Magna Mining Announces the Approval of the Crean Hill Permit to Take Water The Crean Hill Project is Fully Permitted For Advanced Exploration and Test Mining

TSXV: NICU FSE: 8YD

Magna Mining Announces the Approval of the Crean Hill Permit to Take Water

The Crean Hill Project is Fully Permitted For Advanced Exploration and Test Mining

April 23, 2024, Sudbury, Ontario, Canada – Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF) (FSE:

8YD) (“Magna” or the “Company”) is pleased to announce the receipt of the Crean Hill Permit to Take

Water (PTTW).

Magna received confirmation that the Permit to Take Water for the Crean Hill Project has been

approved by the Ministry of Environment, Conservation and Parks (MECP). This is the final permit

required to enable dewatering of the existing mine workings and allow Magna to move forward with

their advanced exploration plan, including a surface bulk sample and development of a ramp from

surface to perform test mining in the 101 Footwall, 109 Footwall and Intermediate Zones (see Figure 1

and 2). The tonnage of the mineralized rock from the surface and underground test mining is estimated

at 400,000 tonnes, which will be crushed on surface, sampled, and shipped to a third-party mill for

processing, under the terms of the Off-Take Agreement announced on March 27, 2024 (see News

Release).

Jason Jessup, CEO of Magna Mining stated, “We are extremely pleased to have received the Crean Hill

Permit to Take Water, as Magna now has all the approvals and permits necessary to conduct both our

surface and underground advanced exploration programs. We acquired the Crean Hill Project in

November 2022, and have advanced it to this point in only 17 months. This is a remarkable

accomplishment and a testament to our team and the jurisdiction in which we are building our

company. Magna plans to initiate the surface bulk sample on the 109 FW Zone by the end of Q2 2024,

and commence portal construction and underground advanced exploration in the second half of 2024.”

Recent drilling in the 109 FW Zone has intersected high grade copper, nickel and precious metal

mineralization (see News Releases dated April 3, 2024, and February 20, 2024), which have helped to

define the core of the 109 FW Zone. This area of the 109 FW will be targeted as part of the early

underground test mining. The test mining program will allow reconciliation against the current resource

block model, confirm continuity of the high-grade mineralization and further de-risk the project.

Currently the Company is drilling several short diamond drill holes in the area of the surface bulk sample

which will facilitate the final bulk sample design. Results of this drilling are expected to be received in

early May 2024. A second drill is active testing geophysical anomalies in the footwall environment,

approximately 300m south of the Main Contact Zone at Crean Hill (click here to see a video providing an

explanation of Sudbury footwall deposits).

The underground advanced exploration program will also include areas of the 101 FW Zone and

Intermediate Contact Zone, which were drilled by Magna in 2023. Highlights of this drilling include holes

MCR-22-005 which intersected 4.0% Ni, 0.7% Cu and 0.7 g/t Pt+Pd+Au over 31.1 metres, and MCR-23-

042 which intersected 4.2% Ni, 1.4% Cu and 1.0 g/t Pt+Pd+Au over 27.6 metres (see Table 1 for all 101

FW Zone drilling).

Table 1. Selected Previously Released Assay Highlights from the Crean Hill 101 FW, Intermediate and

109 FW Zones.

Drillhole Zone From

(m)

To

(m)

