April 2018

Corporate Presentation

MAG: TSX / NYSE A

MAGSILVER.COM

MAG : TSX / NYSE A

Cautionary / Forward Looking Statements

2

MAG Silver Corp. is a Canadian issuer. This presentation is prepared by MAG Silver Corp (“MAG – TSX / MAG – NYSE: A”) management and MAG is solely responsible for content and format.

Peter Megaw, C.P.Geo, MAG’s Chief Exploration Officer is a non-independent Qualified Person and has reviewed this presentation and its content derived from industry information and 43-101 reports and news releases with specific underlying Qualified Persons as set out in the releases and reports. Industry Information has been compiled from publicly available sources and may not be complete, up to date or reliable. Neither the TSX nor the New York Stock Exchange American has reviewed or accepted responsibility for the accuracy or adequacy of this presentation, which has been prepared by management.

This presentation contains forward-looking statements within the meaning of Canadian and U.S. securities laws. Such forward looking statements aresubject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but arenot limited to: the Company’s ability to raise capital to fund development and exploration, changes in general economic conditions or financial markets,changes in metal prices, general cost increases, litigation, legislative, environmental and other judicial, regulatory, political and competitive developmentsin Mexico or Canada, technological and operational difficulties or inability to obtain permits encountered in connection with the Company’s explorationactivities, community and labor relations matters and changes in foreign exchange rates, all of which are described in more detail in the Company’s filingswith the Canadian securities regulators at www.sedar.com and the US. Securities and Exchange Commission at www.sec.gov/edgar.com There is nocertainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements. MAG doesnot assume any obligation to update forward looking information, other than as required by applicable law.

Cautionary note to investors concerning estimates of Indicated and Inferred mineral resources. This document uses the terms "Indicated MineralResources” and “Inferred Mineral Resources". MAG advises investors that although these terms are recognized and required by Canadian regulations(under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize theseterms. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. Inaddition, "Inferred Mineral Resources" have a great amount of uncertainty as to their existence. It cannot be assumed that all or any part of an InferredMineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources are considered toospeculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and, accordingly,Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a “Preliminary EconomicAssessment” as defined under Canadian National Instrument 43-101.Investors are cautioned not to assume that part or all of an Inferred Mineral Resourceexists, or is economically or legally mineable. Please see additional information on SEDAR and on EDGAR.

This presentation is for information purposes only and is not a solicitation. Please contact the Company for complete information and consult a registered investment representative / advisor prior to making any investment decision.

Note to U.S. Investors: Investors are urged to consider closely the disclosure in our Form 40F, File # 001-33574, available at our office: Suite 770-800 West Pender, Vancouver BC, Canada, V6C 2V6 or from the SEC: 1(800)-SEC-0330. The Company may access safe harbor rules.

Investors are urged to consider closely the disclosures in MAG Silver's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html

“AISC” means All-in sustaining costs. The projected AISC was calculated by the authors of the 2017 PEA at a cost of $5.02/Ag by summing life of mineoffsite and operating costs, taxes, duties and royalties and sustaining capital, all net of by-product revenues, and dividing the resulting total by the totalpayable ounces of silver projected to be produced over the life of mine. AISC is not a recognized measure under IFRS and this projected financialmeasure may not be comparable to AISC metrics presented by other silver producers.

MAG : TSX / NYSE A

Juanicipio JV Decline

3MAG : TSX / NYSE A

MAG : TSX / NYSE A

MAG Silver Discovery & Development

4

“High Grade”

High IRR

District Scale

SILVERZINC

LEAD

GOLD

in Mexico

STRONG FINANCIAL POSITION

CashUS$160M*

+NO DEBT

*As of December 31, 2017

SIGNIFICANT EXPLORATION UPSIDE

JUANICIPIO JV(MAG 44%)

