{"success":true,"data":{"pressRelease":{"id":"146086","rtpr_id":"nGNX8V98gK-20260917","ticker":"NICU","exchange":"TSX","all_tickers":["NICU"],"title":"Magna Mining Expands the R2 Footwall Zone and Intersects Near Surface Mineralization at the Levack Mine in Sudbury, Ontario including 4.0% Nickel, 1.7% Copper and 3.5 g/t Platinum + Palladium + Gold (8.3% CuEq) over 4.6 metres","author":"Globe Newswire","published_at":"2026-09-17T10:45:00.303Z","article_body":"SUDBURY, Ontario, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Magna Mining Inc. (TSX:\nNICU) (“Magna” or the “Company”) is pleased to provide the results of\nongoing exploration and an update on activities at the past-producing Levack\nMine, located in the North Range of the Sudbury Basin, Ontario, Canada (Figure\n1). Results released today include additional assays from expansion drilling\nof the R2 Footwall Zone, delineation drilling at the Intermediate Orebody, as\nwell as initial drilling of the near-surface extension of the West Main\nOrebody (Figure 2).\n\nHighlights from the new assay results include:\n\nR2 Footwall Zone:\n\n * FNX2038A W1 9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au, 24.9 g/t Ag (23.5% CuEq) over 2.1 \n \nAnd metres, from 999.2 metres down hole \n 15.4% Cu, 1.9% Ni, 7.0 g/t Pt+Pd+Au, 43.0 g/t Ag (19.1% CuEq) over 0.7 \n metres, from 1068.6 metres down hole \n\n     \nWest Main Orebody: \n\n * MLV-26-64 1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au, 4.1 g/t Ag (8.3% CuEq) over 4.6 metres, from 198.7 metres down hole \n \n \n0.4% Cu, 1.7% Ni, 0.4 g/t Pt+Pd+Au (2.9% CuEq) over 32.9 metres, \n * MLV-26-68 from 177.0 metres down hole \n \nIncluding 0.2% Cu, 3.2% Ni, 0.1 g/t Pt+Pd+Au (4.7% CuEq) over 3.2 metres \n And 1.0% Cu, 2.9% Ni, 1.9 g/t Pt+Pd+Au (5.5% CuEq) over 3.8 metres \n\n\n\nDave King, SVP Exploration and Geoscience at Magna, stated, “The R2 Footwall\nZone continues to provide impressive results such as hole FNX2038A-W1 which\nreturned five distinct veins, including 9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au,\nand 24.9 g/t Ag (23.5% CuEq) over 2.1 metres, and has continued to extend the\nzone towards the No.3 Orebody. The focus at R2 has now shifted to drilling\nfrom new underground platforms on the 2950 level with shorter drillholes and\nincreasing the intersection frequency. In addition, we are excited to see\nthick, high grade intersections from initial surface drilling at the West Main\nZone, including 0.4% Cu, 1.7% Ni, 0.4 g/t Pt+Pd+Au (2.9% CuEq) over 32.9\nmetres in drillhole MLV-26-68 and 1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au (8.3%\nCuEq) over 4.6 metres in drillhole MLV-26-64. This recent drilling has\nexpanded this zone towards surface and could provide significant\nnickel-copper-precious metals-rich mineralized material early in the\nproduction profile upon a positive restart decision. Of particular interest is\nthe increased copper and precious metal grades in hole MLV-26-64 which could\nindicate the potential for shallow, footwall style mineralization associated\nwith this part of the Main Orebody, similar to the Keel, Morrison and R2\nFootwall Zones.”\n\nTable 1 summarizes the significant assay results received since the last\nLevack exploration results update (see news release dated June 22, 2026\n(https://www.globenewswire.com/Tracker?data=dtzPdjLEmuH__ylSjThKRILooZ1hStrBmtFwEsF0ofwgIpvRlaFFI2ejjvoAP5a6Mfl4PNrmpdzAymgbjc9n88HaHLyY6xZjjlJ63ohUJ201AM9xGh7rEDFl61mGhLWG22PwwhQ_tNgOp_yfbQDGU4VCUQE-3T787Czw6e1WbgJNf2InJKs21gWN5xJLPbDKmJWAAZ7Nf6R3cTKDqzT1V6r8udYXVcyiGjFnTTthcgOk-8wWNR9kjGiM24VU_PY4dO8JB2xRNSig1vCmCpDSmGYz12lh8sTda5r473jjKGMir6gRi3RuA9l9gSbSdhmeW7EkmWQegVja5bggZUL3zFuiMoRf2akdeSDH4LsWgbc=)).\nTwo surface drill rigs and three underground rigs have been active at Levack\nat various times during the past several months. Surface drill rigs have\ntargeted both the R2 Footwall Zone as well as the upper western extension of\nthe Main Orebody above historical mining. Underground drills have focused on\ncontinued drilling within the R2 Footwall Zone and the Intermediate Orebody\nfrom the 8450 Level exploration drift. Most recently, development of the 2950\nLevel exploration drift was completed in early August and two rigs are now\nactive on this level, one completing infill definition drillholes within the\nR2 Footwall Zone and a second drilling exploration holes to test a geophysical\ntarget located between the R2 Footwall Zone and the Morrison Footwall Cu-PGE\nDeposit.\n\nToday’s drill results from the R2 Footwall Zone are focused on the upper\nportions of the known mineralization to better define the veins and understand\nthe relationship to the No.3 Orebody (Figure 3). They include assays from an\nadditional three wedge holes drilled from surface, each of which intersected\nmultiple mineralized veins. Drillhole FNX2038A-W1 intersected five distinct\nveins over 91.5 metres including 9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au, and 24.9\ng/t Ag (23.5% CuEq) over 2.1 metres from 999.2 metres down hole and\nsuccessfully expanded Magna’s drilling of the R2 Footwall Zone veins by\napproximately 30 metres towards the No.3 Orebody which is situated\napproximately 75 metres up dip. The R2 Zone remains open up dip towards the\nNo. 3 Footwall Zone as well as at depth to the south. Since the completion of\nthe 2950 Level exploration drift, drilling from this new underground platform\nhas targeted the copper-precious metal veins of the R2 Footwall Zone at the\napproximate elevation where the 2950 Level would intersect the Zone, in\npreparation for a potential decision in early Q4 to advance development by an\nadditional 300 metres to provide underground access to the R2 Footwall Zone.\n\nToday’s results from the Intermediate Orebody are from underground drill\nholes completed on the 8450 Level prior to the completion of development into\nthis zone. Production from this area of the Intermediate Orebody could begin\nimmediately upon a positive restart decision. Further definition and expansion\ndrilling is underway within other areas being considered for early production\nin the Preliminary Economic Assessment (“PEA”), including the upper\nwestern portion of the Main Orebody (Figure 4). Significant widths of high\ngrade nickel contact-type mineralization have been intersected in the initial\ndrilling, including 1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au, and 4.1 g/t Ag (8.3%\nCuEq) over 4.6 metres from 198.7 metres down hole in drillhole MLV-26-64 and\n0.4% Cu, 1.7% Ni, 0.4 g/t Pt+Pd+Au, (2.9% CuEq) over 32.9 metres from 177.0\nmetres down hole in drillhole MLV-26-68. These drill results from the West\nMain Orebody are located within 150 metres of surface and additional drilling\nis planned to test the up-plunge extension of this zone, as well as to\ninvestigate the potential for shallow, footwall-style mineralization\nassociated with this part of the Main Orebody given the elevated copper and\nprecious metal grades in drillhole MLV-26-64.