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 Companys 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 Companys exploration activities, community and labor relations matters and changes in foreign exchange rates, all of which
are described in more detail in the Companys 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

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
$6.61 (all-in cash cost)
in Mexico Potential Geological * September 30, 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 Valdecaas Vein* (Bonanza Zone) (2006)
Cinco de Mayo
3 Pozo Seco * (2009)
Guigui 4 Upper Manto* (Cinco) (2011)
5 Pegaso (Cinco) (2012)
6 Valdecaas Dilatant West (2015)
7 Valdecaas 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
Valdecaas = 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 22.0 M

UG Ramp @ 3,500m +
Underground
infrastructure
commenced

8 MAG: TSX / NYSE MKT

 Valdecaas: Grade & Metrics
Resource Category Tonnes Silver Gold Lead Zinc Silver
(US$70/Mt cut-off) M g/t g/t % % M oz

Bonanza Indicated 8.3* 601 1.7 2.0 3.7 160*

Bonanza Inferred 2.4* 626 1.9 1.4 2.2 48*
Dilatant Zone Indicated 1.8* 93 1.7 1.4 2.6 5*

Dilatant Zone Inferred 2.7* 146 2.0 2.1 3.4 13*

Description Juanicipio 1 Saucito II

Valdecaas Vein Jarillas Vein

CAPEX $302M (100%) / $132M (44%) $235M

$267M (100%) / $118M (44%)
SCAPEX N/A
(Yrs 4-15, Paid out of Cash Flow)

Life of Mine 15 yr+ 22 yr

Throughput 2,650 t/d 3,000 - 3,750 t/d

Off site costs $39/t N/A

On Site Operating Cost $67/t $40/t

1. Source: UPEA 2014

9 MAG: TSX / NYSE MKT

 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

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

 Sensitivity to Silver Price; Cash Flow, NPV
NPV(5%) (After Tax) and IRR vs. Silver Price
Metric: A $1.00 increase in Silver adds $75.0M (after tax) to the NPV(5%) or $0.41 per MAG share (US$)
$2,500
$USM 70%
IRR
After Tax 60%
60%
$2,000 UPEA Base Case 53% $2,113

46% 50%
43% $1,734
$1,500
37% 40%
[VALUE] $1,355
28%
30%
$1,000 $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
$23.39*

(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

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 (2,324 m elev.)

450m
February 2017 @ +3,500m

1,870 m elev.

13 MAG: TSX / NYSE MKT

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

 Whats New!

1. Stage 3 completed assays announced Feb 14/2017

2. Expansion of E&W Dilatant (FAT) Zones
3. Wide & Hi-Grade extends the West Zone
4. Strong Gold revealed in the East Zone
5. New Anticipada Vein confirmed
6. Persistent Gold and Silver Grades
7. Strong Zinc and Copper Grades
8. Continued second stage overprint
9. Increasing skarn and Copper at depth
10. Open in several directions
11. On going Drilling / 3 drills currently turning

15 MAG: TSX / NYSE MKT

Valdecaas Vein: 3 stages of drilling defines
Deep Zone and Dilatant Zone

16 MAG: TSX / NYSE MKT

Valdecaas Vein: West Dilatant Zone

Volume =
axbxc

Tonnes* =
Volume x D**

17 *a, b and c in metres **D = density (SG)

MAG: TSX / NYSE MKT
Valdecaas Vein: East Dilatant Zone

18 MAG: TSX / NYSE MKT

Valdecaas Vein East: Anticipada Section

19 MAG: TSX / NYSE MKT

Valdecaas Vein 3D Video

20 MAG: TSX / NYSE MKT

Valdecaas Metal Grade Distributions

Silver Gold

Lead Zinc

21 MAG: TSX / NYSE MKT

 Valdecaas 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 - Ag
Cu - Pb - Zn

