August 28, 2025, Sudbury, Ontario, Canada – Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) (“Magna” or the “Company”) is pleased to provide an update on exploration activities and assay results from ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, northeastern Ontario, Canada (Figure 1). Drillhole FNX6083-W1 was drilled to test an area 140 metres below drill hole MLV-25-14A (see news release dated July 9, 2025) which intersected 2.6% copper, 8.1% nickel and 17.8 g/t platinum + palladium + gold over 0.6 metres. Drillhole FNX6083-W1 intersected multiple mineralized intervals ranging from veinlets of copper rich chalcopyrite and bornite, to more than 1 metre of massive chalcopyrite. Magna is referring to this target area in the footwall of the No. 3 Zone as the Rob’s 2 (“R2”) target.
Highlights from the new assay results include:
- FNX6083-W1 12.8% Cu, 0.6% Ni, 31.8 g/t Pt+Pd+Au over 2.6 metres
Including 29.2% Cu, 0.9% Ni, 53.0 g/t Pt+Pd+Au over 1.0 metres
And 25.5% Cu, 1.8% Ni, 26.3 g/t Pt+Pd+Au over 0.5 metres
Dave King, SVP Exploration and Geoscience stated, “Prior to acquiring the Levack Mine in Q1 of this year, we believed there remained the potential to discover another significant, high-grade copper, nickel and precious metal deposit in the footwall environment of the property. The drilling results announced in July from drillhole MLV-25-14A, combined with those released today which includes a subinterval of 29.2% copper and 29.9 g/t gold, along with 15.8 g/t palladium, 7.3 g/t platinum and 0.9% nickel over 1.0 metre, are encouraging and appear to confirm our belief that the prospective exploration environment at Levack remains under-explored. There are notable similarities in the geology and vein mineralogy intersected in our recent drilling with the upper levels of the Morrison Footwall Cu-PGE Deposit. We will continue to leverage our experience in the discovery and understanding of the geological controls within the Morrison Deposit to further advance the R2 exploration target. We are looking forward to providing additional assay results as we continue to define the extent of the R2 mineralization.”
There are currently two surface diamond drills operating at the Levack Mine, one completing three shallow infill and metallurgical drillholes 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, with another wedge hole targeting the area north of the intersections reported today. Recall, drillhole MLV-25-14A (reported on July 9, 2025) was targeted beneath the No. 3 Ni-Cu Zone and was designed to test for subvertical mineralization, striking parallel to the Fecunis fault, based on Magna’s geological interpretation of this area, and relationship of these structures to the geological controls on the Morrison Deposit. Based on the results of MLV-25-14A and continued geological interpretation, historical drillhole FNX6083 was deepened to provide a geophysical platform, and survey results from this hole confirmed Magna’s interpretation of the mineralization in this area. Drillhole FNX6083-W1 was a wedge hole designed to test approximately 140 metres down-dip of the Ni-rich veins in MLV-25-14A and successfully intersected significant intervals of disseminated to stringer copper mineralization and two massive chalcopyrite veins. The massive sulphide veins graded 29.2% Cu, 0.9% Ni, 53.0 g/t Pt + Pd + Au over 1.0 metres and 25.5% Cu, 1.8% Ni, 26.3 g/t Pt + Pd + Au over 0.5 metres. Assays are summarized in Table 1 and drillhole collar information is presented in Table 2.
Morrison Deposit Geology and Footwall Copper-Precious Metals Mineralization
Mineralization intersected to date within the R2 target area shows similarities to the mineralogical trends seen in the upper levels of the Morrison Footwall Cu-PGE Deposit, located approximately 600 metres to the south-west in the Levack Mine. The Morrison Deposit occurs vertically beneath the No. 7 Contact Zone (Figure 2) and was discovered by FNX Mining in 2005 and subsequently developed and mined until 2019. Similar to other copper and precious metals-rich footwall deposits along the North Range of the Sudbury Basin, the massive sulphide veins of the Morrison Deposit vary from less than 1 metre to more than 6 metres in thickness and consist of chalcopyrite, cubanite, pentlandite and millerite with high-grade precious metal values. The Morrison Deposit has a distinct vertical mineralogical trend, transitioning from Ni-rich, pentlandite and pyrrhotite veins in the upper levels of the Rob’s Zone, to Cu-rich chalcopyrite veins that have increasing platinum, palladium, gold and silver concentrations at depth. The upper nickel-rich veins within the Rob’s Zone were commonly under 1 metre to 2 metres in thickness and under 150 metres in strike length. The relatively narrow, nickel-rich veins of the Rob’s Zone continued for approximately 150 metres downdip, before transitioning to narrow Cu-rich chalcopyrite dominated veins. The central portion of the Morrison Deposit contained chalcopyrite veins up to approximately 6 metres thick, within mineralized areas extending over 250 metres along strike. The mineralogical zonation between the nickel-dominated veins in drill hole MLV-25-14A and the copper and precious metals-rich veins reported today in drillhole FNX6083-W1 from the R2 target area appears to be consistent with that seen in the Morrison Deposit. See Figure 3 for detailed examples of the mineralization in the upper levels of the Morrison Deposit and associated vein grades.
