Magna Mining Reports Record Quarterly Tonnage at McCreedy West, Provides Q2 Update

• McCreedy West shipped 91,724 tons of ore to Vale Base Metals' Clarabelle Mill as of June 26, 2026, a new quarterly record under Magna's ownership, with four days remaining in the quarter
• Ore grades for April and May averaged 3.55% copper equivalent, within the company's 2026 guidance range of 3.2% to 3.5%
• Underground development reached approximately 2,340 feet during the quarter, surpassing the prior record of 2,252 feet set in the first quarter of 2026
• McCreedy West has operated for more than a year without a reportable injury, with a Total Reportable Injury Frequency Rate of zero
• The company acquired used underground equipment from a nearby closing operation for approximately $1 million, with expected savings of $9 million to $12 million on future development costs

Magna Mining Inc. (TSX: NICU) (OTCQX: MGMNF) (FSE: 8YD) is a Canada-based mining company that produces copper, nickel, and platinum group metals from its McCreedy West Mine in the Sudbury region of Ontario. The company also holds a group of previously producing properties, including Levack, Crean Hill, Podolsky, and Shakespeare, which are at various stages of evaluation for future development.

New Quarterly Tonnage Record at McCreedy West With 91,724 Tons Shipped to VBM's Clarabelle Mill

McCreedy West shipped 91,724 tons of ore from the 700 Copper Zone to Vale Base Metals' Clarabelle Mill by June 26, 2026, with several days remaining in the quarter. This exceeds the previous quarterly high of 84,953 tons recorded in the fourth quarter of 2025, and represents an 11.5% increase over the first quarter of 2026.

Tonnage shipped reflects the volume of ore moved from the mine to the processing mill during a given period. Consecutive increases across quarters can indicate consistent equipment performance and underground access, though results can vary from quarter to quarter based on operating conditions.

Jeff Huffman, Chief Operating Officer of Magna, said:

"Our team at Magna has made several significant achievements during Q2, both operationally at McCreedy West as well as at our various development projects in the Sudbury Basin. In addition to achieving record quarterly tonnage shipped at McCreedy West, we anticipate the average grade during the quarter to be near the upper end of our 2026 annual guidance and we have also set a record in terms of underground development during the quarter which will help support production rates in the second half of 2026. Most importantly, we are now over one year of operations at McCreedy West without a reportable injury, an impressive achievement by our team which speaks to our strong safety culture."

Average Grade Tracking Near Upper End of 2026 Guidance With Record Underground Development

Ore shipped during April and May averaged 3.55% copper equivalent, a blended measure accounting for copper, nickel, platinum, palladium, gold, and silver content, calculated using the commodity prices set out in the company's 2026 guidance. This figure sits near the upper end of the company's forecast range of 3.2% to 3.5% copper equivalent. Final assay results for ore shipped in June are still pending.

Copper equivalent grade is a way of expressing the combined value of several metals in a single figure, allowing comparison across periods when a mine produces more than one metal. A higher grade generally means more metal is recovered per ton of ore processed.

Underground development, the tunnelling and infrastructure work required to access new ore, totaled approximately 2,340 feet during the quarter, or nearly 27 feet per day. This surpassed the previous quarterly record of 2,252 feet set in the first quarter of 2026. The company has stated that this pace of development is anticipated to support production rates in the second half of 2026.

Discounted Equipment Acquisition Supporting Levack PEA With $9-12 Million Potential Savings

During the quarter, Magna acquired underground equipment and supplies from a nearby Sudbury operation that is moving into closure. The equipment, which includes scoop trams, bolters, personnel carriers, and dewatering pumps, was purchased for approximately $1 million, below typical market rates for comparable equipment.

The equipment will be used at the company's Levack Mine and other projects in the Sudbury Basin. Expected savings from the purchase are estimated at $9 million to $12 million, relative to the cost of acquiring new or comparable equipment separately for each project.

This acquisition will be incorporated into the capital cost estimate for the Preliminary Economic Assessment currently underway at Levack, which is expected to be completed in the third quarter of 2026.

Upcoming Milestones

Magna Mining is scheduled to release its second quarter financial and operating results after market close on August 12, 2026, followed by a conference call on August 13, 2026, at 8:00am EDT.

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