Magna Mining Inc. (TSX-V: NICU) (OTCQX: MGMNF) (FSE: 8YD) is pleased to report second quarter 2025 operating and financial results.

Highlights

• April-June 2025 (“Q2”) was the first full quarter of production from the McCreedy West copper mine under Magna’s operation.
• Total ore processed in Q2 was 59,100 tons from the 700 Footwall Copper Zone and 10,945 tons from the Intermain Nickel Zone, for a combined total of 70,045 tons.
• Combined ore grade for the quarter was 3.26% Copper Equivalent (“Cu Eq”).
• End of period cash balance of $27 million.

Jason Jessup, CEO, commented, “Since we acquired the McCreedy West Mine on February 28, 2025, we have implemented multiple mine optimization initiatives and invested substantial capital in equipment and underground development to improve the operation. During the quarter we increased our staff and workforce, made management changes and realized a material increase in the amount of daily development completed at the mine. Throughout Q2, we started to see evidence of these operational improvements, with month over month increases in the amount of payable copper-equivalent pounds as well as improved grades within the operation. More importantly, we are consistently improving on the productivity of our development crews, which will lead to more workplaces in the mine and better flexibility in our mine plan. The second quarter, and the remainder of 2025, is focused ensuring the mine is in a strong position for 2026 production. I am pleased with the results to date and look forward to building this operation into a long-life, sustainable producer that generates free cash flow.”

Table 1: Magna Mining Q2 2025 Tons Mines, Payable Copper Equivalent Pounds and Grades

¹ Copper equivalent payable pounds and copper equivalent payable grade were calculated using the following US dollar prices:
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.

Table 2: McCreedy West Q1 and Q2 2025 Development Rates

Table 3: Q2 2025 Operating and Financial Highlights

¹ For the reconciliation of these non-IFRS measures to the consolidated financial statements, please see the reconciliations at the end of this news release. Magna uses non-IFRS performance measures in this news release as it believes that these generally accepted industry performance measures provide a useful indication of the Company’s operational performance. Non-IFRS performance measures do not have standardized meanings defined by IFRS Accounting Standards and may not be comparable to information in other issuers’ reports and filings. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards.
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:
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.

Q2 Financial Highlights

• Q2 cash costs were C$6.47 per pound or US$4.67.
• All in sustaining costs for the same quarter were C$7.55 per pound or US$5.45, which includes the purchase of a scoop tram, and developing 282 equivalent feet of capital development.
• Operating cash outflow of $11.6 million.
• Free cash outflow of $10.7 million.
• Adjusted net loss of $8.9 million.
• End of period cash balance of $27 million.

Further details regarding the calculation of production costs, cash margins and all in sustaining costs can be found in the quarterly MD&A.

Q2 Operational Highlights

• McCreedy West produced 3.05 million pounds of copper equivalent payable in the quarter at an average grade of 3.26% Cu Eq.
• Total ore processed in Q2 was 59,100 tons from the 700 Footwall Copper Zone and 10,945 tons from the Intermain Nickel Zone.
• April production was affected by a lack of operating and capital development completed in the preceding quarters while the mine was under prior ownership (Table 1 and Table 2). Production in April also included tonnage from the Intermain nickel zone that was previously developed by the prior operators.
• In anticipation of bringing future mines into commercial production, the company added technical and administrative staff in Q2 who are currently focused on the optimization of the McCreedy West mine.

Table 4: McCreedy West Q2 2025 Cu Eq Contained Grade (%) By Zone

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.

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.