Magmatic Resources : Quarterly Activities Reports - June 2022

For personal use only

29 July 2022

QUARTERLY ACTIVITIES REPORT TO 30 JUNE 2022

• Exploration activities during the quarter focused on the Bodangora Gold Field in the eastern portion of the Wellington North Project area and on preparations for high impact drilling at the Kingswood prospect area within the Myall Project
• Strong, shallow gold mineralisation intercepted on the north-western side of the Dicks Reward historic workings from a five hole diamond program, including:
• • 1.7 metres at 12.9g/t Au & 8g/t Ag from 65.5m
  • 0.35 metres at 10.7g/t Au & 12g/t Ag from 78.8m
• Drilling confirms gold mineralisation remains open along strike to the northwest and at depth
• Air core and soil results for the broader Bodangora region confirm a 1000m x 250m NE-SW trending anomaly between and to the south of the historic Mitchells Creek and Dick's Reward workings, with coincident zones of elevated gold, copper and lead
• Further work on the project will focus on extensions to the existing workings and the potential for high grade repeat lodes in the broader Bodangora region
• Magmatic Resources' most significant drilling program to date at the Myall project approved by the
  Company's Board during the Quarter, with drilling now under way
• Myall program to comprise of ~3,000 metres of diamond drilling targeting up to four high priority areas in the greater Kingswood prospect area

Magmatic Resources Limited ("Magmatic" or the "Company") (ASX: MAG) is pleased to provide its Quarterly Activities Report for the period ending 30 June 2022 ("June 2022 Quarter").

Wellington North Project (Gold-Copper)

Magmatic Resources Limited 100%

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) and immediately adjacent to Alkane's recent Boda porphyry gold-copper discovery (ASX:ALK).

The Wellington North Project includes the historic Bodangora Gold Field, where 230,000 ounces at ~26g/t Au were produced between 1869-1917 (ASX MAG 17 May 2017) alongside an extensive portfolio of both Boda- style porphyry gold-copper and Bodangora-style high grade gold targets (Figure 1).

1

For personal use only

Figure 1. Aeromagnetic imagery (RTP) showing the Magmatic's target portfolio in the Wellington North Project area and highlighting the proximity to the 10.1Moz AuEq Boda discovery (ASX ALK 30 May 2022).

Bodangora Goldfield Diamond Drilling

During the June quarter Magmatic Resources continued with intensive exploration at the historic Bodangora Goldfield, located only kilometres southwest of Alkane's 10.1Moz AuEq Boda discovery (ASX ALK 30 May 2022). Following on from earlier drilling at the nearby Mitchells Creek Mine (ASX MAG 25 March 2022), the Company completed five diamond holes totaling 714 metres at Dicks Reward, targeting extensions along strike to the northwest and southeast of the historic workings. Final assays for the Dicks Reward program were announced to the ASX in early July (ASX MAG 8 July 2022), including strong mineralisation on the northwestern side of the deposit (Figure 2). Standout intercepts from the program included 1.7 metres at 12.9g/t Au & 8g/t Ag from 65.5m in hole 22BNDD023 and 0.35 metres at 10.7g/t Au & 12g/t Ag in hole 22BNDD024.

2

For personal use only

Figure 2. Schematic long section looking northeast showing the historic workings at the Dicks Reward mine in the Bodangora Goldfield with results from recent diamond drilling (ASX MAG 8 July 2022).

The Company was particularly encouraged by the results in hole 22BNDD023 (1.7 metres at 12.9g/t Au), which indicates that shallow, high grade mineralisation remains open to the northwest of the Dicks Reward workings (Figure 2). Further supporting the potential along strike, recent air core geochemical drilling (ASX MAG 8 June 2022) highlights a shallow, single point gold anomaly in a similar position around 80 metres west of 22BNDD023 (Figure 3).

The Company is currently reviewing the geological data collected from this program and the air core geochemical survey completed earlier in the year. Further work on the project will focus on extensions to the existing workings (particularly Dicks Reward) and the potential for high grade repeat lodes in the broader Bodangora region.

Encouraging geochemical results at Bodangora

During the quarter full assays were received for an extensive air core and soil geochemistry program over the broader Bodangora region. The program included a total of 279 air core holes totaling 2,908 metres and 160 infill soil samples collected on east-west sampling lines (Figure 3). The results from this program defined a coherent northeast-southwest striking zone of anomalous gold over 200 metres wide and extending to 1,000 metres in length between and to the south of the historic workings (ASX MAG 8 June 2022). The gold trend is also coincident with both copper (Cu) and lead (Pb) anomalism greater than 250ppm (Figure 3).

The new geochemical data also identified a coherent zone of copper anomalism along strike to the north of the Mitchells Creek workings, as well as a number of single-point gold anomalies on the northernmost sampling line and to the northwest of the Dicks Reward workings (Figure 3). Further exploration to follow-up the zones of geochemical anomalism are currently planned for later in the year subsequent to the Myall drilling program.

3

For personal use only

Figure 3. Plan of the Bodangora region showing the location of recently completed air-core drill holes and infill soil samples in reference to the historic Mitchells Creek and Dick's Reward workings. Diamond collar locations are also shown for the Dicks Reward drilling completed during the June quarter (ASX MAG 8 July 2022).

4

Myall Project (Copper-Gold)

Magmatic Resources Limited 100%

For personal use only

The Myall Copper-Gold Project covers the northern extension of the Junee-Narromine Volcanic Belt, located approximately 50 kilometres north and along strike from the China Molybdenum/Sumitomo's Northparkes Mine (Figure 4). The Myall project comprises a single exploration licence covering 245km2 and is considered highly prospective for Northparkes-stylecopper-goldporphyry-associated mineralisation.

Multiple existing copper-gold intercepts, including 70m @ 0.54% Cu, 0.15g/t Au from 141m and 62m @ 0.27% Cu, 0.13g/t Au from 260m (MYACD001, ASX MAG 4 June 2017), highlight near equivalent grades to the Northparkes deposit resources and indicate potential for a fertile copper porphyry cluster at Myall.

Figure 4. Regional gravity and magnetic imagery, highlighting the similarities between Myall Project and the major deposits of the Junee-Narromine Belt in the East Lachlan region.

5