MAGMATIC RESOURCES LIMITED — Board/Management Information 2021

Nov 18, 2021

==> picture [514 x 48] intentionally omitted <==

19 November 2021

Magmatic Board Changes

Magmatic Resources (‘MAG’, the ‘Company’) is pleased to announce the appointment of Dr. Adam McKinnon as the Company’s new Managing Director, with commencement 1[st] Qtr calendar 2022.

Mr. Peter Duerden has provided his resignation as Managing Director, effective December 17.

Dr. McKinnon is a gold and base metals exploration and mining professional with extensive discovery experience in central western New South Wales. His most recent role is as General Manager - Exploration and Business Development at Aurelia Metals Limited, where he led the rapid expansion of Aurelia’s exploration programs, recently culminating in the discovery of the high-grade Federation zinc-lead-gold-copper-silver deposit, a proposed underground mine development.

Adam previously held technical roles with CBH Resources Limited and KBL Mining Limited in central western New South Wales. Whilst at KBL he designed and managed an exploration program that led to the discovery of the high grade Pearse Au-Ag deposit near Mineral Hill, which has now been mined.

Dr. McKinnon holds a PhD in exploration geochemistry and mineralogy from Western Sydney University, with a study focus on deposits in central NSW.

Dr. McKinnon’s achievements in the region include:

• Discovery of the high grade Pearse gold-silver deposit in 2009 near the Mineral Hill Mine, north of Condobolin in New South Wales

• Leadership of the geology teams that significantly expanded the resource base of Aurelia’s Hera Mine between 2016 and 2018, discovered the Dominion deposit in 2018 and discovered the high-grade Federation deposit in April 2019 to south of Nymagee, New South Wales

• Managed the delivery of the 2020 maiden Mineral Resource Estimate at Federation of 2.6Mt at 7.7% Pb, 13.5% Zn, 0.8g/t Au & 9g/t Ag at a total discovery cost of less than US$9 per tonne of zinc metal equivalent

• Executed a subsequent evaluation program for the Federation deposit that saw the Resources double in 2021 to 5.1Mt at 5.5% Pb, 9.3% Zn, 0.9g/t Au, 7g/t Ag & 0.3% Cu, making it one of the most significant discoveries in the region in the previous three decades

• Managed a $20m+ exploration budget, overseeing exploration and evaluation programs that included record year-on-year Resource growth across the Aurelia Group in 2021, including significant extensional discoveries at the Peak Mines near Cobar

• Nominated and selected as finalist for AMEC Prospector Award in 2020

• Represented Aurelia Metals as a finalist for the NSW Explorer of the Year Award in 2021

Magmatic Chairman David Richardson has welcomed the appointment of Dr McKinnon and commented “I am delighted to welcome Adam to Magmatic. Adam has a long history of making discoveries, and most importantly in central NSW. He brings vast exploration and business development skill sets, complementing his experiences of turning discoveries into mines. I would also like to thank Peter, who has worked hard to advance our exploration portfolio and, in particular embedding into the company his significant knowledge of the North Molong porphyry-epithermal gold belt and advanced our Wellington North project with its similarities to Alkane’s Boda Au-Cu discovery and Cadia East Au-Cu porphyry deposits. We wish him all the best with his future endeavours”.

==> picture [521 x 32] intentionally omitted <==

Dr. McKinnon said “I’m looking forward to the role, Magmatic has an exciting portfolio of advanced gold projects in a world class gold and copper precinct. The region’s discovery potential has recently attracted many of the world’s largest gold and copper miners. I believe Magmatic’s projects contain potential for both million ounce near surface gold discoveries and major Tier 1 gold-copper discoveries. I look forward to applying my experience from previous discoveries in the region to strongly advance Magmatic’s exceptionally prospective project pipeline.”

The material terms of Dr. McKinnon’s employment agreement with the Company are set out in the following page to this announcement.

Steven Oxenburgh, Exploration Manager at MAG since 2017 (previously Exploration Manager Millennium Minerals Ltd, Project Manager (Perth), Senior Geologist: Exploration and Exploration Superintendent (St Ives) Gold Fields Ltd) will lead an extensive ongoing exploration and drill program until Adam officially joins the company.

With $7.69m cash in bank (ASX MAG September 2021 Quarterly), the Company is very well funded to pursue its aggressive exploration activities, including:

• Bodangora Gold Field 230,000 oz Au at 26g/t Au, (ASX MAG 17 May 2017):

• Diamond drilling underway targeting down plunge and near mine extensions

• Historic production from multiple gold mines – operating 1869 to 1917, rock chips to 92.8g/t Au (ASX MAG 10 May 2018)

• Located ~3km along strike from Boda gold-copper discovery

• High-grade gold potential indicated by underground channel sampling of unmined material – included 0.63m @ 31.3g/t Au, 0.50m @ 52.8g/t Au, 0.50m @ 44.4g/t Au, 0.35m @ 67.8g/t Au at Dick’s Reward Mine (ASX MAG 18 August 2021)

• High resolution ground magnetics completed to define lode repetitions/extensions – focussing on Dick’s Reward and Mitchell’s Creek Mine extensions (Cluff, 1989)

 Parkes Orogenic Gold Project:

• Stockmans and MacGregors orogenic gold targets South of TGO and Tomingley South gold discoveries ASX:ALK (Parkes).

