Macro Metals (ASX:M4M) has completed the acquisition of a 27.3% equity interest in Project Rusty, a special purpose vehicle that owns the Extension Iron Ore Project in Western Australia.
The Extension project hosts an indicated mineral resource of 16.1 million tonnes at 54.2% iron.
The acquisition was finalised after receiving shareholder approval at the company’s annual general meeting on 27 November 2025, with the issuance of 175 million fully paid ordinary shares of Macro.
Executive Director Nathan Douglas says the company has a “clear plan towards execution” for the project over the next 12 months.
“The Extension Iron Ore Projected, located in the world class iron ore precinct of the Pilbara in Western Australia, continues to gain momentum with Macro Metals commitment to progress through the feasibility stages with key milestones, FID Q3 CY26, first ore delivery Q4 CY26, and first shipment of ore Q1 CY27,” Douglas says.
Several key milestones have been achieved including the confirmation of an approvals pathway for the operation and a 200,000 tonne bulk sample approved. Next, the company is working towards haulage corridor engineering and logistics optimisation, access to Utah Point to export up to 4 million tonnes per annum from Q4 2026 to be confirmed by Pilbara Ports, and offtake negotiations with global traders.
Write to Amy Rotman at Mining.com.au
Images: Macro Metals
