Macro Metals exploration update

Macro Metals (ASX:M4M) has announced updates regarding their exploration activities at the Goldsworthy East and Wandanya Manganese Projects. Despite extensive drilling efforts, the company did not find economically viable mineralization at either project site. The company emphasizes its strategic shift towards mining services.

Strategic shift and future outlook

Macro Metals (ASX:M4M) has completed exploration drilling at the Goldsworthy East and Wandanya Manganese Projects, finding no economically viable mineralization at either site. The company's strategic focus is shifting towards mining services, intending to fund future exploration through revenues from this division. This pivot aims to avoid further shareholder dilution and ensure a profitable future. Macro Metals plans to pause further exploration at these sites until sufficient income is generated from mining services, highlighting a disciplined approach to resource allocation.

Executive insights on exploration results

We are naturally disappointed with the results, but it highlights the challenges we have faced since the appointment of the new board in March 2024. We have worked diligently to resolve tenure objections and engage with traditional owners, leading to the withdrawal of objections and execution of agreements. Our approach to the drilling has been disciplined, with minimal expenditure.