Mr. George Paspalas reports

MAG SILVER PUBLISHES FOURTH ANNUAL SUSTAINABILITY REPORT

Mag Silver Corp. has released its fourth annual sustainability report, highlighting the company's continuing commitment to transparency and accountability. The 2024 report provides a detailed overview of Mag Silver's environmental, social and governance (ESG) priorities, practices and performance throughout the year. The 2024 sustainability report is supported by the Mag Silver climate action statement and the 2024 ESG performance data table. The 2024 sustainability report and ESG data table are available on the Mag Silver website.

Jim Mallory, Mag Silver's chief sustainability officer, stated: "We have made strong progress on our sustainability journey at Mag. By empowering our people and engaging stakeholders, we've built stronger relationships and attained a clearer direction on our path to climate action. This has helped us raise awareness, identify opportunities, and reinforce our commitment to environmental stewardship, safety and long-term value across our exploration projects."

"In 2024, Mag Silver achieved key milestones, showed resilience through challenges and strengthened our commitment to sustainability, safety and long-term stakeholder value, laying the foundation for even greater success in 2025," said George Paspalas, Mag Silver's president and chief executive officer.

2024 sustainability report highlights:

• Three-year decline in Juanicipio's leading safety indicators: lost-time injury frequency rate, total reportable injury frequency rate and severity rate all trending downward;
• Over 102,000 hours dedicated to safety training across all Mag Silver sites;
• Zero significant environmental incidents at the Juanicipio mine, the Deer Trail project and the Larder project;
• Human rights due diligence internal assessment tool developed to strengthen social responsibility efforts;
• Positive social licence measured at the Larder project;
• 38 per cent of board directors are female, surpassing the 30-per-cent target established in Mag's diversity, equity and inclusion policy.

Mag Silver extends its appreciation to Fresnillo and the Juanicipio team, the Deer Trail and Larder project teams, and the corporate office team for their invaluable support in contributing data and sustainability-related information included in the 2024 sustainability report.

Mag Silver welcomes feedback from stakeholders regarding the company's sustainability reporting. Please direct comments or requests for more information to sustainability@magsilver.com.

About Mag Silver Corp.

Mag Silver is a growth-oriented Canadian mining and exploration company focused on advancing high-grade, district-scale precious metals projects in the Americas. Mag Silver is 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 mining and processing operations, an expanded exploration program is in place targeting multiple highly prospective targets. Mag Silver is also executing multiphase exploration programs at the 100-per-cent-earn-in Deer Trail project in Utah and the 100-per-cent-owned Larder project, located in the historically prolific Abitibi region of Canada.

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