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Magna Mining – Q1 Operations/ Financials, More High-Grade Results Returned From R2 Zone At Levack

The KE Report Jun 26, 2026

Summary

McCreedy West delivered a $6.0 million Q1 cash margin at a US$4.21 AISC (all-in sustaining cost — the full cost to produce a pound).

New Levack drilling went 14-for-14 at the R2 Zone, headlined by 29.7% copper equivalent (CuEq — all metals converted to a copper grade) over 3.4 metres.

The Q3 PEA (Preliminary Economic Assessment — an early economic study) excludes the lightly drilled R2, so its high-grade upside is not yet valued.

Levack's restart is progressing organically — shaft work and development muck could see ore hoisted to surface and shipped by year-end.

Crean Hill's PFS (Pre-Feasibility Study — the detailed pre-construction study) is due by end of Q3, with construction possible as early as 2027.

Key points on KGHM Polska Miedz

  • The CEO says Magna bought the KGHM assets, including the McCreedy West mine, at the end of February 2025, and that the same KGHM property acquisition added the permitted, past-producing Poldosky mine.
  • KGHM is cited as the latest operator in the Levack mine's history, after Inco and FNX, a lineage the guest says mined about 65 million tons in total.

Jason Jessup's takeaways

  • Top takeaway The guest argues the plan behind the February 2025 acquisition was to get McCreedy West generating cash that funds the Levack restart, Crean Hill construction, and exploration from 2026 onward.
  • He sees the R2 zone as structurally controlled with more veins than expected, plans to keep three or four drills on it into 2027, and expects a resource estimate and drifting into the zone in early 2027.
  • He calls the Levack restart a low-cost, straightforward transition using existing equipment and crews, with the first ore hoisted and shipped to Clarabelle Mill by the end of 2026.
  • On costs, he argues Magna is tracking the lower end of its US$4.20-$4.70 per CuEq lb full-year guidance, with purchased equipment pointing to slightly lower sustaining capital in the second half of 2026.
  • He keeps copper, around US$6 per lb at the time of the interview, as the focus, while developing a nickel plan for the intermain zone that could enter the mine plan in 2027 or sooner.

Shad Markowitz's takeaways

  • Top takeaway The host frames the new R2 drill results as exceptional, pointing to high-grade copper alongside PGMs, gold, and silver in the same intercepts.
  • He tells listeners the Levack restart looks like an organic transition into production rather than a single switch, and teases a visual tour of the project areas in a future episode.