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MACRO METALS LIMITED Capital/Financing Update 2025

Apr 21, 2025

65283_rns_2025-04-21_1ba73fb1-2961-474e-839c-12d6a3a65f0c.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT 22 April 2025

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Macro Wins Mining Services Contract

Highlights

  • Macro Mining Services Pty Ltd (MMS) awarded mining services contract at the Extension Iron Ore Project located in the East Pilbara Region of Western Australia (Project)

  • Contract runs for life of mine during which Macro will provide the following services:

  • Exclusively provide technical services including exploration and permitting for the Project on cost plus 15%

  • Undertake mine site establishment, drill and blast, mining and load & haul in conjunction with strategic partner and head Project contractor, RE:GROUP Pty Ltd, on cost plus 15%

  • Exclusively perform crushing and screening under build own operate model on prevailing market terms

  • Project consists of three granted mining leases covering an area of 27.6Km[2] located 2km north of BHP Group Ltd’s (ASX:BHP) Yandi Iron Ore Operations and 20km west-north west of Rio Tinto’s (ASX: RIO) Yandicoogina Iron Ore Operations

  • Mineral resource estimate completed in 2019 defined an Indicated Resource of 16.1 Mt at 54.2% Fe (60.49% Ca Fe), 5.7% SiO2, 5.6% Al2O3, 0.046% P and 10.4% LOI using a 53% Fe Cut Off Grade

  • MMS’ technical services scope includes validating previous Project metallurgical test work that indicated dry screening out <1mm size fraction leaves 11.29Mt at 57.16% Fe, (63.84% Ca Fe), 3.6% SiO2, 4.63% Al2O3, 0.05% P and 10.44% LOI

  • Project execution plan envisages utilising Macro’s logistics, accommodation & raw materials hub located 28km to the east of Port Hedland’s Utah Point Bulk Handling Facility for off port stockpile and potential product blending opportunities

  • MMS’ contract value to be provided to market upon MMS completing Project development schedule and execution plan as part of its technical service scope of work

  • Macro Metals Limited to be granted call option to acquire 27.3% Project equity stake held privately by Managing Director

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, West Perth, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|] Page 1 of 53

ASX:M4M

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Macro Metals Limited ( ASX:M4M ) ( Macro or the Company ) is pleased to announce that RE:GROUP Pty Ltd has awarded Macro’s wholly owned subsidiary, Macro Mining Services Pty Ltd ( MMS ), a mining services contract at the Extension Iron Ore Project ( Project ).

The Project comprises three granted mining leases covering a land area of 27.6km[2] and is located 270km south-south-east of Port Hedland in the Eastern Pilbara Region of Western Australia; well within economic trucking distance of the Utah Point Bulk Handling Facility in Port Hedland ( UPBHF ).

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Figure 1: Location Plan of Extension Iron Ore Project

A mineral resource estimate completed in 2019 outlined an Indicated Mineral Resource of 16.1 Mt at 54.2% Fe, 5.7% SiO2, 5.6% Al2O3, 0.046% P and 10.4% LOI using a 53% Fe Cut Off Grade.

A key component of the technical services scope of work that MMS will undertake is validating metallurgical test work conducted by the former project holder that established that 11.29Mt of iron ore with specifications of 57.16% Fe, 3.6% SiO2, 4.63% Al2O3, 0.05% P and 10.44% LOI would remain after dry screening and removing the <1mm size fraction.

Mr Tolga Kumova, Chairman of Macro stated: “The award of this life of mine, mining services contract to Macro Mining Services at the Extension Iron Ore Project by RE:GROUP is testament to the level of professionalism and expertise that the Macro team has demonstrated to the market.

Pleasingly, we will immediately begin generating cashflow from the contract as our team commences providing the technical services required to expedite Project approvals and development.

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

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As soon as Macro secures full permitting for the Project, our team will, in conjunction with the team at RE:GROUP Pty Ltd, transition the Project into operations whereby we will jointly undertake mine site establishment, drill and blast, mining and load and haul operations to the ROM pad for life of mine of the Project. In addition, Macro will exclusively provide ROM management, crushing and screening services under a build own operate model for life of mine of the Project.

This Project is ideally located to take advantage of Macro’s strategic logistics hub that provides an off-port storage solution just on the outskirts of Port Hedland. The favourably low phosphorous content of the Extension Project iron ore offers an attractive blending proposition to higher phosphorus content products currently being exported over Utah Point and the logistics hub, located just 28kms east of the port, provides an ideal product blending location.”

In addition to validating previous metallurgical test work, the MMS team will engage with the Pilbara Ports Authority ( PPA ) as part of Project planning works to determine availability of an annualised export allocation of 1.5-2 million tonnes per annum ( Mtpa ) for the Project.

The MMS exploration team will also shortly begin assessing the exploration upside potential of several currently untested mineralisation outcrops on the Project tenements, with the aim of increasing the life of mine.

Mr Simon Rushton, Managing Director of Macro stated: “I am delighted to have negotiated this mining services contract with our partners at RE:GROUP. Their team is highly capable and very well regarded and I am very pleased to be formally embarking on our first operational project together.

Our two teams have already built an extremely strong working relationship since our businesses strategically aligned last year and this relationship will only strengthen in the weeks and months ahead as we continue to jointly work on a range of other bulk commodity contracting opportunities and initiatives across the Pilbara.

This life of mine, mining services contract with RE:GROUP locks in revenue and margins for our business and creates a very solid foundation for the contracting order book we are currently building. MMS’ scope of work under this contract is firmly aligned with the business model we are pursuing; namely that we look to perform as many aspects of the supply chain as possible from pit to customer.

Outside of this project, the MMS team has been incredibly busy over the past four months building the foundations of our mining services division. The volume of EOI and tender work we have been involved in across the WA mining industry, from tier 1 Pilbara iron ore companies through to Goldfields’ gold companies, has been significant and the feedback received regarding the quality of our submissions has been nothing short of exemplary.

The award of this contract follows MMS recently achieving first revenue after successfully mobilising to an ASX-listed client’s site and quickly diagnosing and safely repairing their crushing plant to return it to service. While only a small scope of work, it was a demonstration of the MMS crushing team’s vast experience and technical knowledge and their capability to safely service tier 1 mining and resources clients across WA.”

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

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Project and contracting details

Project owner, Project Rusty Pty Ltd ( Rusty ) has appointed RE:GROUP Pty Ltd the head mining services contract for the Project. RE:GROUP Pty Ltd’s scope of work includes the full suite of technical, developmental and operational services required to secure all remaining Project approvals, to establish the mine site and thereafter to operate the mine and deliver the saleable iron ore product to the Utah Point Bulk Handling Facility for life of mine.

RE:GROUP Pty Ltd has appointed MMS to exclusively perform all technical services work at the Project as well as the crushing and screening services for life of mine. In addition, the mining services contract also requires MMS to jointly perform mine site establishment works as well as ongoing mining, drill & blast and load & haul operations for life of mine in conjunction with RE:GROUP Pty Ltd.

The technical services aspect of MMS’ scope of work as well as the mine site establishment, drill & blast, mining and load & haul services that MMS will jointly perform with RE:GROUP Pty Ltd will be remunerated on a cost plus 15% mark-up basis. The crushing and screening services that MMS will exclusively provide at the Project will be on prevailing market remuneration terms utilising a build own operate model.

The expected revenue to be generated by MMS from its contract with RE:GROUP Pty Ltd over the life of mine of the Project will be reported to the market as soon as possible after MMS completes its technical services scope of work, which will include preparation of a mine plan that in turn will enable mining and processing costs (and contract revenue for MMS) to be accurately forecasted.

Rusty is a privately held company. Macro Directors, Mr Simon Rushton and Mr Rob Jewson, each hold 27.3% of the issued share capital.

Subject to receipt of shareholder approval under ASX Listing Rule 10.1, Mr Rushton has agreed to grant Macro an option to acquire his 27.3% shareholding in Rusty. Subject to shareholder approval under ASX Listing Rule 10.11, and any applicable regulatory approvals, Macro may exercise its option at any time on or prior to commercial production at the Project. The consideration payable by Macro to Mr Rushton if Macro exercises the option is the issue of 175,000,000 fully paid ordinary Macro shares.

Next Steps

MMS has commenced preparing a detailed scope of work and cost estimation for the Project to undertake the permitting and development activities required to commence operations at the Project. Key aspects of the initial phase of MMS’ works under the mining services contract include:

  • Evaluation of current permitting and approvals status to finalise the approvals pathway and expedite final Project approvals with the aim of commencing commercial production as soon as possible.

  • Application for bulk sample permitting to facilitate trial shipments.

  • Exploration program to evaluate potential of increasing resource base.

  • Liaising with PPA to secure between 1.5 – 2Mtpa of allocation at the UPBHF for life of mine of the Project.

  • Optimisation of haulage corridor and logistics between the Project and Port Hedland (to be completed in conjunction with RE:GROUP Pty Ltd who will provide haulage services).

  • Development of the Project execution plan, mine plan and mine schedule.

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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This announcement has been authorised for release by the Board of Directors.

For further information, please contact:

Simon Rushton Managing Director Macro Metals Limited +61 3 6143 6707 [email protected]

About Macro Metals Limited

Macro is a mineral exploration, development and mining services company focussed on delivery of shareholder value through the economic development of natural resource assets.

Macro owns directly a portfolio of iron ore and manganese assets which are undergoing active exploration programs, with the aim of providing future production opportunities.

Separately, through its wholly owned subsidiary, Macro Mining Services Pty Ltd, the Company offers bespoke, safe and highly value accretive mining services across a range of commodity groups and through the entire pit to customer supply chain, including mining, crushing and screening, processing, haulage, ship loading and shipping services.

Macro is a diversified mining and mining services business.

Competent Person’s Statement

The information in this report that relates to Mineral Resources is based on and fairly represents information compiled by Mr Lynn Widenbar. Mr Widenbar, who is a Member of the Australasian Institute of Mining and Metallurgy, is a fulltime employee of Widenbar and Associates and produced the Mineral Resource Estimate based on data and geological information supplied by Maiden Iron Pty Ltd (Former Project Owner). Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Widenbar consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.

The information in this announcement that relates to exploration results at the Extension Iron Ore Project is based on and fairly represents information compiled by Mr Robert Jewson, who is a Member of the Australian Institute of Geoscientists, Director and Shareholder of Project Rusty Pty Ltd and a Non-Executive Director of Macro Metals Limited. Mr Jewson has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Jewson consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. Mr Jewson is a shareholder of Macro Metals Ltd.

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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Overview of Extension Iron Project

Widenbar and Associates (“WAA”) was commissioned by Maiden Iron Pty Ltd (MI) (Former owner) to produce a Resource Estimate for the Extension Iron Ore Deposit in July 2019 and is reported in accordance by Macro Metals Ltd in accordance with the requirements of ASX Listing Rule 5.8 in this announcement.

The Extension deposit lies in the central portion of the Hamersley Ranges, and is located 3km north of BHPB’s Yandicoogina Mine and near to established mine service infrastructure in the Central Pilbara.

A total of 56 diamond core holes were drilled for 501 metres. The majority of these holes were drilled in the Initial Mining Area (IMA), in the east of the resource, to increase the density of drilling to a 100 by 100m spacing. The remainder of the holes were drilled to “twin” existing reverse circulation holes previously drilled by Iron Ore Holdings and nominally spaced at 200 by 100m.

Iron mineralisation within the project area is present as predominantly fluvial pisolite channel iron deposits (CID) with minor reworked CID and canga deposits.

The deposit has been previously modelled by Iron Ore Holdings (IOH - Widenbar, 2007 and subsequently updated in 2014. The improved drilling data from MI’s diamond programme within the IMA has now been used to recalculate the resource within the IMA. The resource outside of the IMA remains that same as that determined previously.

An Inverse Distance interpolation method was used to estimate the updated part of the resource. Ordinary Kriging was used to estimate the older, IOH resource. No grade capping was applied. Search ellipses applied in the estimate were based on variography, drill hole spacing and the interpreted geological continuity and orientation of the deposits.

The resource estimate has been classified in the Indicated category as defined by the 2012 edition of the JORC code. The Mineral Resource at a 53% Fe cut off grade is reported below:

Classification
Tonnage
Fe (%)		 P (%) SiO2 (%) Al2O3 (%) LOI (%) CaFe (%)
(Mt)
Indicated 16.1 54.2 0.046 5.74 5.64 10.4 60.49
Total 16.1 54.2 0.046 5.74 5.64 10.4 60.49

The Competent Persons deem that there are reasonable prospects for eventual economic extraction ( RPEEE ) of iron mineralisation on the following basis:

  • The detrital iron mineralisation has been delineated by reverse circulation percussion ( RCP ) and diamond core drilling over an approximately 3.8km by 3.9km area. The vast majority of the resource is exposed near surface and therefore amenable to initial simple open pit mining.

  • The iron mineralisation when crushed and screened to remove the <1mm size fraction is relatively comparable in iron grade to Pilbara products - Robe River Fines, FMG Blend Fines and Super Specials Fines, that are benchmarked under the Platts 58% Fines Index.

  • Although the Mineral Resource is not of a scale to justify the capital expenditure of a standalone rail infrastructure, smaller tonnage Pilbara iron trucking operations to the shared Port Hedland Utah Point have operated successfully - Mineral Resources’ Wonmunna and Iron Valley are examples.

