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Exploration, discovery and development of precious and base metals mineral deposits in Australia and Canada (V.MMW)

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Message: Highlights of last quarter

April 27, 2012 QUARTERLY REPORT FOR THE PERIOD ENDED MARCH 31, 2012

Perth, Western Australia - Magma Metals Limited (ASX & TSX: “MMW”) (“Magma” or the “Company”) is pleased to provide its activities and cash flow report for the quarter ended March 31, 2012. Field activities included drilling at the Thunder Bay North (“TBN”) platinum-palladium-copper-nickel project in north-western Ontario, Canada (Figure 1). These activities and plans for further exploration work are described in this report.

ASX & TSX: MMW

HIGHLIGHTS Thunder Bay North Platinum-Palladium Project, Ontario

71,000 platinum-equivalent ounces added to underground resources, a 53% increase to:

Indicated Resources: 1.37Mt @ 3.67g/t Pt-Eq for 162,000oz Pt-Eq Inferred Resources:0.47Mt @ 2.97g/t Pt-Eq for 45,000oz Pt-Eq

This represents a 10% increase in the project’s overall resources to:

Indicated Resources: 9.83Mt @ 2.34g/t Pt-Eq for 741,000oz Pt-Eq Inferred Resources:0.53Mt @ 2.87g/t Pt-Eq for 49,000oz Pt-Eq

A drilling program to test a number of regional ZTEM and magnetic airborne geophysical targets is in progress.

Significant progress was made during the quarter on engineering work to enhance the economics of the project.

Western Australian Projects

Drilling and geochemical surveys have been planned for a number of projects in the June quarter.

Corporate

Panoramic Resources Limited announced an unsolicited conditional all-scrip takeover offer for Magma Metals. Magma’s directors have unanimously recommended that shareholders REJECT the offer.

A$9.8 million cash retained at the end of the quarter.

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