Exhibit 99.2 MAG SILVER CORP. Management's Discussion & Analysis For the three and nine months ended September 30, 2023 (expressed in thousands of US dollars except as otherwise noted) Table of Contents | 1. | INTRODUCTION | 3 | | --- | --- | --- | | 2. | DESCRIPTION OF BUSINESS | 3 | | 3. | HIGHLIGHTS – SEPTEMBER 30, 2023 & SUBSEQUENT TO THE QUARTER END | 4 | | 4. | RESULTS OF JUANICIPIO | 6 | | 5. | DEER TRAIL PROJECT | 12 | | 6. | LARDER PROJECT | 15 | | 7. | OUTLOOK | 17 | | 8. | REVIEW OF FINANCIAL RES ...

Exhibit 99.1 MAG SILVER CORP. Unaudited Condensed Interim Consolidated Financial Statements (expressed in thousands of US dollars) For the three and six months ended June 30, 2023 Dated: August 7, 2023 A copy of this report will be provided to any shareholder who requests it. VANCOUVER OFFICE Suite 770 800 W. Pender Street Vancouver, BC V6C 2V6 604 630 1399 phone 866 630 1399 toll free 604 681 0894 fax TSX: MAG NYSE American: MAG www.magsilver.com info@magsilver.com MAG SILVER CORP. Condensed Interim Consol ...

Exhibit 99.1 MAG SILVER CORP. Unaudited Condensed Interim Consolidated Financial Statements (expressed in thousands of US dollars) For the three months ended March 31, 2023 Dated: May 9, 2023 A copy of this report will be provided to any shareholder who requests it. VANCOUVER OFFICE Suite 770 800 W. Pender Street Vancouver, BC V6C 2V6 604 630 1399 phone 866 630 1399 toll free 604 681 0894 fax TSX: MAG NYSE American: MAG www.magsilver.com info@magsilver.com MAG SILVER CORP. Condensed Interim Consolidated Sta ...

A Valdecañas Vein: Ore Fluid Upwelling Zone Multiple Upwellings Surrounding a Long-Lived Magmatic Center MAG : TSX / NYSE A 11 7km 16km Upwell Upwell? Upwell? Upwell? Upwell? Upwell? Mesa Grande Triunfo Los Tajos Mapping by Megaw & Ramirez 1999-2001 Deer Trail CRD Project, Utah Deer Trail Juanicipio Deer Trail CRD Project, Utah Acquisition 2016-2020 MAG : TSX / NYSE A • On Regional Fault with major Porphyry & CRD deposits (Bingham Canyon - Tintic) • Long-suspected Porphyry center(s) nearby • CRD/Skarn/porph ...

Exhibit 99.1 MAG SILVER CORP. Unaudited Condensed Interim Consolidated Financial Statements (expressed in thousands of US dollars) For the three and nine months ended September 30, 2022 Dated: November 10, 2022 A copy of this report will be provided to any shareholder who requests it. VANCOUVER OFFICE Suite 770 800 W. Pender Street Vancouver, BC V6C 2V6 604 630 1399 phone 866 630 1399 toll free 604 681 0894 fax TSX: MAG NYSE American: MAG www.magsilver.com info@magsilver.com MAG SILVER CORP. Condensed Inter ...

Exhibit 99.1 MAG SILVER CORP. Unaudited Condensed Interim Consolidated Financial Statements (expressed in thousands of US dollars) For the three and six months ended June 30, 2022 Dated: August 12, 2022 A copy of this report will be provided to any shareholder who requests it. VANCOUVER OFFICE Suite 770 800 W. Pender Street Vancouver, BC V6C 2V6 604 630 1399 phone 866 630 1399 toll free 604 681 0894 fax TSX: MAG NYSE American : MAG www.magsilver.com info@magsilver.com MAG SILVER CORP. Condensed Interim Cons ...

Exhibit 99.1 MAG SILVER CORP. Unaudited Condensed Interim Consolidated Financial Statements (expressed in thousands of US dollars) For the three months ended March 31, 2022 and 2021 Dated: May 13, 2022 A copy of this report will be provided to any shareholder who requests it. Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (In thousands of US dollars, except for shares and per share amounts - Unaudited) | | | | | For the three months ended | | | --- | --- | --- | - ...

