Macarthur Minerals Limited (MIO), an iron ore development and lithium exploration company focused on bringing its Western Australia iron ore projects into production, has provided updated information concerning its 2025 Annual General Meeting (AGM) scheduled for August 29, 2025. The update pertains specifically to Resolution 14, which seeks shareholder approval for the company to issue shares to Gold Valley Yilgarn Pty Ltd (GVY) under the terms of an underwriting agreement. This issuance would allow GVY to increase its interest in Macarthur Minerals above 19.99%, up to a maximum of 26.28%.
The update also addresses a further conversion of notes by Copulos Group. Following the issue of 6,000,000 fully paid ordinary shares at $0.015 per share to Eyeon No 2 Pty Ltd, another entity within the Copulos Group, the group now holds approximately 19.95% of Macarthur Minerals’ issued share capital. An earlier announcement had incorrectly stated their interest as approximately 14%, but the company has corrected this to reflect the actual holding of approximately 18% at the time. A remaining balance of $50,000 under the convertible notes could potentially be converted into an additional 3,333,334 shares before the notes’ maturity date in May 2026.
As a result of the recent share issuances, the total number of shares issued by Macarthur Minerals has increased to 290,840,961. Consequently, the number of shares to be issued to GVY under Resolution 14 remains at 21,990,746, but the maximum voting power that GVY can obtain if Resolution 14 is approved is reduced to a maximum of 24.76%. If Copulos Group converts its remaining notes into shares, GVY’s maximum interest would further decrease to approximately 24.5%, while Copulos Group would have a maximum interest of around 19.4% if Resolution 14 passes. Should Resolution 14 not be approved, GVY’s maximum interest would be reduced to around 19%.
The Macarthur Minerals board continues to recommend shareholders vote in favour of Resolution 14, urging them to consider the updated information when making their decision at the upcoming AGM. The company has authorised the release of this announcement to the ASX. For further details, investors are encouraged to contact Cameron McCall, Executive Chairman and CEO, at the provided contact information.
