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82 Richmond Street East

Toronto, Ontario, Canada M5C 1P1

FOR IMMEDIATE RELEASE

Magna Gold Reports Fatal Accident at San Francisco Mine

Toronto, Ontario – February 16, 2022 – Magna Gold Corp. (TSXV: MGR, OTCQB: MGLQF) (“Magna” or the "Company"), deeply regrets to report a fatal accident involving three employees at its San Francisco Mine on February 15, 2022.

The accident occurred at approximately 11:30 a.m. local time on February 15, 2022.  Three mine employees were in the fine ore storage area when a cave-in occurred. The Company activated its safety protocols with the support of specialized rescue teams and local authorities. The cause of the cave-in is unclear at this time and an investigation will be conducted to determine the cause of the accident.

The Company is providing all necessary support and assistance to the families of the men who lost their lives in the tragedy. The Company will also provide support and counseling to assist employees and contractors at the site.

President and Chief Executive officer Arturo Bonillas stated: “Our thoughts and prayers are with families, friends and colleagues during this tragic event”.

ON BEHALF OF THE BOARD OF DIRECTORS

Arturo Bonillas

President and CEO

For further information, please visit the Company’s SEDAR profile at www.sedar.com or the Company’s corporate website at www.magnagoldcorp.com or contact us at telephone +52 (662) 310 0326, email info@magnagoldcorp.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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