MAG Silver Publishes Third Annual Sustainability Report

MAG Silver Corp. (TSX NYSE American: MAG) ("MAG" "MAG Silver" or the "Company") is pleased to announce the publication of its third annual Sustainability Report, which underscores MAG's fundamental 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 the 2023 year. The 2023 Sustainability Report is supported by the MAG Silver Climate Action Statement and the 2023 ESG Performance Data Table. The 2023 Sustainability Report and ESG Data Table are available on the MAG Silver website at the following link: https:magsilver.comesgreports .

Jim Mallory, MAG's Chief Sustainability Officer stated: "The development of MAG Silver's Climate Action Management Plan (" CAMP ") is our most significant climate change achievement during 2023. We are focusing our efforts in the areas of energy, water and community relations at the Deer Trail and Larder projects as a starting point for this journey, and to further develop our own awareness."

"2023 was an exciting and transformative year for MAG and all of our stakeholders. Looking ahead, we remain focused on fulfilling our commitments, optimizing operational efficiencies and advancing our exploration initiatives," said George Paspalas, MAG's President and Chief Executive Officer.

2023   Sustainability   Report   Highlights:

• Over   110,000   hours   dedicated   to   safety   training across all MAG Silver sites.
• Zero significant environmental   incidents at the Juanicipio Mine, the Deer Trail Project or the Larder Project.
• Development of MAG's Climate Action Management Plan, including a Climate Action Statement
• Positive Social License measured at the Deer Trail Project.
• 38%   of   Board directors   are female , surpassing the 30% target established in MAG's Diversity, Equity and Inclusion Policy
  

MAG Silver extends its appreciation to Fresnillo and the Juanicipio team, as well as the Deer Trail and Larder project teams, for their invaluable support in contributing data and sustainability-related information included in the 2023 Sustainability Report.

MAG Silver welcomes feedback from stakeholders regarding the Company's sustainability reporting. Please direct comments or requests for more information to sustainability@magsilver.com

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.

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 press release and the Sustainability Report include certain statements that may be deemed to be "forward-looking statements" or "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (collectively, "forward-looking statements"). All statements in this press release and in the Sustainability Report, other than statements of historical fact, are forward-looking statements, including, but not limited to, statements regarding: the contents or production of any subsequent sustainability reports; the focus of future sustainability efforts; the development of a regional climate model and an updated climate risk assessment for the Juanicipio Project; provisional estimates relating to the Company's projects and future production; the continuation and expansion of, and anticipated benefits from, community, stakeholder and environmental initiatives, mapping analyses and projects; the anticipated use of data results from any community, stakeholder and environmental initiatives and projects; the exploration of feasible decarbonization opportunities and reduction of emissions, including evaluation and utilization of renewable energy sources; the development and maintenance of future governance, environmental, climate and sustainability plans, programs and projects and planned disclosures related thereto; commitments relating to diversity, equity and inclusion initiatives, sustainable development goals and climate change, and the disclosures relating to and included in the CAMP Statement and Roadmap; managing and providing effective oversight of governance and diversity, equity and inclusion protocols and strategy, sustainability matters, and enterprise-wide risks and opportunities, including through the development and implementation of a suite of climate change management practices and tools aligned with TCFD recommendations; the conduct of human rights due diligence to any human rights related impact of operating activities, and the disclosures relating thereto; the anticipated benefits of new and ongoing induction and training programs and entity-wide participation in, and adoption of recommended improvements from, peer review programs such as "Eye on Risk"; future contributions towards achieving UN SDGs and mitigating negative impacts from operating activities; the successful implementation of mine closure and rehabilitation plans on the timeline contemplated herein, if at all; expectations with respect to business plans, exploration and drilling programs, expansions and development operations; the continuation and maintenance of the Juanicipio plant's 4,000 tpd design capacity, and the anticipated cash flow and value generation arising therefrom; the anticipated benefits of our business strategies; and other future 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. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including the assumption that environmental and social programs and initiatives currently being advanced will continue to progress in a manner that aligns with expectations, such statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or developments to differ materially from those identified 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 virus outbreaks on world markets and MAG Silver's business; supply chain constraints and general costs escalation in the current inflationary environment heightened by global economic and political instability; changes in applicable laws, regulations or community guidelines, including emerging climate change regulations and recent amendments to the federal mining laws in Mexico; changes in mineral production performance, exploitation and exploration successes; continued availability of capital and financing; general economic, market or business conditions, political risk, currency risk and capital cost inflation; risks related to maintaining a positive relationship with the communities in which MAG Silver operates; and such other risks that are identified in MAG Silver's regulatory filings with the Securities and Exchange Commission in the United States, as filed on EDGAR at www.sec.gov, and with the Canadian securities commissions and regulatory authorities, as filed on SEDAR+ at www.sedarplus.ca .

LEI: 254900LGL904N7F3EL14

For further information on behalf of MAG Silver Corp. Contact Michael J. Curlook, VP Investor Relations and Communications Phone: (604) 630-1399 Toll Free:(866) 630-1399 Website:www.magsilver.com Email: info@magsilver.com