Metal Bank Unveils High-Grade Graphite Discovery at Millennium Project

Metal Bank Strikes High-Grade Graphite Gold at Millennium Project

Metal Bank Limited (ASX: MBK) has delivered exceptional drilling results from its Metal Bank Millennium Project graphite discovery in Queensland, with recent diamond drilling confirming thick, high-grade near-surface graphite mineralisation. This discovery could transform what was previously considered waste into valuable critical mineral byproduct.

The standout results demonstrate the scale of opportunity at Millennium. Furthermore, these findings position the project as a significant multi-commodity development in Australia's critical minerals sector.

The key drill results include:

• MI25DD03: 13.1m @ 12.23% TGC from 1m (surface)
• MI25DD04: 30.85m @ 14.11% TGC from 60.4m
• MI25DD04: 3.7m @ 22.19% TGC from 45.8m

These results extend known graphite mineralisation across more than 2km of strike, positioned approximately 50m west of the existing Millennium Cobalt-Copper-Gold resource of 8.4Mt @ 1.23% CuEq.

Game-Changing Discovery in the Hangingwall

What makes the Metal Bank Millennium Project graphite discovery particularly compelling is the location of the graphite mineralisation. The discovery sits in the hangingwall of the existing pit design, transforming what would traditionally be mined as waste rock into potentially valuable critical mineral feed.

CEO Tim Gilbert commented on the significance of these findings. "This round of drilling, focussed on graphite, indicates that we potentially have a value adding critical mineral sitting in the hangingwall of the pit that would previously have been mined as waste," he stated.

"To see results of 3.7m @ 22.19% TGC and 30.85m@ 14.11% TGC is both exciting to the potential of additional high grade graphite mineralisation and overall value adding to the greater Millennium project," Gilbert added.

December 2025 Drilling Programme Results

All results reported as downhole weighted means with 1m minimum width, 5% TGC cut-off, maximum 3m internal dilution

Understanding Total Graphitic Carbon (TGC)

Total Graphitic Carbon (TGC) represents the percentage of crystalline carbon in rock samples, measured through infrared spectroscopy after acid digestion to remove carbonates. Unlike Total Carbon, which includes organic carbon and carbonates, TGC specifically measures the graphitic carbon that has commercial value.

Why TGC Matters to Investors

The significance of TGC grades varies considerably across the graphite industry. For instance, grades above 5% TGC are generally considered economically significant for commercial development.

Moreover, grades above 10% TGC indicate high-quality graphite deposits with strong economic potential. Metal Bank's results of up to 22.19% TGC place this among high-grade global graphite discoveries.

The graphite at Millennium appears to have formed through metamorphic upgrading of carbonaceous siltstones. This process occurs when carbon-rich sedimentary rocks are subjected to heat and pressure over geological time.

The transformation converts organic carbon into valuable crystalline graphite. The distribution is influenced by proximity to volcanic rock units and structural controls—factors that will assist in future targeting.

Strategic Context: Multi-Commodity Value Creation

The Metal Bank Millennium Project graphite discovery now presents a compelling multi-commodity story combining critical battery minerals. This discovery significantly enhances the project's overall value proposition.

Existing Resource Base

The foundation of the Millennium Project includes:

• 8.4Mt @ 1.23% CuEq (Cobalt-Copper-Gold-Silver)
• Inferred Resource: 0.09% Co, 0.29% Cu, 0.12 g/t Au, 0.72g/t Ag
• 86% within open-cut parameters using reasonable prospects for eventual economic extraction

Graphite Potential

The newly discovered graphite mineralisation offers additional opportunities:

• >2km strike length of graphite mineralisation confirmed
• Near-surface positioning enabling low-strip ratio development
• Adjacent to existing resource allowing integrated mining approach
• Open in all directions for resource expansion

Path to Production Taking Shape

Metal Bank is positioning itself as a near-term miner rather than just an explorer. Several key developments are underway following the Metal Bank Millennium Project graphite discovery.

