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OCTOBER 2026 TSX: NICU OTC: MGMNF www.magnamining.com Copper, nickel & precious metal production growth in Sudbury, North America’s premier mining district
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CAUTIONARY STATEMENTS Cautionary Statement Regarding Forward-Looking Information This presentation contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date hereof. Statements with respect to predictions, expectations, plans, projections, future events or performance, often but not always using words such as "develop", "growth", "believe", "expect", "potential", "intend", "should", "could", "seek", "anticipate", "will", "positioned", "project", "risk", "plan", "may", "can", "might", "estimate", "interpreted", "significant", "forecast", or, in each case, their negative and words of similar meaning are not statements of historical fact – rather, they are forward-looking statements. In this presentation, forward-looking statements relate to, among other things, statements regarding the future plans and objectives of Magna Mining Inc. (the "Company" or "Magna"), production plans and cash flows relating to the McCreedy West Mine, the commencement or start of mining or development at the Company's other assets, such as the Levack Mine or the Crean Hill Project, the exploration or development potential of the Company's assets to grow the Company into a meaningful mid-tier producer with multiple producing assets, mineral resource or mineral reserve estimates and the resource or reserve potential of the Company's assets, the prospects generally of the Company's assets, such as the Levack Mine, the Crean Hill Project, the Podolsky Mine and the Kirkwood Project, estimates of reclamation liabilities, estimates of future metal prices, anticipated future revenue streams and potential sources of additional financing, and the integration of assets acquired by the Company in corporate or asset transactions. All forward-looking statements involve various assumptions, estimates, risks and uncertainties and actual results may differ materially from those communicated in such statements. These risks and uncertainties include, but are not limited to, risks and uncertainties relating to the ability of the Company to successfully operate mining operations and develop development projects, the ability of the Company to complete further exploration projects, such as drilling programs and assaying, the security of the Company's interest in and title to its properties; the potential of exploration activities and assay results to accurately predict mineralization, errors in management's geological and financial modeling, the ability of the Company to maintain all current permits, authorizations and mineral tenure in good standing, the ability of the Company to obtain and maintain necessary government approvals, the ability of the Company to complete further accretive transactions, the ability of the Company to successfully execute on its production, development and exploration plans, the ability of the Company to attract and retain qualified talent to successfully execute on its strategy, changing legislative and regulatory environments, the impact of competition, the timing and amount of required capital and other expenditures to advance its operations and projects, conditions in financial markets and the economy generally, the ability of the Company to obtain additional financing on satisfactory terms, if at all, the ability of management of the Company to operate and grow the business effectively, fluctuations in metal prices, the speculative nature of mining and mineral exploration and development, as well as those risk factors discussed or referred to in the Company’s continuous disclosure filings with the securities regulatory authorities in Canada available on SEDAR+ at www.sedarplus.ca, including in its management discussion and analysis for the year ended December 31, 2024. Scientific and Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by David King, M.Sc, P.Geo, a "Qualified Person" for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Currency All amounts discussed herein are denominated in Canadian dollars unless otherwise specified.
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Over 100 years of mining Infrastructure & processing facilities Social license to operate Local, provincial & federal government support World class mineral endowment THE SUDBURYADVANTAGE
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PRODUCTION Currently one producing copper mine (McCreedy West) Four permitted, past producing mines Focused on copper and precious metals (PGE-gold-silver), with optionality for rapid nickel production re-start EXPLORATION Experienced Sudbury exploration team Track record of making significant discoveries in Sudbury Utilizing a large proprietary data base to develop targets SYNERGISTIC ACQUISITIONS Track record of acquiring accretive projects in Sudbury Targeted acquisitions are non-core to their current owners Targeting deposits with synergies to existing mines and infrastructure MAGNA MINING Pillars of Growth
