Magna Mining Reports Third Quarter 2025 Financial Results

Core Insights - Magna Mining Inc. reported its third quarter 2025 financial results, highlighting a focus on underground development and operational improvements at the McCreedy West Mine, with expectations for profitable production in 2026 [1][3]. Financial Performance - Net revenue from mining operations for Q3 2025 was CAD 16.3 million, a decrease from CAD 18.5 million in Q2 2025 [8][15]. - The company experienced a net loss of CAD 10.6 million in Q3 2025, compared to a loss of CAD 9.5 million in Q2 2025 [8][15]. - Adjusted net loss for Q3 2025 was CAD 10.4 million, or CAD 0.05 per share, reflecting a decline from CAD 8.9 million in Q2 2025 [8][15][37]. Production Metrics - Total ore processed in Q3 2025 was 75,215 tons, with a copper equivalent grade of 2.64% [4][6]. - Quarterly production included 2.7 million pounds of copper equivalent, consisting of 1.95 million pounds of copper, 0.2 million pounds of nickel, and various precious metals [15][8]. - Cash costs for Q3 2025 were CAD 7.03 per pound of copper equivalent, with all-in sustaining costs (AISC) at CAD 9.01 per pound [8][15][30]. Operational Developments - The company invested CAD 4.1 million in sustaining capital expenditures during Q3 2025, a 123% increase from Q2 2025, focusing on critical capital development and equipment upgrades [6][15]. - Underground development totaled 1,796 feet in Q3 2025, with plans to continue prioritizing this in Q4 2025 [7][6]. Cash Position - As of the end of Q3 2025, the company had a cash balance of CAD 63.1 million, bolstered by the issuance of 14.9 million common shares for proceeds of CAD 6.0 million [6][15].