Mr. Stephen Barley reports

MAGMA SILVER PROVIDES UPDATE ON NINOBAMBA SILVER-GOLD PROJECT, PERU

Magma Silver Corp. has provided an update on the advancement of its Ninobamba silver-gold project, located in the department of Ayacucho, Peru.

The company continues its engagement with two local communities with the objective of establishing the necessary surface access arrangements to allow Magma to undertake systematic exploration of the extensive high-sulphidation and low-sulphidation epithermal silver-gold system identified along the approximately eight-kilometre mineralized corridor. Magma views the establishment and maintenance of strong, mutually beneficial relationships with its host communities as an essential component of the long-term advancement of the project.

The company has already received the necessary permits to allow drilling on the Jorimina property once the relevant community access agreement has been concluded. While these discussions continue, the company is taking steps to acquire additional historical data, advance exploration planning, and expand the team required to conduct efficient and professional exploration of Ninobamba.

Ninobamba historical highlights:

• Over $14.5-million has been spent in prior exploration activities by previous operators including Newmont, AngloGold Ashanti, Bear Creek and Rio Silver;
• Over 9,700 metres of drilling completed with historical result highlights of 72.3 m of 1.19 g/t Au starting at 53 m depth; 87 g/t silver over a drilled interval of 130 m starting from a depth of nine m; 54 g/t silver over a drilled interval of 96 m starting from 23 m; and trenching by Rio Silver revealed a new gold-silver zone returning 56 m of 1.03 g/t gold and 98.9 g/t silver and 21.77 m of 1.32 g/t gold and 102.46 g/t silver ending in mineralization;
• Approximately 4,196 hectares owned or held under option (100-per-cent interest);
• Extensive database from previous operators.

Magma work program highlights:

• Four old mine workings located immediately north of Joramina Central were sampled, with five samples averaging 5.32 g/t Au and 149.7 g/t Ag; results ranged from 0.50 g/t to 14.56 g/t Au and 18.8 g/t to 329.5 g/t Ag.
• In Rafaela, 10 samples averaged 0.21 g/t Au and 36.2 g/t Ag, with a maximum of 0.4 g/t Au and 217.7 g/t Ag (SA-067).
• Thirty-one samples were taken from a drift in five-metre composite chips showing two consecutive best samples returning 10 m of 2.32 g/t Au and best silver result of a five-metre composite returning 127.1 g/t Ag.
• Sampling conducted northeast of the drift showed one chip sample across 0.70 m returned 17.41 g/t Au and 433.6 g/t Ag. Galena (lead sulphide) and sphalerite (zinc sulphide) are present in the veins but have not yet been assayed for these elements.
• Twenty-one samples were taken from the Randypata historic two-kilometre Ag anomaly, with a random composite grab sample returning 0.20 g/t Au and 265.9 g/t Ag.
• The shallow silver and gold discoveries are interpreted to overlie an untested copper-lead-zinc porphyry target. (The samples are summarized in news releases dated Sept. 18, 2025, and Oct. 30, 2025).

Regional activity:

• BHP holds a large tract of land west of Ninobamba and based on regulatory filings in Peru and has received environmental approval for a drilling program of up to 46,000 metres, approximately nine kilometres west of Magma's property.
• Magma's Ninobamba project is the largest silver-dominant system on the regional trend not controlled by a major company.

Stephen Barley, executive chairman and chief executive officer of Magma Silver, stated: "Ninobamba represents a compelling opportunity to use modern exploration techniques to systematically advance a large, historically explored silver-gold system and the potential for a copper/lead/zinc porphyry system. Considerable exploration work and capital have already been invested in the project by some of the world's leading mining companies, providing Magma with a technical foundation from which to advance the project. Our immediate strategy is to continue advancing our background knowledge and team while working constructively with the communities toward appropriate and mutually beneficial access agreements. We believe this approach allows us to continue moving the project forward while building the community relationships necessary for its long-term success."

Sampling, historical data and adjacent properties

Grab, chip and composite samples are selective by nature and are not necessarily representative of mineralization hosted on the project. Samples from the company's phase 1 and phase 2 programs were analyzed by fire assay at Independent Mining Lab Services, Huancayo, Peru, with every 10th sample submitted to Inspectorate Services Peru SAC, an independent laboratory in Lima, Peru, for check assay. Historical results referenced in this news release were generated by previous operators; the company's qualified person has not independently verified the historical data, which should not be relied upon until confirmed by the company. Mineralization on adjacent or nearby properties, including ground held by BHP, is not necessarily indicative of mineralization on the project.

Qualified person

Jeffrey Reeder, PGeo, senior technical adviser to Magma and a qualified person, as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

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 (symbol: MGMA), the OTCQB (symbol: MAGMF) and the Frankfurt Stock Exchange (symbol: BC21), 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 and low-sulphidation epithermal system. Extensive exploration by Newmont Corp., AngloGold Ashanti Ltd., Bear Creek Mining Corp. and Rio Silver Inc. has demonstrated significant resource potential, with over $14.5-million invested to date. Magma Silver is advancing its Ninobamba project using modern geological modelling and a strategic development plan. The property has excellent infrastructure, and the company is building relationships with local communities and expanding its technical team.

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