Mr. Stephen McCormick reports

MAGNETIC NORTH ACQUISITION CORP. PROVIDES BI-WEEKLY UPDATE ON STATUS OF MANAGEMENT CEASE TRADE ORDER

Magnetic North Acquisition Corp. is providing this biweekly update on the status of the management cease trade order granted on May 5, 2023, by its principal regulator, the Alberta Securities Commission, under National Policy 12-203 (Management Cease Trade Orders), following the company's announcement on May 2, 2023, that it was unable to file its audited annual financial statements, management's discussion and analysis, and related certifications for the year ended Dec. 31, 2022, on or before May 1, 2023, as required under applicable securities laws. The company still expects to file the documents by June 30, 2023.

There are no material changes to the information contained in the default announcement. In addition: (i) the company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue biweekly default status reports for so long as the delay in filing the documents is continuing, each of which will be issued in the form of a press release; (ii) the company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the documents; (iii) the company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the company that has not been generally disclosed.

About Magnetic North Acquisition Corp.

Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, it has an experienced management team which applies its considerable management, operations and capital market expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture Exchange recently announced that Magnetic North is a 2021 TSX Venture 50 recipient.

We seek Safe Harbor.