BONANZA ZONE145M oz Ag1 @ 550 g/t InD

41M oz Ag1 @ 648 g/t InF

848M lb Zn+Pb1 InD

DEEP ZONE31M oz Ag1 InD, 49M oz Ag InF

790M lb Zn+Pb1 InD

1.73B lb Zn+Pb1 InF

After Tax IRR 44%

19 yr Mine Life @ 4000tpd

Fresnillo Operator

1. Based on 100% of Asset

InD = Indicated Resources

InF = Inferred Resources

See 2017 PEA

MAG : TSX / NYSE A

MAG: TSX / NYSE A

1. December 31, 2017

2. Includes PSU, RSU & DSU’s = 723,932

CAD USD

Market Cap $1.2 Billion $0.9 Billion

Recent $13.50 $10.75

52 wk L/H $11.71 – $21.65 $9.29 – $16.55

Daily AVG Vol 185,271 306,741

I think MAG is one of the best pure

silver stories out there."

– The Gold Report Interview with

John Hathaway, Tocqueville Assets

Total Options2

2.7 M

Issued/Out

85.5 M

Fully Diluted

88.4 M

CASH

US$160M1

NO DEBT

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MAG : TSX / NYSE A

Property Locations – A History of Discovery

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12

3

4

5

67

Cinco de Mayo

MAG Silver/Fresnillo JV

(Minera Juanicipio)

MAG Silver Success

Juanicipio Vein* 2003

Valdecañas Vein* (Bonanza Zone) 2006

Pozo Seco* 2009

Upper Manto* 2011

Pegaso (Cinco) 2012

Valdecañas Deep Zone West* 2015

Valdecañas Deep Zone East* 2016

Anticipada Vein* 2017

1

2

3

4

5

6

7

8

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MAG : TSX / NYSE A

Fresnillo Silver District – One of a Kind

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THE FRESNILLO SILVER TREND

Over 6.2 Billion oz of Silver

> 10% of world historical production

2017: 38 Moz Ag

MAG : TSX / NYSE A

Minera Juanicipio – Premier Silver District

+11 km

~7 km

8

+2km

MAG : TSX / NYSE A

Valdecañas Vein

Deep Zone, Dilatant Zone, Anticipada Vein

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MAG : TSX / NYSE A

MAG Resources

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ZoneResource

Category

Tonnes

(Mt)

Ag

(g/t)

Au

(g/t)

Pb

(%)

Zn

(%)

Cu

(%)

Metal Contained in Resource

Ag (Moz)

Au (Koz)

Pb (Mlb)

Zn (Mlb)

Cu (Mlb)

Bonanza

Zone

Indicated 8.2 550 1.9 1.6 3.1 0.1 145 509 294 554 14

Inferred 2.0 648 0.8 1.3 2.8 0.1 41 52 58 123 3

Deep ZoneIndicated 4.7 209 2.4 3.0 4.7 0.2 31 359 304 486 24

Inferred 10.1 151 1.6 2.7 5.1 0.3 49 510 601 1,129 69

Resource

Category

Tonnes

(Mt)

Ag

(g/t)

Au

(g/t)

Pb

(%)

Zn

(%)

Cu

(%)

Metal Contained in Resource

Ag

(Moz)

Au

(Koz)

Pb

(Mlb)

Zn

(Mlb)

Cu

(Mlb)

Indicated 12.8 427 2.1 2.1 3.7 0.1 176 867 598 1041 38

Inferred 12.1 232 1.4 2.5 4.7 0.3 91 562 658 1252 71

Global Resource by Classification

Bonanza and Deep Zone by Classification

As per 2017 PEA

MAG : TSX / NYSE A

Bonanza vs Deep Zones

Bonanza

• >550 g/t Silver

• 4.5% Zinc + Lead

• >1.5 g/t Gold

• 80% Indicated (8 Mt)

• 5 m Average Width

• 1200 m Strike Length

• Open to Northwest?

