Highlights
During Q1 2026, Magna achieved a positive cash margin* of $6.0 million at the McCreedy West copper-precious metals-nickel Mine ("McCreedy West"), located in Sudbury, Ontario, Canada.
In Q1 2026, 82,296 tons of ore was processed from the 700 Footwall Copper Zone at McCreedy West at a grade of 3.38% copper equivalent ("CuEq")1 based on realized metal prices in the quarter.
The Company produced 4.1 million CuEq payable pounds ("lbs") in Q1 2026. With both tonnage and grades forecast to increase from Q1, the Company continues to expect to achieve full year production guidance of 16-18 million CuEq payable lbs.
Quarterly cash costs* and All-in sustaining costs* ("AISC") of US$3.48 per CuEq lb, and US$4.21 per CuEq lb, respectively. Production costs per ton processed in Q1 2026 declined by 5.3% quarter over quarter to $214 per ton.
Ended Q1 2026 with cash and cash equivalents of $35.8 million and a working capital balance of $53.7 million. At March 31, 2026 the Company's Trade and Other Receivables had increased to $36.7 million which included $28.2 million in metal receivables, as well as $7.8 million from reimbursable costs related to an egress project for a neighbouring mine. Subsequent to the end of Q1 2026, $11.5 million of the Trade and Other Receivables has been received.
Exploration and evaluation expenses in Q1 2026 of $2.8 million, including $2.3 million at Levack Mine as focus transitioned to infrastructure readiness to support early ore sources and new underground exploration platforms to test the R2 Footwall Zone, with completion of a Preliminary Economic Assessment ("PEA") expected in Q3.
During Q1 2026, the Company announced initial Mining Reserves for the 700/PM copper-precious metals Zones at McCreedy West which demonstrate an initial three-year production profile, assuming forecasted mining rates which are in line with the current operation and 2026 guidance.
Subsequent to the end of Q1 2026, on May 4, 2026 the Company announced that it has received conditional approval to list its common shares on the Toronto Stock Exchange ("TSX") and graduate from the TSX Venture Exchange ("TSXV"). Final approval of the listing is subject to the Company fulfilling all of the requirements of the TSX, including receipt of all required documentation on or before July 29, 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, "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.
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 work completed in 2025 positioned McCreedy West to meaningfully support our growth initiatives at Levack and Crean Hill. Results from the first quarter of 2026 demonstrate that we are on the right path, and I expect we can continue building on this momentum through the balance of the year, including the potential restart of mining in the Intermain Nickel Zone at McCreedy West."
Table 1: McCreedy West Tons Processed, Contained CuEq Grades, and CuEq Payable Pounds
FY 2026
FY 2025
FY 2025
Q1
Q4
Q3
Q2
Q1(March only)
Tons Processed
82,296
84,954
75,215
70,045
20,388
250,602
CuEq Grade (%)1(contained)
3.38
3.41
2.64
3.26
3.01
3.10
CuEq lbs1(payable)
4,085,000
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:Q1 2026: $5.83/lb Cu, $7.87/lb Ni, $25.90/lb Co, $2,205.17/oz Pt, $1,713.42/oz Pd, $4,875.39/oz Au, $84.39 Ag.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: Q1 2026 and Full Year 2025 Operating and Financial Highlights
In 000s, except per units and per share amounts
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
FY 2025
Financial results
Net revenue from mining operations
25,913
24,810
14,026
15,701
4,297
58,834
Cash margin1
5,953
3,313
(2,041
)
(1,191
)
269
351
Net income (loss)
(6,427
)
(7,108
)
(11,597
)
(9,317
)
11,039
(16,983
)
Adjusted net loss1
(6,427
)
(6,863
)
(11,365
)
(8,746
)
(6,163
)
(33,137
)
Operating cash flow
(16,159
)
(10,173
)
(10,781
)
(11,560
)
(2,584
)
(35,098
)
Free cash flow1
(19,481
)
(11,307
)
(14,350
)
(10,718
)
(10,584
)
(46,959
)
Per share information:
Net earnings (loss)
(0.03
)
(0.03
)
(0.05
)
(0.05
)
0.06
(0.07
)
Adjusted net loss1
(0.03
)
(0.03
)
(0.05
)
(0.04
)
(0.03
)
(0.15
)
Operating cash flow1
(0.06
)
(0.04
)
(0.05
)
(0.06
)
(0.01
)
(0.16
)
Free cash flow1
(0.08
)
(0.05
)
(0.07
)
(0.05
)
(0.05
)
(0.22
)
Selected Financial Statement data
Cash and cash equivalents
35,770
55,899
63,121
27,018
38,250
55,899
Working capital
53,726
60,499
61,917
24,404
31,890
60,499
Total assets
182,835
193,924
201,349
154,836
162,207
193,924
Total non-current liabilities
64,197
67,084
71,480
73,916
76,101
67,084
Operational results
Ore Processed (Dry tons)
700 Copper Zone
82,296
84,954
75,215
59,100
13,911
233,180
Intermain Nickel Zone
-
-
-
10,945
6,477
17,422
Throughput
82,296
84,954
75,215
70,045
20,388
250,602
Copper Equivalent Grade (%)
700 Copper Zone2
3.38
3.41
2.64
3.35
3.04
3.12
Intermain Nickel Zone2
-
-
-
2.77
2.96
2.84
3.38
3.41
2.64
3.26
3.01
3.10
Metals Payable
Copper (000s lbs)
2,007
1,909
1,949
1,629
552
6,039
Nickel (000s lbs)
236
244
193
327
132
896
Cobalt (000s lbs)
1
1
2
4
2
9
Platinum (ozs)
1,368
1,626
479
1,156
-
3,261
Palladium (ozs)
1,412
1,814
641
1,218
13
3,686
Gold (ozs)
437
601
55
284
-
940
Silver (ozs)
16,613
23,440
13,105
9,499
1,638
47,682
Copper equivalent payable pounds (000s)2
4,085
4,968
2,735
3,053
790
11,546
Per Copper Equivalent Metrics
Average realized price (CAD per CuEq payable lb)1
6.23
4.96
5.42
5.17
6.03
5.20
Cash costs (CAD per CuEq payable lb)1,2
4.77
4.29
6.17
5.56
5.69
5.17
Cash margin (CAD per CuEq payable lb)1
1.46
0.67
(0.75
)
(0.39
)
0.34
