Global Energy Metals’ Partner Enters MOU with Austral Resources to Assess Toll Treatment Opportunities at the Millennium Project
GLOBAL ENERGY METALS’ PARTNER ENTERS MOU WITH AUSTRAL RESOURCES
TO ASSESS TOLL TREATMENT OPPORTUNITIES AT THE MILLENNIUM PROJECT
Vancouver, BC / TheNewswire / February 17, 2026 / Global Energy Metals Corpora Qon
TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals” , the “Company” and/or
“GEMC”), a mul’-jurisdic’onal, mul’-commodity cri’cal mineral explora’on, development and
project genera’ng company focused on growth-oriented projects suppor ’ng the global
transi’on to the new energy economy, is pleased to report that ASX listed Metal Bank Ltd.,
(“Metal Bank” and/or “MBK”) as project operator has signed a non-binding Memorandum of
Understanding (“MOU”) with ASX listed Austral Resources Australia Ltd (“Austral”) in rela’on to
a strategic alliance regarding future toll trea’ng of ore from the Millennium Copper Cobalt Gold
Graphite Project (“Millennium” and/or the “Project”) through Austral’s newly acquired
Rocklands processing facility (“Rocklands”).
Rocklands is located approximately 19km from Millennium and Austral is pursuing a
consolida’on strategy to establish Rocklands as a processing hub capable of servicing mul’ple
regional ore sources. Feasibility work has been commenced by Austral and the re-start of
Rocklands is expected within 2 years.
Highlights:
• Metal Bank has signed a non-binding MOU with Austral to evaluate poten;al toll treatment
of ore from the Millennium Project at Austral’s Rocklands processing facility
•Rocklands is located approximately 19km from Millennium represen;ng another posi;ve step
towards consolida;on in Queensland’s Cloncurry and Mt Isa region that would benefit greatly
from such a strategy.
•Provides the poten;al to significantly bolster the mill feed for Rocklands, ahead of restart
study phase.
•Millennium holds a JORC 2012 Mineral Resource Es;mate (MRE) of 8.4Mt @ 0.09% Co, 0.29%
Cu and 0.12g/t Au for a 1.23% CuEq*:
•Located on 5 granted mining leases
•Significant poten;al for expansion with an applica;on for an addi;onal mining lease
recently lodged
•Global Energy holds a 49% interest in Millennium and is fully carried on explora;on spend as
part of Metal Bank’s earn-in for 80% of the Millennium.
*CuEq = Cu% +(Co% x 9.16) + (Au g/t x 0.678) using long term metal prices of Cu: US$3.50/lb
($7716/t); Co:US$32.00/lb ($70 547.84/t); Au: US$1900/oz; Cu recovery=95.1%; Co
recovery=95.3%; Au recovery=81.4%; Cu payability=80%; Co payability = 80%; Au payability =
80%
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Mitchell Smith, President and CEO of Global Energy Metals Corp. comments:
“This MOU between our partner Metal Bank Limited and Austral Resources Australia Ltd
highlights the strategic value of the Millennium Project, with Rocklands located just 19
kilometres away. It reinforces the poten;al benefits of regional consolida;on in the Cloncurry–
Mt Isa district while underscoring Millennium’s exis;ng JORC resource and expansion upside.
Importantly, Global Energy Metals Corp. remains fully carried on explora ;on as Metal Bank
advances its earn-in, preserving shareholder exposure without dilu;on.”
Details of the MOU
Under the MOU, Austral and Metal Bank will work collabora ’vely to assess the technical,
commercial, logis’cs and feasibility of toll treatment of Millennium ore at Rocklands.
The scope of evalua’on includes:
• Metallurgical testwork and processing compa’bility;
• Haulage methodology and mine-to-process plant logis’cs;
• Commercial tolling structures, including pricing thresholds; and
• Alignment of project development ’melines.
The MOU enables both par’es to advance collabora’on now, ahead of binding commercial
agreements, ensuring ’ming alignment as both assets progress toward produc’on readiness.
The MOU is non-binding, non-exclusive, and does not commit either party to proceed with a
formal transac’on. Any binding arrangement will be subject to due diligence, metallurgical
testwork, feasibility analysis, and the execu’on of defini’ve agreements.
Significance of the MOU
The MOU strengthens Austral’s ambi’on to posi’on Rocklands as a regional processing hub,
providing improved confidence around early mill feed op’onality and restart planning. Access
to third-party ore has the poten’al to accelerate throughput ramp-up, reduce opera’ng unit
costs through higher u’lisa’on, and support stronger returns on exis ’ng infrastructure.
Importantly, the alignment of ’ming between Metal Bank’s advancing project and Rocklands
feasibility work creates a clear pathway to coordinated development, mutual cost efficiencies,
and a stronger commercial certainty at restart. The MOU reinforces Austral’s role as the logical
regional consolidator and a value-accre’ve partner for emerging deposits across Northwest
Queensland.
