Highlights

  • Magmatic Resources shares fell 10.71% to AUD 0.025 during the session.
  • Recent Weebo drilling returned gold intercepts that upgraded exploration potential.
  • Fortescue has committed AUD 3.5 million to the FY26 Myall exploration program.
  • Myall is targeting Northparkes-style porphyry copper-gold systems in New South Wales.

Magmatic Resources Ltd (ASX:MAG) is advancing two distinct exploration fronts, with gold work at Weebo running alongside a funded copper-gold program at Myall.

MAG shares were trading at AUD 0.025, down 10.71%, giving the explorer a Market Capitalisation of approximately AUD 12.56 million.

Recent operational attention has been divided between Western Australia and New South Wales.

Weebo Drilling Upgrades Gold Targets

Magmatic completed its Phase 3 drilling program at the Weebo Gold Project during June.

Subsequent assay results announced in July upgraded the project’s exploration potential, while additional drill samples were sent to ALS for analysis. Results from the wider program were expected progressively between July and September.

Weebo provides Magmatic with exposure to the Western Australian gold sector while its larger copper-gold strategy continues in New South Wales.

Fortescue Funding Supports Myall

The Myall Project is located approximately 20 kilometres southwest of Narromine and 60 kilometres north of the Northparkes copper mine.

Magmatic entered into a farm-in joint venture agreement with Fortescue in 2024, under which Fortescue may spend up to AUD 14 million over six years to earn as much as a 75% interest.

Fortescue also became a cornerstone Shareholder in Magmatic.

For FY26, the Myall program has an AUD 3.5 million funding commitment from Fortescue.

The project contains extensive historical drilling and geophysical datasets, providing a broad platform for targeting additional porphyry copper-gold systems.

What Could Drive Magmatic Shares Next?

Further Weebo assay results remain one of the more immediate exploration milestones.

At Myall, drilling and interpretation of results under the Fortescue farm-in could progressively refine the project’s highest-priority copper-gold targets.

The combination means MAG has both near-term gold assay flow and a separately funded large-scale copper-gold exploration program.

Magmatic Resources Outlook

Magmatic’s upcoming work is split between advancing Weebo gold targets and testing the broader Myall copper-gold opportunity with Fortescue. Further assays and drilling results from both projects will be central to measuring exploration progress.