Magma Silver Corp., formerly African Energy Metals Inc., has met the requirements to be listed as a TSX Venture Exchange Tier 2 company. Therefore, effective at the opening, Thursday, April 17, 2025, the company's listing will transfer from the NEX to the TSX Venture Exchange, the company's tier classification will change from the NEX to Tier 2, and the filing and service office will change from the NEX to Vancouver.

Effective at the opening, Thursday, April 17, 2025, the trading symbol for the company will change from CUCO.H to MGMA.

Acquisition of an option to acquire 100 per cent of the Ninobamba advanced gold-silver project

The TSX Venture Exchange has accepted for filing an option agreement between the issuer and Rio Silver Inc., executed on Jan. 20, 2025, pursuant to which the company has acquired the option to acquire a 100-per-cent interest in Rio Silver's Ninobamba advanced gold-silver project, located in the department of Ayacucho, 500 kilometres southwest of Lima, Peru, in consideration of a combination of staged cash payments and share issuances by the company as set out in the attached table.

A finder's fee of 450,000 common shares is payable in connection with the acquisition pursuant to a finder's fee agreement dated Jan. 1, 2025, between the company and an arm's-length party.

For further information, see the company's news releases dated Jan. 21, 2025, Feb. 13, 2025, Feb. 26, 2025, and April 10, 2025, which are available under the company's profile on SEDAR+.

Name change

Pursuant to directors resolutions passed on Jan. 24, 2025, and March 10, 2025, the company has changed its name from African Energy Metals to Magma Silver. There is no consolidation of capital.

Effective at the opening, Thursday, April 17, 2025, the common shares of Magma Silver will commence trading on the TSX Venture Exchange and the common shares of African Energy Metals will be delisted. The company is classified as a mining company.

Capitalization:  unlimited shares with no par value, of which 16,016,970 shares are issued and outstanding

Escrow:  nil shares subject to escrow

Transfer agent:  Odyssey Trust Company

Trading symbol:  MGMA (new)

Cusip No.:  558922100 (new)

Resume trading

Effective at the opening, Thursday, April 17, 2025, trading in the shares of the company will resume as common shares of Magma Silver.