News release
Magna Mining Reports Operating and Financial Results for the Third Quarter of 2026
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SUDBURY, Ontario, Nov. 11, 2026 (GLOBE NEWSWIRE) -- Magna Mining Inc. (TSX: NICU) (OTCQX: MGMNF) (FSE:8YD) (the “Company” or “Magna”) announces operating and financial results for the third quarter of 2026 (“Q3 2026”). Management will host a conference call tomorrow, November 12, 2026, at 8:00am EST to discuss the results. All amounts are expressed in Canadian dollars unless otherwise indicated.
Highlights
- In Q3 2026, Magna shipped 75,272 tons of ore from the 700 Footwall Copper Zone at the McCreedy West copper-precious metals-nickel Mine (“McCreedy West”) in Sudbury, Ontario, Canada at a grade of 3.60% copper equivalent (“CuEq”) for 5.4 million CuEq contained pounds (“lbs”) based on the metal prices employed in the Company’s 2026 operational guidance. At realized metal prices during the quarter, the tons shipped contained 4.9 million CuEq lbs at a grade of 3.28% CuEq1.
- The Company produced 3.7 million CuEq payable lbs in Q3 2026 and a total of 12.3 million CuEq payable lbs in the first three quarters of 2026.
- During Q3 2026, Magna generated positive cash margin2 of $4.9 million, with cash costs2 and all-in sustaining costs2 (“AISC”) of US$4.12 per CuEq lb, and US$4.93 per CuEq lb, respectively. Cash margin during the first nine months of 2026 was $19.7 million.
- Exploration and evaluation expenses in Q3 2026 of $5.7 million, including $5.0 million at Levack Mine, where activities continued to focus on infrastructure readiness, support early ore sources and establish underground exploration platforms to advance drilling of the R2 Footwall Zone and other targets.
- Ended Q3 2026 with cash and cash equivalents of $168.4 million and a working capital balance of $161.9 million following the completion on August 28, 2026 of the strategic investment by Alpayana S.A.C. through a non-brokered private placement of 62,356,682 common shares at $2.25 per share for gross proceeds of approximately $140.3 million. Following closing, Alpayana holds 19.9% of the Company’s issued and outstanding common shares.
- The Company has updated its operational guidance for McCreedy West and now expects to produce 14.5 – 15.5 million CuEq payable lbs in 2026 due to operational challenges experienced during Q3 2026.
- The Company’s Total Recordable Injury Frequency Rate3 (TRIFR) was 0.43 over the first nine months of 2026, compared to 2.23 during the same period in 2025, representing an 81% reduction.
1 Copper equivalent contained and payable pounds and copper equivalent grade were calculated using the following US dollar prices in the Company’s 2026 Guidance: $4.88/lb Cu, $7.72/lb Ni, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au, $50.00/oz Ag, and CAD/USD exchange rate of 1.37, while realized prices for Q3 2026 were $6.37/lb Cu, $7.52/lb Ni, $25.67/lb Co, $1,726.46/oz Pt, $1,306.30/oz Pd, $4,269.08/oz Au, $62.75 Ag. Strong copper price performance relative to the price of precious metals during Q3 2026 resulted in lower contained CuEq pounds and grade at realized prices compared to CuEq calculations using the Company’s 2026 guidance prices.
2 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. “Free cash flow” is calculated by taking net cash provided by operating activities less cash used in capital expenditures and lease payments.
3 Defined as the number of medical treatments, restricted work, lost time, and fatal injuries per 200,000 hours worked by employees and contractors.
Jason Jessup, CEO of Magna, commented, “During Q3, McCreedy West encountered an isolated geological structure affecting a high grade stope on the 910 Level. The issue has now been resolved, although it temporarily altered our mining sequence and deferred some additional higher grade production into 2027, resulting in lower tonnage and copper equivalent payable production in the quarter. McCreedy West remained profitable, and our team has incorporated the experience into our planning as we continue to operate the mine safely and efficiently. While the sequencing changes have led us to revise our full-year guidance for 2026, we expect the impact to be contained to the remainder of this year with a return to higher grade ore anticipated in 2027. Looking ahead, bringing a second and a third mine into production will not only support Magna’s growth but also provide greater flexibility across our production profile.”
| Table 1: McCreedy West Tons Processed, CuEq Contained Grades, CuEq Contained Pounds and CuEq Payable Pounds | ||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 (March only) | YTD | YTD | ||
| Short Tons Processed | 75,272 | 98,446 | 82,296 | 84,954 | 75,215 | 70,045 | 20,388 | 256,014 | 165,648 | |
| CuEq Grade (%)1 (contained, at 2026 Guidance price deck) | 3.60 | 3.30 | 3.11 | 3.28 | 2.65 | 3.35 | 3.03 | 3.33 | 2.99 | |
| CuEq Grade (%)2 (contained, at quarterly realized prices) | 3.28 | 3.34 | 3.38 | 3.41 | 2.64 | 3.26 | 3.01 | 3.34 | 2.95 | |
| CuEq lbs1 (contained at 2026 Guidance price deck, '000s) | 5,401 | 6,504 | 5,149 | 5,554 | 3,985 | 4,698 | 1,308 | 17,054 | 9,991 | |
| CuEq lbs2 (contained at quarterly realized prices, '000s) | 4,936 | 6,580 | 5,546 | 5,789 | 3,973 | 4,551 | 1,229 | 17,062 | 9,753 | |
| CuEq lbs2 (payable at quarterly realized prices, '000s) | 3,689 | 4,533 | 4,085 | 4,968 | 2,735 | 3,053 | 790 | 12,307 | 6,578 | |
1 Copper equivalent contained and payable pounds and copper equivalent grades calculated at the following US dollar prices used in the Company’s 2026 Guidance: $4.88/lb Cu, $7.72/lb Ni, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au, $50.00/oz Ag, and CAD/USD exchange rate of 1.37.
