Magna Mining Stock Price, News & Analysis

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.

Magna Mining held its Annual & Special Meeting of Shareholders on June 28, 2024. Key outcomes included the election of board members Jason Jessup, Carl DeLuca, John Seaman, Vernon Baker, Jonathan Goodman, and new addition Shastri Ramnath. Ms. Ramnath, CEO of Exiro Minerals and Chair of Orix Geoscience, brings 25 years of experience in nickel exploration and leadership roles.

Shareholders approved all resolutions, including the appointment of auditors, the reconfirmation and approval of the stock option plan, and the amended restricted share unit plan. The meeting also confirmed the prior grant of restricted share units under the amended plan, as detailed in the Management Information Circular dated June 3, 2024.

Magna Mining announces positive assay results from its Crean Hill project, highlighting substantial mineral yields. Key results include 0.4% Ni, 0.5% Cu, and 34.3 g/t Pt+Pd+Au over 4.1 meters from surface samples. Notably, drilling in the 109 Footwall (FW) Zone revealed 0.2% Ni, 0.2% Cu, and 18.2 g/t Pt+Pd+Au over 15.0 meters. The company plans to commence a bulk sampling program, extracting 20,000 tonnes of ore to be processed at Strathcona Mill. This program aims to optimize metal recoveries and concentrate grades, providing valuable data for future mining operations. Revenue from the surface bulk sample is expected within six months of processing.

Additionally, advanced exploration plans include targeting high-grade zones for potential expansion. The drilling program defines the extent of mineralization and prepares Magna for underground exploration. This strategic move aligns with Magna's goal of enhancing resource estimation and overall project value.

Magna Mining has awarded Aki-eh Dibinwewziwin Partnership (ADLP) the contract for advanced exploration at the Crean Hill Project. ADLP is a joint venture between Atikameksheng Anishnawbek, Wahnapitae First Nation, and Technica Mining. CEO Jason Jessup emphasized the importance of local partnerships for minimizing costs and fostering strong community relations.

The exploration will start with a 20,000-tonne bulk sample from the 109 Footwall Zone in June 2024, followed by drilling in July and processing at Glencore's Strathcona facility. Dewatering is set to begin in Q3 2024. Magna Mining is also updating its Mineral Resource Estimate and Preliminary Economic Assessment, expected by Q3/Q4 2024. These updates aim to enhance the project's economic viability by focusing on a higher-grade, lower-production underground mining operation.

Magna Mining announced a Toll Milling Agreement with Glencore Canada for processing a 20,000-tonne surface bulk sample from the 109 Footwall Zone at the Crean Hill Project in Sudbury, Ontario. This agreement aims to advance the Crean Hill Project by evaluating metallurgical performance and corroborating resource estimates. This processing will occur at Glencore's Strathcona Mill and is expected to conclude in Q3 2024. Recent drilling results have shown promising mineralization, including 2.9% Cu, 0.9% Ni, and 9.5 g/t Pt+Pd+Au over 6.3 meters. This initiative follows a Definitive Offtake Agreement with Vale Canada, excluding the 109 FW Zone. The surface work will commence in June and will be funded from cash reserves.