Magna Mining Inc. announced additional assays results from the ongoing diamond drilling program at Crean Hill. Results include assays from five drillholes completed on the G1 Zone, a narrow embayment structure at the Sudbury Igneous Complex (SIC) contact, approximately 1000 metres east of the Crean Hill Main Zone (See news release dated February 23, 2023), and one additional drillhole targeting the 109 Footwall (109 FW) Zone. Highlights from the new assay results include: G1 Zone (MCR-23-014): 1.0% Ni, 0.8 % Cu, 0.2 g/t Pt + Pd + Au over 5.2 metres 109 FW Zone (MCR-23-019): 0.2% Ni, 0.3 % Cu, 8.0 g/t Pt + Pd + Au over 28.4 metres G1 Zone The G1 Zone exploration drilling was targeted based on historical drillhole LM01800, which was drilled beneath a mineralized outcrop at surface, and was not previously followed up with subsequent drilling.

Magna drillholes MCR-23-014 to MCR-22-18 were designed to define the plunge of the mineralization, and intersected a narrow zone of Ni-Cu mineralization from surface to the 65m level. Nickel and copper grades within the G1 zones are generally consistent with SIC contact mineralization at the historically mined Crean Hill deposit, approximately 1000m west of the G1 Zone. The G1 Zone remains open down- plunge.

109 FW Zone Drillhole MCR-23-019 was drilled within the 109 FW Zone to better define the true width of the mineralized breccia. The hole intersected 0.2% Ni, 0.3% Cu, 8.0 g/t Pt + Pd + Au over 28.4 metres, confirming the presence of high grade PGM 's in this section of breccia in the 109 FW Zone. Previously released drillholes in the 109 FW Zone (MCR-22-010 and MCR-23-013) intersected an overall mineralized zone grading 0.4% Ni, 0.5% Cu, 7.2 g/t Pt + Pd + Au over 98.3 metres and 0.2% Ni, 0.6% Cu, and 11.0 g/t Pt + Pd + Au over 95.4 metres, respectively.

Both of these holes were drilled down the plunge of the breccia to better understand the distribution and continuity of high grade veins in this area. These results are not incorporated into the current Mineral Resource Estimate. Exploration Update The Company currently has two diamond drill rigs operating at Crean Hill since mobilizing a second drill rig in early April.

This year to date, there have been 47 drillholes completed for 8,145 metres of drilling, with the results of 9 holes reported to date from the 2023 drilling program. Of 4,966 samples sent for analytical analysis year to date, approximately 2,124 assays currently outstanding and will continue to be released as they are received. Magna currently anticipates completing a total of 15,000 to 18,000m of drilling at Crean Hill in 2023.

A third drill rig will be commencing a 5,000 metre program at the Company's Shakespeare Mine in mid- June. The objective of the 2023 exploration at Shakespeare will be to follow up on the 2022 exploration holes that identified a potential feeder system for the Shakespeare deposit, and test other high priority targets that have been identified at depth adjacent to the Shakespeare deposit. Both the Crean Hill and Shakespeare drilling programs are fully funded for 2023.