Magna Mining Inc. (TSX: NICU) is pleased to provide the results of ongoing exploration and an update on activities at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, Ontario, Canada (Figure 1). Results released today include additional assays from drilling of the R2 Footwall Zone, Intermediate Zone, and two additional copper-precious metal intersections from undefined zones.

Highlights from the new assay results include:

R2 Footwall Zone:

• MLV-26-80 5.6% Cu, 0.9% Ni, 4.4 g/t Pt+Pd+Au, 34.0/t Ag (7.9% CuEq) over 3.9
  metres, from 475.3 metres down hole

Including 25.8% Cu, 3.6% Ni, 13.3 g/t Pt+Pd+Au, 155.0/t Ag (33.3% CuEq) over 0.7
metres, from 475.3 metres down hole

• MLV-26-81 13.7% Cu, 2.9% Ni, 8.4 g/t Pt+Pd+Au, 82.1g/t Ag (19.6% CuEq) over 1.3
  metres, from 475.5 metres down hole

1800-1600 Ramp:

• Underground Grab Sample 5.7% Cu, 0.2% Ni, 10.1 g/t Pt+Pd+Au, 57.0g/t Ag

Levack Footwall:

• MLV-26-80  9.7% Cu, 0.6% Ni, 19.3 g/t Pt+Pd+Au, 59.6 g/t Ag (16.6% CuEq) over 2.2
  metres, from 212.3 metres down hole

Dave King, SVP Exploration and Geoscience at Magna, stated, “Underground diamond drilling at Levack continues to deliver encouraging results as we continue drilling on the R2 Zone and evaluate new footwall targets. Results released today also include assays from two undefined zones of Cu-PGE footwall mineralization and demonstrate the potential for new discoveries within the Levack Footwall environment. Follow-up drilling will test the orientation, continuity and extent of this mineralization, providing additional data, which we believe will bring us closer to a new high-grade copper and precious metals discovery in Levack’s footwall.”

Table 1 summarizes the significant assay results received since the last Levack exploration results update (see news release dated September 17, 2026). Diamond drilling has transitioned to underground over the past two months, focusing on definition and expansion drilling of the R2 Footwall Zone, definition drilling in the Intermediate Zone and testing of new exploration targets. Three diamond drills are currently operating underground, and a fourth drill mobilized underground this week to begin drilling in the immediate footwall of the No. 3 orebody from the recently rehabilitated 2650 level. Definition drilling within the R2 zone continues to intersect sharp walled massive sulphide veins including 25.8% Cu, 3.6% Ni., 8.9 g/t Pt, 4.1 g/t Pd, 0.3 g/t Au over 0.7 metres in drillhole MLV-26-80. Drillhole MLV-26-80 also intersected 2.2 metres grading 9.7% Cu, 0.6% Ni, 5.9 g/t Pt, 10.2 g/t Pd, 3.2 g/t Au & 59.2 g/t Ag (16.6% CuEq) in an undefined mineralized zone, approximately 260 metres before the R2 target. Additional drilling will be required to understand the orientation and potential significance of this mineralization.

Underground development to support the Levack Mine restart is underway and includes new ramp development to connect the 1800 Level to the 1600 Level (see Figure 3). This ramp will be used to access and develop the Intermediate Orebody and provide infill drilling platforms to facilitate detailed planning in advance of production. During development of the 1800-1600 connection, a zone of sulphide mineralization was intersected within an approximately 12 metre section of the ramp. This mineralization occurs approximately 30 metres in the hanging wall of the Intermediate Zone, and is characterized as blebby, structurally controlled chalcopyrite dominated sulphide within a footwall breccia matrix. A single grab sample from the muck pile was assayed and returned 5.7% Cu, 8.4 g/t Pt, 1.0 g/t Pd, and 0.3 g/t Au. Underground drilling is currently underway to test the extent, continuity and potential relationship of this mineralization with the Intermediate Zone. Additional results will be released as assays are received.

Update on Levack Mine Restart

Since the announcement of the results from the Levack Mine Preliminary Economic Assessment (see October 8, 2026 news release) and approval by the Company’s Board of Directors to move forward with the restart of Levack Mine, the team at the mine has been busy working on budgets, recruitment, securing the necessary equipment and refining the development plan for 2027.

Underground development will resume in the 2950 Level exploration drift in early December. Currently the face of this drift is approximately 300 metres from the R2 Footwall Zone and it will be extended to within approximately 100 metres of the R2 mineralization, which will allow for shorter, more efficient definition drill holes for mine planning purposes. Expansion drilling will continue from the current location, testing the lateral and depth extents of the system.

In addition, rehabilitation of the 2650 Level drift has facilitated underground diamond drilling to commence in this area with a fourth drill rig. This drilling will support early mining opportunities as well as further definition of the upper part of the R2 Footwall system and its potential relationship with the No.3 Orebody.

The production hoisting system refurbishment and recommissioning project remains on track to be completed in Q1 2027. The shaft guides have been replaced on schedule and hoist upgrades are underway. Completion of this project will allow hoisting of stockpiled development ore and waste from underground and the acceleration of underground development in preparation for the pre-commercial ore production during 2027.

In order to take advantage of the synergies between Levack Mine and the adjacent and connected McCreedy West Mine, Magna has made the decision to combine the two mines into the “Levack Mine Complex”. This will allow for the sharing of technical and maintenance resources, with other positions such as surface supervision spread across the complex.

Table 1: Summary of Drillhole Results

2

9

2

1

2

4

3

1

3

2

All lengths are downhole length. True widths are highly variable and estimated to range from 30-80% of downhole length. Ni Eq % = (Ni% x 85% Recovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035 x Pt $/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb. Cu Eq % = (Ni% x 85% Recovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035 x Pt $/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68% Recovery / 31.1035 x Au $/oz))/2204 x Cu $/lb. Metal prices in US$: $7.72/lb Ni, $4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd and $3,815/oz Au. 

Figure 1: Location of Magna Mining’s Properties, Including the Levack Mine and Key Sudbury Infrastructure

 Figure 2:  3D Longitudinal View Looking North, Showing the Levack Mine Mineralized Zones in Relation to the R2 Footwall Zone and Intermediate Zone

 Figure 3:  3D Oblique View Looking North Northeast, Showing the Intermediate Zone, the 1800-1600 level ramp and the location of Cu-PGE mineralization encountered in the ramp

 Table 2: Drillhole Collar Coordinates

Qualified Person for Technical Information

The scientific and 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 National Instrument 43-101.

Quality Assurance and Control

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. Levack drilling utilizes NQ or BQTK sized core and McCreedy West utilizes BQTK sized core. The core is then logged, and samples marked in intervals of up to 1.5m. Levack drill core is split and sampled ½ core, and McCreedy West is whole core sampled. Samples are then put into plastic bags with 10 bagged samples being placed into rice bags for transport to SGS Laboratories in Garson, Ontario for preparation, which are then shipped to Lakefield, Ontario for analysis.  Samples are submitted in batches of 50 with 4 QA/QC samples including, 2 certified reference material standards and 2 samples of blank material.

About Magna Mining Inc.

Magna Mining Inc. is a producing mining company with a strong portfolio of copper, nickel, and precious metals assets located in the world-class Sudbury mining district of Ontario, Canada. The Company’s McCreedy West Mine is currently in production, the adjacent Levack Mine is being restarted, and construction of the Crean Hill Project has been approved. These operations are supported by a pipeline of highly prospective past-producing properties including Podolsky, Kirkwood 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.