Mr. Fausto Di Trapani reports

INDEPENDENT PROXY ADVISORY FIRM ISS RECOMMENDS MAG SILVER CORP. SHAREHOLDERS VOTE "FOR" THE PLAN OF ARRANGEMENT WITH PAN AMERICAN SILVER CORP.

Institutional Shareholder Services Inc. (ISS), a leading independent proxy advisory firm, has issued a report recommending that Mag Silver Corp. shareholders vote for the special resolution approving the previously announced plan of arrangement with Pan American Silver Corp. at the company's upcoming special meeting of shareholders. All amounts expressed in United States dollars unless otherwise indicated.

Pursuant to the arrangement, the purchaser will acquire all of the issued and outstanding shares of the company, with shareholders receiving total consideration of approximately $2.1-billion representing $20.54 per Mag share, based on the closing price of Pan American's common shares on the New York Stock Exchange on May 9, 2025.

Under the terms of the arrangement, shareholders will be able to elect to receive the consideration as either: (i) $20.54 in cash per Mag share, or (ii) 0.01 cent in cash and 0.755 Pan American share per Mag share, subject to proration such that the aggregate consideration paid to all shareholders consists of $500-million in cash and the remaining consideration paid in Pan American shares.

The arrangement will be voted on at the meeting to be held on July 10, 2025, at 9 a.m. (Vancouver time).

ISS is a leading independent proxy voting and corporate governance advisory firm whose recommendation may influence how certain pension funds, investment managers, mutual funds and other institutional shareholders vote.

In its recommendation to vote for the resolution approving the arrangement, ISS stated that the arrangement provides shareholders with "premium value to the unaffected date and an attractive blend of cash (subject to proration) and/or equity consideration." ISS also noted that "the consideration represents the highest price for Mag shares going back to 2021" and the combined company will have a larger, more diversified asset portfolio and will offer shareholders the benefits of increased liquidity, scale and market presence.

Important additional information regarding the arrangement, including the rights and entitlements of shareholders thereunder and how shareholders can attend and vote at the meeting, is set out in the company's information circular dated June 6, 2025, and accompanying meeting materials. The meeting materials were mailed to all shareholders of record as of June 2, 2025, and are also available on the company's website and under the company's profile on SEDAR+.

Vote today

Act now. The deadline for shareholders to vote for the arrangement is 9 a.m. (Vancouver time) on Tuesday, July 8, 2025.

Shareholder questions and assistance

If you have any questions or need assistance voting, contact Kingsdale Advisors using your preferred method of communication:

Call:  1-800-775-1986 (toll-free in North America)

Call:  1-416-623-2517 (text and call enabled outside North America)

E-mail:  contactus@kingsdaleadvisors.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 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 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.

We seek Safe Harbor.