Magna Mining Reports Results of Crean Hill Pre-Feasibility Study With Construction to Begin in 2027

PFS Overview The Crean Hill project, located in the South Range of the Sudbury Basin (Figure 1), is a brownfield redevelopment of the past-producing nickel-copper-precious metals (platinum, palladium, gold, silver) Crean Hill Mine. Since 1906, the Crean Hill mine site underwent multiple phases of open-pit and underground mining with the most recent operations having ceased in 2002. During this period, approximately 20.4 million tonnes of ore were produced at an average grade of 1.31% nickel, 1.09% copper, and 1.56 g/t total precious metals (platinum + palladium + gold). The underground workings have subsequently flooded, and all surface infrastructure dismantled. In November 2022, the Company acquired Lonmin Canada Inc., including the past-producing Crean Hill Mine. The Company holds the mining rights from the top of the existing concrete capped Shaft #2 (former historic Crean Hill Mine production shaft) to a depth of 4,500 feet (1,372 metres). Vale Canada Limited (Vale) continues to hold all Mining Rights below 4,500 feet. Topics covered in the PFS include the mining design basis, geotechnical design basis, hydrogeology and dewatering, mine access and design, mining method and stope design, development, production schedule, metallurgy, mobile fleet, workforce, ventilation, backfill, material handling and grade control. The PFS was prepared by SGS Geological Services (SGS) with the assistance of Magna’s Projects team, as well as insights from current operations at the Company’s McCreedy West Mine in Sudbury. The PFS incorporates geological information collected by the Company including 199 diamond drill holes for a total of 44,895 metres of drilling between November 2022 and December 2024, the results from the 20,000 tonne bulk sample program executed in the second half of 2024, as well as historic information from the previous underground mining operations at Crean Hill. Mine Plan and Production Schedule The Crean Hill PFS mine plan (summarized in Table 1) envisions an underground mining operation, with the probable reserves being hauled and sold to an existing third-party mill in Sudbury. Initial mining is contemplated by ramp access via a new surface portal with the eventual rehabilitation and re-establishment of the historic Shaft #2 for ore hoisting as mining progresses deeper. The PFS assumes go-forward capital spending begins on January 1, 2027 and ramps up over the first three years with initial ore generated towards the end of Year 1 and commercial production anticipated at the end of Year 3 (Figure 2). At the target commercial production rate of approximately 2,400 short tons per day, the mine plan includes 11.4 million short tons over a 12.0 year mine life. The mineralized zones incorporated in the PFS mine plan include both contact ore (including the Main, Intermediate, 99 and 9400 Zones) as well as footwall ore (the 109 FW Zone). The 11.4 million short tons of probable reserves are derived from the current Crean Hill Mineral Resource Estimate. Figure 2 shows annual mill feed by ore type and contained CuEq head grade. During commercial production (Years 4-15), ore shipped and processed averages 875,000 tons per year. The contained CuEq head grade uses base case metal prices, without recovery, payability, or cost deductions and averages 2.99% CuEq over the twelve-year commercial mine life. Figure 3 shows payable metal production expressed as CuEq, using the modeled recoveries and payabilities. Precious metal head grades in Figure 2 are in grams per tonne. Annual payable metal production during the twelve-year commercial mine life averages 35.5 million lbs CuEq, comprised of 9.5 million lbs copper, 7.5 million lbs nickel, 6,400 oz gold, 15,600 oz platinum, and 19,900 oz palladium. Project Economics & Sensitivity At the base-case prices in Table 4, recovered payable metal value comprises the following revenue share 27.3% copper, 34.4% nickel, 12.4% gold, 12.5% platinum, 12.5% palladium, 0.9% cobalt, 0.1% silver. The average annual revenue during commercial production is $223.4 million while pre-tax cash flows average approximately $65.2 million per year (Figure 4). The Crean Hill PFS base case pre-tax NPV7% is $329.7 million and the after-tax NPV7% is $251.0 million, with an after-tax IRR of 43.4% and payback of 1.5 years. The after-tax NPV7% incorporates the Company’s current tax assumptions, including an estimated benefit of $40.0 million LOM from the Clean Technology Manufacturing investment tax credit. The realization of this tax benefit remains subject to the Company’s ability to satisfy the applicable legislative and tax filing requirements. An illustrative spot-price case scenario based