MAG Silver Corp. (TSX:MAG) ( NYSE: MAG) announces the Company’s unaudited consolidated financial results for the three months ended March 31, 2025. For details of the unaudited condensed interim consolidated financial statements of the Company for the three months ended March 31, 2025 and management’s discussion and analysis for the three months ended March 31, 2025, please see the Company’s filings on the System for Electronic Document Analysis and Retrieval Plus at (www.sedarplus.ca) or on the Electronic Data Gathering, Analysis, and Retrieval at (www.sec.gov).

All amounts herein are reported in thousands of United States dollars (“US$”) unless otherwise specified (C$ refers to thousands of Canadian dollars).

KEY HIGHLIGHTS (on a 100% basis unless otherwise noted)

• MAG reported record net income of $28,744 ($0.28 per share) and adjusted EBITDA¹ of $55,750, driven by income from Juanicipio (equity accounted) of $33,864 and MAG’s attributable interest in Juanicipio adjusted EBITDA of $59,468.
• During April 2025, Juanicipio returned a total of $61,508 to MAG: $59,400 as its second dividend, and $2,108 in interest and loan principal repayments. All loan balances to Juanicipio have now been fully repaid.
• MAG’s inaugural dividend payment was made on April 21, 2025, to shareholders on record as of April 4, 2025.
• MAG declared its second dividend, with a fixed component of $0.02 per share and an additional cash flow linked component of $0.18 per share (approximately 30% of cash received from Juanicipio), for a total dividend of $0.20 per share payable on May 28, 2025 to shareholders on record as of May 19, 2025.
• A total of 337,017 tonnes of ore at a silver head grade of 430 grams per tonne (“g/t”) (equivalent silver head grade² of 660 g/t) was processed at Juanicipio.
• Record silver recovery of 96% at Juanicipio, up from 89% in Q1 2024, reflecting the commencement of commercial pyrite and gravimetric concentrate production during Q2 2024 as well as the benefit from ongoing optimizations in the processing plant.
• Juanicipio achieved silver production and equivalent silver production² of 4.5 and 6.5 million ounces, respectively.
• Juanicipio generated strong operating cash flow and free cash flow¹ of $86,399 and $77,438, respectively.
• Juanicipio continued to maintain its strong cost performance with cash cost¹ of negative $0.91 per silver ounce sold ($8.50 per equivalent silver ounce sold³) and all-in sustaining cost¹ of $2.04 per silver ounce sold ($10.64 per equivalent silver ounce sold³).

CORPORATE

• On February 3, 2025, MAG announced the appointment of John Armstrong to the Board effective January 31, 2025 as part of MAG’s ongoing and planned Board refreshment. John was previously CEO of Versamet Royalties. Prior to Versamet, John spent many years with BMO Financial Group. Most recently, he held the position of Deputy Head of Investment Banking, BMO Capital Markets where he was responsible for shaping and executing the firm’s investment banking strategy across its various industry verticals and delivering corporate finance (equity underwriting, debt underwriting and corporate lending) and advisory solutions to clients. John holds a Bachelor of Commerce from the Sauder School of Business at the University of British Columbia and an MBA with Honours from the Rotman School of Management at the University of Toronto.

EXPLORATION

• Juanicipio:
  • During Q1 2025, underground infill drilling at Juanicipio totalled 6,992 metres. In 2025, drilling at Juanicipio is planned to focus on infill drilling areas of the resource expected to be mined in the near to mid-term, including Valdecañas, Anticipada, Ramal 1, Ramal 2, and Venadas veins, and the continuation of a southwardly directed program drilling off the conveyor ramp designed to test for a deep skarn target and new veins. Q1 2025 drilling assay results are pending, and regional surface drilling is expected to commence in Q2 2025.

