Magmatic and Fortescue Commit AU$3.5 million to Advance Myall Project Exploration

Magmatic Resources Limited (ASX: MAG) and Fortescue’s wholly-owned subsidiary FMG Resources Pty Ltd have approved an AU$3.5 million exploration budget for FY2025–26 at the Myall Project under their Farm-in and Joint Venture Agreement (FJVA). The planned work program will focus on extensive air core and diamond drilling, with planning already underway.

This budget allocation allows Fortescue to meet its Minimum Obligation, which requires AU$3 million in expenditure and 3,000 metres of drilling within the first two years, forming part of its pathway to earn an initial 51% interest in the project. Recent exploration included 12 diamond drill holes totaling 2,988 metres, with the best results recorded at the Calais prospect: 10.8m at 0.39% Cu and 0.07 g/t Au in FMD0504, and 11.7m at 0.59 g/t Au with associated base metals in FMD0508. These intercepts are interpreted as peripheral mineralisation to a potential porphyry system, prompting further drilling to vector toward the core of the Calais target.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com