Mr. Fausto Di Trapani reports

MAG ANNOUNCES THIRD DIVIDEND

Mag Silver Corp. has declared a fixed dividend of two cents per share and an additional cash-flow-linked dividend of 12.4 cents per share (approximately 30 per cent of the $40.9-million free cash flow generated by Juanicipio attributable to Mag) for a total dividend of 14.4 cents per share payable on Sept. 1, 2025, to shareholders on record as of Aug. 18, 2025. The dividend qualifies as an eligible dividend as defined in the Income Tax Act (Canada). All amounts herein are reported in U.S. dollars unless otherwise specified.

"Exceptional operational execution and industry-leading cost performance at Juanicipio are driving robust cash flow, enabling us to return capital to shareholders in a disciplined and transparent way," said George Paspalas, Mag's president and chief executive officer. "By combining a fixed dividend with a performance-linked top-up, we are directly linking returns to our results, giving shareholders clear participation in our success while maintaining the flexibility to fund growth and sustain future returns."

The declaration, timing, amount and payment of future dividends will be subject to the discretion and approval of the board of directors. The company will review the dividend program on a continuing basis and may amend it at any time depending on the company's then-current financial position, capital allocation framework, profitability, cash flow, debt covenant compliance, legal requirements and other factors considered relevant. As such, aside from the dividend, no assurances can be made that any future dividends will be declared and/or paid. Dividends paid to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

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 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 PLC (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 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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