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MAGNA MINING ANNOUNCES RESULTS OF ANNUAL & SPECIAL MEETING OF SHAREHOLDERS

MAGNA MINING ANNOUNCES RESULTS OF ANNUAL & SPECIAL MEETING OF SHAREHOLDERS

SUDBURY, ONTARIO, CANADA, June 12, 2023 – Magna Mining Inc. (TSXV: NICU) (“Magna” or the “Company”) is pleased to announce the results of its Annual & Special Meeting of Shareholders (the “Meeting”) held on June 9th. Each of the matters is described in greater detail in the Notice of Annual & Special Meeting of Shareholders and the accompanying Management Information Circular dated May 11th, 2023 (the “Circular”).

At the Meeting, the shareholders approved the election of Jason Jessup, Carl DeLuca, John Seaman, Vernon Baker and Jonathan Goodman, each as listed in the Circular. Derrick Weyrauch decided to not stand for re-election as a director of the Company. As a result, Magna elected five directors to the board.

All other resolutions at the Meeting were approved by shareholders including (i) the appointment of auditors, (ii) the reconfirmation and approval of the stock option plan of the Company, (iii) the reconfirmation and approval of the amended and restated restricted share unit plan of the Company (the “Amended RSU Plan”), (iv) the confirmation and approval of restricted share units under the Amended RSU Plan, and (v) the approval of the amended and restated investor rights agreements between the Company and Hawke’s Point Holdings II Ltd, as described in the Circular.

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 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

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Magna Mining Inc.
1300 Kelly Lake Road
Sudbury, Ontario P3E 5P4
Canada

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