2 Copper equivalent contained and payable pounds and copper equivalent grades calculated using the following realized US dollar prices:
Q3 2026: $6.37/lb Cu, $7.52/lb Ni, $25.67/lb Co, $1,726.46/oz Pt, $1,306.30/oz Pd, $4,269.08/oz Au, $62.75 Ag.
Q2 2026: $6.04/lb Cu, $8.23/lb Ni, $26.27/lb Co, $1,914.26/oz Pt, $1,410.25/oz Pd, $4,512.69/oz Au, $73.19 Ag.
Q1 2026: $5.83/lb Cu, $7.87/lb Ni, $25.90/lb Co, $2,205.17/oz Pt, $1,713.42/oz Pd, $4,875.39/oz Au, $84.39 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.
YTD 2026: $6.08/lb Cu, $7.87/lb Ni, $25.94/lb Co, $1,948.63/oz Pt, $1,476.66/oz Pd, $4,552.39/oz Au, $73.44 Ag.
YTD 2025: $4.38/lb Cu, $6.95/lb Ni, $15.69/lb Co, $1,133.38/oz Pt, $1,055.03/oz Pd, $3,297.46/oz Au, $35.88 Ag.
| Table 2: Q3 2026 and Year-To-Date 2026 & 2025 Operating and Financial Highlights | |||||||||
| In 000s, except per units and per share amounts | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | YTD 2026 | YTD 2025 |
| Financial results | |||||||||
| Net revenue from mining operations | 27,441 | 29,727 | 25,913 | 24,810 | 14,026 | 15,701 | 4,296 | 83,081 | 34,023 |
| Cash margin1 | 4,865 | 8,864 | 5,953 | 3,313 | (2,041) | (1,191) | 269 | 19,682 | (2,963) |
| Net income (loss) | (13,815) | (8,219) | (6,427) | (7,108) | (12,965) | (9,085) | 11,039 | (28,461) | (11,011) |
| Adjusted net loss1 | (12,583) | (8,219) | (6,427) | (6,863) | (12,733) | (8,514) | (6,163) | (27,229) | (27,410) |
| Operating cash flow | (616) | 8,915 | (16,159) | (10,173) | (10,781) | (11,514) | (2,629) | (7,860) | (24,924) |
| Free cash flow1 | (7,574) | 5,055 | (19,481) | (11,307) | (14,350) | (10,672) | (10,629) | (22,000) | (35,651) |
| Per share information: | |||||||||
| Net earnings (loss) | (0.05) | (0.03) | (0.03) | (0.03) | (0.06) | (0.04) | 0.06 | (0.11) | (0.05) |
| Adjusted net loss1 | (0.05) | (0.03) | (0.03) | (0.03) | (0.06) | (0.04) | (0.03) | (0.11) | (0.13) |
| Operating cash flow1 | (0.00) | 0.04 | (0.06) | (0.04) | (0.05) | (0.06) | (0.01) | (0.03) | (0.12) |
| Free cash flow1 | (0.03) | 0.02 | (0.08) | (0.05) | (0.07) | (0.05) | (0.05) | (0.09) | (0.17) |
| Selected Financial Statement data | |||||||||
| Cash and cash equivalents | 168,435 | 40,012 | 35,770 | 55,899 | 63,121 | 27,018 | 38,250 | 168,435 | 63,121 |
| Working capital | 161,866 | 45,265 | 53,726 | 60,499 | 61,917 | 24,404 | 31,890 | 161,866 | 61,917 |
| Total assets | 308,433 | 181,852 | 182,835 | 193,924 | 201,349 | 154,836 | 162,207 | 308,433 | 201,349 |
| Total non-current liabilities | 57,635 | 62,258 | 64,197 | 67,084 | 71,480 | 72,994 | 76,101 | 57,635 | 71,480 |
| Operational results | |||||||||
| Ore Processed (Dry tons) | |||||||||
| 700 Copper Zone | 75,272 | 98,446 | 82,296 | 84,954 | 75,215 | 59,100 | 13,911 | 256,014 | 148,226 |
| Intermain Nickel Zone | - | - | - | - | - | 10,945 | 6,477 | - | 17,422 |
| Throughput | 75,272 | 98,446 | 82,296 | 84,954 | 75,215 | 70,045 | 20,388 | 256,014 | 165,648 |
| Copper Equivalent Grade (%) | |||||||||
| 700 Copper Zone2 | 3.28 | 3.34 | 3.38 | 3.41 | 2.64 | 3.35 | 3.04 | 3.34 | 2.96 |
| Intermain Nickel Zone2 | - | - | - | - | - | 2.77 | 2.96 | 0.00 | 2.84 |
| 3.28 | 3.34 | 3.38 | 3.41 | 2.64 | 3.26 | 3.01 | 3.34 | 2.95 | |
| Metals Payable | |||||||||
| Copper (000s lbs) | 1,824 | 2,616 | 2,007 | 1,909 | 1,949 | 1,629 | 552 | 6,447 | 4,130 |
