Magna Provides Additional Assay Results And Update On Development Activities At Levack Mine In Sudbury, Ontario

(MENAFN- GlobeNewsWire - Nasdaq) SUDBURY, Ontario, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Magna Mining Inc. (TSX: NICU) (“Magna” or the“Company”) is pleased to provide the results of ongoing exploration and an update on activities at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, Ontario, Canada (Figure 1). Results released today include additional assays from drilling of the R2 Footwall Zone, Intermediate Zone, and two additional copper-precious metal intersections from undefined zones.

Highlights from the new assay results include:

R2 Footwall Zone:

• MLV-26-80 5.6% Cu, 0.9% Ni, 4.4 g/t Pt+Pd+Au, 34.0/t Ag (7.9% CuEq) over 3.9
  metres, from 475.3 metres down hole

Including 25.8% Cu, 3.6% Ni, 13.3 g/t Pt+Pd+Au, 155.0/t Ag (33.3% CuEq) over 0.7
metres, from 475.3 metres down hole

• MLV-26-81 13.7% Cu, 2.9% Ni, 8.4 g/t Pt+Pd+Au, 82.1g/t Ag (19.6% CuEq) over 1.3
  metres, from 475.5 metres down hole

1800-1600 Ramp:

• Underground Grab Sample 5.7% Cu, 0.2% Ni, 10.1 g/t Pt+Pd+Au, 57.0g/t Ag
  

Levack Footwall:

• MLV-26-80 9.7% Cu, 0.6% Ni, 19.3 g/t Pt+Pd+Au, 59.6 g/t Ag (16.6% CuEq) over 2.2
  metres, from 212.3 metres down hole
  

Dave King, SVP Exploration and Geoscience at Magna, stated,“Underground diamond drilling at Levack continues to deliver encouraging results as we continue drilling on the R2 Zone and evaluate new footwall targets. Results released today also include assays from two undefined zones of Cu-PGE footwall mineralization and demonstrate the potential for new discoveries within the Levack Footwall environment. Follow-up drilling will test the orientation, continuity and extent of this mineralization, providing additional data, which we believe will bring us closer to a new high-grade copper and precious metals discovery in Levack's footwall.”

Table 1 summarizes the significant assay results received since the last Levack exploration results update (see news release dated September 17, 2026 ). Diamond drilling has transitioned to underground over the past two months, focusing on definition and expansion drilling of the R2 Footwall Zone, definition drilling in the Intermediate Zone and testing of new exploration targets. Three diamond drills are currently operating underground, and a fourth drill mobilized underground this week to begin drilling in the immediate footwall of the No. 3 orebody from the recently rehabilitated 2650 level. Definition drilling within the R2 zone continues to intersect sharp walled massive sulphide veins including 25.8% Cu, 3.6% Ni., 8.9 g/t Pt, 4.1 g/t Pd, 0.3 g/t Au over 0.7 metres in drillhole MLV-26-80. Drillhole MLV-26-80 also intersected 2.2 metres grading 9.7% Cu, 0.6% Ni, 5.9 g/t Pt, 10.2 g/t Pd, 3.2 g/t Au & 59.2 g/t Ag (16.6% CuEq) in an undefined mineralized zone, approximately 260 metres before the R2 target. Additional drilling will be required to understand the orientation and potential significance of this mineralization.

Underground development to support the Levack Mine restart is underway and includes new ramp development to connect the 1800 Level to the 1600 Level (see Figure 3). This ramp will be used to access and develop the Intermediate Orebody and provide infill drilling platforms to facilitate detailed planning in advance of production. During development of the 1800-1600 connection, a zone of sulphide mineralization was intersected within an approximately 12 metre section of the ramp. This mineralization occurs approximately 30 metres in the hanging wall of the Intermediate Zone, and is characterized as blebby, structurally controlled chalcopyrite dominated sulphide within a footwall breccia matrix. A single grab sample from the muck pile was assayed and returned 5.7% Cu, 8.4 g/t Pt, 1.0 g/t Pd, and 0.3 g/t Au. Underground drilling is currently underway to test the extent, continuity and potential relationship of this mineralization with the Intermediate Zone. Additional results will be released as assays are received.

Update on Levack Mine Restart

Since the announcement of the results from the Levack Mine Preliminary Economic Assessment (see October 8, 2026 news release) and approval by the Company's Board of Directors to move forward with the restart of Levack Mine, the team at the mine has been busy working on budgets, recruitment, securing the necessary equipment and refining the development plan for 2027.

Underground development will resume in the 2950 Level exploration drift in early December. Currently the face of this drift is approximately 300 metres from the R2 Footwall Zone and it will be extended to within approximately 100 metres of the R2 mineralization, which will allow for shorter, more efficient definition drill holes for mine planning purposes. Expansion drilling will continue from the current location, testing the lateral and depth extents of the system.

In addition, rehabilitation of the 2650 Level drift has facilitated underground diamond drilling to commence in this area with a fourth drill rig. This drilling will support early mining opportunities as well as further definition of the upper part of the R2 Footwall system and its potential relationship with the No.3 Orebody.

