Magna Mining – Unpacking The Levack Mine Resource Estimate And Development Pathway Into Production

Nov 25, 2025

Jason Jessup, CEO and Director of Magna Mining, dives into the exciting Resource Estimate for the Levack Mine. He highlights impressive mineralization figures, including high-grade deposits at notable CuEq percentages. Discussion revolves around the future development plan, emphasizing the pathway to a Preliminary Economic Assessment and ongoing underground drilling. Jessup also explores the strategic flexibility in focusing on copper, PGMs, or nickel based on market conditions, and shares insights on the project’s long-term potential with estimated mine life exceeding a decade.

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INSIGHT

Sizable Multi-Commodity Resource

Levack holds a sizable, multi-commodity resource with both contact and footwall mineralization.
High-grade footwall zones and contact-type deposits together support a robust restart plan.

ADVICE

Sequence Restart While Drilling

Move toward a construction/restart decision while running parallel exploration and drilling.
Use the upcoming PEA to sequence restart options and prioritize early hoisting and development work.

INSIGHT

Hybrid Access Optimizes Mining Zones

Morrison will likely be an early focus because it contains unmined veins and was in production until 2019.
A hybrid approach (surface ramp plus shaft access) lets the team exploit shallow keel zones and deep footwall deposits.

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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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