GlobeNewsWire
29 Jun 2026, 10:45 UTC · 2h ago
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Magna Mining expects Q2 average ore grades to be near the upper end of its 2026 annual guidance range of 3.2-3.5% CuEq. — Higher than expected ore grades directly increase the value of extracted material and projected revenue.
+0.60The company achieved a record quarterly shipment of 91,724 tons of ore from the McCreedy West Mine in Q2, an 11.5% increase over Q1. — Increased tonnage indicates improving operational scale and production efficiency.
+0.50Magna acquired underground equipment for approximately $1 million that is expected to provide cost savings between $9 million and $12 million. — Significant capital expenditure savings improve the bottom line and reduce the cost of developing the Levack Mine.
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Underground development reached a record 2,340 feet in Q2, which the company states will support production rates in the second half of 2026. — Accelerated development is a leading indicator for increased future production capacity.
+0.30The company expects to complete the Levack Mine Preliminary Economic Assessment (PEA) in Q3 2026. — The PEA is a key milestone for project valuation and future investment decisions.
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The company achieved record quarterly tonnage, strong ore grades, record underground development, and significant cost savings on equipment.
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