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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A summary of the total Extension Resource at various cutoffs is presented below:

Table 1: Extension Indicated Resource Summary

Cutoff Volume Tonnes Density Fe% **Si02% ** **Al203% ** LOI% P%
60 1,563 4,266 2.73 60.39 2.61
4.11		 6.23 0.072
59 8,976 24,504 2.73 59.49 2.45
3.55		 8.45 0.049
58 42,241 115,318 2.73 58.6 3.10
3.38		 9.19 0.041
57 158,410 432,460 2.73 57.72 3.56
3.85		 9.51 0.041
56 410,562 1,120,833 2.73 56.94 3.90
4.28		 9.86 0.044
55 1,017,415 2,777,528 2.73 56.02 4.43
4.76		 10.08 0.046
54 2,861,876 7,812,846 2.73 54.99 5.19
5.29		 10.19 0.046
53 5,902,231 16,112,770 2.73 54.22 5.74
5.64		 10.35 0.046
52 8,597,178 23,469,446 2.73 53.69 6.17
5.87		 10.39 0.047
51 10,162,730 27,741,924 2.73 53.36 6.46
6.01		 10.42 0.047
50 11,076,518 30,232,619 2.73 53.14 6.68
6.07		 10.46 0.047
49 11,278,827 30,767,143 2.73 53.08 6.74
6.10		 10.46 0.046
48 11,932,831 32,504,810 2.72 52.83 6.96
6.20		 10.47 0.046
47 13,322,105 36,182,991 2.72 52.28 7.45
6.46		 10.47 0.044
46 15,739,241 42,592,714 2.71 51.41 8.22
6.89		 10.45 0.043
45 18,930,911 51,139,353 2.70 50.42 9.13
7.33		 10.43 0.041
44 22,307,850 60,206,689 2.70 49.53 9.99
7.71		 10.42 0.04
43 25,218,989 68,083,198 2.70 48.83 10.62
8.04		 10.42 0.039
42 27,394,998 73,977,993 2.70 48.33 11.06
8.30		 10.44 0.038
41 29,109,081 78,599,683 2.70 47.93 11.39
8.51		 10.45 0.038
40 30,244,489 81,659,878 2.70 47.65 11.64
8.65		 10.46 0.038
0 32,705,992 88,160,280 2.70 46.94 12.34
8.98		 10.43 0.037

Location

The Extension deposit is located in Project Rusty Pty Ltd’s tenements M47/1353 to M47/1355 inclusive.

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Figure 2: Location Plan of Extension Iron Ore Project

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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Drilling and Sampling

Drilling

IOH drilled 333 RC holes at Extension for a total of 3,992 metres. Drilling was on a nominal spacing of 200m by 100m using a Hydco 150 RC drill rig with an onboard riffle splitter operated by the drilling contractor.

Maiden has subsequently drilled 56 diamond holes for a total of 501 metres. Drill hole locations are illustrated below. In the Initial Mining Area these holes twinned the 200m x 100 m IOH and infilled to 100m by 100m spacing.

Collar Location

All holes have been surveyed by DGPS, which has an expected relative accuracy of 0.02m East and North and 0.05m RL for the control, and 0.05m East, North and RL for the collars. A drill hole location plans are shown below.

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Figure 3: Drill Hole Location Plan

Drill Hole Sampling

IOH Sampling

Samples were collected every 2 metres down hole, riffle split for routine assaying (3kg) and retention (1 litre plastic jar) with the remainder (about 45 kg) as the drill reject sample left on site. Additional drill sample treatment was carried out for quality control purposes.

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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Maiden Iron Sampling

Diamond core samples were targeted at a nominal 250mm interval constrained to geologically identified boundaries where appropriate. The core was photographed before the whole core samples were sent to be analysed.

Sample Preparation and Assaying

IOH Sample Preparation and Assaying

The sample preparation method consisted of initial drying at 105° then jaw crushing the whole sample followed by vibrating disk pulverization to -200 mesh. As part of quality assurance/quality control (QA/QC) procedure, laboratory instigated duplicate pulp and standard/certified reference material (CRM) analysis was undertaken randomly every 24 samples.

Drill samples were analysed using the X-Ray Fluorescence Spectrometry (XRF) method by Ultra Trace Laboratories in Perth for Fe, SiO2, Al2O3, TiO2, MnO, CaO, P, S, MgO, Zn, K2O, Sn, V, Cr, Co, Ni, Cu, As, Pb, Ba, Cl and Sr. In addition, loss on ignition (LOI) was determined by Thermo-Gravimetric Analysis (TGA) between 105°C and 1000°C and reweighing for content of combined water and carbon dioxide with results being reported on a dry sample basis.

Maiden Iron Sample Preparation and Assaying

Drill samples were analysed using the X-Ray Fluorescence Spectrometry (XRF) method for Fe, SiO2, Al2O3, TiO2, MnO, CaO, P, S, MgO, Zn, K2O, Sn, V, Cr, Co, Ni, Cu, As, Pb, Ba, Na2O, Cl, Sr and LOI.

QAQC

IOH QAQC

IOH QAQC procedures and results are documented in Widenbar, 2012. Results are acceptable for the classification category proposed.

Maiden Iron QAQC

Company instigated blanks, standards and duplicate samples were inserted at approximately 25 metre intervals. Laboratory instigated standards were also introduced as well as repeat samples. Results are acceptable for the classification category proposed.

Geological Interpretation

Project Area Geology

The project area lies on the flanks of the regional east-southeast trending Yandicoogina Syncline which plunges shallowly to the east and is flanked on both limbs by Lower Proterozoic Brockman Iron Formation underlying shale, dolerite and BIF of the Weeli Wolli Formation exposed in the core. The economically important Tertiary Marillana channel iron deposit was deposited in a meandering palaeochannel in the synclinal core alongside the present Marillana Creek.

Local Geology

The deposit area is underlain by Proterozoic basement rocks of the Brockman Iron Formation and Weeli Wolli Formation which are unconformably overlain by a Cainozoic sedimentary cover sequence. The cover sequence comprises lower Tertiary residual deposits of hematite goethite in bedrock, eluvial deposits of canga and mixed canga/CID, palaeochannel iron deposits of Robe Pisolite and valley fill deposits of colluvium derived from the dissection and erosion of the Hamersley Surface, an elevated and dissected peneplaned surface of probably Mesozoic to early Tertiary age overlain by Quaternary scree deposits and talus slopes, superficial deposits containing pisolites and alluvial deposits.

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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Channel iron deposits infill northerly and southerly trending palaeotributaries joining the major Tertiary Marillana palaeochannel which formed approximately in the same position as the present Marillana Creek drainage.

A detailed geological mapping and rock sampling program was carried out at Extension during the 2013-2014 drilling program.

Mineralisation

Iron mineralisation within the project area is present as predominantly fluvial pisolite channel iron deposits with minor residual bedded hematite-goethite and eluvial canga deposits. The channel iron deposits infill palaeotributary channels which are genetically related to the Marillana Formation/Yandi CID occupying the main palaeochannel which occurs alongside the present day Marillana Creek system. The Yandi CID is traceable for some 80 kilometres in the Marillana Creek catchment and is 450 to 750 meters wide and up to 80 meters thick. It comprises largely of 1-2 mm size subrounded to rounded ooids, pisoids and peloids with red ochreous hematite (turgite) cores rimmed by concretionary vitreous goethite and larger 5-10mm size fossil wood fragments in subvitreous goethite cement.

The channel iron deposits within the project area occupy perched or hanging palaeotributary channels joining the main Marillana palaeochannel. During incision of the Hamersley Surface to form the main palaeovalley, meandering of the mature ancestral stream caused its tributaries to form discordant junctions resulting in perched or hanging palaeochannels which were later infilled with CID. As a result, the CID is more elevated and thinner within the palaeotributary channels. The CID is texturally and mineralogically similar to the Yandi CID although sedimentary structures are rarer in distribution. It is exposed over widths from 250 to 1500 meters and lengths up to 6 kilometres with thickness at CID margins ranging from 1 to 20 meters.

Sub-economic canga mineralisation occurs as usually small sized podiform bodies lying along the margins and at the base of the channel iron deposits. High grade bedded hematite-goethite mineralisation with prominent biscuit texture occupies small, shallow depressions or synclines within the Weeli Wolli Formation bedrock.

Geological Logging

Drill hole core was logged and coded for Domain, Colour, Pisolite nature, Washable Clay, Vughs and filling, Mineralogy and core competency (for DD holes). Domain coding is summarised below.

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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Table 2: Detailed Logging Descriptions

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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Geological Interpretation

For use in resource estimation, the detailed geological logging has been summarised into the following major codes.

Code Stratigraphy
QA QuaternaryAlluvium
CAN Canga
RCID Reworked CID
UCID Upper CID
LCID Lower CID
LGC Basal Conglomerate

Table 3: Stratigraphy Codes

Data Preparation and Database

Raw Data

MI supplied validated drill hole data in Micromine format. Collar, assay and coded geology data files were provided. A detailed topography digital terrain model (DTM) updated in August 2012 was also provided.

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Figure 4: Extension Topography and Drill Hole Locations

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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All drill hole data was validated using the Micromine software package, including:

  • Checks for duplicate collars

  • Checks for missing samples

  • Checks for down hole from-to interval consistency

  • Checks for overlapping samples

  • Checks for samples beyond hole depth

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Figure 5: Extension Topography and Maiden Iron Drill Hole Locations- Initial Mining Area

Data Preparation and Database

The summary domain coding has been used to automatically generate basal surfaces for all of the major zones, using the lowest occurrence of each domain in each drill hole.

Section 7,490,400 North is shown below, illustrating the drill domain coding and auto-generated wireframe surfaces.

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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Figure 6: Section 7,490,400 North

Drill holes EXDC40, EXDC 41 and EXDC 43 had an occurrence of higher-grade CID within the Lower CID unit, which was separately coded and modelled to honour this minor CID boundary. The zone is illustrated below, on Section 7,490,600 North.

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Figure 7: Section 7,490,600 North Minor CID

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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Metallurgy

Metallurgical testing was undertaken by the former owner, Maiden Iron in 2014 and 2015 utilising diamond drill core from the 2014 program. This test work confirmed that the removal of the 1mm size fraction upgrades the iron ore significantly. Based on this test work a marketable product above 57% Fe with very low phosphorus can be produced.

Classification Mt Fe% **Si02% ** **Al203% ** LOI% P% Ca Fe%
Indicated 11.3 57.2 3.60 4.63 10.4 0.05 63.84

Statistical Analysis

Sample Length and Compositing

The large majority of samples are between 0.20m and 0.30m (particularly in the CID domains), and since they have been specifically selected to identify detailed geology, they have not been composited.

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Figure 8: Assay Length Distribution (All Data)

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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Figure 9: Assay Length Distribution Upper CID

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Figure 10: Assay Length Distribution Lower CID

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Summary Statistics

Summary statistics have been calculated for the major elements within each domain. Key statistics for the CID domain are tabulated below.

Domain Fe **SiO2% ** **Al203% ** LOI P
QA 41.96 21.54 11.28 5.24 0.037
LCID 53.66 5.3 5.89 11.46 0.052
LGC 45.68 11.92 9.91 11.92 0.034
RCID 44.51 13.4 11.98 9.64 0.038
UCID 54.09 5.51 6.15 10.36 0.048
BOC 40.29 21.93 8.83 10.75 0.022

Table 4: Summary Statistics by Domain

Distribution Statistics

Distribution statistics have been used to review the statistical nature of the main domains and ensure that the domains represent coherent and separate populations.

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Figure 11: Fe by Domain

In general, the main elements show very similar populations for the Upper and Lower CID units, while all other domains differ significantly.

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Figure 12: SiO2 by Domain

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Figure 13: Al2O3 by Domain

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Variography

Variography has been carried out for Fe, SiO2, Al2O3, P and LOI for both the Upper and Lower CID units.

Downhole variograms were used to define nugget effect and first and second sills, while global horizontal variograms were used to define the main ranges. Examples for Fe from the Upper CID are shown below; a full set of variograms is in Appendix 1.

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Figure 14: Fe Downhole Variogram

Generally, nugget effect is relatively low to moderate (typically 10 to 20%) while horizontal ranges are of the order of 120m to 150m. Downhole ranges are very limited, typically around 2m.

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Figure 15: Fe Horizontal Variogram

Rock Models

An “empty” rock model was created for the Initial Mining Area using the topographic and geological surfaces as constraints. Block model parameters are summarised below. Sub-cells to a minimum of 1.25m by 1.25m were used to spatially honour geological and topographical boundaries. Typical sections through the rock model are illustrated below.

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Table 5: Block Model Setup Parameters

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Figure 16: Rock Model Section 7,490,400 North

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Figure 17: Rock Model Long Section 711,800 East

Resource Model Estimation

Block Model Interpolation

An Inverse Distance Cubed interpolation method was used to estimate all elements. No grade capping was applied. Search ellipses applied in the estimate were based on down hole variography, drill hole spacing and the interpreted geological continuity and orientation of the deposits. ID3 was

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preferred over kriging as it gave better validation results and the horizontal variograms were not particularly good quality. The low nugget effect observed in the down hole variograms confirms use of the cubed power in the inverse distance interpolation.

The primary search ellipse had radii of 125m horizontally and 1.5m vertically. A minimum of 2 samples and a maximum of 16 samples were required in the search pass. A maximum of 4 samples per drill hole was used. Where blocks were not informed in the first pass, a second search was used with radii of 250m horizontally and 5m vertically. A minimum of 1 sample and a maximum of 16 samples were required in this search pass.

Approximately 95 % of blocks were informed in the first pass.

