NICU.V · 2026-04-20 12:00:00

Magna Mining Reports Fourth Quarter and Full Year 2025 Financial Results

Financials

SUDBURY, Ontario, April 20, 2026 -- Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE:8YD) (the “Company” or

“Magna”) is pleased to report fourth quarter and full year 2025 operating and financial results. Management will host a

conference call tomorrow, April 21, 2026, at 8:00am EDT to discuss the results. All amounts are expressed in Canadian

dollars unless otherwise indicated.

Highlights

• During the three months ended December 31, 2025 (“Q4 2025”), Magna successfully achieved a positive cash margin*

of $3.3 million at the McCreedy West copper-precious metals-nickel Mine (“McCreedy West”), located in Sudbury,

Ontario, Canada.

• In Q4 2025, 84,954 tons of ore was processed from the 700 Footwall Copper Zone at McCreedy West (see news

release dated January 20, 2026) at a grade of 3.41% copper equivalent (“CuEq”)1.

• The Company produced 5.0 million CuEq payable pounds (“lbs”) in Q4 2025, representing the strongest quarterly

production at McCreedy West since the Company completed the acquisition of a portfolio of Sudbury assets, including

McCreedy West, on February 28, 2025.

• Quarterly cash costs* and All-in sustaining costs* (“AISC”) of US$3.08 per CuEq lb, and US$3.49 per CuEq lb,

respectively.

• During the ten months of Company ownership in 2025, McCreedy West produced 11.5 million CuEq payable lbs at a

grade of 3.10% CuEq, with cash costs of US$3.72/lb, and AISC of US$4.47/lb.

• Total cash margin at McCreedy West in 2025 was $0.4 million.

• Ended Q4 2025 with cash and cash equivalents of $55.9 million, after investing $8.2 million in exploration and evaluation

expenses in 2025 on Levack and Crean Hill, with the completion of studies on both of these projects scheduled for the

third quarter of 2026.

* Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to

the financial statements. “Cash Margin” is calculated as the difference between total sales revenue, net of smelting, refining

and treatment costs from mining operations, and the cash mine site operating costs.

Jason Jessup, CEO of Magna, commented, “During the fourth quarter of 2025, Magna continued to execute on our

underground development plan, with increased diamond drilling and stope availability at McCreedy West. As discussed in the

Q3 financial results conference call, the goal of this plan was to access new areas of the mine with better grade stopes, build

in consistency and flexibility to the mine plan and position the operation to execute profitable production in 2026. Our fourth

quarter results announced today are a result of executing this plan and are a significant improvement quarter over quarter as

McCreedy West generated a positive cash margin of $3.3 million during the quarter. On the back of these strong Q4 results,

we reiterate our previous operational guidance for 2026, which will be slightly weighted to the second half of 2026 due to stope

sequencing. We are well-funded to advance our Levack and Crean Hill projects towards restart and construction decisions,

respectively, as well as aggressively diamond drill and expand our R2 Footwall Zone discovery at Levack, and test new high

grade copper targets on our other properties in 2026. In addition, the team at McCreedy West continues to evaluate the

potential restart of mining at the nickel-rich Intermain contact-type deposit.”

Table 1: McCreedy West 2025 Tons Processed, Contained CuEq Grades, and CuEq Payable Pounds

FY 2025

FY 2025 Q4 Q3 Q2 Q1

(March only)

Tons Processed 84,954 75,215 70,045 20,388 250,602

CuEq Grade (%)1

(contained)

3.41 2.64 3.26 3.01 3.10

CuEq lbs1

(payable) 4,968,000 2,735,000 3,053,000 790,000 11,546,000

Copper equivalent payable pounds and copper equivalent payable grade were calculated using the following US dollar prices:

FY 2025: $4.57/lb Cu, $6.85/lb Ni, $17.95/lb Co, $1,335.09/oz Pt, $1,189.00/oz Pd, $3,583.17/oz Au, $41.82 Ag.

Q4 2025: $5.03/lb Cu, $6.75/lb Ni, $23.01/lb Co, $1,679.68/oz Pt, $1,468.65/oz Pd, $4,141.90/oz Au, $54.83 Ag.

Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.

Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.

Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.

Table 2: Q4 and Full Year 2025 Operating and Financial Highlights

In 000s, except per units and per share

amounts Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2025

Financial results

Net revenue from mining operations3 24,810 14,026 15,701 4,297 58,834

Cash margin1 3,313 (2,041) (1,191) 269 351

Net income (loss) (7,108) (11,597) (9,317) 11,039 (16,983)

Adjusted net loss 1 (6,863) (11,365) (8,746) (6,163) (33,137)

Operating cash flow (10,173) (10,781) (11,560) (2,584) (35,098)

Free cash flow1 (11,307) (14,350) (10,718) (10,584) (46,959)

Per share information:

Net earnings (loss) (0.03) (0.05) (0.05) 0.06 (0.07)

Adjusted net loss 1 (0.03) (0.05) (0.04) (0.03) (0.15)

Operating cash flow1 (0.04) (0.05) (0.06) (0.01) (0.16)

Free cash flow1 (0.05) (0.07) (0.05) (0.05) (0.22)

Selected Financial Statement data

Cash and cash equivalents 55,899 63,121 27,018 38,250 55,899

Working capital 60,499 61,917 24,404 31,890 60,499

Total assets 193,924 201,349 154,836 162,207 193,924

Total non-current liabilities 67,084 71,480 73,916 76,101 67,084

Operational results

Ore Processed (Dry tons)

700 Copper Zone 84,954 75,215 59,100 13,911 233,180

Intermain Nickel Zone - - 10,945 6,477 17,422

Throughput 84,954 75,215 70,045 20,388 250,602

Copper Equivalent Grade (%)

700 Copper Zone2 3.41 2.64 3.35 3.04 3.12

Intermain Nickel Zone2 0.00 0.00 2.77 2.96 2.84

3.41 2.64 3.26 3.01 3.10

Metals Payable

Copper (000s lbs) 1,909 1,949 1,629 552 6,039

Nickel (000s lbs) 244 193 327 132 896

Cobalt (000s lbs) 1 2 4 2 9

Platinum (ozs) 1,626 479 1,156 - 3,261

Palladium (ozs) 1,814 641 1,218 13 3,686

Gold (ozs) 601 55 284 - 940

Silver (ozs) 23,440 13,105 9,499 1,638 47,682

Copper equivalent payable pounds (000s)2 4,968 2,735 3,053 790 11,546

Per Copper Equivalent Metrics

Average realized price (CAD per CuEq

payable lb)1,3 4.96 5.42 5.17 6.03 5.20

Cash costs (CAD per CuEq payable lb)1,2,3 4.29 6.17 5.56 5.69 5.17

Cash margin (CAD per CuEq payable lb)1 0.67 (0.75) (0.39) 0.34 0.03

AISC (CAD per CuEq payable lb)1,2,3 4.86 8.15 6.64 6.37 6.21

Average 1 USD → CAD exchange rates 1.3947 1.3773 1.3841 1.4359 1.3904

Cost Metrics (in USD)

Cash costs 1,2,3 3.08 4.48 4.02 3.97 3.72

AISC1,2,3 3.49 5.92 4.80 4.43 4.47

1 Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements.

2 Copper equivalent payable pounds for the purpose of copper equivalent payable grade, cash cost and AISC were calculated using the following US dollar prices:

Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.

Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.

Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.

The streaming expense has been reclassified from cost of sales to revenue, which has resulted in a reduction in revenue, cost of sales, average realized price per copper

equivalent payable pound, cash cost per copper equivalent pound and all-in sustaining costs per copper equivalent payable pound. The Q1 2025 revenue and cost of sales

decreased by $0.2 million, while the average realized price, cash cost and all-in sustaining cost decreased by $0.29 (US$0.20) per copper equivalent payable pound. The Q2

2025 revenue and cost of sales decreased by $2.8 million, while the average realized price, cash cost and all-in sustaining cost decreased by $0.91 (US$0.65) per copper

equivalent payable pound. The Q3 2025 revenue and cost of sales decreased by $2.4 million, while the average realized price, cash cost and all-in sustaining cost decreased

by $0.86 (US$0.62) per copper equivalent payable pound.