Length

(m) Ni % Cu % Co % Pt g/t Pd g/t Au g/t TPM g/t NiEq

MCR-22-003 101 FW 168.12 178.90 10.78 3.75 1.74 0.09 0.20 0.22 0.04 0.46 4.69

including 168.12 169.78 1.66 3.24 8.30 0.08 0.07 0.24 0.21 0.52 7.65

MCR-22-004 101 FW 117.61 132.00 14.39 1.65 0.86 0.05 0.32 0.14 0.07 0.54 2.17

including 119.06 127.15 8.09 2.46 1.15 0.07 0.48 0.18 0.08 0.73 3.16

101 FW 223.58 228.00 4.42 1.11 5.73 0.03 1.17 0.45 0.56 2.18 3.93

101 FW and 234.29 239.00 4.71 2.43 2.73 0.05 0.24 0.30 2.29 2.83 4.22

MCR-22-005 101 FW 138.39 169.44 31.06 4.04 0.69 0.10 0.36 0.25 0.07 0.67 4.58

including 138.39 143.42 5.03 6.50 1.03 0.17 0.28 0.17 0.03 0.48 7.26

and 153.08 169.44 16.07 5.68 0.69 0.13 0.43 0.29 0.05 0.78 6.29

MCR-23-042 101 FW 149.20 176.90 27.60 4.20 1.37 0.10 0.56 0.36 0.11 1.02 5.09

MCR-22-007 Intermediate 142.20 200.40 58.20 0.68 0.60 0.02 0.32 0.18 0.11 0.61 1.07

including 179.74 184.87 5.13 1.40 1.22 0.05 0.56 0.30 0.14 1.00 2.16

and 194.50 198.15 3.65 2.21 0.56 0.07 0.14 0.11 0.08 0.33 2.60

MCR-22-008 Intermediate 159.00 195.43 36.43 1.04 0.55 0.03 0.49 0.21 0.14 0.84 1.46

including 171.88 189.18 17.30 1.24 0.76 0.04 0.83 0.34 0.23 1.40 1.84

and 191.69 195.43 3.74 3.07 0.57 0.09 0.33 0.20 0.03 0.56 3.53

MCR-22-009 Intermediate 175.83 202.78 26.95 1.13 0.69 0.04 0.91 0.20 0.09 1.20 1.65

MCR-24-060 109 FW 35.0 49.0 14.0 0.32 1.99 0.01 3.79 2.75 2.09 8.63 2.69

Including 40.0 43.0 3.0 1.11 8.33 0.03 3.38 5.96 4.58 13.93 7.38

MCR-24-068 109 FW 94.0 120.3 26.3 0.72 2.39 0.01 6.36 1.88 1.48 9.72 3.24

Including 104.6 113.7 9.1 1.84 6.32 0.03 12.58 2.76 2.20 17.54 7.13

Including 108.6 113.0 4.4 3.22 11.33 0.05 7.60 2.40 0.61 10.61 9.64

MCR-24-070 and 127.7 144.8 17.1 1.63 5.19 0.04 4.70 4.08 1.22 10.00 5.63

Including 128.2 135.0 6.8 2.54 9.60 0.06 8.35 7.61 1.47 17.44 9.74

139.0 142.6 3.6 1.83 5.78 0.04 2.17 2.64 0.92 5.73 5.38

MCB-23-003 109 FW 8.95 39.95 31.00 0.74 0.58 0.02 3.25 3.27 2.17 8.70 2.60

including 25.76 28.94 3.18 5.89 1.99 0.10 2.33 7.19 2.82 12.35 9.40

MCB-23-009 109 FW 3.00 22.00 19.00 0.23 0.23 0.01 5.52 4.30 2.56 12.38 2.52

NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x Cu Recovery% x 2204 x Cu Price $/lb) + (Co% x Co Recovery % x 2204 x Co Price $/lb) + (Pt gpt x

Pt Recovery % / 31.1035 x Pt $/oz) +(dt gpt x Pd Recovery % / 31.1035 x Pd $/oz) + (Au gpt x Au Recovery % / 31.1035 x Au $/oz))/2204 x Ni $/lb

Metal prices in US$ of $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au

Figure 1. Long Section showing 101 FW, 109 FW & Intermediate Zones and Advanced Exploration

Area.

Figure 2. Area of Advanced Exploration Surface Bulk Sample at the Crean Hill Project,

Looking North-East.

Qualified Person

The technical information in this press release has been reviewed and approved by David King, M.Sc.,

P.Geo. Mr. King is the Senior Vice President, Technical Services for Magna Mining Inc. and is a qualified

person under Canadian National Instrument 43-101.

About Magna Mining Inc.

Magna Mining is an exploration and development company focused on nickel, copper and PGM

(Platinum Group Metals) 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

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, 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.