Notice Of Correction To News Release Dated September 17, 2024, Regarding Updated Crean Hill PEA

9/17/2024 7:16:11 PM

(MENAFN- Newsfile Corp) Sudbury, Ontario--(Newsfile Corp. - September 17, 2024) - Magna mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") issued a news release earlier today announcing the results of an Updated Preliminary Economic Assessment ("PEA") by SGS Geological Services (SGS) on its 100% owned Crean Hill Project located in Sudbury, Ontario, Canada.

The September 17th news release contained two summary tables (Tables 1 and 9) outlining the Pre and Post Tax NPV and IRR's of the Crean Hill Project. Table 1 contained the correct numbers, while table 9 incorrectly understated the corresponding numbers. The correct numbers are as follows (as previously reported in Table 1).

Crean Hill PEA Summary
Pre-Tax NPV (8%)	$M	265.3
Pre-Tax IRR	%	142
Post Tax NPV (8%)	$M	194.1
Post Tax IRR	%	129

A technical report supporting the PEA will be filed by the Company with Canadian securities regulatory authorities within 45 days of this news release.

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, Exploration and Geoscience 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 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 September 2024. Additional information about the Company is available on SEDAR ( ) and on the Company's website ( ).

For further information, please contact:

Jason Jessup
Chief Executive Officer

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