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PODOLSKY Glencore Falconbridge Smelter Vale Clarabelle Mill Vale Copper Cliff Smelter Magna Property LEVACK McCREEDY WEST SHAKESPEARE CREAN HILL Glencore Strathcona Mill Chelmsford ~400km to Toronto ~200km to Timmins Levack Sudbury Toronto Wanup Whitefish Nairn Massey SUDBURY A World Class Mining District
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06 SHAKESPEARE Permitted for a 4,500 tpd mill OTHER PROPERTIES PRODUCTION PERMITTED, PAST-PRODUCING DEVELOPMENT PROJECTS McCREEDY WEST Producing copper-nickel-precious metals mine LEVACK PEA completion in Fall 2026 followed by production restart decision CREAN HILL PFS completion in Fall 2026 followed by construction decision PODOLSKY Strategic existing shaft & ramp to North Zone A Clear Pathway to Multi-Asset Copper-Nickel-Precious Metals Production in Sudbury EXPLORATION & ACQUISITION OF OTHER ASSETS
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McCreedy West & Levack North Range, Sudbury Basin Glencore Craig Mine (Onaping Depth Project) McCreedy West Portal Levack #2 Shaft Glencore Hardy Mine Vale Coleman Mine Glencore Onaping Mine Levack Townsite Glencore Fraser Mine Glencore Strathcona Mill 7 07
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McCreedy West Mine Producing Copper-Precious Metals-Nickel Mine Ore Sorter Portal Administrative Complex Security Crusher, Sample Tower, Shipping 08
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McCreedy West Mine Producing Copper-Precious Metals-Nickel Mine Current production is from the 700 Footwall Copper Zone Actively evaluating the restart of production from the Intermain Nickel Zone Development and exploration initiatives will focus on the area to the west of the 700 FW Zone towards the historical Hardy Mine (Glencore) 09
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McCreedy West Mine H1 2026 Highlights 2026 2025 2026 2025 Q2 Q1 Q4 Q3 Q2 Q1 (March only) H1 H1 Tons Processed 98,446 82,296 84,954 75,215 70,045 20,388 180,742 90,433 CuEq Grade (%)1 (contained) 3.34 3.38 3.41 2.64 3.26 3.01 3.36 3.20 CuEq lbs1 (contained, '000s) 6,580 5,546 5,789 3,973 4,551 1,229 12,126 5,780 CuEq lbs1 (payable, '000s) 4,533 4,085 4,968 2,735 3,053 790 8,618 3,843 *Refer to the section entitled “Non -IFRS Performance Measures” for the reconciliation of these non -IFRS measurements to the fina ncial statements. “Cash Margin” is calculated as the difference between total sales revenue, net of smelting, refining and treatment costs from mining operations, and the cash mine site operating costs. 1 Copper equivalent payable pounds and copper equivalent payable grade were calculated using the following US dollar prices: Q2 2026: $6.04/lb Cu, $8.23/lb Ni, $26.27/lb Co, $1,914.26/oz Pt, $1,410.25/oz Pd, $4,512.69/oz Au, $73.19 Ag. Q1 2026: $5.83/lb Cu, $7.87/lb Ni, $25.90/lb Co, $2,205.17/oz Pt, $1,713.42/oz Pd, $4,875.39/oz Au, $84.39 Ag. Q4 2025: $5.03/lb Cu, $6.75/lb Ni, $23.01/lb Co, $1,679.68/oz Pt, $1,468.65/oz Pd, $4,141.90/oz Au, $54.83 Ag. Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag. Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag. Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag. YTD 2026: $5.94/lb Cu, $8.05/lb Ni, $26.08/lb Co, $2,059.72/oz Pt, $1,561.83/oz Pd, $4,875,39/oz Au, $78.79 Ag. YTD 2025: $4.32/lb Cu, $6.95/lb Ni, $15.70/lb Co, $1,040.34/oz Pt, $994.12/oz Pd, $3,259.87/oz Au, $33.88 Ag. Produced 8.6 million copper equivalent (“ CuEq”) payable pounds in H1 2026 and continue to expect to achieve full year 2026 guidance for all metrics, including production of 16.0-18.0 million CuEq payable lbs McCreedy West shipped 180,742 tons of ore from the 700 Footwall Copper Zone in H1, with record tonnage of 98,446 tons achieve d in Q2 of 2026 Average grade in H1 of 3.34% copper equivalent (“ CuEq”), based on the commodity prices assumed in the Company’s 2026 production and cost guidance (see following slide) H1 cash costs* and All-in sustaining costs* (“AISC”) of US$3.63 per CuEq lb, and US$4.39 per CuEq lb, respectively. Production costs per ton processed in Q2 declined by 6.9% quarter over quarter to $199 per ton Generated record positive cash margin of $8.9 million and free cash flow of $5.1 million in Q2 2026 10
