Thank you, Elliot, and good morning, everyone. Before getting started, I would like to mention that we will be making forward-looking statements or provide forward-looking information on this call in accordance with applicable securities laws.

Please review the press release announcing our Q2 2026 operating and financial results for cautionary language regarding the use and reliance on forward-looking statements and for the risk factors applicable to such forward-looking statements that could cause actual results to be materially different from those expressed or implied by such statements. Any scientific or technical commentary on this call has been reviewed and approved by David King, our SVP, Exploration and Geoscience, who is a qualified person under National Instrument 43-101.

With respect to non-IFRS performance measures that are referred to on this call, please refer to the reconciliation to measures of performance prepared in accordance with IFRS accounting standards in the company's most recently filed MD&A. All figures are in Canadian dollars unless otherwise noted.

Our press release, MD&A, and financial statements are available on SEDAR+ and our corporate website. With us today are CEO Jason Jessup, COO Jeff Huffman, CFO Scott Gilbert, EVP Paul Fowler, SVP, Exploration and Geoscience Dave King, and General Counsel Tim Bradford.

Following formal remarks from management, we will open the lines for further questions. I would now like to introduce Magna Mining CEO Jason Jessup to comment on the quarterly results.

Jason?

Thanks, Greg. During the second quarter of 2026, our team at the McCreedy West mine safely mined and shipped a record 98,446 short tons from the 700 Footwall copper zone producing 4.5 million copper equivalent payable pounds, in line with our forecast.

I am proud to report that in June 2026, McCreedy West mine achieved a significant milestone by completing one year without a recordable injury. This performance is a testament to the leadership commitment and accountability we continue to see across the organization and reflects the strong operating culture we have established at Magna.

I would now like to hand over to our Chief Financial Officer Scott Gilbert to present an overview of our financial performance in Q2.

Thanks, Jason. In Q2 2026, the McCreedy West mine generated net revenue of $29.7 million.

The precious metal stream at McCreedy West reduced net revenue in Q2 by $5.4 million. Our cash margin in the quarter improved to $8.9 million or US$1.41 per copper equivalent payable pound, up from $6 million or US$1.06 per copper equivalent payable pound in Q1.

Cash costs in Q2 2026 were US$3.76 per copper equivalent payable pound, and all-in sustaining costs were US$4.54 per copper equivalent payable pound. For Q2 2026, the company became operating cash flow positive, generating $8.9 million or 4 cents per share, which includes $6.7 million in metal sales that were due in March 2026, but were received in April 2026.

In addition, free cash flow in the quarter was $5.1 million after incurring exploration and evaluation expenses of $5.3 million, including $5 million at the Levack mine. Our cash balance at June 30th, 2026, was $40 million, up from $35.8 million on March 31st, 2026, while our trade and other receivables decreased by $5.3 million to $31.4 million.

We ended the quarter with working capital balance of $45.3 million. I will now hand the call over to our Chief Operating Officer Jeff Huffman for an overview of our operational performance in the quarter.

Thanks, Scott. Magna had an exceptionally strong quarter operationally.

Our Q2 2026 year-to-date total recordable injury frequency rate, or TRIFR, was 0.63 with all hours worked on all Magna sites, including those of the many contracting firms we work alongside. This compares to 3.87 during the same period in 2025, representing an 84% reduction.

This achievement reflects the company's continued focus on injury prevention through critical risk management, strengthened leadership, and disciplined operational execution. McCreedy West achieved record production in Q2 with 98,446 short tons of ore processed from the 700 Footwall copper zone at a grade of 3.34 copper equivalent for contained copper equivalent production of 6.6 million pounds, also a new Magna record.

Our production costs per ton processed in Q2 declined by 6.9% quarter-over-quarter to $199 per ton. Final surveyed underground development at McCreedy West in Q2 totaled 2,238 feet or 24.6 feet per day on average, in line with our plan.

