February 2017

Corporate Presentation
1 MAG: TSX / NYSE MKT

Forward Looking - Safe Harbor Statement
MAG Silver Corp. is a Canadian issuer.
This presentation is prepared by MAG Silver Corp (“MAG – TSX / MAG – NYSE.MKT”) management and MAG is solely responsible for content
and format. Peter Megaw, C.P.Geo 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.
 This presentation contains forward-looking statements within the meaning of Canadian and U.S. securities laws. Such forward looking statements
are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties
include, but are not 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 developments in Mexico or Canada, technological and operational difficulties or inability to obtain permits encountered in
connection with the Company’s exploration activities, community and labor relations matters and changes in foreign exchange rates, all of which
are described in more detail in the Company’s filings with the US. Securities and Exchange Commission. There is no certainty that any forward
looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.
 Cautionary note to investors concerning estimates of Indicated and Inferred mineral resources. This document uses the terms "Indicated
Mineral Resources” 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 these terms. Investors are cautioned not to assume that any part or all of the mineral deposits in these
categories will ever be converted into reserves. In addition, "Inferred Mineral Resources" have a great amount of uncertainty as to their existence.
It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules,
estimates of Inferred Mineral Resources are considered too speculative 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 Economic Assessment” as defined under Canadian National Instrument 43-101.
 Investors are cautioned not to assume that part or all of an Inferred Resource exists, or is economically or legally mineable. The Company may
access safe harbor rules. Please see complete information on SEDAR and at the SEC 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 no. 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
Neither the TSX nor the New York Stock Exchange MKT has reviewed or accepted responsibility for the accuracy or adequacy of this
presentation, which has been prepared by management.
 Please also note, that since the UPEA was produced prior to the recent Mexican tax law reform the ensuing numbers do not factor in that adjustment.

2 MAG: TSX / NYSE MKT

Juanicipio JV Decline

Cinco de Mayo

Juanicipio JV decline

3 MAG: TSX / NYSE MKT

61 (all-in cash cost) in Mexico Potential Geological * September 30.MAG Silver – Silver Discovery and Development Cinco de Mayo “High Grade” JUANICIPIO JV Cinco de Mayo Strong High IRR Main Asset (100%) Financial District Scale (MAG 44%) Position Fresnillo Operator Working to SILVER Regain $US140M* +200Moz Ag asset Cash ZINC Surface +600g/t Silver Access LEAD No Debt $6. 2016 Expansion 4 MAG: TSX / NYSE MKT .

CAPEX vs Available Cash (US$) ----------------------------------------------------------------------- 140** Total Cash $ Total Capex $132* Safeguard $22M ----------------------------------------------------------------------- Remaining Spend** 118 Cash on hand** 140 Cash -14 Expended** *Per 2014 UPEA ** September 30. 2016 5 MAG: TSX / NYSE MKT .

Property Locations – A History of Discovery 7 MAG SILVER Discoveries 1 Juanicipio Vein* (2003) 4 3 5 2 Valdecañas Vein* (Bonanza Zone) (2006) Cinco de Mayo 3 Pozo Seco * (2009) Guigui 4 Upper Manto* (Cinco) (2011) 5 Pegaso (Cinco) (2012) 6 Valdecañas Dilatant West (2015) 7 Valdecañas Dilatant East (2016) 1 * Measurable resources MAG Silver/Fresnillo JV 2 (Minera Juanicipio) 6 7 6 MAG: TSX / NYSE MKT .

Fresnillo Silver District – One of a Kind THE FRESNILLO SILVER TREND Over 4.2 Billion oz of silver production and 10% of world historical production 7 MAG: TSX / NYSE MKT .

Minera Juanicipio – Premier Silver District Deposits over Billion oz 15 in the World 8 in Mexico 4 Fresnillo Silver Trend Valdecañas = Jarillas Juanicipio Resource Indicated 160 Moz Ag @ 601 g/t Inferred 48 Moz Ag @ 626 g/t “Stand alone Project” 2018 Projected District Production 50-55M oz/year Juanicipio 10.500m + Underground infrastructure commenced 8 MAG: TSX / NYSE MKT .0 M UG Ramp @ 3.6 M Saucito I & II 22.3 M Fresnillo 15.

Paid out of Cash Flow) Life of Mine 15 yr+ 22 yr Throughput 2. Valdecañas: Grade & Metrics Resource Category Tonnes Silver Gold Lead Zinc Silver (US$70/Mt cut-off) M g/t g/t % % M oz Bonanza Indicated 8.0 2.000 .1 3.650 t/d 3.3* 601 1.7* 146 2.0 3.3.6 5* Dilatant Zone Inferred 2.4 2.7 2.7 1.7 160* Bonanza Inferred 2.750 t/d Off site costs $39/t N/A On Site Operating Cost $67/t $40/t 1.4 13* Description Juanicipio 1 Saucito II Valdecañas Vein Jarillas Vein CAPEX $302M (100%) / $132M (44%) $235M $267M (100%) / $118M (44%) SCAPEX N/A (Yrs 4-15.4 2.8* 93 1.9 1. Source: UPEA 2014 9 MAG: TSX / NYSE MKT .4* 626 1.2 48* Dilatant Zone Indicated 1.

g/t 1000 Average LOM Grades: Comparison MAG: 923 g/t AgEq 900 Bonanza Zone 800 700 600 MAG: 574 g/t Ag Bonanza Zone 500 400 Avg AgEq 295 g/t* 300 Avg Ag 175g/t* 200 100 0 SSO SVM FVI MAG FRES-LN PAAS CDE FR MND THO EDR * Not including MAG Silver data Data provided by Raymond James 10 MAG: TSX / NYSE MKT .

