Magna Mining Announces Grant of Stock Options and RSUs

Sudbury, Ontario--(Newsfile Corp. - November 3, 2023) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (the "Company" or "Magna") announces that it has granted a total of 2,281,000 stock options ("Options") to purchase common shares of the Company to certain officers, employees and consultants pursuant to the Company's Stock Option Plan. Such Options are exercisable into common shares of the Company at an exercise price of $0.44 per common share for a period of three years from the date of grant. The Options vest 1/3 immediately and 1/3 annually thereafter. All of the Options expire on November 2, 2028.

In addition, the Company has issued a total of 961,000 restricted share units ("RSUs") to certain directors, officers and employees of the Company in accordance with the Company's Restricted Share Unit Plan ("RSU Plan"). The RSUs will fully vest on the date that is three year from the date of grant. Once vested, each RSU represents the right to receive one common share of the Company or the equivalent cash value thereof, at the Company's discretion. The Company further announces that, in connection with such grant of a portion of the RSUs, the Company also approved an amendment to the RSU Plan (the "Amended RSU Plan") to increase the fixed maximum number of shares reserved for issuance under the RSU Plan from 1,500,000 to 3,000,000 shares. The Amended RSU Plan and the grant of 315,000 RSUs under the Amended RSU Plan are subject to approval by the TSX Venture Exchange and ratification by the Company's shareholders at the next annual and special meeting of shareholders.

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 asset is the past producing Shakespeare Mine which has major permits for the construction of a 4500 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 NI 43-101 Technical Report, Preliminary Economic Assessment dated July 2023. Additional information about the Company is available on SEDAR (www.sedarplus.ca) 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
416 356 8165
Email: [email protected]

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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186284