MAGNA MINING REPORTS DIAMOND DRILLING RESULTS FROM THE 109 FOOTWALL ZONE SURFACE BULK SAMPLE AREA Results include 0.9% Ni, 2.9% Cu, and 9.5 g/t Pt+Pd+Au over 6.3 metres, starting at surface

MAGNA MINING REPORTS DIAMOND DRILLING RESULTS FROM THE 109

FOOTWALL ZONE SURFACE BULK SAMPLE AREA

Results include 0.9% Ni, 2.9% Cu, and 9.5 g/t Pt+Pd+Au over 6.3 metres, starting

at surface

SUDBURY, ONTARIO, CANADA, May 8, 2024 – Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF) (FSE:

8YD) (“Magna” or the “Company”) is pleased to provide additional diamond drilling results from the 2024

exploration program at Crean Hill , targeting the near surface advanced exploration area of the 109

Footwall (FW) Zone.

Highlights from the new assay results include:

• 109 FW Zone

MCB-24-029: 0.9% Ni, 2.9 % Cu, 9.5 g/t Pt + Pd + Au over 6.3 metres

MCB-24-031: 0.7% Ni, 0.8 % Cu, 6.8 g/t Pt + Pd + Au over 7.0 metres

Including 1.9% Ni, 2.3 % Cu, 10.9 g/t Pt + Pd + Au over 2.1 metres

MCB-24-033: 0.2% Ni, 2.0 % Cu, 11.3 g/t Pt + Pd + Au over 4.5 metres

MCR-24-075: 0.2% Ni, 0.2 % Cu, 17.0 g/t Pt + Pd + Au over 13.0 metres

Dave King, SVP Technical Services stated, “Recent drilling at Crean Hill has focused immediately below the

surface exposure of the 109 FW Zone and is providing the definition required to advance our surface bulk

sample design. Now that all the required permits are in place, Magna can finalize the bulk sample design

and initiate the surface bulk sample in the next couple of months. Today’s results continue to demonstrate

the grade and continuity of mineralization not only at surface but also within the upper levels of the

planned underground project, where diamond drilling continues to expand on results released in Q1. Now

that all the required permits are in place, Magna can finalize the bulk sample design and initiate the

surface bulk sample in the next couple of months, subject to finalizing a 3 rd party ore processing

agreement for the 109 FW ore.”

The Company currently has two diamond drills operating at Crean Hill . One drill is focused on deep

exploration targets in the footwall, while the second rig is drilling short holes to better define the near

surface mineralization in the 109 FW close to the historically mined Main Zone (Figure 1). To date, there

have been 18 short holes completed in this campaign, with 8 holes reported today. This short hole drill

program is utilizing a small underground drill rig, capable of completing shallow dip drillholes immediately

beneath the mineralization exposed at surface. Additionally, some of these holes are targeting up dip of

deeper economic intersections which have not been defined to surface or at shallow depths. Drilling to

date has already demonstrated continuity of mineralization on surface in the 109 FW Zone, and Magna is

aiming to define additional mineralization which could be included in the surface bulk sample program.

Results from the short hole drill program will inform the final design shape for the surface bulk sample

that is planned to commence in June or July.

In addition to the surface bulk sample support drilling, Magna has continued to better define the 109 FW

Zone to the 150m level (See Figure 2 and news release dated April 4, 2024). This drilling was designed to

intersect the 109 FW Zone as perpendicular to the dip of the zone as possible, to b etter define the

thickness of the overall mineralized package and the higher-grade veins within. Historical drilling often

intersected at poor angles and inconsistent drill spacing. The upper levels of the 109 FW Zone could form

a significant portion of the underground advanced exploration and bulk sample /test mining program

anticipated to commence in 2024. Holes MCR-24-073 - MCR-24-075 targeted the southern strike extent

of the 109FW Zone.