On advice from MI densities were taken from Ammtec’s report (2008) and applied on the basis of domains.

Domain Density
**QA ** 2.00
RCID 2.56
UCID 2.73
MCID 2.73
LCID 2.73
LGC 2.85
Basement 2.65

Table 6: Density by Domain

Typical sections through the resource model showing Fe grade are illustrated below.

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Figure 18: Fe Section 7,490,400 North through Resource Model

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Figure 19: Fe Long Section 711,800 East through Resource Model

Resource Model Validation

Block model validation has been carried out by several methods, including:

  • Drill Hole Section Review

  • Model versus Data Statistics by Domain

  • Swathe Plots

Examples of swathe plots for Fe and Al2O3 in Upper, Lower and Reworked CID units are illustrated below.

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Figure 20: Level Swathe Plot Fe in Upper CID

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Figure 21: Level Swathe Plot Fe in Lower CID

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Figure 22: Level Swathe Plot Fe in Reworked CID

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Figure 23: Level Swathe Plot Al2O3 in Upper CID

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Figure 24: Level Swathe Plot Al2O3 in Lower CID

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Figure 25: Level Swathe Plot Al2O3 in Reworked CID

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Combination of IOH and MI Resource Models

The updated area of the model based on new MI drilling has been inserted into the overall IOH resource model, replacing the older model.

Resource Classification

The Extension Mineral Resource has been classified as Indicated, in accordance with the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). A range of criteria has been considered in determining this classification including:

  • Geological continuity;

  • Data quality;

  • Drill hole spacing; and

  • Modelling technique.

Geological Continuity

Geological continuity is understood with reasonable confidence given detailed logging and mapping. The classification reflects this level of confidence.

Data Quality

Resource classification is based on information and data provided from the MI database. Descriptions of drilling techniques, survey, sampling/sample preparation, analytical techniques and database management/validation provided for both the IOH and MI Data indicate that data collection and management is well within industry standards. Widenbar considers that the database represents an accurate record of the drilling undertaken at the project.

Drilling Spacing

Drill hole spacing of the diamond drill holes in the model update area is 100 by 100m with close spaced sampling at 0.25m intervals. In the other parts of the resource area drilling is nominally 200m x 100m.

Modelling Technique

The Extension update resource model was generated using an ID3 interpolation method, with a multi-pass search approach. The first search ellipsoid had dimensions of 125 x 125 x 1.5m with a minimum of 2 samples and a maximum of 16. The second search, used where not enough data was found in the first search had dimensions 250m x 250m x 5m. 95% of blocks were estimated in the first search pass.

The search pass used, the number of samples used and the average distance of samples from each block, were all stored in the block model.

In general the search pass and average distance are all broadly correlated with a combination of drill hole spacing and domain thickness.

The above parameters were used as a guide in combination with drill spacing to arrive at a final resource classification.

Final Classification

All CID domains have been allocated to the Indicated category.

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Resource Estimates

Reasonable Prospects Hurdle

Clause 20 of the JORC Code (2012) requires that all reports of Mineral Resources must have reasonable prospects for eventual economic extraction (RPEEE), regardless of the classification of the Mineral Resource. The Competent Person believes there are reasonable prospects for eventual economic extraction of the Mineral Resources based on the following:

  • The detrital iron mineralisation has been delineated by reverse circulation percussion (RCP) and diamond core drilling over an approximately 3.8km by 3.9km area. The vast majority of the resource is exposed near surface and therefore amenable to initial simple open pit mining.

  • The iron mineralisation when crushed and screened to remove the <1mm size fraction is relatively comparable in iron grade to Pilbara products - Robe River Fines, FMG Blend Fines and Super Specials Fines, that are benchmarked under the Platts 58% Fines Index.

  • Although the Mineral Resource is not of a scale to justify the capital expenditure of a standalone rail infrastructure, smaller tonnage Pilbara iron trucking operations to the shared Port Hedland Utah Point have operated successfully - Mineral Resources’ Wonmunna and Iron Valley are examples.

Current Resource Estimates

A summary of the current resource estimate for Extension, including the updated Initial Mining Area at various cutoffs is shown below (including all CID units, excluding QA).

Cutoff Volume Tonnes Density Fe% **Si02% ** **Al203% ** LOI% P%
60 1,563 4,266 2.73 60.39 2.61
4.11		 6.23 0.072
59 8,976 24,504 2.73 59.49 2.45
3.55		 8.45 0.049
58 42,241 115,318 2.73 58.6 3.10
3.38		 9.19 0.041
57 158,410 432,460 2.73 57.72 3.56
3.85		 9.51 0.041
56 410,562 1,120,833 2.73 56.94 3.90
4.28		 9.86 0.044
55 1,017,415 2,777,528 2.73 56.02 4.43
4.76		 10.08 0.046
54 2,861,876 7,812,846 2.73 54.99 5.19
5.29		 10.19 0.046
53 5,902,231 16,112,770 2.73 54.22 5.74
5.64		 10.35 0.046
52 8,597,178 23,469,446 2.73 53.69 6.17
5.87		 10.39 0.047
51 10,162,730 27,741,924 2.73 53.36 6.46
6.01		 10.42 0.047
50 11,076,518 30,232,619 2.73 53.14 6.68
6.07		 10.46 0.047
49 11,278,827 30,767,143 2.73 53.08 6.74
6.10		 10.46 0.046
48 11,932,831 32,504,810 2.72 52.83 6.96
6.20		 10.47 0.046
47 13,322,105 36,182,991 2.72 52.28 7.45
6.46		 10.47 0.044
46 15,739,241 42,592,714 2.71 51.41 8.22
6.89		 10.45 0.043
45 18,930,911 51,139,353 2.70 50.42 9.13
7.33		 10.43 0.041
44 22,307,850 60,206,689 2.70 49.53 9.99
7.71		 10.42 0.04
43 25,218,989 68,083,198 2.70 48.83 10.62
8.04		 10.42 0.039
42 27,394,998 73,977,993 2.70 48.33 11.06
8.30		 10.44 0.038
41 29,109,081 78,599,683 2.70 47.93 11.39
8.51		 10.45 0.038
40 30,244,489 81,659,878 2.70 47.65 11.64
8.65		 10.46 0.038
0 32,705,992 88,160,280 2.70 46.94 12.34
8.98		 10.43 0.037

Table 7: Extension Total Indicated Resource

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Hole
East
North
ing
RL
Dep
th		 Fro
m
To
Inter
val
Fe%
SiO2
%
Al2O3
%
TiO2
%
MnO
%
CaO
%
P%
S%
LOI10
00%
EXDC
013
7113
00
7490
400
625.
645
10		 Not
Assayed
EXDC
014
7114
05
7490
400
623.
951
6		 Not
Assayed
EXDC
015
7114
95
7490
400
622.
594
5		 Not
Assayed
EXDC
016
7116
00
7490
400
626.
382
7		 0.3
7
6.7
53.60
5.42
5.23
0.34
0.01
0.01
0.07
0.03
12.08
EXDC
017
7117
00
7490
400
625.
246
8		 Not
Assayed
EXDC
018
7118
00
7490
395
626.
515
8		 Not
Assayed
EXDC
019
7119
00
7490
400
628.
472
9		 Not
Assayed
EXDC
020
7120
00
7490
400
629.
493
11		 Not
Assayed
EXDC
021
7121
00
7490
400
630.
346
9		 1.1
6.9
5.8
54.03
5.19
6.06
0.27
0.00
0.08
0.04
0.03
10.86
EXDC
022
7122
00
7490
400
630.
914
10		 Not
Assayed
EXDC
023
7122
95
7490
400
631.
634
9.5
EXDC
024
7123
98
7490
399
632.
394
12.
5		 Not
Assayed
EXDC
025
7124
98
7490
399
632.
859
9.1		 Not
Assayed
EXDC
026
7126
00
7490
400
632.
729
10		 Not
Assayed
EXDC
027
7126
96
7490
401
632.
033
6.1		 Not
Assayed
EXDC
028
7128
04
7490
394
628.
099
1.5		 Not
Assayed
EXDC
029
7118
00
7490
395
626.
515
6.5		 0.4
6.1
5.7
54.31
4.48
5.79
0.24
0.01
0.03
0.09
0.02
11.46
EXDC
030
7118
97
7490
402
628.
397
8		 0
2.5
2.5
51.67
7.30
7.95
0.26
0.00
0.10
0.04
0.04
10.28
3.9
7.3
3.4
54.47
5.18
5.64
0.22
0.00
0.10
0.04
0.06
10.71
EXDC
031
7117
00
7490
397
625.
158
6.5		 0.4
5.3
4.9
55.47
3.73
4.99
0.19
0.01
0.04
0.04
0.02
11.51
EXDC
032
7120
99
7490
200
632.
214
10		 3.4
8.9
5.5
54.52
5.63
4.52
0.24
0.00
0.06
0.05
0.07
11.14
EXDC
033
7119
99
7490
200
630.
57
9.1		 1.6
5
8.4
5
6.8
54.01
6.24
5.54
0.22
0.00
0.03
0.03
0.04
10.52
EXDC
034
7119
01
7490
200
628.
128
7.8		 1.4
5
5.4
3.95
54.91
4.15
5.63
0.26
0.00
0.01
0.06
0.05
11.11
EXDC
035
7118
00
7490
200
625.
977
6		 1.8
5
4.8
2.95
55.20
3.83
4.87
0.18
0.00
0.00
0.04
0.05
11.91
EXDC
036
7117
00
7490
200
624.
368
4		 0.4
1.2
5
1.25
54.86
4.11
5.34
0.21
0.00
0.02
0.04
0.03
11.72
EXDC
037
7118
00
7490
000
624.
994
6.7		 Not
Assayed
EXDC
038
7117
00
7489
800
626.
102
9.3		 Not
Assayed
EXDC
039
7120
05
7490
600
630.
12
10.
5		 2
9.1
7.1
56.04
3.90
5.46
0.22
0.01
0.02
0.04
0.03
10.08
EXDC
040
7119
00
7490
600
629.
64
12.
3		 2
3.9
5
1.95
52.13
6.25
8.58
0.47
0.00
0.03
0.04
0.03
9.92
EXDC
041
7118
10
7490
600
628.
303
11.
5		 0.8
10.
15
9.35
53.68
4.38
6.88
0.29
0.00
0.00
0.05
0.08
11.36
EXDC
042
7117
00
7490
600
629.
113
13		 0.6
5
11.
75
11.1
54.60
5.45
5.61
0.34
0.01
0.04
0.05
0.04
10.13
EXDC
043
7116
00
7490
600
628.
405
12		 2.9
7.8
4.9
52.61
6.81
5.18
0.36
0.02
0.02
0.04
0.04
12.04
EXDC
044
7116
00
7490
700
628.
905
10.
2		 0.2
9.1
5
8.95
53.29
5.53
6.19
0.52
0.01
0.09
0.06
0.05
11.06

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Hole East North RL Dep Fro To Inter Fe% SiO2 Al2O3 TiO2 MnO CaO P% S% LOI10
ing th m val % % % % % 00%
EXDC 7117 7490 629. 13. 1.5 10. 9.2
53.85
5.46
6.00
0.35
0.01
0.03
0.05
0.04
10.94
045 00 700
134		 3 7
EXDC 7118 7490 629. 12. 1 9.7 8.75
53.35
5.93
6.47
0.39
0.00
0.01
0.04
0.05
10.62
046 00 700
46		 3 5
EXDC 7119 7490 630. 12. 2 7.3 5.3
53.65
5.15
6.38
0.32
0.00
0.02
0.05
0.04
11.22
047 00 700
476		 2
EXDC 7120 7490 631. 11 4.1 9 4.85
52.32
4.87
7.40
0.37
0.00
0.03
0.06
0.06
12.32
048 00 700
109		 5
EXDC 7120 7490 629. 8.8 2.2 8.8 6.6
55.41
4.41
5.82
0.38
0.01
0.03
0.07
0.03
9.88
049 00 400
493
EXDC 7121 7490 629. 9 1.1 6.5 5.4
51.50
4.82
8.66
0.27
0.00
0.00
0.06
0.08
12.26
050 00 500
094
EXDC 7120 7490 628. 9.5 2.6 8.9 6.35
56.24
2.85
5.26
0.16
0.00
0.00
0.04
0.10
10.95
051 00 500
515		 5
EXDC 7119 7490 628. 11 0.4 9.8 9.35
54.56
4.37
5.77
0.21
0.01
0.01
0.07
0.05
11.40
052 00 500
193		 5
EXDC 7118 7490 627. 10. 0 7.6 7.65
55.44
4.26
4.96
0.20
0.02
0.01
0.05
0.07
11.12
053 00 500
32		 4 5
EXDC 7117 7490 628. 11 0.1 10. 10.0 53.78
6.42
5.44
0.29
0.02
0.07
0.04
0.05
10.49
054 00 500
548		 5 2 5
EXDC 7116 7490 628. 10 0.7 9.7 9
53.73
8.07
4.36
0.29
0.02
0.03
0.04
0.04
10.12
055 00 500
085		 5 5
EXDC 7117 7490 624. 6.1 0 2.8 2.85
57.19
3.31
3.87
0.18
0.01
0.01
0.03
0.04
10.64
056 00 300
804		 5
EXDC 7118 7490 627. 6.9 0.1 5.9 5.8
53.57
4.91
5.96
0.22
0.00
0.03
0.05
0.04
11.99
057 00 300
261		 5 5
EXDC 7119 7490 628. 8.4 1.5 7.3 5.75
55.03
4.42
5.43
0.19
0.00
0.03
0.04
0.04
11.06
058 00 300
972		 5
EXDC 7120 7490 630. 10. 0.8 9.8 9
55.33
5.06
4.58
0.16
0.01
0.03
0.04
0.02
10.95
059 00 300
322		 5
EXDC 7121 7490 631. 10 2.3 7.9 5.55
53.39
5.66
6.05
0.26
0.00
0.05
0.05
0.03
11.42
060 00 300
337		 5
EXDC 7117 7490 623. 5 Not
061 00 100
863		 Assayed
EXDC 7118 7490 625. 6 Not
062 00 100
095		 Assayed
EXDC 7119 7490 627. 8 Not
063 00 100
375		 Assayed
EXDC 7117 7490 629. 14 Not
064 00 800
637		 Assayed
EXDC 7110 7491 631. 13 Not
065 05 000
934		 Assayed
EXDC 7113 7491 634. 16 Not
066 00 205
777		 Assayed
EXDC 7112 7491 631. 11. Not
067 05 400
465		 5 Assayed
EXDC 7111 7491 629. 8 Not
068 00 600
17		 Assayed
EXDC 7122 7490 631. 8 Not
069 95 400
634		 Assayed
EXDC 7107 7488 616. 3 Not
070 00 405
672		 Assayed
EXDC 7106 7488 619. 5 Not
071 95 600
045		 Assayed
EXDC 7107 7488 617. 4 Not
072 00 800
941		 Assayed
EXRC 7105 7489 624. 16 No Significant
001 99.1 402
597		 Assays
EXRC 7107 7489 624. 19 No Significant
002 00.5 399
842		 Assays
EXRC 7107 7489 624 16 No Significant
003 98.5 399 Assays
EXRC 7108 7489 622. 16 No Significant
004 98.6 401
944		 Assays

