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SUDBURY, Ontario, April 20, 2026 (GLOBE NEWSWIRE) — Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE:8YD) (the “Company” or “Magna”) is pleased to report fourth quarter and full year 2025 operating and financial results. Management will host a conference call tomorrow, April 21, 2026, at 8:00am EDT to discuss the results. All amounts are expressed in Canadian dollars unless otherwise indicated.
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Highlights
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- During the three months ended December 31, 2025 (“Q4 2025”), Magna successfully achieved a positive cash margin* of $3.3 million at the McCreedy West copper-precious metals-nickel Mine (“McCreedy West”), located in Sudbury, Ontario, Canada.
- In Q4 2025, 84,954 tons of ore was processed from the 700 Footwall Copper Zone at McCreedy West (see news release dated January 20, 2026) at a grade of 3.41% copper equivalent (“CuEq”)1.
- The Company produced 5.0 million CuEq payable pounds (“lbs”) in Q4 2025, representing the strongest quarterly production at McCreedy West since the Company completed the acquisition of a portfolio of Sudbury assets, including McCreedy West, on February 28, 2025.
- Quarterly cash costs* and All-in sustaining costs* (“AISC”) of US$3.08 per CuEq lb, and US$3.49 per CuEq lb, respectively.
- During the ten months of Company ownership in 2025, McCreedy West produced 11.5 million CuEq payable lbs at a grade of 3.10% CuEq, with cash costs of US$3.72/lb, and AISC of US$4.47/lb.
- Total cash margin at McCreedy West in 2025 was $0.4 million.
- Ended Q4 2025 with cash and cash equivalents of $55.9 million, after investing $8.2 million in exploration and evaluation expenses in 2025 on Levack and Crean Hill, with the completion of studies on both of these projects scheduled for the third quarter of 2026.
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* Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements. “Cash Margin” is calculated as the difference between total sales revenue, net of smelting, refining and treatment costs from mining operations, and the cash mine site operating costs.
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Jason Jessup, CEO of Magna, commented, “During the fourth quarter of 2025, Magna continued to execute on our underground development plan, with increased diamond drilling and stope availability at McCreedy West. As discussed in the Q3 financial results conference call, the goal of this plan was to access new areas of the mine with better grade stopes, build in consistency and flexibility to the mine plan and position the operation to execute profitable production in 2026. Our fourth quarter results announced today are a result of executing this plan and are a significant improvement quarter over quarter as McCreedy West generated a positive cash margin of $3.3 million during the quarter. On the back of these strong Q4 results, we reiterate our previous operational guidance for 2026, which will be slightly weighted to the second half of 2026 due to stope sequencing. We are well-funded to advance our Levack and Crean Hill projects towards restart and construction decisions, respectively, as well as aggressively diamond drill and expand our R2 Footwall Zone discovery at Levack, and test new high grade copper targets on our other properties in 2026. In addition, the team at McCreedy West continues to evaluate the potential restart of mining at the nickel-rich Intermain contact-type deposit.”
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Table 1: McCreedy West 2025 Tons Processed, Contained CuEq Grades, and CuEq Payable Pounds
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| FY 2025 | FY 2025 | ||||
| Q4 | Q3 | Q2 | Q1 (March only) | ||
| Tons Processed | 84,954 | 75,215 | 70,045 | 20,388 | 250,602 |
| CuEq Grade (%)1 (contained) | 3.41 | 2.64 | 3.26 | 3.01 | 3.10 |
| CuEq lbs1 (payable) | 4,968,000 | 2,735,000 | 3,053,000 | 790,000 | 11,546,000 |
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1
Copper equivalent payable pounds and copper equivalent payable grade were calculated using the following US dollar prices:
FY 2025: $4.57/lb Cu, $6.85/lb Ni, $17.95/lb Co, $1,335.09/oz Pt, $1,189.00/oz Pd, $3,583.17/oz Au, $41.82 Ag.
Q4 2025: $5.03/lb Cu, $6.75/lb Ni, $23.01/lb Co, $1,679.68/oz Pt, $1,468.65/oz Pd, $4,141.90/oz Au, $54.83 Ag.
Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.
Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.
Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.
