Global Energy Metals' Partner Metal Bank Ltd. Commences Fully Funded Drilling Program at the Millennium Copper Cobalt Graphite Gold Project, Australia

Executive Summary

• Metal Bank Ltd., operating the Millennium project, has commenced a government‑funded diamond drilling program targeting high‑grade graphite extensions and metallurgical samples.
• The drill program is financed in part by a A$250 k Queensland Government Collaborative Exploration Initiative (CEI) grant; Global Energy Metals remains fully carried on exploration spend under Metal Bank’s earn‑in for an 80 % interest.
• An additional mining lease application covering a “Gap Zone” of Co‑Cu‑Au mineralisation and peripheral graphite targets has been lodged, potentially enhancing project economics and moving the project toward production.

Key Details

• Drilling Program: Diamond drilling started to test near‑surface extensions of previously announced graphite results and to obtain bulk metallurgical samples within/adjacent to the JORC 2012 Mineral Resource Estimate (MRE) of 8.4 Mt @ 0.09 % Co, 0.29 % Cu and 0.12 g/t Au (1.23 % CuEq).
• Funding: A$250 k Queensland Government CEI grant partially funds the drilling and associated metallurgical work; Global Energy Metals is fully carried on all exploration spend under Metal Bank’s earn‑in arrangement for an 80 % interest in Millennium.
• Mining Lease Application: New application covers ~159 ha adjacent to existing five leases, including a previously inaccessible 200 m × 200 m “Gap Zone” with Co‑Cu‑Au mineralisation and graphite targets; also extends westward for potential graphite extensions and eastward for infrastructure.
• Historical RC Drilling (2013‑14) in Gap Zone:
• 23 m @ 0.48 % Cu, 0.16 % Co, 0.16 g/t Au from 16 m (Q‑001)
• 13 m @ 0.53 % Cu, 0.30 % Co, 0.24 g/t Au from 40 m (Q‑014)
• Expected Results: Drilling results are anticipated in late January; the company will update shareholders on outcomes and mining lease progress thereafter.
• Strategic Context: Millennium sits amid other NW Queensland graphite projects (Corella, Burke, Mt Dromedary), offering potential synergies and shared infrastructure. Graphite demand is driven by EV battery anode requirements, with a long‑term outlook for non‑China supply remaining strong.
• Quotes:
• Mitchell Smith, President & CEO: “This government and partner funded drill program… moves our Millennium project forward at no cost to Global Energy Metals…”
• Ines Scotland, Chair of Metal Bank: “The graphite potential… together with the mine pit extension into the Gap Zone will significantly increase the project’s economics.”

Notable Quotes

• Mitchell Smith (President & CEO, Global Energy Metals): “This government and partner funded drill program operated by joint‑venture partner Metal Bank moves our Millennium project forward at no cost to Global Energy Metals and exemplifies our strategy of unlocking value from non‑core yet significant assets for our shareholders.”
• Ines Scotland (Chair, Metal Bank): “The graphite potential… along with the mine pit extension into the Gap Zone will significantly increase the project’s economics.”