on average metal prices during September 2026 returns a pre-tax NPV7% of $554.3 million, an after-tax NPV7% of $406.1 million, an after-tax IRR of 65.4% and payback of 0.8 years. The average annual revenue during commercial production in the spot-price case scenario is $255.1 million while pre-tax cash flows would average approximately $96.2 million per year. Tables 4 and 5 and Figure 5 show fixed mine plan sensitivities. Price-only sensitivities hold the base exchange rate constant; the illustrative spot case applies USD/CAD 0.730 to revenue and U.S. dollar milling charges, with other cost translations held at the base case rate. The base case after-tax economic results exclude any benefit associated with the PMD tax incentive. For illustrative purposes, a separate tax sensitivity was completed assuming the Company is eligible to claim available PMD deductions on qualifying expenditures. Under this scenario, the base case after-tax NPV7% increases to $256.7 million and the after-tax IRR increases to 45.5%. This legislation remains subject to approval. Mining, Processing and Infrastructure As illustrated in Figure 6, the PFS adopts an underground bulk longhole mining method with access to both transverse and longitudinal stopes via ramps and drifts suitable for medium-to-large-size diesel-powered mobile equipment. Sublevel spacing varies between 80 and 115 feet vertically. Access to the underground workings will be established in a phased approach. Initially, a box cut and portal will be constructed and an access ramp developed to support initial production from the upper portion of the mine. Ore will be generated prior to commercial production from areas above the 500 Level and will rely mostly on repair and rehabilitation of existing ventilation and service raises. Mining above the 2000 Level will rely exclusively on a fleet of 50-ton haul trucks bringing ore, and waste as necessary, to surface up the ramp. As mining progresses deeper, reliance on newly excavated ventilation and egress raises along with the eventual reconstruction of a surface hoisting plant and shaft repair will allow ore to be hoisted from the 2000 Level shaft loading pocket. This will reduce the need for a larger haul truck fleet and the associated mine ventilation upgrade over the life of mine. Longhole drilling will use self-propelled electric-hydraulic machines, and production blasting will be done with almost exclusively emulsion-type explosives. Mined-out stopes will be backfilled with a combination of unconsolidated rock fill, cemented sand fill and hydraulic fill depending on mining sequence and the availability of suitable waste rock over the course of mine life. In addition to basic surface infrastructure that will include shop, office and warehousing facilities, a sandfill plant, crushing and sampling tower and eventually a hoist & muck transfer system will be constructed, as well as conventional mine air ventilation and heating infrastructure. Provision within the life of mine plan has been made for upgrades to the water treatment system associated with discharge to the environment from site. First by the installation of clarifiers to replace the existing pilot plant solids capture system, and eventually a more complex system to manage more complex chemicals. Once on surface, ore will be reduced to a topsize of 1.5 inches via a contractor-operated surface crusher comprised of a combination of a jaw crusher (until hoisting begins) and cone crusher and then subsampled via the onsite sampling tower with representative subsamples dispatched to the sample preparation and analytical laboratory. Production lots of approximately 2,000 to 4,000 tons of ore will then be shipped to third party milling facilities located in Sudbury, Ontario. Construction Decision Based on the results of the PFS prepared in accordance with NI 43-101 Standards of Disclosure for Mineral Projects, authored by independent and experienced Qualified Persons, the Company’s Board of Directors has approved the construction of the Crean Hill Mine. Preliminary work will commence immediately with surface site preparation, detailed engineering, procurement of long lead time items and recruitment of required personnel. The formal start of construction is expected in the first half of 2027. An exploration diamond drill rig has been mobilized to the Crean Hill Project and has started drill testing new targets for additional footwall copper and precious metals-rich mineralization. Additional assay results will be released in due course. Third Quarter Results Magna will release financial and operating results for the third quarter of 2026 after market close on Wednesday November 11, 2026. In addition, the Company will hold a conference call and webcast to discuss