Highlights
During the three months ended December 31, 2025 ("Q4 2025"), Magna successfully achieved a positive cash margin* of $3.3 million at the McCreedy West copper-precious metals-nickel Mine ("McCreedy West"), located in Sudbury, Ontario, Canada.
In Q4 2025, 84,954 tons of ore was processed from the 700 Footwall Copper Zone at McCreedy West (see news release dated January 20, 2026) at a grade of 3.41% copper equivalent ("CuEq")1.
The Company produced 5.0 million CuEq payable pounds ("lbs") in Q4 2025, representing the strongest quarterly production at McCreedy West since the Company completed the acquisition of a portfolio of Sudbury assets, including McCreedy West, on February 28, 2025.
Quarterly cash costs* and All-in sustaining costs* ("AISC") of US$3.08 per CuEq lb, and US$3.49 per CuEq lb, respectively.
During the ten months of Company ownership in 2025, McCreedy West produced 11.5 million CuEq payable lbs at a grade of 3.10% CuEq, with cash costs of US$3.72/lb, and AISC of US$4.47/lb.
Total cash margin at McCreedy West in 2025 was $0.4 million.
Ended Q4 2025 with cash and cash equivalents of $55.9 million, after investing $8.2 million in exploration and evaluation expenses in 2025 on Levack and Crean Hill, with the completion of studies on both of these projects scheduled for the third quarter of 2026.
* Refer to the section entitled "Non-IFRS Performance Measures" for the reconciliation of these non-IFRS measurements to the financial statements. "Cash Margin" is calculated as the difference between total sales revenue, net of smelting, refining and treatment costs from mining operations, and the cash mine site operating costs.
Jason Jessup, CEO of Magna, commented, "During the fourth quarter of 2025, Magna continued to execute on our underground development plan, with increased diamond drilling and stope availability at McCreedy West. As discussed in the Q3 financial results conference call, the goal of this plan was to access new areas of the mine with better grade stopes, build in consistency and flexibility to the mine plan and position the operation to execute profitable production in 2026. Our fourth quarter results announced today are a result of executing this plan and are a significant improvement quarter over quarter as McCreedy West generated a positive cash margin of $3.3 million during the quarter. On the back of these strong Q4 results, we reiterate our previous operational guidance for 2026, which will be slightly weighted to the second half of 2026 due to stope sequencing. We are well-funded to advance our Levack and Crean Hill projects towards restart and construction decisions, respectively, as well as aggressively diamond drill and expand our R2 Footwall Zone discovery at Levack, and test new high grade copper targets on our other properties in 2026. In addition, the team at McCreedy West continues to evaluate the potential restart of mining at the nickel-rich Intermain contact-type deposit."
Table 1: McCreedy West 2025 Tons Processed, Contained CuEq Grades, and CuEq Payable Pounds
FY 2025
FY 2025
Q4
Q3
Q2
Q1(March only)
Tons Processed
84,954
75,215
70,045
20,388
250,602
CuEq Grade (%)1(contained)
3.41
2.64
3.26
3.01
3.10
CuEq lbs1(payable)
4,968,000
2,735,000
3,053,000
790,000
11,546,000
1 Copper equivalent payable pounds and copper equivalent payable grade were calculated using the following US dollar prices:FY 2025: $4.57/lb Cu, $6.85/lb Ni, $17.95/lb Co, $1,335.09/oz Pt, $1,189.00/oz Pd, $3,583.17/oz Au, $41.82 Ag.Q4 2025: $5.03/lb Cu, $6.75/lb Ni, $23.01/lb Co, $1,679.68/oz Pt, $1,468.65/oz Pd, $4,141.90/oz Au, $54.83 Ag.Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.
