Magna Mining (NICU) Q4 2025 earnings summary

Executive summary

• Q4 2025 marked the third full quarter of operations at McCreedy West, achieving a 13% increase in tons mined and shipped compared to Q3 and the strongest quarterly production since asset acquisition in February 2025.

• Zero reportable injuries were recorded in Q4, reflecting strong safety performance.

• Workforce expansion continued at McCreedy West and project teams to support multi-mine growth ambitions.

• Progress advanced at Levack mine towards a potential restart, including development and exploration drilling.

• Ended Q4 2025 with $55.9 million in cash and cash equivalents after $8.2 million in exploration and evaluation expenses for Levack and Crean Hill.

Financial highlights

• Q4 2025 net revenue was $24.8 million, with a cash margin of $3.3 million at McCreedy West.

• Q4 2025 net loss was $7.1 million (or $0.03 per share); full year net loss was $16.98 million (or $0.07 per share).

• Cash costs were $3.08 and all-in sustaining costs $3.49 per copper equivalent pound in Q4; full year cash costs were $3.72 and AISC $4.47 per pound.

• Operating cash outflow was $10.2 million; free cash outflow was $11.3 million.

• Working capital at year-end was $60.5 million; total assets were $193.9 million.

Outlook and guidance

• Operational guidance for 2026 is reiterated, with production weighted to the second half due to stope sequencing.

• Studies for Levack (PEA) and Crean Hill (PFS) are underway, targeted for completion by end of Q3 2026.

• Well-funded to advance Levack and Crean Hill projects and continue aggressive exploration in 2026.

• Up-listing to TSX expected in the current quarter.