Appointment of Voluntary Administrators | INN

MAG Silver Feedback on Technical Report Highlights:

• Sturdy economics; after tax NPV _5% of $1.2 billion – The Report displays the power of Juanicipio’s economics over an preliminary 13-year lifetime of mine (” LOM “) producing an annual common free cashflow of over $130 million (” M “) at pricing of $22/oz silver and $1,750/oz gold. Payable manufacturing is 93 million ounces (” Moz “) of silver, 557 thousand ounces (” koz “) of gold, 719 million kilos (” Mlbs “) of lead and 991 Mlbs of Zinc.
• 33% development in Mineral Sources (from 2017 PEA) with excessive potential to extend – Substantial development in Measured and Indicated (” M&I “) Mineral Sources to 17.0 million tonnes (” Mt “) at grades of 310 grams per tonne (” g/t “) silver, 1.86 g/t gold, 2.89% lead and 5.32% zinc. Intensive near-term upside potential is highlighted with 16% development in Inferred Mineral Sources of 14.1 Mt at grades of 236 g/t silver, 1.06 g/t gold, 2.41% lead and 6.12% zinc, most of that are in Valdecañas and its splays, which largely stay open.
• Inaugural Mineral Reserve estimate considerably will increase financial confidence – 15.4Mt of Confirmed and Possible Mineral Reserves at grades of 248 g/t silver, 1.58 g/t gold, 2.64% lead and 4.80% zinc (628 g/t silver equal (” AgEq “) offering a powerful basis for the extremely derisked preliminary 13-year LOM particularly within the first years the place silver grades are excessive.
• Simplified and strong underground manufacturing plan – Based mostly on precise manufacturing achieved (to Might 31, 2023) half approach by ramp-up sustaining a conservative method to manufacturing at an annual common of roughly 1.3 million tonnes every year (” Mtpa “). Stoping is essentially (>90%) from longhole with some lower and fill (
• Environment friendly mine plan and milling advanced in motion – Juanicipio has demonstrated constant enchancment in mining and milling efficiency over the ramp up interval coupled with bettering metallic restoration. Grounded in real-world manufacturing information this establishes a springboard for additional optimization efforts.
• Exploration upside – Along with close to mine exploration potential, the general 7,679 Ha Juanicipio property stays largely unexplored with excessive potential for discovery of latest mineralization. Of the remaining 95% of the property outdoors of the mine space, solely the Los Tajos and Mesa Grande areas have had preliminary drill testing. Drilling in each these areas has confirmed the geological basis for discovery together with lithologies, alteration and geochemical signatures and the interception of slim high-level mineralized epithermal veins. Triunfo, 10 km south of the mine, an unlimited space displaying robust proof for silica cap, not not like that of Valdecañas, can be a excessive precedence goal. With strategic drilling plans in place, the Firm goals to unlock extra worth from the in depth land holdings.

“The 2024 Technical Report reaffirms Juanicipio as a generational and premier silver mining asset. Bringing Juanicipio on-line in 2023 was the fruits of a sequence of successes for the reason that discovery of Valdecañas in 2005. With the Report reflecting the mine’s startup part, our focus now shifts to optimizing operations as Juanicipio enters steady-state. We’re strategically positioned for sustained success with a sturdy manufacturing profile, compelling economics and vital exploration potential. Within the quick time period, we anticipate useful resource conversion to lengthen high-grade silver manufacturing and mine life. Trying forward, this district scale venture stays 95% unexplored with a number of doubtlessly excessive affect targets recognized ,” mentioned George Paspalas, President and CEO of MAG. “Juanicipio stays nicely positioned for enduring success and a cornerstone of MAG’s technique as we proceed to maximise its worth and foster Firm development.”

