Magna Mining (NICU) Q2 2026 earnings summary

Executive summary

• Achieved record production at McCreedy West in Q2 2026, safely mining and shipping 98,446 short tons at a grade of 3.34% CuEq, producing 4.5 million copper equivalent payable pounds, and supporting strong operational momentum.

• Completed one year without a recordable injury at McCreedy West, with a year-to-date TRIFR of 0.63, down 84% from 2025, reflecting a strong safety culture.

• Generated record positive cash margin of CAD 8.9 million and free cash flow of CAD 5.1 million in Q2 2026, marking a significant turnaround from prior quarters.

• Ended Q2 2026 with a cash balance of CAD 40 million and working capital of CAD 45.3 million, providing a strong liquidity position.

• Announced a CAD 140 million strategic investment by Alpayana, expected to close in Q3 2026, enhancing financial flexibility and shareholder base.

Financial highlights

• Q2 2026 net revenue was CAD 29.7 million, with a CAD 5.4 million reduction due to the precious metal stream.

• Cash margin improved to CAD 8.9 million (CAD 1.41 per copper equivalent payable pound), up from CAD 6 million (CAD 1.06 per pound) in Q1.

• Cash costs were CAD 3.76 per copper equivalent payable pound; all-in sustaining costs (AISC) were CAD 4.54 per pound.

• Q2 2026 operating cash flow was CAD 8.9 million (CAD 0.04 per share), and free cash flow was CAD 5.1 million (CAD 0.02 per share), reversing a free cash outflow of CAD 19.5 million in Q1 2026.

• Adjusted net loss for Q2 2026 was CAD 8.2 million, or CAD 0.03 per share.

Outlook and guidance

• On track to meet full-year 2026 guidance at McCreedy West, including production of 16.0–18.0 million copper equivalent payable pounds.

• Cash flow from McCreedy West supports advancement of Crean Hill and Levack projects.

• Levack preliminary economic assessment (PEA) and Crean Hill pre-feasibility study (PFS) expected to be completed in September 2026, informing construction and restart decisions.

• Anticipate releasing Levack PEA results in mid-September, with a formal restart decision to follow.