Unaudited Condensed Interim Consolidated Financial Statements [Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of September 30, 2021, MAG Silver Corp. reported total assets of $320.6 million, a slight decrease from $323.1 million at year-end 2020, primarily due to reduced cash offset by increased investment in Juanicipio, resulting in a marginal increase in liabilities and a slight decrease in total equity Consolidated Statements of Financial Position (in thousands of US dollars) | | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $34,770 | $95,414 | | Investment in Juanicipio | $263,891 | $202,570 | | **Total Assets** | **$320,599** | **$323,082** | | **Total Current Liabilities** | $793 | $901 | | **Total Liabilities** | **$7,239** | **$6,414** | | **Total Equity** | **$313,360** | **$316,668** | | **Total Liabilities and Equity** | **$320,599** | **$323,082** | [Condensed Interim Consolidated Statements of Loss and Comprehensive Income (Loss)](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Income%20(Loss)) For the nine months ended September 30, 2021, the company reported a net loss of $2.6 million, a significant improvement from the $13.7 million loss in 2020, primarily due to income from its equity investment in Juanicipio despite operating expenses and deferred income tax Statement of Loss Highlights (in thousands of US dollars, except per share amounts) | | Nine months ended Sep 30, 2021 | Nine months ended Sep 30, 2020 | | :--- | :--- | :--- | | Total Expenses | $7,974 | $5,886 | | Income (Loss) from Equity Investment in Juanicipio | $6,909 | ($3,372) | | Deferred Income Tax (Expense) Benefit | ($1,724) | ($4,949) | | **Loss for the Period** | **($2,637)** | **($13,690)** | | **Total Comprehensive (Loss)** | **($7,174)** | **($4,617)** | | **Basic and Diluted Loss Per Share** | **($0.03)** | **($0.15)** | [Condensed Interim Consolidated Statements of Changes in Equity](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased from $316.7 million at December 31, 2020, to $313.4 million at September 30, 2021, primarily due to a net loss and unrealized loss on equity securities, partially offset by share-based payment expenses Changes in Equity (in thousands of US dollars) | | Amount | | :--- | :--- | | **Balance, December 31, 2020** | **$316,668** | | Share based payment | $3,574 | | Unrealized loss on equity securities (net of tax) | ($4,537) | | Loss for the period | ($2,637) | | Other (stock option exercises, etc.) | $292 | | **Balance, September 30, 2021** | **$313,360** | [Condensed Interim Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2021, cash decreased by $62.3 million, primarily driven by $57.7 million in investing activities, notably the Juanicipio project, with minor impacts from operating and financing activities Cash Flow Summary (in thousands of US dollars) | | Nine months ended Sep 30, 2021 | Nine months ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | ($5,094) | ($3,704) | | Net cash used in investing activities | ($57,671) | ($23,974) | | Net cash provided by financing activities | $127 | $91,433 | | **(Decrease) Increase in Cash** | **($62,301)** | **$63,685** | | Cash, beginning of period | $94,008 | $72,360 | | **Cash, end of period** | **$31,707** | **$136,045** | - The most significant cash outflow was the **$55.8 million** investment in the Juanicipio project during the nine-month period[7](index=7&type=chunk) Notes to the Condensed Interim Consolidated Financial Statements [Note 1: Nature of Operations](index=7&type=section&id=1.%20NATURE%20OF%20OPERATIONS) MAG Silver Corp. is an advanced-stage development and exploration company primarily focused on its 44% interest in the Juanicipio Project in Mexico, while also acknowledging potential material impacts from the COVID-19 pandemic - The company's primary asset is its **44% interest** in the Juanicipio Project, which is in the construction phase and heading towards production[9](index=9&type=chunk) - The Juanicipio Project is currently toll milling its mineralized development material at a nearby facility while its own processing facility is in the pre-commissioning stage[9](index=9&type=chunk) - The company identifies potential risks from the COVID-19 pandemic, including project delays, supply chain disruptions, and volatility in metal prices, which could materially impact financial performance[10](index=10&type=chunk) [Note 2: Summary of Significant Accounting Policies](index=7&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) The financial statements are prepared under IFRS, with key policies including the equity method for the 44% Juanicipio investment, capitalization of exploration costs, and recognition of pre-commercial production sales in profit or loss - The company accounts for its **44% interest** in Minera Juanicipio S.A. de C.V. as an investment in an associate using the equity method[15](index=15&type=chunk)[16](index=16&type=chunk) - All costs related to the acquisition, exploration, and evaluation of mining rights are capitalized. These costs are tested for impairment if facts suggest the carrying amount is not recoverable[35](index=35&type=chunk)[38](index=38&type=chunk) - The company adopted an amendment to IAS 16, which requires proceeds from pre-commercial production sales to be recognized in profit or loss, rather than as a deduction from capitalized costs[40](index=40&type=chunk)[62](index=62&type=chunk) [Note 6: Investment in Juanicipio](index=19&type=section&id=6.