Magna Mining in Sudbury aims to raise $45M through private share sale

Sudbury's Magna Mining aims to raise up to $45 million in a private share sale. The offering of over 18 million shares at $2.40 each will fund capital and admin

Magna Mining in Greater Sudbury is looking to support its production ramp-up through a private share sale to raise $45 million.

Magna is offering 18,750,000 common shares for sale at a cost of $2.40 a share, until Sept. 19. An additional 2,083,300 shares could be sold depending on demand, which would raise an additional $4,999,920.

“The net proceeds of the offering will be used to advance the company’s existing properties in Sudbury … and for general and administrative expenses and working capital purposes,” Magna said in a news release Friday.

Magna Mining Inc. produces copper, nickel, and platinum group metals. The company’s primary asset is the McCreedy West Mine, which is currently in production. Magna also owns Levack, Crean Hill, Podolsky, and Shakespeare mines, which it is looking at putting back into production.

In a Sept. 2 interview with the KE Report, Magna CEO Jason Jessup said the company has gotten strong results at McCreedy West since buying it from KGHM International.

Jessup said they had ramped up from seven feet per day in March 2025 to 14 feet per day in April -- to 17 feet per day in June. Of the 3 million pounds of copper extracted in the first quarter, he said 1.4 million was produced in June.

“This mine has a lot of potential,” Jessup said.

“There’s still a lot metal in the ground, some really good grades. I’m really looking forward to 2026 because we’re doing the right things right now to ensure 2026 will be a fantastic year for this mine.”

While copper is the main focus right now, he said there are strong nickel deposits that could be mined when nickel prices rebound.

“You can have major swings in the price of nickel. And if we do see that upswing in the nickel market again – and it will happen, I’m positive of that – we can take advantage of it very quickly,” Jessup said.

“We can turn back on some of these nickel mining areas in a matter of weeks and start shipping that to either Vale or Glencore mills here in Sudbury.”

He’s also optimistic about deposits in the former Levack mine, which he said have shown “exciting” potential, adding that it’s still “early days.”

The full interview can be found here.