Macro Metals Secures $2M Placement, Wins Extension Iron Ore Contract, Expands JV Footprint
Macro Metals Limited has secured $2 million from a strategic placement to Paramount Earthmoving, advanced exploration across multiple Pilbara projects, and entered a second majority Indigenous-owned joint venture, positioning itself for growth in mining services.
- Received $2 million from strategic placement with Paramount Earthmoving
- Entered second majority Indigenous-owned joint venture with Robe River Kuruma Aboriginal Corporation
- Awarded mining services contract at Extension Iron Ore Project post-quarter
- Ongoing exploration and rehabilitation at Turner, Wandanya, Port Hedland, and Goldsworthy East projects
- Appointed new CFO and issued shares following option exercises
Strategic Capital Injection Fuels Expansion
Macro Metals Limited (ASX:M4M) reported a dynamic March quarter marked by a $2 million capital injection from tranches two and three of a strategic placement with Paramount Earthmoving Pty Ltd. This funding is earmarked to accelerate the development of Macro’s mining services division, a key pillar in the company’s strategy to transition from exploration to operational mining services.
Paramount Earthmoving, now Macro’s largest shareholder with approximately 10% ownership post-placement, underscores the strategic alignment between the two companies. The final tranche of the $4 million placement remains available to support working capital needs through June 2025.
Indigenous Partnerships Deepen Regional Engagement
In a significant move reinforcing its commitment to Indigenous engagement, Macro Metals entered its second majority Indigenous-owned joint venture with Robe River Kuruma Aboriginal Corporation’s subsidiary, Robe River Services Pty Ltd. The newly formed Macro Mining Pty Ltd (RRKMM) sees Robe River Services holding 51% equity, with Macro’s subsidiary holding 49%.
This partnership aims to create sustainable training, employment, and contracting opportunities for the Robe River Kuruma People, integrating cultural heritage preservation with mining operations. The joint venture will cover the full mining services lifecycle, including technical services, mining, crushing, screening, and rehabilitation, with rehabilitation efforts guided by traditional knowledge to ensure ecological and cultural integrity.
Contract Wins and Operational Progress
Post-quarter, Macro Mining Services secured a mining services contract at the Extension Iron Ore Project in the East Pilbara, awarded by RE:GROUP Pty Ltd. This contract encompasses technical services, mine site establishment, drill and blast, mining, load and haul, and crushing and screening under a build-own-operate model. The project’s proximity to Port Hedland’s Utah Point Bulk Handling Facility enhances its logistical appeal.
Macro’s mining services division also completed its first scope of work for an ASX-listed client during the quarter and engaged extensively in tenders and expressions of interest across Western Australia’s mining sector. The company’s partnership with Sustainability, a leader in critical risk minimisation for Tier 1 miners, further strengthens its health, safety, environment, and quality systems, positioning Macro as a premier provider of safe and efficient mining services.
Exploration and Project Development Activities
Exploration efforts continued robustly across Macro’s Pilbara portfolio, including the Turner, Wandanya, Port Hedland, and Goldsworthy East projects. The Turner Project advanced into its second phase of geological mapping and sampling, aiming to refine understanding of CID mineralisation. At Wandanya, the company reviewed drilling results and commenced planning for further exploration at the Donkey Prospect, which has previously yielded significant manganese intercepts.
Port Hedland tenements underwent initial reconnaissance for sand and aggregate suitability, targeting construction materials supply for regional projects. Rehabilitation activities at Goldsworthy East aligned with regulatory requirements, reflecting Macro’s commitment to environmental stewardship.
Corporate Developments and Financial Position
Corporate updates included the appointment of Lisa Wynne as Chief Financial Officer and Company Secretary, replacing Mathew O’Hara. The company also issued over 22 million shares following option exercises, bolstering its capital base.
Financially, Macro Metals reported $765,000 in exploration and evaluation expenditure for the quarter and maintained a cash balance of approximately $2.05 million at quarter-end. The company continues to rationalise its tenement portfolio to focus resources on its mining services division and exploration priorities.
Additionally, Macro is progressing discussions with potential partners for the development of the Agbaja Iron and Steel Project in Nigeria, with due diligence ongoing.
Bottom Line?
Macro Metals is strategically positioning itself at the nexus of exploration and mining services, with Indigenous partnerships and contract wins setting the stage for sustainable growth.
Questions in the middle?
- How will the final tranche of the Paramount Earthmoving placement be deployed to maximize growth?
- What are the timelines and expected outputs for the upcoming drilling programs at Turner and Wandanya?
- How will Macro balance its exploration ambitions with the operational demands of its expanding mining services division?
