Announcement PDF ASX ANNOUNCEMENT 23 July 2024 Macro launches Mining Services Division & Acquires 80% Interest in DSO Manganese Assets Highlights • Macro Metals Ltd (Macro) has entered into a binding agreement with Firebird Metals Ltd (ASX: FRB) (Firebird) to acquire 80% interest in the Wandanya, Disraeli and Midgengadge Manganese Projects in the Eastern Pilbara region of Western Australia • If Macro makes a decision to mine for a Project and Firebird elects to participate, an incorporated 80:20 SPV will be formed which will enter into a life of mine, mining services contract (Mining Services Agreement) with Macro’s wholly owned, mining services subsidiary, Macro Mining Services Pty Ltd (MMS) • Under the Mining Services Agreement, MMS will exclusively provide all services across the entire pit to customer supply chain on a commercial, arms’ length schedule of rates • MMS will leverage Macro’s proven in-house exploration and fast-tracked development capabilities to acquire project equity interests in the exploration assets of other mining companies that warrant development and provide pit to customer mining services Wandanya Project: • Potential to deliver high grade Manganese Direct Shipping Ore (DSO) product in the near term in a rising manganese market • Consists of 3 Prospects: Wandanya, Donkey and Crossroads • Multiple shallow significant drilling results from Donkey Prospect include: • o 13m at 23.6% Mn from 1m (DKAT19), including 4m at 34.45% Mn from 6m o 9m at 25.2%Mn from 1m (DKRC041), including 3m at 39.9% Mn from 3m o 8m at 29.5% Mn from 10m (DKRC032) o 8m at 24.0% Mn from 1m (DKRC1) o 6m at 29.8% Mn from surface (DKRC4) o 5m at 40.8%Mn from surface, EOH in mineralisation (DKAT35) o 5m at 35.0%Mn from surface (DKRC024) o 6m at 30.8% Mn from surface (DKRC045), including 2m at 40.6% Mn from surface o 6m at 28.8% Mn from surface (DKRC6) o 4m at 36.2% Mn from 1m (DKRC7) Crossroads and Wandanya are two additional prospects defined by rock chip sampling with reported grades of up to 55.3% Mn and 54.55% Mn for Crossroads and Wandanya respectively ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 1 of 33 Macro Metals Limited (ASX:M4M) (Macro or the Company) is pleased to announce it has signed a binding Heads of Agreement with Firebird Metals Ltd (ASX: FRB) (Firebird) to acquire an 80% interest in each of the Wandanya, Disraeli and Midgengadge Manganese Projects (comprising (E46/1456, E46/1457, E46/1389 and E45/5906) (Projects), located in the East Pilbara region of Western Australia (Acquisition). The consideration payable by Macro for its 80% interest in the three Projects is: • minimum aggregate expenditure of A$150,000 across the three Projects within 12 months of completion of the Acquisition; and • at least 10 Reverse Circulation (RC) drill holes for a minimum of 100 metres drilled in total on each Project, the costs of which shall be included in calculation of the A$150,000 minimum aggregate expenditure. Macro will free carry Firebird at 20% on each Project through to the completion of a Project Execution Plan (which shall include a high level mine plan, and capital and operating budget estimates) and the giving of a decision to mine (DTM) by Macro. During this period, Macro will also be solely responsible for keeping the tenements in good standing by meeting the minimum annual expenditure commitments. Should Macro make a DTM in respect of a Project then: • Firebird may elect to retain its 20% interest and form an incorporated joint venture with Macro on a 20% Firebird : 80% Macro basis (SPV); or • convert its project equity interest into a 