Desk 1: 2024 Technical Report key financial assumptions and outcomes

_{Notes:
– Numbers might not compute precisely because of rounding.
– Change charge MXP19:US$1. Metallic costs: gold – $1750/oz; silver 22/oz; lead – $1.00/lb; zinc – $1.15/lb.
¹ Life-of-mine (LOM) common recoveries to concentrates.
² Promoting prices embody penalties, therapy, transportation, and refining prices.
³ Contains mine working prices, milling, and mine G&A.
⁴ Undiscounted from 1 June 2023. Money circulation after worker revenue sharing profit (PTU).
⁵ Discounted from 1 June 2023. Depreciation bills of $453M (for the remaining venture and sustaining capital), and sunk prices of $840M (previous to 31 Might 2023) are acknowledged within the tax calculations.}

Mineral Useful resource Estimates

M&I Mineral Useful resource estimates (Desk 2) are reported for the Valdecañas Vein, which constitutes nearly all of the recognized mineralized materials. Inferred Mineral Useful resource estimates (Desk 2) are reported for the stability of the Valdecañas Vein, in addition to its hangingwall and footwall splays (Ramal 1, Anticipada and Pre-Anticipada), the orthogonal Venadas Vein, and for the Juanicipio Vein the place the primary discovery was made. This estimate is dated Might 31, 2023 and supersedes the earlier estimate outlined within the 2017 AMC Technical Report.

The brand new estimates present a big enhance of tonnage, contained metallic and most significantly confidence in each M&I of 33%, together with what has been mined to Might 31, 2023, and for the primary time contains Measured Sources. Likewise, enlargement and infill drilling for the reason that final Technical Report has additionally elevated Inferred Mineral Sources by 16% with nearly all of that coming from the East and West Dilatant Zones (see press launch dated August 5, 2021) and the rising hangingwall Anticipada Vein.

Desk 2: Juanicipio Mineral Sources at 31 Might 2023 (100% foundation)

_Notes:

• _{CIM Definition Requirements (2014) have been used for reporting.}
• _{Mineral Sources are reported inclusive of Mineral Reserves.}
• _{Mineral Sources are reported at or above a cut-off grade of 209 grams per tonne (g/t) silver equal (AgEq), equal to $96.9 NSR. Whereas a 3 m minimal width is utilized and blocks above the cut-off grade are largely contiguous mineable shapes haven’t been outlined, which can end result within the tonnes of underground Mineral Sources being barely exaggerated.}
• _{Mineral Sources are reported at values primarily based on metallic worth assumptions, metallurgical restoration assumptions, mining prices, processing prices, common and administrative (G&A) prices, and variable smelting and transportation prices.}
• _{Metallic worth assumptions thought of for the calculation of metallic equal values are gold (US$1,450.00/oz), silver (US$20.00/oz), lead (US$0.90/lb), and zinc (US$1.15/lb).}
• _{Assumed metallic recoveries of 75.84%, 87.06%, 86.33% and 74.48% for Au, Ag, Pb, and Zn, respectively and on NSR components of US$30.71/g Au, US$0.46/g Ag, US$15.01/% Pb and US$11.36/% Zn.}
• _{Mineral Sources are reported on a 100% foundation. The MAG share is 44%.}
• _{Totals might not compute precisely because of rounding.}
• _{The Mineral Sources have been estimated by Fresnillo. Mr John Morton Shannon, P.Geo. (EGBC #32865), has reviewed the Mineral Sources and takes QP accountability.}

_{Supply: AMC primarily based on Fresnillo information, 2023.}

Mineral Reserve Estimates

Desk 3 reveals the reported inaugural Mineral Reserve estimate for the Juanicipio Mine and types the premise for the preliminary 13-year mine life plan outlined within the Technical Report and highlighted on this launch. The Reserves of Confirmed and Possible incorporate Measured and Indicated Sources respectively and apply a cut-off worth that considers mining, processing, and common and administration prices, with a variable trucking price for every mining block. Mineral Reserves are largely reported above a worth of $122/t ore for longhole stopes which represents >90% of the mine plan and $150/t ore for lower and fill stopes.

