Magna Mining to Resume Trading Following Signing of Definitive Agreement to Acquire Lonmin Canada Inc.

Sudbury, Ontario--(Newsfile Corp. - September 7, 2022) - Magna Mining Inc. (TSXV: NICU) (the "Company" or "Magna Mining") is pleased to announce that, as set out in the bulletin of the TSX Venture Exchange (the "TSX-V") issued yesterday afternoon, its common shares will resume trading on Thursday, September 8, 2022. The trading halt was imposed by the TSX-V, in connection with the Company's announcement that it had signed a definitive share agreement (the "Definitive Agreement") to acquire 100% of Lonmin Canada Inc., including the Denison project and the past producing Crean Hill Ni-Cu-PGE mine (the "Acquisition").

The Acquisition remains subject to, among other things, approval by the TSX-V, including the satisfaction of any customary conditions imposed by the TSX-V. In accordance with the policies of the TSX-V, the Company has prepared a technical report in respect of the Denison project (the "Denison Technical Report") pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects. A draft of the Denison Technical Report has been provided to the TSX-V for review and the Company intends to file the Denison Technical Report upon satisfying any comments of the TSX-V. There is no certainty that the Denison Technical Report will be filed in the immediate term. For further information on the Acquisition, please see the news release of the Company dated August 16, 2022.

About Magna Mining

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. Additional information about the Company is available on SEDAR (www.sedar.com) under the Company's issuer profile and on the Company's website (www.magnamining.com).

For further information on this press release, visit www.magnamining.com or contact:

Jason Jessup
Chief Executive Officer

or

Paul Fowler, CFA Senior Vice President
Email: [email protected]

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward‐looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Acquisition; the timing and ability of the Company to complete the Acquisition (if at all); the timing and ability of the Company to obtain regulatory approvals, including the approval of the TSX-V, in respect of the Acquisition; the timing and ability of the Company to file the Denison Technical Report (if at all); the results of any exploration work completed by Company on Denison project; the significance (if any) of Crean Hill Ni-Cu-PGE mine being a past producing mine and the results of such past production; the ability of Magna Mining (if at all) to satisfy the closing conditions to the Acquisition; and any other information herein that is not a historical fact may be "forward-looking information".

This forward-looking information is based on reasonable assumptions and estimates of management of the Company, at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties or other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding the Acquisition, the potential of the Denison project, and statements regarding beliefs, plans, expectations, or intentions of the Company. 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.

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136253