Magma Silver Corp. has moved quickly from building a project portfolio to advancing a clear exploration plan at its Niñobamba silver-gold project in Peru. In a sector where timelines are often defined by permitting, community engagement, and technical readiness, the Company’s recent progress has centered on turning historical work into actionable next steps—positioning Niñobamba for a drilling-led year ahead.
Company Overview and Positioning
Magma Silver is a natural resources exploration company focused on acquiring, exploring, developing, and operating precious metal mining projects. Its primary asset is the advanced Niñobamba silver-gold project in Peru, a mining-friendly jurisdiction and one of the world’s leading silver-producing countries. Niñobamba spans an 8-kilometre mineralized corridor in a prolific geological belt associated with a high-sulphidation epithermal system, and it has benefited from extensive historical exploration by major operators including Newmont, AngloGold Ashanti, Bear Creek, and Rio Silver.
By early 2025, Magma secured 100% control of Niñobamba and established operational footing in Peru, supported by a regional technical team with deep in-country experience. The Company has emphasized modern geological modelling and structured exploration planning to build on the project’s existing data foundation.
Key Highlights and Milestones
A central milestone arrived in October 2025, when Peru’s Ministerio de Energía y Minas granted a drill permit for the Joramina zone. The permit, issued October 17, 2025, has a fourteen-month duration and authorizes drilling from 20 drill pads, with the ability to conduct multiple directional drill holes from each pad. Magma has stated it believes the permit framework is sufficient to complete its planned drilling at Joramina.
That permit builds on field work completed in 2025 aimed at validating historical results and sharpening drill targeting. In a Phase 2 Q3 field campaign focused on the Joramina and Randypata properties, Magma’s team documented and sampled old mine workings, including a 157-metre drift located on the main Joramina zone that had not been documented in prior operator programs. Composite chip sampling from the drift returned two consecutive samples totalling 10 metres of 2.32 grams gold per tonne, while the best silver result reported was a 5-metre composite returning 4.085 ounces of silver per tonne. Additional sampling approximately 100 metres northeast of the drift returned 0.70 metres of 17.41 grams gold per tonne and 13.94 ounces of silver per tonne. At Randypata, sampling over a historic 2-kilometre silver anomaly—an area described as untested by drilling—returned 0.20 grams gold per tonne and 8.55 ounces of silver per tonne from a random composite grab sample.
Alongside technical progress, Magma has also outlined how it intends to fund the next stage of work. The Company completed a $5 million non-brokered private placement in October 2025, and stated it intended to use proceeds for exploration at Niñobamba as well as working capital and general corporate purposes. The financing included participation by Eric Sprott through a company beneficially owned by him, with the related disclosure describing his resulting holdings.
Strategic Direction and What Sets It Apart
Magma’s strategy at Niñobamba has focused on leveraging the scale of historical work while applying new geological interpretation to improve the next drill program. The Company has stated it holds Newmont’s work program results, including drill logs, assay reports, and collar locations, and that its technical team’s review of historical drilling suggests previous holes were not oriented in the most optimal direction. Magma has also indicated it plans to modify its current permit to reflect new drill sites, noting that adding or modifying pads is permitted by Peru’s mining ministry when pads are located within the existing permitted area.
The Company has also highlighted the operational advantage of identifying underground access. Magma has stated it may be able to drill from inside the Joramina drift, which would require a modification to the drill permit.
Forward-Looking Context
Looking ahead, Magma has provided a detailed outline of a planned drill program targeted for Q2 2026. The program is described as two phases totalling 4,000 metres. Phase 1 is planned as 2,000 metres from Pad A, designed to determine the orientation and size of the gold zone intersected by historical Newmont drilling. For reference, Magma cited Newmont’s 2010 hole JOR-001, which returned 72.3 metres of 1.19 grams gold per tonne starting at a depth of 53 metres, while noting that true widths cannot be determined from a single hole and that additional drilling is required to establish lateral and vertical extent.
Phase 2 is described as contingent on Phase 1 results and intended to extend gold-silver mineralization, test undrilled surface anomalies outlined by Newmont and confirmed by Magma’s geologist, and test mineralization exposed in a 160-metre adit recently sampled by the company. Magma has also stated it allocated US$1,000,000 (CAD$1,400,000) for the Joramina exploration and drill program, describing this as a significant increase from the original plan and part of an effort to thoroughly test and confirm historical results. The Company has said it will issue a future news release outlining the full Joramina drill program, including drill locations, and timing when available.
Closing
Magma Silver’s recent updates show a Company focused on execution: securing permits, validating legacy data with fresh fieldwork, and converting that technical foundation into a defined drill plan. With an advanced silver-gold project in Peru supported by extensive historical exploration, and a Q2 2026 drill program structured in phases to refine orientation and scale, Magma is moving Niñobamba toward the kind of disciplined, drill-driven opportunity that can clarify a project’s next chapter.
