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MAG # 770 800 West Pender Street Vancouver , BC V6C 2V6 P : 604-630-1399 F : 604-681-0894 MAG Silver Corp. For Immediate Release May 17 , 2021 NR # 21-07 MAG SILVER REPORTS FIRST QUARTER FINANCIAL RESULTS Vancouver , B.C. MAG Silver Corp. ( TSX / NYSE American : MAG ) ( “ MAG ” or the " Company " ) announces the Company's unaudited financial results for the three months ended March 31 , 2021. For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three months ended March 31 , 2021 , please see the Company's filings on SEDAR ( www.sedar.com ) or on EDGAR ( www.sec.gov ) . All amounts herein are reported in $ 000s of United States dollars ( " US $ " ) unless otherwise specified . HIGHLIGHTS – MARCH 31 , 2021 AND EVENTS SUBSEQUENT TO THE QUARTER END OPERATIONAL ✓ Batch processing of mineralized material from development headings through the nearby Fresnillo plant continues at a targeted average nominal rate of 16,000 tonnes per month . ✓ ✓ Since August 2020 , 108,254 tonnes have been processed , expected to : • contribute cash - flow to offset some of the initial project capital ; and significantly speed up project ramp - up due to the de - risking of Juanicipio's metallurgical performance . As reported by the operator Fresnillo , the Juanicipio plant is expected to commence commissioning in Q4 2021 , reaching 40 to 50 % of its 4,000 tonnes per day ( “ tpd ” ) nameplate capacity by the end of 2021 and reaching 90 to 95 % of its nameplate capacity in 2022 . ✓ During Q1 2021 , on a 100 % basis : • 36,395 tonnes of mineralized material processed through the Fresnillo plant ; • • 40 % higher silver head grade ( 458 grams per tonne ( “ g / t ” ) ) than the material processed in 2020 ( 328 g / t ) ; and 431,188 payable silver ounces , 631 payable gold ounces , 137 tonnes of lead and 199 tonnes of zinc sold . ✓ Pre - commercial production sales of $ 10,085 ( net of treatment and processing costs ) on a 100 % basis less $ 1,886 in mining and transportation costs , netting $ 8,199 that was recorded as gross profit by the Juanicipio Joint Venture in Q1 2021 . ✓ Positive progress was achieved during the quarter on the construction of the 4,000 tpd Juanicipio processing plant and civil works . Mechanical installation of the major processing equipment is nearly complete , and the construction is focused on completing the building envelope along with pipework and electrical / instrumentation installation . Page 1 of 7