Q4 and 2025 Operating and Financial Details

• Payable metal production in Q4 2025 of 5.0 million CuEq payable lbs*, consisting of 1.91 million lbs copper, 0.24

million lbs nickel, 1,626 ounces platinum, 1,814 ounces palladium, 601 ounces gold, and 23,440 ounces silver. 2025

payable metal production of 11.5 million CuEq payable lbs*, consisting of 6.1 million lbs copper, 0.90 million lbs nickel,

3,261 oz platinum, 3,686 oz palladium, 940 oz gold, and 47,682 oz silver.

• Q4 2025 CuEq revenue from mining operations was $24.6 million, with 2025 full year CuEq revenue from mining

operations of $60.0 million.

• Q4 2025 cash costs of US$3.08 per CuEq lb and 2025 cash costs of US$3.72 per CuEq lb.

• Q4 2025 AISC of US$3.49 per CuEq lb, which includes $1.1 million of sustaining mine capital development, equipment,

and exploration. 2025 AISC of US$4.47 per CuEq lb, including $7.1 million of sustaining mine capital development,

equipment, and exploration.

• Total cash margin for the quarter was $3.3 million, or $0.67 per CuEq payable lb. 2025 total cash margin of $0.4 million,

or $0.03 per CuEq payable lb.

• Operating cash flow in the quarter was ($10.2 million) or ($0.04 per share), vs. ($10.8 million) or ($0.05 per share) in Q3

2025.

• Free cash flow in the quarter was ($11.3 million) or ($0.05) per share, vs. ($14.4 million) or ($0.07 per share).

• 2025 exploration and evaluation expenses of $8.2 million, including $4.6 million at Levack to support the internal Levack

Mine restart study and exploration for new footwall deposits, and $1.6 million at Crean Hill to advance the project with

power, engineering, commercial discussions and water pre-treatment design/installation activities. A Preliminary

Economic Assessment (“PEA”) is now underway on the Levack Mine, and a Pre-Feasibility Study (“PFS”) is underway

on the Crean Hill Project, with completion of both studies anticipated in Q3 2026.

• Ended Q4 2025 with cash and cash equivalents of $55.9 million, along with $21.7 million in trade receivables from the

sale of copper, nickel, cobalt, platinum, palladium, gold, and silver.

*Payable metal production represents the total metal produced at McCreedy West and does not take into account the

precious metals stream applicable to gold, platinum, and palladium.

Further details regarding the calculation of production costs, cash margins and all in sustaining costs can be found in the

quarterly MD&A.

Q4 2025 Quarterly Results Conference Call and Webcast

The company will be holding its Q4 results conference call and webcast on Tuesday April 21, 2026 at 8:00am EDT. The

conference call details are as follows:

To attend the webcast in listen-only mode, please use the following link: https://edge.media-server.com/mmc/p/ukrkttzv

To register for the conference call, please use the following link to obtain a Dial-in Number and PIN: https://register-conf.media-

server.com/register/BI2a6059ce17f34fee99480a88a96f7f05

Qualified Person

The scientific or technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr.

King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under Canadian

National Instrument 43-101.

Cautionary Note Regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute

“forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of

applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking

terminology, such as “may”, “might”, “potential”, “expect”, “anticipate”, “estimate”, “believe”, “could”, “should”, “would”, “will”,

“continue”, “intend”, “plan”, “forecast”, “prospective”, “significant”, “aggressively” or other similar words or phrases or variations

thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable

by management, are inherently subject to business, market economic, technical and other risks, uncertainties and

contingencies that may cause actual results, performance or achievements to be materially different from those expressed or

implied by forward-looking statements, including risks and uncertainties relating to the failure to meet production, cost, cash

flow or development expectations, forecasts or guidance, the failure of additional drilling to support assumptions, expectations

or estimates of potential mineralization, metal tonnes or grade, the failure of additional drilling to support expansion or

delineation of currently estimated resources, the failure to have accurately estimated declared mineral resources or mineral

reserves, the lack of availability of drill rigs, platforms or personnel to implement exploration, development or production

programs or the failure to proceed as quickly as planned with additional exploration, development or production drilling,

