Juanicipio Ships First Commercial Concentrates

MAG Silver Corp.

MAG Silver Corp.

VANCOUVER (British Columbia), April 20, 2023. MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG”, You can also call it “Company”) is pleased to announce that it has been informed by Fresnillo Plc (“Fresnillo”), the operator of the Juanicipio Mine (“Juanicipio”) (56% Fresnillo / 44% MAG), that concentrate production at the high-grade Juanicipio Mine has commenced with the shipment of its first commercial lead and zinc concentrates in late March 2023. Concentrate shipments are now scheduled to continue.

The construction activities are nearly complete. Commissioning and startup of the process plant went well. We look forward to ramping-up to design rates in the coming months. In March 2023, the milling rate was 60% of its design. This meant that an average of 2,476 tonne per day would be produced, with peaks of up to 3,900 tonne per day. The current mill feed is a mixture of mineralized material that was destined for commissioning and lower grade stockpiles. Mining operations continue as planned. As the plant approaches commercial production rates and recoveries are in line with design, high-grade feed will be increased.

Over the course March 2023 lower grade material for commissioning has been processed, with recovery rates of 84% on average for silver. This is slightly above expectations, at this point in the commissioning. We expect recovery rates will increase steadily, and eventually reach design levels as feed grade and throughput rate increase.

“With first concentrate production ushering in the next chapter for Juanicipio, we are extremely proud of the progress that has been achieved as it graduates to a high-quality, low-cost, tier-1 silver producer,” George Paspalas is the President and CEO at MAG. “We are delighted with the high silver recoveries we are seeing so early in the commissioning process and look forward to the operation progressing into a significant cash flow generator for the Company and a substantial contributor to the local and regional economy.”

Qualification Person All scientific or technical information in this press release including assay results referred to, and Mineral Resource estimates, if applicable, is based upon information prepared by or under the supervision of, or has been approved by Dr. Peter Megaw, Ph.D., C.P.G., a Certified Professional Geologist who is a “Qualified Person” for purposes of National Instrument 43-101, Mineral Projects: Standards of Disclosure (“National Instrument 43-101” or “NI 43-101”). Dr. Megaw does not have an independent position as he serves as a consultant and is a paid officer of MAG.

About MAG Silver Corp.www.magsilver.com)

MAG Silver Corp., a Canadian exploration and development company, is focused on growth. Its goal is to become a leading primary silver mining company in the Americas by exploring and advancing district-scale precious metals projects with high grades. The Juanicipio Project, which is the company’s main focus and asset, is being developed in partnership with Fresnillo Plc. The project, located in Mexico’s Fresnillo Silver Trend – the world’s most important silver mining camp – is being developed by the operator, who is also commissioning an underground mine and a 4,000 tonne per day processing facility. The underground mine will begin producing mineralized development materials in Q3 2020. An expanded exploration program has been implemented at Juanicipio, targeting multiple high-probability targets. MAG also executes multi-phase exploration programmes at the Deer Trail Project 100% Earn-in in Utah, and the Larder Project located in Canada’s historically prolific Abitibi Region.

This press release was prepared by the management. Neither the Toronto Stock Exchange or the NYSE American have reviewed it or taken responsibility for its accuracy or suitability.

This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements made in this press release other than historical facts are considered forward-looking. These include statements regarding our expectations about the timing, success, and full-scale ramping of milling, future mineral production and events. Forward-looking statement are usually, but not necessarily, identified by words like “seek”, “anticipate”, “plan”, „continue“, „estimate“, “expect“, “may”, «will», «project»,«predict»,«potential»,«targeting»,«intend»,«could»,«might»,«should»,«believe» and similar expressions. These statements are subject to known and unknown uncertainties, risks and other factors which may lead to actual results or events differing materially from what was anticipated. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, impacts (both direct and indirect) of COVID-19, timing of receipt of required permits, changes in applicable laws, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. Forward-looking statements also carry a number of risks. For example, the data may be incomplete, and additional work is required to complete evaluations, such as drilling, engineering, socio-economic studies, and investment. The reader is referred to the MAG Silver’s filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. Investors should not place excessive reliance on forward-looking statements, as there is no guarantee that they will be realized.

Please Note: Investors are urged to consider closely the disclosures in MAG’s annual The following are some examples of how to get started: quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov.

LEI: 254900LGL904N7F3EL14

Contact MAG Silver Corp. for further information. Contact Michael J. Curlook, Vice President, Investor Relations and Communications Phone: (604) 630-1399 Toll Free:(866) 630-1399 Website:www.magsilver.com Email: [email protected]
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