Magna Mining Announces H2 2025 Guidance

Sudbury, Ontario--(Newsfile Corp. - July 16, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce production and cost guidance for the second half of 2025.

Jason Jessup, CEO of Magna, stated, "Over the past four months, Magna has been executing a plan to unlock the potential of the McCreedy West Mine. We have invested capital into underground equipment and additional development, hired additional people to support a 24-7 operation at the mine, and we are seeing the benefits of this plan materialize. The mine plan for this year is evolving from the plan we inherited with the purchase of McCreedy West, to a plan that is designed, owned and executed by Magna. In Q4 and beyond, we expect to be developing into mining areas that have better grades, while building flexibility and upside into the plan. We expect all-in sustaining costs to decrease in 2026 as we conclude our accelerated capital development program and achieve our optimization goals. I am proud of our team at the mine, and the dedicated executive management team that are helping to build McCreedy West into what we believe will be a long life, cash flow generating copper, nickel and PGE mine."

Highlights (in USD unless otherwise stated):

• Quarterly ore sales from the 700 Copper Zone are expected to be between 80,000 and 92,000 tons in the second half of 2025.

• Contained copper equivalent grade expected to be between 2.9% to 3.4% in Q3 2025, and 3.8% to 4.4% in Q4 2025.

• Cash costs (per copper equivalent pound) expected to be $3.85 to $4.40 in Q3 2025, reducing to $3.11 to $3.66 in Q4 2025.

• AISC (per copper equivalent pound) expected to be $4.95 to $5.49 in Q3 2025 and $3.85 to $4.47 in Q4 2025.

Table 1 - Operating Guidance for Q3 & Q4 2025

McCreedy West Planned Underground Development Activities in 2025

The Company plans to make important investments at the McCreedy West Mine during the second half of 2025, including upgrading the mobile equipment fleet and increasing the amount of capital and operating mine development. In June, a contract mining company was mobilized to site to increase the amount of capital development at McCreedy West for the reminder of the year. Forecasted daily development rates are expected to increase to 28 ft/day in the second half of 2025. Development rates year to date are shown in Table 2.

Table 2 - Development Rates at the McCreedy West Mine in 2025

A contract mining company is not currently planned to be retained for capital development in 2026, at which point sustaining capital costs would be expected to decrease. The total underground development planned for H2 2025 (including operating and capital development) is approximately 5100 feet.

Planned capital development is designed to access the western side of the 700 Copper Zone on multiple levels via ramp. Planned operating development is expected to provide the mine with increased stope development inventory, which is expected to add consistency and flexibility to stope sequencing and other production activities.

COO Jeff Huffman added, "The planned capital development on the western side of the 700 Copper Zone should allow us to exploit the existing known resources as well as facilitate access to areas from which we can launch an exploration program in previously untested western areas of the 700 Copper Zone. As the capital development is now reaching the western extent on the 930 level, the first underground diamond drill will be mobilized in this area in coming weeks. The planned operating development will provide McCreedy West with increased production optionality and flexibility and is expected to support a more robust operating plan moving forward into 2026."

Figure 1 - Crushed Ore Pile from July 7, 2025 at McCreedy West Mine

Cautionary Statement on Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as "may", "might", "potential", "expect", "anticipate", "estimate", "believe", "could", "should", "would", "will", "continue", "intend", "plan", "forecast" or other similar words or phrases or variations thereof. For example, forward-looking statements include, but are not limited to, statements with respect to operational and financial performance including the Company's production and cost guidance for H2 2025, the ability to reduce sustaining capital costs in 2026, the additional capital investment and underground development planned for H2 2025, the potential of the McCreedy West Mine, mine development activities, the composition of the Company's portfolio of assets, including its operating mines, development and exploration projects, and Magna's future plans, and those statements found, among other sections of this press release, under the headings "Highlights" and "Table 1. Operating Guidance for Q3 & Q4 2025".

Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the Company's present and future business strategies, operations performance within expected or budgeted ranges, including targeted mining rates and the availability of additional investment capital, personnel, contractors, equipment and supplies, anticipated future production and cash flows, including the failure to accurately estimate production, costs, cash flows and other forecasted operating and financial measures in this press release, the ability of the Company to achieve expected further development or production at the McCreedy West Mine, results of exploration programs, including the failure of additional drilling to realize anticipated growth in resources or additional definition or delineation of current resources, delays for assay results, changes in disclosed resources or reserves that are only estimated, local and global economic conditions and the environment in which the Company will operate in the future, the prices of base and precious metals (including copper, nickel and PGM minerals) and key commodities, projected mineral grades, international exchanges rates, anticipated capital and operating costs, the inability to raise the financing necessary to incur the expenditures required to retain and advance the Company's properties, environmental liabilities (known and unknown), accidents, labour disputes and other risks inherent in the mining industry, political instability, terrorism, insurrection or war, the availability and timing of required governmental and other approvals for the operation or development of the Company's projects and other risks disclosed in the Company's most recent management discussion and analysis. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Magna's filings with Canadian securities regulators, including the most recent management discussion and analysis, available on SEDAR+ at www.sedarplus.ca.

Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.

Non-IFRS Performance Measures

The Company has included certain terms or performance measures commonly used in the mining industry in this press release that are not defined under IFRS, which include cash costs and all-in sustaining costs. With respect to non-IFRS performance measures, please refer to the section in the Company's Q1 2025 Management Discussion and Analysis entitled "Non-IFRS Performance Measures" for the definitions and reconciliation of such non-IFRS performance measures to the consolidated financial statements of the Company. Non-IFRS performance measures do not have any standardized meaning under IFRS, and therefore, they may not be comparable to similar measures employed by other companies. Such measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS and should be read in conjunction with the Company's financial statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

About Magna Mining Inc.

Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM operating, exploration and development projects in the Sudbury Region of Ontario, Canada. The Company's primary assets are the producing McCreedy West copper mine and the past producing Levack, Podolsky, Shakespeare and Crean Hill mines. Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company's website (www.magnamining.com).