\n\nUnderground development and refurbishment of production hoisting\ninfrastructure have continued to advance in preparation of a formal restart\ndecision at Levack. In July and August, 597 feet of development were\ncompleted. This development advanced the 2950 Level drift, located between the\nMorrison Footwall Cu-PGE Deposit and the R2 Footwall Zone, as well as from the\n1800 Level to the 1600 Level ramp, providing additional exploration drilling\nplatforms as well as the potential for early production. Shaft crews are\nchanging guides in the skipping compartments of the shaft, while other crews\nare completing work on the loading pocket and the rehabilitation of drifts for\nexploration platforms. Detailed engineering is being completed to support a\nfuture portal on surface, which would facilitate a new ramp connecting to the\nMain, Western Main, Keel, No.1 and No.2 orebodies.\n\nMagna Commends the Government of Canada on the Productivity Mega Deduction\n\nMagna Mining commends the Government of Canada for its September 15, 2026,\nannouncement of the Productivity Mega Deduction and the proposed changes to\nthe tax treatment of Canadian Development Expenses (“CDE”). The proposed\nmeasures, including the ability to immediately expense 100% of eligible CDE\nincurred on or after September 15, 2026, represent an important step toward\nimproving the investment environment for Canadian mining and encouraging the\ndevelopment of critical mineral resources. For Magna, these changes have the\npotential to provide meaningful benefits as the Company advances its portfolio\nof Sudbury Basin projects, including the Levack Mine and Crean Hill Project,\nby improving the after-tax economics of eligible development expenditures,\nstrengthening project cash flows and potentially accelerating the deployment\nof capital into mine development and related infrastructure. Magna believes\nthat a competitive and predictable tax framework can play an important role in\nsupporting new mine development, investment and high-quality employment in\nSudbury and across Canada’s critical minerals sector.\n\nThe Company is currently evaluating the potential impact of the Productivity\nMega Deduction on the Levack PEA and the Crean Hill Pre-Feasibility Study\n(“PFS”) and now expects the results of both studies to be released in the\nfirst half of October.\n\nTable 1: Summary of Drillhole Results\n\n \n Drillhole Property Zone From (m) To (m) Length (m) Cu % Ni % Co % Pt g/t Pd g/t Au g/t Ag g/t Pt+Pd NiEq CuEq \n +Au g/t \n FNX2038-W1 Levack R2 977.7 981.7 4.0 2.8 1.4 0.0 1.0 0.7 0.3 8.1 2.0 3.3 5.2 \n including 977.7 978.5 0.8 7.8 6.4 0.0 3.7 3.1 0.1 20.0 6.9 11.4 18.0 \n and including 981.3 981.7 0.4 10.7 0.6 0.0 1.7 0.7 2.8 32.0 5.2 8.8 13.9 \n and 999.2 1001.3 2.1 9.5 2.6 0.0 3.2 2.0 12.2 24.9 17.5 14.8 23.5 \n and 1038.5 1039.0 0.5 4.2 2.5 0.0 2.2 2.1 0.3 16.0 4.6 5.6 8.8 \n and 1052.6 1053.0 0.4 1.9 1.4 0.0 1.3 1.0 0.1 7.0 2.3 2.8 4.4 \n and 1068.6 1069.2 0.7 15.4 1.9 0.0 2.7 4.2 0.1 43.0 7.0 12.1 19.1 \n FNX2038-W2 Levack R2 1012.4 1013.4 1.0 0.7 2.5 0.1 3.4 2.3 0.1 2.0 5.8 3.7 5.9 \n and 1017.7 1018.4 0.6 0.6 2.9 0.0 2.2 4.1 0.1 1.0 6.4 3.9 6.2 \n and 1048.4 1049.0 0.6 0.3 4.6 0.1 4.1 1.7 0.5 1.0 6.3 5.5 8.7 \n FNX6070-W2 Levack R2 788.0 788.4 0.4 0.8 0.2 0.0 2.2 2.5 0.5 6.0 5.2 1.7 2.6 \n and 1035.7 1036.1 0.3 1.1 0.3 0.0 1.3 1.0 1.5 9.0 3.8 2.1 3.3 \n and 1046.0 1047.3 1.3 1.2 0.2 0.0 0.4 0.4 4.2 11.0 5.0 3.0 4.7 \n and 1050.5 1060.0 9.5 2.2 0.2 0.0 1.2 2.0 1.0 13.6 4.3 2.6 4.1 \n including 1053.0 1053.4 0.4 26.0 1.5 0.0 1.1 11.8 2.5 146.0 15.5 20.2 31.9 \n and including 1057.6 1057.9 0.3 13.3 1.6 0.0 1.2 11.5 12.5 78.0 25.2 17.4 27.5 \n and 1071.2 1072.8 1.7 13.0 2.0 0.0 4.1 11.3 3.5 85.2 19.0 13.7 21.7 \n including 1071.5 1072.2 0.8 27.3 4.0 0.0 7.4 23.5 2.0 175.0 32.9 25.8 40.7 \n MLV-26-46 Levack Footwall 98.1 98.4 0.3 0.2 0.1 0.0 4.2 3.3 0.6 16.0 8.1 1.7 2.8 \n and 99.7 100.0 0.3 0.4 0.1 0.0 3.7 4.4 1.2 22.0 9.3 2.3 3.6 \n MLV-26-47 Levack Footwall No significant Results \n MLV-26-48 Levack Footwall Exploration No significant Results \n MLV-26-49 Levack Intermediate 51.8 52.3 0.5 2.8 0.4 0.1 2.0 1.3 0.7 5.0 3.9 3.1 4.9 \n MLV-26-50 Levack Intermediate 60.5 62.1 1.6 0.4 1.1 0.0 0.5 1.5 0.1 3.4 2.1 1.5 2.4 \n and 73.8 74.2 0.4 0.2 2.1 0.0 1.3 2.3 0.0 3.0 3.6 2.5 4.0 \n MLV-26-51 Levack Intermediate 34.0 35.4 1.4 2.0 2.6 0.1 2.0 3.1 0.2 7.7 5.3 4.5 7.0 \n and 24.4 24.7 0.3 1.2 1.0 0.0 0.5 0.5 0.2 7.0 1.2 1.8 2.9 \n MLV-26-52 Levack Intermediate 42.5 44.3 1.7 1.1 1.8 0.0 1.2 0.3 0.2 3.3 1.7 2.6 4.1 \n MLV-26-53 Levack Intermediate 35.2 36.6 1.4 1.4 0.6 0.0 0.9 1.9 0.1 4.2 2.9 1.8 2.9 \n MLV-26-54 Levack Intermediate 91.9 99.2 7.4 1.3 0.8 0.0 0.9 1.6 0.1 4.3 2.6 1.9 3.1 \n including 98.5 99.2 0.8 7.2 2.4 0.0 2.8 3.5 0.3 22.8 6.6 7.6 12.1 \n R2 and 424.0 424.3 0.3 15.3 0.6 0.0 1.7 8.5 6.0 58.0 16.2 14.3 22.6 \n MLV-26-58 Levack Intermediate 31.7 32.0 0.3 0.6 2.1 0.1 0.7 0.9 0.3 3.0 1.8 2.6 4.2 \n 73.2 75.5 2.3 1.4 0.7 0.0 0.4 1.4 0.1 5.2 1.8 1.8 2.9 \n 93.1 93.6 0.4 1.1 1.2 0.0 0.8 0.9 0.1 7.0 1.7 2.0 3.2 \n 112.5 113.0 0.5 1.5 0.5 0.0 0.7 3.2 0.2 9.0 4.1 2.1 3.3 \n 126.3 126.6 0.3 0.4 3.3 0.0 2.5 4.0 0.1 2.0 6.6 4.2 6.6 \n 134.7 135.2 0.5 2.4 0.3 0.0 0.7 0.9 0.1 11.0 1.7 2.0 3.2 \n 147.4 148.6 1.2 1.0 1.5 0.0 1.4 1.9 0.1 3.8 3.5 2.5 4.0 \n 155.3 159.1 3.8 2.4 2.7 0.1 2.0 2.4 0.1 7.4 4.5 4.6 7.2 \n and 166.0 166.5 0.5 1.2 1.1 0.1 3.0 2.2 0.2 5.0 5.4 2.8 4.5 \n MLV-26-60 Levack MOB 189.2 196.6 7.5 0.4 2.3 0.1 0.0 0.0 0.0 1.0 0.1 2.2 3.5 \n including 189.2 191.9 2.7 0.4 3.2 0.1 0.0 0.1 0.0 1.0 0.1 3.0 4.8 \n and including 194.4 196.6 2.2 0.6 3.3 0.1 0.0 0.1 0.0 1.0 0.1 3.3 5.2 \n MLV-26-64 Levack MOB 198.7 203.3 4.6 1.7 4.0 0.2 1.5 1.9 0.2 4.1 3.5 5.2 8.3 \n MLV-26-65 Levack MOB 178.1 184.8 6.7 0.4 1.3 0.0 0.1 0.1 0.0 1.0 0.3 1.5 2.3 \n MLV-26-68 Levack MOB 177.0 209.9 32.9 0.4 1.7 0.0 0.2 0.2 0.0 1.1 0.4 1.8 2.9 \n including 178.0 181.2 3.2 0.2 3.2 0.1 0.0 0.0 0.0 1.0 0.1 3.0 4.7 \n and 189.5 204.4 15.0 0.5 1.9 0.0 0.1 0.1 0.0 1.1 0.2 2.0 3.2 \n including 206.0 209.9 3.8 1.0 2.9 0.1 0.7 1.1 0.1 1.8 1.9 3.5 5.5 \n\n(All lengths are downhole length. True widths are highly variable and\nestimated to range from 30-80% of downhole length. Ni Eq % = (Ni% x 85%\nRecovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) +\n(Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035\nx Pt $/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68%\nRecovery / 31.1035 x Au $/oz))/2204 x Ni $/lb. Cu Eq % = (Ni% x 85% Recovery\n2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x\n56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035 x Pt\n$/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68% Recovery /\n31.1035 x Au $/oz))/2204 x Cu $/lb. Metal prices in US$: $7.72/lb Ni,\n$4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd and $3,815/oz Au.  )\n\nFigure 1: Location of Magna Mining’s Properties, Including the Levack Mine\nand Key Sudbury Infrastructure\n\n\n\nFigure 2:  3D Longitudinal View Looking North, Showing the Levack Mine\nMineralized Zones in Relation to the R2 Footwall Zone, Intermediate Orebody\nand West Main Orebody.\n\n\n\nFigure 3:  3D Longitudinal View Looking North Northeast, Showing the R2\nFootwall Zone and recent Assay Results.\n\n\n\nFigure 4:  3D Longitudinal View Looking North-Northwest showing the Recent\nDrilling within the Near Surface Western Extension of the Main Orebody\n\n\n\nTable 2: Drillhole Collar Coordinates\n\n \n BHID Easting Northing Elevation Azimuth Dip Depth \n FNX2038A-W1 471667 5167001 398 98 59 1182 \n FNX2038A-W2 471667 5167001 398 98 59 1180 \n FNX6070-W2 472109 5166291 339 17 72 1145 \n MLV-26-46 471829 5166195 -705 20 10 150 \n MLV-26-47 471829 5166195 -705 351 11 204 \n MLV-26-48 471829 5166196 -705 355 -24 176 \n MLV-26-49 471999 5166519 -169 319 6 99 \n MLV-26-50 472000 5166518 -169 318 -6 99 \n MLV-26-51 471999 5166519 -169 318 35 46 \n MLV-26-52 471999 5166518 -169 282 10 47 \n MLV-26-53 471999 5166518 -169 282 35 46 \n MLV-26-54 472004 5166523 -170 19 46 643 \n MLV-26-58 472004 5166523 -169 354 37 610 \n MLV-26-60 471531 5166372 336 305 52 227 \n MLV-26-64 471529 5166371 336 304 55 224 \n MLV-26-65 471529 5166370 336 294 59 230 \n MLV-26-68 471530 5166371 336 322 90 211 \n\nQualified Person for Technical Information\n\nThe scientific and technical information in this press release has been\nreviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice\nPresident, Exploration and Geoscience for Magna Mining Inc. and is a qualified\nperson under National Instrument 43-101.\n\nQuality Assurance and Control\n\nSample QA/QC procedures for Magna have been designed to meet or exceed\nindustry standards. Drill core is collected from the diamond drill and placed\nin sealed core trays for transport to Magna’s core facilities. Levack\ndrilling utilizes NQ or BQTK sized core and McCreedy West utilizes BQTK sized\ncore. The core is then logged, and samples marked in intervals of up to 1.5m.\nLevack drill core is split and sampled ½ core, and McCreedy West is whole\ncore sampled. Samples are then put into plastic bags with 10 bagged samples\nbeing placed into rice bags for transport to SGS Laboratories in Garson,\nOntario for preparation, which are then shipped to Lakefield, Ontario for\nanalysis.  Samples are submitted in batches of 50 with 4 QA/QC samples\nincluding, 2 certified reference material standards and 2 samples of blank\nmaterial.\n\nCautionary Statement on Forward-Looking Statements\n\nAll statements, other than statements of historical fact, contained or\nincorporated by reference in this press release constitute “forward-looking\nstatements” and “forward-looking information” (collectively,\n“forward-looking statements”) within the meaning of applicable securities\nlaws. Generally, these forward-looking statements can be identified by the use\nof forward-looking terminology, such as “may”, “might”,\n“potential”, “expect”, “anticipate”, “estimate”,\n“believe”, “could”, “should”, “would”, “will”,\n“continue”, “intend”, “plan”, “target”, “forecast”,\n“prospective”, “significant” or other similar words or phrases or\nvariations thereof. Forward-looking statements are necessarily based upon a\nnumber of assumptions that, while considered reasonable by management, are\ninherently subject to business, market, economic, technical and other risks,\nuncertainties and contingencies that may cause actual results, performance or\nachievements to be materially different from those expressed or implied by\nforward-looking statements, including risks and uncertainties relating to the\nfailure of additional drilling and assays to support assumptions, expectations\nor estimates of potential mineralization, metal tons or grade, such as in the\nR2 Footwall Zone and the West Main Orebody at the Levack mine, the failure of\nadditional drilling to support additional expansion or delineation of\nestimated resources, the failure to have accurately estimated declared mineral\nresources or mineral reserves, the failure of additional drilling to support\nproduction planning or replenish production or mined ore, the failure to\nmaintain an adequate rate of development or access to stopes to maintain\nproduction, the failure to meet production, cost, cash flow or development\nexpectations, forecasts or guidance, the lack of availability of drill rigs to\nimplement exploration or other programs or the failure to proceed as quickly\nas planned with additional exploration, development, production or other\ndrilling, continued delays for assay results, the failure to bring the Levack\nand Crean Hill mines back into production subsequent to the completion of the\ncurrent preliminary economic assessment and pre-feasibility study now underway\nfor these projects, and other risks disclosed in the Company’s most recent\nannual information form for the year ended December 31, 2025 , available on\nthe SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted\nto identify important risks, uncertainties, contingencies and factors that\ncould cause actual results to differ materially from those expressed or\nimplied in forward-looking statements, there can be no certainty or assurance\nthat the Company has accurately or adequately captured, accounted for or\ndisclosed all such risks, uncertainties, contingencies or factors. Readers\nshould place no reliance on forward-looking statements as actual results,\nperformance or achievements may be materially different from those expressed\nor implied by such statements. Resource exploration and development, and\nmining operations, are highly speculative, characterized by several\nsignificant risks, which even a combination of careful evaluation, experience\nand knowledge will not eliminate. Forward-looking statements speak only as of\nthe date they are made. The Company does not undertake to update any\nforward-looking statements, whether as a result of new information or future\nevents or otherwise, except in accordance with applicable securities laws.