Ms. Elena Milantoni reports

MAGELLAN AEROSPACE ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted notice filed by Magellan Aerospace Corp. to make a normal course issuer bid (NCIB) through facilities of the Toronto Stock Exchange or other alternative Canadian trading systems.

The notice provides that Magellan may, during the 12-month period commencing May 27, 2023, and ending May 26, 2024, purchase for cancellation up to 2,868,106 shares, being 5 per cent of the 57,362,126 issued and outstanding common shares as at May 19, 2023. Magellan will not acquire more than 2,293 common shares during a trading day, being 25 per cent of 9,173, the average daily trading volume of its common shares on the TSX for the six calendar months prior to the date of approval of the NCIB, subject to certain prescribed exceptions. The price which Magellan will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Magellan.

The board of directors of the corporation believes that the NCIB is an effective use of Magellan's financial resources when the market price of its shares may not adequately reflect their underlying value. The NCIB will be financed using Magellan's existing cash resources, and any common shares repurchased by the corporation under the NCIB will be cancelled.

Magellan also announced today that, in connection with its NCIB, Magellan has renewed its automatic share purchase plan (ASPP) with a designated broker to allow for the purchase of its common shares under the NCIB, once effective, at times when Magellan normally would not be active in the market due to applicable regulatory restrictions or internal trading blackout periods.

As of May 19, 2023, Magellan acquired 349,080 common shares through the TSX and other alternative Canadian trading systems at a volume-weighted average price of 7.23, under its current NCIB, which authorized the purchase for cancellation of up to 2,886,455 common shares.

About Magellan Aerospace Corp.

Magellan Aerospace is a global aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defence and space agencies worldwide. Magellan manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced proprietary products for military and space markets, and provides engine and component repair and overhaul services worldwide. Magellan is a public company whose shares trade on the Toronto Stock Exchange, with operating units throughout North America, Europe and India.

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