- Magna Mining (MGMNF, Financial) closed the acquisition of KGHM International's assets, enhancing their operational capabilities.
- The company secured $33.5 million in private placement financing and began production at the McCreedy West Copper mine.
- Despite net income of $29.1 million, Magna Mining reported an adjusted net loss of $5.4 million in Q1 2025.
Magna Mining Inc. (MGMNF) has released its first quarter financial results for 2025, which marks a significant phase for the company following the acquisition of KGHM International's base metal assets in the Sudbury basin, finalized on February 28, 2025. This acquisition has bolstered the company's asset portfolio, contributing significantly to its net income.
In terms of production, the McCreedy West Copper mine commenced operations, yielding approximately 790,000 pounds of copper equivalent from 20,388 tonnes of ore, with an average copper equivalent grade of 3.01%. This represents a strong start for the newly acquired asset.
Financially, Magna Mining reported net revenue of $4.45 million for the quarter. Despite a net income of $29.1 million, primarily resulting from acquisition gains, the company reported an adjusted net loss of $5.4 million. The quarter ended with a robust cash position of $38.3 million, indicating a healthy liquidity status.
Production costs stood at C$5.98 per pound (US$4.16), with All-in Sustaining Costs (AISC) reported at C$6.65 per pound (US$4.63). These figures reflect the operational expenses associated with the production month.
The company also completed a $33.5 million private placement financing on March 5, 2025, which included $23.97 million in convertible debentures and $10 million from issuing 6,451,620 common shares. This financing will support Magna Mining's continued efforts in optimizing their operations and expanding their asset base.