| Nickel (000s lbs) | 222 | 271 | 236 | 244 | 193 | 327 | 132 | 729 | 652 |
| Cobalt (000s lbs) | - | - | 1 | 1 | 2 | 4 | 2 | 1 | 8 |
| Platinum (ozs) | 1,809 | 1,639 | 1,368 | 1,626 | 479 | 1,156 | - | 4,816 | 1,635 |
| Palladium (ozs) | 1,810 | 1,764 | 1,412 | 1,814 | 641 | 1,218 | 13 | 4,986 | 1,872 |
| Gold (ozs) | 709 | 731 | 437 | 601 | 55 | 284 | - | 1,877 | 339 |
| Silver (ozs) | 19,943 | 23,392 | 16,613 | 23,440 | 13,105 | 9,499 | 1,638 | 59,948 | 24,242 |
| Copper equivalent payable pounds (000s)2 | 3,689 | 4,533 | 4,085 | 4,968 | 2,735 | 3,053 | 790 | 12,307 | 6,578 |
| Per Copper Equivalent Metrics | |||||||||
| Average realized price (CAD per CuEq payable lb)1 | 7.08 | 7.16 | 6.23 | 4.96 | 5.42 | 5.17 | 6.04 | 6.82 | 5.38 |
| Cash costs (CAD per CuEq payable lb)1,2 | 5.76 | 5.20 | 4.77 | 4.29 | 6.17 | 5.56 | 5.69 | 5.23 | 5.83 |
| Cash margin (CAD per CuEq payable lb)1 | 1.32 | 1.96 | 1.46 | 0.67 | (0.75) | (0.39) | 0.34 | 1.59 | (0.45) |
| AISC (CAD per CuEq payable lb)1,2 | 6.90 | 6.29 | 5.77 | 4.86 | 8.15 | 6.64 | 6.37 | 6.30 | 7.23 |
| Average 1 USD → CAD exchange rates | 1.40 | 1.38 | 1.37 | 1.39 | 1.38 | 1.38 | 1.44 | 1.38 | 1.39 |
| Cost Metrics (in USD) | |||||||||
| Cash costs1,2 | 4.12 | 3.76 | 3.48 | 3.08 | 4.48 | 4.02 | 3.97 | 3.77 | 4.20 |
| AISC1,2 | 4.93 | 4.54 | 4.21 | 3.49 | 5.92 | 4.80 | 4.43 | 4.55 | 5.21 |
1 Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements.
2 Copper equivalent payable pounds for the purpose of copper equivalent payable grade, cash cost and AISC were calculated using the following US dollar prices:
Q3 2026: $6.37/lb Cu, $7.52/lb Ni, $25.67/lb Co, $1,726.46/oz Pt, $1,306.30/oz Pd, $4,269.08/oz Au, $62.75 Ag.
Q2 2026: $6.04/lb Cu, $8.23/lb Ni, $26.27/lb Co, $1,914.26/oz Pt, $1,410.25/oz Pd, $4,512.69/oz Au, $73.19 Ag.
Q1 2026: $5.83/lb Cu, $7.87/lb Ni, $25.90/lb Co, $2,205.17/oz Pt, $1,713.42/oz Pd, $4,875.39/oz Au, $84.39 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.
YTD 2026: $6.08/lb Cu, $7.87/lb Ni, $25.94/lb Co, $1,948.63/oz Pt, $1,476.66/oz Pd, $4,552.39/oz Au, $73.44 Ag.
YTD 2025: $4.38/lb Cu, $6.95/lb Ni, $15.69/lb Co, $1,133.38/oz Pt, $1,055.03/oz Pd, $3,297.46/oz Au, $35.88 Ag.
Q3 2026 Operating and Financial Details
Payable metal production from McCreedy West in Q3 2026 was 3.7 million CuEq payable lbs*, consisting of 1.8 million lbs copper, 0.22 million lbs nickel, 1,809 ounces platinum, 1,810 ounces palladium, 709 ounces gold, and 19,943 ounces silver. Q3 2026 CuEq revenue from mining operations was $26.1 million, generated from the sale of 3.7 million CuEq payable lbs at an average realized price of $7.08 per CuEq payable lb. Production costs per ton processed in Q3 2026 were $248 per ton due to lower tonnage shipped during the quarter. Q3 2026 cash costs were US$4.12 per CuEq lb while AISC was US$4.93 per CuEq lb, for total cash margin in the quarter of $4.9 million, or US$0.94 per CuEq payable lb. In Q3 2026, the Company had operating cash outflow of $0.6 million, and free cash outflow of $7.6 million, or ($0.03) per share, reflecting higher spending on mining equipment and infrastructure upgrades at Levack, and increased exploration and evaluation expenses at Crean Hill. The Company ended Q3 2026 with cash and cash equivalents of $168.4 million and a working capital balance of $161.9 million.
