Magna Mining – Q4 Operations Update at McCreedy West, Exploration and Development Pathway At Levack
The KE Report Feb 3, 2026
Summary
McCreedy West produced 84,953 tons at 1.31% copper in Q4 — PGM and gold grades more than doubled versus Q3, with silver up 40%+.
Underground diamond drilling at McCreedy West jumped 91% quarter-over-quarter to 29,334 feet with three rigs now turning.
Magna swapped contractors for in-house crews at McCreedy West, locking in sustainable operations and avoiding contractor premiums.
Levack mine PEA is underway with a Q3 target — a restart decision is possible in H2.
Seven payable metals (Cu, Ni, Co, Pt, Pd, Au, Ag) give Magna pricing flexibility as nickel and precious metals push higher.
Key points on KGHM Polska Miedz
- Magna Mining acquired McCreedy West and other assets from KGHM International on March 1, 2025, anchoring the current producing operation
- KGHM is referenced only as the prior owner of the Sudbury Basin assets; no current operational detail is discussed in this video
Jason Jessup's takeaways
- Top takeaway Argues Q4 2025 validated Magna's investment in development and diamond drilling at McCreedy West following the March 2025 KGHM International acquisition
- Highlights polymetallic optionality as nickel moved from below $7/lb to consistently over $8/lb in January 2026, potentially accelerating the decision to turn on the Intermain nickel zone
- Frames the shift to a fully in-house underground workforce by end of Q4 as a cornerstone of a sustainable operation that no longer relies on contractor premiums
- Bullish on western-side exploration toward Glencore's Hardy mine boundary, where Inco's nickel-focused historic work left copper-rich footwall targets largely untested, with more drilling planned in 2026
- Targets a Levack restart decision in H2 2026 alongside a Q3 2026 PEA, arguing restart is incremental because the mine has been kept in good shape and key zones need less than 100 meters of development