Magna Mining Announces Results of Annual General and Special Meeting

Sudbury, Ontario--(Newsfile Corp. - June 16, 2022) - Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") reports that all resolutions at the Company's annual general and special meeting of shareholders were approved by shareholders.

The results of voting are noted below. For additional details on the resolutions, please see the management information circular of the Company dated May 17, 2022 (the "Information Circular").

1. Election of Directors.

2. Appointment of Auditors. To appoint Baker Tilley WM LLP as auditors of the Company for the ensuing year and authorizing the directors to fix their remuneration.

3. Stock Option Plan Resolution. To consider and, if deemed advisable, to pass, with or without variation, an ordinary resolution, the full text of which is set forth in Schedule "A" to the Information Circular, confirming and approving the stock option plan of the Company, and certain amendments to the stock option plan, all as more particularly described in the Information Circular.

4. RSU Plan Resolution. To consider and, if deemed advisable, to pass, with or without variation, an ordinary resolution of disinterested shareholders, the full text of which is set forth in Schedule "B" to the Information Circular, confirming and approving the restricted share unit plan of the Company, and certain amendments to the restricted share unit plan, all as more particularly described in the Information Circular.

 
*Excluding 16,022,271 shares held by Insiders

5. RSU Grant Resolution. To consider and, if deemed advisable, to pass, with or without variation, an ordinary resolution of disinterested shareholders, the full text of which is set forth in Schedule "C" to the Information Circular, confirming and approving the prior grant of 318,000 restricted share units under the Company's restricted share unit plan, all as more particularly described in the Information Circular.

6. Approval of Dundee Corporation Becoming a New Control Person. To consider and, if deemed advisable, to pass, with or without variation, an ordinary resolution of disinterested shareholders, the full text of which is set forth in Schedule "D" to the Information Circular, approving Dundee Corporation becoming a new Control Person and the resulting Change of Control of the Company (as such terms are defined in the policies of the TSX Venture Exchange), all as more particularly described in the Information Circular.

 
*Excluding 13,681,400 shares held by insiders

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 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km² prospective land package. 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: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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