Mr. Lew Lawrick reports

MAGNA TERRA PROVIDES UPDATED MINERAL RESOURCE ON THE THOR DEPOSIT, GREAT NORTHERN - VIKING PROJECT, NEWFOUNDLAND

Magna Terra Minerals Inc. has completed an updated mineral resource estimate on the Thor deposit on its 100-per-cent-owned Great Northern-Viking project, located in western Newfoundland. The Great Northern-Viking project area is a proven gold environment with existing mineral resources and numerous untested gold trends over a cumulative 30-kilometre-plus strike with the potential to host multimillion-ounce gold deposits.

"We are continuing to advance our flagship Great Northern-Viking project despite the difficult current market environment for gold explorers. The mineral resource update modernizes the Thor deposit mineral resource in keeping with the latest CIM [Canadian Institute of Mining, Metallurgy and Petroleum] guidelines, as well as facilitating a full remodelling of the deposit geometry and grade distribution/trends. We will use this updated resource and geological work to target zones for potential expansion where the deposit is open in all directions: to the south, north and down-dip. In addition to the immediate opportunity for expansion at Thor, there remains several poorly tested and untested zones of gold mineralization in the immediate vicinity of the Thor deposit, including the Kramer, Viking and Viking North trends -- part of the more than 30-plus cumulative km of strike potential that have been identified to date on the Great Northern-Viking project. What stands out significantly about our Great Northern-Viking project area is that the known gold endowment, along with the impressive number and scale of high-priority gold targets, underscores the potential of the project to host multiple large gold systems," stated Lew Lawrick, president and chief executive officer, Magna Terra Minerals.

Mineral resource update

The company contracted Mercator Geological Services Ltd. to complete an updated mineral resource estimate. The updated mineral resource estimate was completed in order to include additional drilling completed in 2016 that was not included in prior assessments of the deposit and also to bring the historical estimate into accordance with the CIM MRMR best practice guidelines that were issued in November, 2019. The updated mineral resource is based on verified results of 162 diamond drill holes (23,775 metres), including 10 drill holes (575 m) completed in 2008, 35 drill holes (3,613 m) completed in 2009, 59 drill holes (9,735 m) completed in 2010, 25 drill holes (4,698 m) completed in 2011 by Northern Abitibi Mining Corp. (now CANEX Metals Inc.) and 33 drill holes (5,154 m) completed in 2016 by Anaconda Mining Inc. (now Signal Gold Inc.).

The updated mineral resource estimate for the Thor deposit comprises open-pit constrained indicated mineral resources of 817,000 tonnes at an average grade of 1.70 grams per tonne (g/t) gold for 45,000 ounces and open-pit constrained inferred mineral resources of 44,000 tonnes at an average grade of 1.27 g/t gold for 1,800 ounces at a cut-off grade of 0.46 g/t gold. The Thor deposit also includes underground constrained indicated mineral resources of 62,000 tonnes at an average grade of 2.98 g/t gold containing 5,900 ounces and underground constrained inferred mineral resources of 23,000 tonnes at an average grade of 3.31 g/t gold containing 2,400 ounces at a cut-off grade of 2.14 g/t gold (see the table entitled "Thor deposit mineral resource estimate -- effective date: Oct. 24, 2023"). The effective date of the mineral resource estimate is Oct. 24, 2023.

Change relative to the historical estimate

A mineral resource estimate that is now historical in nature was prepared by Giroux Consultants Ltd. on behalf of Anaconda Mining, now Signal Gold, with an effective date of Aug. 29, 2016. A qualified person has not done sufficient work to classify this historical estimate as current mineral resources. The historical estimate is considered relevant as it demonstrates the three-dimensional continuity of the deposit. Magna Terra is not treating the historical estimate as current mineral resources and it is superseded by the updated mineral resource presented in this press release.

Results of the 2016 Thor deposit historical estimate are 937,000 tonnes indicated with an average grade of 2.09 g/t gold and 350,000 tonnes inferred with an average grade of 1.79 g/t gold. The historical estimate was based on a three-dimensional block model with ordinary and indicator kriging grade interpolation, and resources were reported at gold cut-off of one g/t. Interpreted mineralized wireframes and capped downhole assay composites were used to constrain grade interpolations.

The combined new open pit-underground mineral resource estimate represents a 6-per-cent decrease in tonnes, a 14-per-cent decrease in grade and a 20-per-cent decrease in contained ounces for indicated mineral resources and an 81-per-cent decrease in tonnes, 10-per-cent increase in grade and 79-per-cent decrease in contained ounces for inferred mineral resources compared with the 2016 historical estimate. The decreased mineral resource tonnes, grade and contained ounces are predominantly related to the application of reasonable prospects for eventual economic extraction factors for open-pit and underground mineral resources in accordance with the CIM MRMR guidelines. Additional changes are related to remodelling of mineralized wireframes and changes in reporting cut-off grade, due to adjustments in gold selling and mining/production costs since the 2016 historical estimate.

About the Viking and Great Northern projects

The Viking and Great Northern projects are composed of two separate claim blocks totalling 13,775 hectares, which are located near the communities of Sops Arm, Pollard's Point and Jackson's Arm, Nfld.

