Macro Metals finds nine new iron prospects at Yandi South

• A$1 million Yandi South acquisition completed on 14 October 2026
• 370 historical rock chip samples received from Western Iron Ore
• 22 samples exceeded 60% Fe, with a maximum result of 66.2% Fe
• Nine prospects identified outside the previously drilled area
• Diamond drilling planned for infill, extensions and metallurgy

Yandi South acquisition closes with new geological data

Macro Metals Limited (ASX:M4M) has completed its acquisition of the Yandi South Iron Ore Project after paying A$1 million to Western Iron Ore on 14 October. The more consequential handover was geological: Western Iron Ore also delivered a catalogue of historical information, including results from 370 rock chip samples collected across the three acquired tenements.

The data has expanded the exploration story beyond Yandi South’s previously drilled footprint. Macro’s technical team has identified nine prospects for priority evaluation, with 75 samples returning between 55% and 60% Fe and a further 22 exceeding 60% Fe. The highest reported result was 66.25% Fe, from sample YDRK274, while sample YDRK257 returned 60.78% Fe.

The transaction had already been linked to Macro’s recent funding plans, with the October exploration funding raise described as funding the Yandi South acquisition and drilling across the company’s projects. The latest announcement puts the asset in Macro’s hands, but the value of the new targets remains to be tested in the field.

Surface grades point to targets, not yet a resource

Yandi South comprises three granted exploration licences covering 56 square kilometres, alongside three additional licences applied for by Macro, giving the broader land package a stated area of 102 square kilometres. The project sits between Rio Tinto’s Yandicoogina Mine and BHP’s Yandi Mine, with the northernmost mineralisation about 4.5 kilometres from an operational processing plant.

That location provides an attractive exploration setting, and the project’s earlier acquisition was reported as adding a historical resource and exploration upside near major Pilbara operations. But the new results are reconnaissance rock chip samples, taken selectively from outcrop rather than on a regular grid. The filing expressly cautions that they may not represent average grades across each prospect, and that the sampling does not establish mineralisation continuity, thickness or depth.

Diamond drilling becomes the next test

Macro says planning for its inaugural diamond drilling programme is well advanced. The proposed work will target infill drilling within the previously drilled area, extensions to the known resource area and metallurgical holes intended to define the physical properties of the mineralisation.

Further mapping and rock chip sampling will also be used to refine the nine new prospects and support decisions on drill access and programme design. The immediate catalyst is therefore not another headline surface assay, but whether drilling can convert scattered high-grade outcrop results into coherent mineralised zones. The announcement also contains project-name inconsistencies in its competent-person statement and JORC appendix, which investors may reasonably expect Macro to clarify as exploration advances.

Bottom Line?

The acquisition has delivered a larger target pipeline at low stated consideration, but the investment case now turns on drill-confirmed continuity, metallurgy and any funding required to advance the expanded programme.

Questions in the middle?

• Can diamond drilling confirm that the high-grade surface samples represent continuous mineralisation at depth?
• Will the nine newly identified prospects add materially to the previously drilled resource area?
• How much additional capital will Macro require for drilling, metallurgy, permitting and resource definition?