Latest news with #MagnaMining
Yahoo
23-06-2025
- Business
- Yahoo
Magna Mining Announces Funding Award from the Critical Minerals Innovation Fund (CMIF)
Sudbury, Ontario--(Newsfile Corp. - June 23, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) (the "Company" or "Magna") is pleased to announce that the Ontario government has awarded funding for up to C$500,000 for work on the Company's Crean Hill project. The award will be applied towards metallurgical work related to enhancing precious metal recoveries from contact and footwall mineralization at Crean Hill, which was carried out as part of the surface bulk sample program in 2024. Magna Mining's Senior Vice President Paul Fowler stated: "We are extremely pleased to be the recipients of this funding program, and we are delighted that the Ontario government is supporting our efforts to develop new critical mineral production in Sudbury. We look forward to continuing to work with the Ontario government through initiatives such as the Critical Minerals Innovation Fund and the new C$500 million Critical Minerals Processing Fund to execute our plans to re-start multiple new mining operations and increase copper and nickel production in Sudbury over the next 3 to 4 years." "Ontario is doubling down on its leadership in the critical minerals sector, and our Critical Minerals Innovation Fund is a core component of this strategy," said Stephen Lecce, Minister of Energy and Mines. "This investment will help efforts to enhance mineral recoveries in the historic Sudbury basin and create good paying jobs for Canadians. By supporting Magna Mining's Crean Hill project in advancing mineral processing work to maximize precious metal yields and boost copper and nickel output, we are helping to write the next chapter for Sudbury's mining sector while powering Ontario's future as a key supplier of the critical minerals essential for a modern and competitive economy." Cautionary Note Regarding Forward-Looking Statements All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as "may", "might", "potential", "expect", "anticipate", "estimate", "believe", "could", "should", "would", "will", "intend", "plan", "forecast" or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks relating to the failure of further metallurgical work at Crean Hill to result in enhanced precious metals recoveries, the failure to re-start mining operations or increase copper and nickel production, the failure to ultimately receive reimbursement for expenditures incurred in accordance with the initial approval of up to C$500,000 in funding from the Ontario government and other risks disclosed in the Company's most recent annual management discussion and analysis. Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release. About Magna Mining Inc. Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM operating, exploration and development projects in the Sudbury Region of Ontario, Canada. The Company's primary assets are the producing McCreedy West copper mine and the past producing Levack, Podolsky, Shakespeare and Crean Hill mines. Additional information about the Company is available on SEDAR ( and on the Company's website ( For further information, please contact: Jason JessupChief Executive Officer or Paul Fowler, CFASenior Vice President705-482-9667Email: info@ To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-06-2025
- Business
- Yahoo
Is Magna Mining a Good Stock to Buy?
Written by Aditya Raghunath at The Motley Fool Canada Valued at a market cap of $362 million, Magna Mining (TSXV:NICU) is a Canadian mineral exploration and development company founded in 2016 by Jason Jessup, a 20-year veteran of the Sudbury mining district. It focuses on acquiring, exploring, and developing mineral properties in the world-renowned Sudbury region, which has arguably contributed more to Canada's mineral development than any other single location. Magna's primary assets include two strategic properties with existing NI 43-101 (a securities regulation) compliant mineral resource estimates. Magna holds a 100% interest in the Crean Hill Project, located on the southwest corner of the Sudbury Basin, which historically produced over 20 million tonnes of ore for Inco during an 80-year period until 2002. The company also owns an 84% interest in the Shakespeare Mine, located 70 kilometres southwest of the Sudbury Basin within a 180-square-kilometre land package. Magna Mining targets critical minerals, including nickel, copper, cobalt, gold, and platinum group metals, which are commodities