\n\nAbout Magna Mining Inc.\n\nMagna Mining Inc. is a producing mining company with a strong portfolio of\ncopper, nickel, and precious metal assets located in the world-class Sudbury\nmining district of Ontario, Canada. The Company’s primary asset is\nthe McCreedy West Mine, currently in production, supported by a pipeline of\nhighly prospective past-producing properties including Levack, Crean\nHill, Podolsky, and Shakespeare.\n\nMagna Mining is strategically positioned to unlock long-term shareholder value\nthrough continued production, exploration upside, and near-term development\nopportunities across its asset base.\n\nAdditional corporate and project information is available\nat www.magnamining.com and through the Company’s public filings on the\nSEDAR+ website at www.sedarplus.ca.\n\nFor further information, please contact:\n\nJason Jessup\nChief Executive Officer\nor\nPaul Fowler, CFA\nExecutive Vice President\n705-482-9667\nEmail: info@magnamining.com\n\nPhotos accompanying this announcement are available at\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/3902fa0f-5bc5-4ffd-b66f-f50009def20c\n\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/ab8c635d-9ebe-4558-9762-24ad9a036541\n\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/bcf6a05e-4e2e-48ce-b37a-fd04e06c452d\n\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/9cf82695-b217-4e8c-a61d-4b8038212b89\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/548ae398-b7bc-41de-9443-c346a005892c)\nFigure 1 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/3902fa0f-5bc5-4ffd-b66f-f50009def20c/en)\nLocation of Magna Mining’s Properties, Including the Levack Mine and Key\nSudbury InfrastructureFigure 2 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/ab8c635d-9ebe-4558-9762-24ad9a036541/en)\n3D Longitudinal View Looking North, Showing the Levack Mine Mineralized Zones\nin Relation to the R2 Footwall Zone, Intermediate Orebody and West Main\nOrebodyFigure 3 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/bcf6a05e-4e2e-48ce-b37a-fd04e06c452d/en)\n3D Longitudinal View Looking North Northeast, Showing the R2 Footwall Zone and\nrecent Assay ResultsFigure 4 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/9cf82695-b217-4e8c-a61d-4b8038212b89/en)\n3D Longitudinal View Looking North-Northwest showing the Recent Drilling\nwithin the Near Surface Western Extension of the Main Orebody\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX8V98gK-20260917","title":"Magna Mining Expands the R2 Footwall Zone and Intersects Near Surface Mineralization at the Levack Mine in Sudbury, Ontario including 4.0% Nickel, 1.7% Copper and 3.5 g/t Platinum + Palladium + Gold (8.3% CuEq) over 4.6 metres","author":"Globe Newswire","ticker":"NICU","created":"2026-09-17T10:45:00.303Z","tickers":["NICU"],"exchange":"TSX","article_body":"SUDBURY, Ontario, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Magna Mining Inc. (TSX:\nNICU) (“Magna” or the “Company”) is pleased to provide the results of\nongoing exploration and an update on activities at the past-producing Levack\nMine, located in the North Range of the Sudbury Basin, Ontario, Canada (Figure\n1). Results released today include additional assays from expansion drilling\nof the R2 Footwall Zone, delineation drilling at the Intermediate Orebody, as\nwell as initial drilling of the near-surface extension of the West Main\nOrebody (Figure 2).\n\nHighlights from the new assay results include:\n\nR2 Footwall Zone:\n\n * FNX2038A W1 9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au, 24.9 g/t Ag (23.5% CuEq) over 2.1 \n \nAnd metres, from 999.2 metres down hole \n 15.4% Cu, 1.9% Ni, 7.0 g/t Pt+Pd+Au, 43.0 g/t Ag (19.1% CuEq) over 0.7 \n metres, from 1068.6 metres down hole \n\n     \nWest Main Orebody: \n\n * MLV-26-64 1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au, 4.1 g/t Ag (8.3% CuEq) over 4.6 metres, from 198.7 metres down hole \n \n \n0.4% Cu, 1.7% Ni, 0.4 g/t Pt+Pd+Au (2.9% CuEq) over 32.9 metres, \n * MLV-26-68 from 177.0 metres down hole \n \nIncluding 0.2% Cu, 3.2% Ni, 0.1 g/t Pt+Pd+Au (4.7% CuEq) over 3.2 metres \n And 1.0% Cu, 2.9% Ni, 1.9 g/t Pt+Pd+Au (5.5% CuEq) over 3.8 metres \n\n\n\nDave King, SVP Exploration and Geoscience at Magna, stated, “The R2 Footwall\nZone continues to provide impressive results such as hole FNX2038A-W1 which\nreturned five distinct veins, including 9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au,\nand 24.9 g/t Ag (23.5% CuEq) over 2.1 metres, and has continued to extend the\nzone towards the No.3 Orebody. The focus at R2 has now shifted to drilling\nfrom new underground platforms on the 2950 level with shorter drillholes and\nincreasing the intersection frequency. In addition, we are excited to see\nthick, high grade intersections from initial surface drilling at the West Main\nZone, including 0.4% Cu, 1.7% Ni, 0.4 g/t Pt+Pd+Au (2.9% CuEq) over 32.9\nmetres in drillhole MLV-26-68 and 1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au (8.3%\nCuEq) over 4.6 metres in drillhole MLV-26-64. This recent drilling has\nexpanded this zone towards surface and could provide significant\nnickel-copper-precious metals-rich mineralized material early in the\nproduction profile upon a positive restart decision. Of particular interest is\nthe increased copper and precious metal grades in hole MLV-26-64 which could\nindicate the potential for shallow, footwall style mineralization associated\nwith this part of the Main Orebody, similar to the Keel, Morrison and R2\nFootwall Zones.”\n\nTable 1 summarizes the significant assay results received since the last\nLevack exploration results update (see news release dated June 22, 2026\n(https://www.globenewswire.com/Tracker?data=dtzPdjLEmuH__ylSjThKRILooZ1hStrBmtFwEsF0ofwgIpvRlaFFI2ejjvoAP5a6Mfl4PNrmpdzAymgbjc9n88HaHLyY6xZjjlJ63ohUJ201AM9xGh7rEDFl61mGhLWG22PwwhQ_tNgOp_yfbQDGU4VCUQE-3T787Czw6e1WbgJNf2InJKs21gWN5xJLPbDKmJWAAZ7Nf6R3cTKDqzT1V6r8udYXVcyiGjFnTTthcgOk-8wWNR9kjGiM24VU_PY4dO8JB2xRNSig1vCmCpDSmGYz12lh8sTda5r473jjKGMir6gRi3RuA9l9gSbSdhmeW7EkmWQegVja5bggZUL3zFuiMoRf2akdeSDH4LsWgbc=)).\nTwo surface drill rigs and three underground rigs have been active at Levack\nat various times during the past several months. Surface drill rigs have\ntargeted both the R2 Footwall Zone as well as the upper western extension of\nthe Main Orebody above historical mining. Underground drills have focused on\ncontinued drilling within the R2 Footwall Zone and the Intermediate Orebody\nfrom the 8450 Level exploration drift. Most recently, development of the 2950\nLevel exploration drift was completed in early August and two rigs are now\nactive on this level, one completing infill definition drillholes within the\nR2 Footwall Zone and a second drilling exploration holes to test a geophysical\ntarget located between the R2 Footwall Zone and the Morrison Footwall Cu-PGE\nDeposit.