MAG Silver Corp. (TSX:MAG) (NYSE: MAG) reports production from Juanicipio (56% / 44% Fresnillo plc and MAG, respectively) for the second quarter ended June 30, 2025. All results below on a 100% basis unless otherwise stated.

Safety incident: It is with deep sorrow that we confirm the tragic loss of a valued colleague in a fatal incident at Juanicipio in July. Our hearts go out to his family, friends, and teammates during this incredibly difficult time. Together with Fresnillo, we are offering our full support to those affected, including counseling services and other resources, and remain in close contact with the family to provide ongoing assistance. The safety and well-being of our people is our highest priority. Every team member deserves to return home safely at the end of each shift. In response to this tragedy, a full investigation was immediately launched to understand the circumstances surrounding the incident, and all relevant authorities were promptly notified. This loss is a stark and painful reminder of the critical importance of building a culture of safety in everything we do. We honour our colleague’s memory by strengthening our determination and processes to ensure that such a tragedy never happens again.

• Steady milling performance: The Juanicipio plant processed 343 thousand tonnes of ore in Q2, a slight increase over the prior quarter and consistent with nameplate capacity of 4,000 tonnes per day.
• Robust head grades: Silver head grade averaged 417 grams per tonne during the quarter maintaining the top end of 2025 grade guidance with year-to-date silver head grade of 423g/t. Gold grades held steady, while lead and zinc grades improved materially, demonstrating the strength of Juanicipio’s polymetallic mineralization.
• Strong metal output: Preliminary Q2 production included 4.3 million ounces of silver and 10,465 ounces of gold. Lead and zinc production rose 9% and 21% quarter-over-quarter, respectively.
• H1 momentum maintained: First half 2025 production of 8.8 million ounces of silver and 20,663 ounces of gold positions Juanicipio well to meet full year production guidance. Comprehensive financial and operational results are expected to be released on August 11, 2025.

“Juanicipio continues to fire on all cylinders and continues to demonstrate its versatility as a high-quality, silver-dominant polymetallic operation,” said George Paspalas, MAG Silver’s President and CEO. “We delivered another strong quarter of consistent throughput, solid metal contributions, and silver grades right at the top end of our 2025 guidance range. However, the tragic fatality that occurred in July has deeply impacted all of us. While we are proud of the operational performance, our thoughts are foremost with the family, friends, and colleagues of our lost teammate. This painful loss reinforces the absolute importance of safety in everything we do. As we carry forward the positive momentum into the second half of the year, we do so with a renewed commitment to ensuring that every person goes home safely, every single day.”

Production highlights:

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

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.