Australia's Metal Bank surges on gold assets acquisition

Hastings Technology Metals

10/09/2025 04:49

** Shares of Australia's Metal Bank MBK.AX rise as much as 53.9% to A$0.020, their highest since November 25, 2024

        ** Stock posts its biggest intraday pct gain since mid-July 2023

** Gold focused miner signs non-binding term sheet to buy a portfolio of Western Australian gold assets from Hastings Technology Metals HAS.AX

** Consideration of A$2.3 million ($1.52 million) to be satisfied via issue of ~160 million new MBK shares to Hastings

** Upon deal completion, Hastings’ COO Tim Gilbert will be appointed as MBK’s new CEO

** Around 1.7 mln shares change hands, 4.7x the 30-day average volume

** Stock last up 30.8%, bringing YTD gains to 13.3%

($1 = 1.5152 Australian dollars)

 (Reporting by Shruti Agarwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com))