1% free on board (FOB) royalty on all product produced and sold from the Project. If an SPV is formed, then it will enter into a life of mine, mining services contract (Mining Services Contract) with Macro Mining Services Pty Ltd, a wholly owned subsidiary of Macro (MMS). Under the Mining Services Contract, the SPV must appoint MMS as the operator of all mining operations to be conducted by the SPV for the life of mine. MMS will be exclusively responsible for managing and/or self-performing all activities required to develop and operate each mine including, but not limited to, project development, construction, mine planning, drill and blast, mining load and haul, crushing, screening and processing, off-site haulage, port services and international shipping (Mining Services). MMS shall provide the Mining Services to the SPV on an arms’ length basis that includes commercial margins being applied to all overhead, capital and operating expenditure MMS incurs in providing the Mining Services. In addition, the SPV will enter into a sales and marketing agreement with Firebird pursuant to which Firebird will be entitled to receive a commission of 1% of the actual FOB value realised by the SPV from product sold by Firebird. Firebird may also give notice to the SPV electing to acquire any volume of product produced by the SPV at prevailing market prices for use in its own downstream processing operations. MMS aims to leverage the Company’s existing in-house capability of fast tracking permitting, exploration and development of exploration assets by entering into agreements with third parties that have suitable assets warranting development to secure a meaningful project equity stake as well as life of mine, mining services contracts for the entire pit to customer supply chain. Completion of the Acquisition is conditional upon due diligence to the absolute satisfaction of Macro and any necessary regulatory or third-party consents or approvals required before close of business on 30 September 2024 (or such time as otherwise agreed). ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 2 of 33 The Company advises that Mr Evan Cranston is a Director of both Macro and Firebird, and that three Macro Directors hold a relevant interest in Firebird as follows; Mr Tolga Kumova (9.37%), Mr Robert Jewson (2.15%) and Mr Evan Cranston (0.35%). This Acquisition has been approved by the independent Directors of Macro. Figure 1: Location plan of East Pilbara Manganese Portfolio Mr Simon Rushton, Managing Director said: “I am really pleased to have negotiated Macro’s first joint venture and launch our mining services division. My aim is to build core project development, construction and operational teams within Macro supported by an appropriately resourced corporate team. There is a minimum overhead required regardless of whether you are supporting one operation or several and the key to being sustainable through the commodity cycles is to get the unit cost of support and operational services down as quickly as possible. By providing mining services to third parties we can scale our teams quicker than by only providing services as we bring each of our own projects into operation. This means we have more resources, a wider array of skills and experience, redundancy and flexibility sooner; all of which are crucial for safely running a profitable, sustainable diversified mining and mining services business. We will look to take the organic mining services revenue and our 80% profit share from exploiting the DSO manganese and investing it into our iron ore projects as well as growing our mining services capabilities. Importantly, this potential revenue may enable us to evaluate and organically fund a future manganese beneficiation operation likely using simple dense media separation post crushing and screening. ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 3 of 33 I wish to extend my thanks to Peter and the team at Firebird for an enjoyable and respectful negotiation process between our two companies. I believe the deal should provide meaningful value add for our respective shareholders and we will now focus on completing our due diligence and thereafter getting these Projects unlocked and evaluated as quickly as possible with the aim of near term production at Wandanya. From a Macro shareholder perspective, to negotiate an 80% interest in three potentially highquality DSO manganese projects and look to fast track their development in the current favourable manganese market was opportunistic but too good to look past. While it is a divergence from iron ore, it is still very much a Pilbara based focus, and the DSO part of a manganese projects is very similar if not identical to an iron ore operation, in terms of requiring drill and blast, mining, crushing and screening and mine to port logistics. MMS providing these mining services will certainly not distract from the wider Macro technical services team’s focus on fast tracking Cane Bore, Turner and Goldsworthy East.” Wandanya Project - E46/1456 and E46/1457 The Wandanya Project is located 50km south-west of the Woodie Woodie Manganese Mine in the East Pilbara Region of Western Australia. The project is located 300km south-east of Port Hedland and access is via the all-weather Port Hedland-Marble Bar-Ripon Hills-Nifty Road. The Project is comprised of two granted exploration licences E46/1456 and 1457 covering a land area of 51km2. Figure 2: Wandanya Project - Prospect Location Plan ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 4 of 33 Donkey Prospect The Donkey prospect is located near the junction of the Redmont Creek and Davis River. Manganese mineralisation crops out in two discrete areas over a 500m long hill area adjacent to the river terrace of Redmont Creek. Mineralisation appears to be hosted by chert breccia and occurs as a small-massive and ferruginous manganese area developed in the north and south of the prospect area. Maximum mineralised depth to bedrock was estimated at 13m. Extensive drilling has been completed by Pilbara Manganese in 2014 over an area of approximately 390m by 320m. Within areas of high-grade surficial mineralisation, drilling was conducted on an approximate 10m by 10m spacing. Multiple significant intercepts identified and key results include: • • • • • • • • • • • • • • • 13m at 23.6% Mn from 1m (DKAT19) including 4m at 34.4% Mn from 6m; 9m at 25.2%Mn from 1m (DKRC041) including 3m at 39.9% Mn from 3m; 8m at 29.5% Mn from 10m (DKRC032); 8m at 24.0% Mn from 1m (DKRC1); 7m at 31.0% Mn from 11m (DKRC15); 7m at 20.9% Mn from 2m (DKRC9); 6m at 29.8% Mn from surface (DKRC4); 3m at 32.0% Mn from 2m EOH In mineralisation (DKAT13); 5m at 40.8%Mn from surface, EOH in mineralisation (DKAT35); 5m at 35.0%Mn from surface (DKRC024); 6m at 30.8% Mn from surface (DKRC045); 7m at 25.3% Mn from 2m, EOH in mineralisation (DKRC2); 7m at 23.5% Mn from surface (DKRC3); 6m at 28.8% Mn from surface (DKRC6); and 4m at 36.2% Mn from 1m (DKRC7). ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 5 of 33 Figure 3: Outcropping Manganese Mineralisation at Donkey Prospect Figure 4: Donkey Prospect Drill Collar Plan ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 6 of 33 Crossroads Prospect The Crossroads prospect consist of a flat-topped hill area located adjacent to the Nullagine-Ant HillSkull Springs cross-roads. The western edge of the prospect is marked by a 5m to 8m high scarp, with outcropping of rounded shiny black massive manganese occurring in a chert breccia. The hill is approximately 380m long and 80m to 220m wide. Outcropping away from the western edge of the hill is characterised by lateritic material and minor areas of manganese mineralised outcrop. The prospect covers an area of approximately 1km north to south and is 300m wide. Exploration activities have included rock chip sampling, with significant results including 55.2% Mn and 53.3% Mn. Figure 5: Crossroads Prospect - Rock Chip Samples (Mn%) ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 7 of 33 Wandanya Prospect Extensive rock chip sampling has been completed across the Wandanya Prospect by Shaw River Resources and Talisman Mining with grades of up to 64.96% Mn returned. The southern zone has mineralisation defined over an area approximately 1,000m by 800m. No drilling has been completed to date across this prospect. Figure 6: Wandanya Prospect - Rock Chip Samples (Mn%) ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 8 of 33 Disraeli Project- E46/1389 The Disraeli Project is located 230km north-north-east of Newman and 50km south of the Woodie Woodie Manganese Mine. Access from Newman is via the Balfour Downs gravel road. Exploration conducted has included rock chip sampling, Dipole-Dipole Induced Polarisation (DDIP) and limited drilling of the DDIP survey targets. Drilling of the DDIP targets intersected manganese mineralisation: • • 17m at 14.1% Mn from 76m (SWW320); and 11m at 15.1% Mn from 93m (SWW322). Multiple prospects within the Project have been rock chip sampled and have provided encouraging results with no drill testing to date. A comprehensive program of collating the available exploration information on the Project has commenced. Midgengadge Project- E45/5906 The Midgengadge Project is located approximately 30km (75km via road) northwest of the Woodie Woodie Managanese Mine. Key Terms of the Acquisition • Subject to due diligence and any required third party consents to be satisfied or waived by Macro on or before 30 September 2024 (or such later date as the parties may agree), Macro will acquire an 80% interest in each of E46/1456, E46/1457, E46/1389 and E45/5906 from Firebird, an unrelated party. • Macro to pay the following consideration for its 80% interest in the three Projects: o spend an aggregate $150,000 on exploration activities across the three Projects over the next 12 months; and o drill a minimum of 10 RC holes and a minimum total of 100m drilled on each Project with costs to count towards aggregate expenditure commitment. • Macro will free carry Firebird at 20% on each Project through to a decision to mine by Macro. • A decision to mine must be accompanied by a mineral resource estimate and a Project Development Plan prepared by Macro and that includes Macro’s high level mining plan and budget estimate pricing for the development and operation of a mineral on the Project. • Should Macro make a decision to mine in respect of a Project, Firebird can elect by written notice within 30 days to either: • o retain its 20% interest and form an incorporated joint venture with Macro for that Project; or o convert its equity interest in that Project to a 1% FOB royalty on all product produced and sold from the Project. Upon formation of an SPV: o ASX:M4M The SPV will enter into a life of mine, mining services contract with Macro’s wholly owned mining services subsidiary, MMS, pursuant to which MMS will provide and/or manage all services in the pit to customer supply chain on an arms’ length, commercial basis via a schedule of rates. Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 9 of 33 o a sales and marketing agreement with Firebird pursuant to which Firebird will: ▪ receive a commission of 1% of actual realised FOB value on all product produced by MMS and sold by Firebird; or ▪ have the right to acquire product produced by MMS from the Project at prevailing market prices for use in Firebird’s own downstream processing operations. • If Macro determines not to give a decision to mine in respect of a Project, then Firebird will have the right to re-acquire that Project from Macro for nominal consideration. • The agreement otherwise contains terms and conditions considered standard for agreements of this nature. 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 8 6143 6707 info@macrometals.com.au Alex Cowie NWR Communications +61 412 952 610 alexc@nwrcommunications.com.au About Macro Metals Limited Macro’s Iron Ore portfolio has the potential for multiple sources of iron ore production utilising the well-established and proven export infrastructure of the Pilbara and emerging infrastructure in the West Pilbara. The Company is focussing on expediting the development of its Cane Bore, Catho Well, Turner and Goldsworthy projects. Utilising a fit for purpose, safety and results focused, rapid development approach across the Macro assets the Board sees substantial scale and the real potential for Macro to quickly become a multi mine iron ore producer. Competent Person’s Statement The information in this announcement that relates to the East Pilbara Manganese Portfolio is based on information compiled and fairly represented by Mr Robert Jewson, who is a Member of the Australian Institute of Geoscientists and 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. ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 10 of 33 Forward Looking Statements This announcement may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of the Company. Actual values, results or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law, the Company does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions, or circumstances on which any such forward looking statement is based. ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 11 of 33 Appendix 1: Exploration Results and Location Information Table 1: Wandanya Prospect Rock Chip Results Sample Easting Northing Mn % Al2O3 % CaO % MgO % Na2O % SiO2 % TiO2 % RC010 280233 7570017 41.59 5.13 0.63 7.21 3.83 12.17 0.25 0.86 0.033 0.251 5.9 0.06 SJE1001 280933 7569932 41.66 1.01 0.34 13.97 1.62 11.86 0.13 0.12 0.054 0.086 4.15 0.02 SJE1002 280979 7570037 54.55 1.26 0.35 2.34 2.07 12.24 0.14 0.13 0.025 0.035 2.59 0.02 SJE1003 280962 7570659 7.7 2.24 0.34 44.15 0.62 9.37 0.18 0.25 0.106 0.312 10.59 0.14 SJE1004 281059 7570914 48.29 1.98 0.53 2.68 2.91 11.9 0.29 0.56 0.048 0.075 7.08 0.04 SJE1005 281094 7571151 15.81 1.73 0.09 37.87 0.6 10.2 0.16 0.19 0.03 0.142 8.17 0.06 SJE1006 281181 7571155 37.4 2.17 0.22 10.44 2.12 10.85 0.16 0.32 0.079 0.147 13.54 0.04 SJE1007 280835 7569970 23.75 2.84 0.19 25.71 1.38 11.16 0.28 0.14 0.059 0.114 10.8 0.08 SJE1008 280697 7569874 41.32 2.91 0.64 11.58 3.15 12.14 0.12 0.44 0.058 0.318 3.04 0.02 SJE1009 280559 7570113 38.04 3.01 0.39 6.1 3.35 10.53 0.38 0.65 0.02 0.217 18.02 0.03 SJE1010 280499 7570073 32.2 3.34 0.49 5.03 2.96 9.05 0.17 0.34 0.009 0.266 29.63 0.07 SJE1011 280282 7570053 46.64 5.41 0.22 2.63 