Desk 3: Abstract of Mineral Reserves as of 31 Might 2023 (100% foundation)

_Notes:

• _{CIM Definition Requirements (2014) have been used for reporting.}
• _{All figures rounded to reflect the relative accuracy of the estimates. Mineral Reserves are reported at a cut-off worth primarily based on metallic worth assumptions, metallurgical restoration assumptions, mining prices, processing prices, G&A prices, sustaining capital prices, and variable trucking prices.}
• _{NSR values are calculated as:}
  • _{NSR = 30.71*Au+0.46*Ag+15.01*Pb+11.36*Zn. Items Au (g/t), Ag (g/t), Pb (%), Zn (%).}
  • _{NSR components are primarily based on metallic costs of $1,450/oz Au, $20.00/oz Ag, $0.90/lb Pb, and $1.15/lb Zn and estimated recoveries of 75.84% Au, 87.06% Ag, 86.33% Pb, and 74.48% Zn.}
  • _{Payable metallic assumptions for Au are 95% for lead concentrates, and 65% for zinc focus; for Ag: 95% for lead concentrates, and 70% for zinc focus. Lead 95% payable and zinc 85% payable.}
  • _{The all-inclusive working prices for longhole stopes and cut-and-fill stopes are $122/tonne and $150/tonne respectively (277 g/t AgEq primarily based on weighted common for mining methodology). The marginal stope cut-off worth is usually above $121/t for cut-and-fill and $93/t for longhole stopes.}
  • _{Projected stope hangingwall and footwall dilution (ELOS) was included within the stope optimization course of. The dilution thickness for stope hangingwall and footwall varies by mining methodology.}
  • _{Extra operational mucking dilution of 0.5 m for longhole and cut-and-fill stopes is utilized to the Mineral Reserve calculation. An additional endwall dilution for longhole stopes is assumed as 0.50 m.}
  • _{Mining restoration components are 95% for longhole stopes and 98% for cut-and-fill stopes. Mining restoration issue for ore drive growth is 99%. Mining restoration issue for each sill pillars and rib pillars is 0%.}
  • _{Change charge of 19 MXP to US$1.}
  • _{The Mineral Reserves have been estimated by Fresnillo. Mr Paul Salmenmaki P.Eng. (EGBC #40227), has reviewed the estimates and accepts QP accountability for them.}
• _{Totals might not compute precisely because of rounding.}
• _{Observe reported on a 100% foundation and MAG Silver owns 44% of Minera Juanicipio.}

_{Supply: AMC / Fresnillo, 2023.}

Present Mine Plan

The mine is accessed through twin declines within the Sierra Valdecañas and a (conveyor) decline close to the method plant within the Linares valley to the highest of the mineralization. The declines break up into three inner footwall ramp programs that entry the ore on a 20 m sub-level spacing, with central accesses and footwall drives to the mineralization. Stage to stage stopes ground to ground are mined from the extents inwards to the central entry (retreat) with rock fill positioned inside 20 m of the retreating face. Truck haulage is presently used for transporting ore and waste, nonetheless the set up of a conveyor within the conveyor ramp in 2024 to 2025 has been permitted and can turn out to be the first methodology for transporting ore from underground to the method plant.

All scheduling is carried out utilizing Enhanced Manufacturing Scheduling (” EPS “) software program. Throughout EPS scheduling, extra dilution starting from 1% to five% for mucking and different sources, in addition to mining restoration components of 95% for longhole stoping and 98% for lower and fill. The schedule (Desk 4) makes use of growth advance charges in fundamental ramps and lateral drifting in ore of 90 m/month and 50 m/month respectively. Nameplate ore processing capability of 4,000 tpd was achieved in Q3 2023, averaging about 3,700 tpd within the latter a part of the 2023 (roughly 1.3 Mtpa). Optimization and effectivity enhancements in underground productiveness, gear utilisation and mining strategies are in progress. Mine operations are presently in a ramp-up stage.

Desk 4: Mine manufacturing schedule by 12 months

_{Supply: Fresnillo, 2023.}

Course of Plant

The Juanicipio plant was designed with a nominal capability of 4,000 tpd and consists of a comminution circuit with major crushing and a semi-autogenous grinding mill and ball mill, adopted by sequential flotation to provide a silver-rich lead, zinc and gold-silver-bearing pyrite concentrates. Operations commenced in March 2023, with business manufacturing declared in June 2023 and nameplate processing achieved in September 2023.

Commissioning and ramp-up have gone nicely, with the plant attaining designed throughput in step with expectations. Silver, lead and zinc restoration and focus grades are and proceed to enhance with time and optimisation efforts. January 2024 recoveries have been 90.0%, 74.0%, 89.5% and 78.5% for silver, gold, lead and zinc respectively. Gold restoration has improved as ramp-up and circuit optimizations, together with the February startup of the Knelson concentrator, have progressed. Continuous testing and course of optimisation is ongoing to maximise restoration and focus grades.