• Deer Trail Project, Utah⁴:
  • During Q1 2025, six pilot holes, targeting the highest priority targets at Deer Trail, totalling 1,783 metres of reverse circulation (“RC”) drilling were completed and cased at Deer Trail. The purpose of these six holes was to assess the feasibility of pre-collaring holes through the tough silicified and fractured quartzite rocks that have hampered historical drilling and setting up for core drilling at six of the best targets. The RC pre-collaring program has been successful in both reducing costs and increasing speed dramatically through the top 300 metres. Rock chips were sampled for the entire length of the six completed RC holes, with results pending.
  • In Q2 2025, MAG is expected to conduct passive Ambient Noise Tomography (“ANT”) 3D seismic, airborne radiometric, and magnetic surveys over the entire project area to better map geological contrasts and structures in the subsurface and allow for refined drill targeting of potential mineralization. Following these surveys, MAG will finalize targets for future drilling.
• Larder Project, Ontario⁵:
  • During Q1 2025, the Larder project underwent a detailed geological synthesis of all data collected in 2024. Tasks performed include, but are not limited to, the following activities:
    • planning the approximately 25,000 metres drill campaign at the Instant Pond zone, which in 2024 returned surface grab samples of up to 32.1 g/t gold, scheduled to start in the second quarter of 2025;
    • prioritizing 2025 field targets;
    • updating geological, geophysical, structural and geochemical models;
    • permitting new zones for future exploration programs; and
    • upgrading infrastructure at the main site.

JUANICIPIO RESULTS

All results of Juanicipio in this section are on a 100% basis, unless otherwise noted.

Operating Performance

The following table and subsequent discussion provide a summary of the operating performance of Juanicipio for the three months ended March 31, 2025 and 2024, unless otherwise noted.

During Q1 2025, a total of 347,467 tonnes of ore were mined. This represents an increase of 7% over Q1 2024. Increases in mined tonnages at Juanicipio have been driven by access to the full strike length of the deposit and the operational ramp-up of the mine towards steady state mining and milling targets. Mining rates for the quarter were 4,009 tonnes per day.

During Q1 2025, a total of 337,017 tonnes of ore were processed through the Juanicipio plant. The 3% increase over Q1 2024 is mainly due to approximately 3% increase in availability of the Juanicipio processing plant, currently operating at or above nameplate per operating day, during 2025.

The silver head grade and equivalent silver head grade for the ore processed in Q1 2025 were 430 g/t and 660 g/t (Q1 2024: 476 g/t and 713 g/t). The higher silver and lower base metal head grades in Q1 2024 were the result of processing ore from higher levels of the mine, characterized by elevated silver grade, compared to deeper areas in Q1 2025. Silver metallurgical recovery during Q1 2025 was 96% (Q1 2024: 89%) reflecting the commencement of commercial pyrite and gravimetric concentrate production during Q2 2024 delivering incremental silver and gold recovery paired with ongoing optimizations in the processing plant.

The following table provides a summary of the total cash costs and all-in sustaining costs of Juanicipio for the three months ended March 31, 2025, and 2024.

The cash cost per silver ounce sold¹ and cash cost per equivalent silver ounce sold¹ for the three months ending March 31, 2025 were negative $0.91/oz and $8.50/oz (three months ended March 31, 2024: $2.50/oz and $8.66). The decrease in cash cost per silver ounce sold¹ is predominantly attributable to higher by-product revenues, as a result of higher realized metal prices (mainly 44% higher gold and 16% higher zinc prices). Additionally, the lower cash cost per silver ounce sold¹ and cash cost per equivalent silver ounce sold¹ were impacted by 8% lower production cost and 11% lower treatment and refining costs.

The all-in sustaining cost per ounce sold¹ and all-in sustaining cost per equivalent silver once sold¹ for the three months ended March 31, 2025 were $2.04/oz and $10.64/oz (three months ended March 31, 2024: $6.11/oz and $11.22/oz). The decrease in all-in sustaining cost per ounce sold¹ and all-in sustaining cost per equivalent silver once sold¹ was primarily due to the decrease in cash cost per silver ounce sold¹ and cash cost per equivalent silver ounce sold¹ described above. Additionally, the lower all-in sustaining cost per ounce sold¹ and all-in sustaining cost per equivalent silver once sold¹ were impacted by 14% lower sustaining capital expenditures and 28% lower general and administrative expenses.

Financial Results

The following table presents excerpts of the financial results of Juanicipio for the three months ended March 31, 2025 and 2024.

