VANCOUVER, British columbia, Feb. 16, 2023 — MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG” or the
“Company”) announced today that it has completed its previously announced bought deal private placement and has issued
969,450 common shares on a “flow-through basis” (as defined in the Income Tax Act (Canada)) (the “Flow-Through Shares”),
including 126,450 Flow-Through Shares issued upon the full exercise of a 15% over-allotment option, at a price of C$23.75 per
Flow-Through Share for aggregate gross proceeds of C$23,024,437.50 (the “Flow-Through Private Placement”).