Desk 5: Common mill recoveries used to estimate manufacturing within the monetary mannequin

Mission infrastructure

A 6.5 km entry street, principally over hilly terrain, accesses the principle declines portal web site from the mill, with the plant web site being linked to the principle freeway by a 1.4 km street. Each the 1.4 km two lane sealed street, which is appropriate to be used by heavy automobiles, and the entry street to the principle portals space are absolutely constructed and in operation.

Energy is presently equipped to a fundamental substation on the processing web site through a 115 kilovolt (” kV “) overhead energy line linked to the state-owned energy grid. From the mill, a 13.2 kV energy line has been prolonged to the conveyor drive, with an identical line to the principle mine portals location.

With completion of a Reverse Osmosis plant in 2023 and optimizing the consumption of handled municipal wastewater, all course of water necessities are happy by the unique use of handled wastewater. Potable water is bought from native suppliers as required.

Detailed design of the tailings storage facility (” TSF “) for the venture was undertaken by Knight Piésold. It’s estimated that the Juanicipio processing plant will produce roughly 12.2 Mt of tailings for floor storage over the anticipated preliminary mine life of roughly 13 years. Mill tailings shall be discharged to a TSF which has a complete quantity capability of roughly 8.5 Mt as presently designed. It’s envisaged that the remaining required tailings storage will come from potential deepening of the Cell 2 basin (presently being pursued), a future enlargement to the TSF by development of an adjoining cell, and / or from a vertical increase of the dam. The Certified Individual (” QP “) understands that each one allowing documentation for development of Cell 2 has been submitted and is predicted to be permitted in Q1 2024.

Truck haulage is presently used for transporting ore and waste from the mine workings to floor. Improvement waste is both hauled to floor by vehicles through the dual entry declines or positioned immediately into stopes as backfill. As soon as the conveyor system to floor is in operation, ore transport from varied mining ranges shall be by truck haulage to the crusher on 1950 relative stage (” RL “). The crushed materials will then be positioned on a load-out belt that feeds the primary of two sequential underground conveyors that carry the fabric to floor. At floor, a 3rd conveyor delivers the fabric to an 8,000 t capability stockpile that’s adjoining to the mill.

Though the principle upkeep workshop is situated on floor, all main scheduled deliberate upkeep and rebuilds will happen within the underground workshop. The underground workshop is situated on 1850 Stage and has a number of service bays with overhead cranes.

There are two momentary pump stations already in operation that collectively can deal with 2,500 gallons per minute (” gpm “). The primary pump station on 1850 Stage has three pumps put in with a fourth obtainable on stand-by. The present capability is 5,000 gpm. A second everlasting pump station is deliberate for 1650 Stage that can pump to the 1850 Stage station. An extra fundamental pump station is deliberate for the underside of the mine (1250 Stage) with a capability of two,500 gpm. It’s estimated that the present and deliberate pump stations ought to present ample capability for the lifetime of the mine.

The general plan for dealing with groundwater is a sophisticated dewatering technique that can largely depend upon accessing the decrease ranges of the mine nicely forward of stope manufacturing. This early growth method supplies a way for putting in a sequence of dewatering holes and sumps that can dewater sections of the mine previous to manufacturing mining. In 2023, nearly all of Juanicipio course of and operational water necessities was sourced from dewatering underground workings, with the water used primarily for mine growth and dirt management. Juanicipio additionally bought potable nicely water from third events for mine growth and home use.

Environmental and allowing

Environmental investigations included baseline assessments and preliminary research required below Mexican Environmental Legal guidelines, inclusive of a Regional Environmental Influence Assertion (MIA-R) are updated. Fresnillo, on behalf of Minera Juanicipio, has confirmed that the venture doesn’t have any environmental obligations or liabilities recognized to this point.

Key permits and licenses for the venture are in place and Fresnillo has indicated that each one the land included within the design and operation of the Juanicipio Mine has been bought.