Q3 2026 exploration and evaluation expenses were $5.7 million, including $5.0 million at Levack Mine, located adjacent to the Company’s McCreedy West operation. Activities at Levack during the quarter focused on infrastructure readiness to support early ore sources and establishing underground exploration platforms to continue delineation drilling of R2 Footwall Zone as well as drill testing other high-priority targets. During the quarter, underground development crews at Levack completed development of the initial 2950 Level exploration drift towards the R2 Footwall Zone. In addition to development on the 2950 Level, Levack Mine personnel are continuing rehabilitation along the 2650 Level from the No. 2 shaft towards the No. 3 shaft. The 2650 Level underground exploration diamond drilling platforms will allow drilling of additional target areas in the footwall of the No. 3 Orebody. A fourth underground drill rig will be mobilized to site in Q4. The production hoist plant work continued with shaft rehabilitation and plant infrastructure refurbishment. As engineering and procurement activities in the first half of the year transition into the execution phase, the Company has secured the necessary resources and personnel on site to support planned activities. Engineering work continues to support a portal concept to access the upper parts of Levack Mine.
At the Crean Hill Project, work during Q3 2026 including detailed engineering and design, advance procurement of long-lead items, surface site preparation and recruitment of required personnel. Following geological and geophysical compilation and interpretation during Q3 2026, a surface exploration diamond drill rig has been mobilized to the Crean Hill Project in early Q4 2026 and has started drill testing new targets for additional footwall copper and precious metals-rich mineralization.
*Payable metal production represents the total metal produced at McCreedy West and does not take into account the precious metals stream applicable to gold, platinum, and palladium.
Update to 2026 Operational Guidance
During Q3 2026, operational challenges at McCreedy West associated with a higher-grade production stope negatively impacted tonnage and grade and disrupted the planned mining sequence. These factors impacted third quarter production and are expected to continue to affect production through the remainder of 2026. As a result of these challenges, as well as higher-than-expected grade variability in the revised mine plan, the Company has updated 2026 operational guidance for ore sales, payable copper equivalent production, total cash costs, and AISC (Table 3). The 2026 guidance for copper equivalent grade is unchanged but the Company now expects to be near the lower end of the range for full year 2026.
| Table 3: Updated 2026 McCreedy West Mine Production and Cost Guidance | ||||||
| 2026 McCREEDY WEST OPERATIONAL GUIDANCE | ||||||
| February 2026 Guidance | Updated 2026 Guidance | |||||
| 700 Copper Zone Ore Sales (short tons) | 355,000 | - | 375,000 | 330,000 | - | 345,000 |
| Copper Equivalent Grade1 (% CuEq) | 3.20% | - | 3.50% | 3.20% | - | 3.50% |
| Payable Copper Equivalent Production1 (million lbs CuEq) | 16.0 | - | 18.0 | 14.5 | - | 15.5 |
| Total Cash Cost, excluding stream payments2 (US$/lb CuEq) | $3.40 | - | $3.80 | $3.90 | - | $4.25 |
| AISC, excluding stream payments2 (US$/lb CuEq) | $4.20 | - | $4.70 | $4.80 | - | $5.15 |
1 Copper equivalent payable pounds for the purpose of copper equivalent grade, cash costs and AISC were calculated using the following US dollar prices: $4.88/lb Cu, $7.72/lb Ni, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au, $50.00/oz Ag, and CAD/USD exchange rate of 1.370. Updated 2026 guidance CAD/USD exchange rate of 1.385.
2 The incremental cost impact of the precious metals stream varies significantly based on commodity prices. At the 2026 budget commodity prices outlined above the cost impact is approximately US$0.78-0.92/lb.
Further details regarding the calculation of production costs, cash margins and all in sustaining costs can be found in the quarterly MD&A.
Subsequent Events
On October 8, 2026, the Company announced the results of the Levack Mine Preliminary Economic Assessment ("PEA"), which outlined 7.3 years of commercial production, average annual payable CuEq1,2 production of 36.8 million pounds, an after-tax Internal Rate of Return of 92.4%, and an after-tax NPV7% of $227.0 million. Based on the positive PEA results, the Company’s Board of Directors approved the restart of the Levack Mine. See the October 8, 2026 news release titled “Magna Mining Reports Results of Levack Mine Preliminary Economic Assessment and Approves Restart of Production” for details.
On October 21, 2026, the Company announced the results of the Pre-Feasibility Study (“PFS”) for the Crean Hill Project, which demonstrated 11.4 million short tons of probable reserves, a 12-year commercial mine life, average annual payable CuEq1,2 production of 35.5 million pounds, an after-tax Internal Rate of Return of 43.4% and an after-tax NPV7% of $251.0 million. The Company’s Board of Directors approved construction of Crean Hill, with detailed engineering work, surface site preparations including installation of grid power and recruitment of additional personnel underway, and construction expected to commence in 2027. See the October 21, 2026 news release titled “Magna Mining Reports Results of Crean Hill Pre-Feasibility Study With Construction to Begin in 2027” for details.