Millennium
The Millennium Copper Cobalt Gold Graphite Project project holds a 2012 JORC Inferred
Resource across 5 granted Mining Leases with signi ficant poten’al for resource expansion.
Addi’onally, graphite has been iden’fied over >2km strike length within and adjacent to the
exis’ng JORC Resource. MBK submided an applica’on for an addi’onal mining lease (ML) at
Millennium in 2025 to facilitate further explora ’on and opera’ons for both Co-Cu-Au and
graphite resources (Figure 1).
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Figure 1. Millennium project overview showing current and proposed ML boundaries, 2023 Co-
Cu-Au MRE outline, graphite drill results to date, and graphite target area (purple) for CEI grant
work.
This applica’on area consists of some 159Ha which encompass the southern granted leases and
importantly includes the Gap Zone, a previously inaccessible 200m x 200m area not included in
the current MRE.
Previous RC drilling of this Gap Zone in 2013 and 2014 demonstrated strong mineralisa ’on
con’nuity on the Millennium Trend, including downhole results of 23m @ 0.48% Cu, 0.16% Co
and 0.16g/t Au from 16m (Q-001) and 13m @ 0.53% Cu, 0.30% Co and 0.24g/t Au from 40m
(Q-014). The addi’onal lease also encompasses further area to the west to cover poten ’al
extensions of graphite mineralisa’on, and to the east for opera’onal infrastructure.
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Please refer to ASX:CYU announcement 4 December 2013: ‘Comple;on of Ini;al Copper/Gold
Drilling Program and Millennium – Large Mineral System Iden;fied’ and ASX:CYU announcement
23 July 2014: ‘June 2014 Quarterly Report’.
The addi’onal lease also encompasses further area to the west to cover poten’al extensions of
graphite mineralisa’on, and to the east for opera’onal infrastructure.
In line with this, Metal Bank, in full support by Global Energy Metals, is assessing the poten’al
for further value to be unlocked from the Millennium Project via developing the graphite
poten’al over the coming months. This includes addi ’onal surface mapping and sampling,
metallurgical tes’ng to determine recovery, graphite flake size, sphericity and purity, including
this current drill program to refine near term scope for an Explora’on Target and/or Mineral
Resource.
The Company looks forward to the results from the previously announced drilling program
(refer to GEMC news release dated November 28, 2025) and will keep shareholders informed as
to the progress of the mining lease applica’on in due course.
Qualified Person
Mr . Paul Sarjeant, P . Geo., is the qualified person for this release as de fined by Na’onal
Instrument 43-101 - Standards of Disclosure for Mineral Projects. He is a shareholder and
Director of the Company.
For Further InformaQon:
Global Energy Metals Corpora’on
Email: [email protected]
t. + 1 (604) 688-4219
www.globalenergymetals.com
Twider: @EnergyMetals | @USBaderyMetals | @ElementMinerals
Global Energy Metals CorporaQon
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. provides investors with direct exposure to the rapidly expanding new
energy market through the development of a diversified, global porqolio of explora;on and
growth-stage cri;cal mineral assets.
The Company recognizes that the accelera ;ng electrifica;on of the global economy is
fundamentally dependent on the secure supply of cri;cal barery metals, including cobalt, nickel,
copper, lithium and other essen;al raw materials. To help address this challenge and par;cipate
meaningfully in the electrifica;on movement, Global Energy Metals has adopted a disciplined
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consolidate, partner and invest strategy, assembling and advancing a porqolio of strategically
significant barery metal investments.
Through its copper, nickel, cobalt, silver, lithium and uranium projects in Canada, Australia,
Norway and the United States, Global Energy Metals is inves;ng in, exploring and developing
prospec;ve, scalable assets located in established mining and processing jurisdic;ons, osen in
close proximity to end-use markets. The Company priori;zes projects with low logis;cal and
processing risk, posi;oning them for accelerated development and poten ;al entry into the
barery supply chain within the current cycle.
Global Energy Metals also collaborates with industry peers to enhance its exposure to cri ;cal
minerals and the technologies required to support a cleaner, more sustainable future.
Securing exposure to the minerals that power the eMobility revolu;on represents a genera;onal
investment opportunity. Global Energy Metals believes now is the ;me to be part of the
electrifica;on movement.
CauQonary Statement on Forward-Looking InformaQon:
Certain informa;on in this release may cons;tute forward-looking statements under applicable
securi;es laws and necessarily involve risks associated with regulatory approvals and ;melines.
Although Global Energy Metals believes the expecta;ons expressed in such forward-looking
statements are based on reasonable assump;ons, such statements are not guarantees of future
performance and actual results or developments may di ffer materially from those in the
forward-looking statements. Except as required by law, Global Energy metals undertakes no
obliga;on to update these forward-looking statements in the event that management’s beliefs,
es;mates or opinions, or other factors, should change.
For more informa;on on Global Energy and the risks and challenges of their businesses,
investors should review the filings that are available at www.sedar.com.
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policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
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We seek safe harbour.