Press Release
May 29, 2025, Sudbury, Ontario – Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE:8YD) (the “Company” or “Magna”) is pleased to report first quarter 2025 operating and financial results. Management will host a conference call tomorrow, May 30, 2025, at 08:00 a.m. EDT to discuss the results. All amounts are expressed in Canadian dollars unless otherwise indicated.
Highlights
Jason Jessup, CEO, commented:
“Q1 was a transformational quarter for our company, and we continue to execute on our strategy which is based on three pillars of growth; Production, Exploration and Acquisitions of non-core assets. Since the acquisition, we have been focused on optimizing the current operations at McCreedy West and during the rest of this year we will prioritise underground mine development for long term sustainability. We are pleased with the progress of our optimization initiatives at McCreedy West, and we believe that we now have the leadership, mining and maintenance talent and technical expertise to unlock the potential in this mine.”
Q1 2025 Operating and Financial Highlights
1 Refer to the section in the Q1 2025 MD&A entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements.
2 Copper equivalent payable pounds for the purpose of copper equivalent payable grade, cash cost and AISC were calculated using the following US dollar prices: Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag
Q1 2025 Financial Highlights
Cash costs during the one month of production during the quarter were C$5.98 per pound or US$4.16.
All in sustaining costs for the same month were C$6.65 per pound or US$4.63.
Operating cash outflow of $2.6 million.
Free cash outflow of $10.9 million.
Net income attributable to shareholders of $29.1 million, which was primarily affected by the after-tax gain on the purchase of the KGHM assets.
Adjusted net loss of $5.4 million.
End of period cash balance of $38.3 million.
Further details regarding the calculation of production costs, cash margins and all in sustaining costs can be found in the quarterly MD&A.
To support working capital requirements, the Company also completed a $33.5 million private placement on March 5th, 2025. The private placement included the issuance of $23.97 million in unsecured convertible debentures and the issuance of 6,451,620 common shares of the corporation for aggregate pross proceeds of $10 million. In addition, the Company entered into a Letter of Credit Facility with a maximum face amount of $12 million, and a factoring agreement allowing the Company to sell eligible metal sale receivables. For further details regarding the convertible debentures, letter of credit and factoring agreement please refer to the quarterly MD&A.
Q1 2025 Operational Highlights
Subsequent to the close of the transaction on Feb 28, 2025, McCreedy West produced 790,000 lbs of copper equivalent payable, which included 631,000 lbs from the 700 Copper Zone and 159,000 lbs from the Intermain Nickel zone. The total ore processed was 20,388 tonnes at an average grade of 3.01% copper equivalent.
Q1 2025 Quarterly Results Conference Call and Webcast
The company will be holding its first quarterly results conference call and webcast on Friday May 30, 2025 at 8:00 am EDT. The conference call details are as follows:
Webcast Link: https://www.gowebcasting.com/14081
Participant Dial In: (N. America Toll Free): 1-844-763-8274
Participant International Dial In: 1-647-484-8814
Conference call participants should ask to join the Magna Mining Inc. quarterly results conference call.
Qualified Person
The scientific or technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.
For further information, please contact:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
705-482-9667
Email: info@magnamining.com
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