Magmatic Resources provided an update on exploration activity at its 100% owned Wellington North Project, located north of Australia's large gold producer at Cadia East and effectively surrounding Alkane's Boda gold-copper discovery. Diamond drilling at the Bodangora Gold Field. The company has completed an initial phase of Diamond drilling to test for extensions and repetitions of gold mineralization within the historic Bodangora Goldfield in November 2021.

The program has focused initially on the Mitchell's Creek gold mine with eight (8) holes completed, progressing from north to south testing beneath the old mine workings over a 1.2-kilometre strike. The Company has recently completed core cutting and submitted samples to the laboratory for gold and base metal analysis, with results expected in February 2022. A further drill program is planned to be completed targeting the historic Dicks Reward gold mine.

Exploration for Extensions to the Bodangora Goldfield. As previously mentioned, the Company believes that there has been little modern exploration for northern extensions and repetitions of the Bodangora Goldfield and is completing additional exploration activities with the aim of locating new areas of gold mineralization. Timing of this work has largely been dependent on gaining access after cropping activities which occurred in December and also limited by rain events and NSW COVID restrictions.

Ground Magnetic Survey: As the area is largely soil covered the Company has defined an area for ultra-detailed ground magnetic surveying in order to map underlying geological units and structures. The survey area includes the Mitchell's Creek and Dicks Reward mines and may define the extensions of these mineralized structures. The survey, on 25 metre line spacing, is partially complete (154 line-km) and interpretation has commenced.

Geochemical Sampling: Within the same area as the ground magnetics a program of near surface geochemical sampling has commenced. The program involves surface soil sampling in areas of residual soil and air-core drilling in areas of transported cover. Air-core drilling is underway, with the location and timing of work being adjusted dependent on rain.

Samples are being analysed by portable XRF for trace base metals (copper, lead and zinc are coincident with gold at Bodangora), prior to submission to the laboratory for gold and a suite of base metals analysis.