1 Base case price assumptions: US$5.10/lb Cu, US$8.00/lb Ni, US$20.00/lb Co, US$3,600/oz Au, US$1,500/oz Pt, US$1,200/oz Pd, US$45.00/oz Ag; CAD/USD $1.385. Illustrative spot price case assumptions based on September 2026 average prices: US$6.55/lb Cu, US$7.50/lb Ni, US$24.90/lb Co, US$4,320/oz Au, US$1,785/oz Pt, US$1,310/oz Pd, US$64.50/oz Ag; CAD/USD $1.370.
2 Payable CuEq production considers base case price assumptions and modeled recovery and payabilities for each metal.
Q3 2026 Quarterly Results Conference Call and Webcast
The company will be holding its Q3 results conference call and webcast on Thursday November 12, 2026 at 8:00am EST. The conference call details are as follows:
To register for the conference call, please use the following link to obtain a Dial-in Number and PIN: https://register-conf.media-server.com/register/BI977e3342f4ac4bc7af8ea4829f6d91a0
To attend the webcast in listen-only mode, please use the following link: https://edge.media-server.com/mmc/p/6yc2zx2c
Qualified Person
The scientific or technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.
Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as “may”, “might”, “potential”, “expect”, “anticipate”, “estimate”, “believe”, “could”, “should”, “would”, “will”, “continue”, “intend”, “plan”, “forecast”, “prospective”, “significant”, “aggressively”, “meaningfully”, "isolated" or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time they are made, are inherently subject to business, market, economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure to meet production, costs, earnings, cash flow or development expectations, forecasts or guidance, the failure of additional drilling to support assumptions, expectations or estimates of potential mineralization, metal tons or grade, the failure of additional drilling to support expansion or delineation of currently estimated resources, the failure to have accurately estimated declared mineral resources or mineral reserves, the lack of availability of drill rigs, underground platforms or experienced personnel to implement exploration, development or production programs or the failure to proceed as quickly as planned with additional exploration, development or production drilling, continued delays for assay results, the failure to proceed as quickly as planned with or to complete additional development work as anticipated, such as additional development at the McCreedy West mine to access new stopes or the development of a ramp from the surface of, or recommissioning of the hoisting plant at, the Levack project, the failure to proceed as quickly as planned with a restart of mining at Levack, the failure to realize anticipated or assumed production and operational improvements from current or planned optimization initiatives at McCreedy West, the failure to have anticipated geological structures that may negatively affect production and mine sequencing and planning, the failure of additional drilling to support production planning or replenish production or mined ore, the failure to proceed as quickly as planned with further development or construction of the Crean Hill project, the failure to bring Levack or Crean Hill back into commercial production, the failure to successfully realize on talent or technical expertise to unlock the long-term, sustainable potential of McCreedy West, Levack, Crean Hill or other assets of the Company and other risks disclosed in the Company’s most recent annual information form, available on the SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.
About Magna Mining Inc.
Magna Mining Inc. is a producing mining company with a strong portfolio of copper, nickel, and precious metals assets located in the world-class Sudbury mining district of Ontario, Canada. The Company’s McCreedy West Mine is currently in production, the adjacent Levack Mine is being restarted, and construction of the Crean Hill Project has been approved. These operations are supported by a pipeline of highly prospective past-producing properties including Podolsky, Kirkwood and Shakespeare.
Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration upside, and near-term development opportunities across its asset base.
Additional corporate and project information is available at www.magnamining.com and through the Company’s public filings on the SEDAR+ website at www.sedarplus.ca.
For further information, please contact:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Executive Vice President
705-482-9667
Email: info@magnamining.com
NON-IFRS PERFORMANCE MEASURES
Please see below for the reconciliation of non-IFRS measures referred to in this news release to the consolidated financial statements.
Average realized price per copper equivalent payable pound
Average realized price per copper equivalent payable pound is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards. Average realized price per copper equivalent payable pound is calculated by dividing total metal proceeds received by the Company for the relevant period by the copper equivalent payable pounds. It may not be comparable to information in other issuers’ reports and filings.
| In 000s, except per unit amounts | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | YTD 2026 | YTD 2025 | |||||||||
| Revenue per financial statements | 27,441 | 29,727 | 25,913 | 24,810 | 14,026 | 15,701 | 4,296 | 83,081 | 34,023 | |||||||||
| Smelting, treatment and refining charges | 2,560 | 3,963 | 1,868 | 2,125 | 1,838 | 1,634 | 539 | 8,391 | 4,011 | |||||||||
| Recognition of deferred streaming revenue | (3,893 | ) | (1,241 | ) | (2,345 | ) | (2,299 | ) | (1,031 | ) | (1,557 | ) | (66 | ) | (7,479 | ) | (2,654 | ) |
| Copper equivalent revenue from mining operations (a) | 26,108 | 32,449 | 25,436 | 24,636 | 14,833 | 15,778 | 4,769 | 83,993 | 35,380 | |||||||||
| Copper equivalent pounds sold (000s) (b) | 3,689 | 4,533 | 4,085 | 4,968 | 2,735 | 3,053 | 790 | 12,307 | 6,578 | |||||||||
| Average realized price copper equivalent sold CAD (c) = (a) ÷ (b) | 7.08 | 7.16 | 6.23 | 4.96 | 5.42 | 5.17 | 6.04 | 6.82 | 5.38 | |||||||||
| Average 1 USD → CAD exchange rate (d) | 1.3993 | 1.3839 | 1.3715 | 1.3947 | 1.3773 | 1.3841 | 1.4359 | 1.3844 | 1.3886 | |||||||||
| Average realized price copper equivalent sold USD (c) ÷ (d) | 5.06 | 5.17 | 4.54 | 3.56 | 3.94 | 3.73 | 4.20 | 4.93 | 3.87 | |||||||||
Cash costs per copper equivalent payable pound
Cash cost per copper equivalent payable pound is a non-IFRS Accounting Standards performance measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers’ reports and filings. The Company has included this non-IFRS Accounting Standards performance measure throughout this document as Magna believes that this generally accepted industry performance measure provides a useful indication of the Company’s operational performance. The Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The following table provides a reconciliation of total cash costs per copper equivalent payable pound to cost of sales per the financial statements for each of the last five quarters.
