MAG Silver Corp. (TSX:MAG) (NYSE American: MAG) is pleased to report third quarter metal production from the Juanicipio Project (56% / 44% Fresnillo plc and MAG, respectively). As reported to MAG by the project operator Fresnillo, on a 100% basis, 180,807 tonnes of mineralized material from both underground development and initial stopes were processed during the three months ended September 30, 2022 at an average head grade of 513 silver grams per tonne.

Total Juanicipio production for the quarter, based on provisional estimates before offtake agreement adjustments, totaled 2,617,146 silver ounces and 5,422 gold ounces (MAG’s attributable 44% interest: 1,151,544 silver ounces and 2,386 gold ounces). MAG expects to release its full financial and operational results on November 14, 2022.

Mineralized material from Juanicipio continues to be processed through the nearby Saucito and Fresnillo beneficiation plants (100% owned by Fresnillo). Approximately 70% of the tonnes processed in Q3 were processed at the Saucito beneficiation plant which better resembles that of the Juanicipio plant and provides valuable metallurgical information as we look forward to production commencement at Juanicipio. As previously reported to MAG by Fresnillo, power for final commissioning and start of operations should be available by the end of October, and production ramp up will commence in Q4 of this year.

“As we look forward to the commencement of milling operations, Juanicipio continued to demonstrate strong operating performance this quarter with milling at Fresnillo’s processing facilities increasing to over 180,000 tonnes and production of 2.6 million silver ounces bringing year to date silver production to just under 7.4 million ounces. Mining operations are prepared for start-up with a substantial stockpile ahead of the mill, and will ramp up as the complex enters the commissioning phase to commercial production,” said George Paspalas, MAG’s President and CEO. “Juanicipio remains well positioned to take its place as a significant and responsible producer of silver.”

Qualified Person: Dr. Peter Megaw, Ph.D., C.P.G., has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release. Dr. Megaw has a Ph.D. in geology and more than 40 years of relevant experience focused on ore deposit exploration worldwide. He is a Certified Professional Geologist (CPG 10227) by the American Institute of Professional Geologists and an Arizona Registered Geologist (ARG 21613). Dr. Megaw is not independent as he is Chief Exploration Officer and a Shareholder of MAG.

About MAG Silver Corp.

MAG Silver Corp. is a growth-oriented Canadian development and exploration company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, precious metals projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed with Fresnillo Plc (56%), the operator. The project is located in the Fresnillo Silver Trend in Mexico, the world’s premier silver mining camp, where the operator is currently advancing underground mine development and commissioning a 4,000 tonnes per day processing plant. Underground mine production of mineralized development material commenced in Q3 2020, and an expanded exploration program is in place targeting multiple highly prospective targets at Juanicipio. MAG is also executing multi-phase exploration programs at the Deer Trail 100% earn-in Project in Utah and the recently acquired Larder Project, located in the historically prolific Abitibi region of Canada.