Macro Metals puts BHP delivery and Yandi South at the centre of its next growth phase

Mining services activity reaches A$2.8 million

Macro Metals Limited (ASX:M4M) is beginning to look less like a pure explorer and more like a mining services operator, with the value of work performed across the group rising to approximately A$2.8 million in the September quarter. That was up from A$2.004 million in the June quarter and continues the quarter-on-quarter growth reported through FY2026. The measure is unaudited management data, however, and is not statutory revenue.

“Nyapiri Macro Mining service trucks on Country performing works for BHP.”

The strongest operational marker was the commencement of site-based work under BHP’s A$12.52 million Mt Goldsworthy Work Package Instruction. Delivered by Nyapiri Macro Mining with Macro Mining Services as capability partner, the package was 28.1% physically complete by 27 October against 23.2% planned, with practical completion still forecast for June 2027. The project had recorded no recordable injuries since mobilisation, and Aboriginal and Torres Strait Islander workers represented 36.4% of the site-based workforce against a 25% contractual target.

BHP’s post-mobilisation audit on 14 October produced a 98.5% compliance rating. That is a useful validation of the operating platform, although the next commercial test is whether the broader BHP framework converts into additional work packages rather than remaining a single contract win.

Yandi South adds a funded drilling target

Macro completed its acquisition of the Yandi South Iron Ore Project on 14 October, after the reporting period, paying A$1 million to Western Iron Ore. The 56 square kilometre project sits close to Rio Tinto’s Yandicoogina and BHP’s Yandi operations, and comes with historical geological information covering 370 rock-chip samples.

“Macro's Pilbara iron ore projects, surrounding Tier-1 operations and recent tenure applications.”

“Yandi South rock chip locations and 9 newly identified prospects.”

Caption and image © Macro Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The data included 22 samples above 60% iron, with a peak result of 66.2%, plus 75 samples between 55% and 60% iron. Macro’s technical team has identified nine prospects outside the previously drilled area and is preparing a diamond drilling programme covering infill, extensions and metallurgy. The company’s earlier Yandi South acquisition coverage noted that drilling remains necessary to establish continuity, thickness and depth; that qualification remains central to the project’s investment case.

Macro has set an indicative path towards a JORC 2012 Mineral Resource estimate by the June 2027 quarter, subject to approvals, heritage clearances, contractor availability and exploration results. The project’s historical estimate is not compliant with JORC 2012, and the company has cautioned that further exploration may not result in a Mineral Resource.

October funding follows a narrow cash position

Cash and cash equivalents fell to A$392,000 at 30 September from A$538,000 three months earlier. Operating activities generated a modest A$115,000 inflow, helped by A$1.997 million in customer receipts, while investing activities absorbed A$832,000, including A$250,000 for tenements and A$582,000 for property, plant and equipment.

The quarter-end balance was supplemented by A$168,000 in unused finance facilities, which the Appendix 5B calculated as roughly 4.15 quarters of funding on the period’s relevant outgoings. That calculation predates the subsequent capital raising and should not be treated as a current runway measure. It also sits against the funding uncertainty highlighted in the company’s annual reporting, making the post-quarter financing important to execution rather than merely optional expansion capital.

On 13 October, Macro announced an approximately A$3.28 million package, including a placement and proposed conversion of the A$626,000 unsecured loan from Non-Executive Chairman Tolga Kumova. The placement issued 425.6 million shares to unrelated parties at $0.005 each for A$2.128 million before costs. A further A$474,000 director subscription and the loan conversion require shareholder approval. The company’s A$3.28 million raise is intended to accelerate Yandi South, Mogul VMS and Gibraltar East, but the proposed approvals and the dilution from the new shares remain material parts of the equation.

Several pipelines remain conditional

Beyond Yandi South, Macro is targeting diamond drilling at the Mogul VMS project in the March 2027 quarter and Gibraltar East in the June 2027 quarter. It also plans to begin approximately A$1.5 million of exploration services under its Metal Logic umbrella agreement during the December quarter, subject to approvals and final scope.

“Mogul VMS Planned Drilling Illustration: Cross section 7572300mN looking north. Induced Polarisation (IP) target is down-dip from high-grade near-surface mineralisation.”

“Modular Gold Solutions plant overview (indicative design progress).”

Caption and image © Macro Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The gold portfolio is moving through engineering rather than production. Macro’s modular processing plant design is about 80% complete, while technical work at the Paris Gold Mine has settled on flooded vat leaching for roughly 67,000 tonnes of historical tailings and heap leaching for low-grade stockpiles. Construction is targeted for late FY2027, but remains dependent on land access and statutory approvals. The company is also still negotiating the proposed Agbaja sale for US$5.67 million and remains one of two shortlisted suppliers in a Singapore reclamation sand tender, with neither outcome secured.