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Mine Plan & Stage

Operational Improvement Plan

Magna intends to execute a mine operational improvement plan to include a full review and update to the mine design and production plan, metallurgy and processing, workforce management, and local and regional exploration. Based on Magna’s review to date, the Company believes it can re-commence mining operations in the near term with the goal of establishing profitable mining operations.

Magna will provide additional details with respect to the mine operational improvement plan following the closing of the Acquisition. The mine operational improvement plan will be supported by a preliminary economic assessment, pre-feasibility study or feasibility study.

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