Magna Mining Reports Operating and Financial Results for the Second Quarter of 2026

Magna Mining Inc. (NICU) reported second-quarter 2026 results after market close on August 12, 2026. The company processed a record 98,446 tons from the 700 Footwall Copper Zone at McCreedy West, grading 3.34% CuEq for 6.6 million contained CuEq lbs. Payable production totaled 4.5 million CuEq lbs in the second quarter and 8.6 million CuEq lbs in the first half of 2026.

Magna reaffirmed its full-year 2026 guidance at 16.0-18.0 million CuEq payable lbs. Q2 cash costs were US$3.76 per CuEq lb, with an all-in sustaining cost (AISC) of US$4.54 per CuEq lb. Production costs declined 6.9% quarter-over-quarter to C$199 per ton processed. The company reported a record C$8.9 million cash margin, C$5.1 million in free cash flow, and C$8.9 million in operating cash flow. Magna closed the quarter with C$40.0 million in cash and C$45.3 million in working capital.

The release also repeated the previously announced C$140 million Alpayana S.A.C. strategic placement at C$2.25 per share, which is expected to close in Q3 2026. CFO Scott Gilbert is retiring by the end of 2026, and Greg Huffman will succeed him. The Levack PEA and Crean Hill PFS remain on track for completion in Q3 2026.

Magna Mining Inc. (NICU) reported an operationally positive second quarter, though the results were largely anticipated. A June 29 operational update had already pre-released a record tonnage of 91,724 tons as of June 26. The final Q2 processed tonnage reached 98,446, beating that pre-release figure by 7.3%.

The company delivered its first positive cash margin and free cash flow quarter of 2026. This milestone was flagged in prior operational updates and supported by strong realized metal prices. Despite the record cash margin, net income remained a loss of C$8.2 million.

Full-year guidance was reaffirmed rather than raised, meaning the release does not provide a new valuation catalyst. The major strategic catalyst, Alpayana’s C$140 million investment, was announced on July 6 and had already moved the stock.

Magna Mining Inc. (NICU) is a producing copper-nickel-PGE miner based in the Sudbury Basin. Its primary producing asset is the McCreedy West Mine, which is currently mining the 700 Footwall Copper Zone. Ore from the operation is processed at Vale Base Metals’ Clarabelle mill.

The company’s development and restart pipeline includes the Levack, Crean Hill, Podolsky, and Shakespeare projects. Magna Mining Inc. graduated from the TSXV to the TSX on June 23, 2026, under the symbol NICU.

Key management includes CEO Jason Jessup, COO Jeff Huffman, and SVP Exploration and Geoscience Dave King. The CFO role has transitioned from Scott Gilbert to Greg Huffman.