Magna Mining Inc. Reports Third‑Quarter 2025 Financial Results

Sudbury, Ontario – 25 November 2025 – Magna Mining Inc. (TSX V: NICU; OTCQX: MGMNF; FSE: 8YD) announced its financial performance for the third quarter of 2025. The company’s management will discuss the results on a conference call scheduled for 26 November 2025 at 8:00 a.m. EST.

Revenue and Cash Flow

  • Net revenue from mining operations: C$16.28 million, a slight decline from C$18.47 million in the second quarter but still higher than the C$4.45 million recorded in the March‑only first quarter.
  • Cash margin: The company reported a negative cash margin of C$2.04 million for Q3, compared with a positive C$269 thousand in the second quarter and a C$1.19 million loss in Q1.
  • Net income (loss): Magna posted a net loss of C$10.64 million for the quarter, an increase in absolute terms from C$9.50 million in Q2 and a reversal of the C$29.10 million profit seen in the March‑only Q1.
  • Adjusted net loss: The adjusted figure was C$10.41 million, a marginal improvement over the adjusted loss of C$8.93 million in Q2.
  • Operating cash flow: C$10.78 million of negative cash flow was recorded, an improvement on the C$11.56 million loss in Q2 but still a decline relative to the C$2.58 million in Q1.
  • Free cash flow: The company reported a free cash flow of C$14.35 million in the negative, narrowing the gap compared with C$10.72 million in Q2 and C$10.58 million in Q1.

Production Highlights

  • Tons processed: 75,215 tonnes were processed in Q3, up from 70,045 tonnes in Q2 and 20,388 tonnes in Q1.
  • Copper‑equivalent grade (contained): 2.64 % in Q3, a modest decline from 3.26 % in Q2 but an increase over 3.01 % in Q1.
  • Copper‑equivalent payable (lbs): 2,735,000 lbs in Q3, down from 3,053,000 lbs in Q2 and 790,000 lbs in Q1.
  • Underground development: The company expanded its underground operations, completing 1,796 feet of development in Q3, an increase from 1,444 feet in Q2 and 568 feet in Q1.

Management Commentary

Chief Executive Officer Jason Jessup highlighted the company’s continued focus on underground development and the promise of its mineral resource estimates. “During the third quarter of 2025, Magna executed on our plan to focus on investing in the underground,” Jessup said. He noted that while production faced setbacks and cash flow remained a challenge, the company was confident in its long‑term development strategy.

Non‑GAAP Performance

The company’s Non‑GAAP earnings per share for the quarter were C$‑0.05, reflecting the same negative figure reported by several financial news outlets, including Seeking Alpha and Finanznachrichten.de. This loss per share is a slight improvement from the C$‑0.03 loss recorded in the prior quarter.

Outlook

Magna Mining Inc. remains committed to advancing its base‑metal exploration and development projects in Sudbury. The company’s latest quarterly results, while highlighting continued cash flow pressures, underscore a growing production base and an expanding underground footprint. Management will provide further detail during the upcoming earnings conference call.