Mr. Rob McEwen reports

MCEWEN MINING: STOCK EXPLORATION UPDATE

McEwen Mining Inc. has released new assay results from the Stock property, part of the Fox complex near Timmins, Ont. Geological investigations have identified two principal plunge directions (or vectors) controlling mineralization at Stock (see Figure 1) with both appearing to originate at the "Ramp Portal Zone". Results from 21 diamond drillholes (see Table 1) are reported for three key target areas at our Stock West Project: "Ramp Portal Zone", "Shallow Plunge" and "Steep Plunge" as shown on Figure 1. In addition, there are two intriguing results which suggest other directions for the Stock resource to grow.

Ramp Portal Zone

Drilling continues to encounter good grades and widths at shallow depths, in proximity to the surface entrance portal of the ramp that will be driven to access the Stock West deposit. Development of the ramp is planned to start in December of this year.

The significance of this mineralization is the prospect of very early mining and cash flow, making the development of the Stock ramp partially self-funding. Some of the notable gold assay results from this zone include drillholes:

• SM23-180: 6.2 g/t Au over 22.7 m (capped 5.0 g/t Au over 22.7 m)
• SM23-193: 9.5 g/t Au over 11.3 m (capped 7.4 g/t Au over 11.3 m)
• SM23-201: 21.6 g/t Au over 5.1 m (capped 16.6 g/t Au over 5.1 m)
• SM23-204: 12.0 g/t Au over 12.4 m (capped 9.1 g/t Au over 12.4 m)
• SM23-CPS-09: 12.5 g/t Au over 10.9 m (capped 4.2 g/t Au over 10.9 m)

All these assay results occurred very close to the surface, between depths of 23 to 73 meters down hole (see Figure 2). The wide intercept seen in SM23-180 may represent multiple mineable mineralized zones since the more typical true widths for the ramp portal zone are generally 10-15 meters.

Shallow Plunge Zone

Drilling has encountered good-grade mineralization that continues to the Southwest beyond the current Stock West resource, as illustrated by assay results from drillholes S23-308: 38.5 g/t Au over 7.4 m (3.6 g/t Au over 7.4 m capped) and S23-309: 4.0 g/t Au over 14.7 m. Other examples for this area include S23-291: 3.8 g/t Au over 9.6 m and S23-295: 4.1 g/t Au over 8.2 m (see Figure 1). These results together with the good grades found near the Ramp Portal Zone suggest there is potential to not only expand the Stock West resource base but also shorten the payback period and extend the mine life that was outlined in the January 2022 Preliminary Economic Assessment for the Fox Complex (see press release dated January 26th, 2022).

Steep Plunge Zone

This zone represents the longer-term potential for the Stock West Project (see Figure 1) due to its depth. Drillhole S23-306 returned 2.6 g/t Au over 24.3 m, 60 meters down-dip of previously released drillhole S21-202, which graded 4.3 g/t Au over 20.3 m (see press release dated December 21st, 2021). The observed widths continue to impress and suggest that the mineralization continues deeper.

Another good result was seen in drillhole SM23-191 (see Figure 1), higher up in the same zone returned 8.7 g/t Au over 11.2 m. This intercept lies within a planned early mining horizon, which is down-dip of the historical Stock Mine and reinforces our confidence in this mineralized zone.

Intriguing Results

The first intriguing assay (see Figure 3) is located deep into the footwall of the Stock West resource within a Timiskaming-aged sedimentary wedge and returned 98.8 g/t Au over 0.9 m in drillhole S23-281. Because the orientation of the sedimentary wedge is well defined by more than 100 holes drilled since 2019 that were only selectively sampled based on visual cues, a staged resampling project is now warranted for these particular sediments. This result is significant because it now demonstrates the potential for narrow, high-grade gold values within a unit that was generally not considered to carry significant mineralization at the Stock property. Timiskaming-aged sediment is known to carry gold mineralization elsewhere in the Timmins camp, such as at Newmont's Pamour mine.

The second result (see Figure 3) is also located in the footwall of Stock West with drillhole S23-293 returning 3.0 g/t Au over 5.3 m approximately 250 meters down-dip and down-plunge from Stock West. This result is also important since it demonstrates that the mineralized system at Stock West is present well outside of the current resource model and continues deeper.

An updated mineral resource estimate for the Stock deposit is expected to be complete in Q4 of this year.

Technical Information

Technical information pertaining to the Fox Complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., Chief Exploration Geologist, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

Exploration drill core samples at the Stock Complex were typically submitted as 1/2 core or whole core. Analyses reported herein were either performed by the fire assay method by the accredited laboratory: Pangea Laboratorio in Sinaloa, Mexico which is owned and operated by an indirect subsidiary of the Company (NMX-EC-17025-IMNC-2018, ISO /IEC 17025:2017) or by the photon assay method by the laboratory: MSA Labs in Timmins, Ontario, Canada (following: ISO 9001 & ISO 10725; pending review in one year for formal accreditation). The drill holes SM23-180, SM23-184, SM23-193 & SM23-201, were submitted to the internal Black Fox assay lab and analyzed by the fire assay method.

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. Rob McEwen, Chairman and Chief Owner, has a personal investment in the company of US$220 million. His annual salary is US$1.

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