Magna Mining Reports Operating and Financial Results for the First Quarter of 2026

Magna Mining delivered strong operational and financial results for Q1 2026, generating a positive cash margin of $6.0 million at its McCreedy West mine in Sudbury, Ontario. The company processed 82,296 tons of ore from the 700 Footwall Copper Zone at a grade of 3.38% copper equivalent, producing 4.1 million CuEq payable pounds. This production consisted of 2.0 million pounds of copper, 0.24 million pounds of nickel, and various precious metals including 1,368 ounces of platinum and 1,412 ounces of palladium.

Operational efficiency continued to improve with production costs per ton declining 5.3% quarter-over-quarter to $214 per ton. Cash costs came in at US$3.48 per CuEq pound with all-in sustaining costs of US$4.21 per CuEq pound. The company maintained strong liquidity with $35.8 million in cash and equivalents and working capital of $53.7 million. Revenue from mining operations reached $25.4 million for the quarter, while the company invested $2.8 million in exploration and evaluation activities.

Significant corporate developments included receiving conditional approval to graduate from the TSX Venture Exchange to the Toronto Stock Exchange, with final approval expected by July 29, 2026. This represents a major milestone for the company's growth trajectory. At the operational level, Magna announced initial mining reserves for the 700/PM copper-precious metals zones, demonstrating a three-year production profile aligned with current operations and 2026 guidance.

Looking forward, the company remains on track to achieve full-year production guidance of 16-18 million CuEq payable pounds, with both tonnage and grades expected to increase from Q1 levels. Development activities continue at the Levack Mine, where a breakthrough connection to Vale's Coleman Mine was completed and expansion of the R2 Footwall copper-precious metals zone discovery progressed. Both the Levack Mine PEA and Crean Hill pre-feasibility study are scheduled for completion in Q3 2026, positioning Magna for potential production expansion across its portfolio of Sudbury basin assets.