MBK - Metal Bank

[Miner]

Offer Overview
Metal Bank Limited
Issue Price $0.20 per share
Minimum Investment $2,000
Amount Sought $2,200,000
Open Date 10th December 2010
Close Date 31st January 2011
List Date 14th February 2011

Metal Bank is an Australian based exploration company established to invest shareholders funds in base and precious metal exploration, development and mining projects. The Company proposes to build, as the name suggests, a valuable metal asset register or "Metal Bank" for its shareholders.

The company is exploring for copper sulphide at "The Jillewarra Project", a highly regarded exploration prospect located nearby the world class "Sandfire Resources NL" copper discovery "The Doolgunna Project".

Metal Bank is currently offering 11,000,000 fully paid ordinary shares at an issue price of 20cents each to raise $2,200,000 and list on the ASX.

Investment Highlights:

Small number of tradeable shares on issue

Significant scope for upside with exploration success

Current exploration program to deliver live results within weeks of listing

Current copper exploration environment extremely robust

Key Metalbank Copper project nearby Sandfire Resources NL Very well regarded board and Joint Venture operating partners

The Projects

The Metal Bank Mineral Assets comprise four projects, two in Western Australia and two in Queensland that are at various stages of exploration ranging from encouraging results from surface sampling and drilling. The projects have potential to host their target commodities and warrant exploration and testing programs. The projects are currently at various stages of exploration and have potential to host economic mineral deposits

DISCLAIMER :
I have posted the above information from Investmart publication in public forum for investors/speculators to apply in IPO.

Please DYOR

 

[GumbyLearner]

Offer Overview
Metal Bank Limited
Issue Price $0.20 per share
Minimum Investment $2,000
Amount Sought $2,200,000
Open Date 10th December 2010
Close Date 31st January 2011
List Date 14th February 2011

Metal Bank is an Australian based exploration company established to invest shareholders funds in base and precious metal exploration, development and mining projects. The Company proposes to build, as the name suggests, a valuable metal asset register or "Metal Bank" for its shareholders.

The company is exploring for copper sulphide at "The Jillewarra Project", a highly regarded exploration prospect located nearby the world class "Sandfire Resources NL" copper discovery "The Doolgunna Project".

Metal Bank is currently offering 11,000,000 fully paid ordinary shares at an issue price of 20cents each to raise $2,200,000 and list on the ASX.

Investment Highlights:

Small number of tradeable shares on issue

Significant scope for upside with exploration success

Current exploration program to deliver live results within weeks of listing

Current copper exploration environment extremely robust

Key Metalbank Copper project nearby Sandfire Resources NL Very well regarded board and Joint Venture operating partners

The Projects

The Metal Bank Mineral Assets comprise four projects, two in Western Australia and two in Queensland that are at various stages of exploration ranging from encouraging results from surface sampling and drilling. The projects have potential to host their target commodities and warrant exploration and testing programs. The projects are currently at various stages of exploration and have potential to host economic mineral deposits

DISCLAIMER :
I have posted the above information from Investmart publication in public forum for investors/speculators to apply in IPO.

Please DYOR

Don't know much about the company. Noticed the only guy on the board Mr.Ashley Hood from Ashanti fame is on the board. At the same time, take a look at the board of plenty of other hopefuls and they are stacked with veterans.

Anyway it's so hard to tell.

How far are they away from production Miner? Is your guess as good as mine?

 

[dejavu0505]

Don't know much about the company. Noticed the only guy on the board Mr.Ashley Hood from Ashanti fame is on the board. At the same time, take a look at the board of plenty of other hopefuls and they are stacked with veterans.

Anyway it's so hard to tell.

How far are they away from production Miner? Is your guess as good as mine?

Not much info on MBK about. But chairman and managing director is Ben Cooper, who was also MD of GNI and that company didn't go anywhere. Hope he has better success with this one, but I'm staying clear.

 

[springhill]

Over a year since last MBK update.

