Magma Silver to drill 4,000 metres at Ninobama

Mr. Stephen Barley reports MAGMA SILVER PLANS DRILL PROGRAM AT NIÑOBAMBA Magma Silver Corp. has provided an update on the planned drill program for Q1 2026. The drill program will consist of two phases with a total of 4,000 metres. Stephen Barley, chairman and chief executive officer, stated: "The commencing of a drill program at Ninobamba is exciting and a major accomplishment. Newmont Mining Corp. spent $7-million (U.S.) in historical work including 65 diamond drill holes with a focus on the Joramina zone. The drilling in conjunction with other extensive exploration activities, including a fatal flaw analysis, led to a positive internal report in 2011 with a significant conceptual non-complaint gold and silver resource. Magma has all Newmont work program results including drill logs, assay reports and drill collar locations. These documents have provided Magma with a tremendous project knowledge advantage that increases the level of certainty in drill location and orientation providing the company's technical team with the information to design a drill program to confirm the Newmont results and to optimize the drilling program. This is a tremendous saving in terms of time and expenditures." The company's geologists have reviewed historical drilling conducted by Newmont and determined that the drilling was not oriented in the most optimal direction. The company plans to modify the current permit to reflect the new drill sites. Adding or modifying new drill pads is permitted by the mining ministry in Peru as the new pads will be located in the area covered by the existing permit. Phase 1 will consist of 2,000 metres of drilling from Pad A. The purpose of the initial drilling is to determine the orientation and size of the gold zone intersected by Newmont. For reference, hole JOR-001 drilled in 2010 returned 72.3 metres of 1.19 grams per tonne Au (gold) starting at a depth of 53 metres. The true widths of mineralization from this drill hole cannot be determined from a single hole. Further drilling is required to determine both the lateral and vertical extent of the mineralization intersected. Phase 2 will be contingent on results from phase 1. Phase 2 is planned to extend the Au-Ag (gold-silver) mineralization. This phase will also test previously undrilled Au-Ag surface anomalies outlined by Newmont and confirmed by the company's geologist. The drilling will also test the Au-Ag mineralization exposed in a 160-metre adit recently sampled by the company. Drift sampling on the Joramina zone returned 10 metres of 2.32 grams per tonne gold and a five-metre composite returning 4.085 ounces (115.8 grams) per ton of silver. Proposed expanded exploration program Magma has allocated $1-million (U.S.) ($1.4-million) for the Joramina exploration and drill program. This is a significant increase from the original drilling plan and is expected to allow the company to thoroughly test and confirm the Newmont drilling results. Magma's experienced technical team is currently planning the entire work program in conjunction with an independent National Instrument 43-101 geologist. Magma will issue a news release outlining the Joramina program, drill locations and timing when it is available. The following diagram shows the proposed drill program. Pad A is where the initial drilling will commence. Qualified person Jeffrey Reeder, PGeo, a qualified person as defined in National Instrument 43-101 and a senior technical adviser of the company, has prepared, supervised the preparation of, and approved the scientific and technical disclosure contained in this news release. Agoracom The company also announces that it has issued 128,409 common shares to Agora Internet Relations Corp. in accordance with the investor relations services agreement previously disclosed on Aug. 28, 2025. About Magma Silver Corp. Magma Silver is a natural resources exploration company focused on acquiring, exploring, developing and operating precious metal mining projects. Listed on the TSX Venture Exchange, OTCQB and Frankfurt exchange, the company's primary focus is on exploring and developing the advanced Ninobamba silver-gold project in the mining-friendly country of Peru. Ninobamba spans an eight-kilometre mineralized corridor in a prolific geological belt of a high-sulphidation epithermal system. Extensive exploration by Newmont Corp., AngloGold Ashanti Ltd., Bear Creek Mining Corp. and Rio Silver has demonstrated significant resource potential with over $14.5-million invested to date. Magma is advancing its Ninobamba project using modern geological modelling and a strategic development plan. The property has excellent infrastructure, strong relationships with local communities and a regional technical team with over 50 years of mining experience in Peru. We seek Safe Harbor.