Working prices and capital prices

The working prices used for the analysis of venture economics are primarily based on precise working prices and benchmark prices for comparable operations within the space. Common LOM working prices from the most recent price mannequin for the 2023 Mineral Reserves are summarized as follows:

• Mining – $63.32/t ore
• Processing – $12.15/t ore
• Common and Administration- $10.38/t ore
• Whole working price – $85.85/t ore

For cut-off functions, the common cut-off values used have been $122/t for longhole stopes and $150/t for cut-and-fill stopes to additionally cowl the LOM sustaining capital prices for mining, processing, and G&A; and the working administration price (totalling $36/t).

Fresnillo has superior the venture by detailed engineering, venture development, and preliminary mine growth and stoping resulting in achievement of business manufacturing in mid-2023. Inner estimates for the remaining Juanicipio capital, inclusive of sustaining capital and as of 31 Might 2023, whole $453M.

The important thing features of the remaining venture and LOM sustaining capital price estimate ($413M) contains lateral and vertical growth in addition to venture capital necessities ($40M) for remaining floor and underground infrastructure objects (e.g. underground to floor conveyor system, tailings facility, and so on.).

Economics

Utilizing the referenced manufacturing projections and value estimates, Juanicipio has a post-tax NPV _5% of $1,224M (pre-tax $1,656M). Mission economics are proven to be most delicate to silver worth and silver grade, adopted by working prices.

Certified Individuals: All scientific or technical info on this press launch together with assay outcomes referred to, and mineral useful resource and mineral reserve estimates, if relevant, is predicated upon info ready by or below the supervision of the next:

• P. Salmenmaki, P.Eng.
• R. Chesher, FAusIMM (CPMET)
• M. Molavi, P.Eng.
• J. M. Shannon, P.Geo.
• C. Stewart, P.Geo.
  all of AMC, and:
• G. Dominguez, P.E., impartial advisor of KP.

All are “Certified Individuals” for functions of NI 43-101.

About MAG Silver Corp.

MAG Silver Corp. is a growth-oriented Canadian exploration firm centered on advancing high-grade, district scale treasured metals initiatives within the Americas. MAG is rising as a top-tier major silver mining firm by its (44%) three way partnership curiosity within the 4,000 tpd Juanicipio Mine, operated by Fresnillo plc (56%). The mine is situated within the Fresnillo Silver Development in Mexico, the world’s premier silver mining camp, the place along with underground mine manufacturing and processing of high-grade mineralised materials, an expanded exploration program is in place focusing on a number of extremely potential targets. MAG can be executing multi-phase exploration packages on the 100% earn-in Deer Path Mission in Utah and the 100% owned Larder Mission, situated within the traditionally prolific Abitibi area of Canada.

Neither the Toronto Inventory Change nor the NYSE American has reviewed or accepted accountability for the accuracy or adequacy of this press launch, which has been ready by administration.

Cautionary Observe to United States Buyers

Except in any other case indicated, technical disclosure included herein, together with using the phrases “Mineral Sources” and “Mineral Reserves” and all Mineral Useful resource and Mineral Reserve estimates contained in such technical disclosure has been ready in accordance with the necessities of NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the ” CIM “) – CIM Definition Requirements on Mineral Sources and Mineral Reserves, adopted by the CIM Council, as amended (the ” CIM Definition Requirements “). NI 43-101 is an instrument developed by the Canadian Securities Directors that establishes requirements for all public disclosure an issuer makes of scientific and technical info regarding mineral initiatives.

Canadian requirements, together with NI 43-101, differ considerably from the disclosure necessities of the U.S. Securities and Change Fee (” SEC “) below subpart 1300 of Regulation S-Okay (the ” SEC Modernization Guidelines “). The Firm shouldn’t be required to supply disclosure on its mineral properties below the SEC Modernization Guidelines and supplies disclosure below NI 43-101 and the CIM Definition Requirements. Accordingly, info contained on this press launch might differ considerably from the data that might be disclosed had the Firm ready the Mineral Useful resource or Mineral Reserve estimates below the requirements adopted below the SEC Modernization Guidelines.