| In 000s, except per unit amounts | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | YTD 2026 | YTD 2025 | |||||||||
| Cost of sales per financial statements | 21,398 | 22,902 | 20,596 | 21,747 | 17,253 | 17,334 | 4,581 | 64,896 | 39,168 | |||||||||
| Smelting, treatment and refining charges | 2,560 | 3,963 | 1,868 | 2,125 | 1,838 | 1,634 | 539 | 8,391 | 4,011 | |||||||||
| Depletion and depreciation | (2,715 | ) | (3,280 | ) | (2,981 | ) | (2,549 | ) | (2,217 | ) | (1,999 | ) | (620 | ) | (8,976 | ) | (4,836 | ) |
| Cash costs (a) | 21,243 | 23,585 | 19,483 | 21,323 | 16,874 | 16,969 | 4,500 | 64,311 | 38,343 | |||||||||
| Copper equivalent payable pounds (000s) (b) | 3,689 | 4,533 | 4,085 | 4,968 | 2,735 | 3,053 | 790 | 12,307 | 6,578 | |||||||||
| Cash costs per copper equivalent payable pound (c) = (a) ÷ (b) | 5.76 | 5.20 | 4.77 | 4.29 | 6.17 | 5.56 | 5.69 | 5.23 | 5.83 | |||||||||
| Average 1 USD → CAD exchange rate (d) | 1.3993 | 1.3839 | 1.3715 | 1.3947 | 1.3773 | 1.3841 | 1.4359 | 1.3844 | 1.3886 | |||||||||
| Cash costs per copper equivalent payable pound USD (c) ÷ (d) | 4.12 | 3.76 | 3.48 | 3.08 | 4.48 | 4.02 | 3.97 | 3.77 | 4.20 | |||||||||
Production costs per ton processed
Mine-site cost per ton processed is a non-IFRS Accounting Standards performance measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers’ reports and filings. As illustrated in the table below, this measure is calculated by adjusting cost of sales, as shown in the statements of income for non-cash depletion and depreciation, royalties and inventory level changes and then dividing by tons processed through the smelter. Management believes that mine-site cost per ton processed provides additional information regarding the performance of mining operations and allows Management to monitor operating costs on a more consistent basis as the per ton processed measure reduces the cost variability associated with varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each ton mined, the estimated revenue on a per ton basis must be in excess of the production cost per ton processed in order to be economically viable. Management is aware that this per ton processed measure is impacted by fluctuations in throughput and thus uses this evaluation tool in conjunction with production costs prepared in accordance with IFRS Accounting Standards. This measure supplements production cost information prepared in accordance with IFRS Accounting Standards and allows investors to distinguish between changes in production costs resulting from changes in production versus changes in operating performance.
| In 000s, except per unit amounts | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | YTD 2026 | YTD 2025 | |||||||||
| Cost of sales per financial statements | 21,398 | 22,902 | 20,596 | 21,747 | 17,253 | 17,334 | 4,581 | 64,896 | 39,168 | |||||||||
| Depletion and depreciation | (2,715 | ) | (3,280 | ) | (2,981 | ) | (2,549 | ) | (2,217 | ) | (1,999 | ) | (620 | ) | (8,976 | ) | (4,836 | ) |
| Mining and processing costs (a) | 18,683 | 19,622 | 17,615 | 19,198 | 15,036 | 15,335 | 3,961 | 55,920 | 34,332 | |||||||||
| Ore processed (tons) (b) | 75,272 | 98,446 | 82,296 | 84,954 | 75,215 | 70,045 | 20,388 | 256,014 | 165,648 | |||||||||
| Production costs per ton processed (a) ÷ (b) | 248 | 199 | 214 | 226 | 200 | 219 | 194 | 218 | 207 | |||||||||
Cash Margin
Cash margin is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers’ reports and filings. It is calculated as the difference between total sales revenue, net of smelting, refining and treatment costs from mining operations and cash mine site operating costs (see “Cash costs per copper equivalent payable pound sold” under this Section above) per the Company’s Financial Statements. The Company believes it illustrates the performance of the Company’s operating mines and enables investors to better understand the Company’s performance in comparison to other metal producers who present results on a similar basis.
