We report on an experimental study of the dynamics of the reflection of ultracold atoms from a periodic one-dimensional magnetic lattice potential. The magnetic lattice potential of period 10 m is generated by applying a uniform bias magnetic field to a microfabricated periodic structure on a silicon wafer coated with a multilayered TbGdFeCo/Cr magneto-optical film. The effective thickness of the magnetic film is about 960 nm. A detailed study of the profile of the reflected atoms as a function of externally induced periodic corrugation in the potential is described. The effect of angle of incidence is investigated in detail. The experimental observations are supported by numerical simulations.