Table 2: Q4 and Full Year 2025 Operating and Financial Highlights
In 000s, except per units and per share amounts
Q4 2025
Q3 2025
Q2 2025
Q1 2025
FY 2025
Financial results
Net revenue from mining operations3
24,810
14,026
15,701
4,297
58,834
Cash margin1
3,313
(2,041)
(1,191)
269
351
Net income (loss)
(7,108)
(11,597)
(9,317)
11,039
(16,983)
Adjusted net loss1
(6,863)
(11,365)
(8,746)
(6,163)
(33,137)
Operating cash flow
(10,173)
(10,781)
(11,560)
(2,584)
(35,098)
Free cash flow1
(11,307)
(14,350)
(10,718)
(10,584)
(46,959)
Per share information:
Net earnings (loss)
(0.03)
(0.05)
(0.05)
0.06
(0.07)
Adjusted net loss1
(0.03)
(0.05)
(0.04)
(0.03)
(0.15)
Operating cash flow1
(0.04)
(0.05)
(0.06)
(0.01)
(0.16)
Free cash flow1
(0.05)
(0.07)
(0.05)
(0.05)
(0.22)
Selected Financial Statement data
Cash and cash equivalents
55,899
63,121
27,018
38,250
55,899
Working capital
60,499
61,917
24,404
31,890
60,499
Total assets
193,924
201,349
154,836
162,207
193,924
Total non-current liabilities
67,084
71,480
73,916
76,101
67,084
Operational results
Ore Processed (Dry tons)
700 Copper Zone
84,954
75,215
59,100
13,911
233,180
Intermain Nickel Zone
-
-
10,945
6,477
17,422
Throughput
84,954
75,215
70,045
20,388
250,602
Copper Equivalent Grade (%)
700 Copper Zone2
3.41
2.64
3.35
3.04
3.12
Intermain Nickel Zone2
0.00
0.00
2.77
2.96
2.84
3.41
2.64
3.26
3.01
3.10
Metals Payable
Copper (000s lbs)
1,909
1,949
1,629
552
6,039
Nickel (000s lbs)
244
193
327
132
896
Cobalt (000s lbs)
1
2
4
2
9
Platinum (ozs)
1,626
479
1,156
-
3,261
Palladium (ozs)
1,814
641
1,218
13
3,686
Gold (ozs)
601
55
284
-
940
Silver (ozs)
23,440
13,105
9,499
1,638
47,682
Copper equivalent payable pounds (000s)2
4,968
2,735
3,053
790
11,546
Per Copper Equivalent Metrics
Average realized price (CAD per CuEq payable lb)1,3
4.96
5.42
5.17
6.03
5.20
Cash costs (CAD per CuEq payable lb)1,2,3
4.29
6.17
5.56
5.69
5.17
Cash margin (CAD per CuEq payable lb)1
0.67
(0.75)
(0.39)
0.34
0.03
AISC (CAD per CuEq payable lb)1,2,3
4.86
8.15
6.64
6.37
6.21
Average 1 USD → CAD exchange rates
1.3947
1.3773
1.3841
1.4359
1.3904
Cost Metrics (in USD)
Cash costs1,2,3
3.08
4.48
4.02
3.97
3.72
AISC1,2,3
3.49
5.92
4.80
4.43
4.47
1 Refer to the section entitled "Non-IFRS Performance Measures" for the reconciliation of these non-IFRS measurements to the financial statements.2 Copper equivalent payable pounds for the purpose of copper equivalent payable grade, cash cost and AISC were calculated using the following US dollar prices:Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.3 The streaming expense has been reclassified from cost of sales to revenue, which has resulted in a reduction in revenue, cost of sales, average realized price per copper equivalent payable pound, cash cost per copper equivalent pound and all-in sustaining costs per copper equivalent payable pound. The Q1 2025 revenue and cost of sales decreased by $0.2 million, while the average realized price, cash cost and all-in sustaining cost decreased by $0.29 (US$0.20) per copper equivalent payable pound. The Q2 2025 revenue and cost of sales decreased by $2.8 million, while the average realized price, cash cost and all-in sustaining cost decreased by $0.91 (US$0.65) per copper equivalent payable pound. The Q3 2025 revenue and cost of sales decreased by $2.4 million, while the average realized price, cash cost and all-in sustaining cost decreased by $0.86 (US$0.62) per copper equivalent payable pound.
Q4 and 2025 Operating and Financial Details
Payable metal production in Q4 2025 of 5.0 million CuEq payable lbs*, consisting of 1.91 million lbs copper, 0.24 million lbs nickel, 1,626 ounces platinum, 1,814 ounces palladium, 601 ounces gold, and 23,440 ounces silver. 2025 payable metal production of 11.5 million CuEq payable lbs*, consisting of 6.1 million lbs copper, 0.90 million lbs nickel, 3,261 oz platinum, 3,686 oz palladium, 940 oz gold, and 47,682 oz silver.
