Magna Mining Intersects 3.8% Nickel, 1.8% Copper, & 0.5 g/t PT+PD+AU over 10.8 Metres

Highlights:

• Drillhole MCR-22-003, intersected 3.8% Nickel, 1.8% Copper, & 0.5 g/t Pt+Pd+Au over 10.8 metres, including 3.2% Ni, 8.3% Cu, & 0.5 g/t Pt+Pd+Au over 1.7 metres, and 6.0% Ni, 0.3% Cu, 0.7 g/t Pt+Pd+Au over 5.8 metres in the 101 FW Zone

• 101 FW Zone mineralization hosted within an approximately 70 metre wide footwall breccia package which remains open for exploration

• 2,022 metres completed to date in 10 drillholes on the Crean Hill property. All drillholes have intersected significant mineralization as expected

Jason Jessup, Chief Executive Officer for Magna, commented, "We are excited to announce initial assay results from our current drilling at Crean Hill. Drillhole MCR-22-003 was our first drillhole testing the 101 FW Zone mineralization, and demonstrates the quality and grade of the resources remaining at Crean Hill. Additional assay results are expected in early January and will be announced shortly thereafter."

The initial drilling program consisted of 10 drillholes, totaling 2022 metres, and was targeting areas that will be considered for advanced exploration and potential bulk sampling within the current Mineral Resources (Figures 1 and 2). Assay results received to date are summarized in Table 1.

Four drillholes, MCR-22-003 to MCR-22-006, targeted the 101 zone below historical mining. This area was not a focus of previous Lonmin Canada Inc. ("Loncan") drilling as it is not considered a low-sulphide, high PGE system. The 101 FW Zone consists of disseminated to locally massive sulphide, hosted within a footwall breccia system, extending southwest into the footwall of the Intermediate Zone (Figure 3 and 4). Sudbury footwall orebodies are commonly hosted within breccia systems, and often are elevated in Ni, Cu and PGE mineralization, relative to typical SIC contact mineralization. Drillhole MCR-22-003 was targeting below and adjacent to historically mined stopes and confirms the mineralization continues down-dip and along strike to the southwest. The drillhole intersected approximately 70 m of footwall breccia, with local disseminated to stringer mineralization throughout. Significant assay results received to date include 3.8% Ni, 1.8% Cu, 0.5 g/t Pt+Pd+Au over 10.8 metres. The 101 FW Zone breccia system remains open for exploration and expansion to the southwest and down-dip of the historical mining. In addition to the 101 FW Zone, Drillhole MCR-22-003 intersected 0.7% Ni, 0.4% Cu, 0.6 g/t Pt+Pd+Au over 30.2 metres, including 1.1% Ni, 0.6% Cu, 1.4 g/t Pt+Pd+Au over 10.5 metres within the Intermediate Zone at the base of the Sudbury Igneous Contact ("SIC").

Five drillholes, MCR-22-001, MXR-22-002 and MCR-22-007-009, were completed on the near surface portion of the Intermediate Zone, within the current open pit resource (Figure 2). The Intermediate Zone is a zone of contact Ni-Cu mineralization at the base of the SIC and hosted within Sublayer Norite. Assays are pending.

One hole, MCR-22-010 targeted the 109 FW Zone. The 109 FW Zone is a zone of disseminated to semi-massive sulphide, hosted within footwall breccia, extending into the footwall of the Main Zone (Figure 2 and 3). The 109 FW Zone was defined near surface by Loncan, and is considered a low-sulphide, high PGE Footwall zone. This style of mineralization can have very high Pt+Pd+Au grades over significant widths, as demonstrated by historical Loncan drillhole LM05060, which intersected 0.6 % Cu, 0.3% Ni, 2.5 g/t Pt, 20.1 g/t Pd, 10.2 g/t Au (33.5 g/t TPM) over 18.5 metres and drillhole LM03061, which intersected 0.4 % Cu, 0.9% Ni, 31.1 g/t Pt, 4.5 g/t Pd, 1.8 g/t Au (37.5 g/t TPM) over 17.4 metres. The 109 FW Zone has been defined to approximately 750 ft level below surface, and wide spaced drilling below this elevation suggest the high grade PGE Footwall mineralization continues to depth extending into the footwall from the Main Zone.

Table 1 Summary of Assay Results Received to Date

All lengths are downhole length. True width is estimated at 60-80% of downhole length.
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

Figure 1 Crean Hill Mine Oblique Longitudinal Showing Area of Figure 2 and Magna Drilling Completed to date (See Figure 2)

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8002/147629_a212ba8c94925b86_003full.jpg

Figure 2 Magna 2022 Diamond Drilling Locations

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8002/147629_a212ba8c94925b86_004full.jpg

Figure 3 Schematic Plan View of the 350 ft Level, Illustrating the relationship of Contact Ni-Cu mineralization at the Base of the SIC, and the Footwall Mineralization Hosted Within Breccia Units Extending Into the Footwall of the SIC.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8002/147629_a212ba8c94925b86_005full.jpg

Figure 4 Schematic Section of the 101 FW Zone Showing Location of MCR-22-003

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/8002/147629_a212ba8c94925b86_006full.jpg

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 and cut with a diamond saw. Samples are then bagged in plastic bags with 10 bagged samples being placed into rice bags for transport to AGAT Laboratories. 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 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 an updated technical report dated August 2022. 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: info@magnamining.com

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.