| In 000s, except per unit amounts | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | YTD 2026 | YTD 2025 | |||||||||
| Copper equivalent revenue from mining operations (per above) | 26,108 | 32,449 | 25,436 | 24,636 | 14,833 | 15,778 | 4,769 | 83,993 | 35,380 | |||||||||
| Cash costs (per above) | 21,243 | 23,585 | 19,483 | 21,323 | 16,874 | 16,969 | 4,500 | 64,311 | 38,343 | |||||||||
| Cash margin | 4,865 | 8,864 | 5,953 | 3,313 | (2,041 | ) | (1,191 | ) | 269 | 19,682 | (2,963 | ) | ||||||
| Per pound of copper equivalent payable (Canadian dollar): | ||||||||||||||||||
| Average realized price (a) | 7.08 | 7.16 | 6.23 | 4.96 | 5.42 | 5.17 | 6.04 | 6.82 | 5.38 | |||||||||
| Cash costs (b) | 5.76 | 5.20 | 4.77 | 4.29 | 6.17 | 5.56 | 5.69 | 5.23 | 5.83 | |||||||||
| Cash margin (a) – (b) | 1.32 | 1.96 | 1.46 | 0.67 | (0.75 | ) | (0.39 | ) | 0.34 | 1.59 | (0.45 | ) | ||||||
All-in Sustaining Costs
All-in sustaining costs (“AISC”) include mine site operating costs incurred at Magna mining operations, sustaining mine capital and development expenditures, mine site exploration expenditures and equipment lease payments related to the mine operations and corporate administration expenses. The Company believes that this measure represents the total costs of producing copper equivalent payable pounds from current operations and provides Magna and other stakeholders with additional information that illustrates the Company’s operational performance and ability to generate cash flow. This cost measure seeks to reflect the full cost of copper production from current operations on a per-pound basis of copper equivalent payable. New project and growth capital are not included.
| In 000s, except per unit amounts | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | YTD 2026 | YTD 2025 | |||||||||
| Cost of sales, per financial statements | 21,398 | 22,902 | 20,596 | 21,747 | 17,253 | 17,334 | 4,581 | 64,896 | 39,168 | |||||||||
| Smelting, treatment and refining charges | 2,560 | 3,963 | 1,868 | 2,125 | 1,838 | 1,634 | 539 | 8,391 | 4,011 | |||||||||
| Depletion and depreciation | (2,715 | ) | (3,280 | ) | (2,981 | ) | (2,549 | ) | (2,217 | ) | (1,999 | ) | (620 | ) | (8,976 | ) | (4,836 | ) |
| Cash costs | 21,243 | 23,585 | 19,483 | 21,323 | 16,874 | 16,969 | 4,500 | 64,311 | 38,343 | |||||||||
| Sustaining mine exploration and development | 186 | 1,131 | 1,643 | 805 | 2,780 | 468 | - | 2,960 | 3,248 | |||||||||
| Sustaining mine capital equipment | 208 | 1,505 | 722 | 309 | 1,342 | 1,381 | - | 2,435 | 2,723 | |||||||||
| Corporate and general | 3,776 | 2,239 | 1,712 | 2,055 | 1,576 | 2,191 | 997 | 7,727 | 4,764 | |||||||||
| Less: KGHM Integration costs | - | - | - | (334 | ) | (285 | ) | (742 | ) | (465 | ) | - | (1,492 | ) | ||||
| Payment of lease liabilities | 30 | 30 | 30 | - | - | - | - | 90 | - | |||||||||
| All-in Sustaining costs (AISC) (a) | 25,443 | 28,490 | 23,590 | 24,158 | 22,287 | 20,267 | 5,032 | 77,523 | 47,586 | |||||||||
| Pounds of copper equivalent payable (b) | 3,689 | 4,533 | 4,085 | 4,968 | 2,735 | 3,053 | 790 | 12,307 | 6,578 | |||||||||
| AISC (c) = (a) ÷ (b) | 6.90 | 6.29 | 5.77 | 4.86 | 8.15 | 6.64 | 6.37 | 6.30 | 7.23 | |||||||||
| Average 1 USD → CAD exchange rate (d) | 1.3993 | 1.3839 | 1.3715 | 1.3947 | 1.3773 | 1.3841 | 1.4359 | 1.3844 | 1.3886 | |||||||||
| AISC USD (c) ÷ (d) | 4.93 | 4.54 | 4.21 | 3.49 | 5.92 | 4.80 | 4.43 | 4.55 | 5.21 | |||||||||
Free cash flow and operating and free cash flow per share
Free cash flow is calculated by taking net cash provided by operating activities less cash used in capital expenditures and lease payments as reported in the Company’s financial statements. Free cash flow per share is calculated by dividing free cash flow by the weighted average number of shares outstanding for the period.
