Funding and Assay Uncertainties Loom as Macro Metals Advances Exploration

Exploration Momentum at Turner Iron Ore Project

Macro Metals Limited (ASX, M4M) has reported significant progress in its exploration activities during the June 2025 quarter, particularly at the Turner Iron Ore Project. The company completed the second stage of detailed geological mapping and sampling, which has informed plans for a third phase of fieldwork scheduled for the third quarter of calendar 2025. This ongoing work aims to validate additional mineralised targets ahead of an initial reverse circulation (RC) drilling campaign planned on a 200m by 200m grid across four priority mesa targets.

Beyond these primary targets, Macro Metals has identified a pipeline of further prospects, including five additional mesas and seven satellite targets, which will be subject to further mapping and sampling to assess their potential. The company’s methodical approach reflects a commitment to thorough groundwork before committing to drilling, aiming to maximise the chances of discovering economically viable iron ore deposits.

Mining Services Contract and Operational Advances

In parallel with exploration, Macro Mining Services, a wholly owned subsidiary of Macro Metals, secured a mining services contract at the Extension Iron Ore Project in the East Pilbara region. This contract marks a strategic step for the company, expanding its footprint in mining services and positioning it closer to commercial production. The project benefits from proximity to Port Hedland’s Utah Point Bulk Handling Facility, facilitating logistics and export potential.

Macro Mining Services is actively preparing a detailed scope of work, including permitting, bulk sample shipment applications, and resource evaluation to support project development. The company is also engaging with Pilbara Ports to secure export allocations and optimising haulage logistics, signalling readiness to advance the project towards production.

Field Assessments and Rehabilitation Efforts

Field work at Macro’s Port Hedland tenements focused on assessing the suitability of local granitic outcrops and sand-dominant sheet wash deposits as sources of construction materials for domestic and international markets. This work included soil and rock sampling, with assay results pending, to better understand the mineralogical and physical characteristics of these materials.

Meanwhile, the company completed rehabilitation of its 2024 drilling campaign site at the Goldsworthy East Project, reflecting its commitment to environmental management and regulatory compliance. All access tracks, sumps, and drill pads have been restored, and sample bags removed.

Corporate and Financial Developments

On the corporate front, Macro Metals extended the subscription deadline for the fourth tranche of its strategic placement with Paramount Earthmoving to September 30, 2025, reflecting a measured approach to capital raising aligned with current working capital needs. The company also resolved a cleansing notice oversight that temporarily suspended its securities, with trading reinstated promptly after court orders.

Additionally, Macro announced a change in company secretary and office address, with Stephen Buckley replacing Lisa Wynne, who also stepped down as CFO. Financially, the company reported a net cash outflow from operating and investing activities but maintains sufficient cash reserves and access to funding for approximately 1.4 quarters. Management is actively considering further capital raising to support ongoing exploration and development activities.

Outlook

Macro Metals is advancing multiple fronts; from exploration and sampling to mining services contracts and corporate governance; setting the stage for a potentially transformative period. The upcoming drilling campaign at Turner and progress at the Extension Iron Ore Project will be critical milestones to watch, alongside assay results from Port Hedland samples and strategic funding developments.