NICU.V · 2025-11-18 12:00:00

Magna Mining Reports Mineral Resource Estimate for the Levack Mine in Sudbury, Ontario

Resource Estimates

Magna Mining Reports Mineral Resource

Estimate for the Levack Mine in Sudbury,

Ontario

Sudbury, Ontario--(Newsfile Corp. - November 18, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX:

MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce the results of a Mineral

Resource Estimate ("MRE") prepared in accordance with National Instrument 43-101 -

Standards of

Disclosure for Mineral Projects

for the past-producing Levack Mine, located in the North Range of the

Sudbury Basin, Ontario, Canada (Figure 1). The Levack Mine MRE is comprised of both footwall-type

deposits, which contain copper ("Cu") and precious metals including gold ("Au"), platinum ("Pt"),

palladium ("Pd") and silver ("Ag"), and contact-type deposits hosting mineralization rich in nickel ("Ni")

and Cu.

Levack Mineral Resource Estimate Highlights (as of August 31, 2025, the cut-off for diamond drill data

incorporated in the MRE):

Current mineralization in the Levack Mine includes 6.1 million tonnes in the Indicated category at

3.5% copper equivalent ("CuEq"), comprised of 1.1% Cu, 1.4% Ni, 0.6 grams per tonne (g/t) Pt,

0.7 g/t Pd, 0.1 g/t Au, and 2.0 g/t Ag,

as well as 5.2 million tonnes in the Inferred category at 3.6%

CuEq (1.2% Cu, 1.4% Ni, 0.6 g/t Pt, 0.8 g/t Pd, 0.2 g/t Au, 2.1 g/t Ag).

The high grade footwall-type deposits contain 368,000 tonnes in the Inferred category at 9.4%

CuEq (5.4% Cu, 0.75% Ni, 2.9 g/t Pt, 5.4 g/t Pd, 1.5 g/t Au, and 21.0 g/t Ag), as well as 178,000

tonnes in the Indicated category at the previously-mined Morrison Footwall Cu-PGE deposit

grading 15.5% CuEq (9.1% Cu, 2.4% Ni, 3.6 g/t Pt, 6.6 g/t Pd, 1.6 g/t Au, 34.2 g/t Ag), which

remains open at depth.

The No. 3 Footwall deposit is particularly rich in precious metals, containing 76,000 tonnes in the

Inferred category grading 7.9 g/t Pt, 15.7 g/t Pd, 3.1 g/t Au and 30.3 g/t Ag, as well as 4.5% Cu and

0.7% Ni (13.4% CuEq) with important potential implications for ongoing exploration in the footwall

environment.

The zones of contact-type mineralization generally occur at depths of less than 750 metres

(approximately 2,460 feet) and contain 5.9 million tonnes in the Indicated category grading 0.9%

Cu, 1.4% Ni, and 2.1 g/t precious metals (Pt+Pd+Au+Ag), or 3.2% CuEq, as well as 4.8 million

tonnes in the Inferred category at 3.2% CuEq (0.9% Cu, 1.5% Ni, 1.5 g/t precious metals

(Pt+Pd+Au+Ag)).

Dave King, SVP Exploration and Geoscience, stated, "Today's announcement of Magna's initial mineral

resource estimate for our flagship Levack Mine in Sudbury represents an important milestone as it

confirms the presence of significant mineralization, much of which can be accessed using existing

infrastructure. Importantly, in addition to over 5.9 million tonnes of contact-type mineralization in the

Indicated category, 178,000 tonnes of mineralization grading 15.5% CuEq remains at the Morrison

Footwall Cu-PGE deposit.

There also is potential to expand the Morrison deposit with further drilling as it

remains open at depth.

The very high grade precious metals mineralization delineated in the No. 3

Footwall deposit will be a high priority target for our ongoing exploration efforts, along with other

prospective areas in the footwall environment at Levack."

Jason Jessup, CEO, stated, "The results of Magna's first mineral resource estimate for the Levack Mine

exceeded our expectations, particularly in terms of the grade of the remaining mineralization at the

Morrison Footwall Cu-PGE deposit, and the significant tonnage of relatively shallow, contact-type nickel-

copper mineralization. This resource estimate will now be used to complete a Preliminary Economic

Assessment ("PEA") with the vision of utilizing a new ramp from surface to access the shallower

deposits, as well as the existing shaft and loading pocket infrastructure to hoist higher grade footwall

copper-precious metals ore from deeper within the mine. The contract to complete the PEA will be

awarded prior to the end of the year and will be completed during 2026. In addition, we have already

engaged a contractor to begin developing the scope of work to re-establish hoisting capabilities, and

this work could potentially begin in early 2026. At present, there is a contract mining company working on

the 3900 Level ramp to develop access to the 3600 Level between the No.2 and No.3 shaft stations.

