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GlobeNewswire·

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

  • Magna Mining reported Q3 2026 results from the McCreedy West mine in Sudbury, Ontario, shipping 75,272 tons of ore at 3.60% CuEq grade (guidance prices) or 3.28% CuEq grade (realized prices).
  • The company produced 3.7 million CuEq payable lbs in Q3 2026, bringing the year-to-date total to 12.3 million CuEq payable lbs.
  • Q3 2026 generated a positive cash margin of $4.9 million, with cash costs of US$4.12 per CuEq lb and all-in sustaining costs (AISC) of US$4.93 per CuEq lb.
  • Exploration expenses totaled $5.7 million in Q3 2026, including $5.0 million at the Levack Mine to advance infrastructure readiness for the R2 Footwall Zone.
  • The company ended Q3 2026 with $168.4 million in cash after a $140.3 million strategic investment by Alpayana S.A.C., which now holds 19.9% of the company.
  • Magna updated its 2026 operational guidance, now expecting 14.5–15.5 million CuEq payable lbs due to operational challenges at McCreedy West.
  • Safety performance improved significantly, with the Total Recordable Injury Frequency Rate (TRIFR) dropping to 0.43 for the first nine months of 2026 from 2.23 in the same period in 2025.
  • CEO Jason Jessup attributed lower production to an isolated geological structure at McCreedy West that disrupted mining sequences, though profitability remained intact.
  • Subsequent events include the approval to restart the Levack Mine following a Preliminary Economic Assessment and the approval to construct the Crean Hill Project, with construction expected to begin in 2027.
  • The company will host a conference call on November 12, 2026, at 8:00am EST to discuss these financial results.
Company
Magna Mining Inc.
Keywords
Toronto Stock Exchange:NICU, Magna Mining Inc.