Magmatic Resources brings Fortescue into the fold at Myall copper-gold play
Melbourne, Victoria
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March 08, 2024 02:45 PM Eastern Standard Time
Magmatic Resources Ltd (ASX:MAG) managing director Adam McKinnon joins the Proactive studio after the junior explorer secured mining giant Fortescue Ltd (ASX:FMG) as a cornerstone investor. The Andrew Forrest-backed miner snapped up 76 million MAG shares at a 10% premium to net a near-20% interest in the precious and base metal player. In addition to the investment, a Fortescue subsidiary has committed $14 million over the next six years to earn a 75% stake in MAG’s Myall copper-gold project. With a mineral resource already boasting 293,000 tonnes of copper, 237,000 ounces of gold and 2.8 million ounces of silver, McKinnon says Myall has all the hallmarks of a tier-one deposit.
“We are excited to joint venture and partner with Fortescue to advance our exploration efforts across the Myall Project area,” Magmatic executive chair David Richardson told shareholders on Friday.
“Myall has many of the signatures of a Tier 1 copper-gold deposit and Magmatic has recognised the need to partner with a major to further advance the project following the maiden resource.
“Fortescue’s cornerstone investment in MAG will allow the Company to simultaneously advance our other two projects at Wellington North and Parkes which are strategically located near Alkane Resources Boda-Kaiser deposits and Tomingley Gold Operations respectively.”
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
