Magna Mining Provides Update on Acquisition of Properties from KGHM International Ltd.

Rhea-AI Summary

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has provided an update on its previously announced acquisition of base metals assets in the Sudbury Basin from KGHM affiliate. The company entered into a definitive share purchase agreement on September 11, 2024, and both parties have been working towards satisfying all conditions precedent, including obtaining necessary regulatory and third-party consents, approvals, and waivers. Magna reports satisfactory progress and aims to complete the transaction by the end of February 2025.

Positive

• Transaction proceeding as planned with expected closing by February 2025
• Progress made in obtaining required regulatory and third-party approvals

Negative

• None.

Sudbury, Ontario--(Newsfile Corp. - January 30, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to provide an update regarding its previously announced agreement to acquire a portfolio of base metals assets located in the Sudbury Basin (the "Acquisition Transaction") from an affiliate of KGHM, as previously announced in the Company's news release dated September 12, 2024 and updated on January 9, 2025.

Since entering into the definitive share purchase agreement on September 11, 2024 (the "SPA"), the Company, KGHM and their respective advisors have been working diligently towards the satisfaction of all conditions precedent under the SPA including obtaining all required regulatory and third-party consents, approvals and waivers. The Company is pleased with the progress made to date and is now targeting to close the Transaction before the end of February 2025.

About Magna Mining Inc.

Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Company's flagship assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km² prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated July 2023. Additional information about the Company is available on SEDAR (www.sedar.com) 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 Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance including in respect of the timing and ability of the Company to complete the Transaction within the proposed timeline,; (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, 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) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238923

FAQ

When is Magna Mining (MGMNF) expected to close the KGHM asset acquisition?

Magna Mining expects to close the acquisition of KGHM's base metals assets before the end of February 2025.

What regulatory approvals does Magna Mining (MGMNF) need for the KGHM acquisition?

The company needs to obtain various regulatory and third-party consents, approvals, and waivers as conditions precedent under the Share Purchase Agreement.

When did Magna Mining (MGMNF) sign the definitive agreement with KGHM?

Magna Mining signed the definitive Share Purchase Agreement with KGHM on September 11, 2024.

What assets is Magna Mining (MGMNF) acquiring from KGHM?

Magna Mining is acquiring a portfolio of base metals assets located in the Sudbury Basin from a KGHM affiliate.