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 ...