Mr. Michael Curlook reports

MAG SILVER ANNOUNCES ROBUST UPDATED TECHNICAL REPORT FOR JUANICIPIO

Mag Silver Corp. has filed on SEDAR the Juanicipio mineral resource and mineral reserves National Instrument 43-101 technical report for the Juanicipio mine (44 per cent Mag; 56 per cent Fresnillo PLC, the mine operator), located in the state of Zacatecas, Mexico. The Report was prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Report was prepared by AMC Mining Consultants (Canada) Ltd. ("AMC") of Vancouver, with assistance from Knight Piesold and Co. ("KP"), both independent consultants, on behalf of MAG. This Report provides an update to the "MAG Silver Juanicipio NI 43-101 Technical Report, Amended and Restated, Zacatecas State, Mexico" 2017 Technical Report by AMC. Mineral Resource and Mineral Reserve estimates are current as of May 31, 2023. The Report has an effective date of March 4, 2024.The monetary values shown in the Report are in US dollars ($) and on a 100% basis unless stated otherwise.

MAG Silver Comments on Technical Report Highlights:

Robust economics; after tax NPV 5% of $1.2 billion - The Report reflects the strength of Juanicipio's economics over an initial 13-year life of mine ("LOM") generating an annual average free cashflow of over $130 million ("M") at pricing of $22/oz silver and $1,750/oz gold. Payable production is 93 million ounces ("Moz") of silver, 557 thousand ounces ("koz") of gold, 719 million pounds ("Mlbs") of lead and 991 Mlbs of Zinc.

33% growth in Mineral Resources (from 2017 PEA) with high potential to increase - Substantial growth in Measured and Indicated ("M&I") Mineral Resources to 17.0 million tonnes ("Mt") at grades of 310 grams per tonne ("g/t") silver, 1.86 g/t gold, 2.89% lead and 5.32% zinc. Extensive near-term upside potential is highlighted with 16% growth in Inferred Mineral Resources of 14.1 Mt at grades of 236 g/t silver, 1.06 g/t gold, 2.41% lead and 6.12% zinc, most of which are in Valdecanas and its splays, which largely remain open.

Inaugural Mineral Reserve estimate significantly increases economic confidence - 15.4Mt of Proven and Probable Mineral Reserves at grades of 248 g/t silver, 1.58 g/t gold, 2.64% lead and 4.80% zinc (628 g/t silver equivalent ("AgEq") providing a strong foundation for the highly derisked initial 13-year LOM specifically in the first years where silver grades are high.

Simplified and robust underground production plan - Based on actual production achieved (to May 31, 2023) part way through ramp-up maintaining a conservative approach to production at an annual average of approximately 1.3 million tonnes per annum ("Mtpa"). Stoping is largely (>90%) from longhole with some cut and fill (<10%). Importantly, development has now reached levels where the Valdecanas Vein is thicker and continuous along strike allowing for more efficient mining and lower costs. Optimization of the mine plan will continue in 2024.

Efficient mine plan and milling complex in action - Juanicipio has demonstrated consistent improvement in mining and milling performance over the ramp up period coupled with improving metal recovery. Grounded in real-world production data this establishes a springboard for further optimization efforts.

Exploration upside - In addition to near mine exploration potential, the overall 7,679 Ha Juanicipio property remains largely unexplored with high potential for discovery of new mineralization. Of the remaining 95% of the property outside of the mine area, only the Los Tajos and Mesa Grande areas have had initial drill testing. Drilling in both these areas has proven the geological foundation for discovery including lithologies, alteration and geochemical signatures and the interception of narrow high-level mineralized epithermal veins. Triunfo, 10 km south of the mine, a vast area displaying strong evidence for silica cap, not unlike that of Valdecanas, is also a high priority target. With strategic drilling plans in place, the Company aims to unlock additional value from the extensive land holdings.

"The 2024 Technical Report reaffirms Juanicipio as a generational and premier silver mining asset. Bringing Juanicipio online in 2023 was the culmination of a series of successes since the discovery of Valdecanas in 2005. With the Report reflecting the mine's startup phase, our focus now shifts to optimizing operations as Juanicipio enters steady-state. We are strategically positioned for sustained success with a robust production profile, compelling economics and significant exploration potential. In the short term, we anticipate resource conversion to prolong high-grade silver production and mine life. Looking ahead, this district scale project remains 95% unexplored with multiple potentially high impact targets identified," said George Paspalas, President and CEO of MAG. "Juanicipio remains well positioned for enduring success and a cornerstone of MAG's strategy as we continue to maximise its value and foster Company growth."

