Further Positive Assay Results From Shakespeare Mine Drilling

SUDBURY - Magna Mining Inc. reported on a further nine holes drilled at the Shakespeare Mine during the 2021 drilling program. Highlights from this batch of assay results include wide Gap Zone intersections which support the thesis that the West and East Zones are connected not only near surface, but also at depth.

Jason Jessup, Chief Executive Officer, said, "We are pleased with the results that are announced today, which continue to support our belief that we can add significant open pit mineral resources to our Shakespeare deposit. The East Zone results continue to impress us and where resource wireframes were intersected, the mineralization has shown to be much wider than previously estimated. The deeper intersections also enhance the understanding of the orientation of the mineralized melagabbro, which is now interpreted as steeply dipping to the south at depth, opening new, relatively shallow areas for exploration and resource expansion. It is also important to note that many of the holes intersected new areas of mineralization within the current open pit resource shell. The significance of these intersections is that it may add additional Mineral Resources to the Shakespeare deposit, which could also convert what is currently estimated as waste within the open pit shell to Mineral Resource. This could reduce the future open pit stripping ratio and potentially extend the life of mine of future operations. The feasibility study that is currently being completed is a base case scenario, staying within the parameters of the current approved closure plan and major permits and will not include any of the 2021 diamond drilling. We are excited to incorporate these results into future mine planning at the Shakespeare Mine."

Hole MMC-21-27 intersected 47.68 meters at 0.25% Ni, 0.30% Cu, 0.02% Co, 0.24 g/t Pt, 0.27 g/t Pd, 0.13 g/t Au including 33 m at 0.30% Ni, 0.36% Cu, 0.02% Co, 0.30 g/t Pt, 0.33 g/t Pd, 0.17 g/t Au. This hole was designed to follow-up on the wide mineralized intersection in hole MMC-21-25 reported on November 4, 2021. The intersection pierced the East Zone wireframe in an area 24.5 meters east of hole MMC-21-25. This hole intersected the mineralization 4.5m above the current mineral resource wireframe and continued 20.70 m beyond the wireframe. As a result, this hole, along with hole MMC-21-25, have demonstrated the potential to significantly grow the East Zone Mineral Resource in this area of the deposit. The up-dip extension of the East Zone in this area remains open for expansion.

Holes MMC-21-29 & MMC-21-30 each intersected multiple zones of mineralization including 64.16 m at 0.34% Ni, 0.41% Cu, 0.02% Co, 0.34 g/t Pt, 0.41 g/t Pd, 0.23 g/t Au starting just 30.0 meters down hole MMC-21-29. This intersection pierced a portion of the West Zone wireframe but initially intersected the mineralization 27.30 meters outside the upper portion of the wireframe and inside of the current open pit resource shell. Follow-up drilling is required to test for further mineralization closer to surface. The primary purpose of these holes was to test the Gap Zone at depth. The holes were successful in intersecting multiple zones of mineralization within the Gap Zone, lending further support to Magna's interpretation that the East and West Zones are connected through the Gap Zone.

Hole MMC-21-34 was drilled in the Gap Zone, approximately 36 meters to the east of Hole MMC-21-20 that was reported on November 4, 2021 (see News Release). Mineralization was intersected over 11.45 meters grading 0.20% Ni, 0.25% Cu, 0.01% Co, 0.22 g/t Pt, 0.27 g/t Pd, 0.15 g/t Au starting at 24.5 m downhole. This near surface intersection in the Gap Zone has potential to convert a significant amount of material within the open pit resource shell from waste to mineral resource.

Mynyr Hoxha, Vice President of Exploration, said, "The 2021 drilling results to date are very encouraging. The Shakespeare deposit has significant potential to grow along the strike to the east and west, and is open at depth. Due to drilling challenges around historical mining areas, the Gap Zone is not fully defined. Recent drilling targeting the Gap Zone indicates that East and West Zones are connected around the S-13 area and open at depth. To properly define the Gap Zone closer to surface, a shallow drilling program is proposed in 2022 that will be accomplished by using an underground drill capable of drilling shallow angle holes to test some of the upper part of the East Zone/Gap Zone. The 2021 drilling program also expanded our understanding of the western part of the Shakespeare deposit. We now have evidence that the rock units are changing orientation and dipping more southerly. This opens up tremendous exploration potential and is generating multiple new exploration targets we intend to drill in 2022."