Magna Provides Additional Assay Results and Update on Development Activities at Levack Mine in Sudbury, Ontario

Magna Mining Inc. (NICU) has released assay results from ten new drill holes at its Levack property, alongside an update on operational restarts. The company is combining the Levack and McCreedy West operations into the "Levack Mine Complex" to share technical and maintenance staff. Drift development on the 2950 Level is scheduled to restart in early December, with the team currently approximately 300 meters from the R2 zone and aiming to advance to within 100 meters. Additionally, a fourth underground drill has commenced operations on the rehabilitated 2650 Level, and hoist recommissioning remains on track for the first quarter of 2027, with pre-commercial ore production targeted for 2027.

Assays from the ten holes, all drilled from underground platforms at Levack, include the following intercepts:

• MLV-26-80, R2: 3.9 m @ 5.6% Cu, 0.9% Ni, 4.4 g/t Pt+Pd+Au, 34.0 g/t Ag (7.9% CuEq) from 475.3 m, including 0.7 m @ 25.8% Cu, 3.6% Ni, 13.3 g/t Pt+Pd+Au, 155 g/t Ag (33.3% CuEq).
• MLV-26-81, R2: 1.3 m @ 13.7% Cu, 2.9% Ni, 8.4 g/t Pt+Pd+Au, 82.1 g/t Ag (19.6% CuEq) from 476.1 m, including 0.8 m @ 32.3% CuEq.
• MLV-26-80, Levack Footwall: 2.2 m @ 9.7% Cu, 0.6% Ni, 19.3 g/t Pt+Pd+Au, 59.6 g/t Ag (16.6% CuEq) from 212.3 m, including 0.9 m @ 20.0% Cu, 30.7 g/t Pt+Pd+Au, 124.6 g/t Ag (29.2% CuEq).
• MLV-26-72, R2: 8.6 m @ 1.9% Cu, 0.1% Ni, 11.6 g/t Pt+Pd+Au, 1.6 g/t Ag (2.5% CuEq) from 400.1 m, including 0.5 m @ 20.6% Cu, 134.0 g/t Pt+Pd+Au, 15.8 g/t Ag (24.9% CuEq).
• MLV-26-76, R2: 0.9 m @ 16.6% Cu, 0.3% Ni, 20.3 g/t Pt+Pd+Au, 97.5 g/t Ag (21.8% CuEq) from 395.1 m, including 0.6 m @ 33.1% CuEq.
• MLV-26-56, R2: 2.1 m @ 4.8% Cu, 0.8% Ni, 3.8 g/t Pt+Pd+Au, 26.2 g/t Ag (7.0% CuEq) from 450.4 m; also 0.4 m @ 4.3% Ni lower in the hole.
• MLV-26-57, R2 (deep): 0.3 m @ 7.9% Cu, 3.6% Ni (14.7% CuEq) from 956.7 m; and 2.3 m @ 3.4% Cu, 1.3% Ni (3.8% CuEq) from 963.6 m including 0.6 m @ 17.3% CuEq.
• MLV-26-55, R2: 2.2 m @ 0.8% Cu, 1.7% Ni, 4.9 g/t Pt+Pd+Au (4.5% CuEq) from 420.8 m, including 0.5 m @ 6.4% Ni.
• MLV-26-59, MLV-26-70, MLV-26-71: 0.3–1.0 m single-vein hits of 4.9–10.8% CuEq.
• 1800-1600 Ramp: A grab sample from a muck pile yielded 5.7% Cu, 0.2% Ni, 9.7 g/t Pt+Pd+Au, 57.0 g/t Ag, taken from a ~12 m ramp section of blebby chalcopyrite in footwall breccia ~30 m in the hanging wall of the Intermediate Zone.

Quality control protocols involve two certified reference materials and two blanks per 50 samples. True widths are reported as highly variable, ranging from 30% to 80% of downhole length. Qualified Person David King oversees the program, with assays processed by SGS Garson and Lakefield labs.

