Levack restart puts Magna on two-mine path

AI desk brief

Magna Mining approved a $70.1m restart of its Levack mine near Sudbury, targeting commercial production by mid-2028, with the PEA valuing the project at C$227m after tax at a 7% discount rate. Levack is forecast to produce 21,400 oz of platinum, palladium and gold combined annually, alongside 12.9m lb copper and 10.9m lb nickel over 7.3 years; the model uses US$3,600/oz gold and lifts after-tax NPV to C$313.6m at average September metal prices.

Execution risk remains elevated because Magna approved the restart without a feasibility study or mineral reserves. The company is leaning on existing Sudbury infrastructure and early higher-grade copper/precious-metals zones to fund the ramp-up, while further drilling at the R2 discovery could improve mine life and economics.