Levack Exploration Plan
Magna is focusing its near-term exploration program at the Levack Mine on this prospective footwall environment, continuing to test the lateral and downdip extent of the R2 target and other high-priority Sudbury Breccia units that have the potential to host copper and precious metals-rich footwall deposits. Initial drilling on the R2 target will be designed to confirm and refine the geological model and define the extent of mineralization. Downhole geophysical electromagnetic surveys will continue to help target drilling within the most conductive areas of the mineralized system. Drilling will ramp up at Levack over the remainder of the year with two underground diamond drills mobilizing within the coming weeks.
Figure 1: Location of Magna Mining’s Existing Properties, and Key Sudbury Infrastructure
Figure 2: Oblique 3D View Looking North-East, Showing the Levack Mine Mineralized Zones in Relation to the R2 Target and Current Drilling
Figure 3: Longitudinal Section, Looking North, Showing the Levack Morrison Deposit Footwall Cu-PGE Deposit, Historical Diamond Drillhole results, and Example Plan Views of Mined Mineralization
Table 1: Summary of Drillhole Results
Important Notes
All lengths are downhole length. True widths are uncertain at this time.
Ni Eq % = (Ni% x 85% Recovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt gpt x 69% Recovery / 31.1035 x Pt $/oz) +(Pd gpt x 68% Recovery / 31.1035 x Pd $/oz) + (Au gpt x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb.
Cu Eq % = (Ni% x 85% Recovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt gpt x 69% Recovery / 31.1035 x Pt $/oz) +(Pd gpt x 68% Recovery / 31.1035 x Pd $/oz) + (Au gpt x 68% Recovery / 31.1035 x Au $/oz))/2204 x Cui $/lb.
Metal prices in US$: $7.30/lb Ni, $4.10/lb Cu, $15.00/lb Co, $1,000/oz Pt, $1,050/oz Pd and $2,200/oz Au.
Table 2: Drillhole Collar Coordinates
*Drillhole Coordinates are in Coordinate System NAD 83 Zone 17
Qualified Person for Technical Information
The scientific and technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under National Instrument 43-101.
Quality Assurance and Control
Sample QA/QC procedures for Magna have been designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to Magna’s core facilities. Levack drilling utilizes NQ sized core and McCreedy West utilizes BQTK sized core. The core is then logged, and samples marked in intervals of up to 1.5m. Levack drill core is split and sampled ½ core, and McCreedy West is whole core sampled. Samples are then put into plastic bags with 10 bagged samples being placed into rice bags for transport to SGS Laboratories in Garson, Ontario for preparation, which are then shipped to Lakefield, Ontario for analysis. Samples are submitted in batches of 50 with 4 QA/QC samples including, 2 certified reference material standards and 2 samples of blank material.
Cautionary Statement on Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as “may”, “might”, “potential”, “expect”, “anticipate”, “estimate”, “believe”, “could”, “should”, “would”, “will”, “continue”, “intend”, “plan”, “forecast”, “prospective”, “significant” or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure of additional drilling to support assumptions, expectations or estimates of potential mineralization or grade, additional expansion or delineation of estimated resources, production planning, the lack of availability of drill rigs to implement exploration programs or otherwise the failure to proceed as quickly as planned with additional exploration or other drilling, continued delays for assay results, the failure to proceed as quickly as planned with a restart of mining at the Levack Mine, assuming there will be any restart, and other risks disclosed in the Company’s annual management discussion and analysis, available on the SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.
About Magna Mining Inc.
Magna Mining Inc. is a producing mining company with a strong portfolio of copper, nickel, and platinum group metals (PGM) assets located in the world-class Sudbury mining district of Ontario, Canada. The Company’s primary asset is the McCreedy West Mine, currently in production, supported by a pipeline of highly prospective past-producing properties including Levack, Crean Hill, Podolsky, and Shakespeare.
Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration upside, and near-term development opportunities across its asset base.
Additional corporate and project information is available at www.magnamining.com and through the Company’s public filings on the SEDAR+ website at www.sedarplus.ca.
For further information, please contact:
Jason Jessup – Chief Executive Officer
or
Paul Fowler, CFA – Executive Vice President
705-482-9667
Email: info@magnamining.com