Magna Mining Reports Third Quarter 2025 Financial Results

Press Release

November 25, 2025, Sudbury, Ontario – Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE:8YD) (the “Company” or “Magna”) is pleased to report third quarter 2025 financial results. Management will host a conference call tomorrow, November 26, 2025, at 8:00am EST to discuss the results. All amounts are expressed in Canadian dollars unless otherwise indicated.

Highlights

• The three months ended September 30, 2025 (“Q3 2025”) was Magna’s second full quarter of production at the McCreedy West copper-precious metals Mine (“McCreedy West”), located in Sudbury, Ontario, Canada.
• Total ore processed in Q3 2025 was 75,215 tons from the 700 Footwall Copper Zone (see news release dated October 22, 2025) at a grade of 2.64% copper equivalent (“CuEq”)¹.
• Quarterly production of 2.7 million pounds (“lbs”) CuEq at cash costs* of US$5.10/lb CuEq was impacted by the previously disclosed compressed air system failure and power related delays, which delayed access to higher grade stopes and has since been rectified.
• Sustaining capital expenditures at McCreedy West totalled $4.1 million during the quarter, a 123% increase from Q2 of 2025, including $2.7 million towards critical capital development and $1.4 million in fixed and mobile machinery upgrades, focused on improving asset reliability moving forward.
• Underground development during the quarter totalled 1,796 feet and continues to be prioritized in Q4 to provide increased production optionality and flexibility to support a more robust operating plan in 2026.
• Ended Q3 2025 with a cash balance of $63.1 million and subsequent to September 30 the Company issued 14,933,518 common shares upon the exercise of warrants for proceeds of $6.0 million.
  * Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements.

Jason Jessup, CEO, commented “During the third quarter of 2025, Magna executed on our plan to focus on investing in the underground development, diamond drilling, equipment and site infrastructure at McCreedy West. The goal of this plan is to access new areas of the mine with higher grade stopes, build in consistency and flexibility to the mine plan and position the operation to execute profitable production in 2026. To this end, we had a successful quarter, and we will be starting to realize the benefits going into Q1 2026. Access to higher grade stopes was achieved in early November following the resolution of the operational issues which impacted Q3 2025 production. We are on track to meet the lower end of our quarterly ore sales guidance in Q4 2025 and continue to prioritize efforts to optimize McCreedy West operations in 2026. I am proud of the team that we have assembled at our McCreedy West Mine and I am confident in their abilities to deliver in the future. We are well-funded to complete this work as well as advance our other Sudbury projects, while continuing to aggressively explore for new copper and precious metals-rich footwall deposits following our recent brokered equity offering and from the exercise of warrants which expired in early November.”

Table 1: Magna Mining Q3 2025 Tons Processed, Payable CuEq Pounds and Contained CuEq Grades

Table 2: McCreedy West 2025 Development Rates

Table 3:  Q3 2025 Operating and Financial Highlights

Q3 Financial Highlights

• Quarterly production of 2.7 million lbs CuEq, consisting of 1.95 million lbs copper, 0.2 million lbs nickel, 479 ounces platinum, 641 ounces palladium, 55 ounces gold, and 13,105 ounces silver.
• Quarterly net revenue from mining operations was $16.3 million.
• Mining and processing costs in the quarter were $15.0 million, for production costs of $200 per ton processed.
• Q3 cash costs were $7.03/lb CuEq, or US$5.10/lb CuEq.
• Q3 all in sustaining costs (“AISC”) were $9.01/lb CuEq, or US$6.54/lb CuEq, which includes $4.1 million of sustaining mine capital development, equipment, and exploration, a 123% increase from the previous quarter.
• Operating cash outflow in the quarter was $10.8 million or ($0.06) per share.
• Free cash outflow in the quarter was $14.4 million or ($0.07) per share.
• Adjusted net loss of $10.4 million or ($0.05) per share.
• Ended Q3 2025 with a cash balance of $63.1 million and subsequent to September 30, 2025, the Company issued 14,933,518 common shares upon the exercise of warrants for proceeds of $6.0 million.

Further details regarding the calculation of production costs, cash margins and all in sustaining costs can be found in the quarterly MD&A.

Q3 2025 Quarterly Results Conference Call and Webcast

The company will be holding its Q3 results conference call and webcast on Wednesday November 26, 2025 at 8:00am EST. The conference call details are as follows:

To view the live Webcast in listen-only mode:  https://edge.media-server.com/mmc/p/xxh36742

To participate in the live conference call (obtain a dial-in number and unique PIN): https://register-conf.media-server.com/register/BIfc83dc419540403380a832570e704494

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.

About Magna Mining Inc.

Magna Mining Inc. is a producing mining company with a strong portfolio of copper, nickel, and platinum group metals (PGM) assets located in the world-class Sudbury mining district of Ontario, Canada. The Company’s primary asset is the McCreedy West Mine, currently in production, supported by a pipeline of highly prospective past-producing properties including Levack, Crean Hill, Podolsky, and Shakespeare.

Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration upside, and near-term development opportunities across its asset base.

Additional corporate and project information is available at www.magnamining.com and through the Company’s public filings on the SEDAR+ website at www.sedarplus.ca.

For further information, please contact:

Jason Jessup

Chief Executive Officer

or

Paul Fowler, CFA

Executive Vice President

705-482-9667

Email: info@magnamining.com

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