MAG Silver Corp. (TSX:MAG) (NYSE: MAG) reports production from Juanicipio (56% / 44% Fresnillo plc and MAG, respectively) for the first quarter ended March 31, 2025. Juanicipio delivered exceptional operational performance, record-breaking silver recovery, and robust output across all metals, cementing its status as a world-class silver operation.

• Steady milling performance: The Juanicipio plant maintained steady milling performance with 337 thousand tonnes (“kt”) of ore processed in Q1, consistent with 2024 levels.
• Consistently strong head grade: Silver head grade averaged 430 grams per tonne during the quarter achieving the top end of 2025 grade guidance reflecting the high-quality nature of the Juanicipio deposit and operations.
• Record-breaking silver recovery: Building upon metallurgical enhancements implemented in 2024, Juanicipio achieved a record silver recovery rate of 96% in Q1.
• Robust production output: Preliminary Q1 production included 4.5 million ounces of silver and 10,198 ounces of gold. Comprehensive financial and operational results are expected to be released on May 12, 2025.

“We are very pleased with Juanicipio’s blockbuster start to 2025,” said George Paspalas, MAG Silver’s President and CEO. “Consistently strong grades and record recovery have laid the foundation for a strong 2025. Looking ahead, we remain focused on optimizing production and advancing our key capital investments including the tailings dam expansion and underground infrastructure development, to sustain and enhance our output. We are well positioned to meet 2025 production guidance and continue delivering strong returns for our shareholders.”

Production highlights (100% basis):

¹ Lead recovered to lead concentrate.
² Zinc recovered to zinc concentrate.

2025 Guidance

As reported by Fresnillo, for 2025, silver production at Juanicipio is forecast to range between 14.7 million and 16.7 million ounces, with payable silver production expected between 13.1 million and 14.9 million ounces. This guidance is based on a throughput rate of 4,000 tonnes per operating day at a silver head grade range of 380 g/t to 430 g/t. Gold head grade is expected to range between 1.2 g/t to 1.4 g/t.

Cost guidance reflects ongoing optimization efforts and sustaining capital investments with cash cost and all-in sustaining cost forecast to range between ($1.00) to $1.00 and $6.00 to $8.00 per silver ounce sold, respectively. Sustaining capital expenditures for 2025 are estimated between $70 and $80 million, with key investments including:

• Expansion of the tailings dam to provide approximately six years of deposition capacity.
• Development of underground workshops, electrical and pumping infrastructure, and ventilation systems to support continued mine development and operations.

Expansionary capital expenditures for 2025 are estimated between $22 and $28 million and are related to the installation of the underground conveyor system which is expected to be commissioned in late 2026 supporting expanded mining rates, delivering enhanced efficiencies and mining cost reductions.

The Company’s guidance for Juanicipio for 2025 is provided in the table below:

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, P.Eng., who is a “Qualified Person” for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects (“National Instrument 43-101” or “NI 43-101”). Mr. Methven is not independent as he is Vice President, Technical Services of MAG.

About MAG Silver Corp.

MAG Silver Corp. 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%) joint venture interest in the 4,000 tonnes per day 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 mining and processing operations, 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.