Magna MiningTSXV:NICU

copper plus PGMs (Aug 2025). The company reports that the LVAC project has three footwall deposits with historical grades of 10% copper and 10 g/t platinum-palladium-gold, and that a new high-grade copper-PGM discovery was made at the R2 zone there (May 2026, Jan 2026). On resource size, management states that McCreaty West contains an additional six million tons of resource (May 2026), Crane Hill has an 18 million ton indicated resource (May 2026), and the past-producing McCreedy West mine yielded about 15 million tons of ore from underground (Mar 2026). The company also notes it controls over 500 square kilometers of prospective ground and permitted projects in Sudbury (Jan 2026).

The company reports that LVAC, Crane Hill, Podalski, and Shakespeare are fully permitted past producing mines, as of May 2026.

First, they plan to leverage synergies with existing infrastructure at acquired projects, including active mines, shafts, and permits (January 2026). Second, the company assumes it can sell ore at approximately 10% copper grade with 8–10 grams of precious metals and 1–2% nickel to third-party mills (August 2025). Management also noted that legacy operational, financial, and infrastructure issues from acquired assets represent a stated risk (January 2026).

They also report an operating cost associated with producing at a rate of about 1,000 tons per day (March 2026).

In August 2025, the company reported $38 million in the bank at the end of Q1 and noted that a $24 million convertible debenture had been entered into earlier that year, while the provincial government had issued a letter recognizing Magna as a strategic critical mineral company in Ontario. By March 2026, cash on hand had grown to $63 million as of the end of Q3, and management described the $24 million convertible debenture as having a 4-year term, a 10% coupon, and a forced conversion after 2 years if the share price is above $3. In January 2026, management had indicated that funding was needed for non-core assets and to bring projects into production. Looking ahead to May 2026, management says cash on hand is sufficient to restart the LVAC mine, and they expect to generate cash from McCreaty West in Q4 and achieve positive cash flow this year.

In August 2025, they outlined production sequencing: McCreedy West mine producing, LVAC restart in 2026, Crane Hill restart in 2027, and Pendolski (likely Fidelski) mine in 2028. By January 2026, the company reported that the McCreedy West acquisition closed at end of February 2025, the mine had been operating for just one year, and 2026 would be a cash-flow-positive year for it. The same update noted the Crane Hill PFS was targeting end of Q2 or Q3 2026, the LVAC PEA was to be completed in Q3, and four drills were turning on the R2 zone at LVAC, with a restart decision expected later in 2026. By May 2026, the company stated McCreaty West was producing with a three-year reserve life, the LVAC PEA remained on schedule for Q3 completion, and the Crane Hill PFS would be completed by end of Q3.

The CEO worked with Inco for five years, spent six years with FNX Mining, and has been in mining for nearly 30 years (May 2026). He notes that FNX Mining acquired five past-producing Inco mines in 2002, restarted three between 2003 and 2010, and was eventually acquired for a valuation of $1.8 billion (Mar 2026). The company reports deep team familiarity with Sudbury projects (Jan 2026). On ownership, management says the CEO owns roughly 10.4 million shares and has never sold a share (Mar 2026), and that overall management and board hold about 8% of the company (Aug 2025).

In August 2025 the company reported a market cap of about $365 million. By May 2026 management said the market cap had risen to right around $600 million Canadian. Regarding ownership, management noted in March 2026 that management, directors and Dundee Corp together own about 25%.