Global Energy notes signing of Metal Bank-Austral MOU

Executive Summary

• Global Energy Metals' partner, Metal Bank Ltd., has signed a non-binding Memorandum of Understanding (MOU) with Austral Resources Australia Ltd. to assess toll treatment opportunities for ore from the Millennium project at Austral's Rocklands processing facility.
• The Rocklands facility is located approximately 19 kilometers from the Millennium project and is being consolidated by Austral as a regional processing hub, with a restart expected within two years.
• Global Energy Metals retains a 49% interest in the Millennium project and remains fully carried on exploration spend by Metal Bank as part of an earn-in agreement for 80% ownership.

Key Details

• MOU Scope: The non-binding, non-exclusive MOU allows Metal Bank and Austral to evaluate technical, commercial, logistical, and feasibility aspects of toll treating Millennium ore at Rocklands.
• Evaluation Criteria: The assessment includes metallurgical testwork, processing compatibility, haulage methodology, mine-to-process plant logistics, commercial tolling structures (including pricing thresholds), and alignment of project development timelines.
• Strategic Rationale: The alliance supports Austral’s strategy to establish Rocklands as a processing hub servicing multiple regional ore sources, potentially accelerating throughput ramp-up, reducing operating unit costs through higher utilization, and supporting stronger returns on existing infrastructure.
• Millennium Project Resource: The project holds a 2012 Joint Ore Reserves Committee (JORC) inferred mineral resource estimate of 8.4 million tonnes grading 0.09% Co, 0.29% Cu, and 0.12 g/t Au (1.23% copper equivalent).
• Project Status: Millennium is located on five granted mining leases. Global Energy Metals holds a 49% interest and is fully carried on exploration spend by Metal Bank, which is earning in to 80% ownership.
• Expansion and Graphite Potential:
  • An application for an additional mining lease (approx. 159 hectares) was submitted in 2025 to facilitate exploration for Co-Cu-Au and graphite resources.
  • The new lease area includes the "Gap zone," a previously inaccessible 200m x 200m area.
  • Historical drilling (2013-2014) in the Gap zone showed strong mineralization, including 23m of 0.48% Cu, 0.16% Co, and 0.16 g/t Au from 16m, and 13m of 0.53% Cu, 0.30% Co, and 0.24 g/t Au from 40m.
  • Metal Bank and Global Energy are assessing graphite potential, including surface mapping, sampling, and metallurgical testing for recovery, flake size, sphericity, and purity.
• Upcoming Activities: The companies are awaiting results from a previously announced drilling program (referenced in a Nov. 28, 2025 release) and will provide updates on the mining lease application progress.

Notable Quotes

• "This MOU between our partner Metal Bank Ltd. and Austral Resources Australia Ltd. highlights the strategic value of the Millennium project, with Rocklands located just 19 kilometres away. It reinforces the potential benefits of regional consolidation in the Cloncurry-Mount Isa district while underscoring Millennium's existing JORC resource and expansion upside. Importantly, Global Energy Metals Corp. remains fully carried on exploration as Metal Bank advances its earn-in, preserving shareholder exposure without dilution." — Mitchell Smith, President and CEO, Global Energy Metals