PERTH: Macro Metals Limited has executed a binding agreement to sell its Nigerian iron ore subsidiary to a Nigerian resources company for $5.67 million in cash, the company announced.

The ASX-listed company said it and its wholly owned subsidiary KCM Mining Holdings Pty Ltd agreed to sell 100% of the shares in KCM Mining Limited, which owns the Agbaja Iron Ore Project in Kogi State, Nigeria. The buyer is RSIN.SG Pte. Ltd, part of the RSIN Group, which has operated mining, mineral processing, smelting and steel interests in Nigeria for nearly two decades.

Macro said it expects net proceeds of about 5.25 million Australian dollars ($3.5 million) after transaction costs, based on an exchange rate of 70 U.S. cents per Australian dollar. The company said all transaction costs are success-based and payable to third parties unrelated to Macro.

The buyer must pay a $700,000 down payment into escrow by Nov. 7. The deposit is non-refundable unless Macro fails to complete the sale, a material adverse change prevents completion, or confirmatory drilling returns iron grades at least 5 percentage points below historical assay results.

Completion is scheduled for Dec. 7 and is subject to a limited set of conditions, including regulatory approval for confirmatory drilling, delivery of intellectual property assignment documents, a five-year extension of the Community Development Agreement and confirmation that the transaction does not require merger notification to Nigeria’s Federal Competition and Consumer Protection Commission.

An escrow agent will hold back $350,000 of the purchase price for 12 months as security against warranty claims, with the balance plus accrued interest released to the sellers if no claims are made.

Macro said it expects to have about 7.7 million Australian dollars in cash after completion. Managing Director Simon Rushton said the sale allows the company to focus on its Western Australian mining services and resource development businesses, including drilling programs at the Yandi South, Mogul VMS and Gibraltar East Gold projects and work on the Paris Tailings and Low Grade Ore stockpiles project with Austral.

“Combined with the small capital raise the Company successfully completed in October 2026, Macro kicks off 2027 with the strongest balance sheet in the Company’s history,” Rushton said in a statement.