Mr. Douglas Mason reports

MAGNUM GOLDCORP INC. CLOSES NON-BROKERED PRIVATE PLACEMENT

Further to its news release dated May 1, 2023, Magnum Goldcorp Inc. has closed its private placement. The company has raised a total of $60,000 through the issuance of two million units at three cents per unit. Each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of two years at an exercise price of five cents in the first 12 months, and at an exercise price of 10 cents in the second 12 months. No finders' fees were paid in connection with the private placement.

The company intends to use the proceeds from this private placement for general working capital purposes.

Certain insiders of the company purchased an aggregate of two million units under the private placement, constituting, to that extent, a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 (and Policy 5.9) contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of such insider participation. The company did not file a material change report more than 21 days before the expected closing of the private placements, as the details and amounts of the insider participation were not finalized until closer to the closing and the company wished to close the transaction as soon as practicable for sound business reasons.

Early warning disclosure

Douglas L. Mason, along with Waterfront Capital Partners Inc. and Beachfront Enterprises LP, companies which Mr. Mason beneficially owns, directly or indirectly, or has control or direction over, acquired two million Magnum Goldcorp units for aggregate consideration of $60,000. Prior to the acquisition, the Mason entities owned 1,471,314 common shares and held 750,000 options to acquire common shares and 3.15 million warrants, representing approximately 13.256 per cent of the issued and outstanding common shares on a partially diluted basis assuming the exercise of the Mason entities' options and the settlement of the Mason entities' warrants into common shares. Following the acquisition, the Mason entities own 3,471,314 common shares, 750,000 options and 5.15 million warrants, representing approximately 21.05 per cent of the issued and outstanding common shares on a partially diluted basis assuming the exercise of the Mason entities' options and the settlement of the Mason entities' warrants into common shares.

The common shares were acquired by the Mason entities for investment purposes. Mr. Mason and the Mason entities have a long-term view of the investment and may acquire additional securities of Magnum, including on the open market or through private acquisitions, or sell securities of Magnum, including on the open market or through private dispositions, in the future, depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of Mr. Mason's early warning report will appear under Magnum's profile on SEDAR and may also be obtained by e-mailing scanner@waterfrontgroup.com.

We seek Safe Harbor.