Nexus Minerals Ltd (ASX:NXM, FRA:YAK) has taken a formal step towards mining the Crusader-Templar gold deposit at its 100%-owned Wallbrook Gold Project in Western Australia, signing a memorandum of understanding with Macro Gold Mining Services Pty Ltd (MGMS).
The MoU covers a planned open-pit gold mining operation at Crusader-Templar, which sits around 140 kilometres northeast of Kalgoorlie and hosts a combined JORC 2012 mineral resource estimate of 304,000 ounces at 1.7 g/t gold.
Existing Crusader-Templar Deposit Combined JORC 2012 Mineral resource (at 0.4g/t Au cut-off grade)
Under the proposed arrangement, MGMS would fund mine development, mining and operating costs, with profits to be split 60% to Nexus and 40% to MGMS after cost recovery.
MGMS is a gold-focused mining services business formed by Macro Mining Services, a wholly owned subsidiary of Macro Metals Ltd (ASX:M4M), and Goldfields Technical Services.
The MoU is non-binding, except for exclusivity and confidentiality provisions, and runs for six months from May 1, 2026. It is intended to be replaced by a binding profit-share agreement once a processing pathway is finalised.
“Macro Gold Mining Services is very pleased to have formalised our working relationship with Andy and the team at Nexus via this MOU," Macro Metals MGMS’ managing director, Simon Rushton said. "The Crusader-Templar gold deposit is an exciting project and we look forward to progressing an ore purchase agreement with one of the two counterparties that we have been actively engaged with through resource due diligence in recent weeks. This MOU is a natural pre-cursor to a binding agreement with Nexus, so that collectively we can take advantage of historically favourable gold prices by commencing mining operations as soon as possible.”
What it means for Crusader
The MoU gives Nexus a potential funded development pathway for Crusader-Templar at a time when the gold price is above A$6,000 per ounce.
It also pairs Nexus with a contractor that combines GTS’s small-to-medium open-pit gold project management experience with Macro Mining Services’ equipment and operational capacity.
Nexus managing director Andy Tudor said the parties had already been working together informally and that securing the final approval allowed them to formalise the relationship.
“Nexus is excited to update the market on the formalisation of the relationship between Nexus and MGMS. The parties have been working together in an informal capacity for a period of time and with the last remaining approval secured, it is a natural progression to cement the relationship with the establishment of this MOU to facilitate the planned development of the Crusader-Templar gold deposit,” Nexus Minerals’ managing director, Andy Tudor, said.
Approvals largely in place
Nexus said key permits for Crusader-Templar were now in place, including the native vegetation clearing permit granted in March 2026, which the company described as a key hurdle before executing the MoU.
Other approvals already secured include the small mining proposal, water abstraction licence, mining development and closure plan and works approval.
The company is still progressing discussions with third-party processing plants, with an ore sale and purchase agreement or toll treatment agreement the next major requirement.
Nexus Wallbrook Gold Project location map.
What’s next
The immediate focus is securing an acceptable ore processing arrangement, which would allow Nexus and MGMS to finalise a mine development plan, mining inventory and project economics.
Nexus is also continuing a roughly 22,000-metre RC drilling program designed to test lateral extensions at Crusader-Templar and priority regional prospects Clement, Payns and Branches.