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Deep

• >150 g/t Silver

• 7.5% Zinc + Lead

• >1.5 g/t Gold

• 70% Inferred (10 Mt)

• >10 m Average Width

• >1600 m Strike Length

• Open to East and Depth

MAG : TSX / NYSE A

Description Juanicipio 2012 Juanicipio 2017

CAPEX $302M (100%) / $132M (44%) $360M (100%) / $159M (44%)

IRR (after tax) 43% 44%

AISC1 N/A2 $5.02 Ag /oz

Life of Mine 15 yr+ 19 yr (initially)

Throughput 2,650 tpd 4,000 tpd

Off site costs $39/t $41/t

On Site Operating Cost $67/t $59/t

Silver Price $23.39 $17.90

Valdecañas: Development Metrics3

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1“AISC” means All-in sustaining costs. The projected AISC was calculated by the authors of the 2017 PEA at a cost of $5.02/Ag by summing life of mine offsite and operating costs,

taxes, duties and royalties and sustaining capital, all net of by-product revenues, and dividing the resulting total by the total payable ounces of silver projected to be produced over

the life of mine. AISC is not a recognized measure under IFRS and this projected financial measure may not be comparable to AISC metrics presented by other silver producers.2

not calculated in 2012 UPEA3 calculations based on 100% of asset

As per 2017 PEA

MAG : TSX / NYSE A

2016 2017 2018 2019 2020

Juanicipio Development Timetable

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Total Capex $US 360M (MAG 44% = $US 159M)*

Mill Procurement

& Construction

Initial Decline Completed 3,500m+

Pro

du

cti

on

H

1 2020

Ventilation Development

Vent Fan Operating *Source: PEA 2017

Twin Decline

UG Access Ramp, Stope Development

UG Infrastructure in progress

MAG : TSX / NYSE A

Decline Twinning Progress

450m

Initial Decline Completed!

2nd Decline in progress

Valdecañas Vein

14

Portal (2,324 m elev.)

MAG : TSX / NYSE A

Mineral Processing

Metallurgical test work carried out between 2008 and 2015 on composites

from 67 drillholes through the Valdecañas vein system.

Process plant consists of a comminution circuit followed by sequential

flotation of a silver-rich lead concentrate, a zinc concentrate and a

gold-rich pyrite concentrate.

Three year ramp up to steady-state throughput rate of 1.4Mtpa is assumed.

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Silver Gold Lead Zinc

Mill recovery 95% 82% 93% 90%

MAG : TSX / NYSE A

Surface Infrastructure

Two-lane 6.5km long sealed road for site access.

Power supplied from local grid to main substation.

Water from external sources, supplemented with

dewatering from underground workings.

Several locations under consideration for tailing facility.

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MAG : TSX / NYSE A

On-Site Operating Costs

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Area Cost ($/t mill feed)

Mining 34.95

Processing 20.37

G & A 3.35

Total: 58.67

Metal Treatment Charges Cost ($/t mill feed)

Silver refining 4% of Ag price 5.44

Gold refining $5/ounce of Au payable 0.16

Lead TCs $235(1)/dry metric tonne of concentrate 9.37

Zinc TCs $235(1)/dry metric tonne of concentrate 13.85

Transportation $115(2)/wet metric tonne of concentrate 12.50

Total: 41.32

Off-Site Operating CostsLead, Zinc and Pyrite concentrates

(1) Although current spot TCs for lead and zinc concentrates are approximately $50-$60/dry metric tonne (“dmt”),rates above ($235/dmt) reflect projected long term sustainable rates.(2) Assumes that both the lead and zinc concentrates will be treated in Asia, and assumes a moisture content of 10%See 2017 PEA.