This connection is expected to be completed in Q2 2026 and will provide many benefits for footwall

exploration and synergies with a neighbouring mine. The Levack Mine has quickly become the flagship

project within our company and 2026 will be an exciting year as we continue to move towards a

production restart while at the same time exploring for new copper-precious metals deposits in the

footwall environment at the mine."

The MRE was completed by Jonathan Cirelli, P.Geo, Senior Geologist of Orix Geoscience Inc. and

incorporates diamond drill data up to a cut-off of August 31, 2025.

Both the Indicated and Inferred

resources in the Morrison Footwall Cu-PGE deposit have been constrained geologically as discrete

veins that have either been defined by previous mining operations, or by multiple diamond drill

intercepts. Certain mineralized intercepts around the Morrison deposit have been excluded from this

MRE where their relationship to known veins has not yet been established. Follow up drilling in these

areas will be incorporated into the Company's ongoing exploration program, with the goal of including

these intercepts in a future MRE update. The Morrison deposit also remains open at depth, with

underground drilling to test for potential extensions planned for 2026 once drill platforms have been

established. Diamond drilling to target the expansion of the Inferred resource at the No. 3 Footwall

deposit will also be a focus during 2026, given the significant precious metal grades outlined in the MRE

(see Table 3).

This MRE will serve as the basis for the completion of a PEA study by a third-party consultant.

This study

will further refine the potential to access the shallow, contact-type mineralization via a new ramp from

surface, as was previously investigated by the Company's internal work.

In addition, the PEA will also

evaluate a re-start of production from the Morrison Footwall Cu-PGE deposit via the No.2 Shaft.

The

No.2 Shaft is currently being used to move personnel and materials in support of underground drilling,

rehabilitation and new development work at Levack Mine.

Work is currently underway to determine what

is required to re-establish ore and waste hoisting capabilities at the No.2 Shaft.

The results of the

evaluation of the hoisting system could support a decision to begin the recommissioning work as early

as Q1 2026.

Figure 1:

Location of Magna's Existing Properties, Location of Levack Mine and Key Sudbury

Infrastructure.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8002/274933_674abd1ab4c4f937_002full.jpg

Table 1: Levack Mineral Resource Estimate

- Indicated Category, August 31, 2025

Deposit

Type

Category

Cut-off

Grade

Short

Tons

Metric

Tonnes

(g/tonne)

CuEq

Contact

Indicated

2.00%

CuEq

6,535,000

5,928,000

0.89

1.41

0.05

0.46

0.56

0.07

0.99

3.18

Footwall

Indicated

2.50%

CuEq

197,000

178,000

9.06

2.37

0.02

3.60

6.58

1.56

34.15

15.52

Total

Indicated

6,732,000

6,106,000

1.13

1.44

0.04

0.56

0.74

0.11

1.95

3.54

Table 2: Levack Mineral Resource Estimate

- Inferred Category, August 31, 2025

Deposit

Type

Category

Cut-off

Grade

Short

Tons

Metric

Tonnes

(g/tonne)

CuEq

Contact

Inferred

2.00%

CuEq

5,288,000

4,797,000

0.87

1.46

0.04

0.39

0.40

0.05

0.68

3.15

Footwall

Inferred

2.50%

CuEq

406,000

368,000

5.42

0.75

0.01

2.91

5.40

1.53

21.00

9.35

Total

Inferred

5,694,000

5,165,000

1.19

1.41

0.04

0.57

0.76

0.16

2.13

3.59

Table 3: Levack Mineral Resource Estimate

- Footwall Zones, August 31, 2025

Deposit

Type

Zone

Category

Cut-off

Grade

Short

Tons

Metric

Tonnes

(g/tonne)

