Mr. Stephen Barley reports

MAGMA SILVER NIÑOBAMBA PROJECT OBTAINS DRILL PERMIT

Magma Silver Corp. has granted a drill permit to allow drilling on the Joramina zone and also has provided an outline of a proposed exploration plan on the advanced Ninobamba silver gold project in Peru.

Stephen Barley, chairman and chief executive officer of Magma, stated: "The Ninobamba project is comprised of three contiguous properties now controlled by Magma, totalling 4,100 hectares: the Joramina, Randypata and the Ninobamba Main. The Ministerio de Energia y Minas in Peru has granted a drill permit to commence drilling on the Joramina zone. This is an important milestone as drill permits are detailed and require a significant effort to obtain. Our Peruvian-based technical team, led by our general manager, Carlos Agreda (see news release dated July 9, 2025) and supervised by our senior technical adviser, Jeffrey Reeder, has the experience to apply for drilling permits successfully. The recent $5-million private placement financing (see news release dated Oct. 23, 2025) has provided Magma with the necessary funding to substantially increase the initial drill program on the Joramina zone. The Joramina zone was the focus of Newmont Corp.'s 2011 non-compliant internal report, which detailed a significant gold and silver resource. The Newmont report was based on $1,200 (U.S.)/ounce gold and $20 (U.S.)/ounce silver, the prevailing market prices at the time of the report."

Drill permit

The permit was granted by the Ministerio de Energia y Minas in Peru on Oct. 17, 2025. The permit has a duration of 14 months from the date of issuance. The permit entitles Magma to drill from 20 drill pads. Multiple directional drilling can be completed from each drill pad. Magma believes the permit is sufficient to complete all planned drilling on the Joramina zone. The company discovered a drift in the Joramina zone that Newmont did not report. During the recently completed phase 2 work program, testing in and around the drift returned high-grade results, including 10 metres of 2.32 grams gold/tonne and a five-metre composite returning 4.085 ounces silver/tonne. Sampling close to the drift on the Joramina zone returned 0.70 metre of 17.41 grams gold/tonne and 13.94 ounces silver/tonne (see news release dated Oct. 30, 2025). The company may be able to drill from inside the drift, located within the Joramina zone. This would require a modification to the drill permit, which should be readily available.

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 location and timing when it is available.

Finders' fees

Further to the company's news release dated Oct. 23, 2025, the company advises that it has issued additional finders' fees, resulting in an aggregate total of $298,797 in cash and 1,962,806 finders' warrants.

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.

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 TSV Venture Exchange (MGMA), OTCQB (MAGMF) and Frankfurt exchange (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 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.

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