Sustaining capital expenditures on developments and equipment at McCreedy West in the quarter was $2.6 million. Three underground diamond drills remain focused on definition drilling to support our near and medium-term production plans.

The program continues to provide the detailed information required for stope design and grade optimization. During Q2, we completed 85 diamond drill holes, totaling approximately 26,631 feet, consistent with our planned drilling program.

Next door at Levack mine, activity accelerated during Q2 with a focus on infrastructure readiness to support early ore sources upon a restart decision, and on establishing underground exploration platforms to continue delineation drilling of the R2 Footwall zone, as well testing other high-priority targets. Engineering, procurement, and planning activities are ongoing, and refurbishment is underway at the production hoist plant and at the loading pocket.

Existing underground equipment is being recommissioned, and in July, we acquired numerous pieces of well-maintained underground equipment and inventory from a nearby Sudbury mining operation that is moving into the state of closure. Much of this equipment will be repurposed for use at our Levack mine.

After completing new developments on the 1800 level to access the intermediate ore body and established drill platforms on the 8451 drift, during Q2, our underground development crews advanced the new 2950 level exploration drift from the Morrison Footwall copper PGE deposit by approximately 185 meters towards the R2 Footwall zone. An underground diamond drill rig will be mobilized to the 2950 level during Q3 to begin testing the R2 Footwall zone from this new platform.

In addition to development on the 2950 level, Levack mine personnel are rehabilitating along the 2650 level from our No. 2 shaft over to the No.

3 shaft. The 2650 level underground exploration drilling platforms will be better positioned to define upper R2 Footwall zone and to test additional target areas in the footwall of the No.

3 ore body. There are currently two surface diamond drills and two underground drills operating at Levack mine, and additional drill results from the R2 Footwall zone will be released in due course.

In parallel with preparations for potential construction activity and ongoing exploration, the Levack preliminary economic assessment is on track for completion in September. At Crean Hill, work continued during Q2 to advance the project to an expected construction decision with power, engineering, commercial discussions, and water treatment design, installation, and commissioning activities.

The Crean Hill pre-feasibility study is on track for completion in September. I would now like to hand back over to Jason for some additional comments.

Thanks, Jeff. As you can see, we've had a very busy first half of 2026.

The operational records and safety milestones achieved at McCreedy West during Q2 speaks to our team's hard work and relentless pursuit of excellence, one of our four core values at Magna. We're firmly on track to meet our 2026 guidance at McCreedy West on all metrics, and its cash flow is being reinvested to support the advancement of Crean Hill and Levack.

In addition, we continue to plan and prepare for the potential restart of mining at McCreedy West nickel-rich intermain contact type deposit. Levack mine has become a very busy site, both on surface and underground.

We expect to complete refurbishment of the production hoist and loading pocket before the end of 2026. As of today, development crews have completed the 2950 level exploration drift from the Morrison deposit to within approximately 300 meters of the R2 Footwall zone, and drilling from this new underground platform is scheduled to begin next week.

Delineation drilling of R2 continues with one surface diamond drill rig and two underground rigs, with a third rig underground to be added in September to target other footwall exploration targets. Work on the Levack PEA is well advanced, and we anticipate releasing the results in mid-September, after which we'll be in a position to make a formal decision regarding the restart of Levack mine.

Activity is ramping up at Crean Hill with commissioning of the water treatment plant and installation of the power line poles now underway. In addition, an exploration program targeting new footwall-type copper and precious metal-rich discoveries has been designed, and diamond drilling will begin later this month.

We continue to make good progress on the Crean Hill pre-feasibility study, with completion anticipated in mid to late September. The PFS results will form the basis of a construction decision at Crean Hill.

On May 28th, we were honored to be awarded Business of the Year by the Greater Sudbury Chamber of Commerce at the 29th annual Business Excellence Awards. Then on June 23rd, we achieved a key 2026 milestone with our graduation to the Toronto Stock Exchange.

