Vancouver, B.C. MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG” or “MAG Silver”) reports production from Juanicipio (56% / 44% Fresnillo plc (“Fresnillo”) and MAG, respectively) for the third quarter (“Q3”) ended September 30, 2023. Ramp up of the Juanicipio plant continued to be the focus during the quarter with the plant reaching its target milling rate of 4,000 tonnes per day (“tpd”) in September, marking a step change in performance relative to the comparative quarter and a successful transition to a fully independent producer.

As Juanicipio ramped up its operations and transitioned to full capacity, there was a progressive reduction of Juanicipio’s reliance on the nearby Fresnillo and Saucito plants (100% owned by Fresnillo). Notably, no feed was supplied to these plants in both August and September. This transition had a direct impact on total milling and, consequently, overall production for the quarter. Positively, this was partially offset by higher grade feed and continued efforts to optimize the Juanicipio plant as it ramped up to full capacity.

As reported to MAG by the project operator Fresnillo, a total of 322,249 tonnes of mineralized material was processed across the Juanicipio and Saucito plants. The average silver head grade for the quarter was 523 grams per tonne (“g/t”). Preliminary production estimates for the quarter, before any adjustments from offtake agreements, totaled 4.8 million silver ounces and 9,444 gold ounces. MAG expects to release its comprehensive financial and operational results on November 10, 2023.

Comparative production highlights (100% basis):
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