Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Magmatic Resources Ltd. ( (AU:MAG) ) has issued an update.
Magmatic Resources Ltd. has completed a 25-hole aircore drilling program at its Myall Copper-Gold Project, funded by its joint venture partner, FMG Resources Pty Ltd., a subsidiary of Fortescue Ltd. The project, which has a total exploration budget of $3.5 million for the financial year 2025-26, aims to identify Northparkes-style copper-gold porphyry mineralization. The company is also commencing an Induced Polarisation survey to further explore the potential of the site, with diamond drilling scheduled to begin in January 2026. This exploration initiative is expected to enhance Magmatic’s positioning in the mining industry by potentially uncovering significant mineral deposits.
The most recent analyst rating on (AU:MAG) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Magmatic Resources Ltd. stock, see the AU:MAG Stock Forecast page.
More about Magmatic Resources Ltd.
Magmatic Resources Ltd. is a company operating in the mining industry, focusing on the exploration and development of copper-gold projects. The company is engaged in a joint venture with Fortescue Ltd., a major shareholder, to explore potential copper-gold porphyry deposits, particularly in the Myall Farm-in and Joint Venture Agreement (FJVA) Copper-Gold Project.
Average Trading Volume: 771,203
Technical Sentiment Signal: Buy
Current Market Cap: A$27.62M
For an in-depth examination of MAG stock, go to TipRanks’ Overview page.