Operating cash flow per share is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards. Operating cash flow per share is calculated by dividing cash flow from operating activities in the Company’s Financial Statements by the weighted average number of shares outstanding for each year. It may not be comparable to information in other issuers’ reports and filings.
| In 000s, except per share amounts | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | YTD 2026 | YTD 2025 | |||||||||
| Net cash provided by operating activities per financial statements (c) | (616 | ) | 8,915 | (16,159 | ) | (10,173 | ) | (10,781 | ) | (11,514 | ) | (2,629 | ) | (7,860 | ) | (24,924 | ) | |
| Sustaining mine exploration and development | (186 | ) | (1,131 | ) | (1,643 | ) | (805 | ) | (2,780 | ) | (468 | ) | - | (2,960 | ) | (3,248 | ) | |
| Sustaining mine capital equipment | (208 | ) | (1,505 | ) | (722 | ) | (309 | ) | (1,342 | ) | (1,381 | ) | - | (2,435 | ) | (2,723 | ) | |
| Purchase of Project Nikolas Company Inc. | - | - | - | - | - | - | (5,000 | ) | - | (5,000 | ) | |||||||
| Proceeds from purchase of NorthX | - | - | - | - | 666 | - | - | - | 666 | |||||||||
| Site maintenance capital equipment | (1,205 | ) | (506 | ) | (190 | ) | (21 | ) | (113 | ) | (231 | ) | - | (1,901 | ) | (344 | ) | |
| Exploration and evaluation | (5,363 | ) | (660 | ) | (767 | ) | - | - | - | - | (6,790 | ) | - | |||||
| (Increase) decrease in restricted funds | 4 | (58 | ) | - | - | - | 2,926 | (3,000 | ) | (54 | ) | (74 | ) | |||||
| Interest on restricted funds | - | - | - | 1 | - | (4 | ) | - | - | (4 | ) | |||||||
| Free cash flows (a) | (7,574 | ) | 5,055 | (19,481 | ) | (11,307 | ) | (14,350 | ) | (10,672 | ) | (10,629 | ) | (22,000 | ) | (35,651 | ) | |
| Weighted number of shares (000s) (b) | 273,296 | 250,665 | 249,932 | 246,229 | 211,308 | 203,647 | 197,739 | 258,050 | 204,227 | |||||||||
| Per Share data | ||||||||||||||||||
| Operating cash flow (c) ÷ (b) | (0.00 | ) | 0.04 | (0.06 | ) | (0.04 | ) | (0.05 | ) | (0.06 | ) | (0.01 | ) | (0.03 | ) | (0.12 | ) | |
| Free cash flow (a) ÷ (b) | (0.03 | ) | 0.02 | (0.08 | ) | (0.05 | ) | (0.07 | ) | (0.05 | ) | (0.05 | ) | (0.09 | ) | (0.17 | ) | |
Adjusted net loss and Adjusted net loss per share
Adjusted net loss and adjusted net loss per share are non-IFRS Accounting Standards performance measures and do not constitute a measure recognized by IFRS Accounting Standards and do not have standardized meanings defined by IFRS Accounting Standards, as well both measures may not be comparable to information in other issuers’ reports and filings. Adjusted net loss is calculated by removing the one-time gains and losses resulting from the disposition of non-core assets, non-recurring expenses and significant tax adjustments (mining tax recognition and exploration credit refunds) not related to current period’s income, as detailed in the table below. Magna discloses this measure, which is based on its financial statements, to assist in the understanding of the Company’s operating results and financial position.
| In 000s, except per share amounts | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | YTD 2026 | YTD 2025 | |||||||||
| Net (loss) income per financial statements | (13,815 | ) | (8,219 | ) | (6,427 | ) | (7,108 | ) | (12,965 | ) | (9,085 | ) | 11,039 | (28,461 | ) | (11,011 | ) | |
| Adjustments for: | ||||||||||||||||||
| Gain on bargain purchase of KGHM assets | - | - | - | - | - | - | (33,819 | ) | - | (33,819 | ) | |||||||
| Project Nikolas Company Inc. integration costs | - | - | - | 334 | 285 | 742 | 779 | - | 1,806 | |||||||||
| Transaction costs | - | - | - | - | 30 | 35 | 2,426 | - | 2,491 | |||||||||
| Strategic support costs | 1,676 | - | - | - | - | - | - | 1,676 | - | |||||||||
| Total adjustments | 1,676 | - | - | 334 | 315 | 777 | (30,614 | ) | 1,676 | (29,522 | ) | |||||||
| Related income tax effect | (444 | ) | - | - | (89 | ) | (83 | ) | (206 | ) | 6,090 | (444 | ) | 5,801 | ||||
| Recognition of mining taxes | - | - | - | - | - | - | 7,322 | - | 7,322 | |||||||||
| 1,232 | - | - | 245 | 232 | 571 | (17,202 | ) | 1,232 | (16,399 | ) | ||||||||
| Adjusted net loss (a) | (12,583 | ) | (8,219 | ) | (6,427 | ) | (6,863 | ) | (12,733 | ) | (8,514 | ) | (6,163 | ) | (27,229 | ) | (27,410 | ) |
| Weighted number of shares (000s) (b) | 273,296 | 250,665 | 249,932 | 246,229 | 211,308 | 203,647 | 197,739 | 258,050 | 204,227 | |||||||||
| Per Share data | ||||||||||||||||||
| Adjusted net loss (a) ÷ (b) | (0.05 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.06 | ) | (0.04 | ) | (0.03 | ) | (0.11 | ) | (0.13 | ) |