MAGNA MNG INC - MGMNF STOCK NEWS

Magna Mining (TSXV: NICU, OTCQB: MGMNF) has entered into a definitive asset purchase agreement with NorthX Nickel Corp. to acquire a portfolio of base metals assets in the Sudbury Basin. The property portfolio covers >30,000 Ha and includes past-producing properties like Parkin and Wisner, along with several exploration properties.

The Parkin property includes the historical Milnet mine, which produced 157,000 tons grading 1.5% Ni, 1.5% Cu, and 6.2 g/t Pt+Pd+Au. The Wisner property historically produced 295,000 tonnes grading 0.9% Cu and 4.1 g/t Pt+Pd+Au. The transaction involves a nominal cash payment of C$1.00, with Magna assuming approximately C$481,629 in mine closure liabilities, offset by a C$500,000 cash payment from NorthX. The deal is expected to close by Q1 2025.

Magna Mining has discovered a new copper zone at its Shakespeare Project in Sudbury, Ontario. The initial drillhole at the Southwest (SW) Copper zone intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over 13.9 metres, starting at 64.6 metres downhole. The SW Copper showing is part of a regional structural zone associated with the Murray Fault System, located approximately 1-2 kilometres southwest of the Shakespeare Mine. The zone is currently open for expansion in all directions, with no historical drilling records in this area. A second drillhole has been completed with pending assays, and a third is in progress.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has filed an updated independent technical report titled 'Preliminary Economic Assessment Update for the Crean Hill Project' in Sudbury, Ontario. The report, prepared by SGS Geological Services, is dated November 1, 2024, with an effective date of April 15, 2024. This filing follows the company's previous announcement from September 17, 2024, and has been submitted in accordance with National Instrument 43-101. The technical report is now available on SEDAR+.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has filed a technical report for the McCreedy West Copper-Nickel Mine on SEDAR, following its announced acquisition of base metals assets in the Sudbury Basin from KGHM International The independent technical report, titled 'Mineral Resource Estimate for the McCreedy West Copper-Nickel Mine', was prepared by SGS Geological Services with an effective date of December 31, 2023, and complies with National Instrument 43-101 standards.

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) has announced the granting of stock options. On October 17th, 2024, the company granted 250,000 stock options to certain officers and employees. These options are exercisable at $1.17 per common share for a five-year period, expiring on October 17th, 2029. The options vest one-third immediately and one-third annually thereafter.

Additionally, on September 19th, 2024, Magna Mining granted 1,031,900 options to certain directors and employees. These options are exercisable at $1.15 per common share for a five-year period. Both grants were made pursuant to the Company's Stock Option Plan.

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) has received conditional approval from Natural Resources Canada (NRCAN) for funding from the Critical Minerals Infrastructure Fund (CMIF). The funding, totaling up to $1.6 million, will support pre-construction activities at both the Crean Hill and Shakespeare Mines. The initiatives include:

• Advancing a 6km transmission line to connect Shakespeare Mine to the Ontario grid
• Upgrading a 30km forest access road to Shakespeare Mine
• Studies and approvals for connecting Crean Hill project to the Ontario power grid

This investment aims to accelerate the development of critical mineral projects, improve infrastructure, and create mining jobs in Ontario. The announcement was made by Canada's Minister of Energy and Natural Resources, Jonathan Wilkinson, during a visit to Sudbury.

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) has successfully completed the surface bulk sample program at the Crean Hill Project in Sudbury, Ontario. The company processed 20,524 dry tonnes of feed from the 109 Footwall Zone through Glencore's Strathcona Mill over a 5-day period. The project was executed on time, achieving its initial objectives, including:

1. Providing sufficient mineralization for steady-state plant operation
2. Producing variable concentrate grades for recovery performance evaluation
3. Successful sampling for future optimization test work
4. Reconciliation to the estimated tonnes and grade mined

Magna also announced the appointment of Scott Gilbert as Chief Financial Officer and Philip Ng as Manager of Engineering, following the company's recent asset acquisition and updated Preliminary Economic Assessment on the Crean Hill Project.

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) has issued a correction to its September 17, 2024 news release regarding the Updated Preliminary Economic Assessment (PEA) for its Crean Hill Project in Sudbury, Ontario. The correction addresses an error in Table 9 of the original release, which understated the project's financial metrics. The correct figures, as previously reported in Table 1, are:

• Pre-Tax NPV (8%): $265.3 million
• Pre-Tax IRR: 142%
• Post-Tax NPV (8%): $194.1 million
• Post-Tax IRR: 129%

A technical report supporting the PEA will be filed within 45 days. The information has been reviewed and approved by David King, M.Sc., P.Geo., Senior VP of Exploration and Geoscience at Magna Mining, who is a qualified person under NI 43-101.

Magna Mining has completed an Updated Preliminary Economic Assessment (PEA) for its 100% owned Crean Hill Project in Sudbury, Ontario. The PEA outlines a 13-year underground mining operation with low pre-production capital costs of $27.7 million and a quick payback period. Key highlights include:

- Pre-tax NPV (8%) of $265.3 million and IRR of 142%
- After-tax NPV (8%) of $194.1 million and IRR of 129%
- Average production rate of 2,200 tonnes per day
- Total resource mined of 10.69 million tonnes
- 195.5 million pounds of nickel and 169.5 million pounds of copper to be produced

The project benefits from existing infrastructure, approved environmental permits, and proximity to processing facilities. Metal price assumptions include US$8.50/lb nickel and US$4.00/lb copper. The PEA demonstrates the potential for a profitable, low-cost operation with significant upside from metal price increases.