Mr. Graeme Dick reports

MAGNETIC NORTH ACQUISITION CORP. ANNOUNCES FILING OF FISCAL YEAR END 2022 AND FIRST AND SECOND QUARTER 2023 RESULTS

Magnetic North Acquisition Corp. has filed the following continuous disclosure documents:

• Audited annual financial statements for the year ended Dec. 31, 2022, management's discussion and analysis relating to the audited annual financial statements, and related officer certifications for the year ended Dec. 31, 2022;
• Interim financial statements for the period ended March 31, 2023, management's discussion and analysis relating to the interim financial statements, and related officer certifications for the period ended March 31, 2023;
• Interim financial statements for the period ended June 30, 2023, management's discussion and analysis relating to the interim financial statements, and related officer certifications for the period ended June 30, 2023.

The company is currently subject to a cease trade order issued by the Alberta Securities Commission on July 4, 2023, as a result of the company's failure to file the required filings in accordance with National Instruments 51-102 (Continuous Disclosure Obligations). The company has remedied the default that led to the CTO by filing the required filings, and copies are available under the company's SEDAR+ profile and on the company's website. It is expected that as a result of the filing of the required filings, the ASC, as the company's principal regulator, will revoke the CTO in accordance with National Policy 11-207 (Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions).

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, its experienced management team 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. Magnetic North is a TSX Venture 2021 TSX Venture 50 recipient.

We seek Safe Harbor.