MAGNETIC NORTH ACQUISITION CORP. ANNOUNCES FILING OF FISCAL YEAR END 2023 AND FIRST AND SECOND QUARTER 2024 RESULTS

CALGARY, AB and TORONTO, Oct. 11, 2024 /CNW/ - Magnetic North Acquisition Corp. (TSXV: MNC) (TSXV: MNC.PR.A) ("Magnetic North" or the "Company") announces that it has filed the following continuous disclosure documents (collectively, the "Required Filings"):

• audited annual financial statements for the year ended December 31, 2023, management's discussion and analysis relating to the audited annual financial statements and related officer certifications for the year ended December 31, 2023;
• interim financial statements for the period ended March 31, 2024, management's discussion and analysis relating to the interim financial statements and related officer certifications for the period ended March 31, 2024; and
• interim financial statements for the period ended June 30, 2024, management's discussion and analysis relating to the interim financial statements and related officer certifications for the period ended June 30, 2024.

The Company is currently subject to a cease trade order (the "CTO") issued by the Alberta Securities Commission (the "ASC") on July 12, 2024 as a result of the Company's failure to file the Required Filings in accordance with National Instruments 51-102 – Continuous Disclosure Obligations. The Company has remedied the default that led to the CTO by filing the Required Filings; copies are available under the Company's SEDAR profile and on the Company's website at www.magneticnac.com. It is expected that, as a result of the filing of the Required Filings, the ASC, as the Company's principal regulator, will revoke the CTO in accordance with National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

About Magnetic North Acquisition Corp.

Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. Magnetic North is a TSX Venture "2021 TSX Venture 50" recipient. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North's securities filings can also be accessed at www.sedar.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 news release.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

Certain statements in this news release are "forward-looking statements", which reflect current ‎expectations of the ‎management of Magnetic North regarding future events or Magnetic North's ‎future performance. All statements other than ‎statements of historical fact contained in this news ‎release may be forward-looking statements. Such forward-looking ‎‎statements involve known and unknown risks, uncertainties and other factors that may cause ‎actual results or ‎events to differ materially from those anticipated in the forward-looking ‎statements.  Magnetic North believes that the ‎expectations reflected in such forward-looking ‎statements are reasonable, but no assurance can be given that these ‎expectations will prove to ‎be correct and such forward-looking statements should not be unduly relied upon. The ‎forward-‎looking statements are expressly qualified in their entirety by this cautionary statement. The ‎forward-‎looking statements are made as of the date of this news release and Magnetic North ‎assumes no obligation to update or ‎revise them to reflect new events or circumstances, except ‎as expressly required by applicable securities law. ‎Further information regarding risks and ‎uncertainties relating to Magnetic North and its securities can be found in the ‎disclosure ‎documents filed by Magnetic North with the securities regulatory authorities, available at ‎www.sedar.com.‎

SOURCE Magnetic North Acquisition Corp.

For further information, please contact: Graeme Dick, Investor Relations, 403-451-0939, [email protected]; Stephen McCormick, VP, Capital Markets, 403-451-0939, [email protected]