Exhibit 99.2 MAG SILVER CORP. Management's Discussion & Analysis For the three months ended March 31, 2024 Dated: May 13, 2024 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 info@magsilver.com MAG SILVER CORP. Management's Discussion & Analysis For the three months ended March 31, 2024 (expressed in thousands of US dollars except as otherwise noted) Table of Contents | 1. | INTRODUCTION | 3 | | --- ...