Magna Mining is moving beyond the story of turning around a single producing mine. After strengthening operations at McCreedy West, the Sudbury-focused mining company is preparing to advance Levack and Crean Hill simultaneously, with support from a proposed $140 million strategic investment. In a recent interview with Natural Resource Stocks, Magna Mining founder, CEO, and director Jason Jessup explained how the company’s producing asset, permitted past-producing mines, high-grade R2 discovery, existing Sudbury infrastructure, and strategic financing could come together to create a multi-mine production platform.
The key question for investors is how effectively Magna Mining can use its existing operating foundation to advance additional mines toward production.
Magna Mining’s Sudbury-Focused Strategy
Magna Mining is focused exclusively on the Sudbury region of Ontario, Canada, one of the world’s most established mining districts. Jessup has lived and worked in Sudbury for more than two decades. Earlier in his career, he joined FNX Mining, which had acquired and restarted several former Inco mines. During the following years, FNX made discoveries, brought additional mines into production, and eventually merged in a transaction valued at approximately $1.8 billion.
Jessup founded Magna Mining in 2016, intending to recreate that entrepreneurial operating model in Sudbury. The company completed its first acquisition as a private company, went public in 2021, acquired Crean Hill in 2022, and expanded significantly in 2025 through the acquisition of McCreedy West, Levack, and several exploration properties.
Magna now controls one producing mine, four fully permitted past-producing mines, and more than 500 square kilometers of prospective land in the Sudbury region. Readers who have followed the company’s development can also review Natural Resource Stocks’ earlier interview with Jason Jessup about Magna Mining’s Sudbury portfolio.
Why Sudbury’s Existing Infrastructure Matters
One of Magna Mining’s biggest potential advantages is its access to established mining and processing infrastructure. Sudbury currently has operating mines, two large mills, nickel smelters, and a nickel refinery. Instead of spending significant capital to build a dedicated mill immediately, Magna can mine ore and sell it for processing through existing facilities operated by Vale or Glencore.
This third-party milling model allows Magna to focus its capital on mine development, underground infrastructure, exploration, and production. It also provides commodity flexibility. Sudbury deposits can contain different combinations of copper, nickel, cobalt, platinum, palladium, gold, and silver. Depending on grades, market conditions, and development plans, Magna can prioritize copper-rich, nickel-rich, or precious-metals-rich zones.
Jessup explained that the company can pay a milling fee, receive payment for the contained metals, and avoid the cost and long-term liabilities associated with building and operating its own processing facility. For a broader market context, investors can follow Natural Resource Stocks’ coverage of copper stocks, the long-term copper supply outlook, and ongoing analysis of copper and nickel market drivers.
McCreedy West Provides the Operating Foundation
McCreedy West is currently Magna Mining’s producing asset and the foundation of its growth strategy. The mine originally operated from the mid-1970s until approximately 1997, producing around 15 million metric tons of underground ore. It later restarted in 2003 with an estimated three years of reserves. More than two decades later, the mine continues to operate and still maintains an estimated three-year reserve profile, illustrating how continued development and exploration can extend the life of an established Sudbury mine.
McCreedy West contains several styles of mineralization. These include the Main Nickel Zone, the 700 Footwall Copper Zone, and a platinum-group-metals zone. Magna is currently emphasizing the copper and PGM areas because Jessup said those zones are producing the strongest margins. The company also retains the option to increase nickel production if nickel prices and operating conditions improve. The turnaround of McCreedy West is important because it gives Magna more than production. It provides an operating team, revenue, underground expertise, local relationships, and a base from which the company can advance its next projects.
The $140 Million Alpayana Investment
The proposed strategic investment from Alpayana could significantly support Magna Mining’s development timeline. Alpayana is a private Peruvian mining company operated by the Gubbins family. According to Jessup, the company operates five underground mines in Peru and one mine in Mexico, with an operating history spanning approximately 40 years.
The relationship began through an existing investor and developed over several months. Following an Alpayana site visit and further discussions between the companies, the potential investment grew from Magna’s initial expectation of a smaller position to a proposed 19.9% ownership stake. Under the transaction described in the interview, Alpayana would invest $140 million for 19.9% of Magna Mining.
