Just had a read of the latest quarterly and it’s pretty interesting. As of 31 March, Macro had $2.048 million in cash but reported a net operating cash outflow of $1.547 million, giving them only about 1.3 quarters of runway without further funding, based on their own estimates. While the final funding tranche from Paramount is expected before 30 June 2025, the business is still exposed to any delays or changes in terms. That next tranche is critical and will be drawn down “as needed,” so any holdup could put pressure on their liquidity. The mining services contract at the Extension Iron Ore Project sounds promising, but there’s still no detail on the contract value, margins, or expected cash flows. Exploration spending is also still high across a lot of early-stage assets, which could keep draining cash until something more advanced kicks off. Overall, it’s early days, they’re laying a solid foundation, but it’s still very high risk. If they pull it off though, it could really pay off!
M4M Price at posting:
1.0¢ Sentiment: Hold Disclosure: Not Held
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