these results on Thursday November 12, 2026 at 8:00am EST. To register for the conference call, please use the following link to obtain a Dial-in Number and PIN: https://register-conf.media-server.com/register/BI977e3342f4ac4bc7af8ea4829f6d91a0 To attend the webcast in listen-only mode, please use the following link: https://edge.media-server.com/mmc/p/6yc2zx2c Technical Report Filing The technical report in support of the above noted PFS will be filed by Magna Mining within 45 days of this news release. Qualified Persons The following Qualified Persons (QPs) oversaw the completion of the work in preparation of the PFS and are responsible for the contents: Independent QP for Geology and Mineral Resource Estimates Mr. Allan Armitage, Ph.D., P.Geo., of SGS Geological Services. Mr. Armitage conducted a personal inspection of the site on May 25-26, 2022, July 25, 2023, July 02, 2024, July 25, 2024, and November 14, 2025. Independent QP for Underground Mining and Financial Analysis Mr. Henri Gouin, P.Eng., of SGS Geological Services. Mr. Gouin conducted a personal inspection of the site on May 13, 2024 and November 14, 2025. Independent QP for Underground Mining, Financial Analysis, Permitting and Environmental Mr. William van Breugel, P.Eng., Associate Engineer of SGS Geological Services. Independent QP for Processing and Recovery Mr. David Middleditch, B.Eng., MIMMM, President and Principal Metallurgist of Libertas Metallurgy Limited. The scientific and technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo., and Jeff Dawson, P.Eng. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under National Instrument 43-101. Mr. Dawson is the Director, Technical Services for Magna Mining Inc. and is a qualified person under National Instrument 43-101. Cautionary Statement on Forward-Looking Statements All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as “may”, “might”, “potential”, “expect”, “anticipate”, “estimate”, “believe”, “could”, “should”, “would”, “will”, “continue”, “intend”, “plan”, “target”, “forecast”, “prospective”, “significant”, “robust”, “rapid” or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time forward-looking statements are made, are inherently subject to business, market, economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure of additional drilling and assays to support assumptions, expectations or estimates of potential mineralization, metal tonnes or grade, the failure of additional drilling to support additional expansion or delineation of estimated resources or reserves, the failure to have accurately estimated declared mineral resources or mineral reserves, the failure of additional drilling to support production planning or replenish production, the failure to maintain an adequate rate of development or access to stopes to maintain production, the failure to realize expected or anticipated production rates, mine life, operating and capital costs, recoveries, processing methods, economic returns, cash flows, net present value, internal rate of return, payback period, government funding or tax incentives, commodity prices, exchange rates, future production, development and operating plans or expansions, permitting and project schedules or timelines, changes in project design, scope or development plans, delays in or the failure to obtain required permits, approvals or authorizations, environmental and regulatory risks, infrastructure and power supply risks, labour, equipment and supply-chain constraints, operational, geotechnical, metallurgical, engineering and construction risks, adverse weather, the lack of availability of drill rigs to implement exploration or other programs or the failure to proceed as quickly as planned with additional exploration, development, production or other drilling, continued delays for assay results, the failure to bring the Crean Hill mine back into commercial production subsequent to the completion of the PFS because of funding or technical issues, and other risks disclosed in the Company’s most recent annual information form for the year ended December 31, 2025, available on the SEDAR+ website (at: www.sedarplus.ca). The PFS is based on a number of assumptions and estimates that are subject to significant uncertainties and contingencies. There is no assurance that the anticipated economic results of the PFS will be realized or that commercial production at the past-producing Crean Hill mine will ever be achieved. A PFS is not a guarantee of economic viability and the results of the PFS may be materially affected by subsequent studies, changes in assumptions, project design, market conditions and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability and, particularly, inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.