Record Production Quarter
Magna Mining Reports Record Q2 Ore Tonnage at McCreedy West Mine in Sudbury
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Magna Mining has set a new production record at its McCreedy West Mine in Sudbury, Ontario, shipping 91,724 tons of ore in Q2 2026 — an 8% jump over the previous record of 84,953 tons set just two quarters earlier, according to GlobeNewswire. The figures cover only through June 26, with four days still left in the quarter.
The milestone caps a rapid operational ramp-up for the junior miner, which also graduated to the Toronto Stock Exchange on June 23, trading under the ticker "NICU," TMX Money reported. COO Jeff Huffman called Q2 "several significant achievements," adding that the site recorded a Total Reportable Injury Frequency Rate of 0.0 — a perfect safety score.
Record Ore, High Grades, and Zero Injuries in One Quarter
The 91,724 tons shipped in Q2 carried an average grade of 3.55% copper equivalent (CuEq), up from 3.41% in Q4 2025, according to Market Screener. CuEq is a way to combine the value of copper, nickel, and other metals into one number. At that grade, fixed operating costs are more easily absorbed — what one analyst called a "fundamentally different economic universe" compared to lower-grade mines.
Underground development exceeded 2,350 feet for the quarter — another record under Magna ownership, up from 2,252 feet in Q1 2026, GlobeNewswire reported. The company is moving fast underground, and the numbers show it.
Magna Buys Rival's Equipment for Pennies on the Dollar
Magna quietly made another smart move in Q2. The company bought a large batch of underground mining equipment from a nearby Sudbury mine that is closing — likely Glencore's Fraser Mine — for less than $1 million, according to StreetInsider. Buying the same equipment new or used at market rates would have cost an estimated $9 to $12 million.
That equipment is headed to Magna's Levack Mine, a past-producing site the company plans to restart. Cutting $8 to $11 million in capital costs before Levack even opens meaningfully improves the project's economics. It is the kind of opportunistic deal that defines Magna's strategy: grow by absorbing what bigger miners leave behind.
How the Hub-and-Spoke Model Keeps Costs Low
Magna does not own a mill. Instead, ore from McCreedy West is trucked to Vale Base Metals' Clarabelle Mill nearby, under a toll-milling agreement. Vale processes the ore and Magna pays a fee. This setup lets Magna skip the hundreds of millions of dollars it would cost to build its own facility, according to Sault Star.
The model is working financially. In Q1 2026, Magna posted revenue of $25.9 million and a cash margin of $6.0 million, GlobeNewswire reported. The company's full-year 2026 guidance targets 16 to 18 million pounds of copper equivalent. At current production rates, hitting the top end of that range looks possible.
Analysts Bullish, But Stock Trades at a Premium Valuation
Analysts at Desjardins and Canaccord Genuity both carry "Buy" ratings on Magna, praising its strong grades and "derisked" production ramp. CEO Jason Jessup, a former McCreedy West manager during its FNX Mining era, called the TSX graduation "an important achievement" reflecting real progress building "a new, Sudbury-focused Canadian mining company," per TMX Money.
Not everyone is rushing in. Simply Wall St notes Magna trades at roughly 54 times forward earnings — versus an industry average of 7 times — meaning investors are paying a steep price for future growth. The stock is also down about 28% year-to-date, even as production hits new records. The company is not yet annually profitable.
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