MAG : TSX / NYSE A

Financial Summary and Price Sensitivity

Discount Rate (5%) Base Case Apples to Apples

Metal Prices: 2012 Metal Prices (1)

Silver ($/oz) 14.50 17.90 19.50 23.00 23.39

Gold ($/oz) 1,000 1,250 1,300 1,450 1,257

Lead ($/lb) 0.75 0.95 0.95 1.15 0.95

Zinc ($/lb) 0.75 1.00 1.05 1.20 0.91

Copper ($/lb) N/A – Copper excluded for purposes of PEA (2)

Economics: 2017(3) 2012 (4)

Pre-Tax NPV (M) $1,080 $1,860 $2,104 $2,776 $2,427 $1,762

After-Tax NPV (M) $635 $1,138 $1,295 $1,729 $1,503 $1,233

Pre-Tax IRR 45% 64% 71% 86% 83% 54%

After-Tax IRR 30% 44% 49% 61% 58% 43%

Undiscounted life of mine (“LOM”)

after tax cash flow(M)$1,170 $1,995 $2,243 $2,945 $2,542 $2,162

Cash cost $/oz Ag (net of credits) (5) (0.35) (3.94) (4.45) (6.90) (3.11) (0.03)

Total Cash cost $/oz Ag(6) 3.50 2.39 2.63 2.29 4.89 N/A(1)

AISC $/oz Ag(7) 6.13 5.02 5.25 4.92 7.51 N/A(1)

Payback (Years) From Plant Start up 2.6 1.8 1.6 1.2 1.2 2.1

1) Based on metal prices used in the previous 2012 Juanicipio PEA, this column has been provided in order to demonstrate the economic effect on the project given the expanded resource and enhanced project scope – and compares PEA economics. Corporate tax rate in 2012 used was 28% (with no special mining duty or gold/silver royalties).

2) Although the resource for the Deep Zone includes copper (see below), no copper circuit has been included in the PEA as no metallurgical testing and recovery assessment has yet been completed on copper.

3) See 2017 PEA

4) See Press Release June 14, 2012. Total Cash cost and AISC per oz. of silver were not calculated for the 2012 report.

5) Cash costs include all operating costs, smelter, refining and transportation charges, net of by-product (gold, lead and zinc) revenues.

6) Total cash costs include cash costs and all corporate taxes, special mining duties, and precious metals royalties.

7) “AISC” means All-in sustaining costs. The projected AISC was calculated by the authors of the 2017 PEA at a cost of $5.02/Ag by summing life of mine offsite and operating costs, taxes, duties and royalties and sustaining capital, all net of by-product revenues, and dividing the resulting total by the total payable ounces of silver projected to be produced over the life of mine. AISC is not a recognized measure under IFRS and this projected financial measure may not be comparable to AISC metrics presented by other silver producers.

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MAG : TSX / NYSE A

Recap - Features of the PEA - all in $US.

Strong positive impact of new PEA on remarkable economics of the Bonanza Zone.

Low cost structure. All-In Sustaining Costs (AISC)1 of $5.02 per ounce of silver.

Project throughput has been increased to 4,000tpd from 2,650tpd.

In addition:

- Reformulated ramp system to facilitate higher mining and waste removal rates

- Underground crushing and UG conveying to plant site

- Internal shaft (winze) to access Deep Zone sooner

- Plant relocated to large, open, flat area

Longer mine life – now initially 19 years.

Compelling economics

- Pre tax: NPV5% $1.86 billion, Internal Rate of Return 64.5%

- After tax: NPV5% $1.14 billion, Internal Rate of Return 44.5%

Robust - @ $8/oz Ag, $0.75 Zn – project has a 15% after tax IRR.

And, as we have demonstrated for years…

High potential for finding additional ounces through exploration.

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1“AISC” means All-in sustaining costs. The projected AISC was calculated by the authors of the 2017 PEA at a cost of $5.02/Ag by summing life of mine offsite and operating costs, taxes,

duties and royalties and sustaining capital, all net of by-product revenues, and dividing the resulting total by the total payable ounces of silver projected to be produced over the life of mine.

AISC is not a recognized measure under IFRS and this projected financial measure may not be comparable to AISC metrics presented by other silver producers.