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McCreedy West Mine 2026 Guidance 2026 McCREEDY WEST OPERATIONAL GUIDANCE 700 Copper Zone Ore Sales (short tons) 355,000 - 375,000 Copper Equivalent Grade 1 (% CuEq) 3.2% - 3.5% Payable Copper Equivalent Production 1 (million lbs CuEq) 16.0 - 18.0 Total Cash Cost, excluding stream payments 2 (US$/lb CuEq) $3.40 - $3.80 AISC, excluding stream payments 2 (US$/lb CuEq) $4.20 - $4.70 1 Copper equivalent payable pounds for the purpose of copper equivalent grade, cash costs and AISC were calculated using the fo llowing US dollar prices: $4.88/lb Cu, $7.72/lb Ni, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au, $50.00/oz Ag, and CAD/USD exchange rate of 1.37. 2The incremental cost impact of the precious metals stream varies significantly based on commodity prices. At the 2026 budget commodity prices outlined above the cost impact is approximately US$0.78 - 0.92/lb. 11
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McCreedy West Mine 2026 Production Plans Isometric Looking North Portal Green – Planned Development & 2026 Cu Stopes Orange – Planned Cu Stopes Scale 300 Ft Red – Intermain Ni Contact Deposit Blue – 2026 Development Initial Mineral Reserve Estimate announced in Q1 2026 to support a 3 -year production profile from the Footwall 700 Copper and PM Zones1 Additional Mineral Resources include 5.6 million tonnes Indicated and 0.9 million tonnes Inferred 1 1 See Footnotes to the McCreedy West Mineral Reserve & Mineral Resource Estimate. 12
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Levack Mine Past-Producing Nickel-Copper-Precious Metals Mine Backfill Plant Proposed Portal Levack #2 Shaft Administration Building Security Vale Coleman Mine Glencore Onaping Depth Project Glencore Strathcona Mill Sample Tower Core Shack 13
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Levack Mine Past-Producing Nickel-Copper-Precious Metals Mine Keel Cu-PGE Footwall Zone No. 1 & No. 2 Ni-Cu Zones 500 ft Morrison Cu- PGE Footwall Zone No. 3 Ni-Cu Zone Main Ni-Cu Zone MLV-25-21 2.3% Ni, 0.7% Cu over 28.0m Including 6.6% Ni, 0.7% Cu, over 2.4m And 3.3% Ni, 1.0 % Cu over 12.4 m MLV-25-22 2.4% Ni, 0.8% Cu, over 15.5m And 3.2% Ni, 2.2% Cu over 2.4 m Fecunis Fault MLV-25-14A No.2 Shaft Conceptual Ramp From Surface 14
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Levack Mine Mineral Resource Estimate Category Cut-off Grade Short Tons Metric Tonnes Cu % Ni % Co % Pt (g/tonne) Pd (g/tonne) Au (g/tonne) Ag (g/tonne) CuEq % Indicated 2.00% CuEq 6,535,000 5,928,000 0.89 1.41 0.05 0.46 0.56 0.07 0.99 3.18 Indicated 2.50% CuEq 197,000 178,000 9.06 2.37 0.02 3.60 6.58 1.56 34.15 15.52 Indicated 6,732,000 6,106,000 1.13 1.44 0.04 0.56 0.74 0.11 1.95 3.54 Category Cut-off Grade Short Tons Metric Tonnes Cu % Ni % Co % Pt (g/tonne) Pd (g/tonne) Au (g/tonne) Ag (g/tonne) CuEq % Inferred 2.00% CuEq 5,288,000 4,797,000 0.87 1.46 0.04 0.39 0.40 0.05 0.68 3.15 Inferred 2.50% CuEq 406,000 368,000 5.42 0.75 0.01 2.91 5.40 1.53 21.00 9.35 Inferred 5,694,000 5,165,000 1.19 1.41 0.04 0.57 0.76 0.16 2.13 3.59 Deposit Type Footwall Total Footwall Total Deposit Type Contact Contact Deposit Type Zone Category Cut-off Grade Short Tons Metric Tonnes Cu % Ni % Co % Pt (g/tonne) Pd (g/tonne) Au (g/tonne) Ag (g/tonne) CuEq % Footwall Keel Indicated 2.50% CuEq - - Footwall Morrison Indicated 2.50% CuEq 197,000 178,000 9.06 2.37 0.02 3.60 6.58 1.56 34.15 15.52 Footwall No.3 FW Indicated 2.50% CuEq - - Total Indicated 2.50% CuEq 197,000 178,000 9.06 2.37 0.02 3.60 6.58 1.56 34.15 15.52 Footwall Keel Inferred 2.50% CuEq 229,000 208,000 4.36 0.48 0.01 1.41 1.88 1.10 17.74 6.44 Footwall Morrison Inferred 2.50% CuEq 93,000 85,000 8.83 1.47 0.01 2.16 4.87 1.20 20.67 12.88 Footwall No.3 FW Inferred 2.50% CuEq 83,000 76,000 4.49 0.68 0.01 7.86 15.66 3.08 30.32 13.36 Total Inferred 2.50% CuEq 406,000 368,000 5.42 0.75 0.01 2.91 5.40 1.53 21.00 9.35 1See Footnotes to the Levack Mineral Resource Estimate . 15
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Levack Mine Morrison Copper-PGE Footwall Deposit Magna Mining COO Jeff Huffman in a footwall copper stope at McCreedy West in 2010 tCEO Jason Jessup and COO Jeff Huffman in a captive cut & fill stope in the Morrison Deposit in 2011 Morrison Deposit mechanized cut & fill stope circa 2010
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Levack Mine R2 Footwall Zone The R2 Footwall Zone area exhibits many mineralogical and structural similarities to the top of the adjacent Morrison Footwal l Cu- PGE Deposit. High nickel and PGE grades transition into very high -grade copper and precious metals. Exploration is ongoing with two surface drill rigs and two underground drill rigs. 17
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Levack Mine R2 Footwall Zone R2 Footwall Zone has been intersected over a vertical extent of approximately 300 metres and a north-south extent of approximately 150 metres The R2 Footwall Zone remains open up dip towards the No. 3 Footwall Zone as well as at depth towards the Morrison Footwall Cu - PGE Deposit, located 600 metres to the southwest 18
