About Magmatic

Magmatic Resources Limited (Magmatic) is an ASX listing mining exploration company.

Counter Cyclical Acquisition of Advanced Target Portfolio

In 2014, Magmatic completed a counter cyclical acquisition of an advanced gold-copper target portfolio in the East Lachlan Gold-Copper Province in New South Wales, Australia.

The acquisition formed a part of a global divestment by Gold Fields Limited and followed a major phase of target generation across four main projects (Wellington North, Parkes, Myall, Moorefield).

The East Lachlan has an endowment of more than 80 million ounces of gold and 13 million tonnes of copper (Phillips 2017). It is most famous for Newcrest’s world class porphyry gold-copper cluster at Cadia Valley, where the Cadia East Mine currently represents Australia’s largest gold mine and one of the world’s most profitable gold producers (A$1.4B free cash FY19, Newcrest 2019). In addition, the Northparkes porphyry cluster (3.8Moz Au, 3.4Mt Cu – China Molybdenum/Sumitomo, CMOC 2018) and Cowal Deposit (>11Moz Au – Evolution Mining, Evolution 2018) also represent significant long-life mining operations.

The recent Boda Discovery by Alkane Resources Ltd has highlighted the region’s potential for further Tier 1 discoveries. In particular, this discovery demonstrates the potential of the northern Molong Belt for major porphyry gold-copper discoveries where the company holds an advanced target portfolio and dominant tenure position.

Northern Molong Belt an Emerging Hotspot for Gold-Copper Porphyry Discovery

Magmatic’s Wellington North Project covers a majority of the northern Molong Belt essentially surrounding  the Boda porphyry gold-copper discovery made by Alkane Resources in September 2019 (ASX ALK 9/9/2019: 502m at 0.48 g/t Au and 0.20% Cu from 211m down hole and open at the end of hole).

“Alkane has just made the best porphyry exploration discovery in the Lachlan Fold Belt outside the 3 major mines, in the last 20 or so years.” (ASX AQX 19/9/2019) – John Holliday (led the Cadia-Ridgeway discovery team)

The Boda discovery has also highlighted the porphyry exploration signature in the northern Molong Belt and has had an immediate impact on the ranking of Magmatic’s exploration targets in the Wellington North Project.  Several targets have been upgraded for Boda-style and Cadia East-style porphyry gold-copper mineralisation, with ongoing exploration, including MIMDAS geophysics, upgrading the prospectivity of the Lady Ilse Prospect for Cadia East-style porphyry gold-copper mineralisation.

Forthcoming drilling of a Cadia East-style gold-copper porphyry system at Lady Ilse

In December 2019, Magmatic confirmed the appointment of New South Wales porphyry specialist Mr Peter Duerden as Managing Director effective from Monday, 3 February 2020. Magmatic’s former Managing Director, Mr David Richardson, who transitioned to Executive Chairman upon Mr Duerden’s appointment, said “Peter is a leading expert on East Lachlan porphyry gold-copper systems. He led Alkane Resources’ North Molong Belt gold-copper porphyry exploration for 10 years and his work contributed significantly to Alkane’s recent Boda gold-copper porphyry discovery. In addition, Peter served as district geologist for Newcrest at Cadia Valley which provides him a unique insight for assessing the companys assets in the northern Molong Belt and wider East Lachlan.”

CMOC 2019., China Molybdenum Company Limited, http://www.cmocinternational.com/australia/

Evolution., 2018, https://evolutionmining.com.au/reservesresources/

Phillips, G N (Ed), 2017. Australian Ore Deposits (The Australasian Institute of Mining and Metallurgy:


Meet the team

David Richardson

Executive Chairman, B. Com, MBA

David has over 30 years international experience in corporate strategy, international project development, strategic partnering, and finance, including 15 years in Asia with companies such as Pacific Dunlop and Amcor. Most recently he spent 10 years in venture capital in Japan and Australia, before founding Magmatic Resources in 2014.

