NICU.V · 2025-11-25 12:00:00

Magna Mining Reports Third Quarter 2025 Financial Results

Financials

Magna Mining Reports Third Quarter 2025

Financial Results

Sudbury, Ontario--(Newsfile Corp. - November 25, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX:

MGMNF) (FSE: 8YD) (the "Company" or "Magna") is pleased to report third quarter 2025 financial

results. Management will host a conference call tomorrow, November 26, 2025, at 8:00am EST to

discuss the results. All amounts are expressed in Canadian dollars unless otherwise indicated.

Highlights

The three months ended September 30, 2025 ("Q3 2025") was Magna's second full quarter of

production at the McCreedy West copper-precious metals Mine ("McCreedy West"), located in

Sudbury, Ontario, Canada.

Total ore processed in Q3 2025 was 75,215 tons from the 700 Footwall Copper Zone (see

news

release dated October 22, 2025

) at a grade of 2.64% copper equivalent ("CuEq")

Quarterly production of 2.7 million pounds ("lbs") CuEq at cash costs* of US$5.10/lb CuEq was

impacted by the previously disclosed compressed air system failure and power related delays,

which delayed access to higher grade stopes and has since been rectified.

Sustaining capital expenditures at McCreedy West totalled $4.1 million during the quarter, a 123%

increase from Q2 of 2025, including $2.7 million towards critical capital development and $1.4

million in fixed and mobile machinery upgrades, focused on improving asset reliability moving

forward.

Underground development during the quarter totalled 1,796 feet and continues to be prioritized in

Q4 to provide increased production optionality and flexibility to support a more robust operating

plan in 2026.

Ended Q3 2025 with a cash balance of $63.1 million and subsequent to September 30 the

Company issued 14,933,518 common shares upon the exercise of warrants for proceeds of $6.0

million.

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

statements.

Jason Jessup, CEO, commented "During the third quarter of 2025, Magna executed on our plan to focus

on investing in the underground development, diamond drilling, equipment and site infrastructure at

McCreedy West. The goal of this plan is to access new areas of the mine with higher grade stopes, build

in consistency and flexibility to the mine plan and position the operation to execute profitable production

in 2026. To this end, we had a successful quarter, and we will be starting to realize the benefits going

into Q1 2026. Access to higher grade stopes was achieved in early November following the resolution of

the operational issues which impacted Q3 2025 production. We are on track to meet the lower end of

our quarterly ore sales guidance in Q4 2025 and continue to prioritize efforts to optimize McCreedy

West operations in 2026. I am proud of the team that we have assembled at our McCreedy West Mine

and I am confident in their abilities to deliver in the future. We are well-funded to complete this work as

well as advance our other Sudbury projects, while continuing to aggressively explore for new copper and

precious metals-rich footwall deposits following our recent brokered equity offering and from the

exercise of warrants which expired in early November."

Table 1: Magna Mining Q3 2025 Tons Processed, Payable CuEq Pounds and Contained CuEq

Grades

2025

(March only)

Tons Processed

75,215

70,045

20,388

Cu Eq Grade (%)

(contained)

2.64

3.26

3.01

Cu Eq lbs

(payable)

2,735,000

3,053,000

790,000

Copper equivalent payable pounds and copper equivalent payable grade 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.

Table 2: McCreedy West 2025 Underground Development

2025

Development

(feet)

(Jan & Feb Under Prior Operator)

568

1,444

1,796

Table 3: Q3 2025 Operating and Financial Highlights

In 000s, except per units and per share amounts

Q3 2025

Q2 2025

Q1 2025

Q3 2024

Financial results

Net revenue from mining operations

16,282

18,466

4,453

Cash margin

(2,041)

(1,191)

269

Net income (loss)

(10,642)

(9,501)

29,098

(4,498)

Adjusted net loss

(10,410)

(8,930)

(5,442)

(4,907)

Operating cash flow

(10,781)

(11,560)

(2,584)

(3,635)

Free cash flow

(14,350)

(10,718)

(10,584)

(3,635)

Per share information:

Net earnings (loss)

(0.05)

0.15

(0.03)

Adjusted net loss

(0.05)

(0.04)

(0.03)

Operating cash flow

(0.05)

(0.06)

(0.01)

(0.02)

Free cash flow

(0.07)

(0.05)

(0.02)