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Hole East North RL Dep Fro To Inter Fe% SiO2 Al2O3 TiO2 MnO CaO P% S% LOI10
ing th m val % % % % % 00%
EXRC 7109 7489 621. 16 No Significant
005 99.9 400
325		 Assays
EXRC 7110 7489 619. 19 4 5 1
50.55
7.35
7.39
0.53
-		 - 0.02
0.04
12.28
006 97.8 398
531
EXRC 7104 7489 622. 13 No Significant
007 98.4 404
384		 Assays
EXRC 7104 7489 620. 10 No Significant
008 22.2 402
5		 Assays
EXRC 7107 7488 616. 19 0 2 2
53.70
6.70
6.53
0.47
0.02
0.12
0.05
0.03
8.92
009 00.3 404
712
EXRC 7109 7488 615. 19 0 5 5
56.12
5.10
5.53
0.45
0.01
0.04
0.05
0.03
8.39
010 00.9 401
194
EXRC 7107 7488 617. 16 0 3 3
53.15
7.25
6.71
0.45
0.01
0.23
0.04
0.03
9.22
011 97.5 603
941
EXRC 7106 7488 619. 15 0 4 4
57.55
5.15
4.58
0.41
0.02
0.05
0.04
0.02
7.28
012 95.8 603
065
EXRC 7108 7488 617. 16 0 3 3
52.72
6.83
7.04
0.41
0.00
0.03
0.04
0.05
10.17
013 75.6 597
607
EXRC 7105 7488 620. 10 1 3 2
53.24
7.91
6.64
0.55
0.01
0.04
0.03
0.04
8.47
014 97.3 603
5
EXRC 7105 7488 617. 13 No Significant
015 11.7 592
21		 Assays
EXRC 7107 7488 615. 13 0 2 2
51.20
6.58
8.12
0.62
-		 0.02
0.03
0.03
10.92
016 94 793
724
EXRC 7106 7488 618 13 1 2 1
54.10
5.04
6.89
0.68
-		 - 0.03
0.04
9.48
017 98.3 798
EXRC 7105 7488 619. 13 2 4 2
52.77
7.07
7.28
0.57
-		 0.05
0.03
0.03
9.18
018 98.4 800
69
EXRC 7106 7489 620. 16 No Significant
019 94.6 005
053		 Assays
EXRC 7105 7489 621. 13 No Significant
020 96.1 003
51		 Assays
EXRC 7105 7489 620. 13 No Significant
021 02.1 002
869		 Assays
EXRC 7104 7489 623. 13 1 2 1
51.23
7.56
8.86
0.89
-		 0.02
0.03
0.03
9.02
022 96.2 194
045
EXRC 7105 7489 624. 13 No Significant
023 97.8 198
166		 Assays
EXRC 7106 7489 624. 13 No Significant
024 95 199
119		 Assays
EXRC 7107 7489 622. 13 No Significant
025 98.2 199
766		 Assays
EXRC 7109 7489 618. 13 No Significant
026 00.2 195
46		 Assays
EXRC 7109 7489 620. 13 No Significant
027 97.7 196
771		 Assays
EXRC 7110 7489 620. 13 No Significant
028 97.3 197
646		 Assays
EXRC 7102 7489 617. 10 No Significant
029 99.1 599
273		 Assays
EXRC 7104 7489 624. 13 No Significant
030 13.1 598
746		 Assays
EXRC 7106 7489 622. 13 No Significant
031 00.8 601
774		 Assays
EXRC 7106 7489 622. 13 No Significant
032 99.5 600
802		 Assays
EXRC 7107 7489 623. 13 No Significant
033 99.8 600
887		 Assays
EXRC 7108 7489 623. 13 No Significant
034 99.7 600
717		 Assays
EXRC 7110 7489 622. 13 5 6 1
50.75
7.62
6.97
0.57
-		 0.01
0.02
0.03
12.15
035 02.5 601
066
EXRC 7111 7489 621. 13 No Significant
036 03.4 602
02		 Assays

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

==> picture [595 x 59] intentionally omitted <==

Hole East North RL Dep Fro
To		 Inter Fe% SiO2 Al2O3 TiO2 MnO CaO P% S% LOI10
ing th m val % % % % % 00%
EXRC 7113 7489 621. 13 0
4		 4
51.54
12.27
3.99
0.55
-		 0.02
0.02
0.02
9.19
037 02.4 803
564
EXRC 7113 7490 623. 13 No Significant
038 02.4 000
274		 Assays
EXRC 7113 7490 622. 13 1
2		 1
53.38
12.40
2.96
0.39
-		 0.05
0.02
0.01
7.50
039 00.1 203
982
EXRC 7113 7490 621. 13 No Significant
040 98.1 203
844		 Assays
EXRC 7111 7490 623. 8 No Significant
041 98.8 198
59		 Assays
EXRC 7111 7490 624. 13 No Significant
042 02.4 201
375		 Assays
EXRC 7110 7490 622. 13 No Significant
043 07 200
819		 Assays
EXRC 7114 7489 620. 13 0
1		 1
54.82
8.36
3.73
0.36
-		 0.02
0.03
0.03
8.84
044 04.7 997
838
EXRC 7110 7490 623. 13 No Significant
045 01.5 400
822		 Assays
EXRC 7111 7490 625. 13 No Significant
046 01.6 400
323		 Assays
EXRC 7111 7490 626. 13 No Significant
047 99.2 400
356		 Assays
EXRC 7113 7490 625. 19 Not
048 00.8 400
655		 Assayed
EXRC 7114 7490 623. 13 Not
049 03.4 400
989		 Assayed
EXRC 7114 7490 622. 13 Not
050 94.9 398
647		 Assayed
EXRC 7115 7490 626. 19 Not
051 99.7 401
453		 Assayed
EXRC 7115 7490 622. 13 0
1		 1
50.91
12.22
5.10
0.57
-		 0.05
0.02
0.02
8.66
052 09.3 196
434
EXRC 7117 7490 625. 16 Not
053 00 397
263		 Assayed
EXRC 7117 7490 626. 13 Not
054 99.7 395
449		 Assayed
EXRC 7118 7490 628. 16 Not
055 96.9 402
371		 Assayed
EXRC 7119 7490 629. 16 Not
056 98.7 402
435		 Assayed
EXRC 7120 7490 630. 16 Not
057 99.1 399
325		 Assayed
EXRC 7122 7490 630. 16 Not
058 00.6 398
92		 Assayed
EXRC 7122 7490 631. 16 Not
059 96.4 400
631		 Assayed
EXRC 7123 7490 632. 13 Not
060 98.2 399
37		 Assayed
EXRC 7124 7490 632. 13 Not
061 97.9 400
823		 Assayed
EXRC 7125 7490 632. 16 Not
062 99.8 400
715		 Assayed
EXRC 7126 7490 632. 10 Not
063 95.9 401
063		 Assayed
EXRC 7128 7490 627. 7 Not
064 03.7 394
915		 Assayed
EXRC 7125 7490 634. 10 Not
065 98.9 201
131		 Assayed
EXRC 7125 7490 637. 6 Not
066 02.8 202
175		 Assayed
EXRC 7124 7490 636. 7 No Significant
067 04.5 202
263		 Assays
EXRC 7123 7490 635. 12 7
10		 3
51.59
7.07
6.28
0.38
-		 0.08
0.06
0.07
11.79
068 00 202
161

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

==> picture [595 x 59] intentionally omitted <==

Hole East North RL Dep Fro To Inter Fe% SiO2 Al2O3 TiO2 MnO CaO P% S% LOI10
ing th m val % % % % % 00%
EXRC 7121 7490 633. 16 7 10 3
51.64
7.70
6.89
0.72
-		 0.06
0.05
0.02
10.20
069 97.6 198
764
EXRC 7120 7490 632. 16 Not
070 99.5 199
22		 Assayed
EXRC 7119 7490 630. 16 Not
071 97.9 201
524		 Assayed
EXRC 7119 7490 628. 13 Not
072 00.9 200
167		 Assayed
EXRC 7117 7490 625. 10 Not
073 96 200
932		 Assayed
EXRC 7117 7490 624. 10 Not
074 00.9 201
397		 Assayed
EXRC 7115 7490 622. 10 No Significant
075 93.5 017
09		 Assays
EXRC 7116 7490 623. 11 3 4 1
50.98
7.51
6.50
0.60
-		 - 0.03
0.03
12.12
076 96.2 004
299
EXRC 7117 7490 624. 10 0 1 1
51.83
8.10
6.76
0.72
-		 0.02
0.05
0.04
9.61
077 97.3 001
919
EXRC 7119 7490 626. 10 6 7 1
51.25
8.31
7.07
0.24
-		 - 0.09
0.03
10.51
078 00.3 001
715
EXRC 7119 7490 628. 12 No Significant
079 99.6 001
888		 Assays
EXRC 7120 7490 631. 7 No Significant
080 96.5 001
769		 Assays
EXRC 7121 7490 635. 7 0 3 3
53.79
8.41
6.24
0.27
0.01
0.02
0.12
0.03
7.52
081 96.7 004
815
EXRC 7122 7489 638. 7 No Significant
082 97.3 998
88		 Assays
EXRC 7123 7489 641. 7 No Significant
083 96.6 998
462		 Assays
EXRC 7124 7489 643. 4 No Significant
084 98.9 997
477		 Assays
EXRC 7118 7489 627. 7 4 7 3
53.78
9.35
5.07
0.15
-		 0.06
0.08
0.03
7.95
085 03 807
683
EXRC 7117 7489 626. 10 5 7 2
56.64
5.45
4.39
0.23
-		 0.01
0.10
0.03
8.50
086 02.8 802
182
EXRC 7115 7489 623. 10 No Significant
087 97.1 797
945		 Assays
EXRC 7115 7489 623. 7 1 2 1
50.49
8.68
10.13
1.79
0.02
0.02
0.04
0.03
6.63
088 92.4 605
388
EXRC 7115 7489 623. 10 Not
089 00.8 598
5		 Assayed
EXRC 7114 7489 622. 7 1 2 1
50.96
7.83
9.03
0.51
-		 - 0.03
0.03
9.22
090 99.5 437
194
EXRC 7114 7488 617 10 0 1 0.5
56.25
4.45
4.88
0.30
-		 0.01
0.03
0.08
9.56
091 02.8 398
EXRC 7112 7488 618. 19 0 1 1
53.83
5.61
6.21
0.26
-		 0.03
0.04
0.04
10.53
092 94.6 606
105
EXRC 7113 7488 619. 10 No Significant
093 89.8 602
659		 Assays
EXRC 7115 7488 619. 7 No Significant
094 00.9 600
647		 Assays
EXRC 7115 7488 620. 7 No Significant
095 88.4 598
495		 Assays
EXRC 7115 7488 619. 7 0 2 2
53.99
7.50
7.55
1.31
0.02
0.03
0.04
0.03
6.16
096 04.2 794
761
EXRC 7114 7489 620. 7 No Significant
097 97.2 011
946		 Assays
EXRC 7114 7488 620. 7 0 1 1
52.53
6.79
6.89
0.39
-		 - 0.03
0.03
10.63
098 01.4 997
683
EXRC 7113 7488 612. 7 No Significant
099 15.7 992
241		 Assays
EXRC 7113 7489 620. 10 0 1 1
51.22
8.25
6.53
0.36
-		 0.03
0.02
0.02
11.75
100 94.3 197
981

