Magma Silver receives phase 1 Ninobamba assays

Executive Summary

• Magma Silver’s Phase 1 Q3 field program on the Ninobamba project returned high‑grade gold and silver intercepts, including a peak of 14.56 g/t Au and 10.59 oz/mt Ag from historic New Mont mine workings.
• 75 geochemical samples were collected; average grades across key zones ranged from 0.135 g/t Au / 0.065 oz/mt Ag to 5.32 g/t Au / 4.81 oz/mt Ag, confirming and in some cases exceeding New Mont’s historic results.
• Phase 2 sampling has begun, targeting the untested 2‑km silver anomaly on Randypata, with results expected within weeks to guide a Q4 drill program.

Key Details

• Sampling Scope: 75 rock samples collected over a 10‑day field campaign across Jorimina Central (Red zone), Jorimina SE, Rafaela, and surrounding areas.
• Assay Methodology: Fire assay at an independent lab in Huancayo; every 10th sample to be re‑assayed at a second independent lab in Lima for QA/QC.
• Top Intercepts – Old Mine Workings (north of Jorimina Central):
• 5 samples averaged 5.32 g/t Au and 4.812 oz/mt Ag.
• Range: 0.50–14.56 g/t Au; 0.604–10.594 oz/mt Ag.
• Jorimina Central (50 samples): Average 0.181 g/t Au and 0.227 oz/mt Ag; one sample (SA‑035) hit 1.0 g/t Au.
• Jorimina NE (10 samples): Average 0.135 g/t Au, 0.0656 oz/mt Ag; two samples ≥ 0.20 g/t Au.
• Rafaela (10 samples): Average 0.21 g/t Au, 1.1652 oz/mt Ag; max 0.4 g/t Au and 7.0 oz/mt Ag (sample SA‑067).
• Phase 2 Work Program: Initiated this week, focusing on additional sampling of the 2‑km silver anomaly on Randypata and other unexplored features; results anticipated in the next few weeks to inform Q4 drill targeting.
• Community Involvement: Six members of the local Tunsulla community assisted with sample collection and road rehabilitation, enhancing site access.
• Historical Context: New Mont’s prior work (3,536 rock samples, 2,988 channel samples, ~7,800 m of drilling) yielded grades such as 1.19 g/t Au over 72.3 m (Hole JM1). Magma’s new data confirm and in places exceed those historic values.
• Qualified Person: Jeffrey Reeder, P.Geo., senior technical adviser, reviewed and approved the scientific disclosure per NI 43‑101.

Notable Quotes

“The Phase 1 results have confirmed the accuracy of the historical Newmont results and, in some instances, have exceeded the earlier results… Phase 2 will focus on additional sampling of other property features, including the two‑km long untested silver anomaly on the Randypata property.” – Stephen Barley, Chairman & CEO, Magma Silver Corp.