continued delays for assay results, the failure to proceed as quickly as planned with or to complete additional development

work as anticipated, such as additional development at the McCreedy West mine to access new stopes or the development of

a ramp from the surface of, or recommissioning of the hoisting plant at, Levack, the failure to proceed as quickly as planned

with a restart of mining at Levack, assuming there will be any restart, the failure to realize anticipated or assumed production

and operational improvements from current or planned optimization initiatives at McCreedy West, the failure of additional

drilling to support production planning or replenish production or mined ore, the failure to proceed with the anticipated

development of the Crean Hill project subsequent to completion of the prefeasibility study currently underway, the failure to

successfully realize on talent or technical expertise to unlock the long-term, sustainable potential of McCreedy West, Levack

or other assets of the Company and other risks disclosed in the Company’s most recent annual management discussion and

analysis, available on the SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted to identify

important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those

expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately

or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should

place no reliance on forward-looking statements as actual results, performance or achievements may be materially different

from those expressed or implied by such statements. Resource exploration and development, and mining operations, are

highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and

knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not

undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise,

except in accordance with applicable securities laws.

About Magna Mining Inc.

Magna Mining Inc. is a producing mining company with a strong portfolio of copper, nickel, and precious metals assets

located in the world-class Sudbury mining district of Ontario, Canada. The Company’s primary asset is the McCreedy West

Mine, currently in production, supported by a pipeline of highly prospective past-producing properties

including Levack, Crean Hill , Podolsky, and Shakespeare .

Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration

upside, and near-term development opportunities across its asset base.

Additional corporate and project information is available at www.magnamining.com and through the Company’s public filings on

the SEDAR+ website at www.sedarplus.ca.

For further information, please contact:

Jason Jessup

Chief Executive Officer

Paul Fowler, CFA

Executive Vice President

705-482-9667

Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX

Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

NON-IFRS PERFORMANCE MEASURES

Please see below for the reconciliation of non-IFRS measures referred to in this news release to the consolidated financial

statements.

Average realized price per copper equivalent payable pound

Average realized price per copper equivalent payable pound is a non-IFRS Accounting Standards measure and does not

constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS

Accounting Standards. Average realized price per copper equivalent payable pound is calculated by dividing total metal

proceeds received by the Company for the relevant period by the copper equivalent payable pounds. It may not be comparable

to information in other issuers’ reports and filings.

In 000s, except per unit amounts Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2025

Revenue per financial statements 24,810 14,026 15,701 4,297 58,834

Treatment and refining charges 2,125 1,838 1,634 539 6,136

Recognition of deferred streaming revenue (2,299) (1,031) (1,557) (67) (4,954)

Copper equivalent revenue from mining

operations (a) 24,636 14,833 15,778 4,769 60,016

Copper equivalent pounds sold (000s) (b) 4,968 2,735 3,053 790 11,546

Average realized price copper equivalent sold

CAD (c) = (a) ÷ (b) 4.96 5.42 5.17 6.04 5.20

Average 1 USD → CAD exchange rate (d) 1.3947 1.3773 1.3841 1.4359 1.3904

Average realized price copper equivalent sold

USD (c) ÷ (d) 3.56 3.94 3.73 4.20 3.74

Cash costs per copper equivalent payable pound

Cash cost per copper equivalent payable pound is a non-IFRS Accounting Standards performance measure and does not

constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS

Accounting Standards, as well it may not be comparable to information in other issuers’ reports and filings. The Company has

included this non-IFRS Accounting Standards performance measure throughout this document as Magna believes that this

generally accepted industry performance measure provides a useful indication of the Company’s operational performance. The

Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, certain

investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is

intended to provide additional information and should not be considered in isolation or as a substitute for measures of

performance prepared in accordance with IFRS Accounting Standards. The following table provides a reconciliation of total

cash costs per copper equivalent payable pound to cost of sales per the financial statements for each of the last four quarters.

