Magna Mining records strongest quarterly performance at McCreedy yet
TSX-V-listed Magna Mining continued to execute on its underground development plan in the three months ended December 31, the company’s fourth quarter of full year 2025, with increased diamond drilling and stope availability at the McCreedy West copper/nickel/precious metals mine in Sudbury, Ontario, Canada, CEO Jason Jessup says.
The goal of this plan is to access new areas of the mine with better grade stopes, build in consistency and flexibility to the mine plan and position the operation to execute profitable production in 2026.
Jessup highlights that the fourth quarter results are a result of executing this plan and are a significant improvement quarter-on-quarter as McCreedy West generated a positive cash margin of $3.3-million during the period.
The company processed 84 954 t of ore from the 700 Footwall Copper Zone at McCreedy West at a grade of 3.41% copper-equivalent in the quarter.
Magna also produced five-million copper-equivalent payable pounds in the quarter, representing the strongest quarterly production at McCreedy West since the company completed the acquisition of a portfolio of Sudbury assets, including McCreedy West, on February 28, 2025.
Quarterly cash costs and all-in sustaining costs (AISC) were $3.08 per pound of copper-equivalent, and $3.49 per pound of copper-equivalent, respectively.
During the ten months of the company’s ownership in 2025, McCreedy West produced 11.5-million payable pounds at a grade of 3.10% copper-equivalent, with cash costs of $3.72/lb, and AISC of $4.47/lb, Magna points out.
The total cash margin at McCreedy West in 2025 was $400 000.
The company ended the quarter with cash and cash equivalents of $55.9-million, after investing $8.2-million in exploration and evaluation expenses in 2025 on Levack and Crean Hill, with the completion of studies on both of these projects scheduled for the third quarter of 2026.
On the back of these strong fourth-quarter results, Magna reiterates its previous operational guidance for 2026, which will be slightly weighted to the second half of the year owing to stope sequencing.
“We are well-funded to advance our Levack and Crean Hill projects towards restart and construction decisions, respectively, as well as aggressively diamond drill and expand our R2 Footwall Zone discovery at Levack, and test new high-grade copper targets on our other properties in 2026.
“In addition, the team at McCreedy West continues to evaluate the potential restart of mining at the nickel-rich Intermain contact-type deposit,” Jessup highlights.
Meanwhile, for the full year 2025, payable metal production was 11.5-million pounds of payable copper-equivalent, consisting of 6.1-million pounds of copper, 900 000 pounds of nickel, 3 261 oz of platinum, 3 686 oz of palladium, 940 oz of gold and 47 682 oz of silver.
Fourth quarter copper-equivalent revenue from mining operations was $24.6-million, while full year revenue from mining operations was $60-million.
Full year exploration and evaluation expenses was $8.2-million, including $4.6-million at Levack to support the internal Levack mine restart study and exploration for new footwall deposits, and $1.6-million at Crean Hill to advance the project with power, engineering, commercial discussions and water pre-treatment design/installation activities.
A preliminary economic assessment is now underway on the Levack mine, while a prefeasibility study is underway on the Crean Hill project, with completion of both studies anticipated in the third quarter of 2026.
