M4M - Macro Metals

[System]

Kogi Iron Limited (KFE) was formerly known as Energio Limited (EIO).

Previous discussion of this company can be found in the EIO thread: https://www.aussiestockforums.com/forums/showthread.php?t=20362

 

[greggles]

Some kind of attempted board spill going on at Kogi Iron.

The company announced on 11 May that it has received a Notice under section 249D of the Corporations Act from registered shareholders of at least 5% of the votes that may be cast at a general meeting, requesting that the directors of the company call and arrange to hold a general meeting of the company. The resolutions to be put to shareholders will be for the election of three new directors Mr Philip Ashley, Dr Malcolm Brandon and Mr John Maclean, and for the removal of Mr Don Carroll, Mr Michael Tilley and Mr Martin Wood.

There is no further information at this time but the KFE share price has been heading north since the announcement, leading me to conclude that the market thinks a board spill would be in the best interests of shareholders.

Will be interesting to see how all this plays out.

 

[greggles]

Well, the KFE board spill did not succeed and the share price subsequently went south, bottoming at 8c last month.

Today, however, KFE has seen a minor reversal of fortunes as its share price changed direction and headed north, finishing the day at 12c, up 30.43% on Friday's close. The volume was only average at 777,570 shares, so it's either a case of seller exhaustion or news coming as there has been no announcements released by the company in 2019.

The following article was published just before Christmas and is perhaps some evidence of better times ahead for Kogi Iron: https://www.stearsng.com/article/the-african-party-is-australia-invited#

 

[explod]

Interesting changes with KFC, traded it many years back but governmental issues brought it down. The mine itself has great potential and it appears to be untangling on the management side. In a trading halt as we speak but well worth a punt for our Feb competition in my HUMBLE view.

 

[explod]

My last post is incorrect, mixed thinking of KFE. However,......
this has been on my books also and picked it today due to the chart. This is sitting on great ore in Africa and is still well worth the run the way metals are going and China's interest/interaction with them also

 

[frugal.rock]

Kogi SP rewarding holders.

 

[frugal.rock]

From market update today.

KFE’s vision and strategy for the Agbaja project is:
“To construct and operate an integrated production of iron ore to local steel production for import replacement.
To build a cast steel plant on the Agbaja Plateau in Kogi State, Nigeria.
To utilise the Company’s iron ore deposits and supply cast steel feedstock to steel manufacturing and product fabricators in Nigeria”.

I wonder if their dream will ever come to fruition....

Still holding a small parcel, price has dropped like lions prey after the recent speccie bumrush on iron stocks....

 

[System]

On December 16th, 2022, Kogi Iron Limited (KFE) changed its name and ASX code to Macro Metals Limited (M4M).

 

[Dona Ferentes]

6th March 2024
Highly Regarded Board Appointed to Expedite Development of Macro’s Pilbara Iron Ore Portfolio

Highlights
- Mr Simon Rushton appointed as Managing Director
o Mr Rushton has extensive operational and corporate expertise in mining, logistics and exports as well as in private legal practice
o Mr Rushton is a co-founder and the inaugural managing director of Hedland Mining, a privately owned junior iron ore producer. He was instrumental in managing the site establishment and commencement of mining at the Poondano Iron Ore Mine in Port Hedland.
o Simon is the operations director of Destec Contracting, a specialist mining services business with established contracts with Tier 1 multinational mining companies.
o Prior to Hedland Mining and Destec Contracting, Mr Rushton founded Australasian Sands International Pty Ltd and, as managing director, successfully established a mine to Singapore supply chain in order to perform a 1.1Mt concreting sand contract with Singapore’s Housing Development Board.
o Previously Mr Rushton spent 12 years with Mineral Resources Limited (ASX:MIN) as executive general manager and company secretary.
- Mr Evan Cranston appointed as Non-Executive Director
- Mr Tolga Kumova appointed as Non-Executive Director
- Mr Robert Jewson appointed as Executive Technical Director
- Mr Peter Huljich to remain Non-Executive Chairman and Messers Campbell Smyth and Ashley Pattison to retire from the Board, effective close of business 6 March 2024
- Incoming Board have subscribed for $1.22 million out of the total $1.35m placement to reflect their commitment to the strategy and alignment with generating shareholder value
- Macro acquires six additional highly prospective iron ore exploration licences across the Midwest and West & Central Pilbara to bolster Macro’s existing iron ore portfolio.

M4M - Money for Management
M4M - moolah for mates

placement at $0.002

 

[Dona Ferentes]

Now pushing above $100mill market cap

1. No
2. N/A
3. If the answer to question 1 is “no”, is there any other explanation M4M may have for the recent trading in its securities?
Response: The Company has recently completed a non-deal roadshow where the M4M Managing Director, Mr Simon Rushton, has been presenting to a number of brokerage houses, both on the west coast and east coast of Australia. This presentation was lodged on the ASX platform on 26 April 2024. This is the first formal engagement with brokerage houses since the new Board was appointed in March 2024. We also note over the corresponding period there has been a sustained increase in the iron ore price. The Company is not aware of any other explanation for the recent trading in its securities.
4. In Compliance

 

[Dona Ferentes]

M4M made it to $0.052 during the day, but didn't hold rally , or second breath, & sold off at close. Still up 10 per cent for the day.

.
after Friday's ASX speeding ticket, it was mentioned in dispatches when along-trend tenement holder Burley BUR copped one, today.