Cautionary Observe to Buyers Regarding Estimates of Mineral Sources

“Inferred Mineral Sources” are Mineral Sources for which amount and grade or high quality are estimated primarily based on restricted geological proof and sampling. Geological proof is ample to indicate however not confirm geological and grade or high quality continuity. “Inferred Mineral Sources” are primarily based on restricted info and have a large amount of uncertainty as to their existence and nice uncertainty as to their financial and authorized feasibility, though it’s fairly anticipated that almost all of “Inferred Mineral Sources” could possibly be upgraded to “Indicated Mineral Sources” with continued exploration. Underneath Canadian guidelines, estimates of Inferred Mineral Sources are thought of too speculative geologically to have the financial issues utilized to them to allow them to be categorized as Mineral Sources and, accordingly, might not kind the premise of feasibility or pre-feasibility research, or financial research aside from a Preliminary Financial Evaluation as outlined below NI 43-101. Indicated and Inferred Mineral Sources that aren’t Mineral Sources don’t have demonstrated financial viability.

Cautionary Observe Concerning Ahead-Trying Statements

Sure info contained on this launch, together with any info referring to MAG’s future oriented monetary info, are “forward-looking info” and “forward-looking statements” throughout the that means of relevant Canadian and United States securities laws (collectively herein referred as “forward-looking statements”), together with the “secure harbour” provisions of provincial securities laws, the U.S. Non-public Securities Litigation Reform Act of 1995, Part 21E of the U.S. Securities Change Act of 1934, as amended and Part 27A of the U.S. Securities Act. Such forward-looking statements embody, however usually are not restricted to:

• statements that handle attaining the nameplate 4,000 tpd milling charge at Juanicipio;
• statements that handle our expectations concerning exploration and drilling;
• statements concerning manufacturing expectations and nameplate;
• statements concerning the extra info from future drill packages;
• estimated future exploration and growth operations and corresponding expenditures and different bills for particular operations;
• the Firm’s expectations concerning the tailings storage facility at Juanicipio;
• the Firm’s estimation of tailings manufacturing and waste;
• the anticipated capital, sustaining capital and dealing capital necessities at Juanicipio;
• the anticipated operations of the processing plant at Juanicipio and the associated impacts on manufacturing for the present monetary 12 months;
• anticipated upside from extra exploration;
• expectations referring to permits and license; and
• different future occasions or developments.

When used on this launch, any statements that specific or contain discussions with respect to predictions, beliefs, plans, projections, goals, assumptions or future occasions of efficiency (usually however not at all times utilizing phrases or phrases equivalent to “anticipate”, “consider”, “estimate”, “anticipate”, “intend”, “plan”, “technique”, “targets”, “goals”, “venture”, “potential” or variations thereof or stating that sure actions, occasions, or outcomes “might”, “might”, “would”, “would possibly” or “will” be taken, happen or be achieved, or the unfavourable of any of those phrases and comparable expressions), as they relate to the Firm or administration, are supposed to determine forward-looking statements. Such statements replicate the Firm’s present views with respect to future occasions and are topic to sure recognized and unknown dangers, uncertainties and assumptions.

Ahead-looking statements are essentially primarily based upon estimates and assumptions, that are inherently topic to vital enterprise, financial and aggressive uncertainties and contingencies, lots of that are past the Firm’s management and plenty of of which, concerning future enterprise selections, are topic to vary. Assumptions underlying the Firm’s expectations concerning forward-looking statements contained on this launch embody, amongst others: MAG’s capability to hold on its varied exploration and growth actions together with venture growth timelines, the well timed receipt of required approvals and permits, the worth of the minerals produced, the prices of working, exploration and growth expenditures, the affect on operations of modifications to the Mexican tax and authorized regimes, MAG’s capability to acquire sufficient financing, outbreaks or risk of an outbreak of a virus or different contagions or epidemic illness shall be adequately responded to domestically, nationally, regionally and internationally.