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

==> picture [595 x 59] intentionally omitted <==

Hole
East
North
ing
RL
Dep
th		 Fro
m
To
Inter
val
Fe%
SiO2
%
Al2O3
%
TiO2
%
MnO
%
CaO
%
P%
S%
LOI10
00%
EXRC
101
7127
94.2
7490
605
632.
303
7		 No Significant
Assays
EXRC
102
7126
97.5
7490
602
631.
49
13		 No Significant
Assays
EXRC
103
7126
01.1
7490
606
630.
179
10		 No Significant
Assays
EXRC
104
7125
01.9
7490
596
631.
16
10		 0
2
2
52.41
6.90
8.09
0.54
-
0.05
0.04
0.03
9.34
EXRC
105
7123
98.9
7490
601
632.
319
16		 4
5
1
55.27
5.88
5.15
0.17
-
0.06
0.04
0.07
9.49
EXRC
106
7123
04.1
7490
601
632.
024
13		 4
7
3
54.95
5.49
4.93
0.39
-
0.08
0.04
0.05
10.49
EXRC
107
7122
02.4
7490
603
631.
356
10		 3
7
4
53.72
6.33
6.47
0.44
-
0.05
0.04
0.04
9.70
EXRC
108
7121
05
7490
601
630.
167
13		 2
8
6
53.05
5.26
6.94
0.31
-
0.03
0.07
0.03
11.50
EXRC
109
7120
04.4
7490
603
630.
18
13		 Not
Assayed
EXRC
110
7119
07.7
7490
603
629.
732
16		 Not
Assayed
EXRC
111
7118
08.9
7490
603
628.
381
16		 Not
Assayed
EXRC
112
7117
05
7490
599
629.
099
16		 Not
Assayed
EXRC
113
7116
04.5
7490
603
628.
548
13		 Not
Assayed
EXRC
114
7114
94
7490
603
624.
729
13		 2
6
4
52.03
9.85
5.14
0.52
-
-
0.03
0.05
9.69
4
6
2
53.52
9.84
3.84
0.46
0.02
0.05
0.03
0.02
9.19
EXRC
115
7114
03.4
7490
598
625.
708
13		 6
8
2
53.58
9.82
3.32
0.25
0.03
0.07
0.02
0.01
9.69
EXRC
116
7113
01.8
7490
597
627.
397
16		 0
1
1
50.35
15.00
4.05
0.39
0.02
0.09
0.02
0.02
8.06
EXRC
117
7111
98.2
7490
597
630.
603
19		 10
11
1
52.49
11.89
3.17
0.30
-
0.07
0.01
0.02
9.29
EXRC
118
7111
09.1
7490
600
631.
431
19		 No Significant
Assays
EXRC
119
7110
01.4
7490
600
624.
419
9		 No Significant
Assays
EXRC
120
7109
03.1
7490
603
622.
948
7		 No Significant
Assays
EXRC
121
7108
05.2
7490
613
623.
558
13		 No Significant
Assays
EXRC
122
7107
04.1
7490
610
623.
14
10		 No Significant
Assays
EXRC
123
7106
01.3
7490
602
624.
574
10		 No Significant
Assays
EXRC
124
7105
00
7490
599
625.
291
9		 No Significant
Assays
EXRC
125
7103
98.3
7490
602
626.
14
10		 No Significant
Assays
EXRC
126
7103
01.7
7490
599
628.
711
10		 No Significant
Assays
EXRC
127
7102
01
7490
602
627.
698
7		 No Significant
Assays
EXRC
128
7100
86.1
7490
600
628.
093
7		 No Significant
Assays
EXRC
129
7100
02.5
7490
599
628.
806
4		 No Significant
Assays
EXRC
130
7098
98.7
7490
597
632.
118
4		 No Significant
Assays
EXRC
131
7098
05
7490
603
630.
406
4		 No Significant
Assays
EXRC
132
7097
00.5
7490
601
635.
336
4		 1
3
2
53.02
9.40
4.98
0.27
0.02
0.21
0.17
0.02
8.67

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

==> picture [595 x 59] intentionally omitted <==

Hole
East
North
ing
RL
Dep
th		 Fro
m
To
Inter
val
Fe%
SiO2
%
Al2O3
%
TiO2
%
MnO
%
CaO
%
P%
S%
LOI10
00%
EXRC
133
7090
88
7490
796
636.
324
4		 No Significant
Assays
EXRC
134
7091
89.2
7490
800
640.
403
4		 4
6
2
51.55
12.31
4.46
0.21
0.01
0.06
0.14
0.01
8.74
EXRC
135
7092
93
7490
798
642
10		 No Significant
Assays
EXRC
136
7095
00
7490
601
639.
748
7		 No Significant
Assays
EXRC
137
7094
00.5
7490
601
642.
284
7		 0
1
1
54.41
6.54
6.44
1.98
0.08
0.04
0.02
6.75
EXRC
138
7093
01.3
7490
598
643.
415
7		 0
1
1
51.56
7.16
8.43
1.69
0.03
0.05
0.03
9.00
6
7
1
52.68
14.49
3.55
0.12
0.06
0.13
0.00
5.78
EXRC
139
7092
09.4
7490
598
644.
502
7		 3
4
1
60.31
4.51
2.33
0.07
0.02
0.02
0.18
0.01
6.23
EXRC
140
7091
01.7
7490
602
641.
9
4		 No Significant
Assays
EXRC
141
7093
97.4
7490
798
641.
554
7		 No Significant
Assays
EXRC
142
7094
92.6
7490
797
641.
501
7		 No Significant
Assays
EXRC
143
7095
93.9
7490
802
639.
412
7		 No Significant
Assays
EXRC
144
7096
91.9
7490
800
636.
916
7		 No Significant
Assays
EXRC
145
7097
93
7490
800
633.
675
4		 No Significant
Assays
EXRC
146
7098
93.9
7490
794
630.
518
7		 No Significant
Assays
EXRC
147
7099
95.1
7490
803
630.
833
10		 No Significant
Assays
EXRC
148
7100
97.3
7490
799
632.
698
11		 No Significant
Assays
EXRC
149
7101
94.1
7490
799
638.
718
19		 No Significant
Assays
EXRC
150
7102
97.9
7490
803
630.
72
13		 No Significant
Assays
EXRC
151
7103
95.8
7490
795
631
16		 2
3
1
51.03
7.38
7.41
0.59
0.07
0.03
0.03
11.48
EXRC
152
7105
00.9
7490
797
627.
468
10		 2
4
2
52.25
6.97
6.08
0.38
0.03
0.03
0.03
11.34
EXRC
153
7105
95.1
7490
799
627.
767
13		 1
8
7
54.42
5.14
4.94
0.35
0.03
0.04
11.40
EXRC
154
7106
96.2
7490
801
628.
802
13		 9
16
7
53.07
5.67
6.10
0.30
0.05
0.05
0.04
11.64
EXRC
155
7107
98.9
7490
801
635.
844
19		 7
15
8
54.04
5.96
5.29
0.32
0.04
0.04
0.03
10.86
EXRC
156
7108
94.9
7490
800
635.
042
19		 8
9
1
52.82
7.63
6.94
0.43
0.06
0.03
0.02
8.88
EXRC
157
7109
96.7
7490
798
633.
803
18		 5
10
5
54.91
5.52
4.76
0.33
0.00
0.00
0.03
0.03
10.63
EXRC
158
7111
02.2
7490
799
630.
636
13		 7
10
3
52.12
6.49
6.36
0.37
0.10
0.03
0.02
11.72
EXRC
159
7112
11
7490
797
628.
801
13		 6
8
2
53.98
10.15
3.23
0.47
0.09
0.02
0.02
8.60
EXRC
160
7112
97.7
7490
794
627.
318
13		 2
7
5
52.14
6.66
6.91
0.44
0.03
0.04
11.20
EXRC
161
7113
98.2
7490
801
625.
959
14		 1
4
3
50.77
8.41
7.42
0.48
0.04
0.04
0.04
10.68
EXRC
162
7114
97.3
7490
797
627.
293
10		 2
4
2
52.84
6.70
7.07
0.61
0.11
0.05
0.05
9.57
EXRC
163
7115
92
7490
801
629.
728
13		 6
7
1
50.28
11.33
4.98
0.51
0.08
0.04
0.06
10.94
EXRC
164
7116
97.5
7490
798
629.
673
16		 2
6
4
53.12
5.76
7.25
0.53
0.02
0.05
0.04
9.98

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

==> picture [595 x 59] intentionally omitted <==

Hole
East
North
ing
RL
Dep
th		 Fro
m
To
Inter
val
Fe%
SiO2
%
Al2O3
%
TiO2
%
MnO
%
CaO
%
P%
S%
LOI10
00%
EXRC
165
7117
95.2
7490
795
630.
516
7		 2
11
9
54.39
4.56
6.38
0.37
0.05
0.06
10.51
EXRC
166
7118
93.9
7490
798
631.
338
13		 4
13
9
51.94
6.34
7.74
0.52
0.02
0.04
0.04
10.77
EXRC
167
7118
10
7490
799
630.
698
16		 1
9
8
52.10
6.86
7.63
0.44
0.04
0.04
10.15
EXRC
168
7119
99.9
7490
800
632.
206
13		 1
4
3
54.80
6.31
4.99
0.39
0.03
0.03
0.03
9.62
EXRC
169
7120
95.7
7490
796
632.
884
10		 5
13
8
51.78
8.33
6.55
0.65
0.15
0.04
0.04
9.90
EXRC
170
7121
99.9
7490
797
633.
437
13		 5
9
4
55.31
6.45
4.58
0.14
0.11
0.04
0.06
9.34
EXRC
171
7122
99.5
7490
800
634.
543
13		 7
10
3
54.17
6.58
5.11
0.58
0.18
0.05
0.08
9.66
EXRC
172
7123
96.1
7490
795
634.
736
13		 No Significant
Assays
EXRC
173
7125
00.5
7490
799
633.
279
7		 No Significant
Assays
EXRC
174
7126
01.2
7490
801
636.
33
6		 No Significant
Assays
EXRC
175
7122
04
7491
002
637.
474
10		 No Significant
Assays
EXRC
176
7122
99.4
7491
002
639.
207
4		 4
9
5
52.36
10.13
4.80
1.81
0.05
0.05
0.07
7.66
EXRC
177
7121
07.4
7490
999
635.
461
13		 5
9
4
51.03
10.42
7.66
1.57
0.09
0.04
0.05
7.07
EXRC
178
7120
04.4
7491
000
633.
774
13		 7
10
3
52.88
6.97
8.05
1.78
0.07
0.05
0.04
7.32
EXRC
179
7119
05.4
7491
000
632.
857
13		 No Significant
Assays
EXRC
180
7118
03.7
7491
000
632.
187
10		 2
4
2
51.70
5.51
8.73
0.55
0.05
0.06
11.11
EXRC
181
7117
04.4
7490
999
631.
553
13		 No Significant
Assays
EXRC
182
7116
03.3
7490
999
632.
175
13		 2
8
6
54.32
6.15
4.66
0.87
0.02
0.10
0.04
0.04
10.32
EXRC
183
7114
99.2
7491
002
632.
426
13		 2
3
1
50.33
8.32
7.20
0.58
0.05
0.05
0.04
11.64
5
8
3
51.88
5.84
7.51
0.54
0.05
0.04
0.04
11.82
EXRC
184
7114
02.6
7491
001
631.
027
13		 0
1
1
50.56
8.93
8.43
0.66
0.04
0.03
0.04
9.69
EXRC
185
7113
06.8
7490
997
628.
849
13		 3
8
5
51.43
8.38
5.93
0.43
0.03
0.05
0.03
11.58
EXRC
186
7111
99.3
7491
002
630.
487
16		 2
3
1
51.25
9.31
6.91
0.53
0.13
0.03
0.06
9.82
5
12
7
54.56
6.08
4.16
0.26
0.07
0.04
0.02
11.11
EXRC
187
7111
04.9
7490
998
630.
378
19		 3
12
9
52.39
6.72
6.75
0.43
0.05
0.04
0.04
10.98
EXRC
188
7110
04.4
7491
000
631.
998
18		 1
8
7
53.10
5.02
7.09
0.53
0.06
0.06
11.17
EXRC
189
7109
08.5
7491
002
630.
818
14		 5
12
7
54.28
7.38
4.45
0.28
0.04
0.04
0.03
10.12
EXRC
190
7108
00.9
7490
998
633.
909
19		 6
13
7
52.56
7.55
5.61
0.44
0.03
0.06
0.03
10.94
EXRC
191
7106
99.8
7491
003
635.
999
19		 9
9.5
1
50.36
8.02
8.87
0.64
0.01
0.05
0.04
10.41
EXRC
192
7106
01.6
7491
000
635.
382
19		 10
16
6
53.99
7.40
4.88
0.34
0.03
0.04
0.02
10.10
EXRC
193
7104
98
7490
995
639.
503
19		 11
16
5
53.52
7.06
5.38
0.37
0.04
0.03
0.02
10.62
EXRC
194
7104
09.3
7491
005
641.
046
22		 3
6
3
52.99
7.92
4.65
0.26
0.02
0.02
11.39
EXRC
195
7103
10
7490
999
632.
837
10		 8
11
51.90
9.48
5.18
0.34
0.06
0.02
0.01
10.63

