The company was formed in 2016 and in early 2017, acquired Ursa Major Minerals, a private company that owned the past producing Shakespeare Mine and Shining Tree project. Shakespeare is situated 70 km to the south-west of the Sudbury Basin.  Magna has since assembled a contiguous land package of over 180km², much of which has seen little exploration work and yet remains prospective for further nickel, copper and PGM discoveries.