MBK working on the acquisition of the Scott Creek Coal Project.
• the Notice of Meeting (NOM) which sets out the terms for the approval of the acquisition of Scott Creek is nearing completion and is subject to appropriate reviews of the regulatory bodies; and
• the Company intends to issue 40 million shares at no less than 5 cents and 40 million options in order to finance its working capital, existing assets and the Scott Creek assets. The Company has appointed Wentworth Global Securities Pty Ltd to assist in fulfilling the above capital raising. The capital raising is to be subject to a prospectus which is to be opened immediately upon completion of the approval by shareholders of the proposed acquisition of Scott Creek.

Scott Creek currently holds a portfolio of five coal exploration tenements situated within Queensland’s premier northern Bowen Basin region. Scott Creek’s tenements cover a total area of approximately 42 sq. km. The tenements are all well located close to or directly adjacent to existing coking and PCI producing coal mines within the region

Other projects.

Spinifex Ridge Project
During the last quarter, Metal Bank collected further soil and rock chip samples from the northern portion of E45/2596. These samples have been forwarded for assay and results are expected late April/May 2012. No results received yet.

KILLI KILLI/COYOTE ROJECT
This tenement lies just to the north of the Tanami Gold NL’s high grade Coyote Gold Mine, and a major north-west trending fault zone, the Trans-Tanami Structural Corridor, cuts through E08/4212.

JILLEWARRA
Metal Bank reached agreement with its joint venture partners Red Emperor Resources NL and Cazaly Resources Limited to withdraw from this project, on payment of a fee of $10,000.

Acquisitions – the Board remains committed to identifying a new project that will have the potential to
be a “company maker” and has been active in reviewing opportunities.

 

[springhill]

Company presentation.
http://www.asx.com.au/asxpdf/20120801/pdf/427s58r7zf07xg.pdf

 

[finicky]

Metal Bank (MBK) @ .012c

One of those explorer types that has gutted early investors who have not sold. At least MBK hasn't hyperinflated the scrip yet.

Some projects in QLD that are greenfield explorations not too far from established mines - they would hope to find a biggie and sell it to a local miner or at least get some funding for exploration via partially divesting into a jv. Not much luck yet, although a recent magnetic 'signature' seems to have got a few speculators interested.

MBK has the support of Tony Locantro who gives it a chance of blowing in cal 2020 - he can be wrong Board s'posed to have good record.

Only posting because of the chart development that might or might not interest ST traders.

Disc: I hold 200,000 bought @ 014c
Sentiment: trader speccie or win/lose 100% investor

MBK 1 year DLY

MBK All Data MTHLY

 

[finicky]

MBK back to 1 cent

I can't even put a 'speculative buy' sentiment on Metal Bank (MBK) so just posting for my amusement. I might let a stink bid sit for another 200,000 shares but really shouldn't and might not. It's junk for an investor.

Metal Bank recently lost its M.D and chief geology brains in Tony Schreck, bit uneasy about that, he vested two of the three exploration projects into the company when MBK was founded - Eidsvold and Triumph. He'd been working these up through his private company.

Metal bank said in its March Quarterly (pub 28 April) that they are still in discussions with other parties for joint venture funding of their projects. That line has been used by them for a while now. They need to gee up as there are only 4 quarters of cash left (about $880,000), including this quarter, at the current rate of creeping expenditure.

A bit of colour background I found on Ines Scotland, the Metal Bank (MBK) executive chair:

Ines Scotland's is a mining success story, writes Barry FitzGerald

Ines Scotland Wikipedia

The last Appendix 3B I can find (Sept 2018) lists 882,864,297 ordinary shares on issue. There were also 183m unlisted options exercisable @ 3 cents at that time but they have since expired.

They still have a couple of months before they will will be forced to take action and raise money by a placement if they can't pull a jv partnership.
At current price of 1c, I would guess they could do a placement at say 0.0075c. If they issued 200 million new shares that would provide $1.5m before costs and result in 1.83 billion shares on issue post placement.

To get a sense of proportion, if (hypothetically) they did a 10:1 consolidation of those 1.83b shares that would result in 183m shares at a price of 10 cents (from 1 cent currently) for three gold exploration projects and with more than $1.5m to work with.

I'm interested by the latest very detailed description of the advanced target at Eidsvold but suspicious that the market is being played in a lead up to a desperate capital raise.