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Levack Mine Footwall Exploration Target Areas 100 ft 30 m Narrow Sub- vertical veins Thick Shallow Dipping veins Narrow Sub- vertical veins Morrison 4300 Level Development Back Mapping Narrow Sub-vertical veins N 100 ft 30 m Morrison 4300 Level Sulphide Vein Schematic Narrow Sub-vertical veins Thick Shallow Dipping veins Narrow Sub- vertical veins Narrow Sub- vertical veins N Felsic Norite Sublayer Norite Granite Breccia Sulphide Vein Granite Gneiss Mafic Gneiss Sudbury Breccia Gabbro Recent drilling at R2 supports Magna’s structural model and interpreted similarities with the controlling structures within t he Morrison Footwall Cu-PGE Deposit, located 600 metres to the southwest. At the Morrison Deposit, more significant massive sulphide veins up several metres thick often occur in the extensional environment between the north-south striking bounding structures that contain narrower mineralized veins. The mineralization in the R2 Footwall Zone may have similar controls, as demonstrated by the multiple veins encountered in dr illhole MLV- 26-14A W1 & W3 with downhole widths ranging from 0.7 – 3.4 metres. 19
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Levack Mine Progress Update Connection of 3900 Level ramp to 3600 Level complete, facilitating Coleman Mine secondary egress. Development complete on the 1800 Level to access the Intermediate Ore Body (IOB). Underground drilling of R2 Footwall Zone underway from 8451 Drill Bay on the 1800 Level. R2 Advanced Exploration (AdEx) Ramp from 2950 Level of Morrison Deposit completed and drilling underway. Rehabilitation of 2650 Level underway to accommodate drilling of R2 Footwall Zone. 20
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Crean Hill Mine Past-Producing Nickel-Copper-Precious Metals Mine Historical Main Pit (Filled) Water Treatment Plant Waste Rock Stockpile Outcrop of 109 FWPortal Location 2024 109 FW Bulk Sample Location Victoria Mine Project (KGHM) 21 21
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Crean Hill Mine 2024 Resource Estimate & PEA Classification Cut-off NiEq% Tonnes (M) Cu (%) Ni (%) Co (%) Pt (g/t) Pd (g/t) Au (g/t) NiEq (%) Indicated 1.1% 18.444 0.87 1.01 0.035 0.98 1.12 0.37 1.96 Inferred 1.1% 0.989 0.53 0.70 0.026 0.98 1.66 0.29 1.56 Crean Hill PEA - Spot Price Analysis Nickel Copper Cobalt Platinum Palladium Gold TPM (Pt+Pd+Au) PEA Price Deck $8.50 $4.00 $13.00 $900 $1,000 $2,150 Q2 2026 Average Price $8.04 $6.10 $24.27 $1,970 $1,444 $4,592 -5% 53% 87% 119% 44% 114% 2024 PEA Price Deck % of Revenue 51% 26% 1% 7% 9% 7% 23% PEA 2024 Q2 2026 Prices % of Revenue 37% 29% 1% 11% 11% 10% 32% 2024 PEA Study: • 2,200 tonnes per day, underground-only operation. • 13 year mine life. • Modest capital costs for ADEX and Pre -Production periods are offset by revenues, resulting in total net capital costs of C$44.4m (net of revenues). • Pre-Tax IRR of 142%. • Short Payback period (1.5 years). • Confirmed processing terms with third party mills. PFS underway with scheduled completion in October 2026
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Crean Hill Mine Mineral Resource Model 2024 PEA outlined a 13 year, 2,200 tonne per day operation with LOM mineable resource sales of 195.5 million pounds nickel, 169.5 million pounds copper, 313,000 oz platinum, 359,000 oz palladium, and 117,000 oz gold. Pre-Feasibility Study underway with completion in October 2026. 23
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Podolsky Mine Past-Producing Copper-Nickel-Precious Metals Mine Waste Water Treatment Plant Security 2000 Deposit Shaft Administration Building North Zone Portal 24 24
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North Zone 2000 Zone 2450 level Main Shaft Contact Ni Zones Whistle Pit Portal Gabbro Zone 200m SW NE FNX4400 1.0 Ni, 0.2% Cu, over 103.7 m FNX4205 21.0 % Cu, 0.7% Ni, 15.9 g/t Pt+Pd+Au over 6.6 m FNX4199 17.8 % Cu, 1.4% Ni, 10.2 g/t Pt+Pd+Au over 7.0 m FNX40238 23.4 % Cu, 1.2% Ni, 12.9 g/t Pt+Pd+Au over 2.2 m Podolsky Mine Past-Producing Copper-Nickel-Precious Metals Mine Ramp exists to within 150 metres of the North Zone which is permitted for a bulk sample. 25
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06 SHAKESPEARE Permitted for a 4,500 tpd mill OTHER PROPERTIES PRODUCTION PERMITTED, PAST-PRODUCING DEVELOPMENT PROJECTS McCREEDY WEST Producing copper-nickel-precious metals mine LEVACK PEA completion in Fall 2026 followed by production restart decision CREAN HILL PFS completion in Fall 2026 followed by construction decision PODOLSKY Strategic existing shaft & ramp to North Zone A Clear Pathway to Multi-Asset Copper-Nickel-Precious Metals Production in Sudbury EXPLORATION & ACQUISITION OF OTHER ASSETS
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MAGNA MINING Upcoming Catalysts LEVACK PEA & CREAN HILL PFS IN OCTOBER 2026 + RE-START DECISIONS CONTINUED OPERATIONAL MOMENTUM AT McCREEDY WEST POTENTIAL SYNERGISTIC ACQUISITIONS NEAR TERM LEVACK EXPLORATION RESULTS - FOOTWALL TARGETS 27
