Magma Silver updates Niñobamba silver-gold project, Peru

Magma Silver Provides Update on Niñobamba Silver-Gold Project, Peru

Vancouver, British Columbia--(Newsfile Corp. - September 2, 2026) - Magma Silver Corp. (TSXV: MGMA) (OTCQB: MAGMF) (FSE: BC21) (WKN: A411DV) ("Magma" or the "Company") provided an update on the advancement of its Niñobamba silver-gold project ("Niñobamba" or the "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 8-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 Niñobamba.

Niñobamba Historical Highlights:

Over C$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 meters of drilling completed with historical result highlights of 72.3m of 1.19 g/t Au starting at 53m depth; 87 g/t silver over a drilled interval of 130m starting from a depth of 9m; 54 g/t silver over a drilled interval of 96m starting from 23m; and trenching by Rio Silver revealed a new gold-silver zone returning 56m of 1.03 g/t gold and 98.9 g/t silver and 21.77m 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% interest).

Extensive database from previous operators.

Magma Work Program Highlights

Four old mine workings located immediately north of Joramina Central were sampled, with 5 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).

31 samples were taken from a drift in 5-meter composite chips showing two consecutive best samples returning 10 m of 2.32 g/t Au and best silver result of a 5 m composite returning 127.1 g/t Ag.

Sampling conducted NE 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.

21 samples were taken from the Randypata historic 2-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 September 18, 2025, and October 30, 2025)

Regional Activity

BHP holds a large tract of land west of Niñobamba and based on regulatory filings in inPeru, has received environmental approval for a drilling program of up to 46,000 meters , approximately 9 kms west of Magma's property.

Magma's Niñobamba project is the largest silver-dominant system on the regional trend not controlled by a major company.

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Stephen Barley, Executive Chairman and CEO of Magma Silver, stated : "Niñobamba 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 tenth 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, P.Geo. , senior technical advisor 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 Corp. is a natural resources exploration company focused on acquiring, exploring, developing, and operating precious metal mining projects. Listed on the TSX Venture Exchange ("MGMA"), OTCQB ("MAGMF"), and Frankfurt Exchange ("BC21"), the Company's primary focus is on exploring and developing the advanced Niñobamba silver-gold project in the mining-friendly country of Peru. Niñobamba spans an 8 km mineralized corridor in a prolific geological belt of a high-sulphidation and low-sulphidation epithermal system. Extensive exploration by Newmont Corporation, AngloGold Ashanti Limited, Bear Creek Mining Corporation, and Rio Silver Inc. has demonstrated significant resource potential, with over C$14.5 million invested to date. Magma Silver is advancing its Niñobamba 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.

For further information, please contact Magma Silver Corp.:

Magma Silver Corp. Suite 750, 1095 West Pender Street Vancouver, B.C., Canada

Jason Baker, Chief Financial Officer Phone: +1-604-252-2672 Email: info@magmasilver.com Website: www.magmasilver.com

Reader Advisory

This news release contains forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Magma Silver's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should", and similar expressions, are forward-looking statements. The information provided in this document is necessarily summarized and may not contain all available material information. Forward-looking statements include those in relation to (i) the access agreements with the local communities and the performance thereof, (ii) the expected benefits to the Company from the access agreements, (iii) the timing and conduct of drilling on the Joramina property and the sufficiency of existing permits, (iv) the Company's planned acquisition of additional historical data, exploration planning and expansion of its technical team, (v) the potential of the Niñobamba project. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it cannot make any assurances that its expectations will be achieved. Such assumptions may prove incorrect. These statements assume that community access agreements will be concluded on acceptable terms and within a reasonable time, that the Company's existing permits for the Joramina property remain in good standing, and that the Company will have the financing and personnel required to carry out its planned exploration. Material risk factors that could cause actual results to differ include delay or failure in concluding community access agreements, the inability to obtain or maintain permits and surface rights, the inherent uncertainty of mineral exploration, the availability of financing, metal price volatility, and political, social or regulatory change in Peru. Although the Company has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that the Company will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312528

TMX Newsfile

September 2, 2026 - 4:30 AM PDT

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