Sudbury, Ontario--(Newsfile Corp. - May 31, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") announces that it will be holding its annual and special meeting (the "Meeting") of the shareholders of the Company on June 28, 2024. An electronic copy of the management information circular (the "Circular") and related proxy materials in respect of the Meeting will be mailed to shareholders of the Company and will be available on SEDAR+ under the Company's profile at .

The specific details of the matters proposed to be dealt with at the Meeting are described in full in the Circular. The Meeting is scheduled to be held at 10:00 a.m. (Toronto time) on June 28, 20124 at the offices of the Company at 1300 Kelly Lake Road, Sudbury, Ontario, P3E 5P4.

The Company was previously granted an order by the Ontario Superior Court of Justice (Commercial List) extending the time for Magna to call the next annual meeting of its shareholders to August 30, 2024.

About Magna Mining Inc.

Magna is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury region of Ontario, Canada. The Company's flagship assets are the past producing Shakespeare and Crean Hill mines. The Shakespeare Mine is a feasibility stage project 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. Crean Hill is a past producing nickel, copper and PGM mine with an updated technical report dated August 2022. Additional information about the Company is available on SEDAR+ () and on the Company's website ().

For further information, please contact:

Jason Jessup
Chief Executive Officer

or

Paul Fowler, CFA
Senior Vice President

Email: info@magnamining.com

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. 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.