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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 November 15 , 2021 NR # 21-17 MAG SILVER REPORTS THIRD QUARTER FINANCIAL RESULTS Vancouver , B.C. MAG Silver Corp. ( TSX / NYSE American : MAG ) ( “ MAG ” “ MAG Silver ” or the " Company " ) announces the Company's unaudited financial results for the three and nine months ended September 30 , 2021. For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three and nine months ended September 30 , 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 – SEPTEMBER 30 , 2021 AND EVENTS SUBSEQUENT TO THE QUARTER END OPERATIONAL - Minera Juanicipio S.A. de C.V. ( " Minera Juanicipio " ) owned 44 % by MAG Silver ✓ Positive progress was achieved during the quarter ended September 30 , 2021 on the construction of the 4,000 tonne per day ( “ tpd " ) Juanicipio processing plant and civil works , and the focus now turns to transitioning from construction to commissioning activities . ✓ Pre - commissioning has commenced for key process systems as the process plant approaches mechanical completion . ✓ As reported by the operator and 56 % owner Fresnillo plc ( " Fresnillo ) , the Juanicipio plant is expected to come in on budget and is expected to be commissioned by year end , subject to timely connection to the power grid . ✓ A regularly updated photo gallery of construction progress at Juanicipio is available at https://magsilver.com/projects/photo-gallery/#photo-gallery . ✓ Batch processing of mineralized material from development headings continues through the nearby Fresnillo plant at a targeted two days per month of continuous processing for a nominal expected rate of 16,000 tonnes per month ( 19,042 tonnes per month was averaged during Q3 2021 ) . ✓ For the three months ended September 30 , 2021 , on a 100 % basis : • • • 57,127 tonnes of mineralized material were batch processed through the Fresnillo plant , with 619,791 payable silver ounces , 993 payable gold ounces , 232 tonnes of lead and 312 tonnes of zinc produced and sold ; Average silver head grade was 418 grams per tonne ( “ g / t ” ) in the development material processed ; and Pre - commercial production sales totaled $ 14,684 for the quarter ( net of treatment and processing costs ) , less $ 3,477 in mining and transportation costs , netting $ 11,207 in gross profit by Minera Juanicipio in the quarter . For the nine months ended September 30 , 2021 , on a 100 % basis : Page 1 of 8