Magna Mining Stock (NICU): Mines, Costs, PEA Numbers

Magna Mining Inc. trades on the Toronto Stock Exchange under the ticker NICU. It moved up from the TSX Venture Exchange on 23 June 2026 and runs one producing mine, McCreedy West, in the Sudbury Basin of Ontario. On 8 October 2026 the company released a preliminary economic assessment for its Levack mine and approved a restart. A delayed quote on 15 October 2026 put the shares at C$2.255 with a market value near C$706.6 million. This page sets out what the filings say, so you can judge the shares yourself. It is not investment advice.

Terms used below. A preliminary economic assessment (PEA) is an early-stage study that may include inferred resources, so it is not a mine plan backed by reserves. Copper equivalent (CuEq) turns nickel, platinum, palladium and gold into the amount of copper with the same value, so one number covers a mixed ore. NPV is the value today of future cash flows at a stated discount rate, and IRR is the annual return that makes the NPV zero. All-in sustaining cost (AISC) is the cost of each pound sold including upkeep spending. An inferred resource is the least certain resource class. A stream is an upfront payment in return for a share of future metal at a low fixed price.

Magna Mining at a glance: mines, listing and status

The table lists each asset in the company’s own description and what stage it has reached. All dates are 2026 unless stated.

Share price, market value and who owns the shares

Share data changes every day, so read the dated figures as a snapshot. The StockAnalysis page showed C$2.255 on 15 October 2026 (delayed quote), a market value of C$706.6 million, 313.35 million shares and a 52-week range of C$1.88 to C$3.94. That puts the price near the placement price of C$2.25 that Alpayana paid.

The placement matters for two reasons. It added about 62 million shares, which spreads existing holders’ share of the company across more shares. It also put C$140 million into the treasury for Levack and Crean Hill, and Alpayana is a Peruvian miner that the company says runs six underground mines in Latin America (company release, 6 July). Magna announced the closing on 31 August.

Magna bought McCreedy West from KGHM International’s subsidiary FNX Mining. It paid C$5.3 million in cash and C$2.0 million in shares at closing, owes C$2.0 million in cash by 31 December 2026, and may pay up to C$24 million more on milestones. It also took on C$9.9 million of reclamation liabilities (company release, 12 September 2024).

McCreedy West: the only mine producing today

All current revenue comes from McCreedy West, a copper mine that produced 317,660 tonnes at 1.59% copper and 0.23% nickel in 2023 under its previous owner (company release, 12 September 2024). The 2026 guidance, issued on 5 February, is 16.0 to 18.0 million pounds of payable copper equivalent from the 700 Copper Zone, at a cash cost of US$3.40 to US$3.80 a pound and an AISC of US$4.20 to US$4.70 a pound. Both cost figures leave out payments under the precious metals stream (Crux Investor summary of the guidance release).

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Cost per pound of copper equivalent

US$ per payable CuEq pound, before precious metals stream payments (McCreedy West) or as stated in the PEA (Levack)

The second quarter of 2026 was the best the mine has reported. It processed 98,446 tons at 3.34% CuEq and produced 4.5 million payable CuEq pounds. Cash cost was US$3.76 and AISC US$4.54 a pound. Cash margin was a record C$8.9 million and cash flow after capital spending was C$5.1 million, against an outflow of C$19.5 million in the first quarter (company Q2 release, 12 August, which states amounts in Canadian dollars unless noted). One quarter does not make a trend. In February the company said it expected first-quarter grades near the low end of the range, with richer areas left for later in the year.

The chart compares the costs. Both McCreedy West figures sit inside the guidance ranges, and the Levack PEA assumes a lower cost per pound than the second quarter at McCreedy West. A study cost is a plan, not a result, so treat the gap as something to watch rather than a promise.

Levack mine restart: what the PEA says

Levack is a past-producing mine next to McCreedy West. The PEA assumes mining of 5.75 million short tons, including 2.1 million short tons of inferred material, at a head grade of 3.42% CuEq. It plans 7.3 years of commercial production from mid-2028, averaging 36.8 million pounds of payable CuEq a year. That breaks down as 12.9 million pounds of copper, 10.9 million pounds of nickel and 21,400 ounces of platinum, palladium and gold together (company release, 8 October).

