VANCOUVER, British Columbia, May 14, 2024 (GLOBE NEWSWIRE) -- MAG Silver Corp. (NYSE:MAG) ("MAG", or the "Company") announces the Company's unaudited consolidated financial results for the three months ended March 31, 2024 ("Q1 2024"). For details of the unaudited condensed interim consolidated financial statements of the Company for the three months ended March 31, 2024 ("Q1 2024 Financial Statements") and management's discussion and analysis for the three months ended March 31, 2024 ("Q1 2024 MD&A"), please see the Company's filings on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at (www.sedarplus.ca) or on the Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") at (www.sec.gov).   All amounts herein are reported in $000s of United States dollars ("US$") unless otherwise specified (C$ refers to Canadian dollars). KEY HIGHLIGHTS (on a 100% basis unless otherwise noted) MAG reported net income of $14,895 ($0.14 per share) driven by income from Juanicipio (equity accounted) of $19,244, and adjusted EBITDA1 of $32,447 for the three months ended March 31, 2024. A total of 325,683 tonnes of ore at a silver head grade of 476 grams per tonne ("g/t") (equivalent silver head grade2 713 g/t), was processed at Juanicipio during Q1 2024. Juanicipio achieved silver production and equivalent silver production2 of 4.5 and 6.4 million ounces, respectively, during Q1 2024.   Juanicipio delivered robust cost performance with cash cost1 of $2.50 per silver ounce sold ($8.66 per equivalent silver ounce sold3), and all-in sustaining cost1 of $6.11 per silver ounce sold ($11.22 per equivalent silver ounce sold3) in Q1 2024. Juanicipio generated strong operating cash flow of $42,521 and free cash flow1 of $27,820 in the first quarter of 2024 after tax payments of $25,772. Juanicipio returned a total of $17,459 in interest and loan principal repayments to MAG during Q1 2024. MAG published its updated technical report on Juanicipio on March 27, 2024 outlining robust economics with an after tax NPV of $1.2 billion over an initial 13-year life of mine, generating annual average free cashflow exceeding $130 million. Mineral Resources increased by 33% from the 2017 PEA, with substantial growth in Measured and Indicated categories. Inferred resources also expanded, highlighting significant near-term, high-grade upside potential. An inaugural 15.4 million tonnes Mineral Reserve Estimate at 628 g/t silver equivalent grade was declared enhancing economic confidence. Extensive exploration upside remains, with only 5% of the property explored, indicating high potential for further discoveries. MAG announced 2024 production and cost guidance with Juanicipio expected to produce between 14.3 million and 15.8 million silver ounces yielding between 13.2 million and 14.6 million payable silver ounces at all-in sustaining costs of between $9.50 and $10.50 per silver ounce sold. Juanicipio remains on track to achieve 2024 guidance. On March 22, 2024 the Company, through its Gatling Exploration Inc. subsidiary, acquired 100% ownership of the Goldstake property (contiguous to its current land holdings) from Goldstake Explorations Inc. and Transpacific Resources Inc., for consideration of C$5,000. ________________________1 Adjusted EBITDA, total cash costs, cash cost per ounce, all-in sustaining costs, all-in sustaining cost per ounce and free cash flow are non-IFRS measures, please see below ‘Non-IFRS Measures' section and section 12 of the Q1 2024 MD&A for a detailed reconciliation of these measures to the Q1 2024 Financial Statements.2 Equivalent silver head grade and equivalent silver production have been calculated using the following price assumptions to translate gold, lead and zinc to "equivalent" silver head grade and "equivalent" silver production: $23/oz silver, $1,950/oz gold, $0.95/lb lead and $1.15/lb zinc. 3 Equivalent silver ounces sold have been calculated using realized price assumptions to translate gold, lead and zinc to "equivalent" silver ounces sold (metal quantity, multiplied by metal price, divided by silver price). Q1 2024 realized prices of $23.73/oz silver, $2,112.27/oz gold, $0.92/lb lead and $1.08/lb zinc. CORPORATE The Company is well underway with the preparation of its 2023 sustainability report underscoring its continued commitment to transparency with its stakeholders while providing a comprehensive overview of the Company's environmental, social and governance ("ESG") commitments, practices and performance for 2023. A copy of MAG's 2022 sustainability report and MAG Silver 2022 ESG Data Table are available on the Company's website at https://magsilver.com/esg/reports/4. ________________________4 Information contained in or otherwise accessible through the Company's website, including the 2022 sustainability report and MAG Silver 2022 ESG Data Table, do not form part of this News Release and are not incorporated into this News Release by reference. EXPLORATION Juanicipio: Infill drilling at Juanicipio continued in Q1 2024 from underground aimed at upgrading mineralization in areas expected to be mined in the near to mid-term. During Q1 2024, 11,271 metres were drilled from underground. Surface drilling focused on expanding and upgrading the deeper zones and broader regional exploration started in April 2024. During 2024, Juanicipio plans to drill a total of 50,000 metres, with 33,000 metres from underground and 17,000 metres from surface. Deer Trail Project, Utah: On May 29, 2023 MAG started a Phase 3 drilling program focused on up to three porphyry "hub" target areas thought to be the source of the manto, skarn, epithermal mineralization and extensive alteration throughout the project area including that at the Deer Trail and Carissa zones. In late 2023 an early onset of winter snowfall impacted the commencement of the third porphyry "hub" target, which is now expected to be drilled in 2024. The two completed "hub" holes to date total 2,738 