essential for electric vehicle battery production and the clean energy transition. It benefits from Sudbury's world-class geology, established mining infrastructure, and supportive local communities, which have backed mining operations for over a century. With over 1.7 billion tonnes historically mined from the region and 10 active producing mines, Magna Mining is well-positioned to capitalize on the district's continued mineral potential. Over the last five years, Magna Mining stock has returned nearly 90% to shareholders. Let's see why you should invest in this Canadian penny stock right now. Magna Mining achieved a key milestone in Q1, completing its transformational acquisition of KGHM International's Sudbury Basin assets. The $33.5 million financing package, comprising $23.5 million in convertible debentures and $10 million in equity, positioned Magna as Canada's newest operator in copper, nickel, and precious metals mining. The acquisition includes the producing Macready West copper mine and the permitted Lavac and Podolsky mines, which are currently under care and maintenance, plus five exploration properties. This strategic move transforms Magna from an exploration company into an active producer, generating immediate cash flow. Post-acquisition operations at Macready West produced 790,000 pounds of copper equivalent payable in March alone, processing 20,388 tonnes at 3.01% copper equivalent grade. The mine generated $0.3 million in cash margin during its first month under Magna's ownership, with all-in sustaining costs of $6.65 per pound. Management implemented immediate operational improvements, including transitioning from a 12-hour shift to a 24/7 operation schedule and increasing development output by 10–15%. The company identified the asset as previously under-capitalized by KGHM, viewing it as non-core, creating optimization opportunities. Magna's current focus is on underground development to access the western extension of the 700-copper zone, with two drill rigs active to support production. At Lavac, three drill rigs are targeting near-surface footwall copper zones to support restart studies. With $38.3 million in cash on hand, Magna expects to provide production guidance in the third quarter of 2025, positioning it for a strong 2026 performance as operational improvements take effect. Analysts expect Magna's revenue to increase from $68 million in 2024 to $395 million in 2028. Its adjusted earnings are forecast to grow from $0.05 per share to $0.59 per share in this period. If the penny stock is priced at just 10 times forward earnings, which is reasonable, it should trade around $5.90 per share, indicating an upside potential of 190% from current levels. The post Is Magna Mining a Good Stock to Buy? appeared first on The Motley Fool Canada. More reading Made in Canada: 5 Homegrown Stocks Ready for the 'Buy Local' Revolution [PREMIUM PICKS] Market Volatility Toolkit Best Canadian Stocks to Buy in 2025 Beginner Investors: 4 Top Canadian Stocks to Buy for 2025 5 Years From Now, You'll Probably Wish You Grabbed These Stocks Subscribe to Motley Fool Canada on YouTube Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 2025 Sign in to access your portfolio
Yahoo
28-05-2025
- Business
- Yahoo
Magna Mining Announces Upgrade to OTCQX and Quarterly Results Conference Call & Webcast
Sudbury, Ontario--(Newsfile Corp. - May 28, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) (the "Company" or "Magna") is pleased to announce that the company has qualified to trade on the OTCQX® Best Market, and begins trading today on OTCQX under the symbol "MGMNF". The Company upgraded to OTCQX from the OTCQB® Venture Market. US investors can find current financial disclosure and Real-Time Level 2 quotes for the company on 2025 Quarterly Results Conference Call and Webcast Magna Mining is scheduled to release their Q1 2025 financial results and MD&A after the market close on Thursday May 29, 2025. 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: Dial In: (N. America Toll Free): 1-844-763-8274Participant International Dial In: 1-647-484-8814 Conference call participants should ask to join the Magna Mining Inc. quarterly results conference call. About Magna Mining Inc. Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM projects in the Sudbury Region of Ontario, Canada. The Company's primary assets are the producing McCreedy West copper mine and the past producing Levack, Podolsky, Shakespeare and Crean Hill mines. Additional information about the Company is available on SEDAR+ ( and on the Company's website ( For further information, please contact: Jason JessupChief Executive Officer or Paul Fowler, CFASenior Vice President705-482-9667Email: info@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release. To view the source version of this press release, please visit
