Magna Mining Quarterly Update - Production Results

• McCreedy West Mine produced 75,173 tonnes of ore in Q3 2025, a 7.3% increase over Q2 despite 11 shifts lost to equipment failures
• Underground development totalled 1,796 feet, representing a 24% increase over Q2 and nearly three times Q1 levels
• Ore grades averaged 1.52% copper, 0.21% nickel, 0.42 g/t platinum, 0.53 g/t palladium, 0.22 g/t gold, and 10.78 g/t silver
• Diamond drilling completed 15,361 feet during the quarter, with a third drill rig mobilised underground in late September
• Compressed air system failure and power disruptions resulted in loss of 6% of available operating time

Magna Mining Inc. (TSXV: NICU) is a producing mining company operating copper, nickel, and platinum group metals assets in the Sudbury mining district of Ontario, Canada. The company's primary asset is the McCreedy West Mine, acquired on 1 March 2025, with additional past-producing properties including Levack, Crean Hill, Podolsky, and Shakespeare.

Q3 2025 Production Results and Metal Grades

McCreedy West Mine shipped 75,173 tonnes of ore to Vale's Clarabelle mill during Q3 2025, representing a 7.3% increase over the previous quarter. This production level was achieved despite losing 11 operating shifts to equipment issues, which removed 6% of available operating time. The equipment disruptions included a compressed air system failure and several power-related delays.

The ore averaged 1.52% copper and 0.21% nickel, with additional grades of 0.42 g/t platinum, 0.53 g/t palladium, 0.22 g/t gold, and 10.78 g/t silver. All reported grades are preliminary and subject to change upon final settlement with Vale's Clarabelle mill. Chief Operating Officer Jeff Huffman stated, "The team at McCreedy West worked safely to mine and ship 75,173 tons of ore to Vale's Clarabelle mill in Sudbury at an average grade of 1.52% copper, 0.21% nickel, 0.42 g/t platinum, 0.53 g/t palladium, 0.22 g/t gold and 10.78 g/t silver."

The equipment failures delayed access to higher-grade stopes, which are now scheduled for mining in Q4 2025. McCreedy West is operating in its second full quarter of production under Magna's ownership, following the acquisition completed in March 2025.

Underground Development and Diamond Drilling Activities

Underground development during Q3 totalled 1,796 feet, an increase of approximately 24% over Q2 and nearly three times the footage completed in Q1 2025. The development work included both capital and operating development, completed by Magna's crews with support from mining contractor services. Since acquiring McCreedy West, the company has prioritised catching up on underground development work, with this initiative continuing through the remainder of 2025.

Diamond drilling at McCreedy West totalled 15,361 feet during the quarter. In late September, a third diamond drill was mobilised underground, bringing the total to three active rigs. The company expects diamond drill footage to increase during Q4 to support both the 12-month mine plan and longer-term planning activities.

Chief Operating Officer Jeff Huffman noted that "development remained a focus for the quarter, with 1,796 feet of capital and operating development accomplished."

Operational Challenges and Infrastructure Improvements

The mine encountered unexpected events during Q3 that affected both production and development operations. A failure in the underground compressed air system and several power-related delays resulted in the loss of 11 shifts during the quarter, representing 6% of available operating time.

Chief Operating Officer Jeff Huffman stated that

"our seven operating months at McCreedy West thus far have provided us with valuable knowledge for the prioritisation of risk mitigation measures that will improve asset reliability moving forward."

The company has identified areas requiring attention based on operating experience since the March 2025 acquisition.

Chief Executive Officer Jason Jessup commented that

"this year marks Magna's transition from an exploration and development company to a highly efficient, sustainable mining operator," adding that "McCreedy West mine is already benefiting from the investment and focus we are providing."

Fourth Quarter Outlook

The company expects to mine the higher-grade stopes delayed from Q3 during the fourth quarter of 2025. With three diamond drill rigs now operating underground, diamond drilling footage is expected to increase in Q4. Underground development will continue as a priority through the remainder of 2025 to support the 2026 operating plan. The company stated that progress at McCreedy West was in line with its goal of setting up the mine for 2026 operations.

‍