The projects are centred along a 30-kilometre section of the Doucers Valley fault, a significant geological control on, and host to, several gold deposits and untested prospects, including the Rattling Brook and Thor deposits, plus the Incinerator, Furnace, Jacksons Arm, Viking, Kramer, Viking North and Little Davis Pond mineralized trends. This proven gold environment with existing mineral resources and numerous untested gold trends occurs over a cumulative 30-kilometre-plus strike length. Gold mineralization is hosted within a variety of rock types that include Precambrian or Ordovician granites, as well as younger volcanic and sedimentary rocks, typically along splays off the Doucers Valley fault. This is a similar geological/structural environment to Marathon Gold Corp.'s Valentine gold project. Alteration consists of mesothermal-style quartz plus or minus iron carbonate plus or minus sulphide veins and stockworks, with 2 per cent to 5 per cent total sulphides consisting of pyrite, galena, chalcopyrite or sphalerite. These mineralized veins locally show trace amounts of visible gold.

The Viking and Great Northern projects are host to significant current mineral resources, including:

• An inferred mineral resource estimate of 5.46 million tonnes (Mt) at an average grade of 1.45 g/t gold containing 255,000 contained ounces at a cut-off grade of one g/t gold at the Rattling Brook deposit;
• An updated open-pit constrained indicated mineral resource estimate of 817,000 tonnes at an average grade of 1.70 g/t gold for 45,000 ounces and open-pit constrained inferred mineral resources of 44,000 tonnes at an average grade of 1.27 g/t gold for 1,800 ounces at a cut-off grade of 0.46 g/t gold at the Thor deposit. The Thor deposit also includes underground constrained indicated mineral resources of 62,000 tonnes at an average grade of 2.98 g/t gold containing 5,900 ounces and underground constrained inferred mineral resources of 23,000 tonnes at an average grade of 3.31 g/t gold containing 2,400 ounces at a cut-off grade of 2.14 g/t gold.

Several drill targets and specific opportunities for mineral resource expansion and discovery have been identified by the company based on recent field programs, and a comprehensive review of historical and current exploration data. This work, in conjunction with that of previous operators on the property, has identified the importance of fault control on gold mineralization. These major target areas for near-term drill testing are:

• The Apsy zone -- existing mineral resource area with potential for minimum 800-metre extension.
• Incinerator trend -- 1.8-kilometre-long gold-bearing east-west fault only tested by four historical drill holes that intersected gold mineralization: 2.32 g/t gold over 4.1 metres (drill hole RB-41, from 33.1 m downhole); 1.06 g/t gold over 15.6 metres (drill hole RB-39, from 66.8 m downhole); one g/t gold over 9.7 metres (drill hole RB-37, from 32.1 m downhole); and 1.78 g/t gold over four metres (drill hole RB-35, from 47.2 m downhole).
• Furnace trend -- 1.7-kilometre-long trend with rock grab samples assaying up to 5.60 g/t gold along east-west fault zone.
• Kramer trend -- 1.5-kilometre-long northeast-striking zone of gold mineralization centred on the contact between granites and quartzites. Highlight assays from previous drill holes KR-10-07 and KR-10-08 include 1.12 g/t gold over 20.05 metres (from 53.5 m downhole) and 1.50 g/t gold over 14.4 metres (from 66.85 m downhole), respectively.
• Viking trend -- 6.4 kilometres long by up to 40 metres wide deformation and alteration zone with gold grades of 0.45 g/t gold over 20 metres in drill hole VK-16-154 (from 48 m downhole), as well as local high grades as indicated by 7.43 g/t gold over one metre in drill hole VK-16-155 (from 36 m downhole).
• Viking North trend -- eight-kilometre-long east-west-striking fault zone, subparallel to the Viking trend, that is host to gold mineralized rocks and soils from reconnaissance sampling assaying up to 2.12 g/t gold and 380 parts per billion (ppb) gold, respectively.
• Jacksons Arm trend -- 2.4-kilometre-long gold zone defined by numerous gold-bearing rock and soil samples, and from drilling in late 2020.

Note: Grab samples are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.

Technical reports and documentation notes

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resources were prepared in accordance with the CIM definition standards (May, 2014) and the CIM MRMR best practice guidelines (November, 2019).

Rock and core sample lengths from historical exploration programs that are reported in this press release are presented as core or sample lengths only. True widths of mineralized intervals are not known. All quoted drill core sample intervals, grades and production statistics were compiled from historical assessment reports obtained from the government of Newfoundland and Labrador.

Qualified persons

This news release has been reviewed and approved by David A. Copeland, PGeo, chief geologist with Magna Terra Minerals, a qualified person as defined under National Instrument 43-101. Matthew Harrington, PGeo, and Rochelle Collins, PGeo, of Mercator Geological Services, are both independent qualified persons as defined under NI 43-101, and confirm that they have reviewed this press release, and that the scientific and technical information disclosed herein is representative of the current Thor deposit updated mineral resource estimate. A technical report supporting the updated mineral resource estimate will be made available on SEDAR+ under the company's profile within 45 days of this news release.

About Magna Terra Minerals Inc.

Magna Terra Minerals is a precious metals-focused exploration company, headquartered in Toronto, Canada. Magna Terra owns two district-scale, resource-stage gold exploration projects in the top-tier mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina, which includes its precious metals discovery on its Luna Roja project, as well as an extensive portfolio of district-scale drill-ready projects available for option or joint venture.

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