Magna Mining Inc. (NICU), a company with a C$611 million market capitalisation, released a non-earnings exploration and operations update. The firm operates a producing mine and has two board-approved construction projects underway. The release does not address reserves, resources, mine life, capital costs, guidance, or net asset value. The R2 zone is expressly excluded from the Levack Preliminary Economic Assessment inventory, which contains 5.75 million tonnes at 3.42% CuEq, and the two undefined zones hold no resource status.

The company reported a 36.5% CuEq·m intercept. This result adds geological optionality by confirming that the Levack footwall is mineralised well above the R2 zone, providing a new dimension to the deposit. However, the value of Magna Mining Inc. is anchored by cash flow from the Levack project, valued at an NPV7% of C$227 million, the Crean Hill project at an NPV7% of C$251 million, and the McCreedy West operation. Optionality derived from a single 2.2-metre hole is not yet a valuation item for the equity.

Market focus remains on the November 11 guidance cut, which lowered 2026 payable production expectations to 14.5–15.5 million pounds from 16.0–18.0 million pounds and raised the All-In Sustaining Cost (AISC) to US$4.80–5.15 per pound. The market is also concerned about the capital expenditure and execution burden associated with two simultaneous construction projects. This release provides incremental confirmation of grade at a zone the market already considers valid, alongside an early-stage new target, but does not alter the prior-period context regarding guidance or execution.

Magna Mining Inc. (NICU), a Sudbury Basin-based copper-nickel-PGE company, has transitioned from a developer to a producer and is currently pursuing expansion into a three-mine operator. The company’s McCreedy West mine, which produces from 700/PM copper-PGE zones with ore tolled to Vale's Clarabelle mill, holds a probable reserve of 0.99 Mt @ 1.59% Cu, 0.32% Ni with Pt/Pd/Au credits and an indicated resource of 5.63 Mt @ 3.03% CuEq. On 11-Nov, 2026 guidance was cut to 14.5–15.5 Mlb CuEq payable at US$3.90–4.25/lb cash and US$4.80–5.15/lb AISC. In the third quarter, the mine produced 3.7 Mlb payable, generating C$27.4M in revenue, C$4.9M in cash margin, C$(13.8)M in net loss, and C$(7.6)M in free cash flow.

The company is also advancing the Levack project, for which restart approval has been granted with commercial production targeted for mid-2028. A preliminary economic assessment outlines a 7.3-year life producing 36.8 Mlb/yr CuEq at an AISC of US$3.71/lb, yielding an after-tax IRR of 92.4% and an NPV7% of C$227M, with initial capital of C$70.1M and a net funding requirement of C$8.6M. The project hosts an indicated resource of 6.11 Mt @ 3.54% CuEq and an inferred resource of 5.17 Mt @ 3.59% CuEq, based on cut-offs of 2.0% contact and 2.5% footwall; the R2 is not included in the resource.

Additionally, construction has been approved for the Crean Hill project, with first ore expected in late 2027 and commercial production in 2030. A pre-feasibility study projects a 12-year life producing 35.5 Mlb/yr CuEq at an AISC of US$3.55/lb, resulting in an after-tax IRR of 43.4% and an NPV7% of C$251M, with initial capital of C$127M. The project contains a probable reserve of 11.4 Mst @ 0.62% Cu, 0.67% Ni, ~1.0 g/t Pt, 1.1 g/t Pd, and 0.40 g/t Au.

Magna Mining’s pipeline includes the Podolsky project, which is permitted for bulk sampling, and the Shakespeare project, permitted for a 4,500 tpd mill, alongside the Kirkwood project and a package of exploration properties. As of 30-Sep-2026, the balance sheet held C$168.4M in cash and C$161.9M in working capital, alongside C$24.0M in convertible notes due 2029. The company has 313.45M shares outstanding plus approximately 14.2M options, RSUs, and DSUs. Alpayana holds a 19.9% stake following its C$140.3M placement at C$2.25.