Magmatic Resources : Bodangora Goldfield Exploration Update

25 March 2022

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Wellington North Project

Bodangora Goldfield Exploration Update

• Assay results returned from diamond drilling at Mitchells Creek Mine, including intervals of:
• • 0.57 metres at 14.3g/t Au, 22g/t Ag & 1.1% Cu
  • 0.40 metres at 4.3g/t Au & 2g/t Ag
  • 0.65 metres at 1.5g/t Au, 6g/t Ag & 0.2% Cu
• Results confirm mineralised structure continues in the central portion of the historic Mitchells Creek Mine, which historically produced ~190,000 ounces of gold at an estimated 26g/t Au
• A 279 hole geochemical air-core drill program totalling 2,908 metres now complete over the Bodangora Goldfield region
• Air-coreresults received to date identify a new 1000m x 250m NE-SWtrending anomalous gold zonebetween and to the south of the historic Mitchells Creek and Dick's Reward workings
• Assays for air-core holes to the west and north of the Dick's Reward workings currently pending
• Ground magnetic survey completed over the broader Bodangora region now complete with strong linear structure identified coincident with the air-core gold zone
• Next stage of diamond drilling at Dick's Reward Mine due to commence shortly

Magmatic Resources (ASX: MAG or 'the Company') is pleased to provide an update on ongoing exploration activities at its 100% owned Wellington North Project, located to the north of Australia's largest gold producer at Newcrest's Cadia operations (ASX: NCM) and immediately adjacent to Alkane's Boda gold-copper discovery (ASX: ALK).

Diamond drilling at the Bodangora Gold Field

As reported earlier in the quarter (ASX MAG 25 January 2022), the Company recently completed an initial eight hole diamond program at the Mitchells Creek Mine in the Bodangora Goldfield to test for extensions to the high grade gold mineralisation historically produced at the mine. The Company has now received the assays results from this program, with significant mineralisation including the following intercepts:

21BNDD018 0.57 metres at 14.3g/t Au, 22g/t Ag & 1.1% Cu from 265.6m 21BNDD014 0.40 metres at 4.3g/t Au, 2g/t Ag from 139.0m 21BNDD019 0.65 metres at 1.5g/t Au, 6g/t Ag & 0.2% Cu from 278.5m 21BNDD021 0.38 metres at 1.0g/t Au, 8g/t Ag & 0.1% Cu from 175.0m

Diamond drill hole details are given in Table 1 and a full list of significant intercepts are given in Table 2 accompanying this release.

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Figure 1. Schematic long section looking west showing the historic workings at the Mitchells Creek Mine at the Bodangora Goldfield along with recent diamond drilling intercepts.

Gold mineralisation of variable tenor was intercepted in six of the eight holes drilled, with the central portion of the deposit around hole 21BNDD018 (0.57 metres at 14.3g/t Au & 1.1% Cu) appearing to be most prospective for direct extensions of the high grade mineralisation (see Figure 1).

The mineralised intercepts were also variably elevated in silver, copper and tellurium, indicating a potential distal relationship with the nearby Boda Porphyry discovery (Alkane Resources Limited) and other porphyry gold-copper prospects in the Wellington North project area (MAG). The northernmost diamond hole drilled in the recent program (21BNDD014) also returned an intercept of 4.3g/t, highlighting the potential for the mineralisation to continue along strike.

After a hiatus in diamond drilling to allow for the completion of an extensive air-core geochemical program over the Bodangora region (see below), the next stage of diamond drilling will shortly commence at the Dick's Reward workings to the west. The design of a further follow-up drilling program is currently underway to test for both extensions to known mineralisation and/or potential high grade repeats and is being informed by the extensive geochemistry, geophysics and drilling data recently collected.

Intensive geochemical and geophysical reconnaissance identifies new targets at the Bodangora Goldfield

As previously indicated (ASX MAG 18 August 2021), the broader Bodangora region has not been subject to significant modern exploration outside of the immediate Bodangora Goldfield area. To rapidly assess the prospectivity of the region, the Company has now completed a 279 hole air-core drill geochemical sampling program for a total of 2,908 metres. Full hole details for this program are given in Table 3, with anomalous results given in Table 4.

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Figure 2. Plan of the Bodangora region showing the location of recently completed air-core drill holes in reference to the historic Mitchells Creek and Dick's Reward workings. Legend represents maximum gold assay in-hole and holes with assays pending are shown as white dots. Diamond collar locations are also shown for the recent Mitchells Creek drilling.

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Figure 3. Partial results from the Bodangora area ground magnetic survey (TMI), showing a preliminary interpretation of newly identified major NE-SW trending structures southeast of the Mitchells Creek Mine (dashed lines), coincident with the air-core gold trend shown in Figure 2.

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While a significant number of results remain outstanding in the western and northern extents of the survey area, assay results have been received to the immediate north and south of the Bodangora workings. Results to date have identified a coherent northeast-southwest striking zone of anomalous gold over 200 metres wide and extending to 1,000 metres in length (see Figure 2). The zone is defined by peak values in each hole of >100ppb Au (>0.1g/t Au), with a peak grade of 1.5g/t Au in hole 22WNAC0410 (located 200 metres west of the Mitchells Creek trend, Figure 2). No modern exploration has been completed over the majority of the identified gold trend, which also remains open to the south.

The Company has also recently completed an ultra-detailed ground magnetic survey in the region to map underlying geological units and structures. The program was undertaken on 25 metre line-spacings with a total of 238 line-kilometres completed. The data from the ground magnetic survey is now with a geophysical consultant for processing and interpretation, although initial results show strong linear structures corresponding to the newly identified anomalous gold trend (Figure 3). This is considered significant as both the geochemical and geophysical features are discordant with the known historic workings and previous geological interpretations, representing a strong target for additional mineralisation.

About the Wellington North Project (Gold-Copper)

Magmatic's 100%-owned Wellington North Project covers the northern extension of the Molong Volcanic Belt, located north of Australia's largest gold producer at Cadia East (ASX: NCM). The Wellington North Project comprises three exploration licences, covering 177 km2 and is considered highly prospective for gold-copper porphyry, epithermal gold and lode-style gold mineralisation.

Magmatic's three Wellington North licences effectively surround the recent Boda gold-copper discovery by Alkane Resources Limited (ASX ALK 9 September 2019), which significantly upgraded Magmatic's target portfolio for Boda-style porphyry gold-copper mineralisation. These include the Lady Ilse district, Rose Hill, Ninety, Rockleigh, Boda South, Mayhurst and Mayhurst East and Glenrowan targets (Figure 4).

The Bodangora licence is located 4km southwest from Alkane's Boda Discovery (ASX: ALK) and encompasses the historic Bodangora Goldfield, where high grade gold mining occurred with recorded production of 230,000 ounces @ 26g/t Au between 1869-1917 (ASX MAG 17 May 2017).

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