Magmatic Resources Limited (ASX:MAG) has announced the completion of Stage 1 of its purchase of the Weebo Gold Project, located in the heart of Western Australia’s Goldfields. Magmatic Resources is predominantly a New South Wales focused gold and copper explorer with three advanced gold and gold/copper exploration projects. The completed stage includes five exploration licenses (E 36/845, E 36/846, E 36/860, E 36/934, E 36/952) and one prospecting license (P 36/1878). Stage 2, involving three additional exploration licenses, is contingent upon successful renewal of those licenses.
The acquisition agreement, initially announced on June 16, 2025, outlines Magmatic’s plan to acquire 100% of the Weebo Gold Project, which consists of eight granted exploration licenses and one granted prospecting license. As part of Stage 1 completion, Magmatic has paid $50,000 to the vendors and issued 19.6 million fully paid ordinary shares and 9.8 million Performance Shares, all subject to a 12-month voluntary escrow. Additionally, 5.6 million fully paid ordinary shares, also under a 12-month voluntary escrow, were issued to the shareholders of Northern Goldfields Resources Pty Ltd (NGR).
The Weebo Gold Project encompasses 136 square kilometres of tenure and is situated 30 km southeast of Leinster. It covers approximately 50 strike kilometres of the southern Yandal Greenstone Belt, a region known for its significant gold mineralisation. Strategically positioned, the project lies amidst five gold mines: Darlot, Agnew-Lawlers, Bellevue, Bronzewing, and Thunderbox. Magmatic’s WA exploration team has already commenced on-site activities, including mapping, sampling, and planning for an initial air core (AC) drilling program aimed at further defining targets.
David Richardson, Managing Director of Magmatic Resources, expressed enthusiasm about the completed acquisition, stating, ‘It’s fantastic to finalise the purchase of Stage 1 of this exciting gold project… We look forward to an exciting 2nd half of the year with both our NSW and WA based teams being very active.’ The company confirms that this announcement follows the details previously disclosed on June 16, 2025. The company’s gold prospects have been reviewed based on historical data and past explorers’ public announcements.
