Magna Gold Corp. announced that it has entered into an amending agreement in respect of the secured promissory note and guaranty dated February 11, 2021 previously issued by Magna's subsidiary, Molimentales del Noroeste, S.A., in favour of Auramet International LLC, an arm's length third party. The amendments to the Note provide for, among other things, the disbursement to Molimentales of an additional USD 2,000,000 loan from the Lender, which will be governed pursuant to the terms of the amended Note.

The proceeds of the New Loan are expected to be used for general working capital and other business and operational needs of the Company and its subsidiaries.