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Levack PEA after-tax NPV at 7%

C$ million; base-case and September 2026 spot-price decks, without and with the Productivity Mega Deduction (PMD)

The PEA puts cash cost at US$3.23 and AISC at US$3.71 per pound of CuEq. Initial capital is C$70.1 million between 1 January 2027 and 30 June 2028. The company expects C$5.6 million of refundable tax credits and C$55.9 million of cash flow before commercial production to offset it, which leaves a net funding need of C$8.6 million. Sustaining capital over the life of the mine is C$168.0 million (company release, 8 October). Because cash flow before commercial production does much of the funding, any delay in ore sales matters more than the headline capital figure suggests.

The PEA’s results depend on its price deck. The base case uses copper at US$5.10 a pound, nickel at US$8.00 and gold at US$3,600 an ounce, with a Canadian dollar rate of 1.385 per US dollar. The spot case uses September 2026 averages of US$6.55 for copper and US$7.50 for nickel. Spot nickel is lower than the base case and spot copper is higher, so the 38% jump in NPV (from C$227.0 million to C$313.6 million) comes mostly from copper and precious metals. The chart below shows both decks. Your own view of prices belongs in the calculator, not in the company’s. The Productivity Mega Deduction, a federal tax measure announced on 15 September 2026 that is proposed and not yet law, would lift the base-case after-tax NPV to C$232.1 million and the IRR to 99.2% (PMD in the chart).

The PEA release updated the resource estimate (effective 31 August 2025; first announced 18 November 2025). It now shows 7.80 million short tons indicated at 3.50% CuEq and 5.83 million short tons inferred at 3.61% CuEq under National Instrument 43-101, the Canadian rule for public disclosure of mineral projects (Crux Investor summary of the release). Drilling since then has kept extending the R2 Footwall Zone. On 17 September 2026 the company reported 4.0% nickel, 1.7% copper and 3.5 g/t platinum, palladium and gold combined over 4.6 metres in a hole within 150 metres of surface (company release, 17 September). Grade in g/t means grams of metal per tonne of rock. A single drill intercept shows where metal exists. It does not prove tonnes.

A PEA is not a feasibility study, and it has no mineral reserves behind it. A restart decision made on that basis carries more risk than one made on reserves. The company said the supporting technical report will be filed within 45 days of the release, and that report is where the figures above can be checked.

Crean Hill: a nickel project with a pre-feasibility study due

Crean Hill is the second restart candidate. Its September 2024 PEA used lower prices than Levack’s study (nickel at US$8.50 a pound, copper at US$4.00, gold at US$2,150 an ounce) and showed an after-tax NPV at 8% of C$194.1 million, an after-tax IRR of 129% and 13 years of commercial production at about 2,200 tonnes a day (company release, 17 September 2024). The pre-feasibility study, which should be more detailed than the PEA, was expected in the first half of October 2026 (company release, 17 September). The company’s news list on 16 October 2026 showed the Levack PEA as its latest study result. Read the new study when it appears: discount rate, price deck and tonnes will differ from the 2024 figures, so do not compare the two NPVs directly.

Why Sudbury matters for nickel and copper

Nickel-copper ore was found near Sudbury in 1883 while a railway was being built, and by 1910 the district produced about 80% of the world’s nickel, according to the Ontario government’s GeoTours guide. Today the picture is different. The USGS estimates that Canada mined 140,000 tonnes of nickel in 2025, about 3.6% of a world total near 3.9 million tonnes, with Indonesia mining the most (USGS, Mineral Commodity Summaries 2026). Canada’s nickel reserves are put at 2.2 million tonnes of a world total above 140 million. Natural Resources Canada reports that Ontario produced about 40% of the 125,364 tonnes of nickel mined in Canada in 2024, ahead of Quebec at 37%. So a Sudbury company is a small supplier to a market priced by much larger producers elsewhere, and that is why the metal price in the PEA matters so much.

Sudbury’s ore sits in and around a melt sheet formed by a meteorite impact. Ore type decides how a mine is built: contact-type deposits at the base of the complex are nickel-rich and usually deeper, while footwall deposits are richer in copper and platinum-group metals. Magna reports both types at Levack. The PEA release says the Morrison footwall mineralization was increased in the updated resource estimate. For the wider picture of Ontario mines and public geoscience data, see our list of gold and copper mines in Ontario, the guide to the Ontario Geological Survey and other public data, and the global mining industry report. A larger neighbour is covered in our post on the Vale Copper Cliff complex.