Q4 2025 CuEq revenue from mining operations was $24.6 million, with 2025 full year CuEq revenue from mining operations of $60.0 million.
Q4 2025 cash costs of US$3.08 per CuEq lb and 2025 cash costs of US$3.72 per CuEq lb.
Q4 2025 AISC of US$3.49 per CuEq lb, which includes $1.1 million of sustaining mine capital development, equipment, and exploration. 2025 AISC of US$4.47 per CuEq lb, including $7.1 million of sustaining mine capital development, equipment, and exploration.
Total cash margin for the quarter was $3.3 million, or $0.67 per CuEq payable lb. 2025 total cash margin of $0.4 million, or $0.03 per CuEq payable lb.
Operating cash flow in the quarter was ($10.2 million) or ($0.04 per share), vs. ($10.8 million) or ($0.05 per share) in Q3 2025.
Free cash flow in the quarter was ($11.3 million) or ($0.05) per share, vs. ($14.4 million) or ($0.07 per share).
2025 exploration and evaluation expenses of $8.2 million, including $4.6 million at Levack to support the internal Levack Mine restart study and exploration for new footwall deposits, and $1.6 million at Crean Hill to advance the project with power, engineering, commercial discussions and water pre-treatment design/installation activities. A Preliminary Economic Assessment ("PEA") is now underway on the Levack Mine, and a Pre-Feasibility Study ("PFS") is underway on the Crean Hill Project, with completion of both studies anticipated in Q3 2026.
Ended Q4 2025 with cash and cash equivalents of $55.9 million, along with $21.7 million in trade receivables from the sale of copper, nickel, cobalt, platinum, palladium, gold, and silver.
*Payable metal production represents the total metal produced at McCreedy West and does not take into account the precious metals stream applicable to gold, platinum, and palladium.
Further details regarding the calculation of production costs, cash margins and all in sustaining costs can be found in the quarterly MD&A.
Q4 2025 Quarterly Results Conference Call and Webcast
The company will be holding its Q4 results conference call and webcast on Tuesday April 21, 2026 at 8:00am EDT. The conference call details are as follows:
To attend the webcast in listen-only mode, please use the following link: https://edge.media-server.com/mmc/p/ukrkttzv
To register for the conference call, please use the following link to obtain a Dial-in Number and PIN: https://register-conf.media-server.com/register/BI2a6059ce17f34fee99480a88a96f7f05
Qualified Person
The scientific or technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.
Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as "may", "might", "potential", "expect", "anticipate", "estimate", "believe", "could", "should", "would", "will", "continue", "intend", "plan", "forecast", "prospective", "significant", "aggressively" or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure to meet production, cost, cash flow or development expectations, forecasts or guidance, the failure of additional drilling to support assumptions, expectations or estimates of potential mineralization, metal tonnes or grade, the failure of additional drilling to support expansion or delineation of currently estimated resources, the failure to have accurately estimated declared mineral resources or mineral reserves, the lack of availability of drill rigs, platforms or personnel to implement exploration, development or production programs or the failure to proceed as quickly as planned with additional exploration, development or production drilling, continued delays for assay results, the failure to proceed as quickly as planned with or to complete additional development work as anticipated, such as additional development at the McCreedy West mine to access new stopes or the development of a ramp from the surface of, or recommissioning of the hoisting plant at, Levack, the failure to proceed as quickly as planned with a restart of mining at Levack, assuming there will be any restart, the failure to realize anticipated or assumed production and operational improvements from current or planned optimization initiatives at McCreedy West, the failure of additional drilling to support production planning or replenish production or mined ore, the failure to proceed with the anticipated development of the Crean Hill project subsequent to completion of the prefeasibility study currently underway, the failure to successfully realize on talent or technical expertise to unlock the long-term, sustainable potential of McCreedy West, Levack or other assets of the Company and other risks disclosed in the Company's most recent annual management discussion and analysis, available on the SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, ...
