Magna Mining (NICU) Investor Presentation summary

Transaction overview

• Magna Mining is acquiring a multi-asset portfolio in Sudbury from KGHM International, including the producing McCreedy West mine, care & maintenance mines Levack and Podolsky, past producer Kirkwood, and four exploration properties.

• Purchase price includes C$5.3M cash, C$2M in shares at close, C$2M cash by end of 2026, C$9.9M in assumed reclamation liabilities, and up to C$24M in contingent milestone payments.

• Funding is being arranged via a C$10M term loan and a C$10M letter of credit facility with FCDQ, minimizing equity dilution.

• Magna does not require equity funding to close the transaction, with hedging on 50% of copper production in the first year at McCreedy West.

• The acquisition is expected to transform Magna into a copper and nickel producing company with immediate production and cash flow.

Asset portfolio and operations

• McCreedy West produced 317,660 tonnes in 2023 at 1.59% Cu and 0.23% Ni, with over 9.3M tonnes of indicated resources as of Dec 31, 2023.

• Ore is processed by Vale under an offtake agreement, with a separate nickel ore shipping agreement with Glencore.

• Levack mine historically produced 60M tonnes (1937–1997) and has near-surface zones for potential restart; Morrison Deposit produced 2M tonnes (2009–2018) at high grades.

• Podolsky and Kirkwood are past producers with significant historical resources and exploration potential; Podolsky has 7.2M tonnes measured and indicated, Kirkwood 2.2M tonnes inferred and indicated.

• Four additional exploration properties (Falconbridge Footwall, Northwest Foy, Rand, North Range) are included, some under JV with Glencore.

Mineral resources

• McCreedy West NI 43-101 resource (Dec 31, 2023): 9.35M tonnes indicated at 0.89% Ni, 1.30% Cu; 123,000 tonnes inferred at 1.60% Ni, 0.75% Cu.

• Historical resources (Levack, Podolsky, Kirkwood): 13.1M tonnes measured and indicated at 1.17% Ni, 0.93% Cu; 3.94M tonnes inferred at 1.22% Ni, 1.24% Cu.

• McCreedy West resource estimate based on extensive drilling (7,587 holes, 2.38M ft) and 3D modeling, with a 1.10% NiEq cut-off.

• Resource estimates for Levack, Podolsky, and Kirkwood are considered historical and not treated as current by Magna.

• All amounts are in Canadian dollars unless otherwise specified.