Magna Mining Expands the R2 Footwall Zone and Intersects Near Surface Mineralization at the Levack Mine in Sudbury, Ontario including 4.0% Nickel, 1.7% Copper and 3.5 g/t Platinum + Palladium + Gold (8.3% CuEq) over 4.6 metres

Magna Mining Inc. (NICU) released new assay results on September 17, 2026, from the past-producing Levack Mine. The data covers three zones: the R2 Footwall Zone expansion, the Intermediate Orebody delineation, and the first drilling of the near-surface West Main Orebody extension.

Key intercepts from the R2 Footwall include hole FNX2038A-W1, which returned 2.1 m @ 9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au, 24.9 g/t Ag (23.5% CuEq) from 999.2 m, plus 0.7 m @ 15.4% Cu, 1.9% Ni, 7.0 g/t Pt+Pd+Au, 43.0 g/t Ag (19.1% CuEq) from 1068.6 m. This hole reportedly cut five distinct veins over 91.5 m downhole. Hole FNX6070-W2 returned 9.5 m @ 2.2% Ni, 13.6 g/t Pt+Pd+Au (4.1% NiEq) from 1050.5 m, including 0.4 m @ 26.0% Ni, 146.0 g/t Pt+Pd+Au (31.9% NiEq); it also returned 1.7 m @ 13.0% Ni, 85.2 g/t Pt+Pd+Au (21.7% NiEq), including 0.8 m @ 27.3% Ni, 175.0 g/t Pt+Pd+Au (40.7% NiEq). Other R2 holes returned vein intervals, generally narrow, with CuEq values from 2.6% to 18.0%.

In the West Main Orebody near-surface zone, hole MLV-26-64 returned 4.6 m @ 1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au, 4.1 g/t Ag (8.3% CuEq) from 198.7 m. Hole MLV-26-68 returned 32.9 m @ 0.4% Cu, 1.7% Ni, 0.4 g/t Pt+Pd+Au (2.9% CuEq) from 177.0 m, including 3.2 m @ 0.2% Cu, 3.2% Ni (4.7% CuEq) and 3.8 m @ 1.0% Cu, 2.9% Ni, 1.9 g/t Pt+Pd+Au (5.5% CuEq).

Multiple underground holes in the Intermediate Orebody returned narrow intervals mostly 0.3–7.4 m at roughly 1–4% Ni and 1–3% Cu, with modest PGE credits. Holes MLV-26-47 and MLV-26-48 returned no significant results.

The release also disclosed that the Levack PEA and Crean Hill PFS are now expected in the first half of October, marginally later than the prior Q3 target, partly to evaluate the proposed Canadian “Productivity Mega Deduction.”

Magna Mining Inc. (NICU) is a producing miner with a market capitalization of approximately C$805 million, currently shipping ore from McCreedy West and preparing Levack/Crean Hill for restart decisions. For a company of this scale, drill results typically do not move the stock materially unless they alter reserves, mine life, or current economics.

The recent release confirms and modestly expands an already known footwall system through R2 results. Additionally, West Main represents a promising near-surface step-out based on initial drilling, which supports the upcoming Preliminary Economic Assessment (PEA) rather than changing a reported resource. The timing of the PEA/Pre-Feasibility Study (PFS) has slipped from the third quarter to the first half of October.

The June 22 R2 release did not re-rate the stock. The subsequent price movement from approximately $2.09 at the end of June to $2.57 by mid-September was driven mainly by the C$140 million Alpayana placement, TSX graduation, and improved McCreedy West operational results.

The expected share-price impact is likely a modest positive reaction, perhaps 2–5%, with the real driver being the October PEA/PFS. A 15%+ move would be surprising on this release alone.

Magna Mining Inc. (NICU) is a Sudbury Basin copper-nickel-cobalt-PGE-gold-silver producer and developer. Its producing asset is McCreedy West, which ships ore from the 700 Footwall Copper Zone to Vale’s Clarabelle mill. The project pipeline includes the past-producing Levack, Crean Hill, Podolsky, Shakespeare, and Kirkwood projects.

In the second quarter of 2026, the company processed 98,446 tons at 3.34% CuEq, generating a record C$8.9M cash margin and C$5.1M free cash flow. First-half 2026 payable production totaled 8.6M lb CuEq, with full-year guidance set at 16.0–18.0M lb CuEq.

The Alpayana strategic placement closed in late August 2026 for 62,356,682 shares at C$2.25, grossing approximately C$140M; Alpayana owns 19.9%. Pro forma cash was stated as approximately C$175M in the investor presentation, while book value per share at Q2 was C$0.35.