Fajasy on X
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.
