Magna Mining Cuts 2026 Output Forecast as Costs Rise
Magna Mining shares fell 11% to C$1.73 after the Ontario-focused miner lowered its 2026 production guidance and raised cost forecasts, citing a geological issue at its flagship McCreedy West mine that disrupted the mining sequence.
By Money Talk·November 12, 2026·2 min read·1,373 reads
The issue at McCreedy West has been resolved, the company said, but the altered sequence pushed some higher-grade production into 2027. Magna said the shift reduced tonnage and payable copper-equivalent production in the third quarter.
The company now expects 14.5 million to 15.5 million payable pounds of copper equivalent in 2026, down from its previous forecast of 16 million to 18 million pounds. Its McCreedy West ore sales forecast was also cut to 330,000 to 345,000 short tons, from 355,000 to 375,000.
Magna raised its full-year total cash cost forecast, excluding stream payments, to US$3.90 to US$4.25 per pound of copper equivalent, compared with US$3.40 to US$3.80 previously. All-in sustaining costs are now expected at US$4.80 to US$5.15 a pound, up from a prior range of US$4.20 to US$4.70.
Chief Executive Jason Jessup said late Wednesday that the revised guidance reflects the sequencing changes, which the company expects to affect only the remainder of this year. Magna anticipates a return to higher-grade ore in 2027. Third-quarter revenue rose to C$27.4 million from C$14 million a year earlier, while the company’s net loss widened slightly to C$13.8 million.
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