%20INVESTMENT%20IN%20JUANICIPIO) The company's 44% equity investment in the Minera Juanicipio project increased to $263.9 million by September 30, 2021, driven by cash contributions and its share of project income from pre-commercial production sales - Minera Juanicipio is a joint venture held **56% by Fresnillo** (operator) and **44% by MAG Silver**[73](index=73&type=chunk) Reconciliation of Investment in Juanicipio (in thousands of US dollars) | | Nine months ended Sep 30, 2021 | | :--- | :--- | | Balance, beginning of period | $202,570 | | Cash contributions to Minera Juanicipio | $55,484 | | Other adjustments (oversight, interest) | ($1,072) | | Income from equity investment in Juanicipio | $6,909 | | **Balance, end of period** | **$263,891** | Minera Juanicipio Pre-Commercial Production Results (100% basis, in thousands of US dollars) | | Nine months ended Sep 30, 2021 | Nine months ended Sep 30, 2020 | | :--- | :--- | :--- | | Sales | $36,025 | $9,525 | | Cost of sales | ($7,736) | ($1,531) | | **Gross profit** | **$28,289** | **$7,994** | | **MAG's 44% equity income (loss)** | **$6,909** | **($3,372)** | [Note 7: Exploration and Evaluation Assets](index=22&type=section&id=7.%20EXPLORATION%20AND%20EVALUATION%20ASSETS) The company's exploration and evaluation assets increased to $18.2 million, primarily due to expenditures on earn-in projects like Deer Trail, where it aims to earn a 100% interest through significant exploration funding - The company has an option to earn **100%** of the Deer Trail project in Utah by making cash payments and funding **$30 million** in exploration expenditures by 2028. As of September 30, 2021, **$8.0 million** has been incurred[82](index=82&type=chunk) Exploration and Evaluation Asset Balance (in thousands of US dollars) | | Amount | | :--- | :--- | | Balance, December 31, 2020 | $12,472 | | Expenditures for the period | $5,686 | | **Balance, September 30, 2021** | **$18,158** | [Note 9: Share Capital](index=25&type=section&id=9.%20SHARE%20CAPITAL) As of September 30, 2021, the company had 95.0 million shares outstanding and recorded a total share-based payment expense of $3.6 million across various equity compensation plans - As of September 30, 2021, there were **95,028,926 shares outstanding**[86](index=86&type=chunk) Share-Based Payment Expense (in thousands of US dollars) | Compensation Type | Nine months ended Sep 30, 2021 | | :--- | :--- | | Stock options | $1,147 | | RSUs and PSUs | $1,275 | | Deferred Share Units (DSUs) | $1,152 | | **Total** | **$3,574** | - As of September 30, 2021, there were **1,758,913 common shares issuable** under all combined share compensation arrangements, representing **1.85% of outstanding shares**[103](index=103&type=chunk) [Note 11: Financial Risk Management](index=29&type=section&id=11.%20FINANCIAL%20RISK%20MANAGEMENT) The company faces significant financial risks, including market risk from commodity price fluctuations, credit risk from cash and VAT receivables, liquidity risk, and currency risk from Mexican Peso and Canadian Dollar movements against the U.S. Dollar - The company is exposed to commodity price risk for silver, gold, lead, and zinc through its interest in the Juanicipio project. Minera Juanicipio does not hedge silver and gold prices[110](index=110&type=chunk) - Credit risk includes a **$37.1 million VAT receivable** (100% basis) held by Minera Juanicipio from the Mexican government[114](index=114&type=chunk) - A **10% depreciation** in the Mexican peso against the USD would result in a loss of approximately **$2.5 million** (100% basis) within Minera Juanicipio, of which MAG's **44% share** would be **$1.1 million**[123](index=123&type=chunk) [Note 14: Related Party Transactions](index=34&type=section&id=14.%20RELATED%20PARTY%20TRANSACTIONS) The company engages in related party transactions, including services from firms associated with its Chief Exploration Officer and significant shareholder loans to the Juanicipio project, with key management compensation totaling $3.4 million - The company contracts exploration and administrative services from Cascabel and IMDEX, firms associated with Dr. Peter Megaw, the Company's Chief Exploration Officer[133](index=133&type=chunk) - As of September 30, 2021, MAG and Fresnillo have advanced shareholder loans to Minera Juanicipio, with MAG's **44% share** amounting to **$87,428 thousand**[140](index=140&type=chunk) Key Management Compensation (in thousands of US dollars) | | Nine months ended Sep 30, 2021 | Nine months ended Sep 30, 2020 | | :--- | :--- | :--- | | Salaries and other benefits | $973 | $848 | | Share based payments | $2,403 | $1,400 | | **Total** | **$3,376** | **$2,248** | [Note 15: Commitments and Contingencies](index=35&type=section&id=15.%20COMMITMENTS%20AND%20CONTINGENCIES) While MAG Silver Corp. has minimal direct commitments, its Juanicipio Project joint venture has significant contractual commitments and purchase orders totaling $101.8 million, which MAG intends to fund to avoid dilution of its 44% interest - The Juanicipio Project had combined contractual commitments and purchase orders of **$101.8 million** on a 100% basis as of September 30, 2021[144](index=144&type=chunk) - The Company intends to continue funding its share of cash calls for the Juanicipio project to avoid dilution, although these are not contractual obligations[143](index=143&type=chunk) [Note 17: Subsequent Event](index=38&type=section&id=17.%20SUBSEQUENT%20EVENT) Subsequent to the quarter end, MAG Silver Corp. secured a $40 million revolving credit facility from the Bank of Montreal, maturing December 31, 2024, for general corporate purposes, exploration, and Juanicipio project investment - The Company secured a commitment for a **$40,000** revolving credit facility from the Bank of Montreal after the quarter end[149](index=149&type=chunk) - The facility has a maturity date of **December 31, 2024** and can be used for general corporate purposes, exploration, and investment in Minera Juanicipio[149](index=149&type=chunk)