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MAGNA MINING Summary McCreedy West Mine operational improvements leading to improved cash flow Levack Mine re-start preparations well underway, funded by cash flow and cash on hand Continued exploration success at Levack with the new R2 Footwall Zone taking shape with underground rehabilitation and development providing optimal platforms for delineation drilling Results from the Levack PEA and Crean Hill PFS in October 2026 to inform the Company-wide, multi-year production profile Graduated to the Toronto Stock Exchange (TSX) as of June 23, 2026 $140 million strategic investment by Alpayana for a 19.9% equity stake Well-funded with ~$175 million in cash and cash equivalents* Sudbury-focused M&A continues to be a key focus * Cash & cash equivalents as of Q2 2026 Financial Statements plus the net proceeds from the C$140 million strategic investment by Alpayana which closed on August 28, 2026. 28
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MAGNA MINING Capital Structure Issued & Outstanding 313,451,861 Options, RSUs & DSUs 14,177,470 Warrants 0 Fully Diluted 327,629,331 Cash1 C$40.0 million Debt2 C$24.0 million Share Price3 C$2.49 Market Capitalization (Basic) C$780 million Alpayana 19.9% Institutional Investors including Dundee Corporation at 16.0% 47.4% Retail Investors 26.9% Management & Directors 5.8% SHAREHOLDER BASE Canaccord Genuity Dalton Baretto Desjardins Capital Markets Bryce Adams Paradigm Capital David Davidson SCP Resource Finance Eleanor Magdzinski ANALYST COVERAGE EQUITY PERFORMANCE (TSX: NICU)CURRENT CAPITAL STRUCTURE 1 As of Q2 2026 Financial Statements. Does not include net proceeds from the C$140 million strategic investment by Alpayana which closed on August 28, 2026. 2 C$23,967,000 of Convertible notes outstanding, March 2029. Not including $25 million letter of credit with Desjardins for closure liabilities, with $10.8 million outstanding. 3As of market close on October 2, 2026.
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ALPAYANA New Strategic Investor Four decades of operating history and 6 producing underground mines in Peru and Mexico. Alpayana invested C$140 million for a 19.9% stake in Magna Mining. Significant polymetallic operating expertise; over 7 million tonnes of ore produced in 2025 across multiple operations. Alignment of core values. 30
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SUDBURY’S CANADIAN MINING COMPANY TSX: NICU OTCQX: MGMNF www.magnamining.com Jason Jessup, CEO Jason.Jessup@magnamining.com Paul Fowler, Executive Vice President Paul.Fowler@magnamining.com
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MAGNA MINING Leadership Jason has over 25 years of experience in the mining industry comprising operations management, corporate development and project evaluation. Formerly FNX Mining, Sandstorm Gold, Premier Royalty, and INCO. Jason Jessup, MBA – Chief Executive Officer & Director Paul Fowler, CFA – Executive Vice President Paul is an experienced Mining Executive and has worked with publicly-listed Canadian mining companies for over 20 years. He has extensive experience in Corporate Development, Marketing, M&A, & Capital Raising, and most recently worked in Corporate Development roles for Reunion Gold and Benz Mining. Jeff Huffman, MBA, PMP – Chief Operating Officer David King, M.Sc., P.Geo. - Senior Vice President, Exploration & Geoscience David is a registered professional geologist with more than 25 years of base and precious metal experience, focused on both mining production and exploration. Mr. King most recently served as Vice President, Exploration and Geoscience for TMAC Resources Inc, and prior to that was Senior Manager, Geoscience and Mineral Resources of KGHM International Ltd (previously FNX Mining Company). Jeff is an experienced mining executive with over 20 years in operations management, project management and underground mine building. Jeff most recently served as President & COO of Dumas Contracting Ltd., a well-recognized, international underground mine contracting company. Jeff is a graduate of the Haileybury School of Mines, received his MBA from Athabasca University and is a registered Project Management Professional (PMP). Scott has over 25 years of experience in finance roles in the mining sector. He most recently held the position of Chief Financial Officer at Wesdome Gold Mines Ltd., where he was responsible for all accounting functions, reporting, business strategy and risk management. Mr. Gilbert is a Chartered Professional Accountant and holds a Bachelor of Business Administration Degree from Lakehead University with a major in accounting. Scott Gilbert, CA, CPA, CBV – Chief Financial Officer Tim has 25 years as a corporate, securities and M&A lawyer for publicly traded, exchange-listed companies, including almost 20 years in the mining industry. He was most recently the Senior Vice President, General Counsel and Corporate Secretary for IAMGOLD. Tim Bradburn, JD – Senior Vice President, General Counsel Greg has over 20 years of capital markets experience in the mining sector, spanning positions in institutional mining equity sales, fund management, and mining equity research. Greg holds a B.Sc. in Earth Sciences (Geology) from the Harquail School of Earth Sciences at Laurentian University in Sudbury, Ontario. Greg Huffman, B.Sc. – Senior Vice President, Capital Markets
