Magna Terra Minerals Inc. provided update on Mineral Resource Estimate on the Thor Gold Deposit, Viking Project, White Bay Area, Newfoundland, Canada" dated December 20, 2023 and with an effective date of October 24, 2023 (Technical Report). The Company engaged the services of Independent Qualified Persons Matthew Harrington, P.Geo., and Rochelle Collins, P.Geo. of Mercator Geological Services Limited ("Mercator") and Lawrence Elgert, P.Eng.

of AGP Mining Consultants Inc. ("AGP"), contributing original co-authors of the Technical Report and associated site visit. The Company contracted Mercator 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 Thor Deposit and also to bring the historical estimate into accordance with the CIM MRMR Best Practice Guidelines that were issued in November 2019 ("CIM MRMR Guidelines").

The Updated Mineral Resource is based on verified results of 162 diamond drill holes (23,775 m), 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 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. The Effective Date of the Mineral Resource Estimate is October 24, 2023.