Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%
Lithium
47.00
1.4%
Gold
2,629.60
0.15%
Copper
4.24
(0.15%)
Oil
68.21
0.09%
Bitcoin
87,797.18
(1.06%)
FTSE 100
8,125.19
0.65%
Nikkei 225
39,712.90
0.18%
Dow Jones
44,293.13
0.53%
Iron Ore
101.10
0.44%
USD/AUD
0.66
(0.15%)
Hang Seng
20,426.93
0.83%

Magmatic Resources (ASX: $MAG) partners with fortescue for myall project investment

Magmatic Resources and Fortescue to collaborate on Myall Project


Magmatic Resources Ltd (ASX: $MAG) has announced a significant development in its collaboration with FMG Resources Pty Ltd (Fortescue) for the exploration of the Myall Project in central west New South Wales. Under the Farm-in and Joint Venture Agreement, Fortescue will invest up to $14M over six years to earn a 75% joint venture interest in the project. Additionally, Fortescue will subscribe for 75,946,151 shares in Magmatic Resources (MAG) to hold a 19.9% stake, representing a 10% premium to MAG's 30-day volume-weighted average price at 31 January 2024.

Executive Commentary on Partnership and Investment


We are excited to joint venture and partner with Fortescue to advance our exploration efforts across the Myall Project area. Myall has many of the signatures of a Tier 1 copper-gold deposit and Magmatic has recognized the need to partner with a major to further advance the project following the maiden Resource. Fortescue's cornerstone investment in MAG will allow the Company to simultaneously advance our other two projects at Wellington North and Parkes which are strategically located near Alkane Resources Boda-Kaiser deposits and Tomingley Gold Operations respectively.

Summary of Fortescue's Investment and Partnership with Magmatic Resources


Magmatic Resources Ltd (ASX: $MAG) has entered into a Farm-in and Joint Venture Agreement with FMG Resources Pty Ltd (Fortescue) for the exploration of the Myall Project in central west New South Wales. Fortescue will invest up to $14M over six years to earn a 75% joint venture interest in the project, with Magmatic Resources (MAG) as the operator during the initial Farm-in period. Additionally, Fortescue will subscribe for 75,946,151 shares in MAG to hold a 19.9% stake, enabling MAG to further advance its other projects at Wellington North and Parkes. The strategic investment by Fortescue will facilitate significant advancement of the Myall Project and other high-potential targets within the project area, positioning MAG for future growth and exploration success.

| ASX
(+0%)
At close 11/11 (AEDT)
Market cap
$16.7M
Volume
30,000
DY Yield
PE Ratio
52 Week Range
0.025 - 0.125
1YR Return
N / A

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