metres. Both holes intercepted alteration and mineralization in line with what is expected on the edges of porphyry systems. Follow-up drill targets are planned for summer 2024. With the early onset of snowfall, Phase 4 drilling focussed on lower elevations commenced in the last quarter of 2023 and continued through Q1 2024, aimed at offsetting the Carissa discovery and testing other high-potential targets in the Deer Trail mine area. During Q1 2024, 1,208 metres were drilled at Carissa with results pending. Larder Project, Ontario: Drilling targeting Cheminis and Bear totalled 5,391 metres in Q1 2024. Targets tested include down plunge extension of the high-grade double knuckle at the Bear East zone and extending the Cheminis south mine sequence down plunge. Cheminis Update: Follow-up drilling of the Cheminis South Cadillac-Larder Break ("CLD") mine sequence down plunge is planned to test below the most recent intercepts. Hole GAT-24-026 intersected a new zone on the north side of the CLB within a fuchsite-silica-albite altered komatiite grading 3.9 g/t gold over 16 metres with 2 higher grade shoots associated with albite dykes (see Table 1 below). Bear Update: Utilizing the updated model and incorporating the updated data from recent drilling, the Bear East zone was successfully extended down plunge by up to 1,100 metres depth. Hole GAT-24-024NB intersected gold mineralization on both sides of the CLB which confirms the presence of either another structural trap at depth or the continuation of the "double knuckle" zone at surface. Gold mineralization intersected on the north zone included 9.4 g/t gold over 2.2 metres within a strongly altered komatiite with syenite intrusions and 1.6 g/t gold over 4.2 metres on the south zone within the south iron-rich volcanics (see Table 1 below). Bear East remains open in all directions. Table 1: 2024 Larder Drillholes Highlights Hole ID From(m) To(m) Length(m)1 Gold(g/t) Lithology Target/Zone GAT-24-024NB 1233.7 1244.0 10.3 2.3 Komatiites with Syenite Intrusions North Bear Zone Including 1234.1 1236.3 2.2 9.4 Syenite North Bear Zone               and 1415.5 1419.7 4.2 1.6 South Volcanics South Bear Zone               GAT-24-026 1127.0 1143.0 16.0 3.9 Green Komatiites with Albite dykes North Cheminis Zone               Including 1134.3 1135.5 1.2 9.1 Green Komatiite with Albite dykes North Cheminis Zone Including 1137.4 1139.0 1.6 8.1 Green Komatiite with Albite dykes North Cheminis Zone JUANICIPIO RESULTS All results of Juanicipio in this section are on a 100% basis, unless otherwise noted. Operating Performance The following table and subsequent discussion provide a summary of the operating performance of Juanicipio for the three months ended March 31, 2024 and 2023, unless otherwise noted.   Three months ended   March 31,   March 31,   Key mine performance data of Juanicipio (100% basis) 2024   2023         Metres developed (m) 4,069   3,450         Material mined (t) 325,081   223,632   Material processed (t) 325,683   222,023         Silver head grade (g/t) 476   363   Gold head grade (g/t) 1.33   1.07   Lead head grade (%) 1.35 % 0.74 % Zinc head grade (%) 2.50 % 1.45 %       Equivalent silver head grade (g/t) (1) 713   530         Silver payable ounces (koz) 3,995   2,001   Gold payable ounces (koz) 8.90   5.29   Lead payable pounds (klb) 7,747   2,825   Zinc payable pounds (klb) 11,846   3,650         Equivalent silver payable ounces (koz) (2) 5,627   2,796         (1)   Equivalent silver head grades have been calculated using the following price assumptions to translate gold, lead and zinc to "equivalent" silver head grade: $23/oz silver, $1,950/oz gold, $0.95/lb lead and $1.15/lb zinc (Q1 2023: $21.85/oz silver, $1,775/oz gold, $0.915/lb lead and $1.30/lb zinc).(2)   Equivalent silver payable ounces have been calculated using realized price assumptions to translate gold, lead and zinc to "equivalent" silver payable ounces (metal quantity, multiplied by metal price, divided by silver price). Q1 2024 realized prices of $23.73/oz silver, $2,112.27/oz gold, $0.92/lb lead and $1.08/lb zinc (Q1 2023 realized prices of $22.93/oz silver, $1,959.50/oz gold, $0.94/lb lead and $1.43/lb zinc). During the three months ended March 31, 2024 a total of 325,081 tonnes of ore were mined. This represents an increase of 45% over Q1 2023. Increases in mined tonnages at Juanicipio have been driven by the operational ramp up of the mine towards steady state targets. During the three months ended March 31, 2024 a total of 325,683 tonnes of ore were processed through the Juanicipio plant; no ore was processed at the nearby Fresnillo and Saucito processing plants (100% owned by Fresnillo). This represents an increase of 47% over Q1 2023. The increase in milled tonnage has been driven by the Juanicipio mill commissioning and operational ramp up to nameplate capacity over the course of 2023. The silver head grade and equivalent silver head grade for the ore processed in the three months ended March 31, 2024 was 476 g/t and 713 g/t, respectively (three months ended March 31, 2023: 363 g/t and 530 g/t, respectively). Head grades in Q1 2023 were lower as low-grade commissioning stockpiles were processed through the Juanicipio plant. Silver metallurgical recovery during Q1 2024 was 89.1% (Q1 2023: 87.0%) reflecting ongoing optimizations in the processing plant. The following table provides a summary of the total cash costs5 and all-in sustaining costs5 ("AISC") of Juanicipio for the three months ended March 31, 2024, and 2023.   Three months ended   March 31,   March 31,   Key mine performance data of Juanicipio (100% basis) 2024   2023         Total cash costs (5) 9,973   22,439   Cash cost per silver ounce sold ($/oz) (5) 2.50   11.21   Cash cost per equivalent silver ounce sold ($/oz) (5) 8.66   14.55         All-in sustaining costs (5) 24,393   32,902   All-in sustaining cost per silver ounce sold ($/oz) (5) 6.11   16.44