Held

 

[finicky]

So Metal Bank did finally launch a capital raise @ 0.007 per share; they will create 300m new shares with 150m free attached options (exercisable @ 1.5c). I will be over subscribing because I'm a sucker for these tattslotto things looking around for the deep under cover sources of historical outcrop mines. An expert panel decided that the Eidsvold project was worth awarding a collaborative exploration incentive grant from the QLD Govt for two drill holes ($680,000 more for drilling is budgeted for at Eidsvold after the cap raise completes). Only 25 out of 120 qualified applicants scored one of these grants.

The so called 'great eastern target', has been vectored in on with airborne electro magnetics, ground geophysics and pathfinder chemistry. They've spent a lot of money developing this Eidsvold target as well as their 8 Mile gold project - they count their past exploration and evaluation expenses as an asset worth $9.5m. Great Eastern is an intrusive dense core where magnetic polarity has weirdly been reversed surrounded by the area of primary interest where electrical resistivity is low (because of dispersed minerals, incl gold, hopefully?) and ph is low because of sulphides creating acid. Soil chemical samples are also pointing to something lying below the post mineralisation sediment cover of 50 -100 metres depth. How would old timers trip to that? They only followed outcrops down, or streams - this is virgin ground with no visible signs. The mentioned features are remarked as closely similar to the historic +3 million oz Mt Leyshon gold field, also in QLD.
"The Great Eastern Target is considered to be the likely source of gold mineralising fluids 6 km to the southwest at the historical Eidsvold goldfield"

I got the figures wrong in the prior post.
The number of fpo shares before this raising: 1,015,292,871
Post raising (rounded): 1,185,000,000
Total fpo diluted shares if options are exercised: 1,351,000,000

So a hypothetical 10:1 share consolidation, post cap raising, would reduce option diluted shares on issue to: approx 135m shares @ 10c per share with a handy extra $2.4m in the drilling kitty from exercised options. They already have a pro-forma $2.6m in the bank which includes this equity raising proceeds. So I'm going for 300,000 shares by over subscription and if successful that will give me 500,000 fpos plus 150,000 free options. Cost will only be $2,100. These inflated shares would reduce to 50,000 shares plus 15,000 options post a hypothetical share consolidation - that's an ok stake in a company with a consolidated 135m shares.

Sentiment - a long odds punt

Attachments about the Qld CEI grant and budget for the share subscription money

 

[finicky]

Woo - close to record positive volume for MBK today and probably will be a record since they haven't gone to lunch yet.
Price up 37% at this point, could be a breakout.
Announced that the entitlement offer closed over subscribed - $1.7m applied for while only $1.2m sought. Sounds like a scale back as they say that $1.2 has been raised so doesn't look like they'll accept the extra asked.
I.P geophysics already done on targets, drilling starts at 8 Mile mid September, results at 8 Mile and Eidsvold will play out during next 8 months.

 

[frugal.rock]

Was musing over Metal Bank last week...
another FC boat missed?, however and regardless, the port is rather busy at the moment.
My portfolio cruise ship is currently in dry dock getting the barnacles scraped off.

 

[finicky]

Sounds like you're doing fine lately @frugal.rock, this is just a vibe stock for me. Pretty cheap punt really and the 0.007/share entitlement offer with free half an option attached ex 1.5c was irresistable.
Now I'm taking a second look at SVY after a Tony Locantro reminder (see SVY thread). Seems a pretty good price now after big raising @ 60c and after the progress they've already made I'd judge it a better price today than buying at 25c in ipo.

 

[finicky]

Big volume coming into MBK again today. Might have worked off the fickle money that came into the placement and E.O at .007 by now? Weekly chart looks prospective.

Some drilling should have already started. They aready have a few ozs (shallow 15,000 inferred ozs @ 2.4g/t at Flories Find at the 8 Mile project but are targeting up to 355 ozs there @ ~2g/t from surface to max 120 metres depth. Have a deeper bulk tonnage intrusion target immediately adjacent and presumably the source. Flories Find only 20-30 kms from EVN's 2m oz Mt Rawdon gold mine so can bet Evolution has its eye on developments.

