Macro Metals LimitedM
Macro Metals Limited (ASX: M4M; formerly Kogi Iron Limited, renamed December 2022) is a Western Australian exploration, mining services and resource development group. Its wholly owned Macro Mining Services provides contract mining, haulage and related services in the Pilbara, alone and through three majority Indigenous-owned mining services companies in which it holds 49%; the group invoiced its first material mining services revenue in the year to 30 June 2026. Its main iron ore interest is a 27.3% equity stake in Project Rusty Pty Ltd, owner of the Extension direct-shipping iron ore project in the East Pilbara, which has a JORC (2012) Indicated Mineral Resource of 16.1 million tonnes at 54.2% Fe, Ministerial approval for a 24 million tonne-per-year operation, allocated port access and an approved 200,000-tonne bulk sample; Macro Mining Services holds the life-of-mine mining services contract there. The company also holds 100% of the West Pilbara CID tenement, which hosts a JORC (2012) Indicated Mineral Resource of 11.5 million tonnes at 53.1% Fe, and pre-resource iron ore targets including Catho Well and Turner River. In July 2026 it signed a binding heads of agreement to buy the Yandi South iron ore project, and it is divesting its Agbaja interests in Nigeria. It also runs a gold mining services and modular processing business with partners.
Notable vs. Peers
- Financials score of 1.5/10 is weaker than the peer average of 5/10.
Lifecycle Milestones
Not yet determined: mill, tailings facility, grid power.
Combined view across 3 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Western Australia (Pilbara) is a Tier-1, well-established Australian mining jurisdiction. The Agbaja iron ore interests in Nigeria, which the company is divesting, are context and not part of this score.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Extension Iron Ore Project, East Pilbara, Western Australia (checked Oct 7, 2026; recheck due Apr 5, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Karlawinda (Capricorn Metals Ltd), 161 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:1.3/10
Nearest producing mine: Karlawinda (Capricorn Metals Ltd), 161 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Non-Executive Chairman of Macro Metals Limited (ASX: M4M). 15+ years' experience in stockbroking, public offerings and corporate restructuring; raised over $500M for publicly-listed mining companies; currently a director of Aston Minerals Ltd.
Managing Director of Macro Metals Limited (ASX: M4M). Co-founder and inaugural MD of Hedland Mining (private junior producer); instrumental in site establishment and the mining restart at the Poondano project for Mineral Resources Ltd; founded Australasian Sands International; currently Non-Executive Director of Hazer Group Ltd, Non-Executive Chair of Reed Industrial Minerals and Operations Director at Destec Contracting.
Executive Director (Projects) of Macro Metals Limited (ASX: M4M). Source: macrometals.com.au/company/board-directors (no further independently-confirmed bio detail located to this project's citation standard).
Non-Executive (and Technical) Director of Macro Metals Limited (ASX: M4M) and Executive Chair of Mammoth Minerals Limited (ASX: M79); also managing director of Geonomics Australia Pty Ltd. Geologist with about 19 years' experience with multi-sized mining and exploration companies across jurisdictions and commodities -- due diligence, corporate structuring, business development, exploration management, acquisitions and divestments, and operational geology; co-founder of Macro's own iron-ore portfolio strategy. Sources: macrometals.com.au/company/board-directors and mammothminerals.com.au/management/.
Non-Executive Director of Macro Metals Limited (ASX: M4M). Source: macrometals.com.au/company/board-directors (no further independently-confirmed bio detail located to this project's citation standard).
Company Secretary of American Uranium Limited (ASX: AMU) and of Macro Metals Limited (ASX: M4M, appointed effective 31 Aug 2026, succeeding Stephen Buckley). Chartered Secretary and Fellow of the Governance Institute of Australia, and an active member of its WA State Governance Council, with 15-18 years' experience facilitating ASX and private-company regulatory compliance and governance, with core strengths in the ASX Listing Rules. Previously a senior adviser at the ASX, where he reviewed and approved the listing of over 40 companies, and is a principal of a professional company-secretarial practice serving numerous ASX-listed resource issuers.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Macro Metals is a Western Australian exploration, mining services and resource development group whose wholly owned Macro Mining Services provides contract mining, haulage and related services in the Pilbara, alone and through three majority Indigenous-owned companies in which it holds 49%. Its main iron ore interest is a 27.3% stake in Project Rusty Pty Ltd, owner of the Extension direct-shipping iron ore project in the East Pilbara, which has an indicated resource of 16.1 million tonnes at 54.2% Fe, Ministerial approval for a 24 million tonne-per-year operation and an approved 200,000-tonne bulk sample. It also holds 100% of the West Pilbara CID tenement, with an indicated resource of 11.5 million tonnes at 53.1% Fe, and pre-resource targets including Catho Well. In July 2026 it signed a binding heads of agreement to buy the Yandi South iron ore project, and it is divesting its Agbaja interests in Nigeria.