\n\nToday’s drill results from the R2 Footwall Zone are focused on the upper\nportions of the known mineralization to better define the veins and understand\nthe relationship to the No.3 Orebody (Figure 3). They include assays from an\nadditional three wedge holes drilled from surface, each of which intersected\nmultiple mineralized veins. Drillhole FNX2038A-W1 intersected five distinct\nveins over 91.5 metres including 9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au, and 24.9\ng/t Ag (23.5% CuEq) over 2.1 metres from 999.2 metres down hole and\nsuccessfully expanded Magna’s drilling of the R2 Footwall Zone veins by\napproximately 30 metres towards the No.3 Orebody which is situated\napproximately 75 metres up dip. The R2 Zone remains open up dip towards the\nNo. 3 Footwall Zone as well as at depth to the south. Since the completion of\nthe 2950 Level exploration drift, drilling from this new underground platform\nhas targeted the copper-precious metal veins of the R2 Footwall Zone at the\napproximate elevation where the 2950 Level would intersect the Zone, in\npreparation for a potential decision in early Q4 to advance development by an\nadditional 300 metres to provide underground access to the R2 Footwall Zone.\n\nToday’s results from the Intermediate Orebody are from underground drill\nholes completed on the 8450 Level prior to the completion of development into\nthis zone. Production from this area of the Intermediate Orebody could begin\nimmediately upon a positive restart decision. Further definition and expansion\ndrilling is underway within other areas being considered for early production\nin the Preliminary Economic Assessment (“PEA”), including the upper\nwestern portion of the Main Orebody (Figure 4). Significant widths of high\ngrade nickel contact-type mineralization have been intersected in the initial\ndrilling, including 1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au, and 4.1 g/t Ag (8.3%\nCuEq) over 4.6 metres from 198.7 metres down hole in drillhole MLV-26-64 and\n0.4% Cu, 1.7% Ni, 0.4 g/t Pt+Pd+Au, (2.9% CuEq) over 32.9 metres from 177.0\nmetres down hole in drillhole MLV-26-68. These drill results from the West\nMain Orebody are located within 150 metres of surface and additional drilling\nis planned to test the up-plunge extension of this zone, as well as to\ninvestigate the potential for shallow, footwall-style mineralization\nassociated with this part of the Main Orebody given the elevated copper and\nprecious metal grades in drillhole MLV-26-64.\n\nUnderground development and refurbishment of production hoisting\ninfrastructure have continued to advance in preparation of a formal restart\ndecision at Levack. In July and August, 597 feet of development were\ncompleted. This development advanced the 2950 Level drift, located between the\nMorrison Footwall Cu-PGE Deposit and the R2 Footwall Zone, as well as from the\n1800 Level to the 1600 Level ramp, providing additional exploration drilling\nplatforms as well as the potential for early production. Shaft crews are\nchanging guides in the skipping compartments of the shaft, while other crews\nare completing work on the loading pocket and the rehabilitation of drifts for\nexploration platforms. Detailed engineering is being completed to support a\nfuture portal on surface, which would facilitate a new ramp connecting to the\nMain, Western Main, Keel, No.1 and No.2 orebodies.\n\nMagna Commends the Government of Canada on the Productivity Mega Deduction\n\nMagna Mining commends the Government of Canada for its September 15, 2026,\nannouncement of the Productivity Mega Deduction and the proposed changes to\nthe tax treatment of Canadian Development Expenses (“CDE”). The proposed\nmeasures, including the ability to immediately expense 100% of eligible CDE\nincurred on or after September 15, 2026, represent an important step toward\nimproving the investment environment for Canadian mining and encouraging the\ndevelopment of critical mineral resources. For Magna, these changes have the\npotential to provide meaningful benefits as the Company advances its portfolio\nof Sudbury Basin projects, including the Levack Mine and Crean Hill Project,\nby improving the after-tax economics of eligible development expenditures,\nstrengthening project cash flows and potentially accelerating the deployment\nof capital into mine development and related infrastructure. Magna believes\nthat a competitive and predictable tax framework can play an important role in\nsupporting new mine development, investment and high-quality employment in\nSudbury and across Canada’s critical minerals sector.\n\nThe Company is currently evaluating the potential impact of the Productivity\nMega Deduction on the Levack PEA and the Crean Hill Pre-Feasibility Study\n(“PFS”) and now expects the results of both studies to be released in the\nfirst half of October.\n\nTable 1: Summary of Drillhole Results\n\n \n Drillhole Property Zone From (m) To (m) Length (m) Cu % Ni % Co % Pt g/t Pd g/t Au g/t Ag g/t Pt+Pd NiEq CuEq \n +Au g/t \n FNX2038-W1 Levack R2 977.7 981.7 4.0 2.8 1.4 0.0 1.0 0.7 0.3 8.1 2.0 3.3 5.2 \n including 977.7 978.5 0.8 7.8 6.4 0.0 3.7 3.1 0.1 20.0 6.9 11.4 18.0 \n and including 981.3 981.7 0.4 10.7 0.6 0.0 1.7 0.7 2.8 32.0 5.2 8.8 13.9 \n and 999.2 1001.3 2.1 9.5 2.6 0.0 3.2 2.0 12.2 24.9 17.5 14.8 23.5 \n and 1038.5 1039.0 0.5 4.2 2.5 0.0 2.2 2.1 0.3 16.0 4.6 5.6 8.8 \n and 1052.6 1053.0 0.4 1.9 1.4 0.0 1.3 1.0 0.1 7.0 2.3 2.8 4.4 \n and 1068.6 1069.2 0.7 15.4 1.9 0.0 2.7 4.2 0.1 43.0 7.0 12.1 19.1 \n FNX2038-W2 Levack R2 1012.4 1013.4 1.0 0.7 2.5 0.1 3.4 2.3 0.1 2.0 5.8 3.7 5.9 \n and 1017.7 1018.4 0.6 0.6 2.9 0.0 2.2 4.1 0.1 1.0 6.4 3.9 6.2 \n and 1048.4 1049.0 0.6 0.3 4.6 0.1 4.1 1.7 0.5 1.0 6.3 5.5 8.7 \n FNX6070-W2 Levack R2 788.0 788.4 0.4 0.8 0.2 0.0 2.2 2.5 0.5 6.0 5.2 1.7 2.6 \n and 1035.7 1036.1 0.3 1.1 0.3 0.0 1.3 1.0 1.5 9.0 3.8 2.1 3.3 \n and 1046.0 1047.3 1.3 1.2 0.2 0.0 0.4 0.4 4.2 11.0 5.0 3.0 4.7 \n and 1050.5 1060.0 9.5 2.2 0.2 0.0 1.2 2.0 1.0 13.6 4.3 2.6 4.1 \n including 1053.0 1053.4 0.4 26.0 1.5 0.0 1.1 11.8 2.5 146.0 15.5 20.2 31.9 \n and including 1057.6 1057.9 0.3 13.3 1.6 0.0 1.2 11.5 12.5 78.0 25.2 17.4 27.5 \n and 1071.2 1072.8 1.7 13.0 2.0 0.0 4.1 11.3 3.5 85.2 19.0 13.7 21.7 \n including 1071.5 1072.2 0.8 27.3 4.0 0.0 