CuEq

Footwall

Keel

Indicated

2.50%

CuEq

Footwall

Morrison

Indicated

2.50%

CuEq

197,000

178,000

9.06

2.37

0.02

3.60

6.58

1.56

34.15

15.52

Footwall

No.3 FW

Indicated

2.50%

CuEq

Total

Indicated

2.50%

CuEq

197,000

178,000

9.06

2.37

0.02

3.60

6.58

1.56

34.15

15.52

Footwall

Keel

Inferred

2.50%

CuEq

229,000

208,000

4.36

0.48

0.01

1.41

1.88

1.10

17.74

6.44

Footwall

Morrison

Inferred

2.50%

CuEq

93,000

85,000

8.83

1.47

0.01

2.16

4.87

1.20

20.67

12.88

Footwall

No.3 FW

Inferred

2.50%

CuEq

83,000

76,000

4.49

0.68

0.01

7.86

15.66

3.08

30.32

13.36

Total

Inferred

2.50%

CuEq

406,000

368,000

5.42

0.75

0.01

2.91

5.40

1.53

21.00

9.35

Table 4: Levack Mineral Resource Estimate

, Sensitivity to Cut-off Grade, August 31, 2025

Cut-off

Grade

Type

Category

Short

Tons

Metric

Tonnes

(g/tonne)

CuEq

1.50%

CuEq

Contact

Indicated

9,767,000

8,861,000

0.75

1.20

0.04

0.40

0.49

0.06

0.88

2.70

1.75%

CuEq

Contact

Indicated

7,951,000

7,213,000

0.82

1.31

0.04

0.43

0.53

0.06

0.93

2.95

2.00%

CuEq

Contact

Indicated

6,535,000

5,928,000

0.89

1.41

0.05

0.46

0.56

0.07

0.99

3.18

2.25%

CuEq

Contact

Indicated

5,348,000

4,852,000

0.97

1.52

0.05

0.49

0.60

0.07

1.04

3.42

2.50%

CuEq

Contact

Indicated

4,350,000

3,946,000

1.04

1.62

0.05

0.52

0.63

0.08

1.10

3.66

2.00%

CuEq

Footwall

Indicated

200,000

181,000

8.94

2.34

0.02

3.55

6.48

1.53

33.74

15.30

2.25%

CuEq

Footwall

Indicated

198,000

180,000

9.00

2.35

0.02

3.57

6.53

1.55

33.94

15.40

2.50%

CuEq

Footwall

Indicated

197,000

178,000

9.06

2.37

0.02

3.60

6.58

1.56

34.15

15.52

2.75%

CuEq

Footwall

Indicated

195,000

177,000

9.13

2.38

0.02

3.63

6.63

1.57

34.37

15.63

3.00%

CuEq

Footwall

Indicated

193,000

175,000

9.21

2.40

0.02

3.66

6.69

1.58

34.60

15.76

Cut-off

Grade

Type

Category

Short

Tons

Metric

Tonnes

(g/tonne)

CuEq

1.50%

CuEq

Contact

Inferred

7,625,000

6,917,000

0.75

1.25

0.04

0.34

0.35

0.05

0.70

2.72

1.75%

CuEq

Contact

Inferred

6,384,000

5,791,000

0.82

1.35

0.04

0.36

0.38

0.05

0.70

2.93

2.00%

CuEq

Contact

Inferred

5,288,000

4,797,000

0.87

1.46

0.04

0.39

0.40

0.05

0.68

3.15

2.25%

CuEq

Contact

Inferred

4,378,000

3,971,000

0.93

1.56

0.05

0.42

0.43

0.06

0.70

3.36

2.50%

CuEq

Contact

Inferred

3,498,000

3,173,000

1.01

1.66

0.05

0.46

0.47

0.06

0.75

3.61

2.00%

CuEq

Footwall

Inferred

448,000

406,000

5.01

0.69

0.01

2.75

5.02

1.42

19.84

8.68

2.25%

CuEq

Footwall

Inferred

425,000

386,000

5.23

0.72

0.01

2.83

5.22

1.48

20.45

9.03

2.50%

CuEq

Footwall

Inferred

406,000

368,000

5.42

0.75

0.01

2.91

5.40

1.53

21.00

9.35

2.75%

CuEq

Footwall

Inferred

387,000

352,000

5.60

0.77

0.01

3.00

5.60

1.58

21.58

9.67

3.00%

CuEq

Footwall

Inferred

364,000

330,000

5.86

0.80

0.01

3.13

5.86

1.65

22.39

10.10

Footnotes

to the Levack Mineral Resource Estimate

The effective date of the Levack Mine Mineral Resource Estimate (MRE) is August 31, 2025. This is the close out date for the final mineral

resource models and mine out models (as-builts)

The mineral resources are reported at a cut-off grade of 2.00% CuEq for Contact deposits and 2.50% CuEq for Footwall deposits. Values

in this table reported above and below the cut-off grades should not be misconstrued with a Mineral Resource Statement. The values are

only presented to show the sensitivity of the block model estimates to the selection of cut-off grade.

