Magna Mining Expands R2 Footwall Zone With High-Grade Assays at Levack Mine

• New assay results have expanded the R2 Footwall Zone at the Levack Mine, including 9.5% copper, 2.6% nickel and 17.5 g/t combined platinum, palladium and gold over 2.1 metres.
• Initial drilling at the near-surface West Main Orebody returned 32.9 metres at 2.9% copper equivalent and 4.6 metres at 8.3% copper equivalent, both within 150 metres of surface.
• Underground drilling has begun from new platforms on the 2950 Level, ahead of a possible decision in early Q4 2026 to extend development toward the R2 Footwall Zone.
• Magna completed 597 feet of underground development in July and August, advancing infrastructure toward future production areas at Levack.
• Results from the Levack Preliminary Economic Assessment and the Crean Hill Pre-Feasibility Study are now both expected in the first half of October 2026.

Magna Mining Inc. (TSX: NICU) is a Canada-based mining company with copper, nickel and precious metal assets in the Sudbury basin of Ontario. The company's primary producing asset is the McCreedy West Mine, supported by a portfolio of past-producing properties, including Levack, Crean Hill, Podolsky and Shakespeare.

R2 Footwall Zone Expansion Drilling Returns High-Grade Vein Intersections Including 9.5% Copper and 17.5 g/t Combined Platinum, Palladium and Gold Over 2.1 Metres, With Focus Shifting to 2950 Level Underground Platforms

New assay results extend the R2 Footwall Zone at the Levack Mine, located in the North Range of the Sudbury basin. Three additional wedge holes drilled from surface each intersected multiple mineralised veins, with drillhole FNX2038A-W1 returning five distinct veins over 91.5 metres. These included 9.5% copper, 2.6% nickel and 17.5 g/t combined platinum, palladium and gold (23.5% copper equivalent) over 2.1 metres, and 15.4% copper, 1.9% nickel and 7.0 g/t combined platinum, palladium and gold over 0.7 metres.

The results extended Magna's drilling of the R2 veins by approximately 30 metres toward the No. 3 Orebody, situated roughly 75 metres up dip from the current drilling. The zone remains open both up dip and at depth to the south. Copper equivalent is a single figure that combines the value of several metals within one interval, used to compare grades across different drill results.

Following the completion of a new exploration drift on the 2950 Level in early August, Magna has shifted underground drilling toward shorter holes from closer platforms, increasing the frequency of intersections along the R2 Footwall Zone.

Dave King, SVP Exploration and Geoscience at Magna Mining, said:

"The focus at R2 has now shifted to drilling from new underground platforms on the 2950 level with shorter drillholes and increasing the intersection frequency."

A decision on whether to extend underground development by a further 300 metres, providing direct access to the R2 Footwall Zone, is expected early in the fourth quarter of 2026.

Near-Surface West Main Orebody Drilling Returns 32.9 Metres at 2.9% Copper Equivalent and 4.6 Metres at 8.3% Copper Equivalent, Supporting Early Production Potential

Initial surface drilling at the near-surface extension of the West Main Orebody returned two significant intervals. Drillhole MLV-26-64 intersected 1.7% copper, 4.0% nickel and 3.5 g/t combined platinum, palladium and gold (8.3% copper equivalent) over 4.6 metres, while drillhole MLV-26-68 returned 0.4% copper, 1.7% nickel and 0.4 g/t combined platinum, palladium and gold (2.9% copper equivalent) over 32.9 metres. Both holes are located within 150 metres of surface.

Dave King, SVP Exploration and Geoscience at Magna Mining, said:

"This recent drilling has expanded this zone towards surface and could provide significant nickel-copper-precious metals-rich mineralized material early in the production profile upon a positive restart decision."

Additional drilling is planned to test the up-plunge extension of the zone, along with the elevated copper and precious metal grades in drillhole MLV-26-64, which may indicate footwall style mineralisation similar to that found at Magna's Keel, Morrison and R2 Footwall zones.

Separately, delineation drilling at the Intermediate Orebody was completed from the 8450 Level ahead of development reaching that area. Production from this zone could begin immediately upon a positive restart decision.

Underground Development Advances as Levack PEA and Crean Hill PFS Are Both Expected in the First Half of October 2026

Underground development at Levack continued during July and August, with crews completing 597 feet of new development. This work extended the 2950 Level drift, positioned between the Morrison Footwall copper-PGE deposit and the R2 Footwall Zone, and advanced a ramp connecting the 1800 Level to the 1600 Level, providing additional platforms for exploration drilling and potential early production.

Refurbishment of the mine's production hoisting infrastructure is also underway. Shaft crews are replacing guides within the skipping compartments used to raise and lower equipment, while other crews are working on the loading pocket and rehabilitating drifts for future exploration platforms. Magna is also completing detailed engineering for a new portal, a surface entrance to underground workings, that would support a ramp connecting the Main, Western Main, Keel, No. 1 and No. 2 orebodies.

Magna is evaluating how Canada's Productivity Mega Deduction, announced on 15 September 2026, could affect its Sudbury basin projects. The measure allows companies to immediately expense 100% of eligible Canadian development expenses incurred on or after that date. As a result, the company now expects results from both the Levack Preliminary Economic Assessment (PEA) and the Crean Hill Pre-Feasibility Study (PFS) in the first half of October 2026.

Milestones and Next Steps

The Levack PEA and Crean Hill PFS are due in the first half of October, and a decision on extending underground development toward the R2 Footwall Zone is expected early in the fourth quarter. Drilling continues at the R2 Footwall Zone, the West Main Orebody and the Intermediate Orebody.

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