Magna Mining Inc. processed 98,446 tons of ore at a grade of 3.34% copper equivalent during the second quarter of 2026, delivering record quarterly output from the McCreedy West Mine in Sudbury, Ontario.

The Q2 performance surpassed the 82,296 tons processed in the first quarter of 2026. The operation generated 4.5 million copper equivalent payable pounds during the quarter, bringing total payable output for the first half of 2026 to 8.6 million pounds. Magna continues to track toward its full-year 2026 guidance range of 16.0 million to 18.0 million payable pounds.

Operational efficiencies helped lower production costs per ton processed by 6.9% from the previous quarter to $199. Driven by these results, the company reported a record positive cash margin of $8.9 million for the quarter, an increase from $6.0 million in the first quarter. Free cash flow reached $5.1 million, reversing the $19.5 million free cash outflow recorded in the preceding period. Cash costs stood at US$3.76 per payable pound, with all-in sustaining costs at US$4.54 per payable pound.

Safety performance also improved, with the year-to-date Total Recordable Injury Frequency Rate falling to 0.63 from 3.87 during the same period in 2025. The McCreedy West Mine completed one year without a recordable injury in June 2026.

“Q2 was a landmark quarter for Magna, with several significant achievements. The team at McCreedy West set quarterly records for tonnage as well as contained copper equivalent production, while lowering production costs by almost 7% to $199 per ton processed and celebrating a full year with zero reportable injuries.”

— Jason Jessup, Chief Executive Officer

Operating cash flows are supporting advancement across the wider portfolio. Exploration and evaluation expenses totaled $5.3 million in the second quarter, which included $5.0 million directed toward infrastructure readiness and underground exploration platforms at the Levack Mine. Both the Levack Preliminary Economic Assessment and the Crean Hill Pre-Feasibility Study remain on track for completion during the third quarter of 2026.

To support development work across its Sudbury operations, Magna acquired underground mining equipment and inventory from a proximate mining asset transitioning to closure in July 2026. The purchase cost approximately $1.0 million and is projected to deliver equipment savings between $9.0 million and $12.0 million compared to new or equivalent used alternatives.

Corporate financing initiatives ran alongside operational milestones. On June 23, 2026, the company graduated from the TSX Venture Exchange to the Toronto Stock Exchange. Subsequent to the quarter end, Magna announced a $140.0 million strategic private placement with Alpayana S.A.C., involving the issuance of 62,222,222 common shares at $2.25 per share. The transaction will grant Alpayana a 19.9% interest upon closing, anticipated in the third quarter of 2026 pending regulatory approvals. Magna ended the quarter with $40.0 million in cash and cash equivalents and a working capital balance of $45.3 million.

In executive changes, Chief Financial Officer Scott Gilbert announced his intention to retire by the end of 2026. Greg Huffman, Senior Vice President of Capital Markets, will assume the chief financial officer role upon Gilbert's departure following a transition period.

Read the full announcement: Magna Mining Reports Operating and Financial Results for the Second Quarter of 2026