Magma Silver Ninobamba Phase 2 Work Program Results

The October 30, 2025, news release provides results from the Phase 2 work program at the Niñobamba silver-gold project in Peru. The program, which included sampling and geological mapping, was designed to validate historical results and refine targets for an upcoming drill program.

Key results from the Joramina and Randypata Zones include: - Joramina Drift: Two consecutive samples returned 10 metres of 2.32 g/t gold. A separate 5-metre composite returned 4.085 oz/t silver. - Joramina Surface: A chip sample across 0.70 metres returned very high grades of 17.41 g/t gold and 13.94 oz/t silver. - Randypata Surface: A random composite grab sample returned 0.20 g/t gold and 8.55 oz/t silver.

The CEO, Stephen Barley, stated that the results confirmed and, in some cases, exceeded historical results from Newmont. He also noted that new geologic mapping suggests previous drilling may not have been in the most optimal direction, and a new drill orientation will be determined.

The news is Material - Positive. While not a "Game Changer" like a discovery drill hole, the results are significant for several reasons: 1. Validation: The results successfully validate the historical data from Newmont, which is the cornerstone of the project's appeal. This de-risks the exploration thesis ahead of a capital-intensive drill program. 2. Timing and Context: Coming just one week after closing a major $5 million financing with strategic investor Eric Sprott, this news provides immediate positive reinforcement for that investment. It demonstrates that the capital is being deployed on a project that continues to yield encouraging results. 3. Meeting Expectations: The company is executing its stated plan. It outlined a Q3 work program to define targets for a Q4 drill program. This release delivers positive results from that work, showing management is following through on its timeline. 4. Grade and Width: The 10-metre intercept of 2.32 g/t gold from a drift is a solid result. While the high-grade chip and grab samples are selective, they confirm the high-grade potential of the system.

Critically, an investor must recognize that these are surface and near-surface samples, not drill intercepts. Their primary value is in vectoring toward high-potential drill targets. The suggestion that Newmont drilled in the wrong direction is a common narrative for juniors re-examining old projects; it must be proven with new drilling.

Overall, the news strengthens the investment case by providing tangible, positive data that supports the geological model and justifies the imminent drill program, which is the company's main catalyst.

Magma Silver Corp. is a Canadian-based junior exploration company that recently transitioned from its previous identity as African Energy Metals Inc. The company is focused on its flagship Niñobamba silver-gold project in Ayacucho, Peru.

The Niñobamba project consists of three contiguous properties (Ninobamba Main, Joramina, and Randypata) totaling 4,100 hectares. The project is considered advanced-stage due to significant historical exploration conducted by major companies, including Newmont, which invested over $7 million in drilling. Magma acquired a 100% option on the project from Rio Silver Inc. The property is subject to a 2% Net Smelter Return (NSR) royalty payable to Rio Silver, with Magma having the right to purchase 1% of the NSR for $1,000,000 (U.S.).