Peter Duerden

Managing Director, BScHons, MEconGeol, RPGeo

Peter has 20 years experience in the mining and exploration industry working across a wide range of commodities and deposit styles with particular expertise in NSW mineral systems.  Before joining Magmatic, Peter was involved in the startup of Sky Metals Limited and the development of their successful NSW gold strategy and has held senior management positions with Newcrest Mining and Alkane Resources.  Mr Duerden holds a Masters of Economic Geology and is a Registered Professional Geoscientist (RPGeo) and member of the AIG.

David Berrie

Non-Executive Director, LLB, B.Juris

David has a track record of building companies by focussing on exploration success. He was part of the Board and Management team which led to the A$1.2 billion hostile takeover of Summit Resources Limited by Paladin Energy Limited and the friendly takeover of Fusion Resources Limited, once again, by Paladin. His 30 years’ mining experience includes executive roles with Western Mining and BHP. Prior to this David was a solicitor with the Mining Sections at Clayton Utz. David is a Director of Summit Resources Ltd, and MD of Riva Resources Ltd.

Andrea Betti

Company Secretary

Andrea Betti is an accounting and corporate governance professional with over 20 years experience in accounting, corporate governance, finance and corporate banking. She has acted as Chief Financial Officer and Company Secretary for companies in the private and publicly listed sectors, as well as senior executive roles in the banking and finance industry. Ms. Betti is a member of the Institute of Chartered Accountants in Australia and New Zealand and an associate member of the Governance Institute of Australia. Ms Betti is currently a Director of a corporate advisory company based in Perth that provides corporate and other advisory services to public listed companies. She has a Bachelor of Commerce, Graduate Diploma in Corporate Governance, Graduate Diploma in Applied Finance and Investment and a Masters of Business Administration.

Steven Oxenburgh

Exploration Manager, MSc (Ore Deposit Geology and Evaluation)

Steven has more than 30 years’ minerals exploration and evaluation experience. Most recently he was Exploration Manager at Millennium Minerals Ltd, with a $22M exploration budget and led resource definition and project generation. Previously at Gold Fields, Steven was responsible for the divestment of the East Lachlan projects to Magmatic. Recent exploration success includes extending Millennium’s mine life, and discovery of Invincible South (2015), a 300koz Au resource estimate which remains open at depth.


Corporate directory


David Richardson         Executive Chairman

Peter Duerden              Managing Director

David Berrie                 Non-Executive Director

David Flanagan            Non-Executive Director

Andrea Betti                  Company Secretary


Senior Management

Mike Franklin                Chief Financial Officer

Steven Oxenburgh       Exploration Manager


Investor & Media Relations

Warrick Hazeldine

Cannings Purple

+61 8 6314 6300

Email: whazeldine@canningspurple.com.au


Registered Office

Suite 8, 1297 Hay Street,

West Perth WA 6005

Telephone: +61 8 9322 6009

Email: info@magmaticresources.com

Website: www.magmaticresources.com


Postal Address

PO Box 785,

West Perth WA 6872


Company Details

ABN: 32 615 598 322

ACN: 615 598 322



Stock Exchange

Level 40, Central Park

152-158 St Georges Terrace

Perth WA 6000


Share Registry

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Level 11, 172 St George’s Terrace

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Telephone: 1300 850 505

Telephone: +61 8 9415 4000



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38 Station Street

Subiaco WA 6008



The Board believes that high standards of corporate governance are an essential prerequisite for creating sustainable value for shareholders. The Corporate Governance Statement sets out the Company’s main corporate governance policies and practices. All these practices, unless otherwise stated, were in place for the entire year ended 30 June 2019. The policies and practices are reported against the 3rd Edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations. Where the Company’s compliance with the Principles and Recommendations is reflected in a separate document or policy, a reference to the location of that document or policy is included in the Statement.