7.4 23.5 2.0 175.0 32.9 25.8 40.7 \n MLV-26-46 Levack Footwall 98.1 98.4 0.3 0.2 0.1 0.0 4.2 3.3 0.6 16.0 8.1 1.7 2.8 \n and 99.7 100.0 0.3 0.4 0.1 0.0 3.7 4.4 1.2 22.0 9.3 2.3 3.6 \n MLV-26-47 Levack Footwall No significant Results \n MLV-26-48 Levack Footwall Exploration No significant Results \n MLV-26-49 Levack Intermediate 51.8 52.3 0.5 2.8 0.4 0.1 2.0 1.3 0.7 5.0 3.9 3.1 4.9 \n MLV-26-50 Levack Intermediate 60.5 62.1 1.6 0.4 1.1 0.0 0.5 1.5 0.1 3.4 2.1 1.5 2.4 \n and 73.8 74.2 0.4 0.2 2.1 0.0 1.3 2.3 0.0 3.0 3.6 2.5 4.0 \n MLV-26-51 Levack Intermediate 34.0 35.4 1.4 2.0 2.6 0.1 2.0 3.1 0.2 7.7 5.3 4.5 7.0 \n and 24.4 24.7 0.3 1.2 1.0 0.0 0.5 0.5 0.2 7.0 1.2 1.8 2.9 \n MLV-26-52 Levack Intermediate 42.5 44.3 1.7 1.1 1.8 0.0 1.2 0.3 0.2 3.3 1.7 2.6 4.1 \n MLV-26-53 Levack Intermediate 35.2 36.6 1.4 1.4 0.6 0.0 0.9 1.9 0.1 4.2 2.9 1.8 2.9 \n MLV-26-54 Levack Intermediate 91.9 99.2 7.4 1.3 0.8 0.0 0.9 1.6 0.1 4.3 2.6 1.9 3.1 \n including 98.5 99.2 0.8 7.2 2.4 0.0 2.8 3.5 0.3 22.8 6.6 7.6 12.1 \n R2 and 424.0 424.3 0.3 15.3 0.6 0.0 1.7 8.5 6.0 58.0 16.2 14.3 22.6 \n MLV-26-58 Levack Intermediate 31.7 32.0 0.3 0.6 2.1 0.1 0.7 0.9 0.3 3.0 1.8 2.6 4.2 \n 73.2 75.5 2.3 1.4 0.7 0.0 0.4 1.4 0.1 5.2 1.8 1.8 2.9 \n 93.1 93.6 0.4 1.1 1.2 0.0 0.8 0.9 0.1 7.0 1.7 2.0 3.2 \n 112.5 113.0 0.5 1.5 0.5 0.0 0.7 3.2 0.2 9.0 4.1 2.1 3.3 \n 126.3 126.6 0.3 0.4 3.3 0.0 2.5 4.0 0.1 2.0 6.6 4.2 6.6 \n 134.7 135.2 0.5 2.4 0.3 0.0 0.7 0.9 0.1 11.0 1.7 2.0 3.2 \n 147.4 148.6 1.2 1.0 1.5 0.0 1.4 1.9 0.1 3.8 3.5 2.5 4.0 \n 155.3 159.1 3.8 2.4 2.7 0.1 2.0 2.4 0.1 7.4 4.5 4.6 7.2 \n and 166.0 166.5 0.5 1.2 1.1 0.1 3.0 2.2 0.2 5.0 5.4 2.8 4.5 \n MLV-26-60 Levack MOB 189.2 196.6 7.5 0.4 2.3 0.1 0.0 0.0 0.0 1.0 0.1 2.2 3.5 \n including 189.2 191.9 2.7 0.4 3.2 0.1 0.0 0.1 0.0 1.0 0.1 3.0 4.8 \n and including 194.4 196.6 2.2 0.6 3.3 0.1 0.0 0.1 0.0 1.0 0.1 3.3 5.2 \n MLV-26-64 Levack MOB 198.7 203.3 4.6 1.7 4.0 0.2 1.5 1.9 0.2 4.1 3.5 5.2 8.3 \n MLV-26-65 Levack MOB 178.1 184.8 6.7 0.4 1.3 0.0 0.1 0.1 0.0 1.0 0.3 1.5 2.3 \n MLV-26-68 Levack MOB 177.0 209.9 32.9 0.4 1.7 0.0 0.2 0.2 0.0 1.1 0.4 1.8 2.9 \n including 178.0 181.2 3.2 0.2 3.2 0.1 0.0 0.0 0.0 1.0 0.1 3.0 4.7 \n and 189.5 204.4 15.0 0.5 1.9 0.0 0.1 0.1 0.0 1.1 0.2 2.0 3.2 \n including 206.0 209.9 3.8 1.0 2.9 0.1 0.7 1.1 0.1 1.8 1.9 3.5 5.5 \n\n(All lengths are downhole length. True widths are highly variable and\nestimated to range from 30-80% of downhole length. Ni Eq % = (Ni% x 85%\nRecovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) +\n(Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035\nx Pt $/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68%\nRecovery / 31.1035 x Au $/oz))/2204 x Ni $/lb. Cu Eq % = (Ni% x 85% Recovery\n2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x\n56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035 x Pt\n$/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68% Recovery /\n31.1035 x Au $/oz))/2204 x Cu $/lb. Metal prices in US$: $7.72/lb Ni,\n$4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd and $3,815/oz Au.  )\n\nFigure 1: Location of Magna Mining’s Properties, Including the Levack Mine\nand Key Sudbury Infrastructure\n\n\n\nFigure 2:  3D Longitudinal View Looking North, Showing the Levack Mine\nMineralized Zones in Relation to the R2 Footwall Zone, Intermediate Orebody\nand West Main Orebody.\n\n\n\nFigure 3:  3D Longitudinal View Looking North Northeast, Showing the R2\nFootwall Zone and recent Assay Results.\n\n\n\nFigure 4:  3D Longitudinal View Looking North-Northwest showing the Recent\nDrilling within the Near Surface Western Extension of the Main Orebody\n\n\n\nTable 2: Drillhole Collar Coordinates\n\n \n BHID Easting Northing Elevation Azimuth Dip Depth \n FNX2038A-W1 471667 5167001 398 98 59 1182 \n FNX2038A-W2 471667 5167001 398 98 59 1180 \n FNX6070-W2 472109 5166291 339 17 72 1145 \n MLV-26-46 471829 5166195 -705 20 10 150 \n MLV-26-47 471829 5166195 -705 351 11 204 \n MLV-26-48 471829 5166196 -705 355 -24 176 \n MLV-26-49 471999 5166519 -169 319 6 99 \n MLV-26-50 472000 5166518 -169 318 -6 99 \n MLV-26-51 471999 5166519 -169 318 35 46 \n MLV-26-52 471999 5166518 -169 282 10 47 \n MLV-26-53 471999 5166518 -169 282 35 46 \n MLV-26-54 472004 5166523 -170 19 46 643 \n MLV-26-58 472004 5166523 -169 354 37 610 \n MLV-26-60 471531 5166372 336 305 52 227 \n MLV-26-64 471529 5166371 336 304 55 224 \n MLV-26-65 471529 5166370 336 294 59 230 \n MLV-26-68 471530 5166371 336 322 90 211 \n\nQualified Person for Technical Information\n\nThe scientific and technical information in this press release has been\nreviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice\nPresident, Exploration and Geoscience for Magna Mining Inc. and is a qualified\nperson under National Instrument 43-101.\n\nQuality Assurance and Control\n\nSample QA/QC procedures for Magna have been designed to meet or exceed\nindustry standards. Drill core is collected from the diamond drill and placed\nin sealed core trays for transport to Magna’s core facilities. Levack\ndrilling utilizes NQ or BQTK sized core and McCreedy West utilizes BQTK sized\ncore. The core is then logged, and samples marked in intervals of up to 1.5m.\nLevack drill core is split and sampled ½ core, and McCreedy West is whole\ncore sampled. Samples are then put into plastic bags with 10 bagged samples\nbeing placed into rice bags for transport to SGS Laboratories in Garson,\nOntario for preparation, which are then shipped to Lakefield, Ontario for\nanalysis.  Samples are submitted in batches of 50 with 4 QA/QC samples\nincluding, 2 certified reference material standards and 2 samples of blank\nmaterial.\n\nCautionary Statement on Forward-Looking Statements\n\nAll statements, other than statements of historical fact, contained or\nincorporated by reference in this press release constitute “forward-looking\nstatements” and “forward-looking information” (collectively,\n“forward-looking statements”) within the meaning of applicable securities\nlaws. Generally, these forward-looking statements can be identified by the use\nof forward-looking terminology, such as “may”, “might”,\n“potential”, “expect”, “anticipate”, “estimate”,\n“believe”, “could”, “should”, “would”, “will”,\n“continue”, “intend”, “plan”, “target”, “forecast”,\n“prospective”, “significant” or other similar words or phrases or\nvariations thereof. Forward-looking statements are necessarily based upon a\nnumber of assumptions that, while considered reasonable by management, are\ninherently subject to business, market, economic, technical and other risks,\nuncertainties and contingencies that may cause actual results, performance or\nachievements