Magna Mining was co-founded in 2016 by Jason Jessup, a 20-year veteran of the Sudbury mining district. In early 2017, Magna acquired Ursa Major Minerals, a private company that owned the past producing Shakespeare Mine and a surrounding land package of over 180 km², much of which prospective for further nickel, copper and PGM discoveries. Shakespeare is situated 70 km to the South-West of the Sudbury Basin.
In 2022, Magna completed the acquisition of Lonmin Canada, the owner of the Crean Hill mine. Crean Hill is located on the South-West corner of the Sudbury Basin, and produced over 20 million tonnes of ore for Inco over an 80 year period until 2002.
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