Mr. George Paspalas reports

MAG SILVER REPORTS PRELIMINARY 2024 JUANICIPIO GUIDANCE

Mag Silver Corp. has released preliminary 2024 guidance for the high-grade Juanicipio mine jointly owned by Fresnillo PLC (56 per cent) and Mag (44 per cent).

Highlights:

• Robust silver head grade -- As reported by Fresnillo, the project operator, silver head grade at Juanicipio is expected to range between 380 grams per tonne and 420 g/t for 2024, translating to significant silver production potential.
• Nameplate capacity -- The plant is anticipated to operate at nameplate capacity per operating day with an effective utilization of 91 per cent, ensuring consistent and efficient production.
• Technical report on track -- Mag remains on schedule to publish its updated technical report by the end of the first quarter of 2024, providing more definitive guidance and solidifying Mag's outlook for the Juanicipio mine.

"Following a very successful start-up and ramp-up phase in 2023, the Juanicipio mine is now operating at steady state with robust silver grades and operations beginning to benefit from increasing efficiencies," said George Paspalas, president and chief executive officer of Mag. "With the release of our updated technical report on the horizon, we're eager to paint an even-clearer picture of the exciting future ahead for Juanicipio and Mag Silver."

About Mag Silver Corp.

Mag Silver is a growth-oriented Canadian exploration company focused on advancing high-grade, district-scale precious metals projects in the Americas. Mag Silver is emerging as a top-tier primary silver-mining company through its (44 per cent) joint venture interest in the 4,000-tonne-per-day Juanicipio mine, operated by Fresnillo (56 per cent). The mine is located on the Fresnillo silver trend in Mexico, the world's premier silver mining camp, where in addition to underground mine production and processing of high-grade mineralized material, an expanded exploration program is in place targeting multiple highly prospective targets. Mag Silver is also executing multiphase exploration programs at the Deer Trail earn-in (100 per cent) project in Utah, and the 100-per-cent-owned Larder project in the historically prolific Abitibi region of Canada.

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