In 000s, except per unit amounts Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2025

Cost of sales per financial statements 21,747 17,253 17,334 4,581 60,915

Smelting, treatment and refining charges 2,125 1,838 1,634 539 6,136

Depletion and depreciation (2,549) (2,217) (1,999) (620) (7,385)

Cash costs (a) 21,323 16,874 16,969 4,500 59,666

Copper equivalent payable pounds (000s) (b) 4,968 2,735 3,053 790 11,546

Cash costs per copper equivalent payable

pound (c) = (a) ÷ (b) 4.29 6.17 5.56 5.69 5.17

Average 1 USD → CAD exchange rate (d) 1.3947 1.3773 1.3841 1.4359 1.3904

Cash costs per copper equivalent payable

pound USD (c) ÷ (d) 3.08 4.48 4.02 3.97 3.72

Production costs per ton processed

Mine-site cost per ton processed is a non-IFRS Accounting Standards performance measure and does not constitute a

measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting

Standards, as well it may not be comparable to information in other issuers’ reports and filings. As illustrated in the table

below, this measure is calculated by adjusting cost of sales, as shown in the statements of income for non-cash depletion and

depreciation, royalties and inventory level changes and then dividing by tons processed through the smelter. Management

believes that mine-site cost per ton processed provides additional information regarding the performance of mining operations

and allows Management to monitor operating costs on a more consistent basis as the per ton processed measure reduces

the cost variability associated with varying production levels. Management also uses this measure to determine the economic

viability of mining blocks. As each mining block is evaluated based on the net realizable value of each ton mined, the

estimated revenue on a per ton basis must be in excess of the production cost per ton processed in order to be economically

viable. Management is aware that this per ton processed measure is impacted by fluctuations in throughput and thus uses this

evaluation tool in conjunction with production costs prepared in accordance with IFRS Accounting Standards. This measure

supplements production cost information prepared in accordance with IFRS Accounting Standards and allows investors to

distinguish between changes in production costs resulting from changes in production versus changes in operating

performance.

In 000s, except per unit amounts Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2025

Cost of sales per financial statements 21,747 17,253 17,334 4,581 60,915

Depletion and depreciation (2,549) (2,217) (1,999) (620) (7,385)

Mining and processing costs (a) 19,198 15,036 15,335 3,961 53,530

Ore processed (tons) (b) 84,955 75,214 70,045 20,388 250,602

Production costs per ton processed (a) ÷ (b) 226 200 219 194 214

Cash Margin

Cash margin is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS

Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not

be comparable to information in other issuers’ reports and filings. It is calculated as the difference between total sales revenue,

net of smelting, refining and treatment costs from mining operations and cash mine site operating costs (see “Cash costs per

copper equivalent payable pound sold” under this Section above) per the Company’s Financial Statements. The Company

believes it illustrates the performance of the Company’s operating mines and enables investors to better understand the

Company’s performance in comparison to other metal producers who present results on a similar basis.

In 000s, except per unit amounts Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2025

Copper equivalent revenue from mining

operations (per above) 24,636 14,833 15,778 4,769 60,016

Cash costs (per above) 21,323 16,874 16,969 4,500 59,666

Cash margin 3,313 (2,041) (1,191) 269 350

Per pound of copper equivalent payable

(Canadian dollar):

Average realized price (a) 4.96 5.42 5.17 6.04 5.20

Cash costs (b) 4.29 6.17 5.56 5.69 5.17

Cash margin (a) – (b) 0.67 (0.75) (0.39) 0.34 0.03

All-in Sustaining Costs

All-in sustaining costs ( “AISC”) include mine site operating costs incurred at Magna mining operations, sustaining mine

capital and development expenditures, mine site exploration expenditures and equipment lease payments related to the mine

operations and corporate administration expenses. The Company believes that this measure represents the total costs of

producing copper equivalent payable pounds from current operations and provides Magna and other stakeholders with

additional information that illustrates the Company’s operational performance and ability to generate cash flow. This cost

measure seeks to reflect the full cost of copper production from current operations on a per-pound basis of copper equivalent

payable. New project and growth capital are not included.

