Magmatic Resources Limited: 110Mt Maiden Mineral Resource Estimate for Corvette and Kingswood Magmatic Resources Limited

L Lykeshares 2y Staff

Magmatic Resources Limited: 110Mt Maiden Mineral Resource Estimate for Corvette and Kingswood

Magmatic Resources Limited has announced the initial Inferred Mineral Resource Estimate (MRE) for Corvette and Kingswood, totalling 110 million tonnes (Mt) at 0. 33% CuEq1 at a 0. 20% CuEq1 cut-off. The MRE includes 293,000 tonnes of copper, 237,000 ounces of gold, and 2. 8 million ounces of silver, equivalent to 354,000 tonnes of copper metal-equivalent1.

The MRE incorporates data from Magmatic's recent 11,000 meter diamond program at the Corvette and Kingswood prospects, as well as historical drilling data. Notably, the mineralization associated with the MRE remains open or poorly tested in all directions and at depth.

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The completion of the MRE was facilitated by the receipt of final pending assay results from diamond holes 23MYDD425 and 23MYDD426. These results included significant intersections such as 202. 0 meters at 0. 27% CuEq1 and 116. 1 meters at 0. 20% CuEq1, among others.

Follow-up exploration is currently being planned, with a focus on expanding the near-surface footprint and testing vectors towards higher-grade mineralised zones. New analyses of regional datasets at Myall have also revealed multiple large-scale targets with similar signatures to Corvette, indicating the potential for clusters of deposits in the region.

Dr. Adam McKinnon, Managing Director of Magmatic Resources Limited, expressed his satisfaction with the Maiden Mineral Resource Estimate, highlighting the significant potential of the Corvette and Kingswood prospects. He also emphasised the future growth opportunities and the identification of higher-grade zones associated with mineralising intrusives.

This Mineral Resource Estimate underscores the promising outlook for the Myall Project and Magmatic Resources Limited's commitment to unlocking its full potential.

Disclaimer: The calculation of CuEq (%) is based on Copper (Cu (%)), Gold (Au (g/t)), and Silver (Ag (g/t)) using the formula CuEq (%) = Cu (%) + 0. 784 * Au (g/t) + 0. 008 * Ag (g/t). Prices used were US$8,000/t for copper, US$1,950/oz for gold, and US$23/oz for silver. Recoveries are assumed at 85% for copper and gold, and 75% for silver. Metallurgical test work has not been completed for molybdenum and is therefore not included in the equivalency.

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