Metallurgy and Recoveries

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins us to unpack the key takeaways from the recently announced Resource Estimate for the Levack Mine and the development pathway into production as their second polymetallic mine  located in the North Range of the Sudbury Basin, Canada. 

Levack Mineral Resource Estimate Highlights (as of August 31, 2025, the cut-off for diamond drill data incorporated in the MRE):

• Current mineralization in the Levack Mine includes 6.1 million tonnes in the Indicated category at 3.5% copper equivalent ("CuEq"), comprised of 1.1% Cu, 1.4% Ni, 0.6 grams per tonne (g/t) Pt, 0.7 g/t Pd, 0.1 g/t Au, and 2.0 g/t Ag, as well as 5.2 million tonnes in the Inferred category at 3.6% CuEq (1.2% Cu, 1.4% Ni, 0.6 g/t Pt, 0.8 g/t Pd, 0.2 g/t Au, 2.1 g/t Ag).
• The high grade footwall-type deposits contain 368,000 tonnes in the Inferred category at 9.4% CuEq (5.4% Cu, 0.75% Ni, 2.9 g/t Pt, 5.4 g/t Pd, 1.5 g/t Au, and 21.0 g/t Ag), as well as 178,000 tonnes in the Indicated category at the previously-mined Morrison Footwall Cu-PGE deposit grading 15.5% CuEq (9.1% Cu, 2.4% Ni, 3.6 g/t Pt, 6.6 g/t Pd, 1.6 g/t Au, 34.2 g/t Ag), which remains open at depth.
• The No. 3 Footwall deposit is particularly rich in precious metals, containing 76,000 tonnes in the Inferred category grading 7.9 g/t Pt, 15.7 g/t Pd, 3.1 g/t Au and 30.3 g/t Ag, as well as 4.5% Cu and 0.7% Ni (13.4% CuEq) with important potential implications for ongoing exploration in the footwall environment.
• The zones of contact-type mineralization generally occur at depths of less than 750 metres (approximately 2,460 feet) and contain 5.9 million tonnes in the Indicated category grading 0.9% Cu, 1.4% Ni, and 2.1 g/t precious metals (Pt+Pd+Au+Ag), or 3.2% CuEq, as well as 4.8 million tonnes in the Inferred category at 3.2% CuEq (0.9% Cu, 1.5% Ni, 1.5 g/t precious metals (Pt+Pd+Au+Ag)).

We also review the continued series of high-grade copper, nickel, platinum, palladium, gold, and silver drill results released in recent assays from many areas of the Levack Mine after the cutoff for this resource update that are continuing to expand the mineralization.  Jason got into some of these areas like the No.1 to No. 2 Main area, the  Morrison Footwall Cu-PGE deposit, the Keel Zone, and the footwall environment between the No.2 and No. 3 Ni-Cu Zone.  There are currently two surface diamond drills operating at the Levack Mine, one completing three shallow infill and metallurgical drill holes on the Main Ni-Cu Zone in support of the Levack Restart Study, and a second drill exploring the footwall environment between the No. 3 Ni-Cu Zone and the Morrison Footwall Cu-PGE Deposit,

Jason shares more context on why the exploration and engineering teams are getting quite excited about this R2 Target at the Levack Mine, and after more drilling, it may change the anticipated sequence of the mine restart plan that the team is still working on.  The team is also reviewing the potential for bringing hoisting back to Levack in a development scenario. He mentioned that this new resource estimate paired with ongoing drilling at newer discoveries like R2 at Levack would be instructive for how they approach the mine restart plan moving into next year.

Wrapping up we widened the scope beyond just the currently producing McCreedy West mine, and upcoming development of the Levack Mine into a production decision next year, to other assets like their Crean Hill, Podolsky, and Shakespeare development projects, that showcase the company ambitions to become a multi-mine producer in the Sudbury Basin. 

If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording, and may choose to buy or sell shares at any time.

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