Magna Mining Reports Operating and Financial Results for the First Quarter of 2026

SUDBURY, Ontario, May 27, 2026 (GLOBE NEWSWIRE) -- Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE:8YD) (the “Company” or “Magna”) is pleased to report operating and financial results for the first quarter of 2026 (“Q1 2026”). Management will host a conference call tomorrow, May 28, 2026, at 8:00am EDT to discuss the results. All amounts are expressed in Canadian dollars unless otherwise indicated.

Highlights During Q1 2026, Magna achieved a positive cash margin* of $6.0 million at the McCreedy West copper-precious metals-nickel Mine (“McCreedy West”), located in Sudbury, Ontario, Canada. In Q1 2026, 82,296 tons of ore was processed from the 700 Footwall Copper Zone at McCreedy West at a grade of 3.38% copper equivalent (“CuEq”) 1 based on realized metal prices in the quarter. The Company produced 4.1 million CuEq payable pounds (“lbs”) in Q1 2026.

With both tonnage and grades forecast to increase from Q1, the Company continues to expect to achieve full year production guidance of 16-18 million CuEq payable lbs. Quarterly cash costs* and All-in sustaining costs* (“AISC”) of US$3.48 per CuEq lb, and US$4.21 per CuEq lb, respectively. Production costs per ton processed in Q1 2026 declined by 5.3% quarter over quarter to $214 per ton.

Ended Q1 2026 with cash and cash equivalents of $35.8 million and a working capital balance of $53.7 million. At March 31, 2026 the Company's Trade and Other Receivables had increased to $36.7 million which included $28.2 million in metal receivables, as well as $7.8 million from reimbursable costs related to an egress project for a neighbouring mine. Subsequent to the end of Q1 2026, $11.5 million of the Trade and Other Receivables has been received. Exploration and evaluation expenses in Q1 2026 of $2.8 million, including $2.3 million at Levack M