VANCOUVER - MAG Silver Corp. (TSX / NYSE American: MAG) ('MAG' or 'MAG Silver') is pleased to report results from 2020 drilling on the Juanicipio Project (56% / 44% joint venture between Fresnillo plc ('Fresnillo') and MAG Silver).

A total of 33 surface holes (27,900 metres ('m')) and 77 underground definition holes (11,800 m) were completed with the primary objectives of: infilling and expanding the Valdecanas Deep Zone ('Deep Zone') to optimise its extraction and definition drilling of the upper high-grade Valdecanas Bonanza Zone ('Bonanza Zone') where test mining has already begun and the focus for the first several years of mining in this area. Currently the 2021 drilling program is well on track with five drill rigs on surface running concurrently with continued underground definition drilling.

According to Fresnillo, the project operator, mine development and mill construction continue to advance on budget and on schedule to commence mill commissioning in Q4 2021.

The 2020 drilling program successfully: Confirms, and allows modeling with greater detail and confidence of the high-grade silver resource within the upper parts of the Valdecanas Bonanza Zone where the first several years of mining will occur; Confirms, expands, and allows improved modeling of the continuous wide mineralization of the Valdecanas Deep Zone and Confirms, expands, and allows improved modeling of the ever-growing Anticipada Vein.

'As we begin ramping up into full scale production it is a rare luxury to be firming up and extending the deep mineralization that has high potential to add tonnes, grade and years to our mine life', said George Paspalas, MAG Silver's President and CEO. 'We are delighted to continue seeing the consistent high grades, thicknesses and continuity at depth that we have come to expect from the Valdecanas Vein System, but we are equally pleased that the detailed definition drilling is helping to get the entire operation off on the right foot through better understanding of the top of the vein. Added to the knowledge and benefits we're getting from processing development material at the Fresnillo mill, we look forward to a successful plant start up this fall.'

About MAG Silver Corp.

MAG Silver Corp. (MAG: TSX / NYSE A) is a Canadian development and exploration company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed in a Joint Venture partnership with Fresnillo Plc (56%), the Operator. Juanicipio is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, and the Joint Venture is currently developing an underground mine and constructing a 4,000 tonnes per day processing plant which is expected to commence commissioning in Q4 2021. Underground mine production of development material commenced in Q3 2020, and an expanded exploration program is in place targeting multiple highly prospective targets both at Juanicipio by the Joint Venture and by MAG at the Deer Trail 100% earn-in project in Utah.

Contact:

Michael J. Curlook

Tel: (604) 630-1399

Web: www.magsilver.com

This release includes certain statements that may be deemed to be 'forward-looking statements' within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'predict', 'potential', 'targeting', 'intend', 'could', 'might', 'should', 'believe' and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the MAG's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward-looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.

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