Jessup said the proceeds would provide the capital needed to advance both Levack and Crean Hill toward commercial production while continuing operations at McCreedy West. Instead of developing the projects sequentially, Magna could move the two growth projects forward in parallel. That change could be significant. A slower strategy would have required Magna to use cash flow from McCreedy West to fund Levack, followed by cash flow from McCreedy West and Levack to fund Crean Hill. The strategic investment could shorten that timeline and bring future production and cash flow forward.
Levack Offers a Near-Term Restart Opportunity
Levack is a past-producing Sudbury mine that operated for more than 100 years before entering care and maintenance in 2019. The mine remained in relatively good condition because it continued to serve as a secondary underground exit for a neighboring Glencore operation. Personnel regularly entered the mine, and work continued on shaft inspections, ventilation, and ground control.
As a result, Magna acquired an existing underground operation that had been maintained rather than completely abandoned. The company has since increased activity at Levack. Underground crews are conducting exploration and development work, while diamond drills are testing both known mineralization and new targets.
Between Levack’s contact nickel-copper zones and copper-PGM footwall zones, Jessup said the mine contains more than 11 million metric tons of indicated and inferred resources. Importantly, that total does not include the R2 discovery.
Why the R2 Discovery Could Change the Levack Story
R2 is a high-grade copper and precious-metals discovery located within the Levack property. Magna released results from 14 holes drilled into R2 during 2025, and Jessup said every reported hole intersected the targeted mineralization. The company has outlined a mineralized area approximately 300 vertical meters by 150 horizontal meters, containing multiple high-grade copper and precious-metal veins.
One result highlighted in the interview returned 3.4 meters at 29% copper equivalent. For comparison, Jessup said McCreedy West had been mining material with a grade of approximately 3.2% to 3.5% copper equivalent during the referenced period. R2 was not expected to be included in Levack’s upcoming preliminary economic assessment. That means the initial development plan could potentially stand on the mine’s existing resource base, with R2 representing additional upside.
Magna is developing an underground drift toward the discovery. At the time of the interview, the company was approximately 300 meters away from R2. The plan is to advance the drift, establish a closer underground drilling position, and continue definition drilling. Magna could eventually extend the development into the R2 zone and begin following the high-grade veins underground.
Jessup indicated that the company could potentially intersect R2 as early as the first quarter of 2027. Once development reaches the mineralization, Magna may be able to extract material while improving its geological understanding of the vein system. Because the company can ship mined material to existing Sudbury mills, development ore from R2 could begin generating revenue without waiting for Magna to construct a standalone processing plant.
Crean Hill Could Advance Alongside Levack
Crean Hill is another former Inco mine within Magna Mining’s portfolio. The underground operation previously ran for approximately 80 years and produced around 20 million metric tons of ore before closing in 2002. Before Magna acquired the property in 2022, approximately 90,000 meters of drilling had been completed following the mine’s closure. Magna combined that information with historical drilling data to define an underground resource of approximately 18 million metric tons.
A 2024 preliminary economic assessment outlined a potential 13-year mine life and peak production of approximately 2,200 metric tons per day. The study estimated initial capital requirements of approximately C$70 million. However, Magna can offset part of that development cost through preproduction revenue. The company already has an ore-selling agreement with Vale, which could allow it to ship mineralized material as underground development progresses.
Crean Hill also offers access to relatively shallow mineralization. Magna completed a 20,000-metric-ton surface bulk sample from the 109 Footwall Zone in 2024, demonstrating that mineralization extends close to the surface. A prefeasibility study was underway at the time of the interview, and Jessup said the company could consider making a construction decision after completing that study.
A Path Toward Three Producing Mines
Magna Mining’s immediate plan centers on three core assets:
- McCreedy West: The current producing mine and operating foundation.
- Levack: A maintained past-producing mine with existing underground infrastructure and the high-grade R2 discovery.
- Crean Hill: A development-stage project with an existing resource, previous economic study, shallow mineralization, and access to third-party milling.
