Overview of Quarterly Activities Report to 31 March 2024

Magmatic Resources Limited (ASX: $MAG) focused on advancing the Myall Project and initiated gold-copper exploration activities at the Wellington North Project during the quarter. A Farm-in and Joint Venture Agreement was executed with FMG Resources Pty Ltd (Fortescue) at the Myall Project, with Fortescue set to spend up to $14M over six years to earn up to 75% joint venture interest. Magmatic Resources, through its subsidiary, will operate during the initial Farm-in period of up to four years. The Company ended the quarter with $4.027M cash at hand.

Executive Commentary on Myall and Wellington North Projects

The execution of the Farm-in and Joint Venture Agreement with Fortescue marks a significant milestone for Magmatic Resources, providing a strong financial foundation for advancing exploration activities at the Myall Project. The establishment of an Exploration Committee with Fortescue demonstrates our commitment to driving forward the exploration work program. Additionally, the recommencement of exploration at the Wellington North Project, targeting areas with confirmed nearby porphyry gold-copper mineralisation, reflects our dedication to unlocking the full potential of our projects.

Summary of Quarterly Activities and Future Outlook

Magmatic Resources' focus on advancing the Myall Project through the Farm-in and Joint Venture Agreement with Fortescue, coupled with the recommencement of exploration at the Wellington North Project, underscores the Company's commitment to driving its exploration activities. The strong financial position, with $4.027M cash at hand, provides a solid foundation for executing the forward work program. Looking ahead, the Company aims to leverage the joint venture agreement to unlock the significant potential of the Myall Project and capitalize on the confirmed mineralisation at the Wellington North Project.