Magna Mining (NICU) Q1 2026 earnings summary

Executive summary

• McCreedy West Mine processed 82,296 tons from the 700 Footwall Copper Zone at a 3.38% CuEq grade, producing 4.1 million CuEq payable lbs and achieving a $6.0 million cash margin in Q1 2026, in line with forecasts.

• Zero reportable injuries in Q1 2026, with a trailing 12-month TRIFR of 0.78, reflecting a strong safety culture.

• Ended Q1 2026 with $35.8 million in cash and $53.7 million in working capital; $11.5 million of receivables collected after quarter-end.

• Announced initial mining reserves for McCreedy West, outlining a three-year production profile.

• Received conditional approval to uplist shares to the TSX, pending final requirements.

Financial highlights

• Q1 2026 revenue was CAD 25.9 million, with cash costs of $3.48 and all-in sustaining costs of $4.21 per copper equivalent payable pound.

• Cash margin improved to CAD 6 million (CAD 1.06/lb), up from CAD 3.3 million (CAD 0.49/lb) in Q4 2025.

• Net loss for Q1 2026 was $6.4 million; adjusted net loss per share was $(0.03).

• Operating cash outflow was CAD 16.2 million; free cash outflow was CAD 19.5 million.

• Trade and other receivables increased to CAD 36.7 million, including CAD 28.2 million in metal receivables and CAD 7.8 million in reimbursable costs.

Outlook and guidance

• Full-year production guidance maintained at 16–18 million CuEq payable lbs, with tonnage and grades expected to increase from Q1.

• Targeting 1,000 tons/day and 30,000 tons/month for the remainder of 2026 at McCreedy West.

• Potential restart of Intermain nickel-rich deposit under evaluation, with possible mining in H2 2026.

• PEA for Levack and PFS for Crean Hill both anticipated for completion in Q3 2026.