Magna Mining Announces Corporate Updates and Grant of Stock Options and RSUs

Rhea-AI Summary

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has announced several corporate updates. The company has appointed Tim Bradburn as Senior Vice President, General Counsel and Corporate Secretary, bringing over 20 years of experience from his previous role at IAMGOLD

Regarding the NorthX asset acquisition agreement from December 18, 2024, the company reports positive progress and targets closing in May 2025. The company has completed its 2024 drilling programs at Crean Hill and Shakespeare, with final assay results received and ongoing data interpretation. Currently, exploration drilling is active at the Levack Mine with two diamond drills operating and a third scheduled to start.

The company has granted 150,000 stock options to officers and employees at an exercise price of $1.40 per share, expiring April 9, 2030, with a phased vesting schedule. Additionally, 40,000 restricted share units were granted with a 3-year vesting period.

Positive

• Strategic asset acquisition from NorthX progressing towards May 2025 closing
• Expansion of exploration activities with multiple drill operations at Levack Mine
• Successful completion of 2024 Crean Hill and Shakespeare drilling programs

Negative

• Stock dilution through new options and RSUs issuance

Sudbury, Ontario--(Newsfile Corp. - April 14, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (the "Company" or "Magna") is pleased to announce the appointment of Tim Bradburn as Senior Vice President, General Counsel and Corporate Secretary. Tim has over 20 years of experience in cross-listed publicly traded companies and most recently was Senior Vice President, General Counsel and Corporate Secretary at IAMGOLD Corporation. "I am honoured and excited to be joining greatly experienced people leading a company with great potential," commented Mr. Bradburn.

Asset Acquisition from NorthX

Since entering into a definitive asset purchase agreement on Dec 18, 2024 with NorthX for certain mineral claims, leases and patents in Sudbury, the Company, NorthX and their respective advisors have been working diligently towards the satisfaction of all conditions precedent under the APA including obtaining all required regulatory and third-party consents, approvals and waivers (See press release dated December 18, 2024). The Company is pleased with the progress made to date and is now targeting to close the transaction in May 2025.

Exploration Program for 2025

Final assay results have been received from the 2024 Crean Hill and Shakespeare diamond drilling programs. The company is encouraged by the results of the programs and interpretation of the new geological and geophysical data is ongoing. The results of this geological interpretation and modelling will be used to prioritize targets and budgets for the 2025 exploration program. Exploration drilling is underway at the Levack Mine with two diamond drills in operation and a third drill scheduled to start this week. Magna expects to announce more details on the 2025 exploration program as plans are finalized over the next few months.

Grant of Stock Options and RSUs

On April 9, 2025, the Company granted a total of 150,000 stock options to purchase common shares of the company to certain officers and employees pursuant to the stock option plan. Such options are exercisable into common shares of the company, at an exercise price of $1.40 per share, for a period of 5 years from the date of grant. The options vest 1/3 immediately and 1/3 annually thereafter. All options expire on April 9, 2030. Additionally, 40,000 restricted share units were granted pursuant to the restricted share unit plan and vest after 3 years.

About Magna Mining Inc.

Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM operating, exploration and development projects in the Sudbury Region of Ontario, Canada. The Company's primary assets are the producing McCreedy West copper mine and the past producing Levack, Podolsky, Shakespeare and Crean Hill mines. Additional information about the Company is available on SEDAR (www.sedarplus.ca) and on the Company's website (www.magnamining.com).

For further information, please contact:

Jason Jessup
Chief Executive Officer

or

Paul Fowler, CFA
Senior Vice President
705-482-9667
Email: info@magnamining.com

Cautionary Statement

This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding closing the NorthX transaction in May 2025 and the statement about expecting to announce more details on the Shakespeare, Crean Hill, McCreedy West, and Levack exploration programs in the coming months. Resource exploration and development are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate.

All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248358

FAQ

What is the status of Magna Mining's NorthX asset acquisition deal?

The NorthX asset acquisition is progressing well and is expected to close in May 2025, with all parties working towards satisfying regulatory and third-party approvals.

How many drilling rigs does MGMNF currently have at the Levack Mine?

Magna Mining currently has two diamond drills operating at Levack Mine, with a third drill scheduled to start soon.

What are the terms of MGMNF's newly granted stock options?

The company granted 150,000 stock options at $1.40 per share, expiring April 9, 2030, vesting 1/3 immediately and 1/3 annually thereafter.

Who is the new Senior Vice President and General Counsel of Magna Mining?

Tim Bradburn, former Senior VP and General Counsel at IAMGOLD , has been appointed to the position.