• Stockmans

  • 22m at 0.79g/t Au from 45m (S1) (ASX MAG 17 May 2017)

  • 12m at 1.42g/t Au from 7m (S2) (ASX MAG 17 May 2017)

• MacGregors

  • 16m at 1.22 g/t Au from 13m (MM33) (ASX MAG 17 May 2017)

  • 18m at 0.72 g/t Au from 33m (MM33) (ASX MAG 17 May 2017)

  • 26m at 0.55 g/t Au from 34m (MM32) (ASX MAG 17 May 2017)

• High resolution ground magnetics commenced

• Aircore to follow Jan-Feb.

• Wellington North Au-Cu Project:

• High impact drilling planned for Jan-March in Boda Au-Cu discovery district

• Myall Cu-Au Project:

• Diamond drilling planned Feb-April at Kingswood Cu-Au porphyry target, downdip from

  • 381.9m @ 0.20% Cu, 8.25ppm Mo from 150m to EOH (21MYDD412) and

  • 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 July 2017)

2

Authorised for release by the board of directors of Magmatic Resources Limited

For further information:

David Richardson Executive Chairman, Magmatic Resources Ltd +61 8 9322 6009 info@magmaticresources.com www.magmaticresources.com

Competent Persons Statement

The information contained within this announcement is extracted from the reports titled:

• “ Prospectus”, released 17 May 2017

• “High Grade Gold Drill Results from Carlisle Reef”, released 4 July 2017

• “92.8 g/t Au Rock Chip Confirms High-grade Gold Target”, released 10 May 2018

• “Targets Defined Beneath 230,000 Oz Historic Goldfield”, released 18 August 2021

which are available to view on www.magmaticresources.com The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not materially modified from the original market announcement.

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Previously Reported Information

The information in this report that references previously reported exploration results is extracted from the Company’s ASX market announcements released on the date noted in the body of the text where that reference appears. The previous market announcements are available to view on the Company's website or on the ASX website (www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Forward Looking Statements

This report contains certain forward-looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Magmatic Resources Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Magmatic Resources Ltd. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geoscientists.

3

About Magmatic Resources (ASX:MAG)

Magmatic Resources Ltd (ASX: MAG) is a New South Wales-focused gold and copper explorer.

In 2014, Magmatic completed the acquisition of an advanced gold-copper target portfolio in the East Lachlan from Gold Fields Limited. Gold Fields had completed a major phase of target generation across four main projects (Wellington North, Parkes, Myall, Moorefield), identifying over 60 targets.

The East Lachlan has an endowment of more than 80 million ounces of gold and 13 million tonnes of copper (Phillips, 2017). It is home to Newcrest Mining’s Cadia Valley District, which includes the Cadia East Mine, Australia’s largest gold mine and one of the world’s most profitable gold mines (Newcrest 2019). The Northparkes copper-gold mine (China Molybdenum/Sumitomo, CMOC 2019) and Cowal Epithermal Mine (Evolution Mining, Evolution 2018) are other significant long-life gold-copper mining operations in the region.

Magmatic’s three Wellington North tenements effectively surround the recent Boda gold-copper discovery by Alkane Resources Ltd. The Bodangora tenement is located ~2km from Boda and encompasses the historic Bodangora Gold Field, where high grade gold mining occurred with recorded production of 230,000 ounces @ 26g/t Au between 1869-1917.

The Company also holds a strategic position in the Parkes Fault Zone (Parkes Project), immediately south from Alkane’s Tomingley Gold Operations and recent Roswell and San Antonio gold discoveries.

The Myall Copper-Gold Project covers the northern extension of the Junee – Narromine Volcanic Belt, located ~50km north and along strike from the Northparkes copper-gold Mining District (China Molybdenum/Sumitomo, CMOC 2019).

Multiple existing copper-goldmolybdenum 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 Northparkes Mine Resource and indicate potential for a fertile porphyry cluster at Myall. Magmatic’s recent drilling included and 381.9m @ 0.20% Cu, 8.25ppm Mo from 150m to EOH (21MYDD412)

In 2021 MAG demerged its wholly owned subsidiary Australian Gold and Copper Ltd (AGC) along with its Moorefield orogenic gold project. AGC also acquired two other NSW gold-base metals projects and listed on the ASX in January 2021. Magmatic is a major shareholder in AGC.

==> picture [316 x 351] intentionally omitted <==

MAG East Lachlan Project Location Map

4

Employment of Dr. Adam McKinnon as Managing Director of Magmatic Resources Ltd

The Company has entered into an employment agreement with Dr. Adam McKinnon to act as the Managing Director of Magmatic, with his employment to take effect during the 1[st] Quarter 2022.

Dr. McKinnon will be paid an annual salary of $350,000 (plus superannuation) (subject to periodic review). In addition to the review, the Company may at any time during the term pay to Dr. McKinnon a short-term incentive over and above the remuneration (“ STI ”), which is to be capped at $50,000 and at the sole discretion of the board.

In connection with this appointment, the Company has agreed, subject to obtaining shareholder approval at a general meeting, to issue a total of 10,000,000 Unlisted Options to Dr McKinnon (or his nominee) at an exercise price of 150% of the 5-day VWAP on the day the options are approved by shareholders. These options are subject to ongoing employment.

Both the Company and Dr. McKinnon may terminate the engagement (without cause) by giving at least six (6) months’ notice.

5