If Levack and Crean Hill reach commercial production, Magna could transition from a single-mine operator into a three-mine Sudbury producer. Jessup said Magna had approximately $36 million in cash at the end of the first quarter. Following the proposed Alpayana investment, he expected the company to have sufficient capital to advance Levack, Crean Hill, and its exploration program without requiring another near-term financing.
Magna had approximately 250 million shares outstanding before the proposed transaction. The Alpayana investment was expected to increase that total to approximately 310 million shares. The transaction would therefore provide substantial development capital, although investors must also account for the corresponding increase in the company’s share count.
Cornerstone Shareholders and Insider Ownership
Following the proposed investment, Alpayana would become Magna Mining’s largest shareholder. Dundee Corporation, which has supported Magna since the company went public, held approximately 18.8% before the transaction. Jessup expected Dundee’s ownership to decline to approximately 16% after the issuance of shares to Alpayana.
Together, Alpayana and Dundee could control approximately 36% of the company. Jessup also reported owning 10.6 million Magna shares. This ownership structure could create a relatively concentrated shareholder base. It also means that new institutional investors seeking meaningful positions may need to acquire shares through the public market if Magna follows through on its stated intention to avoid additional financings.
Podolsky, Shakespeare, and the Longer-Term Pipeline
Magna’s ambitions extend beyond McCreedy West, Levack, and Crean Hill. The company also owns the fully permitted Podolsky and Shakespeare mines. Shakespeare is an open-pit project in which Magna holds permits to construct a mill. Unlike the company’s underground mines, Jessup believes developing a mill beside the open pit could provide the most efficient operating configuration and strongest potential returns.
Podolsky operated until 2014 and could also become part of Magna’s production pipeline. Jessup said both projects may be candidates for restart within the next five years, potentially using cash flow generated by McCreedy West, Levack, and Crean Hill.
The company’s longer-term strategy has two additional components: exploration and acquisitions. With more than 500 square kilometers of land, Magna has numerous exploration targets, including historical deposits and past-producing areas such as Kirkwood. After discovering R2, the company is looking for additional high-grade zones across its regional portfolio. Magna may also pursue non-core assets owned by larger Sudbury mining companies. Jessup believes Magna’s position as a reliable supplier of ore to local mills could create opportunities for transactions that benefit both the company and larger operators seeking additional mill feed. More interviews, company updates, and sector analysis are available through Natural Resource Stocks’ mining coverage.
What Investors Should Watch Next
Several milestones could determine whether Magna successfully delivers its multi-mine growth strategy:
- Completion and closing of the Alpayana strategic investment.
- The results of the Levack economic study.
- Completion of the Crean Hill prefeasibility study.
- A potential construction decision for Crean Hill.
- Continued underground development toward the R2 discovery.
- Additional drilling results and resource-definition work at R2.
- Operating performance and reserve replacement at McCreedy West.
- The effect of the Alpayana share issuance on per-share value.
- Copper, nickel, and precious metals prices.
- Magna’s ability to execute two major development programs simultaneously.
The opportunity is substantial, but so is the execution challenge. Advancing Levack and Crean Hill in parallel will require disciplined capital allocation, experienced underground teams, reliable development schedules, and continued access to third-party processing.
The Bottom Line
Magna Mining has assembled a portfolio that combines current production, permitted past-producing mines, existing underground infrastructure, regional processing capacity, and meaningful exploration potential. McCreedy West gives the company an operating base. Levack offers an established mine with the high-grade R2 discovery. Crean Hill provides another advanced project with defined resources and a previous economic study.
The proposed $140 million Alpayana investment could connect those pieces by allowing Magna to advance Levack and Crean Hill simultaneously rather than waiting for one project to fund the next. If the company executes successfully, Magna could develop into a multi-mine producer, with additional projects and exploration targets awaiting it beyond its initial three-mine plan.
However, the strategy still depends on financing completion, study results, development execution, commodity prices, third-party processing arrangements, and the successful conversion of resources into economically mineable reserves. Investors should review Magna Mining’s technical reports, financial statements, regulatory filings, and company disclosures while conducting their own due diligence before making investment decisions.
