MAG Silver Corp. announced it has filed on SEDAR, the Juanicipio Mineral Resource and Mineral Reserves NI 43-101 Technical Report for the Juanicipio Mine (44% MAG, 56% Fresnillo plc, the mine operator) located in the state of Zacatecas, Mexico. The Report was prepared by AMC Mining Consultants (Canada) Ltd. ("AMC") of Vancouver, with assistance from Knight Piesold and Co.

("KP"), both independent consultants, on behalf of MAG. This Report provides an update to the "MAG Silver Juanicipio NI 43-101 Technical Report, Amended and Restated, Zacatecas State, Mexico" 2017 Technical Report by AMC. Mineral Resource and Mineral Reserve estimates are current as of May 31, 2023.

Exploration upside - In addition to near mine exploration potential, the overall 7,679 Ha Juanicipio property remains largely unexplored with high potential for discovery of new mineralization. With the Report reflecting the mine's startup phase, focus now shifts to optimizing operations as Juanicipio enters steady-state. Likewise, expansion and infill drilling since the last Technical Report has also increased Inferred Mineral Resources by 16% with the majority of that coming from the East and West Dilatant Zones and the growing hangingwall Anticipada Vein.

All scheduling is carried out using Enhanced Production Scheduling ("EPS") software. Operations commenced in March 2023, with commercial production declared in June 2023 and nameplate processing achieved in September 2023. Average LOM operating costs from the latest cost model for the 2023 Mineral Reserves are summarized as follows: Mining - $63.32/t ore; Processing - $12.15/t ore; General and Administration- $10.38/t ore; Total operating cost - $85.85/t ore.

For cut-off purposes, the average cut-off values used were $122/t for longhole stopes and $150/t for cut-and-fill stopes to also cover the LOM sustaining capital costs for mining, processing, and G&A and the operating management fee (totalling $36/t).