MAG Silver (MAG) Corporate Presentation summary

Corporate overview and strategy

• Focused on high-grade, district-scale precious metals projects in the Americas, with flagship Juanicipio Mine (44% interest) in Zacatecas, Mexico, and exploration at Deer Trail (Utah) and Larder (Ontario).

• Achieved 4,000 tpd run rate at Juanicipio in Q4 2023, with only 5% of the property explored, indicating significant organic growth potential.

• Maintains a strong balance sheet with $97M cash, no debt, and an undrawn $40M revolving credit facility as of June 30, 2024.

• Strategic partnership with Fresnillo Plc (operator, 56% interest) provides local expertise and operational strength.

• Disciplined capital allocation and consistent free cash flow generation support ongoing exploration and shareholder value creation.

Operational and financial performance

• Juanicipio produced 16.8M oz silver (100% basis) in 2023, with 2024 guidance of 16.3–17.3M oz at an AISC of $8.50–$9.25/oz Ag sold.

• H1 2024: 701kt mined, 662kt milled at 488g/t silver head grade, 9.4M oz silver produced, and AISC of $5.27/oz Ag sold ($4.49/oz in Q2).

• Commercial production at Juanicipio began June 1, 2023; $220M in free cash flow generated and $80M returned to MAG since then.

• Consistent cost control with total cash cost of $1.15/oz silver sold in Q2 2024 and strong AISC margin of $110M in Q2.

• Revised 2024 guidance reflects increased production and sales, improved grades, and reduced AISC, with monthly production records set in Q2.

Resource base and growth potential

• Valdecañas Vein System underpins value with 17.0Mt measured & indicated at 310g/t Ag and 14.1Mt inferred at 236g/t Ag.

• Robust 2024 LOM plan: 33% growth in M&I resources, 16% growth in inferred, 406Moz AgEq in M&I, and 18.5Moz payable AgEq per year.

• Industry-leading AISC of $12.35/AgEq oz and significant exploration upside, with only 5% of Juanicipio explored and multiple upwelling targets.

• Opportunities in Anticipada and Ramal 1 veins (~6.5Mt inferred at high AgEq grades) not yet in the mine plan.

• Average free cash flow projected at $148M/year for next 5 years at $22/oz Ag, with strong leverage to commodity prices.