CuEq is calculated using metal prices of $4.50/lb Cu, $7.31/lb Ni, $15.00/lb Co, $1,291/oz Pt, $1,031/oz Pd ,$3,324/oz Au, and $37.40/oz

Ag. Metal recoveries considered are 91% for Cu, 85% for Ni, 68% for Co, 64% for Pt, 69.5% for Pd, 70.5% for Au, and 70% for Ag

The mineral resource was estimated by Jonathan Cirelli, P.Geo. of Orix Geoscience Inc. and is an independent Qualified Person as

defined by NI 43-101. A site visit was conducted on July 9

, 2025.

The classification of the current Mineral Resource Estimate (MRE) into Indicated and Inferred mineral resources is consistent with

current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves.

All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.

The mineral resources are presented undiluted and in situ, constrained by diamond drillhole information and previous underground

geological mapping, and are considered to have reasonable prospects for eventual economic extraction. The mineral resource is

exclusive of mined out material. The drillhole database includes data from 10,525 surface and underground diamond drill holes completed

between 1911 and 2025. The drilling totals 4,382,756 ft (1,335,864 m) including 341,394 assay intervals representing 1,393,512 ft (424,742

m) of data.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower

level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably

expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

Grades for Ni, Cu, Co, Pt, Pd, Au, and Ag are estimated for each mineralization domain using ~2.0 ft (0.61 m), 2.5 ft (0.76 m), or 5.0 ft

(1.52 m) composites assigned to that domain, depending on the style of mineralization. To generate grade within the blocks, the inverse

distance squared (ID2) interpolation method was used for all domains. Samples were capped before compositing when required.

Reliable density measurements were available for 21% of the samples in the drillhole database (71,712 measured samples) allowing for

zone-specific Ni and Cu-based regression formulas to be created and applied to estimate missing densities.

Figure 2:

Levack Mine Underground Development and Mineralized Zones.

Oblique 3D View

Looking Northwest.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8002/274933_674abd1ab4c4f937_007full.jpg

Figure 3:

Levack Mine Underground Development and Mineralized Zones.

Oblique 3D View

Looking Southeast.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8002/274933_674abd1ab4c4f937_008full.jpg

The technical report in support of the above noted mineral resource estimates will be filed by Magna

within 45 days of this press release.

Announcement of Filing of Q3 Financials and Conference Call

The Company is scheduled to release its Q3 2025 financial results and MD&A after the market close on

Tuesday November 25, 2025.

In addition, the Company will be holding a conference call and webcast on

Wednesday November 26, 2025 at 8:00am EST.

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/BIfc83dc419540403380a832570e704494

To attend the webcast in listen-only mode, please use the following link:

https://edge.media-

server.com/mmc/p/xxh36742

Qualified Person for Technical Information

The scientific and technical information in this press release has been reviewed and approved by both

Jonathan Cirelli, P.Geo, Senior Geologist of Orix Geoscience Inc., independent of the Company, and

David King, M.Sc., P.Geo, Senior Vice President, Exploration and Geoscience for the Company. Both

Mr. Cirelli and Mr. King are qualified persons under National Instrument 43-101.

Cautionary Statement on 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" 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 of additional drilling to support assumptions,

expectations or estimates of potential mineralization, metal tonnes or grade, such as those related to the

Morrison Deposit, the failure of additional drilling to support additional expansion or delineation of

estimated resources, the failure of additional drilling to support production planning, the lack of

availability of drill rigs to implement exploration or other programs or the failure to proceed as quickly as

planned with additional exploration or other drilling, continued delays for assay results, the failure to

proceed as quickly as planned with or to complete additional development as anticipated, such as the

development of a ramp from the surface of, or recommissioning of the hoisting plant at, the Levack Mine,

the failure to proceed as quickly as planned with a restart of mining at the Levack Mine, assuming there

will be any restart, and other risks disclosed in the Company's 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.

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.

About Magna Mining Inc.

Magna Mining Inc.

is a producing mining company with a strong portfolio of copper, nickel, and

platinum group metals (PGM) 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]

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/274933

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