The production hoisting system refurbishment and recommissioning project remains on track to be completed in Q1 2027. The shaft guides have been replaced on schedule and hoist upgrades are underway. Completion of this project will allow hoisting of stockpiled development ore and waste from underground and the acceleration of underground development in preparation for the pre-commercial ore production during 2027.

In order to take advantage of the synergies between Levack Mine and the adjacent and connected McCreedy West Mine, Magna has made the decision to combine the two mines into the“Levack Mine Complex”. This will allow for the sharing of technical and maintenance resources, with other positions such as surface supervision spread across the complex.

Table 1: Summary of Drillhole Results

	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+Au g/t	NiEq %	CuEq %
	MLV-26-55	Levack	R2		420.8	423.0	2.2	0.8	1.7	0.1	1.8	3.0	0.1	2.4	4.9	2.8	4.5
				including	422.5	423.0	0.5	0.8	6.4	0.1	3.2	5.9	0.1	3.0	9.2	7.5	11.8
				and	499.6	499.9	0.3	6.1	0.1	0.0	0.8	1.9	0.1	24.0	2.8	4.2	6.7
				and	531.1	531.4	0.3	9.3	0.1	0.0	0.4	1.6	0.3	40.0	2.4	6.2	9.7
	MLV-26-56	Levack	Intermediate		82.3	83.2	0.9	2.2	1.0	0.0	1.9	1.7	0.6	10.2	4.2	3.2	5.1
			R2	and	428.8	429.2	0.4	1.5	4.3	0.0	0.4	0.3	0.3	9.0	1.0	4.8	7.6
				and	442.2	443.1	0.9	5.0	0.5	0.0	0.5	1.5	0.9	22.5	2.9	4.3	6.7
				and	450.4	452.5	2.1	4.8	0.8	0.0	2.4	1.0	0.4	26.2	3.8	4.4	7.0
				and	463.6	464.0	0.3	8.1	2.1	0.0	0.5	4.8	2.5	40.0	7.8	8.7	13.8
	MLV-26-57	Levack	R2		956.7	957.1	0.3	7.9	3.6	0.1	4.1	3.9	0.1	16.0	8.1	9.3	14.7
				and	963.6	965.9	2.3	3.4	1.3	0.0	1.8	1.7	0.1	7.6	3.5	3.8	6.0
				including	965.3	965.9	0.6	11.1	3.3	0.1	4.5	3.5	0.1	21.0	8.0	10.9	17.3
	MLV-26-59	Levack	R2		466.7	467.0	0.3	7.5	0.0	0.0	1.3	0.0	0.1	53.0	1.3	4.8	7.6
	MLV-26-70	Levack	R2		435.6	436.0	0.4	4.0	0.6	0.0	0.4	0.1	0.1	23.0	0.6	3.1	4.9
				and	459.3	460.3	1.0	4.6	0.2	0.0	0.2	0.5	0.1	19.5	0.8	3.1	4.9
	MLV-26-71	Levack	R2		436.3	436.6	0.3	2.4	5.2	0.1	2.9	2.0	0.0	8.0	5.0	6.8	10.8
				and	449.8	450.1	0.3	2.3	2.0	0.0	4.4	0.3	0.2	17.0	4.9	4.0	6.4
	MLV-26-72	Levack	R2		358.2	358.6	0.4	24.4	3.4	0.1	2.3	10.5	1.2	84.0	14.0	20.3	32.1
				and	395.2	395.5	0.3	16.4	0.4	0.0	1.1	8.7	1.0	80.0	10.9	12.3	19.4
				and	400.1	408.7	8.6	1.9	0.1	0.0	0.3	1.4	0.3	11.6	1.9	1.6	2.5
				including	400.1	400.6	0.5	20.6	0.3	0.0	2.0	14.9	1.0	134.0	17.9	15.8	24.9
	MLV-26-76	Levack	R2		331.8	332.1	0.3	12.9	0.1	0.0	2.2	0.4	1.4	62.0	4.0	9.1	14.3
				and	395.1	396.1	0.9	16.6	0.3	0.0	6.7	13.0	0.6	97.5	20.3	13.8	21.8
				including	395.1	395.7	0.6	25.4	0.4	0.0	10.7	19.4	0.8	159.0	30.9	20.9	33.1
	MLV-26-80	Levack	Footwall		212.3	214.5	2.2	9.7	0.6	0.0	5.9	10.2	3.2	59.6	19.3	10.5	16.6
				including	213.4	214.2	0.9	20.0	0.5	0.0	8.2	19.1	3.4	124.6	30.7	18.5	29.2
			R2	and	475.3	479.1	3.9	5.6	0.9	0.0	2.4	1.7	0.3	34.0	4.4	5.0	7.9
				including	475.3	476.0	0.7	25.8	3.6	0.0	8.9	4.1	0.3	155.0	13.3	21.0	33.3
	MLV-26-81	Levack	R2		476.1	477.5	1.3	13.7	2.9	0.0	5.4	2.6	0.4	82.1	8.4	12.4	19.6
				including	476.1	476.9	0.8	22.8	5.0	0.0	8.5	4.1	0.3	137.0	12.9	20.4	32.3
	Grab Sample	Levack	1800-1600 Ramp					5.7	0.2	0.0	8.4	1.0	0.3	57.0	9.7	5.4	8.6

All lengths are downhole length. True widths are highly variable and estimated to range from 30-80% of downhole length. Ni Eq % = (Ni% x 85% Recovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035 x Pt $/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb. Cu Eq % = (Ni% x 85% Recovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035 x Pt $/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68% Recovery / 31.1035 x Au $/oz))/2204 x Cu $/lb. Metal prices in US$: $7.72/lb Ni, $4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd and $3,815/oz Au.

