Magna Mining Inc. released initial assays from a series of short, near surface drill holes immediately beneath the surface exposure of the 109 Footwall ("FW") Zone. The assay results reported wide, high- grade intercepts including 0.7% Ni, 0.6% Cu, and 8.7 g/t Pt + Pd + Au over 31 m in hole MCB-23-003, and 0.3% Ni, 0.8% Cu, and 9.0 g/t Pt + Pd + Au over 21 m in hole MCB-23-007. These high-grade intersections are not well represented in the current resource model.

As a result of confirming high-grade mineralization in this section of the 109 FW Zone, Magna is now planning a surface, advanced exploration bulk sample program to better define the grade and continuity of mineralization in this area. Results for 16 of 26 short drillholes completed have been received so far. The 109 FW Zone is considered a low sulphide, high-grade Pt+Pd+Au mineralized zone, hosted within a breccia system extending southwest from the historically mined Main Zone contact Ni-Cu orebody.

Magna's drilling in 2022 and early 2023 identified extremely high-grade, semi-massive to massive sulphide mineralization within the overall low sulphide mineralized zone. A program comprised of 26 short (15 to 50 m) drillholes has been completed, with the objective of defining the distribution and continuity of semi-massive to massive sulphides. At least two structurally controlled, high grade trends have been recognized within the 109 FW Zone, which will improve the geological modeling and will be incorporated into future resource estimates.

These trends are not well exposed on surface and a surface advanced exploration bulk sampling program is being planned to confirm and better define the interpreted high-grade trends, and to facilitate planning of future exploration to expand on the 109 FW Zone.