The high grade, massive sulphide core of the 109 FW Zone has not been well defined below the 150 m

level, however historical drilling by Lonmin Canada has intersected massive sulphide veins such as 1.4%

Ni, 12.3 % Cu, 24.8 g/t Pt + Pd + Au over 3.4 metres in drillhole LM03920 and 1.0% Ni, 20.1 % Cu, 22.1

g/t Pt + Pd + Au over 2.0 metres in drillhole LM03 420 (See Figure 2) . Magna plans on completing

additional drilling in this area , between 150m–250m from surface , to better define the 109 FW Zone

mineralization with the goal of extending the high grade massive sulphide core through these elevations

(see Figure 2). This drilling is ongoing, and assays will be released as they are received. Magna has made

the decision to include the results from this drilling in the next update to the Mineral Resource Estimate

which will be completed in Q3 2024.

Table 11: Summary of Crean Hill Assay Results

All lengths are downhole length. True widths are estimated at 85-95% of downhole length.

NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt gpt x

69% Recovery / 31.1035 x Pt $/oz) +(Pd gpt x 68% Recovery / 31.1035 x Pd $/oz) + (Au gpt x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb.

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

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-24-073 109 FW 87.00 88.00 1.00 0.05 0.13 0.00 4.67 1.53 1.03 7.23 1.23

and 105.00 106.00 1.00 0.06 0.17 0.01 4.23 2.47 1.12 7.82 1.45

MCR-24-074 109 FW

MCR-24-075 109 FW 98.64 99.00 0.36 0.20 0.37 0.02 24.18 11.24 3.59 39.01 6.61

and 114.00 127.00 13.00 0.15 0.18 0.00 9.28 4.87 2.84 16.99 3.05

and 135.00 138.00 3.00 0.35 0.21 0.01 18.15 9.32 5.47 32.94 5.89

and 141.00 144.00 3.00 0.05 0.05 0.01 1.56 1.92 0.60 4.08 0.83

MCB-24-029 109 FW 0.00 6.33 6.33 0.93 2.89 0.02 3.88 4.16 1.43 9.47 3.90

MCB-24-030 109 FW 0.00 5.35 5.35 0.41 0.40 0.01 2.93 2.50 0.65 6.08 1.65

Including 4.44 5.35 0.91 1.95 0.71 0.03 9.15 9.49 1.02 19.66 5.80

MCB-24-031 109 FW 0.08 7.12 7.04 0.68 0.84 0.01 2.45 3.58 0.77 6.80 2.33

Including 5.00 7.12 2.12 1.91 2.34 0.04 1.65 8.46 0.83 10.93 5.30

MCB-24-032 109 FW 1.00 10.95 9.95 0.13 0.16 0.00 3.34 1.59 0.94 5.87 1.16

MCB-24-033 109 FW 1.25 5.77 4.52 0.17 2.01 0.01 5.30 4.29 1.69 11.28 3.00

MCB-24-034 109 FW 0.00 4.00 4.00 0.04 0.07 0.00 1.90 0.62 0.33 2.84 0.51

MCB-24-035 109 FW 0.00 6.86 6.86 0.42 1.58 0.01 0.47 1.82 1.16 3.45 1.82

MCB-24-036 109 FW 1.00 4.63 3.63 0.12 0.66 0.00 0.81 1.05 0.56 2.43 0.87

and 7.47 8.73 1.26 0.23 1.94 0.01 0.57 1.56 0.85 2.97 1.66

No Significant Values

Table 2: Drillhole Collar Coordinates

*Drillhole Coordinates are in coordinate system NAD 83 Zone 17

Figure 1: Plan View of the Crean Hill 109 FW Zone at the 100ft level, Showing Location of Magna Drilling.

Figure 2: Oblique Longitudinal Section of the Crean Hill 109 FW Zone looking Northwest.

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.

QA/QC

Sample QA/QC procedures for Magna have been designed to meet or exceed industry standards. Drill

core is collected from the diamond drill and placed in sealed core trays for transport to Magna’s core

facilities. The core is then logged, and samples marked in intervals of up to 1.5m. Samples are then put

into plastic bags with 10 bagged samples being placed into rice bags for transport to Swastika

Laboratories in Kirkland Lake Ontario via Gardewine Transport for preparation and analysis. Samples are

submitted in batches of 50 with 5 QA/QC samples including, 2 certified reference material standards, 2

samples of blank material and 1 lab duplicate.

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

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.