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

==> picture [595 x 59] intentionally omitted <==

Hole East North RL Dep Fro
To		 Inter Fe% SiO2 Al2O3 TiO2 MnO CaO P% S% LOI10
ing th m val % % % % % 00%
EXRC 7101 7490 636. 19 No Significant
196 99.1 996
22		 Assays
EXRC 7101 7491 646. 25 No Significant
197 20.1 010
445		 Assays
EXRC 7100 7491 638. 17 No Significant
198 02.9 001
732		 Assays
EXRC 7099 7491 635. 14 No Significant
199 06.7 003
129		 Assays
EXRC 7098 7491 633. 10 No Significant
200 01 005
315		 Assays
EXRC 7096 7490 632. 10 No Significant
201 97.8 997
986		 Assays
EXRC 7096 7490 635. 10 No Significant
202 02.5 998
123		 Assays
EXRC 7095 7491 638. 10 No Significant
203 06.1 002
16		 Assays
EXRC 7094 7491 640. 7 No Significant
204 00.8 003
47		 Assays
EXRC 7093 7491 642. 7 No Significant
205 01.8 002
317		 Assays
EXRC 7092 7491 642. 4 No Significant
206 05.1 002
95		 Assays
EXRC 7091 7490 643. 4 No Significant
207 04.2 999
092		 Assays
EXRC 7090 7491 643. 4 No Significant
208 10.1 002
262		 Assays
EXRC 7089 7491 646. 4 0
1		 1
51.91
9.29
7.58
1.29		 0.06
0.06
0.02
7.10
209 91.9 199
464
EXRC 7090 7491 643. 7 3
4		 1
50.29
11.69
6.79
1.14		 0.35
0.04
0.01
7.39
210 89.7 199
416
EXRC 7091 7491 640. 10 No Significant
211 99.3 197
634		 Assays
EXRC 7092 7491 639. 10 No Significant
212 94.4 199
802		 Assays
EXRC 7094 7491 638. 10 No Significant
213 03.9 203
928		 Assays
EXRC 7095 7491 639. 13 No Significant
214 02.8 200
349		 Assays
EXRC 7095 7491 637. 10 No Significant
215 94.3 198
771		 Assays
EXRC 7096 7491 638. 16 No Significant
216 93.1 199
766		 Assays
EXRC 7097 7491 639. 12 No Significant
217 95.1 198
933		 Assays
EXRC 7098 7491 650. 19 No Significant
218 99.5 200
514		 Assays
EXRC 7099 7491 646. 10 No Significant
219 85.7 203
649		 Assays
EXRC 7100 7491 643. 22 No Significant
220 92.6 198
362		 Assays
EXRC 7101 7491 642. 21 13
16		 3
52.22
9.17
4.97
0.33		 0.03
0.03
0.01
10.36
221 91.6 198
597
EXRC 7102 7491 640. 18 10
13		 3
53.76
6.46
4.68
0.41		 0.02
0.05
0.01
11.02
222 97.3 201
691
EXRC 7103 7491 637. 19 9
10		 1
51.18
9.78
6.13
0.57		 0.03
0.01
9.95
223 97.8 196
316
EXRC 7104 7491 635. 19 9
12		 3
52.04
8.70
5.33
0.44		 0.04
0.03
0.01
10.79
224 97.2 195
712
EXRC 7106 7491 636. 19 10
10.		 0.5
50.24
8.75
7.17
0.75		 0.04
0.05
0.03
11.27
225 01.9 199
317		 5
EXRC 7106 7491 636. 16 No Significant
226 96.5 200
587		 Assays
EXRC 7107 7491 637. 16 No Significant
227 96.2 203
431		 Assays

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

==> picture [595 x 59] intentionally omitted <==

Hole East North RL Dep Fro To Inter Fe% SiO2 Al2O3 TiO2 MnO CaO P% S% LOI10
ing th m val % % % % % 00%
EXRC 7108 7491 636. 16 No Significant
228 94.2 202
25		 Assays
EXRC 7109 7491 637. 19 5 15 10
52.81
6.36
6.23
0.56		 0.07
0.04
0.04
11.04
229 98.3 196
808
EXRC 7110 7491 634. 16 5 12 7
54.32
4.97
5.67
0.49		 0.04
0.04
10.86
230 91.7 196
738
EXRC 7111 7491 632. 17 7 14 7
54.59
5.31
6.14
0.55		 0.07
0.05
0.03
9.46
231 97 197
118
EXRC 7113 7491 634. 19 2 3 1
50.73
7.78
7.52
0.58
0.02
0.12
0.03
0.05
11.07
232 01 205
834
EXRC 7113 7491 634. 13 5 9 4
54.08
6.46
6.09
0.57		 0.06
0.05
0.06
9.08
233 97.4 194
659
EXRC 7114 7491 633. 16 7 8 1
50.75
6.61
8.28
0.82		 0.04
0.04
0.06
11.22
234 94.8 198
066
EXRC 7115 7491 631. 13 5 7 2
52.23
7.44
7.48
0.54		 0.02
0.04
0.05
9.41
235 98.7 199
427
EXRC 7116 7491 631. 16 7 9 2
53.44
6.27
5.90
0.69		 0.02
0.04
0.05
10.16
236 89.7 199
625
EXRC 7117 7491 633. 13 6 7 1
50.34
8.96
8.38
1.06		 0.08
0.03
0.09
9.10
237 93.4 201
119
EXRC 7118 7491 634. 13 No Significant
238 93.5 198
439		 Assays
EXRC 7119 7491 636. 13 No Significant
239 92.7 199
129		 Assays
EXRC 7120 7491 638. 10 No Significant
240 97 199
676		 Assays
EXRC 7121 7491 641. 7 No Significant
241 94.1 200
935		 Assays
EXRC 7122 7491 644. 4 No Significant
242 93 197
886		 Assays
EXRC 7120 7491 638. 13 No Significant
243 00.5 400
191		 Assays
EXRC 7120 7491 639. 10 6 7 1
50.85
11.59
9.12
2.00		 0.02
0.04
0.03
4.53
244 91.5 398
72
EXRC 7119 7491 636. 13 No Significant
245 01.5 403
467		 Assays
EXRC 7117 7491 634. 10 No Significant
246 97.5 401
419		 Assays
EXRC 7116 7491 632. 10 No Significant
247 99.7 400
492		 Assays
EXRC 7116 7491 631. 10 No Significant
248 02.3 399
183		 Assays
EXRC 7115 7491 629. 10 1 6 5
54.54
5.04
5.94
0.43		 0.03
0.05
0.05
10.46
249 03.4 398
904
EXRC 7114 7491 630. 11 2 9 7
52.26
7.35
6.00
0.49		 0.06
0.06
0.03
11.12
250 05.3 400
307
EXRC 7113 7491 631. 13 4 10 6
54.10
6.59
5.76
0.50
0.02
0.07
0.05
0.03
9.61
251 07 401
817
EXRC 7112 7491 631. 13 3 9 6
53.87
5.43
6.51
0.91
0.02
0.03
0.05
0.03
9.91
252 04.1 401
441
EXRC 7111 7491 632. 13 4 9 5
51.93
7.03
6.24
0.64
0.01
0.03
0.05
0.05
11.48
253 03.3 404
788
EXRC 7109 7491 633. 13 No Significant
254 99.7 399
789		 Assays
EXRC 7108 7491 633. 13 No Significant
255 98 402
66		 Assays
EXRC 7108 7491 636. 19 No Significant
256 00.2 399
66		 Assays
EXRC 7107 7491 636. 19 No Significant
257 00.8 403
159		 Assays
EXRC 7106 7491 638. 19 No Significant
258 03.9 400
771		 Assays
EXRC 7104 7491 638. 19 No Significant
259 95.7 401
876		 Assays

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

==> picture [595 x 59] intentionally omitted <==

Hole East North RL Dep Fro To Inter Fe% SiO2 Al2O3 TiO2 MnO CaO P% S% LOI10
ing th m val % % % % % 00%
EXRC 7104 7491 642. 22 No Significant
260 01.7 397
773		 Assays
EXRC 7103 7491 645. 25 13 16 3
50.40
12.72
4.24
0.22		 0.03
0.02
0.03
10.59
261 03.4 401
371
EXRC 7102 7491 641. 22 15 15. 1
50.72
9.70
6.24
0.53		 0.02
0.03
0.03
10.45
262 05.3 395
835		 5
EXRC 7101 7491 644. 25 No Significant
263 02.7 397
085		 Assays
EXRC 7100 7491 648. 28 No Significant
264 01.9 399
572		 Assays
EXRC 7099 7491 637. 16 No Significant
265 09.1 409
537		 Assays
EXRC 7097 7491 640. 16 11 12 1
50.23
12.44
5.53
0.37		 0.05
0.06
0.02
9.09
266 98.3 402
228
EXRC 7097 7491 639. 19 No Significant
267 01.7 401
904		 Assays
EXRC 7096 7491 640. 7 No Significant
268 05.9 405
423		 Assays
EXRC 7095 7491 639. 13 1 3 2
50.84
9.62
5.93
0.27		 0.02
0.04
0.02
11.36
269 05.1 397
202
EXRC 7094 7491 637. 7 No Significant
270 03.4 399
965		 Assays
EXRC 7093 7491 635. 4 2 3 1
50.83
8.29
6.11
0.27		 0.03
0.02
12.10
271 07 402
633
EXRC 7092 7491 640. 10 0 1 1
50.43
11.01
8.36
0.75		 0.06
0.06
0.02
7.23
272 04.9 401
313
EXRC 7091 7491 642. 7 No Significant
273 05.2 404
449		 Assays
EXRC 7090 7491 644. 7 No Significant
274 01.9 398
204		 Assays
EXRC 7094 7491 637. 7 No Significant
275 02.2 606
427		 Assays
EXRC 7094 7491 639. 7 No Significant
276 97.6 598
779		 Assays
EXRC 7096 7491 641. 10 No Significant
277 00.4 601
598		 Assays
EXRC 7096 7491 638. 7 1 5 4
50.95
7.16
7.19
0.43		 0.04
0.04
0.03
11.94
278 90.5 602
632
EXRC 7099 7491 635. 10 5 7 2
50.89
10.96
5.36
0.16		 0.23
0.03
0.03
9.78
279 01.3 602
585
EXRC 7099 7491 635. 13 10 11 1
50.03
11.98
6.17
0.28		 0.04
0.04
0.03
10.04
280 89.9 602
806
EXRC 7100 7491 640. 19 8 10 2
51.06
10.41
6.05
0.30		 0.03
0.03
9.87
281 98 599
36
EXRC 7101 7491 639. 19 17 18 1
50.36
9.31
6.79
0.77		 0.07
0.05
0.02
10.61
282 93.1 600
333
EXRC 7102 7491 644. 25 17 19 2
54.18
10.07
4.33
0.77
0.02
0.05
0.06
0.02
6.66
283 98.3 593
422
EXRC 7103 7491 643. 25 No Significant
284 87.8 592
248		 Assays
EXRC 7104 7491 638. 19 11 12 1
50.44
10.86
5.69
0.52		 0.02
0.03
0.01
10.31
285 96.7 602
745
EXRC 7105 7491 637. 16 No Significant
286 98.8 608
04		 Assays
EXRC 7106 7491 633. 10 5 6 1
50.28
6.95
7.54
0.78		 0.01
0.07
0.04
12.33
287 91.2 611
687
EXRC 7107 7491 632. 10 4 6 2
52.45
7.79
6.73
1.12		 0.04
0.06
0.04
8.70
288 95 612
263
EXRC 7108 7491 631. 10 3 5 2
50.29
6.53
8.62
0.97		 0.02
0.06
0.05
11.51
289 92 604
806
EXRC 7109 7491 630. 10 3 7 4
55.14
5.70
4.56
0.27		 0.05
0.04
0.03
10.17
290 96.7 598
232
EXRC 7110 7491 629. 13 1 3 2
50.92
5.17
7.75
1.27		 0.09
0.10
12.38
291 98.7 598
176

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

==> picture [595 x 59] intentionally omitted <==

Hole East North RL Dep Fro To Inter Fe% SiO2 Al2O3 TiO2 MnO CaO P% S% LOI10
ing th m val % % % % % 00%
EXRC 7111 7491 628. 10 2 4 2
53.04
5.08
5.44
0.98		 0.04
0.10
0.04
12.19
292 97 605
241
EXRC 7112 7491 629. 7 1 2 1
51.06
7.75
9.44
2.18		 0.03
0.05
0.02
7.27
293 95.4 603
196
EXRC 7113 7491 627. 7 No Significant
294 98.4 602
546		 Assays
EXRC 7115 7491 631. 16 No Significant
295 07.4 600
078		 Assays
EXRC 7115 7491 633. 7 No Significant
296 96.8 603
231		 Assays
EXRC 7114 7491 629. 4 0 1 1
51.27
7.69
7.07
0.88		 0.01
0.05
0.04
11.01
297 97.3 803
884
EXRC 7114 7491 625. 4 0 2 2
54.65
4.37
6.01
0.98		 0.04
0.06
0.03
10.40
298 01.7 795
987
EXRC 7113 7491 627. 7 0 2 2
52.00
6.20
8.88
0.92		 0.05
0.03
9.65
299 03.5 805
277
EXRC 7111 7491 626. 7 1 2 1
50.04
8.64
8.72
0.73		 0.03
0.03
0.03
10.31
300 03.9 803
701
EXRC 7110 7491 628. 7 No Significant
301 05.8 803
606		 Assays
EXRC 7109 7491 629. 10 3 7 4
51.61
8.74
6.64
0.88		 0.00
0.05
0.01
9.79
302 05 805
713
EXRC 7108 7491 629. 10 4 6 2
53.00
6.85
5.55
0.66		 0.04
0.03
10.99
303 04.7 800
829
EXRC 7107 7491 631. 10 No Significant
304 09.1 799
226		 Assays
EXRC 7105 7491 633. 13 No Significant
305 98.7 808
721		 Assays
EXRC 7104 7491 635. 13 No Significant
306 96.4 802
335		 Assays
EXRC 7104 7491 636. 10 3 4 1
50.82
10.07
6.74
0.61		 0.03
0.04
0.02
9.59
307 00.2 799
831
EXRC 7103 7491 632. 10 3 5 2
51.75
9.13
6.12
0.30		 0.05
0.03
0.03
10.05
308 01.8 797
869
EXRC 7102 7491 632. 10 0 7 7
51.02
7.63
7.62
0.59		 0.01
0.04
0.04
11.00
309 05.7 800
528
EXRC 7101 7491 632. 10 No Significant
310 04.8 804
945		 Assays
EXRC 7099 7491 619. 4 No Significant
311 98.2 807
448		 Assays
EXRC 7096 7491 633. 4 1 3 2
50.98
6.18
8.80
0.50		 0.03
0.05
0.02
11.46
312 92.7 809
817
EXRC 7098 7491 633. 7 No Significant
313 94.9 804
379		 Assays
EXRC 7103 7491 628. 4 No Significant
314 02 993
596		 Assays
EXRC 7103 7491 631. 7 No Significant
315 97.3 999
052		 Assays
EXRC 7104 7492 634. 10 6 8 2
52.08
8.45
6.04
0.72		 0.03
0.04
0.02
10.07
316 96.2 001
188
EXRC 7106 7492 635. 11 No Significant
317 05.9 001
137		 Assays
EXRC 7107 7492 633. 10 5 6 1
50.67
10.91
9.59
1.29		 0.03
0.04
0.04
5.44
318 00.3 003
253
EXRC 7107 7492 632. 7 No Significant
319 93.5 003
391		 Assays
EXRC 7109 7492 634. 10 No Significant
320 02 003
585		 Assays
EXRC 7110 7492 634. 7 3 5 2
51.39
10.68
6.53
0.92
0.03
0.03
0.05
0.03
7.92
321 00.4 006
587
EXRC 7110 7491 630. 11 No Significant
322 96.7 998
957		 Assays
EXRC 7111 7491 627. 7 2 4 2
52.26
6.46
5.27
0.44		 0.06
0.05
12.46
323 95.8 997
978

