Magma Silver Niñobamba Project Obtains Drill Permit

About this update from Magma Silver Corp.

Vancouver, British Columbia--(Newsfile Corp. - November 6, 2025) - Magma Silver Corp. (TSXV: MGMA) (OTCQB: MAGMF) (FSE: BC21) (WKN: A411DV) (the "Company" or "Magma") is pleased to announce the granting of a drill permit to allow drilling on the Joramina zone and also provides an outline of a proposed exploration plan on the advanced Niñobamba silver gold project in Peru. Stephen Barley, Chairman & CEO of Magma stated: "The Niñobamba project is comprised of three contiguous properties now controlled by Magma, totalling 4,100 hectares: the Joramina, Randypata, and the Niñobamba Main. The MINISTERIO DE ENERGÍA 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 Advisor, Jeffrey Reeder, has the experience to apply for drilling permits successfully. The recent $5,000,000 private placement financing (see news release dated October 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 Corporation's ("Newmont") 2011 non-compliant internal report, which detailed a significant gold and silver resource. The Newmont report was based on US$1,200/ounce gold and US$20/ounce silver, the prevailing market prices at the time of the report." To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3145/273328_6c8164fc94cc3a6e_001full.jpg Drill Permit The permit was granted by the MINISTERIO DE ENERGÍA Y MINAS in Peru on October 17, 2025. The permit has a duration of fourteen (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 5-metre com...

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