All amounts herein are reported in $000s of United States dollars (“US$”) unless otherwise specified (C$ refers to Canadian dollars).

KEY HIGHLIGHTS (on a 100% basis unless otherwise noted)

• MAG reported net income of $14,895 ($0.14 per share) driven by income from Juanicipio (equity accounted) of $19,244, and adjusted EBITDA[1] of $32,447 for the three months ended March 31, 2024.
• A total of 325,683 tonnes of ore at a silver head grade of 476 grams per tonne (“g/t”) (equivalent silver head grade[2] 713 g/t), was processed at Juanicipio during Q1 2024.
• Juanicipio achieved silver production and equivalent silver production² of 4.5 and 6.4 million ounces, respectively, during Q1 2024.
• Juanicipio delivered robust cost performance with cash cost1 of $2.50 per silver ounce sold ($8.66 per equivalent silver ounce sold[3]), and all-in sustaining cost1 of $6.11 per silver ounce sold ($11.22 per equivalent silver ounce sold³) in Q1 2024.
• Juanicipio generated strong operating cash flow of $42,521 and free cash flow1 of $27,820 in the first quarter of 2024 after tax payments of $25,772.
• Juanicipio returned a total of $17,459 in interest and loan principal repayments to MAG during Q1 2024.
• MAG published its updated technical report on Juanicipio on March 27, 2024 outlining robust economics with an after tax NPV of $1.2 billion over an initial 13-year life of mine, generating annual average free cashflow exceeding $130 million. Mineral Resources increased by 33% from the 2017 PEA, with substantial growth in Measured and Indicated categories. Inferred resources also expanded, highlighting significant near-term, high-grade upside potential. An inaugural 15.4 million tonnes Mineral Reserve Estimate at 628 g/t silver equivalent grade was declared enhancing economic confidence. Extensive exploration upside remains, with only 5% of the property explored, indicating high potential for further discoveries.
• MAG announced 2024 production and cost guidance with Juanicipio expected to produce between 14.3 million and 15.8 million silver ounces yielding between 13.2 million and 14.6 million payable silver ounces at all-in sustaining costs of between $9.50 and $10.50 per silver ounce sold. Juanicipio remains on track to achieve 2024 guidance.
• On March 22, 2024 the Company, through its Gatling Exploration Inc. subsidiary, acquired 100% ownership of the Goldstake property (contiguous to its current land holdings) from Goldstake Explorations Inc. and Transpacific Resources Inc., for consideration of C$5,000.

CORPORATE

• The Company is well underway with the preparation of its 2023 sustainability report underscoring its continued commitment to transparency with its stakeholders while providing a comprehensive overview of the Company’s environmental, social and governance (“ESG”) commitments, practices and performance for 2023. A copy of MAG’s 2022 sustainability report and MAG Silver 2022 ESG Data Table are available on the Company’s website at https://magsilver.com/esg/reports/[4].

Please find the attached file for more information.