Exhibit 99.2 MAG SILVER CORP. Management’s Discussion & Analysis For the three months ended March 31, 2024 Dated: May 13, 2024 VANCOUVER OFFICE TSX: MAG Suite 770 604 630 1399 phone NYSE American: MAG 800 W. Pender Street 866 630 1399 toll free info@magsilver.com Vancouver, BC V6C 2V6 604 681 0894 fax 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 2. DESCRIPTION ...