Macro Metals (M4M) H2 2024 earnings summary

Executive summary

• Macro Metals Limited focused on developing a multi-mine iron ore portfolio in Western Australia, with significant board and management changes during the year.

• The company raised $5.77 million through share placements and option exercises, and shifted strategic focus away from non-core assets, including the Agbaja project in Nigeria and the Aurora Lithium Project.

• Exploration activities expanded with new tenement acquisitions and the launch of Macro Mining Services Pty Ltd to leverage in-house mining capabilities.

Financial highlights

• Net loss after tax was $13.95 million for FY2024, compared to a $2.46 million loss in FY2023, mainly due to $11.73 million in share-based payments.

• Cash and cash equivalents at year-end were $3.82 million, up from $0.47 million in the prior year.

• Net assets increased to $8.65 million from $5.40 million year-over-year.

• Total equity rose to $8.65 million, with issued capital at $89.31 million and reserves at $11.61 million.

• Operating and investing cash outflows totaled $2.12 million, offset by $5.48 million net inflow from financing activities.

Outlook and guidance

• Future operations depend on exploration and development success and the ability to secure additional funding.

• The company plans to continue expanding its Pilbara iron ore portfolio and progress manganese projects, with a focus on becoming a multi-mine producer.