Magna Mining Stock Price, News & Analysis

Magna Mining (OTCQX: MGMNF) held its Annual & Special Meeting of Shareholders on June 26, 2025. Shareholders approved all proposed matters, including the election of directors and appointment of auditors. The elected board members include Jason Jessup, Carl DeLuca, John Seaman, Vernon Baker, Jonathan Goodman and Shastri Ramnath. Additionally, shareholders approved the company's proposed omnibus incentive plan.

Magna Mining (MGMNF) has secured up to C$500,000 in funding from the Ontario government's Critical Minerals Innovation Fund for its Crean Hill project. The funding will support metallurgical work aimed at improving precious metal recoveries from contact and footwall mineralization, building on the surface bulk sample program conducted in 2024. The company plans to restart multiple mining operations and increase copper and nickel production in Sudbury over the next 3-4 years. Minister of Energy and Mines Stephen Lecce emphasized Ontario's commitment to leadership in the critical minerals sector, highlighting how this investment will enhance mineral recoveries in the Sudbury basin while creating employment opportunities and strengthening Ontario's position as a key supplier of critical minerals.

Magna Mining reported promising drill results from its McCreedy West mine, with significant copper, nickel, and precious metal intersections. Notable results include 3.0% Cu, 0.4% Ni, 9.1 g/t Pt+Pd+Au over 10.8m and 3.9% Cu, 0.6% Ni, 6.8 g/t Pt+Pd+Au over 2.1m in drillhole FNX33368. The company currently operates two underground diamond drills at the 700 Cu-PGE Footwall Zone, focusing on production planning and grade confidence for 2025. Additionally, Magna's Sudbury-based projects have been recognized by the Ontario Government as shovel-ready, strategic critical mineral projects, positioning them for potential federal investment. The company owns one producing critical mineral mine and four permitted past-producing projects in the Sudbury region, with ore selling agreements in place with Vale Base Metals and Glencore Canada.

Magna Mining reported Q1 2025 financial results, marking a transformational quarter with the closing of KGHM International base metal assets acquisition on February 28, 2025. The company secured a $33.5M private placement financing and began production at McCreedy West Copper mine, producing 790,000 lbs of copper equivalent from 20,388 tonnes of ore at 3.01% copper equivalent grade. Financial results showed net revenue of $4.45M, with cash costs of C$5.98/lb (US$4.16) and AISC of C$6.65/lb (US$4.63). The quarter ended with $38.3M cash balance, though reported an adjusted net loss of $5.4M. The company's net income of $29.1M was primarily due to an after-tax gain from the KGHM assets purchase.

Magna Mining Inc. (MGMNF) has announced two key developments: First, the company has qualified to upgrade from the OTCQB Venture Market to trade on the OTCQX Best Market under the symbol "MGMNF", effective May 28, 2025. This upgrade provides US investors with access to real-time quotes and financial information through www.otcmarkets.com.

Additionally, Magna Mining will release its Q1 2025 financial results on May 29, 2025, after market close, followed by their first quarterly results conference call and webcast on May 30, 2025, at 8:00 am EDT. The company has provided dial-in details for both North American and international participants.

Magna Mining reports significant drilling results from its Levack and McCreedy West mines in Sudbury. Standout intersections include 24.0% copper, 1.2% nickel, and 6.7 g/t platinum + palladium + gold over 2.0 meters at Levack Mine.

At McCreedy West, drilling revealed impressive grades including 6.8% copper over 11.1 meters and 3.5% copper over 25.6 meters. Two drill rigs are active at each property, with a third mobilized to Levack to test deeper footwall exploration targets.

The company is advancing its Levack Mine restart plan for 2026, focusing on developing a surface ramp near the Keel Zone. Current drilling programs aim to define near-surface footwall mineralization and provide material for metallurgical testing to facilitate planning and ore sale agreements.

The exploration success supports Magna's strategy to expand resources and advance production planning at both properties, with particular focus on the copper-rich zones and PGE mineralization.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has announced several corporate updates. The company has appointed Tim Bradburn as Senior Vice President, General Counsel and Corporate Secretary, bringing over 20 years of experience from his previous role at IAMGOLD

Regarding the NorthX asset acquisition agreement from December 18, 2024, the company reports positive progress and targets closing in May 2025. The company has completed its 2024 drilling programs at Crean Hill and Shakespeare, with final assay results received and ongoing data interpretation. Currently, exploration drilling is active at the Levack Mine with two diamond drills operating and a third scheduled to start.

The company has granted 150,000 stock options to officers and employees at an exercise price of $1.40 per share, expiring April 9, 2030, with a phased vesting schedule. Additionally, 40,000 restricted share units were granted with a 3-year vesting period.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has announced significant assay results from its McCreedy West and Levack mines. At McCreedy West, notable intersections include 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au over 18.0 metres, and at Levack Mine, results show up to 24.9% Cu, 0.4% Ni & 5.0 g/t Pt + Pd + Au over 1.6 metres.

The company, which acquired McCreedy West Mine from KGHM on February 28, 2025, is currently operating two active drills underground at McCreedy West and two surface diamond drills at Levack, with a third drill scheduled for April. The drilling programs focus on resource expansion, definition, and supporting mid-term production planning.

Magna has implemented operational improvement initiatives at McCreedy West, focusing on streamlining processes, improving grade control, and increasing efficiency. The company plans to provide detailed production plans before the end of Q2 2025.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has initiated surface diamond drilling at the Levack Mine following the completion of its Sudbury Basin assets acquisition from KGHM. The company also reported significant 2024 drilling results at the McCreedy West Mine, including impressive intersections of 14.3% Cu, 3.5% Ni, 6.0 g/t Pt+Pd+Au over 9.6 metres in drillhole FNX33223.

The acquisition package includes the producing McCreedy West copper mine, past-producing Levack, Podolsky, and Kirkwood mines, along with various exploration properties. Initial surface drilling at Levack Mine will focus on defining near-surface mineralization and expanding the unmined Keel FW Zone, where historical intersections showed up to 31.0% Cu.

At McCreedy West Mine, ongoing production support drilling with two underground diamond drills has demonstrated potential for significant resource expansion, particularly along the lower margins and western area of the 700 Footwall Cu-PGE Zone.