Macro Metals (ASX:M4M) has secured $3.28 million through a placement and loan conversion to advance its Yandi South Iron Ore Project and accelerate drilling across its copper and gold assets.
The company received firm commitments for a $2.6 million placement via 520.4 million new shares, with directors committing $474,000 subject to shareholder approval at a December 2026 general meeting.
Non-Executive Chairman Tolga Kumova will convert his $626,000 unsecured loan into shares on the same terms as the placement.
Foster Stockbroking acted as lead manager to the placement, with new shares priced at $0.005 each.
The funding enables Macro to complete its acquisition of Yandi South from Western Iron Ore and execute infill drilling to define an inaugural JORC 2012-compliant mineral resource estimate.
Managing Director Simon Rushton says the placement represents ‘strong’ market endorsement of the company’s strategy.
“The placement commitments have enabled us to complete our acquisition of the Yandi South Iron Ore Project […] with absolute confidence in our ability to execute our plan to fast-track project definition and development,” Rushton says.
Funds will also progress two other projects under Macro’s portfolio.
One capital raising, three programs targeted
The company intends to deploy funds across three key projects. At Yandi South, infill and extensional drilling will target resource definition and metallurgical data to accelerate commercial discussions and approvals processes.
“The specification of the above water table CID [channel iron deposit] ore at Yandi South is very attractive, given its relatively low alumina content,” Rushton says.
“And there is strong regional interest in us being able to produce detailed geological and metallurgical information of the ore body as a precursor to potential commercial discussions.”
Macro will also execute its first drilling campaign at the Mogul VMS Copper Project, targeting multiple high-priority induced-polarisation geophysics targets across 1,200m of strike.
Rock chip sampling has confirmed ‘high-grade’ copper-gold-silver mineralisation at surface, with multiple gossans mapped along regional fault structures.
Finally, the Gibraltar East Gold Project will receive infill and extension drilling, building on previous shallow programs that indicated gold mineralisation within mafic and ultramafic sequences.
The project sits immediately east of Minerals 260’s (ASX:MI6) Bullabulling Gold Project, which hosts 4.5 million ounces.
Macro also expects approximately $5.1 million from its anticipated Agbaja divestment later this year, further strengthening its balance sheet. Settlement of the placement to unrelated parties occurs on 16 October 2026, with allotment on 19 October 2026.
Macro Metals is a diversified mineral explorer, project developer, and mining and mining services company with its own portfolio of iron ore, manganese, and construction material assets.
Write to Paula Fabe at Mining.com.au
Main image: Macro Metals