In 000s, except per unit amounts Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2025

Cost of sales, per financial statements 21,747 17,253 17,334 4,581 60,915

Smelting, treatment and refining charges 2,125 1,838 1,634 539 6,136

Depletion and depreciation (2,549) (2,217) (1,999) (620) (7,385)

Cash costs 21,323 16,874 16,969 4,500 59,666

Sustaining mine exploration and development 805 2,780 468 - 4,053

Sustaining mine capital equipment 309 1,342 1,381 - 3,032

Corporate and general 2,055 1,576 2,191 997 6,819

Less: KGHM Integration costs (334) (285) (742) (465) (1,826)

All-in Sustaining costs (AISC) (a) 24,158 22,287 20,267 5,032 71,744

Pounds of copper equivalent payable (b) 4,968 2,735 3,053 790 11,546

AISC (c) = (a) ÷ (b) 4.86 8.15 6.64 6.37 6.21

Average 1 USD → CAD exchange rate (d) 1.3947 1.3773 1.3841 1.4359 1.3904

AISC USD (c) ÷ (d) 3.49 5.92 4.80 4.43 4.47

Free cash flow and operating and free cash flow per share

Free cash flow is calculated by taking net cash provided by operating activities less cash used in capital expenditures and

lease payments as reported in the Company’s financial statements. Free cash flow per share is calculated by dividing free

cash flow by the weighted average number of shares outstanding for the period.

Operating cash flow per share is a non-IFRS Accounting Standards measure and does not constitute a measure recognized

by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards. Operating

cash flow per share is calculated by dividing cash flow from operating activities in the Company’s Financial Statements by the

weighted average number of shares outstanding for each year. It may not be comparable to information in other issuers’

reports and filings.

In 000s, except per share amounts Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2025

Net cash provided by operating activities per

financial statements (c) (10,173) (10,781) (11,560) (2,584) (35,098)

Sustaining mine exploration and development (805) (2,780) (468) - (4,053)

Sustaining mine capital equipment (309) (1,342) (1,381) - (3,032)

Purchase of Project Nikolas Company Inc. - - - (5,000) (5,000)

Proceeds from purchase of NorthX - 666 666

Site maintenance capital equipment (21) (113) (231) - (365)

Funds held against standby letters of credit - - 2,926 (3,000) (74)

Interest on restricted funds 1 (4) - (3)

Payment of lease liabilities - - -

Free cash flows (a) (11,307) (14,350) (10,718) (10,584) (46,959)

Weighted number of shares (000s) (b) 246,229 211,308 203,647 197,739 215,042

Per Share data

Operating cash flow (c) ÷ (b) (0.04) (0.05) (0.06) (0.01) (0.16)

Free cash flow (a) ÷ (b) (0.05) (0.07) (0.05) (0.05) (0.22)

Adjusted net loss and Adjusted net loss per share

Adjusted net loss and adjusted net loss per share are non-IFRS Accounting Standards performance measures and do not

constitute a measure recognized by IFRS Accounting Standards and do not have standardized meanings defined by IFRS

Accounting Standards, as well both measures may not be comparable to information in other issuers’ reports and filings.

Adjusted net loss is calculated by removing the one-time gains and losses resulting from the disposition of non-core assets,

non-recurring expenses and significant tax adjustments (mining tax recognition and exploration credit refunds) not related to

current period’s income, as detailed in the table below. Magna discloses this measure, which is based on its financial

statements, to assist in the understanding of the Company’s operating results and financial position.

In 000s, except per share amounts Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2025

Net income (loss) per financial statements (7,108) (11,597) (9,317) 11,039 (16,983)

Adjustments for:

Gain on bargain purchase of KGHM assets - - - (33,819) (33,819)

Project Nikolas Company Inc. Integration

costs 334 285 742 779 2,140

Transaction Costs - 30 35 2,426 2,491

Flow-through premium income - - - - -

Total adjustments 334 315 777 (30,614) (29,188)

Related income tax effect (89) (83) (206) 6,090 5,712

Recognition of mining taxes - - - 7,322 7,322

245 232 571 (17,202) (16,154)

Adjusted net loss (a) (6,863) (11,365) (8,746) (6,163) (33,137)

Weighted number of shares (000s) (b) 246,229 211,308 203,647 197,739 215,042

Per Share data

Adjusted net loss (a) ÷ (b) (0.03) (0.05) (0.04) (0.03) (0.15)

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