▶ Explains seven environmental impacts of mining in plain words, as a claymation with satellite maps. · 2:31

What moves the shares: factors to track

The filings point to six things that can change the value of the company. None of this says which way they will go. The chart shows how far the PEA’s two price decks differ for the metals that matter most.

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Metal prices behind the Levack PEA

US$ per pound; Magna’s two price decks

Is Magna Mining a good investment? What to check yourself

No page can answer that for you, and we do not rate shares. The facts above show a company that moved from one small mine to a second restart in about two years, with a cash-positive quarter at McCreedy West and a new anchor shareholder. They also show that its nearest-term value rests on a PEA that includes inferred resources, a metal price deck and a start date of mid-2028. Here is a short checklist of things that a careful reader can check from the public record.

1. Open the Levack technical report on SEDAR+, the Canadian filing system, when it is filed, and compare its price deck with today’s metal prices.
2. Read the second-quarter financial statements for the stream payments that the cost guidance leaves out.
3. Compare McCreedy West’s quarterly cash cost with the US$3.40 to US$3.80 guidance range.
4. Check how much of each study’s mine plan is inferred rather than indicated.
5. Track the number of shares outstanding, since the placement raised it to 313.35 million.
6. Check whether the Crean Hill pre-feasibility study changes capital or timing.

If you want to test the PEA with your own prices, use the calculator on this page. Boundaries and land are part of the check too. The video below shows how good rock can still be out of reach when a town or a protected area sits on top of it.

▶ Shows how anomalous ground can be blocked by land access, even when the rock grade is good. · 2:05

How to check a Sudbury project from public data

Every number in a company release can be traced to a filing, a licence or a map. Start with the technical report, then look at the claim and lease maps, the closure plan and the permits. Satellite images add a view that does not depend on a company: land cover, tailings and water change over time, and they can show whether a site is active. Farmonaut can map a licence area from space and return satellite-derived exploration targets, ahead of any resource estimate. For a listed company, that kind of independent view is a supplement to the filings and does not replace them.

▶ Explains what remote sensing means for mining and why agreement between instruments matters. · 2:01

For a closer look at a related question, see our guide: Hudbay Stock TSX: Copper World Facts and Key Numbers.

If this topic matters to you, read Environmental Lighting for Mines: Rules and Running Costs next.

Frequently asked questions

What is the Magna Mining ticker?

The ticker is NICU on the Toronto Stock Exchange. The shares also trade over the counter as MGMNF and in Frankfurt as 8YD, according to the company’s 19 June 2026 release.

Where is Magna Mining located?

The head office and all of its mines are in the Sudbury mining district of Ontario, Canada. The company describes McCreedy West as its primary asset, with Levack, Crean Hill, Podolsky and Shakespeare as past-producing properties.

Is Magna Mining a good investment?

This page does not give investment advice. It lists the facts and risks in the company’s filings, such as a PEA with inferred resources, metal price assumptions and a mid-2028 target for Levack. Talk to a licensed adviser about your own situation.

Which mine does Magna Mining operate?

McCreedy West is the only mine in production. Levack has an approved restart, and Crean Hill has a PEA and a pre-feasibility study in progress.

What did the Levack PEA conclude?

The base case showed an after-tax NPV of C$227.0 million at 7%, an after-tax IRR of 92.4% and a payback of 0.6 years on C$70.1 million of initial capital, with commercial production from mid-2028 (company release, 8 October).

How much copper and nickel will Levack produce?

The PEA averages 12.9 million pounds of copper, 10.9 million pounds of nickel and 21,400 ounces of platinum, palladium and gold a year over 7.3 years. Those are PEA estimates, not results.

Who owns the largest stake in Magna Mining?

Alpayana S.A.C. of Peru holds about 19.9% after buying shares at C$2.25 in a C$140 million placement announced on 6 July 2026.

How much does it cost to produce a pound of copper equivalent at McCreedy West?

The company reported a cash cost of US$3.76 and an AISC of US$4.54 per CuEq pound for the second quarter of 2026, both before stream payments. Full-year guidance is US$3.40 to US$3.80 and US$4.20 to US$4.70.

When was Magna Mining listed on the TSX?

Trading on the TSX began on 23 June 2026. Before that the shares traded on the TSX Venture Exchange, and the symbol did not change.

What does copper equivalent mean?

Copper equivalent (CuEq) restates nickel, platinum, palladium and gold as the amount of copper with the same value at the study’s prices. A change in the price deck therefore changes the CuEq grade and pounds.