Magna Mining Inc.

NICU · TSX MGMNF · OTC

magnamining

$398.1M

USD

Market cap · 2026–07 · week 29

🇨🇦 Canada, Sudbury

Country

Battery Metals

Sector

Producer · Junior / Minor · Copper · Nickel · Canada

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Magna Mining Inc. is a junior base metals producer headquartered in Sudbury, Canada, operating primarily in the Sudbury Basin. The company's portfolio consists of multiple projects, comprising 1 operating mine (McCreedy West), 2 development and advanced exploration projects (Crean Hill, Levack), and several past-producing and exploration assets (Podolsky, Shakespeare, Kirkwood). Key assets include McCreedy West, Levack, and Crean Hill. The business model focuses on acquiring and re-starting past-producing mines in the Sudbury district, leveraging existing infrastructure and third-party milling arrangements to minimize capital expenditures. Processing capabilities rely on confirmed terms with third-party mills in the region. A key competitive aspect is the company's position as one of only three entities with significant property holdings in the Sudbury Basin, alongside majors Vale and Glencore. The business is subject to base metal price cycles and macroeconomic factors.

Strategy: Strategic focus centers on blending cash flow from current operations at McCreedy West with transformational growth driven by the re-start of past-producing mines. The enterprise intends to pursue synergistic acquisitions of non-core assets in the Sudbury district to unlock value through scale and existing infrastructure. A core objective is advancing the Levack Mine restart study and the Crean Hill Pre-Feasibility Study, both targeted for completion in Q3 2026, to inform a multi-year production profile. Capital allocation is prioritized to support underground development and definition drilling at McCreedy West to optimize production grades, alongside aggressive exploration of footwall targets at Levack. To fund this growth, the organization utilizes a mix of brokered equity placements, convertible debentures, and factoring facilities. The company targets 2026 production of 16.0 to 18.0 million pounds of copper equivalent from McCreedy West.

Management: Executive leadership is headed by CEO Jason Jessup, an experienced executive with over 25 years in the mining industry including roles at FNX Mining and Sandstorm Gold. The Board is led by Chair Vern Baker, who previously served as CEO of Jaguar Mining and VP Operations at FNX Mining. The Board of Directors includes notable industry figures such as Jonathan Goodman, President and CEO of Dundee Corporation, and Shastri Ramnath, CEO of Exiro Minerals. Governance practices are supported by strategic advisors including Gord Morrison, an acknowledged expert in Sudbury Basin exploration.

Sustainability: The organization's sustainability framework includes assuming reclamation liabilities for acquired sites, such as providing financial assurance to the Ministry of Mines for the Broken Hammer mine closure plan. Environmental initiatives involve advancing water pre-treatment design and installation activities at the Crean Hill project.

Structure: A significant structural change occurred in February 2025 when the entity acquired a portfolio of base metal assets from a subsidiary of KGHM International Ltd., including the McCreedy West, Levack, Podolsky, and Kirkwood mines, for $5.3 million in cash, 1.18 million shares, a $2.0 million deferred payment, and up to $24.0 million in contingent payments. This transaction resulted in KGHM retaining a 4% NSR royalty on new discoveries on certain exploration properties, with a 3% buyback right. In July 2025, the company completed the acquisition of exploration properties from NorthX Nickel Corp., assuming liabilities for the Broken Hammer mine closure plan. A strategic investor, Dundee Corporation, holds approximately 18.8% of the outstanding shares. The corporate structure includes the wholly-owned subsidiary Project Nikolas Company Inc. (PNCI). Material obligations include a $23.9 million unsecured convertible debenture maturing in March 2029, bearing 10% interest and convertible at $2.00 per share.

Hedge: The company maintains an unhedged commodity posture to preserve full leverage to base and precious metal prices. No commodity, foreign-exchange, or interest-rate hedges were outstanding as of September 30, 2025. The company sells its production at prevailing market prices and manages liquidity through a $12.0 million letter of credit facility and a $24.0 million factoring agreement with Desjardins.

Source: Magna Mining Inc. - MD&A and Corporate Presentation - 2025/2026

Operating · 1 project

McCreedy West

Asset · Operating

Canada, Ontario, Sudbury Igneous Complex

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Mining

Type

Operating

Status

🇨🇦 Canada, Ontario (Sudbury Igneous Complex)

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 31 December 2025

Combined underground copper-precious metal footwall and contact nickel-copper deposit comprising the 700 Copper Zone, PM Zone, and Intermain Nickel Zone. Located in the Sudbury Basin, Ontario, adjacent to the Levack Mine with which it connects underground on the 1600 Level. Property acquired in February 2025 from KGHM International. Ore is processed via third-party milling arrangements. 2026 guidance targets 16.0-18.0 million lbs CuEq production. Flagship producing asset.