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MAGNA MINING Directors and Strategic Advisors Vern has over 30 years of experience in the mining sector. He is currently the COO of Exiro Nickel and the former CEO of Jaguar Mining (TSX). Previously served as General Manager of Goldcorp’s Cerro Negro Mine, VP Operations at FNX Mining, and President of Duluth Metals. V e r n B a k e r , P .En g., MB A C h a i r m a n Jonathan Goodman, Director Jonathan has over 30 years mining investment and operating experience and has built extensive relationships in the global mining resource and finance sectors over a distinguished career. Jonathan held the role of Executive Chairman of DPM Metals (TSX:DPM) from April 2013 to September 2017, at which time he was appointed Chairman, and was its CEO from 1995 to 2013. Mr. Goodman is the President and CEO of Dundee Corporation. Carl DeLuca, Director Carl has extensive legal, public company and corporate governance experience. He is currently General Counsel and Corporate Secretary of Hemlo Mining Corp. (TSXV: HMMC). He previously served as General Counsel of Li-Cycle Holdings Corp., an NYSE-listed EV battery recycling company, and as General Counsel Detour Gold Corporation, a TSX-listed gold producer. He also held various roles at Vale Base Metals, including Head of Legal for North American & U.K. Operations. Mr. DeLuca started his career in private practice, in Toronto and New York. He holds his LL.B. from the University of Windsor, an H.B.A. from the Ivey School of Business at Western University, and a B.A. from Huron University College. John Seaman, ICD.D Director John is an executive with over 28 years experience in the mining industry, from exploration through development and production. He is currently a Director of various small cap companies was previously a director of i-80 Gold Corp, and Lead Director of Premier Gold Mines (PG:TSX). John served as the CFO of Premier Gold Mines from 2006-2012 and CFO of Wolfden Resources from 2002 to 2007. John is an ICD.D member of the Institute of Corporate Directors. Gord Morrison, Advisor Gord is a Canadian geologist and 2026 Canadian Mining Hall of Fame inductee with a 55-year record of transforming global mineral exploration. A premier authority on the Sudbury Basin, his visionary leadership guided teams to 17 major discoveries, yielding nine producing mines and four advanced development projects. His trademark methodology relies on an agile "learn and adjust" philosophy. By systematically building on historical data and aggressively challenging legacy assumptions, as well as fostering a commitment to cross-disciplinary teamwork, he guides teams to unlock the maximum potential wealth from their company assets.
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MAGNA MINING Our Core Values
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Vale, Glencore and Magna Mining are the only three companies to have significant property holdings in the Sudbury Basin. Nairn Whitefish Wanup Massey City of Sudbury SHAKESPEARE CREAN HILL Glencore Strathcona Mill Vale Clarabelle Mill Vale Copper Cliff Smelter Glencore Falconbridge Smelter LEVACK McCREEDY WEST RAND NORTHWEST FOY FALCONBRIDGE FOOTWALL KIRKWOOD PODOLSKY NORTH RANGE Key Producing Mine Permitted Mine Exploration Property BLEZARD CREIGHTON SOUTH FROST LAKE TRILL PARKIN Chelmsford Levack Capreol ~200km to Timmins ~400km to Toronto SUDBURY Property Portfolio
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SUDBURY Geology – Impact Structure Source: https://craterexplorer.ca/sudbury-impact-structure-geomorphology/
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SUDBURY Geology – Composite Cross Section Sudbury Igneous Complex (SIC) Contact-type NICKEL-COPPER deposit SUDBURY BRECCIA Footwall-type COPPER-PRECIOUS METALS deposit Source: https://www.researchgate.net/figure/Composite-cross-section-showing-the-geological-settings-for-North-and-East-Range-type_fig1_259005801
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SUDBURY FNX Historical Share Price Performance Source: Bloomberg & Company Filings
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McCreedy West Reserve and Resource Estimates1 1 See Footnotes to the McCreedy West Mineral Reserve & Mineral Resource Estimate.