4.07 12.21 0.21 0.33 0.021 0.019 7.95 0.07 SJE1012 280236 7570016 34.54 4.96 0.47 13.52 3.2 11.81 0.35 0.67 0.025 0.196 8.1 0.06 WD011 280652 7569842 0.5 3.83 2.41 27.84 0.47 5.63 1.21 0.08 0.072 0.151 46.55 0.12 WD012 280622 7569855 1.05 2.03 0.07 5.3 0.66 2.68 0.33 0.03 0.029 0.02 85.72 0.09 WD013 280559 7569823 16.92 3.44 0.11 11.43 0.98 5.48 0.11 0.05 0.039 0.012 49.57 0.16 WD014 280555 7569808 12.7 2.73 0.09 12.51 0.73 4.22 0.04 0.05 0.043 0.009 56.6 0.12 WD015 280531 7569801 6.29 2.66 0.09 17.13 0.38 2.97 0.03 0.03 0.062 0.048 61.81 0.09 WD016 280504 7569836 5 4 0.27 9.5 2.02 4.27 0.48 0.02 0.014 0.051 69.62 0.19 WD017 280408 7569934 43.26 5.49 0.25 3.5 2.89 11.66 0.28 0.43 0.03 0.008 10.77 0.14 WD018 280324 7569985 36.37 8.1 0.07 11.95 1.79 12.14 0.05 0.2 0.04 0.014 5.41 0.24 WD019 280243 7570020 24.89 5.53 0.23 21.3 2.57 10.93 0.39 0.32 0.041 0.069 11.54 0.13 WD020 280525 7570034 41.52 6.85 0.21 4.69 3.67 12.51 0.16 0.3 0.013 0.037 7.64 0.06 WD021 280522 7570041 23.35 2.76 0.39 6.45 2.1 7.44 0.06 0.23 0.008 0.25 44.42 0.06 WD022 280550 7570075 13.35 1.26 0.29 39.17 1.08 10.89 0.22 0.1 0.233 0.116 9.08 0.04 WD023 280565 7570107 3.3 2.19 0.2 49.46 0.64 10.66 0.23 0.07 0.192 0.125 9.2 0.08 WD024 280507 7570098 20.55 1.2 0.29 28.58 1.55 10.74 0.14 0.15 0.149 0.126 12.6 0.04 WD025 280577 7570128 0.77 1.67 0.08 6.12 0.11 1.93 0.05 0.03 0.017 0.071 88 0.09 WD026 280772 7570056 7.69 2.83 0.11 39.69 0.8 10.04 0.18 0.14 0.145 0.093 18.23 0.11 WD027 280770 7570013 1.35 2.12 0.21 58.52 0.2 5.19 0.15 0.03 0.041 0.196 5.9 0.05 WD028 280832 7569978 30.59 2.94 0.14 18.52 2.04 11.26 0.2 0.19 0.053 0.049 10.7 0.1 WD029 280975 7570659 0.6 2.21 0.29 51.85 0.31 9.01 0.12 0.23 0.162 0.328 12.51 0.09 WD030 280921 7570713 0.14 1.26 0.49 50.9 0.07 10.11 0.03 0.31 0.124 0.386 15.52 0.04 WD031 281065 7570909 47.27 2.39 0.57 1.7 3.2 12.25 0.32 0.67 0.041 0.069 6.53 0.05 WD032 281092 7571154 9.32 2.92 0.07 43.19 0.54 9.27 0.08 0.15 0.039 0.17 11.13 0.08 WD033 281157 7571158 24.31 2.23 0.13 29.69 0.92 9.59 0.08 0.19 0.038 0.139 6.65 0.04 WD034 281184 7571152 39.29 2.61 0.24 9.55 2.56 11.26 0.22 0.32 0.064 0.073 10.13 0.05 WD035 280297 7569989 7.71 1.46 0.08 5.24 0.62 3.08 0.02 0.08 0.014 0.049 77.74 0.02 WD036 280310 7569980 33.3 3.52 0.28 11.61 1.64 11.92 0.25 0.15 0.081 0.023 5.91 0.05 WD037 280329 7569954 34.18 5.77 0.08 15.93 1.75 11.54 0.03 0.12 0.042 0.023 6.66 0.26 ASX:M4M Fe % K2O % LOI % P% S% Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 12 of 33 Sample Easting Northing Mn % Al2O3 % CaO % MgO % Na2O % WD038 280307 7569895 24.2 5.63 0.06 6.73 1.79 8.15 0.04 0.34 0.018 WD039 280366 7569792 35 7.3 0.22 8.69 2.45 12.54 0.16 0.34 WD040 280129 7569555 2.17 13.17 0.02 41.85 0.24 9.99 0.03 WD041 280183 7569443 28.3 15.84 0.39 9.86 1.43 14.53 WD042 280182 7569600 1.01 19.31 0.04 33.53 0.15 WD043 280457 7569832 41.56 6.2 0.32 4.96 WD044 280442 7569780 1.24 1.12 0.08 WD045 280481 7569615 42.16 7.33 WD046 280714 7569623 7.71 WD047 280625 7569578 WD048 280467 WD049 280474 ASX:M4M Fe % K2O % LOI % P% S% SiO2 % TiO2 % 0.013 39.62 0.2 0.01 0.007 13.61 0.05 0.03 0.057 0.059 13.82 0.77 0.19 0.21 0.039 0.02 11.58 1.13 12.46 0.1 0.02 0.061 0.052 18.76 1.14 3.77 11.84 0.12 0.22 0.024 0.045 10.09 0.05 2.79 0.21 1.48 0.07 0.02 0.003 0.022 92.55 0.04 0.44 4.07 3.4 12.79 0.51 0.46 0.072 0.057 9 0.07 1.64 0.34 50.62 0.69 3.45 0.03 0.07 0.038 0.187 11.17 0.07 40.56 6.98 0.22 3.85 2.98 12.29 0.14 0.48 0.008 0.04 11.84 0.08 7569614 29.46 3.47 3.34 11.2 2.52 13.93 1.89 0.66 0.078 0.041 15.91 0.03 7569626 36.43 9.01 0.53 2.84 3.23 12.01 0.48 0.39 0.054 0.017 18.77 0.15 Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 13 of 33 Table 2: Donkey and Crossroads Rock Chip Results Sample Easting Northing Al2O3% CaO % Fe % K2O% LOI% MgO% Mn% SiO2 % SO3% TiO2% DKJP056 284532 7575790 2.16 0.12 24.5 1.52 12.7 0.05 33.1 2.34 0.03 0.08 DKJP057 284577 7575907 1.11 0.15 14.3 1.26 12.8 0.07 44.1 2.48 0.11 -0.01 DY001 284736 7575990 2.35 0.83 21.1 1.34 14.1 0.56 34.1 4.2 0.12 0.09 DY002 284720 7575997 1.5 0.24 2.21 2.44 12.6 0.25 55.2 2.57 0.06 0.06 DY003 284789 7575957 2.39 0.81 13.6 0.94 14.1 0.5 42.3 3.28 0.11 0.04 DY004 284579 7575919 1.44 0.26 3.32 2.15 13 0.21 55.3 1.64 0.07 0.02 DY005 284597 7575829 6.67 0.13 8.8 1.37 13.7 0.15 43.2 5.18 0.09 0.58 DY006 284528 7575796 2.67 0.1 16.6 1.58 13.5 0.11 39.6 1.9 0.05 0.1 DY007 284519 7575745 1.95 0.09 7.87 1.05 13.1 0.06 50.9 1.4 0.06 0.04 DY008 284490 7575732 1.12 0.03 56.1 0.11 11.2 0.07 1.72 2.39 0.11 0.06 DY009 284503 7575796 2.08 0.09 31.4 1.65 12.5 0.28 25.7 3.21 0.08 0.09 DY010 284486 7575761 4.02 0.07 17.6 2.07 13.5 0.15 37.4 3.53 0.08 0.15 DY011 284467 7575754 2.17 0.23 25.5 2.37 12.7 0.23 27.7 7.15 0.09 0.09 DY012 284399 7575726 6.47 0.04 25.6 1.59 13.6 0.09 27.4 3.99 0.1 0.34 DY013 284411 7575701 6.94 0.07 8.56 1.93 14.4 0.12 44.1 3.28 0.08 0.41 DY014 284393 7575601 3.75 0.13 3.03 2.29 13.4 0.14 53.3 1.1 0.05 0.07 DY015 284386 7575544 7.54 0.05 29.6 0.66 13.6 0.19 22.6 4.51 0.22 0.3 PM102326 284750 7574422 1.22 0.1 4.88 1.35 12.6 0.06 52.6 5 0.06 0.03 PM106821 284722 7574539 2.36 0.08 9.43 1.6 13 0.03 48.9 0.92 0.04 0.06 PM106822 284605 7575071 3.11 0.13 18 0.89 12.8 0.08 34.5 8.89 0.08 0.1 PM106823 284577 7575104 3.27 0.12 11.4 2.04 13.2 0.05 41.7 6.15 0.08 0.1 PM106824 284778 7574396 1.31 0.07 3.84 1.24 10.7 -0.01 45.3 17.3 0.06 0.03 PM106825 284642 7574993 1.26 0.09 18.6 1.05 13.2 0.04 40 2.43 0.05 0.04 ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707 | info@macrometals.com.au | www. macrometals.com.au | Page 14 of 33 Table 3: Donkey Drill Results Hole Type Easting Northing Maximum Depth Azimuth Dip DKAT1 AC 284727.6 7574550 6 0 -90 DKAT10 AC 284446.8 7574357 3 0 -90 DKAT11 AC 284438.7 7574335 3 0 -90 DKAT12 AC 284629.6 7574372 13 0 -90 DKAT13 AC 284634 7574363 6 0 -90 DKAT14 AC 284638.4 7574355 6 0 -90 DKAT15 AC 284642.7 7574347 6 0 -90 DKAT16 AC 284647 7574339 21 0 -90 DKAT17 AC 284655.1 7574343 6 0 -90 DKAT18 AC 284663.1 7574348 4 0 -90 DKAT19 AC 284671.3 7574352 14 0 -90 DKAT2 AC 284744.7 7574555 6 0 -90 DKAT20 AC 284667.1 7574360 13 0 -90 DKAT21 AC 284679.5 7574356 19 0 -90 DKAT22 AC 284675.6 7574344 18 0 -90 DKAT23 AC 284662.1 7574389 9 0 -90 DKAT24 AC 284670.3 7574393 12 0 -90 DKAT25 AC 284665.9 7574401 12 0 -90 DKAT26 AC 284752.2 7574406 19 0 -90 DKAT27 AC 284748 7574414 9 0 -90 DKAT28 AC 284784.7 7574423 7 0 -90 DKAT29 AC 284740.5 7574457 6 0 -90 DKAT30 AC 284733.7 7574469 9 0 -90 DKAT31 AC 284755.5 7574350 15 0 -90 DKAT32 AC 284689.2 7574456 9 0 -90 DKAT33 AC 284685 7574464 6 0 -90 DKAT34 AC 284676.8 7574460 7 0 -90 DKAT35 AC 284668.6 7574455 8 0 -90 DKAT4 AC 284761.9 7574572 6 0 -90 DKAT5 AC 284736.5 7574575 6 0 -90 DKAT6 AC 284685.5 7574480 3 0 -90 DKAT7 AC 284669.7 7574478 5 0 -90 DKAT8 AC 284659.7 7574466 4 0 -90 DKAT9 AC 284454.2 7574345 8 0 -90 DKRC019 RC 284677.6 7574591 40 0 -90 DKRC020 RC 284681.6 7574534 34 0 -90 DKRC021 RC 284708.1 7574560 34 0 -90 DKRC022 RC 284737.3 7574528 34 0 -90 DKRC023 RC 284768 7574443 34 0 -90 DKRC024 RC 284763.8 7574411 28 0 -90 DKRC025 RC 284736.2 7574472 34 0 -90 DKRC026 RC 284742.3 7574383 22 0 -90 ASX:M4M Macro Metals Limited ACN 001 894 033 Suite 23, 513 Hay Street, Subiaco WA 6008 | PO Box 1311, Subiaco WA 6904 +61 (0) 8 6143 6707