Key highlights

  • Macro Metals raised A$3.28 million through a Placement and a non-executive chairman's Loan conversion.
  • The placement comprises 520.4 million new shares for A$2.60 million, with directors subscribing for A$474,000 subject to Shareholder approval.
  • Funds will complete the Yandi South Acquisition and support drilling at Yandi South, Mogul and Gibraltar East.

Macro Metals Limited (ASX:M4M) announced on 13 October 2026 that it has received firm commitments for a A$2.60 million placement through the issue of 520.4 million new fully paid ordinary shares. The company reports a total raising of A$3.28 million via the placement and the conversion of a loan by its Non-Executive Chairman.

Placement and loan conversion

Directors have committed to subscribe for A$474,000, subject to shareholder approval at a general meeting expected in December 2026. The Non-Executive Chairman has agreed to convert his A$626,000 unsecured short-term loan, received in June 2026, into shares on the same terms as the placement.

Yandi South Iron Ore Project

The company completed its acquisition of the Yandi South Iron Ore Project from Western Iron Ore Pty Ltd on 12 October 2026. It plans infill and extensional drilling to define an inaugural JORC 2012 Mineral Resource Estimate, and to collect geological and metallurgical information as a precursor to commercial discussions and accelerating approvals. The company describes the water table CID ore specification as having relatively low alumina content.

Mogul and Gibraltar East

Funds will also support a first drilling campaign at the Mogul VMS Copper Project, where induced polarisation surveys defined multiple targets and rock chip sampling has returned copper-gold-silver mineralisation at surface. Historical drilling is described as too shallow and not aligned with geophysical anomalies that extend over more than 1,200 m of strike. Macro also plans infill and extension drilling at the Gibraltar East Gold Project.

Mogul historical results

Historical drill results at Mogul cited in the announcement include hole PDH9, which returned 0.45 m at 4.35% Cu, 2.20% Pb, 9.45% Zn and 195 g/t Ag from 84.75 m. The company says the geophysical indications suggest earlier drilling was too shallow and not directly aligned with the anomalies. At Yandi South, it says there is regional interest in detailed geological and metallurgical information on the orebody.

Risks shareholders may weigh

The placement issues 520.4 million shares, which increases the share count and may dilute existing holders. Director participation requires shareholder approval. Yandi South has no JORC resource yet, and drilling may not define economic mineralisation. Mogul targets are geophysical, with historical drilling limited.

Iron ore, copper and gold prices, approvals, funding for later stages and the small size of the raising relative to development needs are additional considerations.

What's next

Macro intends to begin infill and extensional drilling at Yandi South, a first campaign at Mogul and drilling at Gibraltar East. A general meeting expected in December 2026 will consider the director participation.