Steady Progress Pushes Canadian Explorer to Dig Deeper and Expand in Mexico

Disclosures from Canaccord Genuity, MAG Silver Corp., July 6, 2017

Analyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research.

Required Company-Specific Disclosures (as of date of this publication):

Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking services from MAG Silver Corp. in the next three months.

An analyst has visited the material operations of MAG Silver Corp. Partial payment was received for the related travel costs.

Up-to-date disclosures may be obtained at this website.

Disclosures from Rodman & Renshaw, MAG Silver Corp., Company Update, July 10, 2017

I, Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of MAG Silver Corp (including, without limitation, any option, right, warrant, future, long or short position).

As of June 30, 2017 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of MAG Silver Corp.

Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The Firm or its affiliates did not receive compensation from MAG Silver Corp for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

The Firm does not make a market in MAG Silver Corp as of the date of this research report.