Magmatic Resources' A$3.0 million Placement Firm Commitments

Magmatic Resources Limited (ASX: $MAG) has received firm commitments for a placement to raise approximately A$3.0 million at A$0.085 per new fully paid ordinary share. The placement was strongly supported by existing and new domestic and offshore institutional and sophisticated investors. FMG Resources Pty Ltd, the existing 19.9% shareholder, has committed to subscribe for new shares in the placement to maintain its existing shareholding. The funds raised will be used to accelerate gold and copper exploration at the Wellington North Project and the Parkes Project, as well as for general working capital.

Magmatic Resources' Managing Director Dr. Adam McKinnon's Commentary

We have been pleased to see the strong support of our recent placement by Australian and international institutions along with sophisticated investors and our largest shareholder FMG Resources Pty Ltd. Magmatic now finds itself in a great position to target its next major copper-gold discovery through accelerated exploration efforts at Wellington North and Parkes. With upcoming drilling at both prospects and a parallel program of works at Myall to be funded by FMG Resources, I am very much looking forward to a very busy, discovery-focused second half of 2024.

Magmatic Resources' A$3.0 million Placement Summary

Magmatic Resources Limited (ASX: $MAG) has successfully secured firm commitments for a placement to raise approximately A$3.0 million at A$0.085 per new fully paid ordinary share. The placement was strongly supported by existing and new domestic and offshore institutional and sophisticated investors, including FMG Resources Pty Ltd. The funds raised will be utilized to accelerate gold and copper exploration at the Wellington North Project and the Parkes Project, as well as for general working capital. With the upcoming drilling at both prospects and a parallel program of works at Myall to be funded by FMG Resources, the company is poised for a busy, discovery-focused second half of 2024.