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Table 2: Q4 and Full Year 2025 Operating and Financial Highlights
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| In 000s, except per units and per share amounts | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | FY 2025 |
| Financial results | |||||
| Net revenue from mining operations3 | 24,810 | 14,026 | 15,701 | 4,297 | 58,834 |
| Cash margin1 | 3,313 | (2,041) | (1,191) | 269 | 351 |
| Net income (loss) | (7,108) | (11,597) | (9,317) | 11,039 | (16,983) |
| Adjusted net loss1 | (6,863) | (11,365) | (8,746) | (6,163) | (33,137) |
| Operating cash flow | (10,173) | (10,781) | (11,560) | (2,584) | (35,098) |
| Free cash flow1 | (11,307) | (14,350) | (10,718) | (10,584) | (46,959) |
| Per share information: | |||||
| Net earnings (loss) | (0.03) | (0.05) | (0.05) | 0.06 | (0.07) |
| Adjusted net loss1 | (0.03) | (0.05) | (0.04) | (0.03) | (0.15) |
| Operating cash flow1 | (0.04) | (0.05) | (0.06) | (0.01) | (0.16) |
| Free cash flow1 | (0.05) | (0.07) | (0.05) | (0.05) | (0.22) |
| Selected Financial Statement data | |||||
| Cash and cash equivalents | 55,899 | 63,121 | 27,018 | 38,250 | 55,899 |
| Working capital | 60,499 | 61,917 | 24,404 | 31,890 | 60,499 |
| Total assets | 193,924 | 201,349 | 154,836 | 162,207 | 193,924 |
| Total non-current liabilities | 67,084 | 71,480 | 73,916 | 76,101 | 67,084 |
| Operational results | |||||
| Ore Processed (Dry tons) | |||||
| 700 Copper Zone | 84,954 | 75,215 | 59,100 | 13,911 | 233,180 |
| Intermain Nickel Zone | – | – | 10,945 | 6,477 | 17,422 |
| Throughput | 84,954 | 75,215 | 70,045 | 20,388 | 250,602 |
| Copper Equivalent Grade (%) | |||||
| 700 Copper Zone2 | 3.41 | 2.64 | 3.35 | 3.04 | 3.12 |
| Intermain Nickel Zone2 | 0.00 | 0.00 | 2.77 | 2.96 | 2.84 |
| 3.41 | 2.64 | 3.26 | 3.01 | 3.10 | |
| Metals Payable | |||||
| Copper (000s lbs) | 1,909 | 1,949 | 1,629 | 552 | 6,039 |
| Nickel (000s lbs) | 244 | 193 | 327 | 132 | 896 |
| Cobalt (000s lbs) | 1 | 2 | 4 | 2 | 9 |
| Platinum (ozs) | 1,626 | 479 | 1,156 | – | 3,261 |
| Palladium (ozs) | 1,814 | 641 | 1,218 | 13 | 3,686 |
| Gold (ozs) | 601 | 55 | 284 | – | 940 |
| Silver (ozs) | 23,440 | 13,105 | 9,499 | 1,638 | 47,682 |
| Copper equivalent payable pounds (000s)2 | 4,968 | 2,735 | 3,053 | 790 | 11,546 |
| Per Copper Equivalent Metrics | |||||
| Average realized price (CAD per CuEq payable lb)1,3 | 4.96 | 5.42 | 5.17 | 6.03 | 5.20 |
| Cash costs (CAD per CuEq payable lb)1,2,3 | 4.29 | 6.17 | 5.56 | 5.69 | 5.17 |
| Cash margin (CAD per CuEq payable lb)1 | 0.67 | (0.75) | (0.39) | 0.34 | 0.03 |
| AISC (CAD per CuEq payable lb)1,2,3 | 4.86 | 8.15 | 6.64 | 6.37 | 6.21 |
| Average 1 USD → CAD exchange rates | 1.3947 | 1.3773 | 1.3841 | 1.4359 | 1.3904 |
| Cost Metrics (in USD) | |||||
| Cash costs1,2,3 | 3.08 | 4.48 | 4.02 | 3.97 | 3.72 |
| AISC1,2,3 | 3.49 | 5.92 | 4.80 | 4.43 | 4.47 |
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