Magna Mining Completes Strategic NorthX Nickel Acquisition in Sudbury Basin

• Land Expansion: Magna Mining acquired 304 square kilometres of exploration properties in the Sudbury Basin, nearly doubling its regional footprint to 584 square kilometres
• Strategic Location: The properties include historic nickel-copper mines in one of the world's most significant base metal mining districts
• Cost-Effective Deal: Transaction completed for $1.00 consideration with Magna assuming approximately $481,629 in financial assurance obligations
• Historic Production: Properties feature past-producing mines with previously recorded high-grade nickel-copper zones
• Exploration Potential: Acquisition provides access to multiple exploration targets in the mineral-rich Sudbury Basin

Magna Mining Inc. (TSXV: NICU, OTCQX: MGMNF, FSE: 8YD) is a Canadian mining company focused on nickel and copper development in Ontario's Sudbury Basin. The company operates the McCreedy West mine, a producing nickel-copper operation, and is advancing the redevelopment of the former Crean Hill mine, which was previously operated by Inco.

Under the leadership of CEO Jason Jessup, who brings over 25 years of mining industry experience, Magna has positioned itself as an active consolidator of Sudbury Basin assets. Jessup's background includes operations management, corporate development and project evaluation, having previously worked with companies including FNX Mining, Sandstorm Gold, and Premier Royalty.

The NorthX Properties: Historic Mining Assets with Modern Potential

The acquired NorthX properties represent 304 km² of mineral exploration assets located in the Sudbury Basin, one of Canada's most prolific mining regions. These properties include several historic mining operations that previously produced nickel and copper, suggesting the presence of established mineralisation systems.

The Sudbury Basin has long been recognised as a world-class mining district, hosting some of the world's largest nickel and copper deposits. The region's geological characteristics make it particularly attractive for base metal exploration, with its unique impact crater structure creating favourable conditions for mineral concentration.

The acquisition expands Magna's Sudbury Basin presence to 584 km², significantly increasing the company's exploration potential and regional market position. The properties provide Magna with access to multiple exploration targets that could be developed alongside its existing operations.

The historic nature of these properties offers both advantages and insights. Previous mining activities have provided geological data and infrastructure that can inform future exploration strategies, potentially reducing both development timelines and costs.

Transaction Details and Structure

Under the agreement, Magna will acquire all property, assets, rights, and obligations related to NorthX's Sudbury Properties for C$1.00. The nominal purchase price reflects the strategic value of the transaction for both companies, with NorthX able to divest non-core assets while Magna gains valuable exploration ground.

As part of the deal, Magna will assume liabilities for the Broken Hammer Project Mine Closure Plan, including approximately C$481,629 in financial assurance. This obligation represents the primary cost of the acquisition and relates to environmental responsibilities associated with past mining activities.

The transaction was structured as an asset purchase transaction whereby Magna acquired all of NorthX's legal and beneficial interest in the Sudbury Properties. This structure provides Magna with clear title to the assets while allowing NorthX to focus its resources on other projects.

The completion of this transaction follows the original agreement announced in December 2024, demonstrating both companies' commitment to executing the deal efficiently.

Economic and Operational Impact

The NorthX acquisition significantly enhances Magna's strategic position in the Sudbury Basin by nearly doubling its regional land holdings. This expansion provides the company with greater operational flexibility and multiple development options, potentially improving its ability to optimise resource allocation across projects.

For investors, the acquisition represents value creation through asset accumulation at minimal cost. The properties come with existing geological knowledge and infrastructure that could support future development activities. The scale of the combined land package may also attract potential joint venture partners or strategic investors interested in Sudbury Basin exposure.

Looking Forward

The purchase of the NorthX assets positions Magna Mining as one of the larger land holders in the Sudbury Basin, providing a platform for sustained exploration and development activities. With its expanded property portfolio, the company is well-positioned to benefit from continued interest in critical minerals and base metals.

Investors can expect Magna to focus on integrating these new assets into its exploration strategy while advancing development at its existing projects. The company's track record of strategic acquisitions suggests it will continue evaluating opportunities to further consolidate regional assets. Future milestones will likely include updated exploration programmes across the combined property portfolio and potential resource estimates as geological understanding improves.

‍