We celebrated this accomplishment as the featured company at the TSX market open listing ceremony on July 20th. Subsequent to the end of Q2, on July 6th, we announced a strategic investment by Alpayana, a private Peruvian mining company with six operating underground mines and four decades of continuous operations in Latin America.

Alpayana will invest $140 million and will own approximately 19.9% of Magna's issued and outstanding shares. This financing allows us to simultaneously pursue multiple growth opportunities and accelerate the advancement of our Levack and Crean Hill projects.

The strategic investment is subject to receipt of all regulatory approvals, and we are working hard with our respective external counsels to close the transaction as soon as possible, targeting prior to the end of August. Finally, our Chief Financial Officer Scott Gilbert has announced his intention to retire by the end of 2026.

On behalf of the entire Magna team, I'd like to thank Scott for his exceptional leadership and contributions to the company over the past two transformative years. Greg Huffman, our Senior Vice President, Capital Markets, will formally assume the role of Chief Financial Officer upon Scott's retirement.

Greg will work closely with Scott over the coming months to support a smooth transition. I personally extend my sincere appreciation to Scott for his dedication and leadership, and wish him all the best in his retirement.

Operator, we'd now like to open up the line for questions.

Good morning, can you guys hear me okay?

I can hear you.

We can, yeah.

Wonderful. Congratulations to everyone on such a great quarter that was also safe, which is also very important, and to Scott for retirement and Greg on the new appointment.

Just a couple of questions on my side today. I was just curious on the ASIC lift for the mine capital equipment spend.

I was just wondering what that line item basically was that lifted quarter-over-quarter.

Sorry, whereabouts are you referencing, Eleanor?

I had to go back into the details of it, but there was a lift on the mine capital equipment spend from Q1 to Q2. I think it was closer to maybe $5 million this quarter.

It just contributed to a slightly higher ASIC, and so it was in the ASIC table as well.

Typically in there for the capital, that would include any of our underground development as well as any of the equipment that we had purchased in the quarter.

Okay. Was it a piece of mining equipment or was it a combination of both the development

and... There will always be a little bit of a combination of both.

We did pick up some smaller equipment during the quarter as there is an aged fleet at McCreedy West, we've been picking up some small things. We've got a couple things, biggest one would be a 6-yard scoop that we purchased in April.

That would be the biggest one. Then capital development would be the remainder of the items.

Great. Thank you so much.

Another question, it's I guess a classic thing that I tend to ask, it was just on quarterly longhole drill rates if you have those numbers handy by chance.

I can take that question, Eleanor. For the quarter, we sat just under 35,000 feet of longhole drilling.

A slight reduction from Q1, but still in line and obviously supporting the production profile. Then

one last question actually, and I don't know if you have the splits here, but for I guess more of the narrow vein mining, do you have a break out of tons by chance from longhole stoping versus, say, from the vein mining?

I don't think I have that in front of me, Eleanor. I'd have to take a look for that.

I actually don't have that in front of me, Eleanor. I'd have to get back to you on that.

No problem. Just the last one I guess was the delta on the treatment and refining charges.

It was just if you compare it on a dollar-per-pound basis, it looks like it's lifted this past quarter.

Eleanor, it's Greg here. I can take that one.

Scott, if you have anything to add, please go for it. As you noted, a tick-up in the treatment and refining charges in Q2 relative to Q1 and previous quarters.

That's related to some adjustments into the underlying contract that we've been working on for a little while. Don't want to get into all the details there, but it was retroactive to the late part of Q1.

Did capture some extra costs over that timeline, which we expect to normalize on a go-forward basis in the second half of the year.

Great. That's it for my side.

Thank you so much, and congrats again.

Thanks, Eleanor.

Thank you, operator. Appreciate everyone's time today.

With that, we'll end the conference call, and wishing everyone a great Thursday and rest of the week. Thanks very much.