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, 2023. Ramp up of the Juanicipio plant continued to be the focus during the quarter with the plant reaching its target milling rate of 4,000 tonnes per day in September, marking a step change in performance relative to the comparative quarter and a successful transition to a fully independent producer.

As Juanicipio ramped up its operations and transitioned to full capacity, there was a progressive reduction of Juanicipio’s reliance on the nearby Fresnillo and Saucito plants (100% owned by Fresnillo). Notably, no feed was supplied to these plants in both August and September. This transition had a direct impact on total milling and, consequently, overall production for the quarter. Positively, this was partially offset by higher grade feed and continued efforts to optimize the Juanicipio plant as it ramped up to full capacity.

As reported to MAG by the project operator Fresnillo, a total of 322,249 tonnes of mineralized material was processed across the Juanicipio and Saucito plants. The average silver head grade for the quarter was 523 grams per tonne (“g/t”). Preliminary production estimates for the quarter, before any adjustments from offtake agreements, totaled 4.8 million silver ounces and 9,444 gold ounces. MAG expects to release its comprehensive financial and operational results on November 10, 2023.

Comparative production highlights (100% basis):

“Juanicipio reaching its design capacity and transitioning to a stand-alone operation is a testament to the team’s dedication and hard work. This significant step forward not only showcases Juanicipio’s place as a cornerstone asset for MAG, but also solidifies MAG’s stature as a premier silver producer,” said George Paspalas, MAG Silver’s President and CEO. “Our focus is now on ongoing project optimization leading to robust cash flow generation and delivering exceptional value to our stakeholders.”

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 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%) joint venture interest in the 4,000 tonnes per day (tpd) 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 mineralized material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG Silver is also executing multi-phase exploration programs at the Deer Trail 100% earn-in Project in Utah and the 100% owned Larder project, located in the historically prolific Abitibi region of Canada.