Magna Mining Reports Second Quarter 2025 Operating and Financial Results
Executive Summary
- Magna Mining reported Q2 2025 results – the first full production quarter at McCreedy West – with 70,045 tons processed and 3.05 M lb copper‑equivalent payable at a 3.26% Cu Eq grade.
- The company posted an adjusted net loss of C$8.9 M (C$0.04 per share) and a cash outflow of C$10.7 M, leaving a cash balance of C$27 M at period end.
- Cash costs were C$6.47/lb Cu Eq payable (US$4.67) and all‑in sustaining costs (AISC) were C$7.55/lb (US$5.45).
Key Details
- Production & Ore Metrics
- Total ore processed: 59,100 t from the 700 Footwall Copper Zone + 10,945 t from the Intermain Nickel Zone = 70,045 t.
- Cu Eq grade (combined): 3.26% (average).
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Payable copper‑equivalent pounds: 3.053 M lb.
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Development Rates
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Development increased to 14.4 ft/day in April, 16.2 ft/day in May, and 17 ft/day in June (vs. ~6 ft/day under prior operator).
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Financial Highlights (C$ ‘000)
- Net revenue: 18,465.
- Cash margin: –1,191 (negative).
- Net loss: –9,501; Adjusted net loss: –8,930.
- Operating cash flow: –11,560; Free cash flow: –10,714.
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End‑of‑period cash balance: 27,018.
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Per‑Share Metrics
- Net earnings (loss): –0.05 C$ per share.
- Adjusted net loss: –0.04 C$ per share.
- Operating cash flow: –0.06 C$ per share.
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Free cash flow: –0.05 C$ per share.
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Cost Metrics
- Cash costs: C$6.47/lb Cu Eq payable (US$4.67).
- All‑in sustaining cost (AISC): C$7.55/lb (US$5.45).
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Production cost/ton processed: C$219.
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Metal Prices Used for Cu Eq Calculations (Q2 2025)
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Cu $4.29/lb, Ni $6.88/lb, Co $15.81/lb, Pt $1,072.35/oz, Pd $990.29/oz, Au $3,301.29/oz, Ag $33.64/oz.
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Operational Highlights
- First full quarter of production after acquisition on Feb 28 2025.
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Management added technical and administrative staff to support optimization and future mine development.
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Conference Call
- Date: Aug 28 2025, 08:00 a.m. EDT. Webcast link provided.
Notable Quotes
“The second quarter… is focused ensuring the mine is in a strong position for 2026 production. I am pleased with the results to date and look forward to building this operation into a long‑life, sustainable producer that generates free cash flow.” – Jason Jessup, CEO
All forward‑looking statements are subject to risks and uncertainties as disclosed in the release.