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• Steady throughput: The Juanicipio plant maintained steady production with 333,612 tonnes of ore processed in Q4, consistent with Q3. All material processed in 2024 was processed through the Juanicipio plant.
• Solid grade performance: In line with plan, silver head grade averaged 417 grams per tonne (“g/t”) during the quarter delivering a guidance beating 2024 head grade of 468g/t. Both metrics exceeded expectations, reflecting the high quality of the resource.
• Consistent precious metal recovery: Incremental metallurgical improvements implemented in the first half of the year delivered consistently high precious metal recovery rates which were further supported by ongoing circuit optimisation efforts.
• Robust production output: Preliminary Q4 production included 4.3 million ounces of silver and 9,041 ounces of gold. For the full year, Juanicipio produced a total of 18.6 million ounces of silver and 39,029 ounces of gold, marking a 10.5% and 6.3% year-over-year increase, respectively.

Guidance beat: Enhanced grades and higher recovery delivered silver production exceeding the top end of revised production guidance by 1.3 million ounces reinforcing confidence in Juanicipio’s long-term potential.

* Includes material processed at the Fresnillo, Saucito and Juanicipio beneficiation plants.

¹ Lead recovered to lead concentrate.

² Zinc recovered to zinc concentrate.

2025 Guidance

As reported by Fresnillo, silver production at Juanicipio is forecast to range between 14.7 million and 16.7 million ounces. This guidance is based on a throughput rate of 4,000 tonnes per operating day at head grade ranges of 380g/t to 430 g/t silver and 1.2 g/t to 1.4g/t gold. Head grades are anticipated to fluctuate due to the balancing of the three subvertical ramps and the mining of different sections of the orebody. Production is expected to be weighted toward the second and third quarters of 2025, reflecting mine sequencing and anticipated grade variability. Comprehensive cost and production guidance will be provided with the release of the Company’s operational and financial results at the end of Q1 2025.

 “Delivering silver production of nearly 19 million ounces in 2024 is a testament to the quality and resilience of the Juanicipio project and the quality of the team’s execution,” said George Paspalas, MAG Silver’s President and CEO. “Consistently strong grades and reliable recoveries have laid the foundation for sustained performance and positioned us to continue unlocking value in the years ahead. While guidance reflects expected variability in grades and production rates due to mine sequencing, it underscores the sustainable operation we have built at Juanicipio. We remain focused, together with Fresnillo, on delivering consistent performance, optimizing costs, and driving value creation for all our stakeholders.”

Qualified Person: All scientific or technical information in this press release is based upon information prepared by or under the supervision of, or has been approved by Gary Methven, P.Eng., who is a “Qualified Person” for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects (“National Instrument 43-101” or “NI 43-101”). Mr. Methven is not independent as he is Vice President, Technical Services of MAG.

About MAG Silver Corp. (www.magsilver.com)

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 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 mining and processing operations, 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.

For further information on behalf of MAG Silver Corp.

Contact Fausto Di Trapani, Chief Financial Officer

Phone:                 (604) 630-1399                                
Website:             www.magsilver.com
Toll Free:             (866) 630-1399                                
Email:                   info@magsilver.com

Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.

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 or “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). All statements in this release, other than statements of historical facts are forward looking statements, including statements that address our expectations with respect to the timing and success of the full-scale ramp up of milling activities, provisional estimates relating to production at Juanicipio for Q2 2024, processing rates of development materials, future mineral production, and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. 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 the forward-looking statements identified herein include, but are not limited to, a subsequent change in the Company’s approach to executive compensation from that approach approved by Shareholders, failure of the Company to receive approval from the Toronto Stock Exchange of the renewal of the unallocated entitlements under the Plans, changes in applicable laws, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including those risks disclosed in MAG Silver’s filings with the Securities Exchange Commission (the “SEC”) and Canadian securities regulators. All forward-looking statements contained herein are made as at the date hereof and MAG Silver undertakes no obligation to update the forward-looking statements contained herein.  There is no certainty that any forward-looking statement will come to pass, and investors should not place undue reliance upon forward-looking statements.

Please Note: Investors are urged to consider closely the disclosures in MAG’s annual and quarterly reports and other public filings, accessible through the internet at www.sedar.com and www.sec.gov.