Though MAG believes the expectations expressed in such forward-looking statements are primarily based on affordable assumptions, such statements usually are not ensures of future efficiency and precise outcomes or developments might differ materially from these within the forward-looking statements. These forward-looking statements contain recognized and unknown dangers, uncertainties and plenty of components might trigger precise outcomes, efficiency or achievements to be materially completely different from any future outcomes, efficiency or achievements that could be expressed or implied by such forward-looking statements together with amongst others: estimates of Mineral Sources and Mineral Reserves being primarily based on interpretation and assumptions that are inherently imprecise; no assure that licenses and permits required to conduct enterprise shall be obtained, which can lead to an impairment or loss within the Firm’s mineral properties; rights to make use of the floor of the Firm’s mineral properties usually are not assured; the properties by which the Firm has an curiosity are situated primarily in Mexico; financial and political instability might have an effect on the Firm’s enterprise; neighborhood relations might have an effect on the Firm’s enterprise, together with its curiosity in Juanicipio; sufficient funding is probably not obtainable, ensuing within the doable loss or dilution of the Firm’s pursuits in its properties; substantial expenditures are required for business operations and if financing for such expenditures shouldn’t be obtainable on acceptable phrases, the Firm might not be capable to justify business operations; uncertainties and dangers referring to the operation of the Juanicipio Mine; the Firm’s capital and working prices, manufacturing schedules and financial returns are primarily based on sure assumptions which can show to be inaccurate; Juanicipio capital necessities contemplated within the 2024 Technical Report are topic to volatility and uncertainty; Mineral initiatives, equivalent to Juanicipio, are unsure and it’s doable that precise capital and working prices and financial returns will differ considerably from these estimated for venture manufacturing; the Juanicipio Mine plan and design and the monetary outcomes is probably not in keeping with the 2024 Technical Report; the continued operation of Juanicipio could also be adversely impacted by a scarcity of entry to a talented workforce; labour dangers; the continued operation of Juanicipio could also be adversely impacted by lack of entry and availability of infrastructure, energy and water, and different issues; dangers associated to the Firm’s choice to take part within the growth, exploration, processing and manufacturing of the Juanicipio Mine; the Firm might encounter sure transportation and refining dangers that would have a unfavourable affect on its operations; the Firm’s mineral properties are topic to title threat and any problem to the title to any of such properties might have a unfavourable affect on the Firm; dangers associated to potential Indigenous rights claims made in opposition to the Firm’s mineral properties and the advanced nature of such claims; title opinions present no assure of title and any problem to the title to any properties might have might have a unfavourable affect on the Firm; title to the properties by which the Firm has an curiosity that aren’t registered within the title of the Firm might lead to potential title disputes having a unfavourable affect on the Firm; the Firm being a minority shareholder and non-operator of Juanicipio and due to this fact depends on, and topic to, the choices of the bulk shareholder and operator of Juanicipio; the Firm holds its Juanicipio curiosity by a minority shareholding within the Juanicipio Entities and due to this fact could also be adversely impacted by disputes amongst the shareholders; dangers associated to the extremely aggressive nature of the mineral exploration business; tailings storage facility / allow dangers; dangers associated to pure disasters; the Firm might face gear shortages, entry restrictions and a scarcity of infrastructure; the Firm depends on its key personnel, none of whom are insured by the Firm; overseas forex fluctuations and inflationary pressures might have a unfavourable affect on the Firm’s monetary place and outcomes; dangers associated to amendments to the Federal Mining Legislation; the Firm’s actions inside Mexico are topic to in depth legal guidelines and laws ruled by Mexican regulators; in addition to these dangers extra significantly described below the heading “Danger Elements” within the Firm’s Annual Info Type dated March 27, 2023 obtainable below the Firm’s profile on SEDAR+ at www.sedarplus.ca .

Ought to a number of of those dangers or uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes might fluctuate materially from these described herein. This record shouldn’t be exhaustive of the components that will have an effect on any of the Firm’s forward-looking statements. The Firm’s forward-looking statements are primarily based on the beliefs, expectations and opinions of administration on the date the statements are made and, apart from as required by relevant securities legal guidelines, the Firm doesn’t assume any obligation to replace forward-looking statements if circumstances or administration’s beliefs, expectations or opinions ought to change. For the explanations set forth above, traders mustn’t attribute undue certainty to or place undue reliance on forward-looking statements.

Please Observe: Buyers are urged to think about intently the disclosures in MAG’s annual and quarterly studies and different public filings, accessible by the Web at www.sedarplus.ca and www.sec.gov .

LEI: 254900LGL904N7F3EL14

For additional info on behalf of MAG Silver Corp. Contact Michael J. Curlook, Vice President, Investor Relations and Communications Cellphone: (604) 630-1399 Toll Free: (866) 630-1399 E-mail: data@magsilver.com