Mr. George Paspalas reports

MAG ANNOUNCES FIRST QUARTER 2024 PRODUCTION FROM JUANICIPIO

Mag Silver Corp. has released production results from Juanicipio (56 per cent Fresnillo PLC and 44 per cent Mag) for the first quarter ended March 31, 2024.

Q1 highlights:

• Solid throughput -- Juanicipio processed 325,684 tonnes of ore in Q1. Despite a routine four-day maintenance shutdown during the quarter, Juanicipio delivered a 3,980-tonne-per-operating-day milling performance, confirming its operational efficiency and ability to quickly pick up where it left off.
• Continued strong grades -- The average silver head grade for the quarter was 476 grams per tonne, marginally higher than the previous quarter. This, together with the company's robust initial reserve as outlined in the recently released technical report, further reaffirms Juanicipio's status as a high-grade mineral deposit with significant long-term potential.
• Improving recovery -- Recovery for the quarter was higher than the previous quarter across all metals, showcasing the continuing operational enhancements and optimization efforts at Juanicipio.
• Robust production and guidance on track -- Juanicipio surpassed expectations with preliminary production estimates of 4.4 million silver ounces and 9,927 gold ounces in Q1.

Mag expects to release its comprehensive financial and operational results on May 14, 2024.

Compared with Q1 2023, Juanicipio's performance significantly improved, reflecting the progress made since the commencement of mining ramp-up and plant commissioning in February, 2023.

"Q1 continued the trend of consistent operational performance. Despite a major planned maintenance shutdown during the quarter, Juanicipio continued to demonstrate its ability to deliver strong milling rates per operational day," said George Paspalas, Mag Silver's president and chief executive officer. "The quarter puts us in a great position to deliver on our 2024 guidance, and with the solid foundation provided by our recently released technical report, we are well positioned for continued long-term success and growth."

Qualified person

All scientific or technical information in this press release is based upon information prepared by or under the supervision of, or has been approved by, Gary Methven, PEng, who is a qualified person for purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Methven is not independent, as he is vice-president of technical services of Mag.

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 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 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 100-per-cent earn-in project, located in Utah, and the 100-per-cent-owned Larder project, located in the historically prolific Abitibi region of Canada.

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