Magna Strikes Agreement with Glencore for Crean Hill Surface Bulk Sample Milling

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (“Magna” or the “Company”) is delighted to declare the formalization of a Toll Milling Agreement (the “Agreement”) with Glencore Canada Corporation (“Glencore”) for processing the surface bulk sample extracted from the 109 Footwall (“FW”) Zone at the Crean Hill Project.

Jason Jessup, CEO of Magna Mining, remarked, "The acquisition of a toll milling agreement with Glencore to process a surface bulk sample from the 109 FW Zone at Crean Hill signifies the next step in advancing our Crean Hill Project." With two permitted projects in the Sudbury region, Magna has a strategic advantage, demonstrated once again through our collaboration with major local mining companies to advance our initiatives. This bulk sample will enable us to assess metallurgical performance and compare it with our resource estimate, thereby reducing project risk as we progress towards advanced underground exploration at Crean Hill.”

The existing agreement with Glencore pertains solely to the surface bulk sample from the 109 FW Zone. Magna plans to transport approximately 20,000 tonnes of mineralized rock from the shallow portion of the 109 FW Zone. This material will undergo separate processing at Glencore’s Strathcona Mill, resulting in the production of a bulk concentrate. This process will yield crucial data on the recovery of base and precious metals, enabling Magna to enhance its planning for advanced underground exploration and eventual commercial production. Recently, a series of short diamond drill holes were conducted in the vicinity of the surface bulk sample area. On May 8, 2024, Magna released assay results from the first eight holes of this program. Notably, hole MCB-24-029 intersected significant mineralization, including 2.9% Cu, 0.9% Ni, and 9.5 g/t Pt+Pd+Au over 6.3 meters from the surface. These drilling outcomes will be integrated into the design of the surface bulk sample, along with additional drilling results pending assay.

Magna revealed on March 27, 2024, the finalization of a Definitive Offtake Agreement with Vale Canada ("Vale") for advanced exploration activities at Crean Hill. Notably, the agreement with Vale did not encompass the 109 FW Zone, as Magna aimed to explore alternative processing methods to enhance recoveries for the copper-PGM-rich mineralization within this zone. The recent agreement with Glencore underscores Magna's potential avenues for expanding its mining operations in the Sudbury region in a financially prudent and environmentally sustainable manner.

Magna intends to finalize the contract for the surface bulk sample work in the upcoming days and aims to have contractors deployed to the site by June. The surface operations are projected to span 4-6 weeks, with toll milling expected to conclude in Q3 2024. Funding for this endeavor will be sourced from cash reserves in the treasury.