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MAG Silver Provides Update on Juanicipio Commissioning, Canadian Business Journal

VANCOUVER, British Columbia, September 13, 2022 (GLOBE NEWSWIRE) — MAG Silver Corp. (TSX / NYSE USA: MAG) (“MAG”, or “Company”) Fresnillo Plc (“Fresnillo”), the Juanicipio project operator has confirmed that all construction work related to the final connection to the grid has been completed and all systems are ready to be powered. As a precautionary measure to ensure uninterrupted service to the surrounding area before final connection to the grid, the state-owned electricity regulator, CFE (Comisión Federal de Electricidad), has announced that the new Juanicipio and the existing updated substation equipment installed by the old CFE infrastructure of Special start-up protocols and operational controls may need to be implemented during initial factory start-up to prevent localized power fluctuations.

The Fresnillo project team indicates that power for final commissioning and commissioning will be available by the end of October, with production ramp-up to begin in the fourth quarter of this year. Fresnillo further advises that the outage, underground development and stockpiling of materials at Juanicipio continue uninterrupted, allowing Fresnillo to continue to utilize unused plant capacity at its Saucito and Fresnillo operations.

MAG continues to be in a strong financial position with $45 million in cash as of June 30, 2022 and significant cash accumulation in Juanicipio of $38 million as of June 30, 2022 I have. Sold in July 2022.

George Paspalas, President and CEO of MAG, said: “While awaiting the definitive partnership, we are pleased with Juanicipio’s continued strong performance and increased processing opportunities at Fresnillo’s Saucito and Fresnillo facilities.”

About Magsilver (www.magsilver.com )

MAG Silver Corp. is a Canadian development and exploration company focused on becoming a leading primary silver mining company by exploring and advancing high-grade district-scale silver-dominant projects in the Americas. Its main focus and assets are the Juanicipio project (44%) being developed together with its operator, Fresnillo Plc (56%). The project is located in Mexico’s Fresnillo Silver Trends, one of the world’s premier silver mining camps, where the operator is currently developing an underground mine and is building a 4,000 tonne per day processing plant. Underground mine production of mineralized development materials commenced in Q3 2020 and an extended exploration program is underway for several highly promising targets at Juanicipio. MAG also runs a multi-stage exploration program at the Deer Trail 100% Earn-In project in Utah and recently acquired the Larder project in the historically prolific Abitibi region of Canada.

Neither the Toronto Stock Exchange nor NYSE American confirms or accepts responsibility for the accuracy or adequacy of this press release prepared by management.

This release contains certain statements that may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release other than statements of historical fact are forward-looking statements, including statements. This addresses our expectations regarding the timing and success of plant pre-commissioning and commissioning activities, development material processing rates, future mineral production, and events or developments. Forward-looking statements often, but not always, “seek”, “estimate”, “plan”, “continue”, “estimate”, “expect”, “may” , and is identified by the use of words such as “scheduled”. , “predict”, “predict”, “could”, “target”, “intend”, “could”, “could”, “should”, ” expressions such as ‘believe’. These statements involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in the forward-looking statements. MAG believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, but such statements are not guarantees of future performance and may not represent actual results or Developments may differ materially from forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include the impact of COVID-19 (both direct and indirect), supply chain constraints and generally higher costs in the current inflationary environment. including but not limited to. Russia’s invasion of Ukraine, timing of receipt of required permits, changes in applicable law, changes in commodity prices, changes in mineral production performance, successful development and exploration, continued availability of capital and funds, and the economy in general. , market or business conditions, political risk, currency risk and inflation of the cost of capital. In addition, forward-looking statements are subject to various risks, including imperfect data and the need for significant additional work to complete further evaluations. This includes but is not limited to drilling, engineering, socioeconomic research, and investment. Readers are directed to his MAG Silver filings with the SEC and Canadian securities regulators for disclosures regarding these and other risk factors. There can be no certainty that forward-looking statements will materialize, and investors should not place undue reliance on forward-looking statements.

NOTICE: Investors are strongly advised to review the disclosures in MAG’s Annual Reports, Quarterly Reports and other public documents. www.sedar.com When www.sec.gov.

LEI: 254900LGL904N7F3EL14

CBJ Newsmaker

MAG Silver Provides Update on Juanicipio Commissioning, Canadian Business Journal

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