Silver Explorer Finds High-Grade Gold-Silver at Peru Project
Magma Silver Corp.'s (MGMA:TSXV; MAGMF:OTCQB; FSE:BC21; WKN:A411ED) ordinary shares are now trading on the OTCQB Venture Market in the United States under the ticker "MAGMF." Read to see what makes its silver-gold project so attractive.
Magma Silver Corp. (MGMA:TSXV; MAGMF:OTCQB; FSE:BC21; WKN:A411ED) announced that its ordinary shares began trading on the OTCQB Venture Market in the United States under the ticker "MAGMF" starting Monday.
"Entry to the OTCQB marketplace aligns with Magma's approach to reach global institutional and individual investors," said Stephen Barley, Chairman and CEO of Magma. "This will provide us with a trading platform that can significantly enhance liquidity for our shareholders and extend investor awareness of Magma internationally."
To qualify for trading on the OTCQB Venture Market, enterprises must maintain current financial disclosures, satisfy a minimum bid price requirement, and complete an annual corporate verification and management certification procedure. The OTCQB Venture quality benchmarks establish a robust foundation of openness, along with the technology and oversight to enhance the information and trading environment for investors.
Magma will remain listed on the TSX Venture Exchange under its current ticker "MGMA" and the Frankfurt Stock Exchange under the ticker "BC21" under WKN "A411ED."
Peru is a Powerhouse for Silver
Majors like Newmont, Anglo Gold, and Bear Creek originally took their shot at the company's silver-gold project Ni?obamba in Peru. With significant amounts of mineralization found during historic drilling, Magma believes the project will produce.
The initiative encompasses an 8-kilometer stretch of mineralized terrain within a highly productive geological region of the prolific South American country. Earlier owners have spent as much as CA$14.5 million in the project to date.
Peru is the third-largest silver producer in the world, according to GlobalData and the company's investor presentation. Almost 15% of Peru's GDP comes from the mining industry. The country has three of Latin America's largest high-sulfidation gold-silver districts, including Yanacocha.
"In internal reports and conceptual plans prepared by predecessors, there is the potential for a significant amount of gold and silver and lots of blue sky on a new gold discovery," Barley said. " We know where the historical potential is, and it is much simpler to find something when you already know it's location."
The country expects mining investment to increase there to US$4.8 billion this year, Peru's Energy and Mines Minister Jorge Montero said, according to a report by Reuters published on Mining.com June 3.
Past drilling operations and recent findings at Ni?obamba validate substantial silver and gold mineralization throughout the property, the company said. Notable results include 72.3 meters of 1.19 grams per tonne (g/t) Au, incorporating 24.6 meters of 1.07 g/t Au; featuring an 8-kilometer corridor displaying robust gold-silver mineralization evidenced by intercepts of 56 meters of 1.03 g/t Au and 98.9 g/t Ag, plus 21 meters of 1.32 g/t Au and 102 g/t Ag.
Magma reported that community engagement and environmental assessments are finished for drilling activities in its Jorimina area during Q3, where it intends to re-examine Newmont's 2012 mineral inventory and execute infill drilling operations with the objective of developing a NI 43-101-compliant resource.
The firm also mentioned that authorization processes for the Ni?obamba North and South areas are underway, with drilling licenses anticipated later this year. Exploration activities will begin with fieldwork before advancing to drilling operations by year-end.
The Catalyst: Silver, Gold Mixed Monday
The silver marketplace was stabilizing throughout Monday's session as traders attempted to digest much of the excessive enthusiasm from the prior upward movement, Christopher Lewis wrote for FX Empire. Silver continues to exhibit volatility, so ensure you exercise caution with your position allocation in this marketplace.
The marketplace's oscillation makes reasonable sense since it surged dramatically upward to reach this point. Therefore, investors must ultimately decide whether sufficient justification exists to maintain upward momentum, he said. The US$37 threshold above represents meaningful resistance. If it breaches above that point, Lewis said he believes it opens a pathway toward US$40, which he said is his expectation.
If it declines beneath the US$35.48 threshold, it might drop toward the US$34 level, perhaps $34.65, but regardless, Lewis said there will be purchasers sooner rather than later at reduced levels, considering how optimistic the marketplace had been previously. Over the extended timeframe, he anticipated it would surpass US$37 and target the US$40 level, potentially higher.
However, silver functions not only as a precious metal, but as an industrial commodity as well, Lewis pointed out. It appears that global markets demonstrate somewhat positive risk sentiment despite ongoing Middle Eastern developments. Therefore, it makes reasonable sense that silver participates in this trend.
According to Ashitha Shivaprasad and Anushree Ashish Mukherjee writing for Reuters on Monday, gold declined more than 1% as investors secured gains following prices reaching an eight-week peak, while the marketplace concentrated on Israel-Iran hostilities and the Federal Reserve's policy gathering this week.
Spot gold fell 1.1% to US$3,396.09 per ounce by 10:10 a.m. EDT following its achievement of the highest point since April 22 earlier during the session. Prices advanced more than 1% on Friday.
"Keep in mind that gold has moved higher over the past several sessions, largely in response to the conflict between Israel and Iran. Today, we're seeing more of a pullback, likely due to profit-taking after that higher move," said David Meger, director of metals trading at High Ridge Futures.
Iran has been actively communicating that it desires an end to hostilities and resumption of talks over its nuclear programs, sending messages to Israel and the United States via Arab intermediaries, the Wall Street Journal reported according to the Reuters article. Reuters could not immediately confirm the report.
Streetwise Ownership Overview*
Magma Silver Corp. (MGMA:TSX; MAGMF:OTCQB; FSE:BC21; WKN:A411ED)
*Share Structureas of 6/17/2025Source: Magma Silver Corp.DoubleLine Chief Executive Officer Jeffrey Gundlach said, "I think gold will make it to US$4,000. I'm not sure that'll happen this year, but I feel like that's the measured move anticipated by the long consolidation at around US$1,800 on gold."
And according to an April 10 post on Goldfix, Goldman Sachs has revised raised the upper boundary of its forecast range for the end of the year to US$3,520 an ounce and even introduced a "tall-risk scenario" as high as US$4,500 an ounce.
Ownership and Share Structure
According to the company, about 12.2% of the company is owned by insiders and management. Refinitiv reports 5% owned by strategic corporate entities. The rest is high net worth investors close to management.
Top shareholders include Michael Townsend with 7.34%, Barley with 1.32%, and Cannon Bridge Capital Group with 4.95%, according to Refinitiv.
Its market cap is CA$6.97 million with34.02 million shares outstanding. It trades in a 52-week range of CA$0.04 and CA$0.26.
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Important Disclosures:
Magma Silver Corp. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.