Selected Financial Statement data:

Cash and cash equivalents

63,121

27,018

38,250

3,941

Working capital

70,393

31,914

39,330

871

Total assets

212,656

163,534

168,132

25,202

Total non-current liabilities

63,102

65,276

68,601

869

Operational results

Ore Processed (Dry tons)

700 Copper Zone

75,215

59,100

13,911

Intermain Nickel Zone

10,945

6,477

Throughput

75,215

70,045

20,388

Copper equivalent grade (%)

700 Copper Zone

2.64

3.35

3.04

Intermain Nickel Zone

2.77

2.96

2.64

3.26

3.01

Metals Payable

Copper (000s lbs)

1,949

1,629

552

Nickel (000s lbs)

193

327

132

Cobalt (000s lbs)

Platinum (ozs)

479

1,156

Palladium (ozs)

641

1,218

Gold (ozs)

284

Silver (ozs)

13,105

9,499

1,638

Cu equivalent payable pounds (000s)

2,735

3,053

790

Average realized price (per lb Cu Eq payable)

6.28

6.08

6.32

Cash costs (per lb Cu Eq payable)

1,2

7.03

6.47

5.98

Cash margin (per lb Cu Eq payable)

(0.75)

(0.39)

0.34

AISC (per lb Cu Eq payable)

1,2

9.01

7.55

6.65

Production costs/ton processed

200

219

194

Exchange Rates

Average 1 USD → CAD exchange rates

1.3773

1.3841

1.4359

1.3637

Cost Metrics (in USD)

Cash costs

1,2

5.10

4.67

4.16

AISC

1,2

6.54

5.45

4.63

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

to the financial statements.

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.

Q3 Financial Highlights

Quarterly production of 2.7 million lbs CuEq, consisting of 1.95 million lbs copper, 0.2 million lbs

nickel, 479 ounces platinum, 641 ounces palladium, 55 ounces gold, and 13,105 ounces silver.

Quarterly net revenue from mining operations was $16.3 million.

Mining and processing costs in the quarter were $15.0 million, for production costs of $200 per ton

processed.

Q3 cash costs were $7.03/lb CuEq, or US$5.10/lb CuEq.

Q3 all in sustaining costs ("AISC") were $9.01/lb CuEq, or US$6.54/lb CuEq, which includes $4.1

million of sustaining mine capital development, equipment, and exploration, a 123% increase from

the previous quarter.

Operating cash outflow in the quarter was $10.8 million or ($0.06) per share.

Free cash outflow in the quarter was $14.4 million or ($0.07) per share.

Adjusted net loss of $10.4 million or ($0.05) per share.

Ended Q3 2025 with a cash balance of $63.1 million and subsequent to September 30, 2025, the

Company issued 14,933,518 common shares upon the exercise of warrants for proceeds of $6.0

million.

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

be found in the quarterly MD&A.

Q3 2025 Quarterly Results Conference Call and Webcast

The company will be holding its Q3 results conference call and webcast on Wednesday November 26,

2025 at 8:00am EST. The conference call details are as follows:

To view the live Webcast in listen-only mode:

https://edge.media-server.com/mmc/p/xxh36742

To participate in the live conference call (obtain a dial-in number and unique PIN):

https://register-conf.media-server.com/register/BIfc83dc419540403380a832570e704494

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" 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 the mineralization

of the Morrison Deposit at the Levack mine, the failure of additional drilling to support expansion or

delineation of currently estimated resources, the lack of availability of drill rigs or platforms to implement

exploration or other programs or the failure to proceed as quickly as planned with additional exploration,

production or other 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 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

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]

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

Q3 2025

Q2 2025

Q1 2025

Cost of sales per financial statements (a)

16,282

18,466

4,453

Treatment and refining charges

1,838

1,634

539

Recognition of deferred streaming revenue

(941

)

(1,550

)

Copper equivalent revenue from mining operations (a)

17,179

18,550

4,992

Copper equivalent pounds sold (000s) (b)

2,735

3,053

790

Average realized price copper equivalent sold CAD (c) = (a) ÷ (b)

6.28

6.08

6.32

Average 1 USD → CAD exchange rate (d)

1.3773

1.3841

1.4359

Average realized price copper equivalent sold USD (c) ÷ (d)

4.56

4.39

4.40

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, 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. 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 eight quarters:

In 000s, except per unit amounts

Q3 2025

Q2 2025

Q1 2025

Cost of sales per financial statements

19,380

20,275

4,422

Smelting, treatment and refining charges

1,838

1,634

539

Depletion and depreciation

(1,998

)

(2,168

)

(238

)

Cash costs (a)

19,220

19,741

4,723

Copper equivalent payable pounds (000s) (b)

2,735

3,053

790

Cash costs per copper equivalent payable pound (c) = (a) ÷ (b)

7.03

6.47

5.98

Average 1 USD → CAD exchange rate (d)

1.3773

1.3841

1.4359

Cash costs per copper equivalent payable pound USD (c) ÷ (d)

5.10

4.67

4.16

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

Q3 2025

Q2 2025

Q1 2025

Cost of sales per financial statements

19,380

20,275

4,422

Depletion and depreciation

(1,998

)

(2,168

)

(238

)

Royalties and streaming expense

(2,346

)

(2,772

)

(223

)

Mining and processing costs (a)

15,036

15,335

3,961

Ore processed (tons) (b)

75,214

70,045

20,388

Production costs per ton processed (a) ÷ (b)

200

219

194

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 cost per ounce of

gold 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

Q3 2025

Q2 2025

Q1 2025

Copper equivalent revenue from mining operations (per above)

17,179

18,550

4,992

Cash costs (per above)

19,220

19,741

4,723

Cash margin

(2,041

)

(1,191

)

269

Per pound of copper equivalent payable

(Canadian dollar):

Average realized price (a)

6.28

6.08

6.32

Cash costs (b)

7.03

6.47

5.98

Cash margin (a) - (b)

(0.75

)

(0.39

)

0.34

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

Q3 2025

Q2 2025

Q1 2025

Cost of sales, per financial statements

19,380

20,275

4,422

Smelting, treatment and refining charges

1,838

1,634

539

Depletion and depreciation

(1,998

)

(2,168

)

(238

)

Cash costs

19,220

19,741

4,723

Sustaining mine exploration and development

2,780

468

Sustaining mine capital equipment

1,342

1,381

Corporate and general

1,576

2,191

997

Less: KGHM Integration costs

(285

)

(742

)

(465

)

All-in Sustaining costs (AISC) (a)

24,633

23,039

5,255

Pounds of copper equivalent payable (b)

2,735

3,053

790

AISC

9.01

7.55

6.65

Average 1 USD → CAD exchange rate (d)

1.3773

1.3841

1.4359

AISC

USD (c) ÷ (d)

6.54

5.45

4.63

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

Q3 2025

Q2 2025

Q1 2025

Net cash provided by operating activities per financial statements (c)

(10,781

)

(11,560

)

(2,584

)

Sustaining mine exploration and development

(2,780

)

(468

)

Sustaining mine capital equipment

(1,342

)

(1,381

)

Purchase of Project Nikolas Company Inc.

(5,000

)

Site maintenance capital equipment

666

(231

)

Funds held against standby letters of credit

(113

)

2,926

(3,000

)

Interest on resticted funds

)

Payment of lease liabilities

Free cash flows

(a)

(14,350

)

(10,718

)

(10,584

)

Weighted number of shares (000s) (b)

211,308

203,647

197,739

Per Share data

Operating cash flow (c) ÷ (b)

(0.05

)

(0.06

)

(0.01

)

Free cash flow (a) ÷ (b)

(0.07

)

(0.05

)

(0.05

)

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

Q3 2025

Q2 2025

Q1 2025

Net income (loss) per financial statements

(10,642

)

(9,501

)

29,098

Adjustments for:

Gain on bargain purchase of KGHM assets

(57,227

)

Project Nikolas Company Inc. Integration costs

285

742

779

Transaction Costs

2,426

Flow-through premium income

Total adjustments

315

777

(54,022

)

Related income tax effect

(83

)

(206

)

10,236

Recognition of mining taxes

9,246

232

571

(34,540

)

Adjusted net loss (a)

(10,410

)

(8,930

)

(5,442

)

Weighted number of shares (000s) (b)

211,308

203,647

197,739

Per Share data

Adjusted net loss (a) ÷ (b)

(0.05

)

(0.04

)

(0.03

)

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

https://www.newsfilecorp.com/release/275916

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