Magmatic Resources Limited is advancing its Myall Project in New South Wales in collaboration with Fortescue’s subsidiary, FMG Resources Pty Ltd. The recent drilling program, designed to test regional mineral targets including Calais, Barina, SLR, Monaro, and Sandman, has focused on refining the company’s geological model around the recent copper‐gold maiden Inferred Mineral Resource at the Corvette – Kingswood area. This work follows the joint venture agreement executed in March 2024 and has now completed 12 diamond drill holes over a cumulative 2,988 meters, with detailed assay results coming in for key holes such as FMD0504 and FMD0508 at the Calais prospect. The drilling at Calais, located approximately 2.5 km southwest of the Kingswood area, has shown promising gold and copper mineralisation within a broad magnetite–pyrite–chalcopyrite alteration zone. In hole FMD0508, technical highlights include an 11.7-meter intersection at 0.59 g/t gold, accompanied by zinc (0.38%), silver (2.9 g/t), and a minor copper presence (0.05%), beginning at 138 meters. Other intercepts include 8 meters at 0.23% copper and 0.04 g/t gold, and a 26-meter interval at 0.10% copper, all within a 271.2-meter zone noted for copper enrichment. Although the high-grade copper intercept recorded in a previous hole (FMD0504) was not repeated in FMD0508, the results suggest that the mineralisation lies along the flank of an evolving porphyry system and might reflect an epithermal overprint in the upper levels. Market sentiment appears to be mixed. On the bullish side, early gold intercepts and the identification of a potential new copper–gold porphyry system underlines the company’s progress and opens up additional exploration frontiers. The close collaboration with a major partner, Fortescue, and the continued drilling success boost confidence in the resource’s potential. Conversely, bearish views stem from uncertainties in defining the controls on mineralisation and the absence of a repeat high-grade copper intercept in recent drill holes. Additionally, the need for further drilling to comprehensively vector the centre of the system and confirm continuity of the grades adds to the execution risk. Overall, while the latest technical indicators are encouraging, ongoing work is critical to validate the economic potential of this early-stage target for Magmatic Resources Limited.