Magna Mining Stock Price, News & Analysis

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has been recognized as one of the top fifty performing companies on the TSX Venture Exchange, earning a spot on the prestigious 2025 TSX Venture 50 list. Based in Sudbury, one of North America's most established mining centers, Magna is a growth-focused copper and nickel mining company.

CEO Jason Jessup expressed pride in this achievement, noting that the company's business plan was developed nearly a decade ago, requiring years of dedication and team commitment to reach their current position. This recognition highlights Magna's strong performance and growth in the competitive mining sector.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has provided an update on its previously announced acquisition of base metals assets in the Sudbury Basin from KGHM affiliate. The company entered into a definitive share purchase agreement on September 11, 2024, and both parties have been working towards satisfying all conditions precedent, including obtaining necessary regulatory and third-party consents, approvals, and waivers. Magna reports satisfactory progress and aims to complete the transaction by the end of February 2025.

Magna Mining (TSXV: NICU, OTCQB: MGMNF) has provided an update on its previously announced acquisition of base metals assets in the Sudbury Basin from KGHM International The company reports that since signing the definitive share purchase agreement on September 11, 2024, both parties and their advisors have been actively working to satisfy all conditions precedent, including obtaining necessary regulatory and third-party approvals. Magna Mining expresses satisfaction with the progress and aims to close the Transaction around January 31, 2025.

Magna Mining (TSXV: NICU, OTCQB: MGMNF) has entered into a definitive asset purchase agreement with NorthX Nickel Corp. to acquire a portfolio of base metals assets in the Sudbury Basin. The property portfolio covers >30,000 Ha and includes past-producing properties like Parkin and Wisner, along with several exploration properties.

The Parkin property includes the historical Milnet mine, which produced 157,000 tons grading 1.5% Ni, 1.5% Cu, and 6.2 g/t Pt+Pd+Au. The Wisner property historically produced 295,000 tonnes grading 0.9% Cu and 4.1 g/t Pt+Pd+Au. The transaction involves a nominal cash payment of C$1.00, with Magna assuming approximately C$481,629 in mine closure liabilities, offset by a C$500,000 cash payment from NorthX. The deal is expected to close by Q1 2025.

Magna Mining has discovered a new copper zone at its Shakespeare Project in Sudbury, Ontario. The initial drillhole at the Southwest (SW) Copper zone intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over 13.9 metres, starting at 64.6 metres downhole. The SW Copper showing is part of a regional structural zone associated with the Murray Fault System, located approximately 1-2 kilometres southwest of the Shakespeare Mine. The zone is currently open for expansion in all directions, with no historical drilling records in this area. A second drillhole has been completed with pending assays, and a third is in progress.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has filed an updated independent technical report titled 'Preliminary Economic Assessment Update for the Crean Hill Project' in Sudbury, Ontario. The report, prepared by SGS Geological Services, is dated November 1, 2024, with an effective date of April 15, 2024. This filing follows the company's previous announcement from September 17, 2024, and has been submitted in accordance with National Instrument 43-101. The technical report is now available on SEDAR+.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has filed a technical report for the McCreedy West Copper-Nickel Mine on SEDAR, following its announced acquisition of base metals assets in the Sudbury Basin from KGHM International The independent technical report, titled 'Mineral Resource Estimate for the McCreedy West Copper-Nickel Mine', was prepared by SGS Geological Services with an effective date of December 31, 2023, and complies with National Instrument 43-101 standards.

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) has announced the granting of stock options. On October 17th, 2024, the company granted 250,000 stock options to certain officers and employees. These options are exercisable at $1.17 per common share for a five-year period, expiring on October 17th, 2029. The options vest one-third immediately and one-third annually thereafter.

Additionally, on September 19th, 2024, Magna Mining granted 1,031,900 options to certain directors and employees. These options are exercisable at $1.15 per common share for a five-year period. Both grants were made pursuant to the Company's Stock Option Plan.

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) has received conditional approval from Natural Resources Canada (NRCAN) for funding from the Critical Minerals Infrastructure Fund (CMIF). The funding, totaling up to $1.6 million, will support pre-construction activities at both the Crean Hill and Shakespeare Mines. The initiatives include:

• Advancing a 6km transmission line to connect Shakespeare Mine to the Ontario grid
• Upgrading a 30km forest access road to Shakespeare Mine
• Studies and approvals for connecting Crean Hill project to the Ontario power grid

This investment aims to accelerate the development of critical mineral projects, improve infrastructure, and create mining jobs in Ontario. The announcement was made by Canada's Minister of Energy and Natural Resources, Jonathan Wilkinson, during a visit to Sudbury.