Macro Metals Limited has secured shareholder approval for a A$5.3 million budget to push the Extension Iron Ore Project in Western Australia towards mine construction readiness, marking a significant step in its development.
- A$5.3 million budget approved for final approvals and development activities
- Macro Metals holds 27.3% equity and mining services contract through subsidiary
- JORC 2012 Indicated Mineral Resource of 16.1Mt at 54.2% Fe underpins project
- 200,000 tonne bulk sample program approved for metallurgical validation
- Export capacity of 4.0Mtpa confirmed at Utah Point, Port Hedland
Strategic Budget Approval
Macro Metals Limited (ASX, M4M) has taken a decisive step forward in the development of its Extension Iron Ore Project in the Pilbara region, securing unanimous shareholder approval for a A$5.3 million budget. This funding will support the final stages of technical, environmental, and heritage workstreams necessary to achieve mine construction readiness. The budget also includes fees payable to Macro’s wholly owned subsidiary, Macro Mining Services Pty Ltd, which holds the life-of-mine mining services contract for the project.
Ownership and Operational Control
Macro Metals holds a 27.3% equity interest in Project Rusty Pty Ltd, the registered owner of the Extension Iron Ore Project, following its acquisition in December 2025. This stake provides Macro with direct exposure to project-level revenues alongside mining services income, positioning the company to benefit from multiple revenue streams as the project advances.
Resource Base and Technical Progress
The project is underpinned by a JORC 2012-compliant Indicated Mineral Resource of 16.1 million tonnes at 54.2% iron content. Previous metallurgical testing suggests the potential to produce approximately 11.3 million tonnes at around 57.2% iron after dry screening. The approved budget will fund further diamond core drilling and metallurgical test work to validate historical data, refine mine design, and optimise product yield. A 200,000 tonne bulk sample program has also been approved to support metallurgical validation and offtake negotiations.
Infrastructure and Logistics Milestones
Key infrastructure progress includes the identification and engineering of a preferred haulage corridor and confirmed access to Utah Point at Port Hedland, which offers export capacity of up to 4.0 million tonnes per annum. These developments materially de-risk the project by securing a defined export pathway and enabling early validation of product quality and marketability.
Exploration Upside and Approvals Pathway
Exploration efforts have identified additional outcropping channel iron material near the proposed mining areas, with further mapping and drilling planned. The approvals pathway is focused on completing environmental, heritage, and tenure requirements, with full regulatory approval targeted by late 2026. This will pave the way for mine development pre-works to commence shortly thereafter, subject to approvals.
Offtake Discussions and Future Outlook
Macro Mining Services is engaged in advanced but non-binding discussions with potential offtake partners regarding structured agreements and prepayment funding to support project development and capital needs. The company’s approach reflects a methodical progression towards operational readiness, balancing technical validation with regulatory compliance and market engagement.
Bottom Line?
With regulatory approvals on track and infrastructure secured, Macro Metals is poised to transform its Pilbara iron ore asset into a productive mine, though final offtake agreements remain a critical next step.
Questions in the middle?
- When will binding offtake agreements be finalised to secure project funding?
- What are the expected timelines and risks around obtaining full regulatory approvals?
- How might exploration results from new channel iron material impact the project’s resource base?