Magna Mining sets 2026 production guidance

Executive Summary

• Magna Mining Inc. has released its 2026 production and cost guidance for the McCreedy West mine, projecting copper equivalent (CuEq) payable production of 16.0 to 18.0 million pounds.
• The company provided specific cost metrics for 2026, with cash costs guided at $3.40–$3.80/lb CuEq and All-In Sustaining Costs (AISC) at $4.20–$4.70/lb CuEq, excluding stream payments.
• Significant operational updates were provided for the Levack and Crean Hill projects, including timelines for Preliminary Economic Assessments (PEA) and Prefeasibility Studies (PFS), as well as progress on re-establishing hoisting capabilities and dewatering infrastructure.

Key Details

• McCreedy West Production Guidance (2026):
  • Copper equivalent payable production: 16.0 million to 18.0 million pounds CuEq from the 700 copper zone.
  • First-quarter grades anticipated at the lower end of the full-year range to capitalize on strong commodity prices; higher-grade areas reserved for later in the year.
  • Inaugural mineral reserves report nearing completion; mine plan optimization and stope sequencing underway.
  • Evaluation of restarting mining in the Intermain nickel zone is ongoing; shipping could resume within months of a decision, with updated guidance to follow if restarted.
• McCreedy West Cost Guidance (2026, excluding stream payments):
  • Cash costs: $3.40 (U.S.) to $3.80 (U.S.) per pound CuEq.
  • All-in sustaining costs (AISC): $4.20 (U.S.) to $4.70 (U.S.) per pound CuEq.
• Levack Mine Update:
  • Preliminary Economic Assessment (PEA) for restart expected to be completed in Q3 2026.
  • Ramp development from the 3900 level of the Morrison footwall deposit to the 3600-level drift expected to be completed early in Q2 2026.
  • This connection will provide secondary egress and additional diamond drilling platforms for the R2 footwall zone.
  • Four diamond drills are currently active testing the R2 footwall zone and other high-priority targets; additional assay results expected in Q1.
  • Rehabilitation of existing drifts underway; specialized contractors evaluating scope for 2900-level loading pocket and production hoist.
  • Hoisting of rock from underground through the Levack No. 2 shaft anticipated in the second half of 2026.
• Crean Hill Project Update:
  • Prefeasibility Study (PFS) expected to be completed in Q3 2026.
  • Engineering work continues on power and permanent dewatering infrastructure.
  • Dewatering of underground workings expected to commence in Q2 2026.

Notable Quotes

• "The guidance provided for McCreedy West demonstrates what we believe can be accomplished consistently and efficiently from the 700 copper zone in 2026. After almost 12 months as operator of the mine, we have increased both diamond drilling footage and mine development rates to match our medium-term production requirements. Throughout 2026, we will continue to evaluate production opportunities at McCreedy West as we receive new diamond drilling information and continually optimize our plan to increase production and profitability. We are also very excited to be advancing both our Levack and Crean Hill projects towards restart decisions." — Jeff Huffman, Chief Operating Officer