Macro Metals (M4M) Q1 2025 TU earnings summary

Executive summary

• IP survey at Mogul VMS project identified multiple untested, high-priority bedrock targets beneath high-grade rock chips and drilling, with a large, blind anomaly west of the Mogul gossan remaining untested.

• $180,000 in government co-funding secured post-quarter for multi-hole drilling at Mogul VMS, with permitting underway and funds available from December 2023 to November 2024.

• Decision made not to proceed with Salar Verde acquisition; a Deed of Release allows recovery of AUD 345,682 in due diligence costs upon sale of the tenements.

• Progress continued on native title and regulatory approvals for iron ore projects in Western Australia, with drilling approved at Catho Well North, Cane River, and Wiluna West.

• Agbaja Integrated Steel Project in Nigeria advanced feasibility work, including updated scoping and market studies, and environmental approvals.

Financial highlights

• Net cash outflows from operating activities were $279,000 for the quarter.

• Net cash outflows from investing activities totaled $20,000.

• Ending cash balance as of 30 September 2023 was $168,000.

• Payments to directors for the quarter amounted to $55,000.

Outlook and guidance

• Drill permitting for Mogul VMS is underway, with government co-funding secured to test priority IP targets in the coming year.

• The company expects to continue negative operating cash flows and is actively monitoring cash position and evaluating financing alternatives.

• Confident in ability to raise additional funds as required to continue exploration and development activities.