Macarthur Minerals Raises $1.25M, Secures Work Approval, and Expands JV at Lake Giles

Placement Bolsters Funding for Lake Giles Project

Macarthur Minerals Limited (ASX:MIO) strengthened its financial footing with a A$1.25 million placement during the June quarter, issuing 50 million shares at 2.5 cents each plus 25 million free attaching options priced at 5 cents and expiring in October 2027. The capital raise was targeted at maintaining tenements, supporting general working capital, and advancing the Lake Giles Iron Project in Western Australia.

The placement attracted sophisticated and professional investors, including Destec Holdings Pty Ltd and Henderson Park Pty Ltd, both linked to Steve Wyatt, who emerged as substantial shareholders through the placement and off-market share transfers. Destec, a mining services group with expertise in engineering and operations, is now a significant strategic partner for Macarthur.

Regulatory Approval and Joint Venture Progress

In April, Macarthur secured Program of Work (PoW) approval from the Western Australian Department of Mines for key tenements at Lake Giles, enabling planned field activities such as clearing, access development, and ground disturbance. This approval is a critical step toward bulk sampling and further technical assessment of both hematite and magnetite resources, including evaluating product quality and blending potential.

On the commercial front, Macarthur consented to Gold Valley Yilgarn Pty Ltd assigning an indivisible 50% interest in its contractual rights under the Lake Giles Hematite Agreement to Destec. This joint venture arrangement introduces operational and mining services expertise to the Ularring Hematite Project, while Macarthur retains full ownership of the tenements and project assets. The partnership aligns with Macarthur’s strategy to progress commercial pathways without relinquishing asset control.

Project Maintenance and Technical Review Continue

No material drilling or resource definition activities took place during the quarter, with efforts focused on project maintenance, technical reviews, and planning for future fieldwork now enabled by PoW approval. The Moonshine Magnetite Project remains under strategic review given its scale and capital intensity, with no field activities reported this period.

Initial results from a non-iron ore sampling program conducted at Lake Giles were inconclusive, requiring further sampling and analysis. The company also monitored other Western Australian mineral interests without undertaking significant field activities.

Corporate Updates and Financial Position

Macarthur completed full conversion of all outstanding convertible notes during the quarter, issuing 3.3 million shares in the process. The company appointed William Buck (Qld) as its new auditor following the resignation of RSM Australia Partners, with no disputes or unresolved issues reported.

As of 30 June 2026, Macarthur held cash reserves of A$324,409. Expenditure was primarily directed towards corporate administration, compliance, tenement management, and project maintenance. The company continues to manage working capital carefully while meeting statutory and operational obligations.