Magna Mining Stock Price, News & Analysis

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.

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) has successfully completed the surface bulk sample program at the Crean Hill Project in Sudbury, Ontario. The company processed 20,524 dry tonnes of feed from the 109 Footwall Zone through Glencore's Strathcona Mill over a 5-day period. The project was executed on time, achieving its initial objectives, including:

1. Providing sufficient mineralization for steady-state plant operation
2. Producing variable concentrate grades for recovery performance evaluation
3. Successful sampling for future optimization test work
4. Reconciliation to the estimated tonnes and grade mined

Magna also announced the appointment of Scott Gilbert as Chief Financial Officer and Philip Ng as Manager of Engineering, following the company's recent asset acquisition and updated Preliminary Economic Assessment on the Crean Hill Project.

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) has issued a correction to its September 17, 2024 news release regarding the Updated Preliminary Economic Assessment (PEA) for its Crean Hill Project in Sudbury, Ontario. The correction addresses an error in Table 9 of the original release, which understated the project's financial metrics. The correct figures, as previously reported in Table 1, are:

• Pre-Tax NPV (8%): $265.3 million
• Pre-Tax IRR: 142%
• Post-Tax NPV (8%): $194.1 million
• Post-Tax IRR: 129%

A technical report supporting the PEA will be filed within 45 days. The information has been reviewed and approved by David King, M.Sc., P.Geo., Senior VP of Exploration and Geoscience at Magna Mining, who is a qualified person under NI 43-101.

Magna Mining has completed an Updated Preliminary Economic Assessment (PEA) for its 100% owned Crean Hill Project in Sudbury, Ontario. The PEA outlines a 13-year underground mining operation with low pre-production capital costs of $27.7 million and a quick payback period. Key highlights include:

- Pre-tax NPV (8%) of $265.3 million and IRR of 142%
- After-tax NPV (8%) of $194.1 million and IRR of 129%
- Average production rate of 2,200 tonnes per day
- Total resource mined of 10.69 million tonnes
- 195.5 million pounds of nickel and 169.5 million pounds of copper to be produced

The project benefits from existing infrastructure, approved environmental permits, and proximity to processing facilities. Metal price assumptions include US$8.50/lb nickel and US$4.00/lb copper. The PEA demonstrates the potential for a profitable, low-cost operation with significant upside from metal price increases.

Magna Mining (TSXV: NICU, OTCQB: MGMNF) announced a definitive share purchase agreement with KGHM International to acquire a portfolio of base metals assets in the Sudbury Basin.

The acquisition includes the producing McCreedy West mine, the past-producing Levack, Podolsky, and Kirkwood mines, and several exploration assets. The total purchase price is C$5.3 million in cash and $2.0 million in Magna shares, with additional future payments of up to C$24.0 million.

Magna plans to finance the transaction through a C$10 million term loan and a C$10 million letter of credit facility from Fédération des caisses Desjardins du Québec.

The McCreedy West mine produced 317,660 tonnes in 2023 at grades of 1.59% copper, 0.23% nickel, and other valuable metals. The company aims to re-invest profits into further exploration and development to expand resources.

This acquisition supports Magna's goal of operating three or more producing mines within the next 3 to 5 years, making it a significant critical minerals producer in the Sudbury mining camp.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has completed the surface bulk sample mining at the Crean Hill Project in Sudbury, Ontario. The company excavated 20,714 tonnes of rock, which was crushed and hauled to Glencore's Strathcona Mill. The project was executed on time and to plan, with milling commencing on September 2, 2024. The bulk sample will be processed separately to evaluate metallurgical performance and reconcile against resource estimates.

Magna has also initiated dewatering of underground workings to gather data for long-term strategy. The company expects to announce bulk sample assays within 4-6 weeks. Additionally, Magna announced the departure of CFO Ann-Marie Finney, effective October 4, 2024.

Magna Mining has announced promising diamond drilling results from its Crean Hill Project in Sudbury, Ontario, highlighting high-grade copper, nickel, and precious metals. Noteworthy results include 5.0% Cu, 0.7% Ni, and 12.8 g/t Pt+Pd+Au over 15.2 meters. CEO Jason Jessup emphasized the potential for early test mining and detailed the commencement of a 20,000-tonne surface bulk sample extraction. The company, in collaboration with contractor ADLP, has advanced site preparation and plans to transport mineralized material to a processing facility later this month. The new assays from eight drill holes aim to better define the higher-grade core of the 109 Footwall Zone, integral to the upcoming underground exploration program.