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Magna Mining Announces Annual and Special

Corporate Updates

Magna Mining Announces Annual and Special

Meeting to Be Held on June 28, 2024

Sudbury, Ontario--(Newsfile Corp. - May 31, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB:

MGMNF) (FSE: 8YD) ("Magna" or the "Company") announces that it will be holding its annual and

special meeting (the "Meeting") of the shareholders of the Company on June 28, 2024.

An electronic

copy of the management information circular (the "Circular") and related proxy materials in respect of the

Meeting will be mailed to shareholders of the Company and will be available on SEDAR+ under the

Company's profile at

www.sedarplus.ca

.

The specific details of the matters proposed to be dealt with at the Meeting are described in full in the

Circular. The Meeting is scheduled to be held at 10:00 a.m. (Toronto time) on June 28, 20124 at the

offices of the Company at 1300 Kelly Lake Road, Sudbury, Ontario, P3E 5P4.

The Company was previously granted an order by the Ontario Superior Court of Justice (Commercial

List) extending the time for Magna to call the next annual meeting of its shareholders to August 30, 2024.

About Magna Mining Inc.

Magna 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 an updated technical report dated August 2022.

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

Email:

[email protected]

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. 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.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/211261