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 RESULTS 18 9. FINANCIAL POSITION 22 10. CASH FLOWS 24 11. SUMMARY OF QUARTERLY RESU ...