Yahoo
03-03-2025
- Business
- Yahoo
Magna Mining Initiates Diamond Drilling at the Levack Mine and Reports 2024 Drilling Results at the McCreedy West Mine
Drilling results include 14.3% Cu, 3.5% Ni, 6.0 g/t Pt+Pd+Au over 9.6 metres. Sudbury, Ontario--(Newsfile Corp. - March 3, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce that with the acquisition of the Sudbury Basin assets from KGHM now completed, Magna has initiated surface diamond drilling at the Levack Mine. Additionally, previously unreported 2024 drilling at the McCreedy West Mine has intersected up to 14.3% Cu, 3.5% Ni, 6.0 g/t Pt+Pd+Au over 9.6 metres in drillhole FNX33223 (Table 1). Dave King, S.V.P. Exploration and Geoscience for Magna Mining stated: "We are pleased to initiate diamond drilling on the newly acquired Sudbury assets. We believe these assets have significant resource potential that could be developed, and tremendous exploration upside potential remaining. Initial drilling from surface will focus on the Levack Mine property in support of Magna's Levack Mine restart plan. The diamond drilling results highlighted at McCreedy West demonstrate the potential to add and further define high grade copper mineralization adjacent to historical mining areas. Drilling in 2025 will continue to focus on areas of the McCreedy West 700 FW Cu-PGE zone where we see the potential to grow mineral resources that can support the short to medium term mine plan." On February 28th, 2025, Magna announced that it has completed the acquisition (the "Acquisition") of a portfolio of base metals assets located in the Sudbury Basin from an affiliate of KGHM International Ltd. ("KGHM"), which includes the producing McCreedy West copper mine, the past-producing Levack Mine, Podolsky Mine and Kirkwood Mine, as well as the Falconbridge Footwall (81.41%), Northwest Foy (81.41%), North Range and Rand exploration properties (Figure 1). Production support diamond drilling is ongoing at the McCreedy West Mine, and the first surface drill rig was mobilized to the Levack Mine site on March 1st. Levack Mine 2025 Drilling Program The Levack Mine (Figure 2) was operated by KGHM until 2019, and is currently under care and maintenance (See news release dated September 12, 2024 and titled "Magna Mining Acquires Producing Copper Mine in Sudbury from KGHM International Ltd. Acquisition Includes a Portfolio of Critical Mineral Exploration and Development Assets in the Sudbury Basin Mining District" for a more detailed description and history of the Levack Mine). Initial surface diamond drilling at Levack Mine in 2025 will focus on defining near surface mineralization in the footwall of the main orebody, expanding on the unmined Keel FW Zone, as well as exploration drilling down-dip towards the Morrison Footwall Deposit. Significant historical intersections within the Keel FW Zone include 31.0 % Cu, 0.3% Ni, 12.4 g/t Pt+Pd+Au over 1.5 metres in drillhole 855710, and 28.8 % Cu, 0.5% Ni, 4.6 g/t Pt+Pd+Au over 1.5 metres in drillhole FNX6025 (Figure 3). Underground diamond drills will be mobilized to the Levack Mine as soon as suitable drilling platforms and services are available. McCreedy West Mine 2024 Drilling Production support drilling at the McCreedy West Mine is ongoing with two underground diamond drills. In addition to infill drilling to support detailed mine planning, a considerable portion of the 2024 and 2025 drilling is targeted at expanding resources adjacent to the known historical mining areas. Drilling in 2024 has continued to demonstrate the potential to add significant mineral resources along the lower margins and to the west of the known 700 Footwall Cu-PGE Zone, towards Glencore's historical Hardy-Boundary Mine (Figure 4). High grade drillhole intersections targeting these areas include 14.3% Cu, 3.5% Ni, 6.0 g/t Pt+Pd+Au over 9.6 metres in drillhole FNX33223, and 1.0% Cu, 1.2% Ni, 1.7 g/t Pt+Pd+Au over 61.4 m, Including 2.4% Cu, 3.7% Ni, 5.7 g/t Pt+Pd+Au over 8.2 m, and 3.4% Cu, 2.6% Ni, 5.2 g/t Pt+Pd+Au over 4.1 m in drillhole FNX33226 (Figure 5 and Table 1). These areas remain a high priority for 2025 diamond drilling at McCreedy West. Figure 1: Location of Magna Mining Existing Properties, and Key Sudbury Infrastructure. To view an