Metal Bank Limited provided the following update on the timeline for its upgraded resource estimate at the Millennium Project in NW Queensland, after recent diamond drilling assays confirmed high cobalt grades. Due to a possible increase in tonnes and the significant economic value of cobalt in the project, the updated resource estimate requires a specialist with at least five years cobalt experience to prepare and certify the updated resource. Metal Bank is speaking with qualified parties and is expecting to finalise their engagement within the next couple of weeks.

This will allow the completion of the updated cobalt-copper resource and the release to the market. MBK holds a 51% Joint Venture interest in the Millennium project and assets and has the sole and exclusive right to earn an additional 29% Joint Venture Interest (taking its total interest to 80%) by funding exploration expenditure to the amount of $2 million. The Millennium Project represents an excellent opportunity for MBK to advance and develop a cobalt-copper asset of significant size, close to processing solutions and excellent infrastructure in the Mount Isa region.

The cobalt grades confirm Millennium as one of Australia's grade undeveloped battery metals projects, contained within granted mining licenses. MBK developed a three-phase work program for Millennium in 2022 2 seeking to confirm the Exploration Target for the Project, and future Resource expansion and development potential. The Exploration Target is based on extensions both along strike and at depth in both the Southern and Central Area cobalt-copper-gold resources and in the Northern Area, where shallow copper intervals at broad spacing have been returned some 800-1000m north of the closest Resource.