Magna Mining reports record Q2 2026 output, positive cash flow

Magna Mining reported record production and its first positive operating cash flow in the second quarter of 2026, driven by higher commodity prices and operational improvements.

The Toronto-based miner said output reached 120,000 tonnes in Q2 2026, up 15% from the prior quarter and 22% year-over-year, surpassing previous records. Operating cash flow turned positive at $18 million, reversing a $12 million deficit in Q1 2026, as higher realized prices for zinc, lead and copper offset rising input costs.

Chief Executive Officer James Reynolds attributed the performance to sustained productivity gains and disciplined cost management. "We’ve optimized our processing routes and reduced unit costs by 8% sequentially," he said in a statement. Revenue rose 18% to $215 million, though net income remained negative at $5 million due to non-cash accounting adjustments.

Magna Mining, which operates two zinc-lead mines in Ontario, raised its full-year production guidance to 460,000-480,000 tonnes from 440,000-460,000 tonnes, citing stable ore grades and equipment reliability. The company also secured $75 million in financing to fund expansion projects, including a planned mill upgrade at its flagship site.

Shares in Magna Mining were up 3.2% in early trading on the TSX Venture Exchange, reflecting investor confidence in the improved operational trajectory.