Magmatic Resources Limited provides update on ongoing exploration program at its 100% owned Myall Project. Assay results have been returned for the upper and middle portions of diamond hole 23MYDD422, producing the strongest contiguous copper-gold intersections to date from the Corvette Prospect: 23MYDD422 355.2 metres at 0.38% Cu, 0.09g/t Au & 5ppm Mo from 146.8m (base of cover). incl.

241.0 metres at 0.45% Cu, 0.11g/t Au & 7ppm Mo from 261m. incl. 26 metres at 0.60% Cu, 0.44g/t Au & 2ppm Mo from 316m (high Au zone).

and 95 metres at 0.55% Cu, 0.07g/t Au & 10ppm Mo from 375m. These results occur within a larger mineralised interval comprising 698.2 metres at 0.24% Cu, 0.05g/t Au & 5ppm Mo from 146.8m, with further results for the lower portion of the hole currently pending 23MYDD422 was drilled approximately 105 metres north of Magmatic's previous northernmost hole at Corvette (22MYDD416), representing a significant expansion to the mineralised footprint The strong mineralisation associated with 23MYDD422 remains completely untested to the north, to the east and at depth Final assay results have also been received for 22MYDD421, highlighting a number of strong molybdenum and gold zones in addition to copper: 22MYDD421 168.0 metres at 0.18% Cu, 0.02g/t Au & 28ppm Mo from 146m. incl.

12 metres at 0.45% Cu, 0.08g/t Au & 302ppm Mo from 146m (high Mo zone). 11 metres at 0.30% Cu, 0.55g/t Au & 4ppm Mo from 460m (high Au zone). 70.6 metres at 0.36% Cu, 0.07g/t Au & 4ppm Mo from 538.1m.

incl. 25 metres at 0.51% Cu, 0.14g/t Au & 5ppm Mo from 582m. The latest results for the upper portion of 22MYDD421 are in addition to the interval previously released1 for the bottom of the hole that included the strongest gold zone seen at Corvette to date: 22MYDD421 51.0 metres at 0.46% Cu & 0.33g/t Au from 797m including 13.0 metres at 1.07% Cu & 0.61g/t Au from 816m A new diamond hole (23MYDD424) has also been completed to a depth of 744.8 metres at the Kingswood Prospect, with assay results currently pending A total of 10 diamond holes for 7,994 metres have been completed since commencement of the high impact drilling program at the Myall Project, with every hole so far intersecting mineralisation A close-spaced ground gravity geophysical survey has now commenced at Myall, covering an area of 7.5 square-kilometres centred over the Kingswood-Corvette prospect area Drilling targeting extensions to the north of the outstanding mineralisation in 23MYDD422 is expected to continue in mid-March following the receipt of pending assays and initial interpretation of the gravity survey data.

Porphyry deposits provide more than 60% of global copper supply and are typically low grade (0.2 - 1.0% copper and 0.01 - 1.0g/t gold) and large tonnage (from 100 million to several billion metric tonnes)3. Magmatic's two porphyry projects, Myall and Wellington North, are located near the two porphyry mines in Australia in the Northparkes and Cadia Valley Mines, respectively. In the last update on drilling progress at the Corvette Prospect, the Company reported that the first hole drilled for the year (23MYDD422) had been completed at a depth of more than 1,170 metres and had intersected variable visible sulphide mineralisation over an interval of more than 950 metres down hole. This hole represented the biggest step out on the Corvette trend to date, located some 105 metres to the north of the Magmatic's previous northernmost hole (22MYDD416).