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Friday, October 9, 2026

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10 of the 11 insider trades at Magna Mining $MGMNF (TSX: $NICU) since November 2024 were buys, and its CEO says he’s “never sold a share.” CEO Jason Jessup owns 10,441,196 shares, 3.3% of the count, mostly held through Mine Management Partners, a holding company. Five of the 10 buys came from Magna’s November 2024 financing, where insiders including Jessup and Dundee Corporation $DDEJF, a Toronto investment company, took new shares at CAD$1.05. No officer or director sold shares in the open market between November 2024 and March 2026. The only open-market insider buys were incoming CFO Greg Huffman’s 5,200 shares at CAD$2.10-2.35 in March 2026 and director John Seaman’s 10,000 shares at CAD$1.41 in December 2024. The only sale came from TFG Asset Management, part of Tetragon Financial Group $TGONF, which sold 15,000,000 shares at CAD$2.62 (US$27.7M total) on October 3, 2025, two weeks after Magna’s CAD$2.40 share offering. TFG was a 10% holder at the time. Here’s the management team: → Jason Jessup (CEO and Director): 25+ years in mining at FNX Mining, Sandstorm Gold, Premier Royalty, and Inco. At FNX, he “led the team there to restart the mine in the Morrison deposit” at Levack, now Magna’s flagship restart project, and he says FNX returned “about 4200%” from 2000 to 2010. → Jeff Huffman (COO): Joined in November 2023; most recently President and COO of Dumas Contracting, an underground mine contractor. → Greg Huffman (SVP Capital Markets, incoming CFO): Global Head of Mining Sales at Canaccord Genuity $CCORF, the Canadian investment bank, from 2016 to June 2024, then CEO of Nuclear Fuels, a uranium explorer, until its sale in September 2025. Beyond Jessup, the five-person board includes chair Vern Baker, FNX’s former VP of Operations, and Jonathan Goodman, CEO of Dundee, which owns 16.0% of Magna. Greg Huffman will be Magna’s fourth CFO since early 2023, after co-founder Derrick Weyrauch, Ann-Marie Finney (who left in October 2024 after 17 months), and Scott Gilbert, who’s retiring by the end of 2026 after ~2 years. On mgmt's ability to execute, two of Magna’s timelines have slipped: 1) Crean Hill grid power: In November 2025, Jessup said Magna could have power at Crean Hill, its permitted nickel mine, in Q1 2026. In February 2026, he said power would come “hopefully by the end of Q2,” and in August 2026, he moved the target to Q4. 2) Free cash flow: In February 2026, Jessup said “we believe we’ll be generating free cash flow at these prices,” and Q1 2026 brought a US$14.2M free cash outflow, though US$11.0M of it was cash tied up in working capital, mostly money owed to Magna that came in after the quarter. Magna did deliver its other recent milestones, from the Levack resource estimate to the US$99M investment from Alpayana, a Peruvian mining group.
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I tracked the production targets Nubeva Technologies $NBVAF (TSXV: $NBVA) has set for its AI decryptor builder since 2023, and it missed all four! Nubeva’s agent copies the encryption keys ransomware generates during an attack, but a victim can’t use the keys until someone writes a decryptor (a program that reverses the encryption) for the strain behind the attack. Building every decryptor by hand is the capacity issue behind the 2023 exit of Kroll, Nubeva’s biggest customer. Nubeva’s FY2025 and FY2026 MD&As frame the same issue as cost, saying the company’s “current support structure carries costs that are not sustainable at scale.” Nubeva’s fix is to have AI write the decryptors instead. It announced a patent application for an AI decryptor builder in August 2023 and has pitched the builder ever since. Per the FY2026 MD&A, “a private, cryptographically trained AI engine” uses the captured keys to analyze encrypted samples, identifies the decryption method, and writes “the decryptor software, test kits, and documentation.” The goal is “a custom decryptor within an hour” of a customer getting hit by a new strain. Both MD&As also lay out two outcomes: → If automation works: Nubeva “will be positioned to re-expand its commercial footprint” through end users, managed security providers, incident-response firms, security integrations, and cyber insurers. → If automation falls short: Nubeva “will continue to advance and complete its IP portfolio, positioning the Company for strategic partnerships or potential M&A transactions.” Three years on, the AI decryptor builder still isn’t in production. The August 2023 release expected production “later this year,” the FY2024 and FY2025 MD&As said “later this year” again, and the December 2025 interim MD&A said “later this fiscal year.” Then the FY2026 MD&A, filed August 28, 2026, quietly dropped the date altogether. After four missed targets, dropping the date suggests Nubeva’s own builder isn’t close. CEO Randy Chou hinted at the delay in October 2025, saying Nubeva was “still waiting for an automated way to scale support,” which he said was true of “everybody else in the industry.” But the wait may finally be ending. On September 3, 2026 (six days after dropping the date), Nubeva said it had been approved for access to “a frontier artificial intelligence model made available to vetted organizations for authorized defensive cybersecurity work.” Nubeva doesn’t name the model’s provider, but the release came out the same day OpenAI committed $1B of subsidized access to its Daybreak cyber models. If the model is Daybreak, the access isn’t particularly rare. OpenAI said on September 3 that “thousands of defenders across 2,000 approved organizations and workspaces already use Daybreak.” Either way, decryption is where a frontier model could matter most, since writing a decryptor for an unfamiliar strain is the step Nubeva’s engineers still do by hand.

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