Nexus Minerals (ASX: NXM) has entered a non-binding six-month Memorandum of Understanding (MoU) with Macro Gold Mining Services (MGMS) to advance its Crusader-Templar gold deposit.
Under the proposed terms, MGMS—a subsidiary of Macro Metals Limited (ASX: M4M)—will fund and deliver mine development and mining operations for the Crusader-Templar open-pit gold deposit.
Following cost recovery, Nexus will receive 60% of the profit, with MGMS receiving 40%.
Discussions are now underway with third-party processing plants to secure an acceptable ore sale and purchase agreement (OPA) or toll treatment arrangement, with a final binding agreement between Nexus and MGMS anticipated once this definitive processing solution is determined.
Key permitting progress includes the native vegetation clearing permit for the Crusader-Templar gold deposit, with other essential permitting items including tenements, MDCP, and works approval noted as approved.
Crusader-Templar Resource Base
The Crusader-Templar gold deposit is part of Nexus Minerals' 100% owned Wallbrook Gold Project.
It holds a combined Mineral Resource Estimate (MRE) of 304,000 ounces of gold at a 0.4 g/t Au cut-off, compliant with JORC 2012 standards.
To further test resource extensions and regional prospects, including Clement, Payns, and Branches, a ~22,000m Reverse Circulation (RC) drilling program is currently underway.
It is important to note that an ore reserve for Crusader-Templar has not yet been defined, indicating that technical and economic de-risking for the project is still in progress.
Wallbrook Exploration Progress
Nexus Minerals has previously reported strong exploration results across its broader Wallbrook regional portfolio, including successful aircore (AC) and RC drilling campaigns.
Earlier drilling programs that included 6,155m of RC drilling and 10,113m of AC drilling yielded high-grade intercepts and confirmed extensional growth across multiple prospects.
Currently, five prospects within the Wallbrook region—Branches, Payns, Clement, Amand, and Godfrey—are advancing towards Resource Definition drilling.
This ongoing work aims to expand the near-surface gold ounce inventory.
Permitting for the Crusader-Templar project continues to progress, with additional approvals received for its Mine Proposal and Closure Plan pathway, supporting a potential multi-stage open-pit operational concept.
Financial Position and Risks
As of 31 December 2025, Nexus Minerals reported cash and cash equivalents of approximately A$7.8 million.
Based on reported net cash used in operating activities, this provides an estimated 4.5 quarters of funding.
While the MOU with MGMS is a significant step, it remains non-binding, with exclusivity extending until 31 October 2026, and its progression to a binding profit share agreement is contingent upon securing an acceptable OPA or processing solution.
Other operating permits and documentation, such as those for explosives and operating licences, are still in drafting or pending.
The absence of a defined ore reserve also means that the technical and economic de-risking for the project is not yet fully complete.
Key investor risks include the successful execution of a binding agreement, securing a definitive processing solution, and obtaining all necessary final approvals.
