Ms. Elena Milantoni reports

MAGELLAN AEROSPACE ANNOUNCES QUARTERLY DIVIDEND

Magellan Aerospace Corp.'s board of directors has declared a quarterly cash dividend of 2.5 cents per share on the corporation's common shares. The board of directors of the corporation continues to review its dividends on a quarterly basis for more visibility of recovery and ensure that the dividend declared balances the return of capital to shareholders while maintaining adequate financial flexibility and investment in growth initiatives. The dividend is payable on Sept. 29, 2023, to stockholders of record at the close of business on Sept. 15, 2023.

About Magellan Aerospace Corp.

Magellan is a global, integrated aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defence and space agencies worldwide. Magellan designs, engineers and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, industrial power generation, and specialty products. Magellan is a public company, the shares of which trade on the Toronto Stock Exchange, with operating units throughout North America, Europe and India.