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MAGNA MINING Mineral Resource Estimates Ni Cu TPM Underground M&I 6.11 2.44 3.46 193,789,786 152,071,151 276,801 Inferred 5.17 2.48 3.53 160,509,606 135,465,554 247,427 Underground M&I 5.63 2.08 3.03 121,188,527 137,068,428 355,197 Inferred 0.87 2.40 3.54 19,167,380 26,465,291 77,465 Underground M&I 18.44 2.11 3.05 409,604,212 354,080,415 1,464,033 Inferred 0.99 1.63 2.38 15,301,435 11,537,371 93,421 Open Pit M&I 16.51 0.79 1.16 123,704,349 130,981,075 467,055 Underground M&I 3.83 0.75 1.10 26,181,757 30,404,621 99,793 Inferred 2.36 0.81 1.20 17,128,386 20,761,680 68,901 M&I 50.52 1.61 2.33 874,468,631 804,605,690 2,662,879 Inferred 9.38 1.97 2.84 212,106,808 194,229,896 487,214 Tonnage (Mt) NiEq2,4 (%) CuEq3, 4 (%) Contained Metal (lbs, ozs) Levack MAGNA MINING NI 43-101 RESOURCES Contained Metal Crean Hill McCreedy West Shakespeare TOTAL Total Contained Metal in NI 43-101 Compliant Resources (Measured & Indicated) Additional Contained Metal in Historic Resources1 • 805 million lbs of copper • 875 million lbs of nickel • 2.7 million ounces of precious metals (Pt + Pd + Au) • 2.6 billion lbs of copper equivalent (CuEq) 1Historical Resources: a qualified person has not done sufficient work to classify the historical resource estimate as a curre nt mineral resource and Magna is not treating the historical resource estimate as a current mineral resource. 2NiEq % = ( (Ni% x 2204 x Ni Price $/ lb) + (Cu% x Cu Recovery % x 2204 x Cu Price $/ lb) + (Co% x Co Recovery % x 2204 x Co Price $/ lb) + (Pt gpt x Pt Recovery % / 31.1035 x Pt $/oz) +(dt gpt x Pd Recovery % / 31.1035 x Pd $/oz) + (Au gpt x Au Recovery % / 31.1035 x Au $/oz)) / 2204 x Ni $/lb. For NiEq, all metals have a recovery applied except Ni, and for CuEq all metals have a recovery applied except Cu. 3CuEq % = ( (Ni% x Ni Recovery % x 2204 x Ni Price $/ lb) + (Cu% x Recovery % x 2204 x Cu Price $/ lb) + (Co% x Co Recovery % x 2204 x Co Price $/ lb) + (Pt gpt x Pt Recovery % / 31.1035 x Pt $/oz) +(dt gpt x Pd Recovery % / 31.1035 x Pd $/oz) + (Au gpt x Au Recovery % / 31.1035 x Au $/oz)) / 2204 x Ni $/lb. 4Prices used in Ni Eq and Cu Eq calculations (US): $7.72/ lb Ni, $4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au.
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MAGNA MINING Historical Resources Historical Resources1 Property Deposit Type Tonnes Ni (%) Cu (%) Co (%) Pt (g/t) Pd (g/t) Au (g/t) Ag (g/t) Measured & Indicated Podolsky Contact 6,058,000 0.75 0.21 Podolsky Footwall 1,099,900 0.27 2.35 - 1.01 1.01 0.42 13.56 Kirkwood Contact 565,000 1.17 0.49 Total 7,722,900 0.71 0.54 - 0.14 0.14 0.06 1.93 Inferred Podolsky Footwall 526,000 0.23 1.98 - 0.65 0.76 0.34 8.91 Kirkwood Contact 1,589,000 1.27 0.97 Total 2,115,000 1.01 1.22 - 0.16 0.19 0.08 2.22 1See endnotes for Historical Resource Estimate .
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Notes on McCreedy West Reserve & Resource Estimates and Historical Resources 1Notes on Mineral Reserves The effective date of the McCreedy West Mineral Reserve Estimate is December 31, 2025. Mineral Reserves are in addition to Mineral Resources. The Mineral Reserve estimate was prepared under the supervision of Mr. William van Breugel, P.Eng., B.A.Sc. Geological Engineering, Associate Engineer of SGS Geological Services and Mr. Henri Gouin, P.Eng., of SGS Geological Services, both are considered a “Qualified Person” as defined by NI 43-101. Mineral Reserves are based on metal prices of $7.72/lb Ni, $4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au, and $50/oz Ag. Metal recoveries considered are 85% for Ni, 91% for Cu, 68% for Co, 64% for Pt, 69.5% for Pd, 70.5% for Au, and 70% for Ag and a Cdn/Fx of $1.37. A cut-off grade was applied to each stope based on NSR exceeding sustaining development, equipment and fixed plant capital costs and operating costs of $180.00 per ton. Stope tons and grades include 3 feet of mining dilution for stopes and 85% stope recoveries. Figures may not sum exactly due to rounding. 2Notes on Mineral Resources The effective date of the McCreedy West Mineral Resource Estimate (“MRE”) is December 31, 2025. The MRE is based on drillhole assay data received up to September 10, 2025, which represents the cut-off date for assay data used in the estimate. The estimate has been depleted to account for all production through December 31, 2025. The Contact Zone Mineral Resource was previously disclosed in 2024 and was estimated by Allan Armitage, Ph.D., P. Geo. of SGS Geological Services and is an independent Qualified Person as defined by NI 43-101. Dr. Armitage conducted two site visits to the McCreedy Property Mine, on August 22-23, 2023 (surface tour) and July 24, 2024. Mined material from 2024 was depleted from the previous MRE. The Footwall Zone Mineral Resource was estimated by Jonathan Cirelli, P.Geo. of Orix Geoscience Inc. and is an independent Qualified Person as defined by NI 43-101. Mr. Cirelli was previously employed at McCreedy West Mine during 2010- 2011. A site visit was last conducted on November 20, 2025. The Footwall Zone Mineral Resource has been reviewed by Mr. Armitage. The Contact Zone Mineral Resource was previously disclosed in 2024 and was estimated by Allan Armitage, Ph.D., P. Geo. of SGS Geological Services and is an independent Qualified Person as defined by NI 43-101. Dr. Armitage conducted two site visits to the McCreedy Property Mine, on August 22-23, 2023 (surface tour) and July 24, 2024. Mined material from 2024 was depleted from the previous MRE. The Mineral Resource is presented undiluted and in situ, constrained by diamond drillhole information and underground geological mapping, and is considered to have reasonable prospects for eventual economic extraction. Mineral Resources are exclusive of Mineral Reserves and mined-out material. Mineral Resources are classified in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. Mineral Resources, which are not Mineral Reserves have not demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. There is no certainty that Inferred Mineral Resources will be converted to Indicated Mineral Resources through continued exploration. