Magna Mining (NICU) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked the second full quarter of operations at McCreedy West and Pre-U.S. mines, with 75,215 tons processed at a 2.64% CuEq grade and sequential improvement in tonnage and development rates despite operational setbacks.

• Quarterly production reached 2.74 million lbs CuEq, impacted by delays but with access to higher-grade stopes achieved in early November.

• Workforce expansion, equipment investment, and infrastructure upgrades continued to support growth and operational optimization.

• Progress advanced at Levack mine, including the first NI 43-101 mineral resource estimate and ongoing exploration for new copper-precious metal-rich discoveries.

• Ended Q3 with $63.1 million in cash, raising an additional $6 million post-quarter via warrant exercises.

Financial highlights

• Net revenue from mining operations was CAD 16.3 million in Q3 2025, down from $18.5 million in Q2.

• Negative cash margin of $2 million, with cash costs of CAD 7.03/lb and all-in sustaining costs of CAD 9.01/lb.

• Net loss for Q3 was $10.6 million, with an adjusted net loss of $10.4 million or ($0.05) per share.

• Operating cash outflow was $10.8 million; free cash outflow was $14.4 million, including $4.2 million in capital expenditures.

• Working capital stood at $70.4 million at quarter-end.

Outlook and guidance

• Tracking toward the lower end of Q4 ore sales guidance, with improved copper equivalent grades expected as access to higher-grade stopes has been established.

• 2026 operational guidance to be provided in January or early February 2026.

• Life of mine plan with reserves for McCreedy West to be announced in Q1 2026.

• Preliminary economic assessment (PEA) for Levack mine to be initiated before year-end and completed during 2026.

• Continued focus on optimizing McCreedy West and advancing other Sudbury projects.