Name of the Project
Juanicipio silver/gold project.

Location
Fresnillo mining district, Mexico.

Project Owner/s
Minera Juanicipio, a joint venture (JV) between Fresnillo (56%) and MAG Silver Corp (44%). Fresnillo will be the operator of Juanicipio.

Project Description
Juanicipio has a total estimated average production of 11.7-million ounces of silver a year and 43 500 oz/y gold, and an initial life-of-mine of 12 years is envisaged.

The project includes a 4 000 t/d processing plant.

Potential Job Creation
The project is expected to create about 1 720 jobs once at full production.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
$440 000.

Planned Start/End Date
The project has achieved commercial production on June 1, 2023.

Latest Developments
MAG Silver has reported that the mill is operating at about 85% of its design capacity of 4 000 t/d, with silver recovery consistently above 88%.

On a 100% basis, about 3.2-million ounces of silver have been produced from the Juanicipio processing facility from March 2023 to the end of May 2023, and production is expected to continue to increase steadily through the third quarter, during which it is envisioned the plant will run at design capacity.

All major construction activities have been completed and Juanicipio is demonstrating its ability to sustain ongoing production levels.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Fresnillo, tel +52 55 5279 3000.

MAG Silver Corp VP investor relations and communications Michael Curlook, tel +1 604 630 1399 or email mcurlook@magsilver.com.