Mineral Resource Estimates

M&I Mineral Resource estimates (Table 2) are reported for the Valdecanas Vein, which constitutes the majority of the identified mineralized material. Inferred Mineral Resource estimates (Table 2) are reported for the balance of the Valdecanas Vein, as well as its hangingwall and footwall splays (Ramal 1, Anticipada and Pre-Anticipada), the orthogonal Venadas Vein, and for the Juanicipio Vein where the first discovery was made. This estimate is dated May 31, 2023 and supersedes the previous estimate outlined in the 2017 AMC Technical Report.

The new estimates show a significant increase of tonnage, contained metal and most importantly confidence in both M&I of 33%, including what has been mined to May 31, 2023, and for the first time includes Measured Resources. Likewise, expansion and infill drilling since the last Technical Report has also increased Inferred Mineral Resources by 16% with the majority of that coming from the East and West Dilatant Zones (see press release dated August 5, 2021) and the growing hangingwall Anticipada Vein.

Mineral Reserve Estimates

Table 3 shows the reported inaugural Mineral Reserve estimate for the Juanicipio Mine and forms the basis for the initial 13-year mine life plan outlined in the Technical Report and highlighted in this release. The Reserves of Proven and Probable incorporate Measured and Indicated Resources respectively and apply a cut-off value that considers mining, processing, and general and administration costs, with a variable trucking cost for each mining block. Mineral Reserves are largely reported above a value of $122/t ore for longhole stopes which represents >90% of the mine plan and $150/t ore for cut and fill stopes.

Current Mine Plan

The mine is accessed via twin declines in the Sierra Valdecanas and a (conveyor) decline near the process plant in the Linares valley to the top of the mineralization. The declines split into three internal footwall ramp systems that access the ore on a 20 m sub-level spacing, with central accesses and footwall drives to the mineralization. Level to level stopes floor to floor are mined from the extents inwards to the central access (retreat) with rock fill placed within 20 m of the retreating face. Truck haulage is currently used for transporting ore and waste, however the installation of a conveyor in the conveyor ramp in 2024 to 2025 has been approved and will become the primary method for transporting ore from underground to the process plant.

All scheduling is carried out using Enhanced Production Scheduling ("EPS") software. During EPS scheduling, additional dilution ranging from 1% to 5% for mucking and other sources, as well as mining recovery factors of 95% for longhole stoping and 98% for cut and fill. The schedule (Table 4) uses development advance rates in main ramps and lateral drifting in ore of 90 m/month and 50 m/month respectively. Nameplate ore processing capacity of 4,000 tpd was achieved in Q3 2023, averaging about 3,700 tpd in the latter part of the 2023 (approximately 1.3 Mtpa). Optimization and efficiency improvements in underground productivity, equipment utilisation and mining methods are in progress. Mine operations are currently in a ramp-up stage.

Process Plant

The Juanicipio plant was designed with a nominal capacity of 4,000 tpd and consists of a comminution circuit with primary crushing and a semi-autogenous grinding mill and ball mill, followed by sequential flotation to produce a silver-rich lead, zinc and gold-silver-bearing pyrite concentrates. Operations commenced in March 2023, with commercial production declared in June 2023 and nameplate processing achieved in September 2023.

Commissioning and ramp-up have gone well, with the plant achieving designed throughput in line with expectations. Silver, lead and zinc recovery and concentrate grades are and continue to improve with time and optimisation efforts. January 2024 recoveries were 90.0%, 74.0%, 89.5% and 78.5% for silver, gold, lead and zinc respectively. Gold recovery has improved as ramp-up and circuit optimizations, including the February startup of the Knelson concentrator, have progressed. Continual testing and process optimisation is ongoing to maximize recovery and concentrate grades.

Project infrastructure

A 6.5 km access road, mostly over hilly terrain, accesses the main declines portal site from the mill, with the plant site being connected to the main highway by a 1.4 km road. Both the 1.4 km two lane sealed road, which is suitable for use by heavy vehicles, and the access road to the main portals area are fully constructed and in operation.

Power is currently supplied to a main substation at the processing site via a 115 kilovolt ("kV") overhead power line connected to the state-owned power grid. From the mill, a 13.2 kV power line has been extended to the conveyor drive, with a similar line to the main mine portals location.

With completion of a Reverse Osmosis plant in 2023 and optimizing the consumption of treated municipal wastewater, all process water requirements are satisfied through the exclusive use of treated wastewater. Potable water is purchased from local providers as required.

