Mr. Rob McEwen reports

MCEWEN MINING REDUCES DEBT BY 39%

McEwen Mining Inc. has repaid $25-million of its senior secured debt payable to Sprott Resource Lending, and Sprott is no longer a lender.

Prior to the repayment, the company had $50-million in senior secured debt and a $15-million unsecured promissory note, for a total debt of $65-million. Concurrent with the repayment to Sprott, the senior secured debt was amended and restated in the amount of $40-million bearing monthly interest at 9.75 per cent per annum, and the promissory note was extinguished. The company's sole lender is now an entity owned by the company's chairman and chief owner, Rob McEwen.

As a result of the debt reduction, McEwen Mining's annual borrowing costs will decrease by approximately $2.2 million or 36%.

Certain provisions of the amended and restated credit agreement have been modified, with the approval of the independent directors, specifically:

• The schedule of principal repayments will now begin with amortization of $1 million per month starting on January 31st, 2025, with the remaining principal due at maturity on August 31st, 2026;
• The loan can be repaid at any time, in any amount, without penalty;
• The security package has been amended to exclude certain non-core assets; and
• Certain other covenants, restrictions and events of default have been deleted.

The reduction of debt was funded through the secondary sale of McEwen Copper shares to FCA Argentina S.A. (Stellantis) and Nuton LLC, which closed in February and March 2023, and raised $47.5 million in gross proceeds to McEwen Mining.

ABOUT MCEWEN MINING

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 52% of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina. The Company's goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Rob McEwen, Chairman and Chief Owner, has personal investment in the company of US$220 million. His annual salary is US$1.

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