Magnum Mining & Exploration announce that a significant Exploration Target has been defined for its Buena Vista Green Pig Iron Project in Nevada, USA. The Exploration Target Estimate is approximately 407 to 540 million tonnes at 15% to 22% iron (Fe), exclusive of the existing Indicated and Inferred Resources of 232Mt @ 18.6% Fe (JORC 2012), announced on 23 March 2021. The potential quantity and grade of the Exploration Target Estimate is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource over the entire area of the Exploration Target, and it is uncertain if further exploration will result in the estimation of an increased Mineral Resource.

The Buena Vista iron resource consists of magnetite that ranges in grade from less than 10% Fe, the cut-off used in the resource estimation, to over 60% Fe. The Buena Vista Green Pig Iron Project is covered by a high definition, helicopter-borne aeromagnetic survey, as announced on 7 November 2022. This data is used to model the causative magnetic bodies that could give rise to the observed magnetic anomalies by dividing the earth into voxels.

The voxels are assigned magnetic susceptibilities in an iterative manner until the theoretical magnetic anomalies caused by those susceptibilities match the observed ones. Once a 3D map of susceptibilities is obtained, zones of susceptibilities that are over some chosen magnetic susceptibilities are defined and the volume encompassed by that isosurface calculated. The choice of the magnetic susceptibility isosurface is made both on the basis of magnetic susceptibility logging and calibrating the models against existing MREs where available.

The resources at East, West, and Section 5 deposits were used for this calibration. Both methods indicated that a value of 0.1 SI provides the best correlation between the magnetic model and the known resources while at the same time corresponds with an iron grade of approximately 10%, the cut-off used for the existing Indicated and Inferred resources. This 0.1 SI isosurface is cut off at a depth of 250m below ground level to restrict the model's depth extent to a practically mineable depth.

In addition, small volumes, representing minor magnetic anomalies, were ignored as likely being of insufficient size to mine. A density of 2.79 t/m3 was used to convert the model volume to a tonnage. This density is calculated from the density ­ ore grade curve used in the MRE and represents an 18% Fe grade.

The final model is then referred back to existing drill hole information, geological mapping, and the aeromagnetic data to ensure it complies with those datasets. The ETE tonnage is deemed to be accurate within +/-25%. Iron grades reflect those already defined in the existing MRE.

TWENTY-ONE DISTINCT TARGETS INDENTIFIED Exploration Target Estimates have been identified and calculated for twenty-one prospects: East Deposit & NE, Sect 5 North, Ute, West Deposit, Iron Horse Ute North, Section 5 Deposit, Iron Horse West, Ute East, West Pit SW, BV-D, Section 27, West-5 Inter Fisk, Section 27 Central, South-West, Fisk North, Section 27 North, Iron Point, Fisk East Section 27 East Exploration Target Estimates for East, West, and Section 5 deposits were discounted by the already defined MREs for those areas. The Iron Point ETE is updated from that announced on 13 September 2022. Seventeen of these targets have no drilling on them.

NEXT STEPS The Company has planned a prioritisation of targets for follow-up by drilling, based on potential size and distance from the Buena Vista Mine area, with activities to be completed during 2023. THE BUENA VISTA IRON DEPOSIT Buena Vista Iron Deposit is located approximately 160km east-northeast of Reno in the mining friendly state of Nevada, United States. It was discovered in the late 1890's and in the late 1950's to early 1960's around 900,000 tonnes of direct shipping magnetite ore with an estimated grade of 58% Fe was mined.

In the 1960's, US Steel Corporation acquired the Buena Vista Project and carried out an extensive exploration program including 230 diamond drill holes and considerable metallurgical test work. Richmond Mining Limited, an ASX listed company, acquired Buena Vista in 2009 and commenced a detailed exploration program culminating in a definitive feasibility study in 2013. A key component of these studies was extensive investigation of the optimal logistics plan for the deposit's development.

This included the negotiation of in-principle agreements with existing rail and port operators and the securing of all major mining permits. Detailed costings were completed on the trucking or slurry pipeline options to deliver the concentrate to the rail head located some 50 kilometres from mine site. A significant decline in iron ore prices to less than USD 50/tonne caused the then proposed development of Buena Vista to be deferred.

Geology The Buena Vista Project magnetite deposits are the product of late-stage alteration of a localised intrusive local gabbro that resulted in intensely scapolitised lithologies and the deposition of magnetite. The most well-known example of this type of magnetite mineralisation is the Kiruna magnetite deposit in Sweden, which has been in production since the early 1900's. The distribution and nature of the magnetite mineralisation at Buena Vista is a function of ground preparation by faulting and fracturing, forming a series of open fractures and breccia zones. These ground conditions produce variations in mineralisation types from massive pods grading +60% magnetite to lighter disseminations grading 10-20% magnetite.

Metasomatic magnetite deposits such as those at Buena Vista have important positive beneficiation characteristics over the other main type of magnetite deposit, which is a banded iron hosted magnetite, also known as a taconite. The Buena Vista ore is of magmatic origin and as a consequence is coarser grained and softer than banded iron hosted ores. Industry standard crushing, grinding and magnetic separation produces a concentrate grade of +67.5% Fe with very low levels of impurities.