Mining metrics

As at 31 December 2025 · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Development · 3 projects

Crean Hill

Asset · Development

Canada, Ontario, Sudbury Igneous Complex

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Mining

Type

Development

Status

🇨🇦 Canada, Ontario (Sudbury Igneous Complex)

Country

Project information

As at 15 April 2024

Aggregation level: Asset

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 15 April 2024

Underground nickel-copper-PGE development project. Located in the Sudbury Basin, Ontario. 2024 PEA outlined a 2,200 tpd underground operation over a 13-year LOM. Pre-Feasibility Study is underway with completion scheduled for Q3 2026. Advancing power, engineering, and water pre-treatment design activities.

Mining metrics

As at 15 April 2024 · exclusive

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Reserves & resources — detail

As at 15 April 2024

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Levack

Asset · Development

Canada, Ontario, Sudbury Igneous Complex

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Mining

Type

Development

Status

🇨🇦 Canada, Ontario (Sudbury Igneous Complex)

Country

Project information

As at 31 August 2025

Aggregation level: Asset

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 31 August 2025

Past-producing underground nickel-copper contact and copper-precious metal footwall deposit. Located in the Sudbury Basin, Ontario, adjacent to the McCreedy West mine. Acquired from KGHM in February 2025. Currently under care and maintenance with a restart study and PEA targeted for Q3 2026. Exploration is ongoing with surface and underground drills focusing on the R2 target area between the No. 3 Ni-Cu orebody and the Morrison Cu-Ni-PGE deposit.

Mining metrics

As at 31 August 2025 · exclusive

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Reserves & resources — detail

As at 31 August 2025

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Shakespeare

Asset · Development

Canada, Ontario, Sudbury Igneous Complex

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Mining

Type

Development

Status

🇨🇦 Canada, Ontario (Sudbury Igneous Complex)

Country

Project information

Aggregation level: Asset

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Open Pit Underground

Description

Permitted nickel-copper-PGE project located in the Sudbury Basin, Ontario. The project includes both open-pit and underground resources.

Mining metrics

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Reserves & resources — detail

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Suspended · 1 project

Podolsky

Asset · Suspended

Canada, Ontario, Sudbury Igneous Complex

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Mining

Type

Suspended

Status

🇨🇦 Canada, Ontario (Sudbury Igneous Complex)

Country

Project information

Aggregation level: Asset

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

Past-producing underground copper-nickel-PGE mine comprising the North Zone and 2000 Zone. Located in the Sudbury Basin, Ontario. Acquired from KGHM in February 2025. Currently under care and maintenance. A review of a bulk sample study on the permitted North Zone via the existing ramp is underway to facilitate a potential restart decision in H1 2026.

Mining metrics

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Battery Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Battery metals

LCE vs Li metal vs Li₂O. Hard-rock reserves use % Li₂O; brine reserves use mg/L Li. Both translate to lithium carbonate equivalent (LCE) for chemical buyers.
1 t Li₂O ≈ 2.473 t LCE; 1 t Li metal ≈ 5.323 t LCE; 1 t LCE ≈ 0.188 t Li metal.
Spodumene concentrate (5–6% Li₂O) is the usual hard-rock product; brine producers sell lithium carbonate or hydroxide. ~7.5:1 spodumene tonne to LCE tonne at 6% Li₂O.
Nickel Class I (≥99.8% Ni, batteries) vs Class II (ferronickel/NPI, stainless). Cobalt is almost always a Cu/Ni by-product.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Gold