enhanced version of this graphic, please visit: Figure 2: Levack Mine Longsection and Vertical Section Showing the Location of Mineralized Zones. To view an enhanced version of this graphic, please visit: Figure 3: Levack Vertical Section Looking West, showing the location of the No. 7 and Main Contact Ni Zones, and the Morrison and Keel Footwall Cu-PGE Zones. Selected FW Cu-PGE Drillhole Intersections are Highlighted. To view an enhanced version of this graphic, please visit: Figure 4: McCreedy West Mine Oblique 3D View Showing the Location of Mineralized Zones. To view an enhanced version of this graphic, please visit: Figure 5: McCreedy West 700 Cu-PGE Zone in 3D View Looking East. Selected 700 FW Cu-PGE Diamond Drillhole Intersections are Highlighted. To view an enhanced version of this graphic, please visit: Table 1: Summary of Drillhole Results From Highlighted 2024 McCreedy West Drilling. [Source of this information include who completed the drilling] Drillhole ZoneFrom (m) To (m) Length (m) Cu % Ni % Co % Pt g/t Pd g/t Au g/t TPM g/t NiEq FNX33283 700 FW51.05 52.43 1.37 7.03 3.05 0.02 0.42 2.42 0.02 2.85 6.65 FNX33145 700 FW24.38 32.61 8.23 11.89 0.54 0.01 14.15 7.12 0.47 21.74 9.00 FNX33226 700 FW151.94 213.36 61.42 0.98 1.21 0.01 1.16 0.77 0.97 2.90 2.15700 FW Including 151.94 160.17 8.23 2.38 3.69 0.02 3.34 2.17 0.20 5.71 5.67700 FW and 200.86 205.28 4.42 3.36 2.60 0.21 2.48 2.41 0.30 5.18 5.23700 FW and 211.53 213.36 1.83 2.52 5.76 0.49 4.64 1.38 0.37 6.38 8.47 FNX33223 700 FW184.56 194.16 9.60 14.31 3.49 0.04 1.62 3.15 1.21 5.97 10.75 All lengths are downhole length. True widths are uncertain at this time. Ni Eq % = (Ni% x 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt gpt x 69% Recovery / 31.1035 x Pt $/oz) +(Pd gpt x 68% Recovery / 31.1035 x Pd $/oz) + (Au gpt x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb. Metal prices in US$: $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au. Qualified Person The technical information in this press release has been reviewed and approved by David King, 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. QAQC Sample QA/QC procedures for KGHM have were designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to KGHM's core facilities. The core is then logged, and samples marked in intervals of up to 5 ft. Samples are then put into plastic bags then loaded into plastic shipping crates. Once the crate is filled (approximately 150-200 samples) it is sealed and sent to SGS labs in Garson Ontario via a third-party courier (Day Construction) for preparation and analysis. Samples are submitted in batches of 70, every 40th sample submitted in sequence is a sample of certified reference material, as well as a KGHM blank inserted every 100 samples. About Magna Mining Inc. Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM operating, exploration and development projects in the Sudbury Region of Ontario, Canada. The Company's primary assets are the producing McCreedy West copper mine and the past producing Levack, Podolsky, Shakespeare and Crean Hill mines. Additional information about the Company is available on SEDAR ( and on the Company's website ( For further information, please contact: Jason JessupChief Executive Officer or Paul Fowler, CFASenior Vice President416 356 8165 Email: info@ Cautionary Statement This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-Looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding, the production and exploration potential of the McCreedy West Mine and Levack Mine, production and operational objectives, plans to complete exploration programs, potential mineralization, exploration results and statements regarding beliefs, plans, expectations, or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. A production decision at the McCreedy West mine was made by the previous operator of the mine, and Magna has made a decision to continue production subsequent to the completion of the Acquisition. This decision by Magna to continue production following completion of the Acquisition and, to the knowledge of Magna, the prior production decision by the current operator, were not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, which include increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production results and costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on Magna's cash flow and future profitability. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release. To view the source version of this press release, please visit Sign in to access your portfolio
