Magna Gold Amends Settlement Agreement with PEAL de Mexico S.A. de C.V.

Toronto, Ontario – March 18, 2022 – Magna Gold Corp. (TSXV: MGR, OTCQB: MGLQF) (“Magna” or the “Company”), announces that, further to its news release dated June 30, 2020, its subsidiary Molimentales del Noroeste S.A. de C.V. (“Molimentales”) has entered into an amending agreement with PEAL de Mexico S.A. de C.V. (“PEAL”). In conjunction with the acquisition of the San Francisco mine on May 6, 2020, the Company successfully negotiated a settlement agreement with PEAL which settled amounts owing from contract mining activities owed by the predecessor owners of the San Francisco mine (the “Settlement Agreement”).

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