Magna Mining Reports Levack Mine Resource Estimate with High-Grade Copper and Precious Metals

• Total mineral resource of 11.3 million tonnes identified across indicated and inferred categories at 3.5% to 3.6% copper equivalent
• Morrison Footwall deposit contains 178,000 tonnes of indicated material at 15.5% copper equivalent, remaining open at depth
• No. 3 Footwall deposit reports 76,000 tonnes of inferred material with grades of 7.9 g/t platinum, 15.7 g/t palladium and 3.1 g/t gold
• Contact-type deposits at depths below 750 metres total 5.9 million tonnes indicated and 4.8 million tonnes inferred at 3.2% copper equivalent
• Preliminary Economic Assessment scheduled for 2026 completion, with contract award expected before year-end

Magna Mining Inc. (TSXV: NICU) is a producing mining company with copper, nickel and platinum group metals assets in Ontario's Sudbury mining district. The company's primary asset is the McCreedy West Mine, currently in production. The company also holds past-producing properties including Levack, Crean Hill, Podolsky and Shakespeare mines.

Levack Mine Mineral Resource Estimate Results and Tonnage Grades

The mineral resource estimate for Levack Mine reports indicated resources of 6.1 million tonnes at 3.5% copper equivalent, comprising 1.1% copper, 1.4% nickel, 0.6 g/t platinum, 0.7 g/t palladium, 0.1 g/t gold and 2.0 g/t silver. Inferred resources total 5.2 million tonnes at 3.6% copper equivalent, with 1.2% copper, 1.4% nickel, 0.6 g/t platinum, 0.8 g/t palladium, 0.2 g/t gold and 2.1 g/t silver. The estimate was prepared by Jonathan Cirelli of Orix Geoscience Inc. in accordance with National Instrument 43-101 standards, with an effective date of 31 August 2025.

The estimate incorporated data from 10,525 surface and underground diamond drill holes completed between 1911 and 2025, totalling 1.34 million metres of drilling with 341,394 assay intervals. The resource comprises both footwall-type deposits containing copper and precious metals, and contact-type deposits hosting nickel and copper mineralisation. Cut-off grades of 2.0% copper equivalent for contact deposits and 2.5% copper equivalent for footwall deposits were applied.

Contact-type deposits occur at depths generally below 750 metres and account for 5.9 million tonnes in the indicated category at 0.9% copper, 1.4% nickel and 2.1 g/t precious metals (3.2% copper equivalent). Inferred contact-type resources total 4.8 million tonnes at 0.9% copper, 1.5% nickel and 1.5 g/t precious metals (3.2% copper equivalent).

Dave King, Senior Vice President of Exploration and Geoscience, stated:

"Today's announcement of Magna's initial mineral resource estimate for our flagship Levack Mine in Sudbury represents an important milestone as it confirms the presence of significant mineralisation, much of which can be accessed using existing infrastructure."

High-Grade Footwall Deposits Including Morrison and No. 3 Footwall

The Morrison Footwall copper-PGE deposit contains 178,000 tonnes of indicated material grading 15.5% copper equivalent, comprising 9.1% copper, 2.4% nickel, 3.6 g/t platinum, 6.6 g/t palladium, 1.6 g/t gold and 34.2 g/t silver. The deposit was previously mined and remains open at depth. The company has scheduled underground drilling for 2026 to test for potential extensions once drill platforms are established.

The No. 3 Footwall deposit contains 76,000 tonnes of inferred material grading 13.4% copper equivalent, with 4.5% copper, 0.7% nickel, 7.9 g/t platinum, 15.7 g/t palladium, 3.1 g/t gold and 30.3 g/t silver. Diamond drilling to expand this inferred resource is planned for 2026. Additional footwall-type deposits contain 368,000 tonnes in the inferred category at 9.4% copper equivalent, comprising 5.4% copper, 0.75% nickel, 2.9 g/t platinum, 5.4 g/t palladium, 1.5 g/t gold and 21.0 g/t silver.

CEO Jason Jessup stated that

"the results of Magna's first mineral resource estimate for the Levack Mine exceeded our expectations, particularly in terms of the grade of the remaining mineralisation at the Morrison Footwall Cu-PGE deposit, and the significant tonnage of relatively shallow, contact-type nickel-copper mineralisation."

Preliminary Economic Assessment Plans and Production Restart Strategy

Magna Mining will complete a Preliminary Economic Assessment using the mineral resource estimate as its basis. The contract for the PEA is expected to be awarded before year-end, with completion scheduled for 2026. The study will evaluate accessing shallow contact-type mineralisation via a new ramp from surface, and restarting production from the Morrison Footwall deposit using the existing No. 2 Shaft.

The No. 2 Shaft currently transports personnel and materials for underground drilling, rehabilitation and development work at Levack Mine. The company has engaged a contractor to determine requirements for recommissioning ore and waste hoisting capabilities at the shaft. Results of this evaluation could support a decision to begin recommissioning work in the first quarter of 2026.

A contract mining company is developing a ramp on the 3900 Level to establish access to the 3600 Level between the No. 2 and No. 3 shaft stations. This connection is expected to be completed in the second quarter of 2026 and will facilitate footwall exploration. The technical report supporting the mineral resource estimate will be filed within 45 days of the announcement.

Looking Ahead

Magna Mining will complete the Preliminary Economic Assessment during 2026 to evaluate production restart scenarios at Levack Mine. Underground drilling programmes in 2026 will target expansion of the Morrison Footwall deposit at depth and advancement of the No. 3 Footwall deposit. The underground connection between shaft stations is scheduled for completion in the second quarter of 2026. Recommissioning work on the No. 2 Shaft hoisting system could potentially commence in early 2026, pending evaluation results.

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