Score

Production

Resource base

Grade

1 / 5

0–50 koz Au

0–1 Moz Au

0–1 g/t Au

2 / 5

50–125 koz Au

1–2.5 Moz Au

1–2 g/t Au

3 / 5

125–250 koz Au

2.5–5 Moz Au

2–5 g/t Au

4 / 5

250–500 koz Au

5–10 Moz Au

5–8 g/t Au

5 / 5

≥ 500 koz Au

≥ 10 Moz Au

≥ 8 g/t Au

Silver

Score

Production

Resource base

Grade

1 / 5

0–1 Moz Ag

0–25 Moz Ag

0–50 g/t Ag

2 / 5

1–3 Moz Ag

25–75 Moz Ag

50–100 g/t Ag

3 / 5

3–7 Moz Ag

75–150 Moz Ag

100–200 g/t Ag

4 / 5

7–12 Moz Ag

150–225 Moz Ag

200–300 g/t Ag

5 / 5

≥ 12 Moz Ag

≥ 225 Moz Ag

≥ 300 g/t Ag

Copper

Score

Production

Resource base

Grade

1 / 5

0–100 Mlb Cu

0–1000 Mlb Cu

0–0.5 % Cu

2 / 5

100–250 Mlb Cu

1000–4000 Mlb Cu

0.5–1 % Cu

3 / 5

250–500 Mlb Cu

4000–10000 Mlb Cu

1–1.5 % Cu

4 / 5

500–1000 Mlb Cu

10000–20000 Mlb Cu

1.5–2 % Cu

5 / 5

≥ 1000 Mlb Cu

≥ 20000 Mlb Cu

≥ 2 % Cu

Nickel

Score

Production

Resource base

Grade

1 / 5

0–10 kt Ni

0–100 kt Ni

0–0.6 % Ni

2 / 5

10–25 kt Ni

100–300 kt Ni

0.6–1.2 % Ni

3 / 5

25–50 kt Ni

300–700 kt Ni

1.2–1.8 % Ni

4 / 5

50–100 kt Ni

700–1500 kt Ni

1.8–2.5 % Ni

5 / 5

≥ 100 kt Ni

≥ 1500 kt Ni

≥ 2.5 % Ni

Cobalt

Score

Production

Resource base

Grade

1 / 5

0–1 kt Co

0–20 kt Co

0–0.05 % Co

2 / 5

1–5 kt Co

20–50 kt Co

0.05–0.15 % Co

3 / 5

5–15 kt Co

50–150 kt Co

0.15–0.3 % Co

4 / 5

15–30 kt Co

150–300 kt Co

0.3–0.6 % Co

5 / 5

≥ 30 kt Co

≥ 300 kt Co

≥ 0.6 % Co

PGM

Score

Production

Resource base

Grade

1 / 5

0–0.2 Moz 4E PGM

0–5 Moz 4E PGM

0–1.5 g/t 4E PGM

2 / 5

0.2–0.7 Moz 4E PGM

5–20 Moz 4E PGM

1.5–3 g/t 4E PGM

3 / 5

0.7–1.5 Moz 4E PGM

20–50 Moz 4E PGM

3–5 g/t 4E PGM

4 / 5

1.5–3 Moz 4E PGM

50–100 Moz 4E PGM

5–8 g/t 4E PGM

5 / 5

≥ 3 Moz 4E PGM

≥ 100 Moz 4E PGM

≥ 8 g/t 4E PGM

Palladium

Score

Production

Resource base

Grade

1 / 5

0–0.2 Moz 4E PGM

0–5 Moz 4E PGM

0–1.5 g/t 4E PGM

2 / 5

0.2–0.7 Moz 4E PGM

5–20 Moz 4E PGM

1.5–3 g/t 4E PGM

3 / 5

0.7–1.5 Moz 4E PGM

20–50 Moz 4E PGM

3–5 g/t 4E PGM

4 / 5

1.5–3 Moz 4E PGM

50–100 Moz 4E PGM

5–8 g/t 4E PGM

5 / 5

≥ 3 Moz 4E PGM

≥ 100 Moz 4E PGM

≥ 8 g/t 4E PGM

Platinum

Score

Production

Resource base

Grade

1 / 5

0–0.2 Moz 4E PGM

0–5 Moz 4E PGM

0–1.5 g/t 4E PGM

2 / 5

0.2–0.7 Moz 4E PGM

5–20 Moz 4E PGM

1.5–3 g/t 4E PGM

3 / 5

0.7–1.5 Moz 4E PGM

20–50 Moz 4E PGM

3–5 g/t 4E PGM

4 / 5

1.5–3 Moz 4E PGM

50–100 Moz 4E PGM

5–8 g/t 4E PGM

5 / 5

≥ 3 Moz 4E PGM

≥ 100 Moz 4E PGM

≥ 8 g/t 4E PGM

Copper uses Mlb Cu bands because featured projects include lb-scale contained units on copper rows. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.