present standing, MBK will be capable of convey them into manufacturing rapidly. Our plan to be a producer, which funds future exploration and development, with the gold value of right this moment and the mixed belongings we’ve got, makes for a really thrilling future to develop MBK. I’m proud and excited to be a part of the bigger Steel Financial institution group.”