Magmatic Resources Limited provided a further update on the progress of the ongoing drilling program at its 100% owned Myall Project, located 25 kilometres southwest of the central New South Wales town of Narromine and approximately 60 kilometres north along strike of the Northparkes Mine (owned by China Molybdenum/Sumitomo). The world-class Northparkes porphyry copper- gold deposits have a current combined Resource and Reserve base of 607Mt at 0.55% Cu & 0.21g/t Au2, with Magmatic Resources targeting similar Northparkes-style mineralisation and grades. Diamond drilling has now been under way at the site for four months, with very strong results delivered from multiple holes at the Corvette Prospect.

Impressive new assay results from 22MYDD417 and 22MYDD418 grow the Corvette footprint In a previous update on the drilling progress at Corvette the Company reported that the second full hole of the 2022 Myall drilling program, 22MYDD416, had returned another very large mineralised interval of 413.4 metres at 0.26% Cu, 0.08g/t Au & 21ppm Mo from the base of cover, following up the exceptional results from the first full hole, 22MYDD415, of 722.5 metres at 0.25% Cu, 0.05g/t Au & 14ppm Mo from the base of cover. The Company also previously reported the strongest results to date had been returned from the upper portion of 22MYDD417, collared 55 metres to the south of 22MYDD415 and 22MYDD416, with an intersection of 154.6 metres at 0.47% Cu, 0.10g/t Au & 26ppm Mo from the base of cover. Full assay results have now been received for 22MYDD417, highlighting the third consecutive +400 metre copper-gold intersection from the prospect at the best copper grade so far: 22MYDD417: 466.6 metres at 0.30% Cu, 0.07g/t Au, 0.7g/t Ag & 12ppm Mo from 134.4m (base of cover), including 154.6 metres at 0.47% Cu, 0.10g/t Au, 1.0g/t Ag & 26ppm Mo from 134.4m including 117.0 metres at 0.55% Cu, 0.12g/t Au, 1.1g/t Ag & 33ppm Mo from 137m also 100.0 metres at 0.39% Cu, 0.11g/t Au, 1.0g/t Ag & 2ppm Mo from 483m including 33.0 metres at 0.62% Cu, 0.15g/t Au, 1.7g/t Ag & 1ppm Mo from 550m The mineralisation throughout the hole was hosted in strongly altered and brecciated andesite and diorite host rocks, with sulphides occurring as breccia fill, veins and disseminations.

In deeper portions of the hole regular intervals of porphyritic monzodiorite was also encountered. As previously noted, 22MYDD417 was notable for an increase in abundance of the higher grade copper sulphide mineral bornite, in addition to abundant chalcopyrite and lesser pyrite. Assay results have also been received for the upper portion of hole 22MYDD418 between the base of cover at 134.3 metres to 277 metres down hole.

22MYDD418 was collared from the same drill pad as 22MYDD417 and once again returned strong mineralisation from the base of cover: 22MYDD418:127.7 metres at 0.37% Cu, 0.06g/t Au, 0.9g/t Ag & 16ppm Mo from 134.3m (base of cover), including 70.7 metres at 0.51% Cu, 0.10g/t Au, 1.2g/t Ag & 24ppm Mo from 134.3m including 19 metres at 0.76% Cu, 0.16g/t Au, 1.7g/t Ag & 34ppm Mo from 186m As with previous holes, mineralisation in the upper portion of 22MYDD418 occurred in a dominantly brecciated host, with sulphides (including minor bornite) occurring in a number of different styles including breccia fill, veins and as disseminated patched throughout the rock mass. Assays for the lower portions of the hole (277 to 746.9 metres down hole) are currently pending, with full results expected later in December 2022. Drilling to continue as results highlight enormous potential at Myall The latest results have now produced three consecutive copper-gold-molybdenum mineralised intersections (22MYDD415, 416 & 417) that exceed 400 metres in length - a clear indicator of the potential size of the system at Corvette - with very encouraging initial results also returned from 22MYDD418.

Every one of the five holes with assays returned (inclusive of abandoned hole 22MYDD414) have also intercepted strong mineralisation that begins immediately below the base of cover, extending the shallow high grade zone to at least 130 metres along a north-south trend. 22MYDD419 is the most recent diamond hole drilled at the Myall project, completed on November 28, 2022 at a depth of 885.9 metres down hole, and testing a structural, basement geochemical and geophysical target zone possibly related to extensions of both the Kingswood and Corvette Prospects. This hole was collared from a previously established pad 300 metres to the north, allowing for repairs to the existing drill pads following months of heavy rainfall and construction of a new pad to the south at Corvette.

Logging and cutting of this hole have now commenced, with results expected either late in December or early in the new year. Improved weather conditions at the site have seen drilling rates return to normal over the last fortnight, with over 4,500 metres of drilling now completed for the 2022 Myall program. The next hole will be collared from a recently completed drill pad approximately 80 metres to the south of 22MYDD417/418 drill pad, targeting further extensions to the strongly mineralised trend already defined at Corvette.

Drilling is now expected to continue for the remainder of the year and into 2023, with a short break over the Christmas and New Year period.