Study Demonstrates 13 Year Mine Life, Modest Pre-Production Capital and Short Payback Period

Sudbury, Ontario--(Newsfile Corp. - September 17, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce the successful completion of its Updated Preliminary Economic Assessment ("PEA") by SGS Geological Services (SGS) on its 100% owned Crean Hill Project (the "Project") located in Sudbury, Ontario, Canada.

The PEA envisions an underground only mining operation, with Life of Mine ("LOM") potentially mineable resource being sold to a third-party existing mill in Sudbury. Underground mining would be initiated with a 15-month Advanced Exploration ("AdEx") program followed by a 12-month pre-production ramp-up period and 13 years of commercial production. Initial mining will be done with ramp access via a new surface portal with the eventual rehabilitation and re-establishment of the historic #2 shaft for personnel access and hoisting as mining progresses deeper.

Note: All dollar values are reported in Canadian Dollars unless otherwise stated. saee & read more onhttps://www.newsfilecorp.com/release/223536/