MAG Silver Corp. (TSX:MAG) (NYSE American: MAG) reports production from Juanicipio (56% / 44% Fresnillo plc and MAG, respectively) for the third quarter ended September 30, 2024.

Q3 Highlights

• Consistent throughput: The Juanicipio plant maintained steady production with 332,290 tonnes of ore processed in Q3, consistent with Q2, marking the third consecutive quarter of 100% ore processing through the Juanicipio plant.
• Continued grade overperformance: Silver head grade averaged 481 grams per tonne (“g/t”) during the quarter, contributing to a year-to-date average of 485g/t. This continues to outperform expectations and underscores the high-grade nature of the Juanicipio deposit.
• Improved metal recovery: Metal recovery rates continue to improve, highlighting the success of ongoing operational enhancements and circuit optimizations at the Juanicipio plant.
• Robust production: Juanicipio achieved strong preliminary production estimates of 4.9 million silver ounces and 10,801 gold ounces, exceeding quarterly expectations and demonstrating the strength of the asset.
• Guidance on-track: With continued operational outperformance, silver grades are expected to be at the top end of revised guidance (420g/t to 460g/t) for 2024, reinforcing confidence in Juanicipio’s long-term potential. Comprehensive financial and operational results are expected to be released on November 8, 2024.

Comparative production highlights (100% basis):

_{* Includes material processed at the Fresnillo, Saucito and Juanicipio beneficiation plants.}
¹ _{Lead recovered to lead concentrate.}
² _{Zinc recovered to zinc concentrate.}

“The third quarter continued to validate the strength and quality of the operations at Juanicipio,” said George Paspalas, MAG Silver’s President and CEO. “We are delighted to report another quarter of exceptional production results from Juanicipio. Strong production numbers, coupled with consistent operational improvements validate the quality of this world-class asset and we are excited about the growth and long-term success that lies ahead.”

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 emerging as 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 underground mine production and processing of high-grade mineralised material, 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.