39* (AFTER-TAX) IRR $100M* (AFTER-TAX) CASH FLOW (Yr 1-6) SILVER PRICE 43%* Source: MAG models and UPEA 2014 11 MAG: TSX / NYSE MKT . Silver Price Metric: A $1.000 UPEA Base Case 53% $2.355 28% 30% $1.00 increase in Silver adds $75.000 $976 15% IRR 20% 20% $606 33% $500 38% $75M 10% $85M NPV $228 $18 $20 $0 0% Silver Price $10 $15 $20 $23 $25 $30 $35 $23. Cash Flow. Sensitivity to Silver Price.500 $USM 70% IRR After Tax 60% 60% $2.734 $1.113 46% 50% 43% $1.500 37% 40% [VALUE] $1.0M (after tax) to the NPV(5%) or $0. NPV NPV(5%) (After Tax) and IRR vs.41 per MAG share (US$) $2.

Juanicipio Development Timetable Total Capex $US 302M (MAG 44% = $US 132M) 2014 2015 2016 2016 2017 Y1 Y2 Y3 Y4 Production H2 2018 Access Decline @ ~3.500m+ Ventilation Development Stope Development Stope development UG Infrastructure Mill Procurement & Construction Vent Fan Operating 12 MAG: TSX / NYSE MKT .

Current Ramp Progress Portal (2.870 m elev.) 450m February 2017 @ +3. 13 MAG: TSX / NYSE MKT .324 m elev.500m 1.

Juanicipio Joint Venture – Summary HIGHEST GRADE DEVELOPING SILVER ASSET PROPERTY ACCESS FINANCIAL MINIMAL RISK MINIMAL RISK GREAT GEOPOLITICAL METALLURGY MINIMAL RISK INFRASTRUCTURE DEVELOPMENT HISTORICAL MINIMAL RISK PROBABILITY OF: MORE DISCOVERIES & ADDITIONAL OUNCES 14 MAG: TSX / NYSE MKT .

Wide & Hi-Grade extends the West Zone 4. Open in several directions 11. Expansion of E&W Dilatant (FAT) Zones 3. What’s New! 1. New Anticipada Vein confirmed 6. Strong Zinc and Copper Grades 8. Stage 3 completed – assays announced Feb 14/2017 2. Increasing skarn and Copper at depth 10. Continued second stage overprint 9. Strong Gold revealed in the East Zone 5. On going Drilling / 3 drills currently turning 15 MAG: TSX / NYSE MKT . Persistent Gold and Silver Grades 7.

Valdecañas Vein: 3 stages of drilling defines Deep Zone and Dilatant Zone 16 MAG: TSX / NYSE MKT .

Valdecañas Vein: West Dilatant Zone Volume = axbxc Tonnes* = Volume x D** 17 *a. b and c in metres **D = density (SG) MAG: TSX / NYSE MKT .

Valdecañas Vein: East Dilatant Zone 18 MAG: TSX / NYSE MKT .

Valdecañas Vein East: Anticipada Section 19 MAG: TSX / NYSE MKT .

Valdecañas Vein – 3D Video 20 MAG: TSX / NYSE MKT .

Valdecañas – Metal Grade Distributions Silver Gold Lead Zinc 21 MAG: TSX / NYSE MKT .

Zn 22 MAG: TSX / NYSE MKT .Ag Cu .Pb . Valdecañas – Metal Distributions Copper Expected metal zonation Copper @ bottom Dilatant Zone = horizontal red (thick) band Note the smaller horizontal dilatant zone within the Bonanza Zone and possible vertical zone as well. True Thickness Au .

Valdecañas – Metal Grade Distributions Silver Gold Increase/repeat of high Silver and Gold in the Deep Zone may be Further evidence for stacked boiling and repeat of metals zonation 23 MAG: TSX / NYSE MKT .

Valdecañas Vein Deep: Stage 2 Drilling completed BONANZA ZONE DEEP ZONE DILATANT ZONE 300 m 700 m 800 m COMPLETED STAGE 3 HOLES ANTICIPADA Veins still largely open to depth as well COMPLETED STAGE 3 HOLES 24 MAG: TSX / NYSE MKT .

Valdecañas Vein Deep: Stage 3 Drilling completed COM 25 MAG: TSX / NYSE MKT .

