McCreedy West
The McCreedy West Mine is located on the north range of the Sudbury Igneous Complex (“SIC”). The deposit hosts contact nickel-copper mineralization, as well as high grade copper-PGE footwall deposits. The McCreedy West Mine is currently in operation and operates via ramp access from surface. There are three interconnected zones within the McCreedy West deposit; the 700 Copper zone (a Cu-PGE Footwall deposit), the PM Zone (a PGE-Cu Footwall deposit) and the Intermain nickel zone (a Ni-Cu Contact deposit). Under the prior ownership of KGHM, the McCreedy West Mine produced 317,000 tonnes of ore in 2023, predominantly from the 700 Copper zone. McCreedy West is located adjacent to the Levack Mine (see the following section) and the two mines are connected underground on the 1600 Level haulage drift.
Mineralization
Significant exploration potential exists at McCreedy West mine, both for discovery of new footwall deposits, and expansion of the known resources currently being mined. The footwall breccia between the McCreedy West and Levack mines remains under explored,and has the potential to host additional footwall Cu-PGE deposits.
History
McCreedy West mine was initially developed and mined by Inco Ltd. between 1970-1998, and produced approximately 15.8 million tons of ore, grading 1.7% Cu, 1.4 % Ni, and 1.5 g/t Pt+Pd+Au during this period. In 2002 the property was acquired by FNX Mining Company Inc., and the mine was re-opened in 2003.From 2003-2023 the mine produced more than 6.3 million tonnes from three zones at McCreedy West. Production during this period has consisted of 3.3 million tonnes at1.4 % Cu, 0.3% Ni and 4.2 g/t Pt+Pd+Au from the 700 Footwall Cu Zone and 3.0 million tonnes at 1.4% Ni and 0.3% Cu from the contact nickel zones. In 2023, total production at McCreedy West was 317,660 tonnes at 1.59% copper, 0.23% nickel, 0.01% cobalt, 1.03 g/t platinum, 1.34 g/t palladium, 0.41 g/t gold and 14.05 g/t silver. Ore from McCreedy West is processed by Vale at the local Clarabelle Mill under an offtake agreement.
Mineral Reserve and Resource Estimates
Mineral Reserve Estimate
A Mineral Reserve has been estimated for the 700 Copper and PM Copper-PGE Zones at the McCreedy West Mine by SGS Geological Services. The Mineral Reserve estimate is effective as of December 31, 2025 and the contains 987,000 tonnes in the Probably category grading 1.59% Cu, 0.32% Ni, 0.01% Co, 1.15 g/t Pt, 1.23 g/t Pd, 0.32 g/t Au, 6.65 g/t Ag.
Mineral Resource Estimate
The Mineral Resource estimate for the McCreedy West Mine was updated on February 18, 2026 and includes the Footwall Zone Mineral Resource and the Contact Zone Mineral Resource. The Footwall Zone Mineral Resource was estimated by Orix Geoscience Inc. The Contact Zone Mineral Resource was previously disclosed in 2024 and was estimated by SGS Geological Services. The updated resource estimate includes Indicated Mineral Resources of 5,632,000 tonnes at 1.10% Cu, 0.98% Ni, 0.03% Co, 0.82 g/t Pt, 0.92 g/t Pd, 0.23 g/t Au, 5.15 g/t Ag, and Inferred Mineral Resources of 874,000 tonnes at 1.37% Cu, 1.00% Ni, 0.02% Co, 1.26 g/t Pt, 1.24 g/t Pd, 0.26 g/t Au, 4.12 g/t Ag. The Mineral Resource estimate is based on drillhole assay data received up to September 10, 2025, which represents the cut-off date for assay data used in the estimate. The estimate has been depleted to account for all production through December 31, 2025. The Mineral Resources do not include Mineral Reserves.
A technical report in support of the above noted Mineral Reserve and Mineral Resource estimates will be filed by Magna Mining within 45 days of the news release dated February 18, 2026.