Magna Mining Inc. provided an update on the 2024 exploration activities and corporate initiatives. 2024 Exploration Plan and Resource Update: Magna resumed diamond drilling on January 3, 2024, after a brief pause over the holiday season. Currently there are two drills turning at the Crean Hill Project, with one of the drills testing deep footwall targets.

Two geophysical platform holes (MCR23053 & MCR23059), totalling 2895 m have now been completed and both holes have intersected favourable footwall stratigraphy, including Sudbury Breccias containing minor sulphides. Borehole geophysical surveys have subsequently been completed and any geophysical anomalies identified will be targeted once interpretations are complete. The second drill at Crean Hill is drilling in the upper portion of the 109 FW zone, where drilling in 2023 intersected a highgrade core within the 109 FW Zone (see April 2023 News Release).

Drilling is intended to further define the continuity of this highgrade mineralization and will assist Advanced Exploration planning. The budgeted and boardapproved drill program at Crean Hill in 2024 is 20,000 metres. A third drill will commence drilling on regional targets at the Shakespeare Project in February.

Initially, this drill will probe untested areas of the Palladium Valley target located approximately 8.5 km northeast of the Shakespeare mine. At Palladium Valley a 2022 Induced Polarization (IP) geophysical survey has identified a number of anomalies associated with gabbroic intrusive units similar to the Shakespeare gabbro, with coincident PdPtAuNiCu mineralization known at surface. Surface samples taken by Magna include sample 355584 which graded 9.59 g/t Pd, 1.24 g/t Pt, 0.35 g/t Au, 0.23% Ni and 0.45% Cu.

The initial phase of drilling at Palladium Valley will consist of 2000 m of drilling and will be completed in the first half of 2024. Magna has commenced the process to incorporate recent drilling into an updated geological model and Mineral Resource Estimate. More than 21,000 m of drilling has been completed by the Company since acquiring Crean Hill in November 2022, and much of this drilling was focused above the 1000 ft level, within the 101, 105 and 109 FW zones, as well as portions of the Intermediate and Main ore zones.

The geological understanding of these zones has been enhanced by Magna's 2023 drilling program, which will allow a complete mineral wireframe update of these zones, as well as new wireframes for other areas of the deposit. Magna expects to have the updated Mineral Resource estimate completed in Third Quarter of 2024. Magna currently has a fully funded 25,000 m drill program budgeted for 2024.

As of September 30, 2023, Magna had $15.5 million in the treasury. Crean Hill - Advanced Exploration Update Permit applications have been submitted to commence advanced exploration at Crean Hill. All relevant permits, approvals and commercial agreements to begin the surface bulk sample at Crean Hill are expected to be received in First Quarter 2024, despite taking slightly longer than originally anticipated.

The goal of advanced exploration is to test mine the 101 FW and 109 FW areas, as well as areas of the Intermediate deposit. Closure Plan: In August, Magna supported the submission of the Crean Hill closure plan for review by the Ministry of Mines. Following this review and the resolution of subsequent comments, Magna now expects the closure plan to be filed by the end of First Quarter 2024.

Permit to Take Water (PTTW): The PTTW at Crean Hill has been submitted, subsequent comments have been received and addressed, and Magna expects to have the permit approved in second quarter, although it could be sooner. This will allow Magna to dewater the underground workings at Crean Hill, which is required to commence the underground advanced exploration program. Oreselling agreement: Throughout the second half of 2023 Magna has been in advanced discussions with the owners of the local mills, and excellent progress has been made on terms for ore selling.

A signed definitive agreement is now expected before the end of First Quarter 2024. Sample QA/QC practices for Magna have been designed to meet or exceed industry standards. Samples are collected from outcrop, placed into plastic bags, and then transported to the Magna Mining core facility.

Samples are then placed into rice bags for transport to SGS Laboratories in Sudbury Ontario. QAQC samples for surface sampling include a known certified reference material sample and blank material sample that are submitted within every 20 samples.