Near Eidsvold they have a big signature target undercover and have 2 x 250 metre free drill holes to kick it off courtesy of the QLD Govt. They think this anomaly might be the Easterly source of the old Eidsvold gold workings.

6 Months Daily

Weekly

 

[finicky]

Heating up. First round of drilling completed at 8 Mile prospect, samples at the lab.
Drilling at Eidsvold 'Great Eastern Target' to start soon in week of 26th October.

Even though 8 Mile drilling prospect is only 20-30 kms away from EVN's Mt Rawdon mine, somehow it's the Eidsvold prospect description of a suspected intrusion related gold system under post mineralisation sediment concealment that has captured my imagination. It is thought to be the source of mineralized hot fuids that followed the path of least resistance to outcrop at the 19th century Eidsvold gold field. They've zeroed in on this big target using 5 different pre drill detection and testing techniques - all reporting results consistent with their theory.

Anyway, cheap punt on two big targets and I'm not the only one thinking so because chart indicates that punters are lining up for a lottery ticket. Tony Locantro in a recent interview though said that he and clients are loaded with MBK and seemed to be hinting that they would be shedding some soon to manage risk (my interpretation)

All Data Monthly

 

[finicky]

My November comp pick - a bit thrown together under time pressure, tax time drudgery. A bit excited by this stock. It's priced like an option, big reward if it hits the 'free spins feature' - pokies analogy.

From the September Quarterly, released just a few days ago, Oct 29.

8 Mile, Flori's Find prospect:

They're building an open pittable resource:

"A near surface maiden Inferred Mineral Resource of 195,000t @ 2.4g/t Au has been identified at the Flori’s Find prospect forming the basis for an Exploration Target of 3.6 to 5.1 Mt grading between 1.60 - 2.14 g/t Au for a total of 180,000 to 355,000 oz Au using a nominal 1 g/t Au cut-off."

But they think they've possibly vectored in on the deeper intrusive feeder to the Flori's Find surface expression. 'Bulk Tonnage' target. Early drilling assays are pending.

Eidsvold Great Eastern Target:

Five independent methods are all pointing to an elephantine sized Intrusion Related Gold System that could be the source of the mineralized fluids that created the outcropping reefs of the Eidsvold gold field.

All methods sketching out a consistent anomaly:

Airborne Electro magnetic
Airborne magnetics
Induced polarisation
Soil pH
Ultra-Trace soil geochemistry

Drilling has commenced to investigate this anomaly under post mineralisation cover for the very first time.

 

[frugal.rock]

A bit excited by this stock.

Have had it in a watchlist for a while.
Decided it was probably a timely time to enter, rather than watch another leave the port without me onboard....hopefully. Order still not filled

 

[finicky]

Nothing to add really, my December pick. Waiting on results from drilling the Great Eastern target near Eidsvold. Labs might be slow coming into Xmas. 8 Mile results didn't hack it as far as market is concerned

 

[frugal.rock]

A bit of a show today.
Something's afoot... 3 year chart which points out recent interest.

 

[finicky]

Needs a bit more to buck me up @frugal.rock ??
7.8m shares at say average 1.3c is only $100 grand and change - which you have probably considered.
I s'pose I'll have to put it in the f'g January comp now

 

[finicky]

January Comp pick

Metal Bank feels like its in suspended animation to someone hanging on drilling results but I got a surprise when looking up its weekly chart. It's actually sitting at the top of its range of the last couple of years and has been in a moderate uptrend since April.

It's not really a binary result that's being waited on as first drill assays from the major target east of Eidsvold will not seal the fate of the prospect - its a big target. The share price will nonetheless take a hard hit though if there is not something immediately exciting to show.

There is also the 8 Mile prospect which still has a bulk tonnage target and an initial small shallow resource very close to the 2m oz Mt Rawdon mine owned by EVN.

3 Yr Weekly

 

[frugal.rock]

I think @finicky is buying up MBK.
His 3rd month of it in the monthly comp and I really feel it's his turn to win ! lol
I hold 600k of them too !
(The early bird gets the worm!)
About time it started moving.
Low volume. Sellers holding for now.
Hopefully the tight fistedness continues with today looking inside... buy the rumour?