Mr. Graeme Dick reports

MAGNETIC NORTH ACQUISITION CORP. ANNOUNCES DELAY IN FILING OF ANNUAL FINANCIAL STATEMENTS AND APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Magnetic North Acquisition Corp. will not meet the filing date for filing of the following continuous disclosure documents:

• The company's annual audited financial statements for the year ended Dec. 31, 2023, as required by Section 4.2 of National Instrument 51-102 (Continuous Disclosure Obligations);
• The company's management's discussion and analysis for the year ended Dec. 31, 2023, as required by Section 5.1(2) of NI 51-102;
• The company's chief executive officer and chief financial officer certifications of annual filings relating to the annual financial statements, as required by National Instrument 52-109 (Certification of Disclosure in Issuers' Annual and Interim Filings).

The delay is due in large part to staffing and scheduling issues at the corporation's third party accounting service provider. Accordingly, the company has applied to the Alberta Securities Commission for a management cease trade order that will prohibit the management of the company from trading in the securities of the company until such time as the annual filings are filed. No decision has yet been made by the Alberta Securities Commission on this application. The Alberta Securities Commission may grant the application and issue the management cease trade order, or it may impose an issuer cease trade order if the annual filings are not filed in a timely fashion.

The company continues to work to complete the annual filings and expects to file the annual filings by May 31, 2024, and will issue a news release once the annual filings have been filed. During the period of default and until filing of the annual filings, the company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 (Management Cease Trade Orders). The guidelines, among other things, require the company to issue biweekly default status reports, in the form of news releases, for so long as the annual filings have not been filed.

Until the company has filed the annual filings, members of the company's management and other insiders are subject to an insider trading blackout policy as per its internal insider trading policy that is consistent with the principles in Section 9 of National Policy 11-207 (Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions). The company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on Nov. 28, 2023, of the company's latest interim financial reports for the period ended Sept. 30, 2023. There are no insolvency proceedings involving the company.

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, the company 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 symbols MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a 2021 TSX Venture 50 recipient.

We seek Safe Harbor.