22 MAG: TSX / NYSE MKT

Valdecaas 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

 Valdecaas 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

Valdecaas Vein Deep: Stage 3 Drilling
completed

COM

25 MAG: TSX / NYSE MKT

Valdecaas Vein: Stage 3 Summary

- Stage 3 drilling completed and results out

- Dilatant Zones in both veins where dip steepens
- West Vein Deep: adding dimensions
- East Vein Deep: adding dimensions
- ~1200m Long x ~300m High x 6-32m Wide
- Valdecaas Zone dips into JV ground; open to depth and wider
- Increased Lead & Zinc plus Copper and skarn = deep signature
- Overprinting with distinctive textures and Silver = shallow signature
- Combined features indicate possibility of a major ore fluid input zone
- Dilatant Zones: open at depth and laterally to the East

26 MAG: TSX / NYSE MKT

 Implications on Mining Each 1Mt = 1 yr mine life
Project 1 = Bonanza Zone Project 2 = Dilatant Zone

- Development continues The Increase in Width (6m - 32m)

- Underground Infrastructure and increases Volume and Tonnage
Lateral Development commenced dramatically

- 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

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 - Wide & Hi-Grade
(Dilatant Zone) in the West remains
advancing
- Increased strike - Strong Gold largely
for start-up in the East unexplored
2018 - Discovered East
vein extension - New Anticipada Vein Resource update
anticipated H1/17

28 MAG: TSX / NYSE MKT

Analyst Coverage & Targets
National Bank Financial
Shane Nagle C$27.00
Scotia Capital
Trevor Turnbull C$26.22
H.C. Wainwright Financing

Heiko Ihle C$26.22

Cormark Securities
Graeme Jennings C$26.00
Macquarie Capital Markets
Michael Gray C$25.00
Desjardins Capital Markets PI Financial

Michael Parkin C$25.00 Phil Kerr C$23.50

Canaccord Genuity TD Securities

Eric Zaunscherb C$24.00 Daniel Earle C$21.00

BMO Capital Markets
ROTH Capital Markets
Andrew Kaip C$20.00
Joe Reagor C$23.59
Raymond James Average Target Price: ~C$24.25
Chris Thompson C$23.50

29 MAG: TSX / NYSE MKT

Major Shareholders Holding > 1.0M Shares
BlackRock Investment Mgmt 16.9%
Fresnillo PLC 12.1%
Van Eck Associates 10.3%
Tocqueville Asset 7.7%
Rafferty Asset Mgmt 4.2%
Equinox / Mason Hill 3.6%
First Eagle Investment 2.5%
RBC Investor Services 2.3%
Vanguard PM&M Fund 1.8%
19%

89% Connor, Clark & Lunn 1.7%

Oppenheimer 1.5%
Fidelity Institl Asset Mgmt 1.4%
Franklin Advisors 1.3%
1832 Asset Mgmt 1.3%
Sprott Asset Mgmt 1.3%
Institutions <1M shares 19.%
Total Institutions 89%
Retail & Float 11%

30 MAG: TSX / NYSE MKT

Directors and Management Team

Jonathan Rubenstein George Paspalas

Board Chairman President and CEO, 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.
Former Managing Director, 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

MAG: TSX / NYSE MKT

Issued/Out CASH1
80.6 M US$140 M
Fully Diluted NO DEBT
83.2 M

Total Options2
2.6 M

CAD USD
I think MAG is one of the best pure
Market Cap $1.7 Billion $1.3 Billion silver stories out there."
Recent $21.00 $16.00 The Gold Report Interview with John
Hathaway, Tocqueville Assets
52 week $9.29 $23.32 $6.93 $18.12

1. September 30, 2016

2. Includes PSU, RSU & DSUs = 524,226

32 MAG: TSX / NYSE MKT

Why Invest in MAG

Highest Grade Developing Silver Asset

Strong Leverage to Silver Price

Growing $140M in Cash - No Debt

Shareholder Proven Operator Expertise - Fresnillo Plc
Value
Experienced Management Team
Excellent Exploration Potential
High Margin - Pure Silver Play

33 MAG: TSX / NYSE MKT

34
34 MAG: TSX / NYSE MKT
 Minera Juanicipio Premier Silver District

Deposits over Billion oz

15 in the World
8 in Mexico
4 Fresnillo Silver Trend
Valdecaas = 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 22.0 M

UG Ramp @ 3,500m +
Underground
infrastructure
commenced

35 MAG: TSX / NYSE MKT