Global Energy Metals' Partner Signs MOU for Millennium Project Ore Treatment
Vancouver, BC — February 17, 2026 — Leads & Copy — Global Energy Metals Corporation (TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1) reports that Metal Bank Ltd. (MBK), the project operator for the Millennium Copper Cobalt Gold Graphite Project, has signed a non-binding Memorandum of Understanding (MOU) with Austral Resources Australia Ltd regarding a strategic alliance for toll treating ore from Millennium through Austral’s Rocklands processing facility.
Rocklands is located approximately 19km from Millennium, and Austral is pursuing a consolidation strategy to establish Rocklands as a processing hub. Feasibility work has commenced by Austral, and the re-start of Rocklands is expected within two years.
Under the MOU, Austral and Metal Bank will assess the technical, commercial, logistics, and feasibility of toll treatment of Millennium ore at Rocklands. The evaluation scope includes metallurgical testwork and processing compatibility, haulage methodology and mine-to-process plant logistics, commercial tolling structures, and alignment of project development timelines.
The MOU allows both parties to advance collaboration ahead of binding commercial agreements, ensuring timing alignment as both assets progress toward production readiness. The MOU is non-binding and non-exclusive, and does not commit either party to a formal transaction. Any binding arrangement will be subject to due diligence, metallurgical testwork, feasibility analysis, and the execution of definitive agreements.
The MOU strengthens Austral’s ambition to position Rocklands as a regional processing hub, providing confidence around early mill feed optionality and restart planning. Access to third-party ore has the potential to accelerate throughput ramp-up, reduce operating unit costs through higher utilization, and support stronger returns on existing infrastructure.
The alignment of timing between Metal Bank’s advancing project and Rocklands feasibility work creates a pathway to coordinated development, mutual cost efficiencies, and stronger commercial certainty at restart. The MOU reinforces Austral’s role as a regional consolidator and a value-accretive partner for emerging deposits across Northwest Queensland.
The Millennium Copper Cobalt Gold Graphite Project holds a 2012 JORC Inferred Resource across five granted Mining Leases with significant potential for resource expansion. Graphite has been identified over >2km strike length within and adjacent to the existing JORC Resource. MBK submitted an application for an additional mining lease (ML) at Millennium in 2025 to facilitate further exploration and operations for both Co-Cu-Au and graphite resources.
The additional lease application area consists of 159Ha, encompassing the southern granted leases and includes the Gap Zone. Previous RC drilling of this Gap Zone in 2013 and 2014 demonstrated strong mineralization continuity 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).
Metal Bank, supported by Global Energy Metals, is assessing the potential for further value to be unlocked from the Millennium Project via developing the graphite potential. This includes additional surface mapping and sampling, metallurgical testing to determine recovery, graphite flake size, sphericity, and purity, including this current drill program to refine the near-term scope for an Exploration Target and/or Mineral Resource.
The company anticipates results from the drilling program previously announced in November 2025 and will update shareholders on the progress of the mining lease application.
Global Energy Metals holds a 49% interest in Millennium and is fully carried on exploration spend as part of Metal Bank’s earn-in for 80% of Millennium.
Mitchell Smith, President and CEO of Global Energy Metals Corp., said that the MOU highlights the strategic value of the Millennium Project and reinforces the potential benefits of regional consolidation in the Cloncurry–Mt Isa district. He added that Global Energy Metals Corp. remains fully carried on exploration as Metal Bank advances its earn-in, preserving shareholder exposure without dilution.
*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%
Source: Global Energy Metals
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