Juanicipio Project Highlights - Juanicipio JV is a "High Grade" district scale project with high margin (IRR)[8] - As of December 31, 2020, MAG Silver had US$94 million in cash[8, 11] - The estimated remaining Capex as of December 31, 2020, was US$93 million, assuming full use of contingency[12] - The Fresnillo Silver District contains over 62 billion ounces of silver, representing >10% of world historical production[23] - The Juanicipio project has produced 33 billion ounces of silver since 1553[24] - The Juanicipio project is expected to have an All-in Sustaining Cost (AISC) of $502/oz[39] Major Shareholders and Analyst Targets - Fresnillo PLC holds 103% of shares[12] - Blackrock Asset Management holds 70% of shares[12] - Sprott Asset Management holds 55% of shares[12] - Total Institutions hold 70% of shares, while Retail & Float hold 30%[12] - The average target price from analysts is US$2777[12] Deer Trail Project, Utah - MAG Silver has the right to earn a 100% interest in DT Mining LLC by spending $30 million in escalating annual expenditures and $2 million in royalty payments over 10 years[43] - The Deer Trail project has historic high-grade silver mines with grades of 350 - 465 g/t[42] - The Deer Trail project has >20,000 m of historic drilling data[52]

| --- | --- | --- | |------------------------------------------------------------------|-------|-------| | | | | | | | | | MAG silver corp M \| G High Grade Silver Discovery & Development | | | | | | | | | | | | | | | MAG: TSX / NYSE A MAGSILVER.COM September 2020 MAG : TSX / NYSE A 2 Cautionary / Forward Looking Statements 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. P ...