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Hole East North RL Dep Fro To Inter Fe% SiO2 Al2O3 TiO2 MnO CaO P% S% LOI10
ing th m val % % % % % 00%
EXRC 7102 7492 630. 7 2 3 1
50.12
6.49
8.76
0.80		 0.03
0.04
0.03
12.19
324 99.1 205
411
EXRC 7103 7492 631. 7 No Significant
325 95.8 202
865		 Assays
EXRC 7104 7492 635. 8 No Significant
326 95.3 196
127		 Assays
EXRC 7105 7492 635. 10 No Significant
327 86.6 204
231		 Assays
EXRC 7107 7492 635. 7 No Significant
328 05.5 201
122		 Assays
EXRC 7107 7492 637. 7 No Significant
329 92.7 203
895		 Assays
EXRC 7108 7492 639. 12 No Significant
330 98.2 198
5		 Assays
EXRC 7109 7492 637. 4 0 1 1
51.92
7.34
8.41
0.96		 0.03
0.05
0.02
8.60
331 99.4 201
7
EXRC 7105 7492 633 7 0 1 1
51.81
7.39
7.56
0.68		 0.04
0.04
0.03
10.08
332 84.2 399
EXRC 7104 7492 632. 7 No Significant
333 93.9 396
688		 Assays

Table 8: Collar and Intercept Details

Notes

  • Coordinates are reported in MGA 94 Zone 50

  • All drill holes completed were vertical

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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ASX ANNOUNCEMENT

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22 April 2025

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary Commentary
Sampling techniques • Nature and quality of sampling (eg
IOH Programmes
cut channels, random chips, or
specific
specialised
industry
standard
measurement
tools
appropriate to the minerals under
investigation, such as down hole
gamma sondes, or handheld XRF
instruments,
etc).
These
examples should not be taken as
limiting the broad meaning of
sampling.








•		 Samples were collected every
1 metre from RC Drill Holes.
Samples were collected every
2 metres down hole, riffle split
for routine assaying (3kg) and
retention (1 litre plastic jar) with
the remainder (about 45 kg) as
the drill reject sample left on
site
• Include reference to measures
Maiden Iron Programme
taken
to
ensure
sample
representivity and the appropriate
calibration of any measurement
tools or systems used.
• Aspects of the determination of
mineralisation that are Material to
the Public Report.
• In cases where ‘industry standard’





•		 Samples were collected from
diamond drill holes. Diamond
core samples were targeted at
a nominal 250mm interval
constrained
to
geologically
identified boundaries where
appropriate
work has been done this would be
relatively simple (eg
‘reverse
circulation drilling was used to
obtain 1 m samples from which 3
kg was pulverised to produce a 30
g charge for fire assay’). In other
cases more explanation may be
required, such as where there is
coarse gold that has inherent
sampling
problems.
Unusual
commodities
or
mineralisation
types (eg submarine nodules)
may warrant disclosure of detailed
information.
Drilling techniques • Drill
type
(eg
core,
reverse
IOH Programmes
circulation, open-hole hammer,
rotary air blast, auger, Bangka,
sonic, etc) and details (eg core
diameter, triple or standard tube,
depth of diamond tails, face-
sampling bit or other type, whether
core is oriented and if so, by what
method, etc).





•		 A
total
of
333
reverse
circulation holes were drilled
for 3992 meters during the
period
21/9/2006
to
10/12/2006 on an exploration
grid of 200m by 100m using a
Hydco 150 RC drill rig with an
onboard riffle splitter operated
by
drilling
contractor,
Mt
Magnet Drilling Pty Ltd.
Maiden Iron Programme
• Maiden
has
subsequently
drilled 56 diamond holes for a
totalof501 metres. Drill hole

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Criteria JORC Code explanation Commentary Commentary
locations are illustrated below.
In the Initial Mining Area these
holes twinned the 200m x 100
m IOH and infilled to 100m by
100m spacing.
Drill sample recovery • Method
of
recording
and
IOH Programmes
assessing core and chip sample
•		 RC recoveries are not known
recoveries and results assessed. at this point.
• Measures taken to maximise
Maiden		 Iron Programme
sample
recovery
and
ensure
•		 Diamond drill hole recoveries
representative
nature
of
the		 were recorded by the field
samples. geologist
• Whether a relationship exists
•		 There is no apparent relation
between sample recovery and between sample recovery and
grade and whether sample bias grade
may
have
occurred
due
to
preferential
loss/gain
of
fine/coarse material.
Logging • Whether core and chip samples
IOH Programmes
have
been
geologically
and
•		 All RC chips were logged
geotechnically logged to a level of
Maiden		 Iron Programme
detail
to
support
appropriate
•		 All diamond core was logged in
Mineral
Resource
estimation,		 detail and photographed.
mining studies and metallurgical
studies.
• Whether logging is qualitative or
quantitative in nature. Core (or
costean,
channel,
etc)
photography.
• The total length and percentage of
the relevant intersections logged.
Sub-sampling techniques • If core, whether cut or sawn and
IOH Programmes
and sample preparation whether quarter, half or all core
•		 The
sample		 preparation
taken. method consisted of initial
• If non-core, whether riffled, tube drying
at
105°		 then jaw
sampled, rotary split, etc and crushing the whole sample
whether sampled wet or dry. followed
by
vibrating		 disk
• For all sample types, the nature, pulverization to -200 mesh.
quality and appropriateness of the
Maiden		 Iron Programme
sample preparation technique. • Whole core was sent to the
• Quality
control
procedures		 laboratory for analysis.
adopted
for
all
sub-sampling
stages to maximise representivity
of samples.
• Measures taken to ensure that the
sampling is representative of the
in situ material collected, including
for instance results for field
duplicate/second-half sampling.
• Whether
sample
sizes
are
appropriate to the grain size of the
material being sampled.
Quality of assay data and • The
nature,
quality
and
IOH Programmes
laboratory tests appropriateness of the assaying
•		 Drill samples were analysed
and laboratory procedures used using theX-RayFluorescence

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Criteria JORC Code explanation JORC Code explanation JORC Code explanation JORC Code explanation JORC Code explanation Commentary Commentary
and whether the technique is Spectrometry (XRF) method by
considered partial or total. Ultra Trace Laboratories in
• For
geophysical		 tools, Perth for Fe, SiO2, Al2O3, P,
spectrometers,
handheld
XRF		 S, Mn, TiO2, MgO, CaO and
instruments, etc, the parameters K2O. In addition, loss on
used in determining the analysis ignition (LOI) was determined
including instrument make and by
Thermo-Gravimetric
model, reading times, calibrations Analysis (TGA) between 105oC
factors
applied		 and their and 1000oC and reweighing for
derivation, etc. content of combined water and
• Nature
of		 quality control carbon dioxide with results
procedures adopted (eg being reported on a dry sample
standards, blanks, duplicates, basis.
external laboratory checks) and
•		 The
sample
preparation
whether
acceptable		 levels
of		 method consisted of initial
accuracy (ie lack of bias) and drying at 105oC then jaw
precision have been established. crushing the whole sample
followed
by
vibrating
disk
pulverization to -200 mesh.
• Company instigated duplicate
samples were collected by riffle
splitting 1 in 24 drill reject
samples to 3kg on site using a
bench top size splitter. Results
are
acceptable
for
the
classification
category
proposed.
Maiden Iron Programme
• Drill samples were analysed
using the X-Ray Fluorescence
Spectrometry (XRF) method
for Fe, SiO2, Al2O3, TiO2,
MnO, CaO, P, S, MgO, Zn,
K2O, Sn, V, Cr, Co, Ni, Cu, As,
Pb, Ba, Na2O, Cl, Sr and LOI.
• Company instigated blanks,
standards
and
duplicate
samples
were
inserted
at
approximately
25
metre
intervals. Laboratory instigated
standards
were
also
introduced as well as repeat
samples.
Results
are
acceptable
for
the
classification
category
proposed.
Verification of sampling • The
verification		 of significant
IOH Programmes
and assaying intersections by either
•		 All intervals were sampled;
independent or alternative there was no selective
company personnel. sampling by intersection.
• The use of twinned holes. • No adjustments were made to
• Documentation of primary data, assay data.
data
entry		 procedures,
data
•		 All collar, downhole assay and
verification, data storage (physical logged geology data was
and electronic) protocols. entered into an Access
• Discuss any adjustment to assay database and validated.
data. Computer-generated drill hole
logswere preparedfor holes

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Criteria JORC Code explanation JORC Code explanation JORC Code explanation JORC Code explanation JORC Code explanation Commentary Commentary
and printed and reviewed as
part of the validation process.
• Collar, assay and logged
geology tables were imported
into Micromine software in
preparation for resource
estimation
Maiden Iron Programme
• All intervals were sampled;
there was no selective
sampling by intersection.
• No adjustments were made to
assay data.
• All collar, downhole assay and
logged geology data was
entered into an Access
database and validated.
Computer-generated drill hole
logs were prepared for holes
and printed and reviewed as
part of the validation process.
• Collar, assay and logged
geology tables were imported
into Micromine software in
preparation for resource
estimation
Location of data points • Accuracy and quality of surveys
IOH Programmes
used to locate drill holes (collar
•		 All holes have been surveyed
and down-hole surveys), by DGPS.
trenches, mine workings and other
•		 All holes are vertical and
locations used in Mineral relatively short; there are no
Resource estimation. down hole surveys.
• Specification of the grid system
Maiden		 Iron Programme
used. • All holes have been surveyed
• Quality and adequacy of by DGPS, which has an
topographic control. expected relative accuracy of
0.02m East and North and
0.05m RL for the control, and
0.05m East, North and RL for
the collars.
• All holes are vertical and
relatively short; there are no
down hole surveys.
Data spacing and • Data spacing for reporting of
IOH Programmes
distribution Exploration Results. • Drill spacing is 200m (N) x
• Whether the data spacing and 50m (E)
distribution is sufficient to
Maiden		 Iron Programme
establish the degree of geological
•		 Infill drill spacing is 50m x
and grade continuity appropriate 50m.
for the Mineral Resource and Ore
•		 Spacing is considered
Reserve estimation procedure(s) satisfactory for the level of
and classifications applied. classification applied.
• Whether sample compositing has
been applied.

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Criteria JORC Code explanation Commentary Commentary
Orientation of data in • Whether
the
orientation
of
•		 Mineralisation is sub-
relation to geological sampling
achieves
unbiased		 horizontal; drill orientation is
structure sampling of possible structures vertical.
and the extent to which this is
•		 Sampling is considered
known, considering the deposit unbiased geologically.
type.
• If the relationship between the
drilling
orientation
and
the
orientation of key mineralised
structures is considered to have
introduced a sampling bias, this
should be assessed and reported
if material.
Sample security • The measures taken to ensure
•		 Standard sampling protocols
sample security. have been used to ensure
security.
Audits or reviews • The results of any audits or
•		 No sampling audits have been
reviews of sampling techniques carried out.
and data.

