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Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE:8YD) reported fourth quarter and full-year 2025 operating and financial results for its McCreedy West copper-precious metals-nickel mine in Sudbury, Ontario. Management will host a conference call on April 21, 2026, at 8:00 a.m. EDT to discuss the results. All amounts are expressed in Canadian dollars unless otherwise indicated.
Magna ended Q4 2025 with cash and cash equivalents of $55.9 million. The company invested $8.2 million in exploration and evaluation expenses in 2025 on its Levack and Crean Hill projects. Completion of studies for both projects is scheduled for the third quarter of 2026.
Jason Jessup, CEO of Magna, said the company continued to execute its underground development plan in Q4 2025, including increased diamond drilling and stope availability at McCreedy West. He noted that the goal of the plan was to access new areas of the mine with better grade stopes, improve consistency and flexibility in the mine plan, and position the operation for profitable production in 2026. Jessup also said the company reiterated its operational guidance for 2026, which is slightly weighted to the second half of 2026 due to stope sequencing.
He added that Magna is well-funded to advance Levack and Crean Hill toward restart and construction decisions, respectively, and to aggressively diamond drill and expand its R2 Footwall Zone discovery at Levack. He also referenced continued evaluation of a potential restart of mining at the nickel-rich Intermain contact-type deposit at McCreedy West.
Table 1 summarizes McCreedy West 2025 tons processed, contained CuEq grades, and CuEq payable pounds.
| FY 2025 | FY 2025 | ||||
| Q4 | Q3 | Q2 | Q1 (March only) | FY 2025 | |
| Tons Processed | 84,954 | 75,215 | 70,045 | 20,388 | 250,602 |
| CuEq Grade (%) (contained) | 3.41 | 2.64 | 3.26 | 3.01 | 3.10 |
| CuEq lbs (payable) | 4,968,000 | 2,735,000 | 3,053,000 | 790,000 | 11,546,000 |
CuEq payable pounds and CuEq payable grade were calculated using the following US dollar prices:
Table 2 presents selected Q4 and full-year 2025 operating and financial highlights.
| In 000s, except per units and per share amounts | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | FY 2025 |
| Net revenue from mining operations | 24,810 | 14,026 | 15,701 | 4,297 | 58,834 |
| Cash margin | 3,313 | (2,041) | (1,191) | 269 | 351 |
| Net income (loss) | (7,108) | (11,597) | (9,317) | 11,039 | (16,983) |
| Adjusted net loss | (6,863) | (11,365) | (8,746) | (6,163) | (33,137) |
| Operating cash flow | (10,173) | (10,781) | (11,560) | (2,584) | (35,098) |
| Free cash flow | (11,307) | (14,350) | (10,718) | (10,584) | (46,959) |
Non-IFRS performance measures: Cash margin is calculated as the difference between total sales revenue, net of smelting, refining and treatment costs from mining operations, and cash mine site operating costs. The company notes that reconciliations to financial statements are provided in the “Non-IFRS Performance Measures” section.
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