Magma Silver Provides Update on Ninobamba Silver-Gold Project, Peru

Magma Silver Corp. (MGMA) released an operational update on its Niñobamba silver-gold project in Peru, noting that the company is currently engaged with local communities to secure surface access and is acquiring historical data while awaiting drilling permits. The company reported significant new sampling results from old mine workings and drifts, which included high-grade gold and silver intercepts, and identified a potential untested copper-lead-zinc porphyry target underlying the shallow discoveries.

Community engagement is ongoing with two local communities to establish surface access arrangements. Permits have already been received for drilling on the Jorimina property, contingent on concluding the community access agreement.

New sampling results from the Joramina Central area averaged 5.32 g/t Au and 149.7 g/t Ag. Drift sampling returned 10 m of 2.32 g/t Au, while a 0.70 m chip sample returned 17.41 g/t Au and 433.6 g/t Ag.

Historical data indicates that previous operators spent over C$14.5 million on the project. Historical highlights include 72.3 m of 1.19 g/t Au and 87 g/t silver over 130 m. Magma Silver owns or holds options on approximately 4,196 hectares.

In the regional context, BHP holds land approximately 9 km west of Magma’s property and has received environmental approval for up to 46,000 meters of drilling. Niñobamba is described as the largest silver-dominant system on the regional trend not controlled by a major company.

Samples were analyzed by fire assay at Independent Mining Services. Every tenth sample was submitted for check assay. Historical data has not been independently verified by the Qualified Person.

Magma Silver Corp. (MGMA) reported sampling results consistent with high-grade findings announced in late 2025, confirming the continuity of mineralized structures without introducing new surprises. The news is incremental and expected as part of the ongoing exploration phase prior to drilling. While it validates the exploration thesis, it does not de-risk the resource through drilling.

The receipt of drilling permits is a positive procedural step, but execution remains contingent on finalizing community access agreements, introducing a timeline risk. The presence of galena and sphalerite suggests potential base metal by-products, but assays are pending. Overall, the update does not materially alter the capital requirements or near-term catalysts, representing a standard exploration follow-up.

Magma Silver Corp. is a pre-revenue junior explorer focused on the Niñobamba silver-gold project in Peru. The company completed the acquisition of 100% control in January 2025. The flagship project comprises three contiguous properties—Joramina, Randypata, and Niñobamba Main—covering approximately 4,196 hectares. The project is drill-ready, permitted, and located in a mining-friendly jurisdiction. Management aims to use modern exploration techniques to advance the historically explored system and test for a potential underlying porphyry target.