Magna Mining Reports Positive McCreedy West Cash Margin, Production on Track for Q1 2026

• McCreedy West generated a cash margin of $6.0 million in Q1 2026, with ore processed at a grade of 3.38% copper equivalent
• The company produced 4.1 million copper equivalent payable pounds in the quarter, in line with full-year guidance of 16 to 18 million pounds
• Production costs per ton processed declined by 5.3% quarter over quarter to $214
• Magna ended the quarter with $35.8 million in cash and a working capital balance of $53.7 million
• The company received conditional approval to graduate its listing from the TSX Venture Exchange to the Toronto Stock Exchange

Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) is a Canada-based producing mining company focused on copper, nickel, and precious metals in the Sudbury region of Ontario. Its primary operation is the McCreedy West Mine, supported by a portfolio of past-producing properties that includes Levack, Crean Hill, Podolsky, and Shakespeare.

McCreedy West Delivers Positive Cash Margin and Strong Production Keeping Full-Year Guidance on Track

McCreedy West generated a cash margin of $6.0 million in Q1 2026, equivalent to US$1.06 per copper equivalent payable pound. The mine processed 82,296 tons of ore from the 700 Footwall Copper Zone at a grade of 3.38% copper equivalent, based on metal prices realized during the period. Total payable production was 4.1 million copper equivalent pounds, consisting mainly of copper and nickel, along with smaller volumes of platinum, palladium, gold, and silver.

Cash costs for the quarter were US$3.48 per copper equivalent payable pound, while all-in sustaining costs, which include sustaining capital, equipment, and exploration spending, were US$4.21 per pound. Production costs per ton processed declined by 5.3% from the previous quarter to $214. With tonnage and grades both expected to increase through the remainder of the year, the company maintained its full-year production guidance of 16 to 18 million copper equivalent payable pounds.

The company reported zero reportable injuries across its workforce and contractors during the quarter.

CEO Jason Jessup stated:

"Magna has started 2026 on a strong footing, generating $6 million in cash margin at the McCreedy West Mine during the first quarter while executing our plan to achieve annual production guidance. Through attention to detail, strong leadership, and an engaged workforce, we also completed the quarter with zero reportable injuries across the company, including contractors. These same efforts contributed to lower quarter-over-quarter operating costs per ton of ore shipped."

TSX Listing Graduation Approval Marks a Key Corporate Milestone

On May 4, 2026, following the close of the first quarter, Magna announced it had received conditional approval to list its common shares on the Toronto Stock Exchange, graduating from the TSX Venture Exchange. Final approval is subject to Magna fulfilling all TSX requirements, including submission of required documentation by July 29, 2026.

The senior exchange listing process typically involves additional regulatory and documentation requirements compared to the venture exchange. As of the date of the release, this approval remained conditional, with the company working to complete the remaining steps ahead of the July deadline.

This announcement followed the company's first-quarter operating results, with both developments occurring within the same reporting period.

Levack and Crean Hill Studies Advance Toward Q3 Completion Supporting Future Growth Pipeline

Exploration and evaluation expenses for the quarter totalled $2.8 million, of which $2.3 million was directed toward Levack Mine. Work at Levack focused on infrastructure to support early ore sources and new underground exploration platforms, including efforts to test the R2 Footwall Zone. A Preliminary Economic Assessment for Levack is scheduled for completion in the third quarter of 2026.

At Crean Hill, the company progressed work related to power supply, engineering, commercial discussions, and water pre-treatment design and installation. A Pre-Feasibility Study for the project is also scheduled for completion in the third quarter, alongside the Levack assessment.

CEO Jason Jessup commented:

"At Levack Mine, we completed the breakthrough connecting to Vale's Coleman Mine and continued expanding and delineating our R2 Footwall copper-precious metals Zone discovery. The PEA for Levack Mine is on track to be completed in Q3, along with the pre-feasibility study for Crean Hill."

The underground connection links Levack to a neighbouring operation.

Conclusion

Magna Mining closed the first quarter of 2026 with $35.8 million in cash and a working capital balance of $53.7 million. During the quarter, the company achieved a positive cash margin at McCreedy West and maintained production in line with full-year guidance, while subsequently receiving conditional approval to graduate its listing to the Toronto Stock Exchange. Next steps include completion of the required TSX documentation by July 29, 2026, as well as the Preliminary Economic Assessment for Levack and the Pre-Feasibility Study for Crean Hill, both expected in the third quarter of 2026. Management also noted the potential restart of mining in the Intermain Nickel Zone at McCreedy West as a further area under consideration.

‍