Magna Mining Announces C$140 Million Strategic Investment by Alpayana
Magna secures C$140m strategic funding to advance its Levack and Crean Hill development pipeline while optimizing costs at McCreedy West.
Magna Mining Inc. announced a non-brokered private placement financing to raise approximately C$140 million. Alpayana S.A.C., a private Peruvian mining group, is purchasing 62,222,222 common shares at C$2.25 per share, acquiring an approximate 19.9% equity stake upon closing.
Net proceeds will fund advancement of development activities at the Levack and Crean Hill projects in the Sudbury region, plus general corporate and working capital purposes. The transaction is subject to TSX and regulatory approvals, with shares subject to a statutory hold period of four months and one day. Canaccord Genuity Corp. acted as financial advisor; Desjardins Capital Markets acted as strategic advisor.
Magna Mining Inc. (NICU) has secured a C$140 million strategic investment to provide immediate, non-dilutive-to-debt liquidity for the advancement of the Levack Preliminary Economic Assessment (PEA) and the Crean Hill Preliminary Feasibility Study (PFS), both of which are targeted for completion in the third quarter of 2026. The placement price of C$2.25 per share aligns with the company’s recent trading range of $2.07 to $2.35, reflecting a fair market valuation rather than a distressed discount or speculative premium.
The transaction results in approximately 24.8% dilution on a fully diluted basis, a level considered standard for development-stage financings that will impact per-share metrics until the new projects reach production. Alpayana S.A.C. enters as a shareholder with an approximate 19.9% stake, providing industry validation and potential operational synergies. The financing de-risks the near-term development timeline and eliminates the need for additional equity raises or debt issuance over the next 12 months.
Magna Mining Inc. (NICU) operates within the Sudbury Basin in Ontario, Canada, holding a portfolio of four permitted, past-producing mines currently in its production pipeline: McCreedy West, which is producing, alongside Levack, Crean Hill, and Podolsky. The company also maintains additional exploration properties, including Shakespeare, Kirkwood, Rand Parkin, North Range, Frost Lake, Blezard, Capreol, Trill, and Falcondale Footwall.
Magna Mining is one of only three entities, alongside Vale and Glencore, to hold significant property acreage within the Sudbury Basin, a position that provides proximity to major infrastructure and processing partners. The company’s operations focus on a range of commodities, including copper, nickel, cobalt, platinum, palladium, gold, and silver.