Magna Mining Provides Exploration Update

Magna Mining Inc. provide an update on the 2023 exploration program. This year to date, Magna has completed 17,618 m of drilling, comprising 89 diamond drill holes, at the Crean Hill Project (“Crean Hill”). The Company has also completed a surface UTEM 5 geophysical program and several borehole EM geophysical surveys at the Company’s properties. Data from these geophysical surveys is currently being interpreted and could provide additional targets at depth and in the footwall of the known Crean Hill deposit.

Magna is also pleased to report new assay results from the ongoing 2023 diamond drilling program at Crean Hill.

Highlights from the new assay results include:

• Main Zone (750 Level Pillar)

MCR-23-052A : 0.8% Ni, 1.3 % Cu, 2.0 g/t Pt + Pd +Au over 96.5 metres

Including 1.2 % Ni, 2.5 % Cu, 3.1 g/t Pt + Pd +Au over 15.6 metres

• 101 FW Zone

MCR-23-051: 1.1% Ni, 0.5 % Cu, 0.5 g/t Pt + Pd + Au over 13.6 metres

And 2.5% Ni, 3.8 % Cu, 7.1 g/t Pt + Pd + Au over 1.3 metres

And 2.9% Ni, 0.4 % Cu, 1.2 g/t Pt + Pd + Au over 2.0 metres

And 2.8% Ni, 8.7 % Cu, 1.0 g/t Pt + Pd + Au over 2.4 metres

MCR-23-054A: 4.1% Ni, 0.4 % Cu, 0.7 g/t Pt + Pd + Au over 3.7 metres

“Drilling results reported today continue to demonstrate the quality of the relatively shallow Mineral Resources remaining at Crean Hill. Drilling on the 101 FW Zone was designed within our advanced exploration target area, to further define grade continuity and facilitate detailed planning. Drillhole MCR-23-052A targeted a remnant pillar identified in the Main and Intermediate Zones, at the 750 ft level, and intersected 0.8% Ni, 1.3 Cu, 2.0 g/t Pt + Pd + Au over 96.5 metres. The 750 level pillar is not well defined in the current Mineral Resources and wide mineralized intervals such as those intersected by MCR-23-052A in the Main Zone could add significant resources in the upper levels of the mine.”

Dave King, SVP Technical Services

The results of the holes announced today included two holes that targeted the 101 FW Zone, one drillhole targeting the 9400 FW Zone, and one drillhole targeting a significant remnant pillar at the 750 ft level within the Main Zone (Figure 1). The 750 level pillar is a sill pillar approximately 30m thick, extending through both the Main and Intermediate Zones. A portion of the remnant pillar mineralization in the Main Zone, up to 100m in strike and 30m wide, is not modeled, and not represented in the current Mineral Resources. Drillhole MCR-23-052A targeted this area, and intersected mineralization over 96.5 metres, consisting of an upper zone of low sulphide mineralization along the eastern margin of the 109 FW Zone grading 0.1% Ni, 1.0 % Cu, 3.1 g/t Pt + Pd +Au over 17.5 metres, and several higher-grade intervals within the Main Zone. Complete assay results are summarized in Table 1 and drillhole collar coordinates are presented Table 2.

The diamond drill program has fulfilled Magna’s exploration objectives so far in 2023. The objectives of the exploration program were to improve the geological understanding of the Crean Hill deposit, contribute towards potential resource expansion, and confirm grade continuity within several of the Crean Hill ore zones. Much of the 2023 program to date has been focused within the area currently being considered for advanced exploration and bulk sampling, including the near surface precious metal-rich 109 FW Zone, the high grade, nickel-rich 101 FW Zone, and the Intermediate Zone. Drilling for the remainder of 2023 will be focused on deeper footwall exploration, including geophysical platform drillholes.

2023 Exploration Update

Year to date, Magna has drilled a total of 23,617m, comprising 17,618m at Crean Hill and 5,999m at Shakespeare. Magna’s previous guidance for exploration drilling in 2023 was 15,000 to 18,000m at Crean Hill and 3,000 to 5,000m at Shakespeare. The exploration program to date in 2023 has been successful in achieving more diamond drill meters than budgeted, while remaining within the estimated budgeted costs. This has been due to higher than estimated productivity and lower overall drilling costs. At present, there is still one diamond drill on site at Crean Hill and the Shakespeare diamond drill program has been completed for the year.

In addition to diamond drilling, Magna has completed several geophysical surveys including borehole EM and surface UTEM 5 at both Crean Hill and Shakespeare, and an airborne ZTEM survey over the entire 180 km² property package at Shakespeare. Data processing and interpretation from these surveys is underway and results will influence the exploration strategy and diamond drilling programs in 2024.

A provisional 2024 exploration budget has been authorized by the Board of Directors of Magna, which includes a total of 25,000m of diamond drilling that will be allocated between Crean Hill and Shakespeare. This 2024 drilling program will be funded by Magna’s current cash balance. Magna’s cash balance as of June 30, 2023 was $18.5 million.

“Given the current market conditions, we are fortunate to be completely funded for a robust exploration budget for 2024. I believe that our properties host some of the best exploration potential of any nickel junior in Canada and we have a team with the experience and track record to make new discoveries. I predict that 2024 will be an exciting year for exploration at Magna.”

CEO Jason Jessup

Table 1: Summary of Assay Results

Table 2: Drillhole Collar Coordinates