Notice of Correction to News Release Dated September 17, 2024, Regarding Updated Crean Hill PEA

Rhea-AI Summary

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) has issued a correction to its September 17, 2024 news release regarding the Updated Preliminary Economic Assessment (PEA) for its Crean Hill Project in Sudbury, Ontario. The correction addresses an error in Table 9 of the original release, which understated the project's financial metrics. The correct figures, as previously reported in Table 1, are:

• Pre-Tax NPV (8%): $265.3 million
• Pre-Tax IRR: 142%
• Post-Tax NPV (8%): $194.1 million
• Post-Tax IRR: 129%

A technical report supporting the PEA will be filed within 45 days. The information has been reviewed and approved by David King, M.Sc., P.Geo., Senior VP of Exploration and Geoscience at Magna Mining, who is a qualified person under NI 43-101.

Positive

• Pre-Tax NPV (8%) of $265.3 million indicates strong project value
• High Pre-Tax IRR of 142% suggests excellent return on investment
• Post-Tax NPV (8%) of $194.1 million shows robust after-tax value
• Post-Tax IRR of 129% indicates strong profitability even after taxes

Negative

• Initial press release contained incorrect financial metrics, potentially misleading investors

Sudbury, Ontario--(Newsfile Corp. - September 17, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") issued a news release earlier today announcing the results of an Updated Preliminary Economic Assessment ("PEA") by SGS Geological Services (SGS) on its 100% owned Crean Hill Project located in Sudbury, Ontario, Canada.

The September 17^th news release contained two summary tables (Tables 1 and 9) outlining the Pre and Post Tax NPV and IRR's of the Crean Hill Project. Table 1 contained the correct numbers, while table 9 incorrectly understated the corresponding numbers. The correct numbers are as follows (as previously reported in Table 1).

Crean Hill PEA Summary
Pre-Tax NPV (8%)	$M	265.3
Pre-Tax IRR	%	142
Post Tax NPV (8%)	$M	194.1
Post Tax IRR	%	129

 

A technical report supporting the PEA will be filed by the Company with Canadian securities regulatory authorities within 45 days of this news release.

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, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.

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 a technical report dated September 2024. 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
416-356-8165
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 PEA, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223690

FAQ

What are the correct financial metrics for Magna Mining's Crean Hill Project PEA?

The correct metrics are: Pre-Tax NPV (8%) of $265.3 million, Pre-Tax IRR of 142%, Post-Tax NPV (8%) of $194.1 million, and Post-Tax IRR of 129%.

When will Magna Mining (MGMNF) file the technical report for the Crean Hill PEA?

Magna Mining will file the technical report supporting the PEA with Canadian securities regulatory authorities within 45 days of the September 17, 2024 news release.

Who reviewed and approved the technical information in Magna Mining's (MGMNF) PEA correction?

David King, M.Sc., P.Geo., Senior Vice President of Exploration and Geoscience for Magna Mining, reviewed and approved the technical information. He is a qualified person under Canadian National Instrument 43-101.

What was the error in Magna Mining's (MGMNF) original September 17, 2024 news release?

The original news release contained an error in Table 9, which incorrectly understated the financial metrics (NPV and IRR) for the Crean Hill Project. Table 1 in the original release contained the correct numbers.