to be materially different from those expressed or implied by\nforward-looking statements, including risks and uncertainties relating to the\nfailure of additional drilling and assays to support assumptions, expectations\nor estimates of potential mineralization, metal tons or grade, such as in the\nR2 Footwall Zone and the West Main Orebody at the Levack mine, the failure of\nadditional drilling to support additional expansion or delineation of\nestimated resources, the failure to have accurately estimated declared mineral\nresources or mineral reserves, the failure of additional drilling to support\nproduction planning or replenish production or mined ore, the failure to\nmaintain an adequate rate of development or access to stopes to maintain\nproduction, the failure to meet production, cost, cash flow or development\nexpectations, forecasts or guidance, the lack of availability of drill rigs to\nimplement exploration or other programs or the failure to proceed as quickly\nas planned with additional exploration, development, production or other\ndrilling, continued delays for assay results, the failure to bring the Levack\nand Crean Hill mines back into production subsequent to the completion of the\ncurrent preliminary economic assessment and pre-feasibility study now underway\nfor these projects, and other risks disclosed in the Company’s most recent\nannual information form for the year ended December 31, 2025 , available on\nthe SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted\nto identify important risks, uncertainties, contingencies and factors that\ncould cause actual results to differ materially from those expressed or\nimplied in forward-looking statements, there can be no certainty or assurance\nthat the Company has accurately or adequately captured, accounted for or\ndisclosed all such risks, uncertainties, contingencies or factors. Readers\nshould place no reliance on forward-looking statements as actual results,\nperformance or achievements may be materially different from those expressed\nor implied by such statements. Resource exploration and development, and\nmining operations, are highly speculative, characterized by several\nsignificant risks, which even a combination of careful evaluation, experience\nand knowledge will not eliminate. Forward-looking statements speak only as of\nthe date they are made. The Company does not undertake to update any\nforward-looking statements, whether as a result of new information or future\nevents or otherwise, except in accordance with applicable securities laws.\n\nAbout Magna Mining Inc.\n\nMagna Mining Inc. is a producing mining company with a strong portfolio of\ncopper, nickel, and precious metal assets located in the world-class Sudbury\nmining district of Ontario, Canada. The Company’s primary asset is\nthe McCreedy West Mine, currently in production, supported by a pipeline of\nhighly prospective past-producing properties including Levack, Crean\nHill, Podolsky, and Shakespeare.\n\nMagna Mining is strategically positioned to unlock long-term shareholder value\nthrough continued production, exploration upside, and near-term development\nopportunities across its asset base.\n\nAdditional corporate and project information is available\nat www.magnamining.com and through the Company’s public filings on the\nSEDAR+ website at www.sedarplus.ca.\n\nFor further information, please contact:\n\nJason Jessup\nChief Executive Officer\nor\nPaul Fowler, CFA\nExecutive Vice President\n705-482-9667\nEmail: info@magnamining.com\n\nPhotos accompanying this announcement are available at\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/3902fa0f-5bc5-4ffd-b66f-f50009def20c\n\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/ab8c635d-9ebe-4558-9762-24ad9a036541\n\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/bcf6a05e-4e2e-48ce-b37a-fd04e06c452d\n\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/9cf82695-b217-4e8c-a61d-4b8038212b89\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/548ae398-b7bc-41de-9443-c346a005892c)\nFigure 1 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/3902fa0f-5bc5-4ffd-b66f-f50009def20c/en)\nLocation of Magna Mining’s Properties, Including the Levack Mine and Key\nSudbury InfrastructureFigure 2 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/ab8c635d-9ebe-4558-9762-24ad9a036541/en)\n3D Longitudinal View Looking North, Showing the Levack Mine Mineralized Zones\nin Relation to the R2 Footwall Zone, Intermediate Orebody and West Main\nOrebodyFigure 3 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/bcf6a05e-4e2e-48ce-b37a-fd04e06c452d/en)\n3D Longitudinal View Looking North Northeast, Showing the R2 Footwall Zone and\nrecent Assay ResultsFigure 4 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/9cf82695-b217-4e8c-a61d-4b8038212b89/en)\n3D Longitudinal View Looking North-Northwest showing the Recent Drilling\nwithin the Near Surface Western Extension of the Main Orebody\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-09-17T10:45:00.37055656Z","server_sent_at_ms":1789641900370},"received_at":"2026-09-17T10:45:00.537Z","source_url":null},"analysis":{"id":"134921","press_release_id":"146086","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["No updated economics or resource numbers in this release -- Levack PEA and Crean Hill PFS pushed to first half of October","CuEq/NiEq grades depend on management-selected metal price and recovery assumptions; true widths estimated at only 30-80% of downhole lengths","Levack restart remains a future decision, not a committed production path"],"eventType":"operations_update","narrative":"Magna Mining reported new drill results from the past-producing Levack Mine in Sudbury, headlined by an R2 Footwall Zone intercept of 9.5% Cu, 2.6% Ni and 17.5 g/t Pt+Pd+Au (23.5% CuEq) over 2.1 metres that extended the zone roughly 30 metres toward the No.3 Orebody.\n\nInitial near-surface drilling of the West Main Orebody returned 4.0% Ni, 1.7% Cu and 3.5 g/t Pt+Pd+Au (8.3% CuEq) over 4.6 metres, plus a broader 2.9% CuEq over 32.9 metres, all within 150 metres of surface -- material management believes could feed early production upon a positive restart decision.\n\nRestart preparation advanced with 597 feet of underground development completed in July and August, and a potential decision in early Q4 to advance development a further 300 metres to access the R2 Footwall Zone.\n\nMagna also commended Canada's new Productivity Mega Deduction allowing immediate expensing of 100% of eligible Canadian Development Expenses, which could improve after-tax project economics; the Levack PEA and Crean Hill PFS are now expected in the first half of October.