Steel Financial institution Restricted (ASX:MBK) (‘MBK’ or ‘the Firm’) introduced on 10 September 2025 that it has signed a non-binding time period sheet (Time period Sheet) with Hastings Know-how Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold belongings of HAS, (topic to due diligence, binding documentation and different circumstances precedent together with shareholder approval) (Proposed Acquisition), and has commenced a scoping examine for the Kingsley and Homestead deposits on the Livingstone Mission, furthering its Western Australian focussed gold technique to increase MBK’s WA gold portfolio and transfer to manufacturing.
- MBK has accomplished its Due Diligence for the acquisition of the HAS Gold Property
- HAS has accomplished a heritage survey on the Seven Leaders prospect and all different approvals are in place to Start Drilling
- The Seven Leaders Drilling Program will start on 22 September 2025
- Drilling is targeted across the Seven Leaders Mission and can embody geotechnical drilling to be used in pit design
- HAS have put aside $500k to make use of on advancing the Whiteheads venture while the MBK Acquisition continues via the regulatory phases
MBK has now accomplished its Due Diligence and the preparation of binding documentation and different paperwork required for shareholder and different approvals is continuing.
Beneath the Proposed Acquisition MBK is to accumulate the next HAS Gold Property:
- Nice Western Gold Pty Ltd (GWG), the holder of a 75% curiosity within the Whiteheads Gold Mission JV tenements and different tenements 100% held by GWG, masking ~380sqkm positioned roughly 80km NE of Kalgoorlie (Whiteheads Mission);
- Ark Gold Pty Ltd (Ark), the holder of the Ark gold venture, comprising two exploration licences positioned approx. 40km southeast of HAS’ Yangibana Mission 250 km northeast of Carnarvon in Western Australia (Ark Mission); and
- The Darcy’s gold venture comprising 3 exploration licenses masking an space of ~ 100 sq kmssituated adjoining to HAS’ Brockman Niobium and Heavy Uncommon Earths Mission in theEast Kimberley area of Western Australia (Darcy Mission).
*The Proposed Acquisition is topic to passable completion of mutual due diligence, signing of binding documentation, MBK shareholder approval underneath Itemizing Rule 7.1 and different needed approvals, together with ASX evaluate pursuant to Itemizing Rule 11.1.
A abstract of the agreed phrases for the Proposed Acquisition is ready out in MBK’s ASX Launch of 10 September 2025 “MBK Executing WA Gold Technique”.
HAS is constant to advance the Whiteheads venture previous to completion of the Proposed Acquisition. HAS has suggested it has now accomplished an preliminary Heritage Survey with the Kakarra individuals on the Sever Leaders Prospect which has confirmed that no heritage websites are throughout the preliminary drill website space. HAS has additionally confirmed that each one different needed permits and approvals are in place and drilling will start on 22 September for an preliminary useful resource at Seven Leaders and additional HAS’ plan to early manufacturing.
The preliminary drill plan consists of c.1,500m of RC drilling to verify historic drill knowledge and a geotechnical diamond core gap to make sure satisfactory geotechnical knowledge is on the market to design and implement the starter pit.
The drill program, together with the diamond gap, will take approx. 2 weeks to finish. On completion of drilling and the next drill gap assays, HAS intends to announce an preliminary Useful resource on the Seven Leaders venture, continuing to mining lease utility and submission of the Mining Proposal.
MBK’s Chair Ines Scotland commented: “HAS are working full-steam forward on advancing the Whiteheads Gold Mission with the $500k of funds put aside for this objective. Tim Gilbert, who will turn into MBK’s CEO publish the completion of the transaction is an skilled mining engineer and is managing the approvals and upcoming drill program. There shall be strong information movement as each the Whiteheads and Livingstone Mission have plenty of work underway.”
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