Mr. Jason Jessup reports

MAGNA MINING ANNOUNCES 2026 GUIDANCE

Magna Mining Inc. has provided 2026 guidance for the company's assets in Sudbury, Ont., including 2026 production and cost estimates for the McCreedy West mine.

Highlights:

• Copper equivalent payable production guidance of 16.0 million to 18.0 million pounds CuEq from the 700 copper zone at McCreedy West mine in 2026;
• Cash costs, excluding stream payments, for 2026 are guided at $3.40 (U.S.) per pound CuEq to $3.80 (U.S.) per pound CuEq;
• All-in sustaining costs (AISC), excluding stream payments, for 2026 are guided at $4.20 (U.S.) per pound CuEq to $4.70 (U.S.) per pound CuEq;
• Preliminary economic assessment (PEA) under way at Levack mine in parallel with work to re-establish ore and waste hoisting capabilities during 2026 and underground development to support continuing exploration of the R2 footwall zone;
• Prefeasibility study (PFS) under way at Crean Hill mine while engineering work continues in order to facilitate dewatering of the underground workings, which could commence in the second quarter of 2026.

Jeff Huffman, chief operating officer, stated: "The guidance provided for McCreedy West demonstrates what we believe can be accomplished consistently and efficiently from the 700 copper zone in 2026. After almost 12 months as operator of the mine, we have increased both diamond drilling footage and mine development rates to match our medium-term production requirements. Throughout 2026, we will continue to evaluate production opportunities at McCreedy West as we receive new diamond drilling information and continually optimize our plan to increase production and profitability. We are also very excited to be advancing both our Levack and Crean Hill projects towards restart decisions."

Grades at McCreedy West during the first quarter of 2026 are anticipated to be at the lower end of the full-year guidance range to opportunistically take advantage of strong commodity prices relative to the company's budgeted prices for 2026. Higher-grade areas remain available to be mined later in the year. The company's inaugural mineral reserves report for McCreedy West is nearing completion, and mine plan optimization including stope sequencing is currently under way. In addition, the potential to restart mining in the Intermain nickel zone at McCreedy West is currently being evaluated, and shipping of nickel ore could resume within months of making the decision to reactivate this zone. Updated 2026 guidance to incorporate nickel ore sales would be provided upon a decision to restart mining in the Intermain nickel zone.

Levack mine update

The PEA under way on the restart of the Levack mine is expected to be completed in the third quarter of 2026. Concurrently, a ramp is being developed from the 3900 level of the Morrison footwall copper/platinum group element deposit to break through into the 3600-level drift. This connection is expected to be completed early in the second quarter of 2026 and will provide secondary egress for a neighbouring mine through the Levack No. 2 shaft as well as establish additional diamond drilling platforms to test the R2 footwall zone and other exploration targets. In addition, rehabilitation of existing drifts at the Levack mine is under way to provide further underground drilling platforms. There are currently four diamond drills active at Levack testing the R2 footwall zone and other high-priority targets. Additional assay results from the current exploration drill program are expected to be released during Q1. Specialized mining contracting service providers have been evaluating the scope of work required at the 2900-level loading pocket and on the production hoist to re-establish ore and waste hoisting capabilities at Levack. Magna anticipates that hoisting of rock from underground through the Levack No. 2 shaft will be possible in the second half of 2026.

Crean Hill project update

The PFS under way on the Crean Hill mine is expected to be completed in Q3. Engineering work continues to advance in parallel, including power and permanent dewatering infrastructure. It is expected that dewatering of the underground workings at Crean Hill could commence during the second quarter of 2026.

Qualified person

The scientific or technical information in this press release has been reviewed and approved by David King, MSc, PGeo. Mr. King is the senior vice-president, exploration and geoscience, for Magna Mining and is a qualified person under National Instrument 43-101.

About Magna Mining Inc.

Magna Mining is a producing mining company with a strong portfolio of copper, nickel and platinum group metals (PGM) assets located in the world-class Sudbury mining district of Ontario, Canada. The company's primary asset is the McCreedy West mine, currently in production, supported by a pipeline of highly prospective past-producing properties, including Levack, Crean Hill, Podolsky and Shakespeare.

Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration upside and near-term development opportunities across its asset base.

We seek Safe Harbor.