Detailed design of the tailings storage facility ("TSF") for the project was undertaken by Knight Piesold. It is estimated that the Juanicipio processing plant will produce approximately 12.2 Mt of tailings for surface storage over the anticipated initial mine life of approximately 13 years. Mill tailings will be discharged to a TSF which has a total volume capacity of approximately 8.5 Mt as currently designed. It is envisaged that the remaining required tailings storage will come from potential deepening of the Cell 2 basin (currently being pursued), a future expansion to the TSF through construction of an adjacent cell, and / or from a vertical raise of the dam. The Qualified Person ("QP") understands that all permitting documentation for construction of Cell 2 has been submitted and is expected to be approved in Q1 2024.

Truck haulage is currently used for transporting ore and waste from the mine workings to surface. Development waste is either hauled to surface by trucks via the twin access declines or placed directly into stopes as backfill. Once the conveyor system to surface is in operation, ore transport from various mining levels will be by truck haulage to the crusher on 1950 relative level ("RL"). The crushed material will then be placed on a load-out belt that feeds the first of two sequential underground conveyors that bring the material to surface. At surface, a third conveyor delivers the material to an 8,000 t capacity stockpile that is adjacent to the mill.

Although the main maintenance workshop is located on surface, all major scheduled planned maintenance and rebuilds will take place in the underground workshop. The underground workshop is located on 1850 Level and has multiple service bays with overhead cranes.

There are two temporary pump stations already in operation that together can handle 2,500 gallons per minute ("gpm"). The main pump station on 1850 Level has three pumps installed with a fourth available on stand-by. The current capacity is 5,000 gpm. A second permanent pump station is planned for 1650 Level that will pump to the 1850 Level station. A further main pump station is planned for the bottom of the mine (1250 Level) with a capacity of 2,500 gpm. It is estimated that the current and planned pump stations should provide sufficient capacity for the life of the mine.

The overall plan for handling groundwater is an advanced dewatering strategy that will largely depend on accessing the lower levels of the mine well ahead of stope production. This early development approach provides a means for installing a series of dewatering holes and sumps that will dewater sections of the mine prior to production mining. In 2023, the majority of Juanicipio process and operational water requirements was sourced from dewatering underground workings, with the water used primarily for mine development and dust control. Juanicipio also purchased potable well water from third parties for mine development and domestic use.

Environmental and permitting

Environmental investigations included baseline assessments and initial studies required under Mexican Environmental Laws, inclusive of a Regional Environmental Impact Statement (MIA-R) are up to date. Fresnillo, on behalf of Minera Juanicipio, has confirmed that the project does not have any environmental obligations or liabilities identified to date.

Key permits and licenses for the project are in place and Fresnillo has indicated that all the land included in the design and operation of the Juanicipio Mine has been purchased.

Operating costs and capital costs

The operating costs used for the evaluation of project economics are based on actual operating costs and benchmark costs for similar operations in the area. Average LOM operating costs from the latest cost model for the 2023 Mineral Reserves are summarized as follows:

Mining - $63.32/t ore

Processing - $12.15/t ore

General and Administration- $10.38/t ore

Total operating cost - $85.85/t ore

For cut-off purposes, the average cut-off values used were $122/t for longhole stopes and $150/t for cut-and-fill stopes to also cover the LOM sustaining capital costs for mining, processing, and G&A; and the operating management fee (totalling $36/t).

Fresnillo has advanced the project through detailed engineering, project construction, and initial mine development and stoping leading to achievement of commercial production in mid-2023. Internal estimates for the remaining Juanicipio capital, inclusive of sustaining capital and as of 31 May 2023, total $453M.

The key aspects of the remaining project and LOM sustaining capital cost estimate ($413M) includes lateral and vertical development as well as project capital requirements ($40M) for remaining surface and underground infrastructure items (e.g. underground to surface conveyor system, tailings facility, etc.).

Economics

Using the referenced production projections and cost estimates, Juanicipio has a post-tax NPV5% of $1,224M (pre-tax $1,656M). Project economics are shown to be most sensitive to silver price and silver grade, followed by operating costs.

Qualified Persons: All scientific or technical information in this press release including assay results referred to, and mineral resource and mineral reserve estimates, if applicable, is based upon information prepared by or under the supervision of the following:

P. Salmenmaki, P.Eng.

R. Chesher, FAusIMM (CPMET)

M. Molavi, P.Eng.

J. M. Shannon, P.Geo.

C. Stewart, P.Geo.

all of AMC, and:

G. Dominguez, P.E., independent consultant of KP.

All are "Qualified Persons" for purposes of NI 43-101.

About MAG Silver Corp.

MAG Silver Corp. is a growth-oriented Canadian exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tpd Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in 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 mineralised material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100% earn-in Deer Trail Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada.

We seek Safe Harbor.