What Infrastructure Advantages Does Metal Bank Possess?

The project benefits from several infrastructure advantages that could accelerate development. These include established agreements and strategic positioning within Queensland's mining corridor.

Key infrastructure benefits include:

• Rocklands Mill Agreement: MOU with Austral Resources for processing at their mill, only 20km away
• Existing Mining Leases: Five granted MLs covering 132.22 Ha
• Additional Tenure Applied: ML100438 (159 Ha) and EPM29391 in progress
• Graphite Addition Approved: Amendment to existing MLs for graphite extraction

Government Support

The drilling programme was majority funded under the Queensland Government's Collaborative Exploration Initiative (CEI) grant (up to $275,000 inc GST). This demonstrates state-level support for critical minerals development in the region.

Forward Work Programme

Immediate Priorities

Metal Bank has outlined several immediate priorities to advance the project. These activities will build upon the successful drilling results and position the company for resource development.

The immediate work programme includes:

1. Preliminary metallurgical testing on recent drill samples commenced
2. Resampling historical core for graphite within the resource area
3. Geophysical targeting using resistivity methods to identify prospective zones
4. Resource expansion drilling across the 2km prospective strike

Medium-term Catalysts

Several medium-term catalysts could drive value creation for shareholders. These milestones will establish the project's commercial viability and advance towards production.

Key upcoming catalysts include:

• Mining lease grant for additional tenure
• Metallurgical test work for all commodities
• Updated resource estimate incorporating graphite
• Integrated mine planning for multi-commodity extraction

Investment Thesis: Critical Minerals at the Right Time

The Metal Bank Millennium Project graphite discovery has evolved into a strategic critical minerals asset with multiple value drivers. This transformation positions the company at the intersection of growing battery mineral demand.

Unique Positioning

The project offers several unique advantages in the current market environment. However, the combination of dual critical minerals exposure sets it apart from single-commodity developments.

Key positioning advantages include:

• Dual critical minerals exposure: Cobalt for battery technology + graphite for battery anodes
• Infrastructure ready: Proximity to existing processing facilities reduces capital expenditure requirements
• Government supported: Queensland's push for critical minerals development
• Low-strip ratio potential: Near-surface graphite minimises mining costs

Market Timing

The global shift toward electrification has created strong demand for both cobalt and graphite. Furthermore, supply chain security concerns have elevated the importance of Australian production.

Battery-grade graphite prices have strengthened on supply constraints from traditional producing regions. Additionally, cobalt demand remains robust despite price volatility in recent markets.

Australian production offers supply chain security to end users seeking alternatives to traditional supply sources. This advantage becomes increasingly valuable as geopolitical tensions affect global supply chains.

Execution Capability

CEO Tim Gilbert emphasised the company's strategic direction for the project. "The Millennium Project is now a significant part of Metal Bank's portfolio and plays a major part in our plans to become a miner, not just an explorer," he stated.

Why Should Investors Track Metal Bank?

Metal Bank has positioned itself at the intersection of two critical battery minerals with a defined resource, granted mining tenure, and nearby processing infrastructure. The graphite discovery transforms the project economics by potentially monetising what was previously waste material.

Key Tracking Points

Investors should monitor several key developments that could drive value creation. These milestones will demonstrate the project's progress towards commercial production.

Important tracking points include:

• Metallurgical test results on graphite samples
• Resource update incorporating graphite mineralisation
• Mining lease approvals for expanded tenure
• Progress on integrated mine planning

The transformation of Millennium from a single-commodity resource to a multi-commodity critical minerals project positions Metal Bank as a compelling play on the global electrification theme. With graphite mineralisation sitting in the hangingwall of an existing 8.4Mt Cobalt-Copper-Gold resource, the company has created a unique value proposition.

In conclusion, dual critical minerals from a single mining operation with established infrastructure nearby presents significant advantages. The 2km strike length remains open for expansion, suggesting substantial upside potential for near-term production development.

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