~1200m Long x ~300m High x 6-32m Wide .East Vein Deep: adding dimensions . Dilatant Zones: open at depth and laterally to the East 26 MAG: TSX / NYSE MKT .West Vein Deep: adding dimensions . Valdecañas Zone dips into JV ground.Stage 3 drilling completed and results out .Dilatant Zones in both veins where dip steepens . Increased Lead & Zinc plus Copper and skarn = deep signature .Valdecañas Vein: Stage 3 Summary . Combined features indicate possibility of a major ore fluid input zone . open to depth and wider . Overprinting with distinctive textures and Silver = shallow signature .

32m) .Underground Infrastructure and increases Volume and Tonnage Lateral Development commenced dramatically . Implications on Mining – Each 1Mt = 1 yr mine life “Project 1” = Bonanza Zone “Project 2” = Dilatant Zone .Top of the vein has daylighted Different Geometry = More Tonnes per vertical metre = Greater Mining Efficiency Engineering studies to determine optimal project configuration Project 1 underway Metallurgy will likely incorporate a Project 2 future copper recovery circuit for deeper ore 27 MAG: TSX / NYSE MKT .Development continues The Increase in Width (6m .

Juanicipio Project – Take away points Cinco de Mayo Bonanza Stage 2 Drilling Stage 3 Drilling Juanicipio JV assays completed assays completed Zone Project property continues -Confirmed widening .Increased strike .Strong Gold largely for start-up in the East unexplored 2018 .Discovered East vein extension .Wide & Hi-Grade (Dilatant Zone) in the West remains advancing .New Anticipada Vein Resource update anticipated H1/17 28 MAG: TSX / NYSE MKT .

Analyst Coverage & Targets National Bank Financial • Shane Nagle C$27.25 • Chris Thompson C$23.50 29 MAG: TSX / NYSE MKT .00 Desjardins Capital Markets PI Financial • Michael Parkin C$25.C.00 Scotia Capital • Trevor Turnbull C$26.22 Cormark Securities • Graeme Jennings C$26.00 BMO Capital Markets ROTH Capital Markets • Andrew Kaip C$20.50 Canaccord Genuity TD Securities • Eric Zaunscherb C$24.00 • Daniel Earle C$21. Wainwright Financing • Heiko Ihle C$26.22 H.00 • Joe Reagor C$23.59 Raymond James Average Target Price: ~C$24.00 • Phil Kerr C$23.00 Macquarie Capital Markets • Michael Gray C$25.

5% Fidelity Instit’l Asset Mgmt 1.4% Franklin Advisors 1.% Total Institutions 89% Retail & Float 11% 30 MAG: TSX / NYSE MKT .9% Fresnillo PLC 12.2% Equinox / Mason Hill 3.3% Vanguard PM&M Fund 1.3% Institutions <1M shares 19.3% Sprott Asset Mgmt 1.1% Van Eck Associates 10.5% RBC Investor Services 2.3% 1832 Asset Mgmt 1.0M Shares BlackRock Investment Mgmt 16.8% 19% 89% Connor.6% First Eagle Investment 2. Clark & Lunn 1.3% Tocqueville Asset 7.7% Rafferty Asset Mgmt 4.7% Oppenheimer 1.Major Shareholders – Holding > 1.

Directors and Management Team Jonathan Rubenstein George Paspalas Board Chairman President and CEO. Highland Capital Jody Harris Dan MacInnis Corporate Secretary Former CEO MAG Silver Derek White Former CEO KGHM (International) Juanicipio Portal 31 MAG: TSX / NYSE MKT . Former Managing Director. Director Peter Barnes Larry Taddei Former CEO Silver Wheaton Chief Financial Officer Richard Clark Former CEO Red Back Mining Dr. Peter Megaw Richard Colterjohn Chief Exploration Officer Former CEO Centenario Copper Michael Curlook Jill Leversage VP Investor Relations & Comm.

32 $6.93 – $18.3 Billion silver stories out there. Includes PSU.29 – $23.226 32 MAG: TSX / NYSE MKT . RSU & DSU’s = 524. 2016 2. September 30. Tocqueville Assets 52 week $9.2 M Total Options2 2.12 1.6 M CAD USD I think MAG is one of the best pure Market Cap $1.6 M US$140 M Fully Diluted NO DEBT 83.00 – The Gold Report Interview with John Hathaway.MAG: TSX / NYSE MKT Issued/Out CASH1 80.00 $16." Recent $21.7 Billion $1.

Why Invest in MAG Highest Grade Developing Silver Asset Strong Leverage to Silver Price Growing $140M in Cash .Fresnillo Plc Value Experienced Management Team Excellent Exploration Potential High Margin .No Debt Shareholder Proven Operator Expertise .Pure Silver Play 33 MAG: TSX / NYSE MKT .

34 34 MAG: TSX / NYSE MKT .

0 M UG Ramp @ 3.500m + Underground infrastructure commenced 35 MAG: TSX / NYSE MKT . Minera Juanicipio – Premier Silver District Deposits over Billion oz 15 in the World 8 in Mexico 4 Fresnillo Silver Trend Valdecañas = Jarillas Juanicipio Resource Indicated 160 Moz Ag @ 601 g/t Inferred 48 Moz Ag @ 626 g/t “Stand alone Project” 2018 Projected District Production 50-55M oz/year Juanicipio 10.3 M Fresnillo 15.6 M Saucito I & II 22.