Sales increased by $51,546 during the three months ended March 31, 2025, due to 37% higher realized metal prices and $1,125 lower treatment and refining charges driven mainly by updated favorable benchmark treatment and refining pricing terms.

Production costs decreased by $3,124 mainly due to lower mining costs ($3,357) driven by lower labour, contractors and materials costs.

Depreciation decreased by $1,455 impacted by an increase in updated reserve base (yearly assessment) for the purpose of units of production depreciation calculation.

Cash operating margin (gross profit plus depreciation divided by sales) increased from 70% to 81%, mainly due to positive commodity price movements, lower treatment and refining costs and reduced operating costs.

Other expenses decreased by $5,091 mainly as a result of lower consulting and administrative expenses ($1,186), lower interest expense ($3,900) as Juanicipio reduced its outstanding shareholder loans balance by $209,920 over the course of 2024, and positive foreign exchange differences ($2,029) offset by higher selling costs and other duties ($2,023) which were impacted by higher metal prices and the commencement of commercial pyrite concentrate production during Q2 2024.

Taxes increased by $24,091 mainly due to higher taxable profits generated during Q1 2025.

Gross Profit from Ore Processed at Juanicipio Plant (100% basis)

Sales and treatment charges are recorded on a provisional basis and are adjusted based on final assay and pricing adjustments in accordance with the offtake contracts.

MAG FINANCIAL RESULTS – THREE MONTHS ENDED MARCH 31, 2025

As at March 31, 2025, MAG had working capital of $136,962 (December 31, 2024: $160,113) including cash of $156,401 (December 31, 2024: $162,347) and no long-term debt. As well, as at March 31, 2025, Juanicipio had working capital of $178,853 including cash of $130,573 (MAG’s attributable share is 44%).

The Company’s net income for the three months ended March 31, 2025 amounted to $28,744 (March 31, 2024: $14,895) or $0.28/share (December 31, 2023: $0.14/share). MAG recorded its 44% income from equity accounted investment in Juanicipio of $33,864 (March 31, 2024: $19,244) which included MAG’s 44% share of net income from operations as well as loan interest earned on loans advanced to Juanicipio (see above for a discussion of MAG’s share of income from its equity accounted investment in Juanicipio).

NON-IFRS MEASURES

The following table provides a reconciliation of cash cost per silver ounce of Juanicipio to production cost of Juanicipio on a 100% basis (the nearest IFRS Accounting Standards measure) as presented in the notes to the Q1 2025 Financial Statements.

The following table provides a reconciliation of all-in sustaining costs of Juanicipio to production cost and various operating expenses of Juanicipio on a 100% basis (the nearest IFRS Accounting Standards measure), as presented in the notes to the Q1 2025 Financial Statements.

For the three months ended March 31, 2025, the Company incurred corporate G&A expenses of $4,786 (three months ended March 31, 2024: $3,755), which exclude depreciation expense.

For the three months ended March 31, 2025, the Company’s attributable silver ounces sold were 1,752,346 (three months ended March 31, 2024: 1,757,630) and attributable equivalent silver ounces sold were 2,409,103 (three months ended March 31, 2024: 2,475,862), resulting in additional all‐in sustaining cost for the Company of $2.73/oz (three months ended March 31, 2024: $2.14/oz) and $1.99/oz (three months ended March 31, 2024: $1.52/oz), in addition to Juanicipio’s all-in-sustaining costs presented in the above table.

The following table provides a reconciliation of EBITDA and Adjusted EBITDA attributable to the Company based on its economic interest in Juanicipio to net income (the nearest IFRS Accounting Standards measure) of the Company per the Q1 2025 Financial Statements. All adjustments are shown net of estimated income tax.

The following table provides a reconciliation of free cash flow of Juanicipio to its cash flow from operating activities on a 100% basis (the nearest IFRS Accounting Standards measure), as presented in Note 5 of the Q1 2025 Financial Statements.

Qualified Persons: All scientific or technical information in this press release including assay results referred to, mineral resource estimates and mineralization, if applicable, is based upon information prepared by or under the supervision of, or has been approved by Gary Methven, P.Eng., Vice President, Technical Services and Lyle Hansen, P.Geo, Geotechnical Director; both are “Qualified Persons” for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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.