Magna Mining Inc. — Capital/Financing Update 2024

Oct 21, 2024

Magna Mining Announces Grant of Stock Options

Sudbury, Ontario--(Newsfile Corp. - October 21, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (the " Company " or " Magna ") announces that on October 17[th] , 2024, it granted a total 250,000 stock options (" Options ") to purchase common shares of the Company to certain officers and employees pursuant to the Company's Stock Option Plan. Such Options are exercisable into common shares of the Company at an exercise price of $1.17 per common share for a period of five years from the date of grant. The Options vest 1/3 immediately and 1/3 annually thereafter. All of the Options expire on October 17[th] , 2029.

In addition, on September 19[th] , 2024, the Company granted a total of 1,031,900 options to certain directors and employees of the company pursuant to the Company's Stock Option Plan. These options are exercisable into common shares at an exercise price of $1.15 per common share for a period of five years from the date of grant.

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 180km[2] 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.sedarplus.ca) and on the Company's website (www.magnamining.com). For more information, please contact:

Jason Jessup Chief Executive Officer or Paul Fowler, CFA Senior Vice President Tel: 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 the production at the Shakespeare and Crean Hill Mines, the economic and operational potential of the Shakespeare and Crean Hill Mines, potential acquisitions, plans to complete exploration programs, potential mineralization, exploration results and statements regarding beliefs, plans, expectations, or intentions of the Company. Resource exploration and development is 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.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227357