What Magmatic Resources does

Magmatic Resources Limited (ASX: MAG) is an Australian gold and copper porphyry exploration company founded in 2014 by David Richardson. The company operates four advanced exploration projects across Australia's two most prolific gold regions: Wellington North, Myall, and Parkes in New South Wales' East Lachlan region, and the Weebo Gold Project in Western Australia's Yandal Greenstone Belt. Its tenure is strategically positioned adjacent to tier-1 operating mines and recent major discoveries, including Alkane's Boda-Kaiser (14.7Moz Au eq.), Cadia Valley (51Moz Au, 9.9Mt Cu), and Northparkes (5.2Moz Au, 4.4Mt Cu), with the Weebo project located within 30km of five producing gold mines (Bellevue, Thunderbox, Agnew/Lawlers, Bronzewing, Darlot).

The company's underlying technology comprises conventional mineral exploration methods — reverse circulation, aircore, and diamond drilling — supplemented by 3D geological evaluation, historical data compilation, and systematic drill-campaign design across porphyry copper-gold and orogenic gold targets. Magmatic has completed more than 8,000 metres of diamond drilling at Corvette since mid-2022, supported by a 846-drillhole historical database (119.5km) at Myall. Its Initial Inferred Mineral Resource at the Corvette and Kingswood deposits stands at 110Mt at 0.33% CuEq, containing 293kt copper, 237koz gold, and 2.8Moz silver (354kt Cu eq.). The company operates as a project generator, funding exploration through equity placements and a farm-in joint venture with Fortescue (Australia's third-largest mining company), which holds a 19.99% cornerstone stake and may spend up to A$14M over six years to earn 75% interest in the Myall project; Gold Fields retains approximately 12.5–14% equity from its 2014 divestiture of the East Lachlan portfolio to Magmatic.

Magmatic remains pre-revenue and generates no operating cash flow. It funds activities through equity placements (including an A$3M placement in October 2025) and JV contributions, with capital sourced from major mining partners and public-market investors via the ASX listing. The effective "customers" are major mining companies seeking to acquire, partner on, or earn into advanced exploration assets, with Fortescue serving as the principal counterparty under the Myall farm-in. The management team combines geologists with track records at world-class porphyry discoveries (Tujuh Bukit, Cascabel, Tampakan, Bramaderos, El Palmar) and senior mining executives from Western Mining, BHP, Clayton Utz, and Paladin Energy.

Name

Magmatic Resources

Legal name

Magmatic Resources Limited

Website

https://magmaticresources.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Magmatic Resources Limited (ASX: MAG) is an Australian gold and copper porphyry exploration company operating four projects across New South Wales and Western Australia, funded through equity placements and a A$14M farm-in joint venture with Fortescue.

Ownership category

akta.pro rank

Product category

Mineral Exploration Services

NAICS

Gold Ore and Silver Ore Mining (21222), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industries

Copper Exploration & Resource Development (IMAKADAA), Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

Keywords

• Gold exploration
• Copper exploration
• Mineral exploration
• Porphyry deposits
• Resource development

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Mineral Resource Development: Pre-revenue exploration stage company. Revenue will be generated through development of mineral resources, offtake agreements, and potential sale of projects or equity stake in developed assets. Initial Inferred Mineral Resource of 110Mt at 0.33% CuEq for Corvette and Kingswood deposits containing 293kt copper, 237koz gold & 2.8Moz silver.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Magmatic Resources is an ASX-listed mining exploration company focused on identifying and advancing gold and copper porphyry deposits across two of Australia's premier gold regions. The company operates four exploration projects — Wellington North, Myall, Parkes, and Weebo Gold Project — targeting Tier 1 gold-copper porphyry and orogenic gold deposits through drilling programs and joint venture partnerships with major mining companies.

Product overview

Magmatic Resources is an ASX-listed Australian gold and copper exploration company operating four advanced exploration projects across two premier gold regions. The portfolio consists of Wellington North (gold-copper) and Myall (copper-gold) projects in New South Wales' East Lachlan region, the Parkes Gold Project in NSW, and the Weebo Gold Project in Western Australia's Northern Goldfields. The company operates as an explorer and project generator, with joint venture partnerships including Fortescue at the Myall project. Projects target Tier 1 gold-copper porphyry and orogenic gold deposits.

Differentiator

Problem solved

Functional benefit

Products and services

• Wellington North Gold-Copper Project

Quantifiable outcome

• Initial Mineral Resource: 110Mt at 0.33% CuEq containing 293kt copper, 237koz gold & 2.8Moz silver
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Fortescue (FMG)coreStrategic or Co-development Partner · 1 March 2024Farm-in Joint Venture Agreement for Myall copper-gold project. Fortescue may spend up to $14M over 6 years to earn up to 75% interest. Magmatic is operator for first two stages. Fortescue also became cornerstone investor holding 19.99% stake, representing part of their diversification strategy.

Scale indicators11 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Alkane Resources: ASX-listed gold-copper explorer whose Boda-Kaiser discovery (14.7Moz Au eq) sits adjacent to Magmatic's Wellington North project in the East Lachlan region of NSW, making them direct neighbours targeting the same porphyry belt.
• Stavely Minerals: ASX-listed copper-gold porphyry explorer with projects in Victoria targeting the same broader Australian porphyry copper-gold belt; comparable exploration-stage business model and Tier 1 discovery thesis.
• Sunstone Metals: ASX-listed copper-gold porphyry explorer in Ecuador led by Malcolm Norris (Magmatic NED); directly comparable porphyry exploration focus and team overlap.
• SolGold: LSE/TSX-listed copper-gold porphyry explorer at Cascabel (Ecuador); Malcolm Norris (Magmatic NED) was previously MD of SolGold. Same porphyry copper-gold thesis and management overlap.
• Bellevue Gold: ASX-listed gold producer/developer in WA's Yandal Greenstone Belt, adjacent to Magmatic's Weebo Gold Project; comparable gold-focused jurisdiction and high-grade orogenic gold target style.

Broad incumbents

• Newmont Corporation: Operator of the Cadia mine (51Moz Au, 9.9Mt Cu) in NSW East Lachlan, the tier-1 deposit adjacent to Magmatic's Wellington North project; sets the regional benchmark and is a logical acquirer of any major discovery.
• CMOC Mining: Operator of the Northparkes mine (5.2Moz Au, 4.4Mt Cu) in NSW, ~60km south of Magmatic's Myall project; major regional incumbent with potential strategic interest in nearby porphyry discoveries.
• Fortescue Limited: Australia's 3rd largest mining company and Magmatic's cornerstone JV partner/19.99% shareholder at Myall; a major incumbent with strategic alignment and de facto influence on Magmatic's flagship project.
• Gold Fields Limited: Major gold producer that originally divested Magmatic's East Lachlan portfolio in 2014 and retains ~14% stake; a major incumbent with both historical ownership and ongoing exposure to Magmatic's exploration upside.

Regional players

• Ramelius Resources: ASX-listed WA gold producer operating Mt Magnet; Darin Rowley (Magmatic's Weebo Exploration Manager) previously headed Ramelius's Mount Magnet exploration team—direct personnel overlap and adjacent WA gold jurisdiction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Magmatic Resources