Magna Mining Intersects 4.0 % Nickel over 31.1 Metres at the Crean Hill Mine, Sudbury

Sudbury, January 5, 2023 - Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce additional assays received from the November 2022 drill program at Crean Hill. Drillhole MCR-22-005 was designed to follow up on previously announced high grade nickel mineralization intersected in the 101 Footwall ("FW") Zone in drillhole MCR-22-003 (see news release dated December 12^th, 2022). Hole MCR-22-005 intersected mineralization grading 4.0 % Ni, 0.7 % Cu, 0.7 g/t Pt+Pd+Au over 31.1 metres, including two massive sulphide intervals grading 6.5 % Ni, 1.0 % Cu, 0.5 g/t Pt+Pd+Au over 5.0 metres, and 5.7 % Ni, 0.7 % Cu, 0.8 g/t Pt+Pd+Au over 16.1 metres. Diamond drilling for the 2023 drill program at Crean Hill is scheduled to resume January 9, 2023, with 15,000 metres of drilling currently budgeted for the full year.

Highlights:

• Drillhole MCR-22-005, intersected 4.0 % Ni, 0.7 % Cu, 0.7 g/t Pt+Pd+Au over 31.1 metres, Including 6.5 % Ni, 1.0 % Cu, 0.5 g/t Pt+Pd+Au over 5.0 metres, and 5.7 % Ni, 0.7 % Cu, 0.8 g/t Pt+Pd+Au over 16.1 metres in the 101 FW Zone

• The 101 FW Zone represents an area of high grade, massive sulphide mineralization over significant widths that was un-mined by prior operators

• 101 FW Zone mineralization is hosted within an approximately 70 metre wide footwall breccia package which remains open for exploration down-dip and along strike

David King, Senior Vice President for Magna, commented, "We are excited to announce additional assay results from our current drilling at Crean Hill. These assay results from drillhole MCR-22-005 are the second set of assay results received from the 101 FW Zone, and they demonstrate the continuity of high grade, massive sulphide mineralization within the footwall breccia zone. The 2022 drilling has improved our geological understanding of the 101 FW Zone mineralization and these results will enable Magna to effectively explore along strike and down-dip of the known mineralization, as well as explore for additional, similar mineralization within the footwall environment at Crean Hill. Additional assay results are expected over the coming weeks and will be announced shortly thereafter."

In 2022, four drillholes, MCR-22-003 to MCR-22-006, targeted the 101 FW zone below historical mining. This area was not a focus of previous Lonmin Canada Inc. ("Loncan") drilling as it is not considered a low-sulphide, high PGE system. The 101 FW Zone consists of disseminated to locally massive sulphide, hosted within a footwall breccia system, extending southwest into the footwall of the Intermediate Zone (Figure 3 and 4). Sudbury footwall orebodies are commonly hosted within breccia systems, and often are elevated in Ni, Cu and PGE mineralization, relative to typical Sudbury Igneous Complex (SIC) contact mineralization. Drillhole MCR-22-005 was targeted above previously released drillhole MCR-22-003, and intersected significant massive sulphide intervals of high grade nickel mineralization. A zone of lower sulphide mineralization with increased precious metals, grading 0.2 % Ni, 0.2% Cu, 1.3 g/t Pt+Pd+Au was also intersected below the massive suphide zone. The 101 FW Zone breccia system remains open for exploration and expansion to the southwest and down-dip of the historical mining.

Table 1 Summary of Assay Results Received to Date

All lengths are downhole length. True width is estimated at 60-80% of downhole length.

NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x Cu Recovery% x 2204 x Cu Price $/lb) + (Co% x Co Recovery % x 2204 x Co Price $/lb) + (Pt gpt x Pt Recovery % / 31.1035 x Pt $/oz) +(dt gpt x Pd Recovery % / 31.1035 x Pd $/oz) + (Au gpt x Au Recovery % / 31.1035 x Au $/oz))/2204 x Ni $/lb

Figure 1 Crean Hill Mine Oblique Longitudinal Showing Area of Figure 2 and Magna Drilling Completed to date (See Figure 2)

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8002/150368_7f414b2ca408a86e_003full.jpg

Figure 2 Magna 2022 Diamond Drilling Locations

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8002/150368_7f414b2ca408a86e_004full.jpg

Figure 3 Schematic Plan View of the 350 ft Level, Illustrating the relationship of Contact Ni-Cu mineralization at the Base of the SIC, and the Footwall Mineralization Hosted Within Breccia Units Extending Into the Footwall of the SIC.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8002/150368_7f414b2ca408a86e_005full.jpg

Figure 4 Schematic Section of the 101 FW Zone Showing Location of MCR-22-003

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https://images.newsfilecorp.com/files/8002/150368_7f414b2ca408a86e_006full.jpg

Qualified Person

The technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Technical Services for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.

QA/QC

Sample QA/QC procedures for Magna have been designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to Magna's core facilities. The core is then logged, and samples marked in intervals of up to 1.5m and cut with a diamond saw. Samples are then bagged in plastic bags with 10 bagged samples being placed into rice bags for transport to AGAT Laboratories. Samples are submitted in batches of 50 with 5 QA/QC samples including, 2 certified reference material standards, 2 samples of blank material and 1 duplicate.

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 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 (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: 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, including statements regarding the production at the Shakespeare and Crean HIll Mines, the economic and operational potential of the Shakespeare and Crean Hill Mines, potential acquisitions, 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.

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