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding. The Footwall Zone cut-off grade of 2.0% CuEq considers metal prices of $7.72/lb Ni, $4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au, and $50/oz Ag. Metal recoveries considered are 85% for Ni, 91% for Cu, 68% for Co, 64% for Pt, 69.5% for Pd, 70.5% for Au, and 70% for Ag. The Contact Zone cut-off grade of 1.1% NiEq considers metal prices of $8.50/lb Ni, $3.75/lb Cu, $17.00/lb Co, $950/oz Pt, $1,100/oz Pd and $1,950/oz Au. Metal recoveries considered are 78% for Ni, 95.5% for Cu, 56% for Co, 69.2% for Pt, 68% for Pd and 67.7% for Au. Silver was not considered in the Contact Zone cut-off grade. Footwall Zone grades for Ni, Cu, Co, Pt, Pd, Au, and Ag are estimated using ~5.0 ft (1.52 m) composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used. Samples were capped before compositing when required. A density regression was calculated and used to populate density values in the model. Contact Zone grades for Ni, Cu, Co, Pt, Pd, Au, and Ag are estimated using ~5.0 ft (1.52 m) capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains. Average density values were assigned based on a database of 45,525 samples. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Historical Resource Estimate Notes: An MRE for the Podolsky Mine and Kirkwood Mine has been completed internally by KGHM International and is summarized on the slide titled “Historical Resources”. The MRE for the Podolsky Mine and Kirkwood Mine is considered historical in nature. Although the resource estimate has been prepared and disclosed in compliance with all current disclosure requirements for mineral resources or reserves set out in the NI 43-101 Standards of Disclosure for Mineral Projects and the classification of the historical resource as a Measured, Indicated and Inferred resource is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves, a qualified person has not done sufficient work to classify the historical resource estimate as a current mineral resource and Magna is not treating the historical resource estimate as a current mineral resource.
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Notes on Levack Resource Estimate Levack Mineral Resource Estimate Notes: 1. The effective date of the Levack Mine Mineral Resource Estimate (MRE) is August 31, 2025. This is the close out date for the final mineral resource models and mine out models (as-builts). 2. The mineral resources are reported at a cut-off grade of 2.00% CuEq for Contact deposits and 2.50% CuEq for Footwall deposits. Values in this table reported above and below the cut-off grades should not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimates to the selection of cut-off grade. 3. CuEq is calculated using metal prices of $4.50/lb Cu, $7.31/lb Ni, $15.00/lb Co, $1,291/oz Pt, $1,031/oz Pd ,$3,324/oz Au, and $37.40/oz Ag. Metal recoveries considered are 91% for Cu, 85% for Ni, 68% for Co, 64% for Pt, 69.5% for Pd, 70.5% for Au, and 70% for Ag. 4. The mineral resource was estimated by Jonathan Cirelli, P.Geo. of Orix Geoscience Inc. and is an independent Qualified Person as defined by NI 43-101. A site visit was conducted on July 9th, 2025. 5. The classification of the current Mineral Resource Estimate (MRE) into Indicated and Inferred mineral resources is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves. 6. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding. 7. The mineral resources are presented undiluted and in situ, constrained by diamond drillhole information and previous underground geological mapping, and are considered to have reasonable prospects for eventual economic extraction. The mineral resource is exclusive of mined out material. The drillhole database includes data from 10,525 surface and underground diamond drill holes completed between 1911 and 2025. The drilling totals 4,382,756 ft (1,335,864 m) including 341,394 assay intervals representing 1,393,512 ft (424,742 m) of data. 8. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. 9. Grades for Ni, Cu, Co, Pt, Pd, Au, and Ag are estimated for each mineralization domain using ~2.0 ft (0.61 m), 2.5 ft (0.76 m), or 5.0 ft (1.52 m) composites assigned to that domain, depending on the style of mineralization. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains. Samples were capped before compositing when required. 10. Reliable density measurements were available for 21% of the samples in the drillhole database (71,712 measured samples) allowing for zone-specific Ni and Cu-based regression formulas to be created and applied to estimate missing densities.