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Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary Commentary
Mineral • Type, reference name/number, location • The Extension deposit is located in
tenement and
and ownership including agreements or		 Maiden Iron’s tenements M47/1353
land tenure material issues with third parties such as to M47/1356. It lies in the central
status joint ventures, partnerships, overriding portion of the Hamersley Ranges,
royalties, native title interests, historical and is located 3km north of BHPB
sites, wilderness or national park and Yandicoogina Mine and near to
environmental settings. established
mine
service
• The security of the tenure held at the time infrastructure in the Central Pilbara.
of reporting along with any known • WA State Government royalty of
impediments to obtaining a licence to 7.5% of royalty value
operate in the area. • Derek Noel Ammon royalty of 1.25%
FOB production
• Martu Idja Banyjima (Native Title)
royalty of 0.5%
• Iron Ore Holdings Royalty of 1.25%
to 2.5% of production, dependent on
prevailing prices and other factors.
Deferred consideration payment of
$1.75muponcommercialproduction
Exploration • Acknowledgment and appraisal of • Exploration was carried out by IOH
done by other
exploration by other parties.		 and Maiden Iron Pty Ltd
parties
Geology • Deposit type, geological setting and style • Iron mineralisation within the project
of mineralisation. area is present as predominantly
fluvial pisolite channel iron deposits
with minor residual bedded hematite-
goethite and eluvial canga deposits.
The channel iron deposits infill
palaeotributary channels which are
genetically related to the Marillana
Formation/Yandi CID occupying the
main palaeochannel which occurs
alongside the present day Marillana
Creeksystem.
Drill hole • A summary of all information material to •Full table of intersections and results
Information the understanding of the exploration included in body of release
results including a tabulation of the
following information for all Material drill
holes:
o easting and northing of the drill hole
collar
o elevation or RL (Reduced Level –
elevation above sea level in metres)
of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
• If the exclusion of this information is
justified on the basis that the information
is not Material and this exclusion does
not detract from the understanding of the
report, the Competent Person should
_clearly explain why this is the case. _

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

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Criteria JORC Code explanation Commentary Commentary
Data • In reporting Exploration Results, • Weighted averages of grade
aggregation weighting averaging techniques, intervals using a 50% Fe cut off
methods maximum and/or minimum grade grade have been applied
truncations (eg cutting of high grades) • Metal equivalent values have not
and cut-off grades are usually Material been utilised
and should be stated.
• Where aggregate intercepts incorporate
short lengths of high grade results and
longer lengths of low grade results, the
procedure used for such aggregation
should be stated and some typical
examples of such aggregations should be
shown in detail.
• The assumptions used for any reporting
of metal equivalent values should be
_clearly stated. _
Relationship • These relationships are particularly •Drill holes are vertical with sub horizontal
between important in the reporting of Exploration strata and therefore approximate true
mineralisation
Results.		 widths of mineralisation
widths and • If the geometry of the mineralisation with
intercept respect to the drill hole angle is known,
lengths its nature should be reported.
• If it is not known and only the down hole
lengths are reported, there should be a
clear statement to this effect (eg ‘down
_hole length, true width not known’). _
Diagrams • Appropriate maps and sections (with •Maps and diagrams have been utilised in
scales) and tabulations of intercepts the body of the release
should be included for any significant
discovery being reported These should
include, but not be limited to a plan view
of drill hole collar locations and
_appropriate sectional views. _
Balanced • Where comprehensive reporting of all •All drill holes have been reported
reporting Exploration Results is not practicable, including those with no significant results
representative reporting of both low and
high grades and/or widths should be
practiced to avoid misleading reporting of
_Exploration Results. _
Other • Other exploration data, if meaningful and •All meaningful exploration data included
substantive material, should be reported including in body of release
exploration (but not limited to): geological
data observations; geophysical survey results;
geochemical survey results; bulk samples
– size and method of treatment;
metallurgical test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious or
_contaminating substances. _
Further work • The nature and scale of planned further •Further mapping and sampling prior to
work (eg tests for lateral extensions or drill testing of extensions to
depth extensions or large-scale step-out mineralisation
drilling). •Drill planning will be conducted post
• Diagrams clearly highlighting the areas of
mapping program being completed
possible extensions, including the main
geological interpretations and future
drilling areas, provided this information is

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Criteria JORC Code explanation Commentary
not commercially sensitive.

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Section 3 Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria JORC Code explanation Commentary
Database • Measures taken to ensure that data has • All drill hole data was validated using the
integrity not been corrupted by, for example, Micromine software package, including:
transcription or keying errors, between its • Checks for duplicate collars
initial collection and its use for Mineral • Checks for missing samples
Resource estimation purposes. • Checks for down hole from-to interval
• Data validation procedures used. consistency
• Checks for overlapping samples
• Checks for samples beyond hole depth
Site visits • Comment on any site visits undertaken • Two site visits have been undertaken by the
by the Competent Person and the CP, during 2007 and 2014.
outcome of those visits.
• If no site visits have been undertaken
indicate why this is the case.
Geological • Confidence in (or conversely, the • Confidence is high in the geological
interpretation uncertainty of ) the geological interpretation
interpretation of the mineral deposit. • The various geological domains can
• Nature of the data used and of any generally be clearly identified using both
assumptions made. visual and geochemical means.
• The effect, if any, of alternative
interpretations on Mineral Resource		 • Alternative interpretations would be unlikely
to materially affect the resource.
estimation.
• The use of geology in guiding and
controlling Mineral Resource estimation.
• The factors affecting continuity both of
grade and geology.
Dimensions • The extent and variability of the Mineral • The deposit is approximately 4 km North-
Resource expressed as length (along South and varies from 2 km to 4km East-
strike or otherwise), plan width, and depth
West
below surface to the upper and lower • The deposit has typical overburden of 5m to
limits of the Mineral Resource. 10m and a thickness of 10m to 20m.
Estimation • The nature and appropriateness of the • An Inverse Distance Cubed interpolation
and estimation technique(s) applied and key method was used to estimate all elements.
modelling assumptions, including treatment of Micromine 2014 software was used.
techniques extreme grade values, domaining, • Block model parameters are summarised
interpolation parameters and maximum below. Sub-cells to a minimum of 1.25m by
distance of extrapolation from data 1.25m were used to spatially honour
points. If a computer assisted estimation geological and topographical boundaries.
method was chosen include a description
of computer software and parameters
used.
• The availability of check estimates,
previous estimates and/or mine
production records and whether the
Mineral Resource estimate takes
appropriate account of such data.
• The assumptions made regarding
recovery of by-products.		 • No grade capping was applied.
• Search ellipses applied in the estimate
were based on down hole variography, drill
• Estimation of deleterious elements or
other non-grade variables of economic
significance (eg sulphur for acid mine		 hole spacing and the interpreted geological
continuity and orientation of the deposits.
• ID3 was preferred over kriging as it gave
drainage characterisation). better validation results and the horizontal
• In the case of block model interpolation, variograms were not particularly good
_the block size in relation to the average _

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Criteria JORC Code explanation Commentary
sample spacing and the search quality. The low nugget effect observed in
employed. the down hole variograms confirms use of
• Any assumptions behind modelling of the cubed power in the inverse distance
selective mining units. interpolation.
• Any assumptions about correlation • The primary search ellipse had radii of
between variables. 125m horizontally and 1.5m vertically. A
• Description of how the geological
interpretation was used to control the		 minimum of 2 samples and a maximum of 16
samples were required in the search pass. A
resource estimates. maximum of 4 samples per drill hole was
• Discussion of basis for using or not using
grade cutting or capping.
• The process of validation, the checking
process used, the comparison of model
data to drill hole data, and use of		 used. Where blocks were not informed in the
first pass, a second search was used with
radii of 250m horizontally and 5m vertically.
A minimum of 1 sample and a maximum of
16 samples were required in this search
reconciliation data if available. pass.
Moisture • Whether the tonnages are estimated on a
• Tonnages have been estimated on a dry
dry basis or with natural moisture, and basis. No moisture factors have been
the method of determination of the applied.
moisture content.
Cut-off • The basis of the adopted cut-off grade(s) • Cut-offs are based on preliminary economic
parameters or quality parameters applied. analysis, and review of similar deposits
nearby.
Mining • Assumptions made regarding possible • Mining is assumed to be by conventional
factors or mining methods, minimum mining open pit methods.
assumptions
dimensions and internal (or, if applicable,		 • No dilution or loss factors have been
external) mining dilution. It is always applied to the Mineral Resource Estimate.
necessary as part of the process of
determining reasonable prospects for
eventual economic extraction to consider
potential mining methods, but the
assumptions made regarding mining
methods and parameters when
estimating Mineral Resources may not
always be rigorous. Where this is the
case, this should be reported with an
explanation of the basis of the mining
assumptions made.
Metallurgical • The basis for assumptions or predictions • No metallurgical assumptions have been
factors or regarding metallurgical amenability. It is made. The deposit is of a type that is well
assumptions
always necessary as part of the process		 known and understood from many mining
of determining reasonable prospects for operations in the Pilbara region; no major
eventual economic extraction to consider metallurgical issues are expected.
potential metallurgical methods, but the
assumptions regarding metallurgical
treatment processes and parameters
made when reporting Mineral Resources
may not always be rigorous. Where this is
the case, this should be reported with an
explanation of the basis of the
metallurgical assumptions made.
Environmen- • Assumptions made regarding possible • No assumptions have been made regarding
tal factors or waste and process residue disposal environmental factors.
assumptions
options. It is always necessary as part of		 • The general area around the project has
the process of determining reasonable seen extensive mining of similar type
prospects for eventual economic deposits.

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Criteria JORC Code explanation Commentary
extraction to consider the potential
environmental impacts of the mining and
processing operation. While at this stage
the determination of potential
environmental impacts, particularly for a
greenfields project, may not always be
well advanced, the status of early
consideration of these potential
environmental impacts should be
reported. Where these aspects have not
been considered this should be reported
with an explanation of the environmental
assumptions made.
Bulk density • Whether assumed or determined. If • On advice from MI densities were taken
assumed, the basis for the assumptions. from Ammtec’s report (2008) and applied on
If determined, the method used, whether the basis of domains.
wet or dry, the frequency of the
measurements, the nature, size and Domain
Density
representativeness of the samples. QA
2.00
• The bulk density for bulk material must RCID
2.56
have been measured by methods that UCID
2.73
adequately account for void spaces MCID
2.73
(vugs, porosity, etc), moisture and
differences between rock and alteration
zones within the deposit.
• Discuss assumptions for bulk density		 LCID
2.73
LGC
2.85
Basement
2.65
estimates used in the evaluation process
of the different materials.
Classification
• The basis for the classification of the
Mineral Resources into varying • The Extension Mineral Resource has been
confidence categories. classified as Indicated, in accordance with
• Whether appropriate account has been The 2012 Australasian Code for Reporting of
taken of all relevant factors (ie relative Mineral Resources and Ore Reserves (JORC
confidence in tonnage/grade estimations, Code). A range of criteria has been
reliability of input data, confidence in considered in determining this classification
continuity of geology and metal values, including:
quality, quantity and distribution of the • Geological Continuity
data). • Geological continuity is understood with
• Whether the result appropriately reflects
the Competent Person’s view of the		 reasonable confidence given detailed logging
and mapping. The classification reflects this
deposit. level of confidence.
• Data Quality
• Resource classification is based on
information and data provided from the MI
database. Descriptions of drilling techniques,
survey, sampling/sample preparation,
analytical techniques and database
management/validation provided for both the
IOH and MI Data indicate that data collection
and management is well within industry
standards. Widenbar considers that the
database represents an accurate record of
the drilling undertaken at the project.
• Drilling Spacing
• Drill hole spacing of the diamond drill holes
in the model update area is 100 by 100m
withclose spaced sampling at 0.25m

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

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Criteria JORC Code explanation Commentary
intervals. In the other parts of the resource
area drilling is nominally 200m x 100m.
• Modelling Technique
• The Extension update resource model was
generated using an ID3 interpolation method,
with a multi-pass search approach. The first
search ellipsoid had dimensions of 125 x 125
x 1.5m with a minimum of 2 samples and a
maximum of 16. The second search, used
where not enough data was found in the first
search had dimensions 250m x 250m x 5m.
95% of blocks were estimated in the first
search pass.
• The search pass used, the number of
samples used and the average distance of
samples from each block, were all stored in
the block model.
• In general the search pass and average
distance are all broadly correlated with a
combination of drill hole spacing and domain
thickness.
• The above parameters were used as a
guide in combination with drill spacing to
arrive at a final resource classification.
• Final Classification
• All CID domains have been allocated to the
Indicated category. The classification criteria
for the previous IOH model are summarised
in Widenbar, 2012; the mineralised material
was classifiedintheIndicated Category
Audits or • The results of any audits or reviews of •There have been no audits or reviews
reviews Mineral Resource estimates.
Discussion • Where appropriate a statement of the • The relative accuracy of the Mineral
of relative relative accuracy and confidence level in Resource is reflected in the reporting of the
accuracy/ the Mineral Resource estimate using an Mineral Resource as being in line with the
confidence approach or procedure deemed guidelines of the 2012 JORC Code.
appropriate by the Competent Person. • The statement relates to global estimates of
For example, the application of statistical tonnes and grade, with reference made to
or geostatistical procedures to quantify resources above a certain cut-off that are
the relative accuracy of the resource intended to assist mining studies.
within stated confidence limits, or, if such • No production data is available for
an approach is not deemed appropriate, comparisons
a qualitative discussion of the factors that
could affect the relative accuracy and
confidence of the estimate.
• The statement should specify whether it
relates to global or local estimates, and, if
local, state the relevant tonnages, which
should be relevant to technical and
economic evaluation. Documentation
should include assumptions made and
the procedures used.
• These statements of relative accuracy
and confidence of the estimate should be
compared with production data, where
available.

Macro Metals Limited ACN 001 894 033 Level 3, 25 Prowse Street, WA 6008 [|] +61 (0) 8 6143 6707 [|] [email protected] [|] www. macrometals.com.au [|]

ASX:M4M

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