MAG : TSX / NYSE A

Juanicipio Joint Venture – Summary

HIGHEST GRADE DEVELOPING

SILVER ASSET

FINANCIALMINIMAL RISK

GEOPOLITICALMINIMAL RISK

DEVELOPMENTMINIMAL RISK

SIGNIFICANT

EXPLORATION UPSIDE

INFRASTRUCTUREHISTORICAL

GREAT

METALLURGY

PROPERTY ACCESS MINIMAL RISK

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MAG : TSX / NYSE A

Valdecañas VeinDeep Zone, Dilatant Zone & Anticipada vein

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MAG : TSX / NYSE A

Valdecañas – Metal Grade Distributions

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Silver

Lead

Gold

Zinc

Copper

MAG : TSX / NYSE A

NE-SW Structural Influence on Valdecañas

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Gold

Vein

Thickness

MAG : TSX / NYSE A

Valdecañas Vein: Ore Fluid Upwelling Zone?

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SKARN

2000m

MAG : TSX / NYSE A

Regional Targets: Extensions of known trends

~7 km

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FRS 2015 AR: Huizache Vein Inferred Resource

750KT @ 2.9 Au; 494 Ag; 0.06% Pb; 0.13% Zn+11 km

+2 km

MAG : TSX / NYSE A 26

Minera Juanicipio – Work Area within Claim

MAG : TSX / NYSE A

Nearby Targets: Extensions of known trends

~7 km

27

+2km

FRS 2015 AR: Huizache Vein Inferred Resource

750KT @ 2.9 Au; 494 Ag; 0.06% Pb; 0.13% Zn

+11 km

MAG : TSX / NYSE A

Regional Targets: Identified Structures

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7km

16km

MAG : TSX / NYSE A

Juanicipio Project – Take away points

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DEVELOPMENT

Bonanza Zone

>550 g/t Silver

AISC1 $5.02 Ag/oz

4,000 tpd

19 yr Mine Life

H1 2020

EVOLUTION

Deep Zone

>7.5% Zn + Pb

>150 g/t Silver

Copper Credit

4,000 tpd

Year 6 Production

EXPLORATION

Deep Zone extensions

NW Structures

NE Structures

Cesantoni

20,000m drill program

1“AISC” means All-in sustaining costs. The projected AISC was calculated by the authors of the 2017 PEA at a cost of $5.02/Ag by summing life of mine offsite

and operating costs, taxes, duties and royalties and sustaining capital, all net of by-product revenues, and dividing the resulting total by the total payable ounces

of silver projected to be produced over the life of mine. AISC is not a recognized measure under IFRS and this projected financial measure may not be

comparable to AISC metrics presented by other silver producers.

MAG : TSX / NYSE A

Canaccord Genuity

• Kevin MacKenzie C$21.00

Raymond James

• Tara Hassan C$21.00

National Bank Financial

• Shane Nagle C$19.00

Analyst Coverage & Targets

Average Target Price: ~C$23.61

ROTH Capital Markets

• Joe Reagor C$28.31

Cormark Securities

• Tyron Breytenbach C$26.00

Scotia Capital

• Trevor Turnbull C$25.74

Macquarie Capital Markets

• Michael Gray C$25.50

PI Financial

• Phil Ker C$24.85

H.C. Wainwright

• Heiko Ihle C$24.45

BMO Capital

• Ryan Thompson C$23.00

TD Securities

• Daniel Earle C$22.00

Euro Pacific

• Bhakti Pavani C$21.74

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MAG : TSX / NYSE A

Major Shareholders – Holding > 1.0M Shares

31

BlackRock Investment Mgmt 16.0%

Fresnillo PLC 11.4%

Tocqueville Asset 9.0%

Van Eck Associates 5.4%

Colonial First State 4.8%

Equinox / Mason Hill 3.3%

Vanguard/ PM&M 3.2%

First Eagle 2.8%

1832 Asset Mgmt 1.6%

Gabelli/Gamco 1.6%

RBC Global Asset Mgmt 1.2%

Franklin Advisors 1.2%

Global X Mgmt 1.2%

Addenda 1.1%

Ninepoint Partners 1.1%

Institutions <1% shares 22%

Total Institutions 88%

Retail & Float 11%

88%

MAG : TSX / NYSE A

MAG: TSX / NYSE A

MAGSILVER.COM