Figure 1: Location of Magna Mining's Properties, Including the Levack Mine and Key Sudbury Infrastructure

Figure 2: 3D Longitudinal View Looking North, Showing the Levack Mine Mineralized Zones in Relation to the R2 Footwall Zone and Intermediate Zone

Figure 3: 3D Oblique View Looking North Northeast, Showing the Intermediate Zone, the 1800-1600 level ramp and the location of Cu-PGE mineralization encountered in the ramp

Table 2: Drillhole Collar Coordinates

	BHID	Easting	Northing	Elevation	Azimuth	Dip	Depth
	MLV-26-55	472086	5166519	-200	24	-34.49	3691
	MLV-26-56	472086	5166519	-200	29	-51.3	2001
	MLV-26-57	472109	5166291	339	7	-56.04	1797
	MLV-26-59	472086	5166519	-200	15	-32.19	1853
	MLV-26-70	472086	5166519	-201	31	-44.45	1750
	MLV-26-71	472086	5166519	-201	28	-37.85	1804
	MLV-26-72	472041	5166416	-541	21	0.99	1850
	MLV-26-76	472038	5166415	-542	25	-6.29	1800
	MLV-26-80	472086	5166519	-200	32	-53.86	1650
	MLV-26-81	472086	5166519	-200	33	-52.22	1775

Q3 2026 Quarterly Results Conference Call and Webcast

As a reminder, the company will be holding its Q3 results conference call and webcast today, Thursday November 12, 2026, at 8:00am EST. The conference call details are as follows:

To register for the conference call, please use the following link to obtain a Dial-in Number and PIN:

To attend the webcast in listen-only mode, please use the following link:

Qualified Person for Technical Information

The scientific and technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under National Instrument 43-101.

Quality Assurance and Control

Sample QA/QC procedures for Magna have been designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to Magna's core facilities. Levack drilling utilizes NQ or BQTK sized core and McCreedy West utilizes BQTK sized core. The core is then logged, and samples marked in intervals of up to 1.5m. Levack drill core is split and sampled 1⁄2 core, and McCreedy West is whole core sampled. Samples are then put into plastic bags with 10 bagged samples being placed into rice bags for transport to SGS Laboratories in Garson, Ontario for preparation, which are then shipped to Lakefield, Ontario for analysis. Samples are submitted in batches of 50 with 4 QA/QC samples including, 2 certified reference material standards and 2 samples of blank material.

Cautionary Statement on Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute“forward-looking statements” and“forward-looking information” (collectively,“forward-looking statements”) within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as“may”,“might”,“indicate”,“potential”,“expect”,“anticipate”,“estimate”,“believe”,“could”,“should”,“would”,“will”,“continue”,“intend”,“plan”,“target”,“forecast”,“prospective”,“significant”,“encouraging” or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure of additional drilling and assays to support assumptions, expectations or estimates of potential mineralization, metal tons or grade, such as in the R2 Footwall, West Main Orebody, Intermediate Orebody, Copper Ramp or any other zone at the Levack project, the failure of additional drilling to support additional expansion or delineation of estimated resources, the failure to have accurately estimated declared mineral resources or mineral reserves, the failure of additional drilling to support production planning or replenish production or mined ore, the failure to maintain an adequate rate of development or access to stopes to maintain production, the failure to meet production, costs, earnings, cash flow or development expectations, forecasts or guidance, the lack of availability of drill rigs to implement exploration or other programs or the failure to proceed as quickly as planned with additional exploration, development, production or other drilling, continued delays for assay results, the failure to bring the Levack and Crean Hill projects back into commercial production, and other risks disclosed in the Company's most recent annual information form for the year ended December 31, 2025, available on the SEDAR+ website (at: ). Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.

About Magna Mining Inc.

Magna Mining Inc. is a producing mining company with a strong portfolio of copper, nickel, and precious metals assets located in the world-class Sudbury mining district of Ontario, Canada. The Company's McCreedy West Mine is currently in production, the adjacent Levack Mine is being restarted, and construction of the Crean Hill Project has been approved. These operations are supported by a pipeline of highly prospective past-producing properties including Podolsky, Kirkwood and Shakespeare.

Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration upside, and near-term development opportunities across its asset base.

Additional corporate and project information is available at and through the Company's public filings on the SEDAR+ website at .

For further information, please contact:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Executive Vice President
705-482-9667
Email: ...

Photos accompanying this announcement are available at

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