Distributed on behalf of Magma Silver Corp.
Over the last few weeks, silver tested an all-time high of $54.47, climbing about 88% from its 2024 close of $28.99. All as geopolitical and economic uncertainty drove investors into the safe havens of both silver and gold. We have to consider that silver is still undervalued relative to gold. In fact, the current gold-to-silver ratio is about 83:1, which is significantly higher than the historical average of 70:1, which suggests silver has more room to run.
Not only is that bullish for silver, but also for silver-related stocks such as Magma Silver Corp. (TSXV: MGMA) (OTCQB: MAGMF), First Andes Silver Ltd. (TSXV: FAS) (OTC: MSLVF), Silver X Mining Corp. (TSXV: AGX) (OTCQB: AGXPF), Silver Mountain Resources (TSXV: AGMR) (OTCQB: AGMRF), and First Majestic Silver (NYSE: AG) (TSX: AG).
In addition, "Despite recent gains, silver is still cheap compared to gold. Lower U.S. yields, limited availability of physical metal, and robust industrial and investor demand are propelling prices into new territory. With this persistent imbalance between supply and demand, a $100 silver price by the end of 2026 is certainly within reach," Solomon Global analysts said, as quoted by Medium.com.
Look at Magma Silver Corp. (TSXV: MGMA) (OTCQB: MAGMF), For Example.
Magma Silver Corp. just announce the granting of a drill permit to allow drilling on the Jorimina zone and also provides an outline of a proposed exploration plan on the advanced Nin~obamba silver gold project in Peru.
Stephen Barley, Chairman & CEO of Magma stated: “The Nin~obamba project is comprised of three contiguous properties now controlled by Magma, totalling 4,100 hectares: the Jorimina, Randypata, and the Nin~obamba Main. The MINISTERIO DE ENERGI´A Y MINAS in Peru has granted a drill permit to commence drilling on the Jorimina 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 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.”
Drill Permit
The permit was granted by the MINISTERIO DE ENERGI´A 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 composite returning 4.085 ounces silver/tonne.
Sampling close to the drift on the Joramina zone returned 0.70 metres of 17.41 grams gold/tonne and 13.94 ounces silver/tonne. (see news dated October 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 US$1,000,000 (CAD$1,400,000) 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 NI 43-101 geologist. Magma will issue a news release outlining the Joramina program, drill location, and timing when it is available.
Other related developments from around the markets include:
First Andes Silver Ltd. announced a consolidated summary of drilling results from its 2024 and 2025 exploration campaigns, preparations or the next phase of drilling, and district-wide exploration plans at the Company's 100%-owned Santas Gloria Project, located approximately 55 kilometres east of Lima, Peru. "First Andes' 2024 and 2025 drill campaigns successfully confirmed the high-grade silver potential at Santas Gloria, with 21 of 26 holes returning reportable intercepts across multiple vein systems," stated Colin Smith, CEO and Director of First Andes Silver. "The Tembladera vein, which returned underground channel samples over 10,000 g/t Ag in 2021, remains virtually untested and represents a standout target for our next phase of drilling, along with step-out drilling at San Jorge. With silver trading near multi-year highs, we're advancing Santas Gloria aggressively, focusing on Tembladera and San Jorge while launching a systematic, district-scale exploration program to unlock the broader potential of this fertile epithermal district."
Silver X Mining Corp. outlined its strategic initiatives for the coming months and announce the launch of a 40,000-meter diamond drill campaign, the largest in the Company’s history. These initiatives will be supported by the proceeds from the recently completed Bought Deal financing and will focus on accelerating exploration, underground development, and operational optimization at its Nueva Recuperada district in Huancavelica, Peru. “We have done the hardest part – building a company during challenging times with limited access to capital,” said José María García, CEO of Silver X Mining. “Now, with a stronger balance sheet and the largest exploration program in our history, we are positioned to capitalize on the current metal price environment and drive meaningful growth. The funds raised will allow us to expand our resources, enhance our operations, and unlock the full potential of the Nueva Recuperada district. With the quality of our assets, the expertise of our team, and the momentum we’ve built, Silver X is entering a new phase – one focused on scale, profitability, and long-term value creation.”
Silver Mountain Resources announced that it has commenced preparatory activities aimed at restarting operations at its Reliquias Project, located in the Castrovirreyna district of Huancavelica, Peru. This follows the successful completion by the Company of the social consultation process, which led to the signing of a long-term land-use agreement with the Comunidad Campesina de Salcca Santa Ana, and the recent closing of the Company’s public equity financing for aggregate gross proceeds of approximately $25,000,000. Alvaro Espinoza, Chief Executive Officer of Silver Mountain Resources, stated: “The commencement of preparatory activities at Reliquias represents a pivotal milestone for Silver Mountain. With rehabilitation successfully completed in 2024, we are now advancing into production preparations and building the foundation for our next phase of growth. Our team is fully committed to disciplined execution and is making every effort to bring forward the start of commercial operations while upholding the highest standards of safety and efficiency. At the same time, we remain focused on creating local employment opportunities and strengthening our partnerships with the communities of Castrovirreyna and Salcca Santa Ana, ensuring that the Reliquias Project generates long-term value for the Company’s shareholders and other stakeholders.”
First Majestic Silver announced the Company's unaudited condensed interim consolidated financial results for the third quarter ended September 30, 2025. Record Quarterly Silver Production (+96% Y/Y): The Company produced 3.9 million silver ounces in Q3 2025 representing a 96% increase when compared to 2.0 million silver ounces produced in Q3 2024. Total silver production in the quarter included 1.4 million ounces of attributable silver production from Los Gatos. Record Quarterly Revenue (+95% Y/Y): For a third consecutive quarter, the Company achieved record quarterly revenue of $285.1 million (with 56% from silver sales), representing a 95% increase compared to $146.1 million in the third quarter of 2024. This was primarily attributed to a 45% increase in silver equivalent ("AgEq") payable ounces sold and a 31% increase in the average realized silver price, which reached $39.03 per AgEq ounce during the quarter. Total revenue for the quarter excluded 758,333 oz of silver and 3,994 oz of gold that were held in inventory at quarter end, with a fair value of $50.3 million.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Magma Silver Corp. by Magma Silver Corp. We own ZERO shares of Magma Silver Corp. Please click here for full disclaimer.
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