Q1 2022 Operating and Financial Results

May 27, 2022

Toronto, Ontario – May 27, 2022 – Magna Gold Corp. (TSXV: MGR, OTCQB: MGLQF) (“Magna” or the “Company”), today announced operating and financial results for the three months ended March 31, 2022 and 2021 (“Q1 2022” and “Q1 2021”, respectively). All figures are in US Dollars, unless otherwise expressed.

Q1 2022 Operating and Financial Highlights

• Total tonnes mined during Q1 2022 were 7.3 million compared to 5.8 million during Q1 2021. This is an increase of 26%.
• Q1 2022 strip-ratio was 6.7:1 compared to 8.4:1 during Q1 2021.
• Tonnes of ore processed during Q1 2022 were 1.4 million compared to 0.7 million during Q1 2021. This is an increase of 90%.
• Gold production increased 21% with 11,874 ounces produced during Q1 2022 compared to 9,785 ounces produced during Q1 2021.
• Revenue for Q1 2022 increased 54% to $23.5 million compared to $15.3 million during Q1 2021, mainly due to the San Francisco Mine achieving steady state commercial production at the end of Q2 2021.
• Production costs of $21.3 million during Q1 2022 compared to $15.6 million during Q1 2021. The 37% increase is due to larger tonnage mined and higher processing rates achieved.
• Net loss was $3.3 million ($0.04 per share) during Q1 2022 compared to $3.4 million ($0.04 per share) during Q1 2021.
• Cash flow from operations during Q1 2022 was $6.6 million compared to $4.7 million during Q1 2021.
• Cash cost per gold ounce (1) decreased 8% to $1,675 during Q1 2022 from $1,826 during Q1 2021.
• Site all-in sustaining cost per gold ounce (1) decreased 18% to $2,467 during Q1 2022 compared to $3,003 during Q1 2021.