Magmatic Resources Drills Three Gold Targets at Weebo With Results Due by October

Follow-up RC drilling gets underway at Weebo

Magmatic Resources (ASX: MAG) has commenced a follow-up Reverse Circulation (RC) drilling program at its Weebo Gold Project in Western Australia, building directly on results from previous campaigns rather than starting fresh.

Three targets are being tested in the current program: Otto 2, where drilling is assessing lateral strike continuity; Ockerburry 3, targeting depth extensions of mineralised structures; and Scone Stone West, which is receiving its first RC holes to determine mineralisation orientation. Results from the program are anticipated in September and October 2026.

David Richardson, Managing Director

“This RC drilling program builds on the last round of Weebo RC drilling with the potential to deliver discoveries. At Otto 2, lateral geologic and grade continuity for 200m along strike of this larger gold mineralised target is being drill tested. At Ockerburry 3, the potential for mineralised structures in bedrock extending beneath a large (550m x 100m) body of gold supergene mineralisation defined in previous drilling by Magmatic is being investigated. Magmatic anticipates reporting RC drilling results in September and October 2026.”

Three targets, three distinct geological questions

Each target in the current program is designed to answer a specific geological question. That structure matters because it tells you the company is drilling with purpose, not speculating broadly.

Otto 2 — testing 200m of lateral strike continuity

The objective at Otto 2 is to determine whether gold grade and geological structure continue along 200m of strike from the intercepts already in hand. The prior results giving the company that conviction include (0.5g/t Au cut-off, less than 2m internal dilution):

• 6m @ 1.96g/t Au from 137m (OTRC001, 22 July 2026)
• 3m @ 3.67g/t Au from 180m (OTRC001, 22 July 2026)
• 6m @ 2.42g/t Au from 162m (MDRC0044, 19 July 2022)
• 6m @ 1.03g/t Au from 131m (MSRC0189, 3 September 2021)

These intercepts confirm mineralisation exists at the target. The current step-out program is designed to establish whether it extends meaningfully along strike.

Ockerburry 3 — chasing depth beneath a 550m x 100m supergene body

At Ockerburry 3, geological modelling suggests the gold mineralisation is linked to a plunging high-grade shoot at depth. Drilling steps out laterally and down dip to test that interpretation. The scale of the supergene gold body above — 550m by 100m — provides meaningful context for why the bedrock target warrants follow-up.

Previously reported significant intercepts that are interpreted to represent the periphery of that plunging shoot include (0.5g/t Au cut-off, less than 2m internal dilution):

• 8m @ 1.42g/t Au from 144m (OKRC020, 22 July 2026)
• 3m @ 1.98g/t Au from 51m (OKRC012, 28 January 2026)
• 1m @ 19.40g/t Au from 93m (OKRC008, 28 January 2026)
• 1m @ 6.30g/t Au from 144m (MSRC0155, 3 September 2021)

The 1m @ 19.40g/t Au result is a high-grade indicator worth noting. One intercept does not define a deposit, but it signals the system is capable of concentrating gold at meaningful grades.

Scone Stone West — maiden RC to test a NE-striking anomaly

Scone Stone West is a NE-striking gold anomaly defined by broad-spaced AC (Air Core) and RAB (Rotary Air Blast) drilling lines, with coincident linear features interpreted from aeromagnetic RTP imagery. RC drilling is planned at the intersection of interpreted regional structures, a potential basalt-intrusive lithological boundary, and below an AC hole that bottomed in anomalous gold mineralisation. This is the first RC drilling at the prospect, designed to determine the orientation of mineralisation at depth.

What is RC drilling and why does it matter for gold explorers?

Reverse Circulation drilling works by forcing compressed air down through a drill string, which drives rock chips back to the surface through an inner tube — giving geologists a reliable, fast, and cost-effective sample of what lies underground. It delivers better sample integrity than earlier-stage methods such as AC or RAB drilling, which is why it is a preferred tool when explorers move from initial anomaly definition to genuine target testing.

The fact that a company has progressed to follow-up RC drilling is itself a signal. It means prior results were compelling enough to justify further capital commitment. You are not watching a company test a hunch; you are watching one systematically build a geological case at targets that have already returned gold.

Location advantage and the path to discovery

The Weebo Project covers 270 square kilometres of tenure positioned strategically between five multi-million-ounce gold mines:

• Darlot (Vault Minerals Ltd)
• Agnew-Lawlers (Gold Fields Ltd)
• Bellevue (Bellevue Gold Ltd)
• Bronzewing (Northern Star Resources Ltd)
• Thunderbox (Northern Star Resources Ltd)

That geological neighbourhood is relevant context. It does not guarantee discovery, but it does confirm Weebo sits within a proven gold-endowed corridor.

Results from the current program are expected to be reported in September and October 2026. The company’s stated ambition, consistent with its project strategy, is to generate significant new gold discoveries at Weebo.

Magmatic is advancing on multiple commodity fronts at the same time: a major copper-gold discovery at Myall represents a separate project thread running in parallel to the Weebo gold program, giving the company optionality across both gold and base metals exploration.

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