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"High-grade near-surface hits at Levack strengthen the early-production case ahead of the October PEA and a possible Q4 development call."},"keyFigures":{"customDimensions":{"study_timing":"Levack PEA and Crean Hill PFS results now expected in the first half of October","best_intercept":"9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au, 24.9 g/t Ag (23.5% CuEq) over 2.1 metres (FNX2038A-W1, R2 Footwall Zone)","widest_intercept":"0.4% Cu, 1.7% Ni (2.9% CuEq) over 32.9 metres (MLV-26-68, West Main Orebody)","potential_q4_decision":"advance development an additional 300 metres for underground access to R2 Footwall Zone","near_surface_intercept":"1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au (8.3% CuEq) over 4.6 metres (MLV-26-64, West Main Orebody)","metal_price_assumptions":"$7.72/lb Ni, $4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au","r2_expansion_toward_no3_m":30,"development_completed_jul_aug":"597 feet"}},"quotedText":"continues to provide impressive results such as hole FNX2038A-W1 which","namedEntities":{"people":[{"name":"Dave King","role":"SVP Exploration and Geoscience (qualified person)"},{"name":"Jason Jessup","role":"Chief Executive Officer"},{"name":"Paul Fowler","role":"Executive Vice President"}],"products":["Levack Mine","R2 Footwall Zone","West Main Orebody","Intermediate Orebody","No.3 Orebody","McCreedy West Mine","Crean Hill Project","Podolsky","Shakespeare"],"companies":[{"name":"Magna Mining Inc.","ticker":"NICU","relationship":"filer"},{"name":"Government of Canada","relationship":"federal government -- author of Productivity Mega Deduction tax measure"},{"name":"SGS Laboratories","relationship":"assay laboratory"}],"dollarAmounts":[{"amount":"$7.72/lb","context":"nickel price used in CuEq/NiEq calculations"},{"amount":"$4.88/lb","context":"copper price used in CuEq/NiEq calculations"},{"amount":"$18.12/lb","context":"cobalt price used in CuEq/NiEq calculations"},{"amount":"$1,410/oz","context":"platinum price used in CuEq/NiEq calculations"},{"amount":"$1,156/oz","context":"palladium price used in CuEq/NiEq calculations"},{"amount":"$3,815/oz","context":"gold price used in CuEq/NiEq calculations"}]},"materialImpact":{"score":3,"reasoning":"High-grade drill results materially advance the Levack restart case: a 23.5% CuEq intercept expanded the R2 Footwall Zone and near-surface West Main hits (8.3% CuEq over 4.6m within 150m of surface) could feed early production. However, no updated resource or economics are included -- the Levack PEA and Crean Hill PFS are still pending until October."},"tickerRelevance":{"others":[],"primary":"NICU"},"globalImportance":26,"audienceRelevance":20,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap junior miner","taxTailwind":"Canada Productivity Mega Deduction (100% CDE expensing)","eventGravity":"exploration drill results","sectorWeight":"critical minerals / nickel-copper-PGM","restartOptionality":"pending restart decision with early-Q4 development call"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Magna Mining reported new drill results from the past-producing Levack Mine in Sudbury, headlined by an R2 Footwall Zone intercept of 9.5% Cu, 2.6% Ni and 17.5 g/t Pt+Pd+Au (23.5% CuEq) over 2.1 metres that extended the zone roughly 30 metres toward the No.3 Orebody.\n\nInitial near-surface drilling of the West Main Orebody returned 4.0% Ni, 1.7% Cu and 3.5 g/t Pt+Pd+Au (8.3% CuEq) over 4.6 metres, plus a broader 2.9% CuEq over 32.9 metres, all within 150 metres of surface -- material management believes could feed early production upon a positive restart decision.\n\nRestart preparation advanced with 597 feet of underground development completed in July and August, and a potential decision in early Q4 to advance development a further 300 metres to access the R2 Footwall Zone.\n\nMagna also commended Canada's new Productivity Mega Deduction allowing immediate expensing of 100% of eligible Canadian Development Expenses, which could improve after-tax project economics; the Levack PEA and Crean Hill PFS are now expected in the first half of October.","key_figures":{"customDimensions":{"study_timing":"Levack PEA and Crean Hill PFS results now expected in the first half of October","best_intercept":"9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au, 24.9 g/t Ag (23.5% CuEq) over 2.1 metres (FNX2038A-W1, R2 Footwall Zone)","widest_intercept":"0.4% Cu, 1.7% Ni (2.9% CuEq) over 32.9 metres (MLV-26-68, West Main Orebody)","potential_q4_decision":"advance development an additional 300 metres for underground access to R2 Footwall Zone","near_surface_intercept":"1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au (8.3% CuEq) over 4.6 metres (MLV-26-64, West Main Orebody)","metal_price_assumptions":"$7.72/lb Ni, $4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au","r2_expansion_toward_no3_m":30,"development_completed_jul_aug":"597 feet"}},"named_entities":{"people":[{"name":"Dave King","role":"SVP Exploration and Geoscience (qualified person)"},{"name":"Jason Jessup","role":"Chief Executive Officer"},{"name":"Paul Fowler","role":"Executive Vice President"}],"products":["Levack Mine","R2 Footwall Zone","West Main Orebody","Intermediate Orebody","No.3 Orebody","McCreedy West Mine","Crean Hill Project","Podolsky","Shakespeare"],"companies":[{"name":"Magna Mining Inc.","ticker":"NICU","relationship":"filer"},{"name":"Government of Canada","relationship":"federal government -- author of Productivity Mega Deduction tax measure"},{"name":"SGS Laboratories","relationship":"assay laboratory"}],"dollarAmounts":[{"amount":"$7.72/lb","context":"nickel price used in CuEq/NiEq calculations"},{"amount":"$4.88/lb","context":"copper price used in CuEq/NiEq calculations"},{"amount":"$18.12/lb","context":"cobalt price used in CuEq/NiEq calculations"},{"amount":"$1,410/oz","context":"platinum price used in CuEq/NiEq calculations"},{"amount":"$1,156/oz","context":"palladium price used in CuEq/NiEq calculations"},{"amount":"$3,815/oz","context":"gold price used in CuEq/NiEq calculations"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-17T10:45:46.185Z","global_importance":26,"audience_relevance":20,"importance_components":{"tickerTier":"small-cap junior miner","taxTailwind":"Canada Productivity Mega Deduction (100% CDE expensing)","eventGravity":"exploration drill results","sectorWeight":"critical minerals / nickel-copper-PGM","restartOptionality":"pending restart decision with early-Q4 development call"}},"durationMs":45633,"modelName":"glm-5.3-flash"}}