Mr. Rob McEwen reports

MCEWEN COPPER ANNOUNCES AN ADDITIONAL US$10 MILLION INVESTMENT BY NUTON, A RIO TINTO VENTURE

McEwen Copper Inc., a subsidiary of McEwen Mining Inc., has entered a binding agreement for an additional $10-million (U.S.) investment by Nuton LLC, a Rio Tinto Venture, and existing McEwen Copper shareholder.

Nuton has agreed to invest $10-million (U.S.) to acquire shares of McEwen Copper in a two-part transaction expected to close by Oct. 19, 2023, consisting of a private placement of 152,615 McEwen Copper common shares, and the purchase of 232,000 common shares owned by McEwen Mining in a secondary sale. Proceeds of the subscription and purchase are expected to be approximately $4-million (U.S.) to McEwen Copper and $6-million (U.S.) to McEwen Mining, respectively. The proceeds of the private placement will be used to advance the development of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes.

After closing, Nuton will own 14.5 per cent of McEwen Copper on a fully diluted basis, and McEwen Mining will own 47.7 per cent. The transaction values McEwen Copper at approximately $800-million (U.S.).

In connection with the transaction, McEwen Copper and certain of its affiliates agreed to amend the Nuton collaboration agreement to extend the period of exclusivity over novel, trade secret or patented copper heap leach technologies until Feb. 1, 2025.

About McEwen Copper Inc.

McEwen Copper holds a 100-per-cent interest in the Los Azules copper project in San Juan, Argentina, and the Elder Creek project in Nevada, United States.

Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). Its current copper resources are estimated at 10.9 billion pounds at a grade of 0.40 per cent Cu (indicated category) and an additional 26.7 billion pounds at a grade of 0.31 per cent Cu (inferred category). A preliminary economic assessment published in June, 2023, estimated a $2.7-billion after-tax net present value (8 per cent) at $3.75/lb Cu and a 27-year mine life.

After closing the Stellantis investment, also announced today, and the pending investment by Nuton, McEwen Copper will have 30,937,615 common shares outstanding, and its shareholders are: McEwen Mining (47.7 per cent), Stellantis (19.4 per cent), Nuton (14.5 per cent), Rob McEwen (12.9 per cent), Victor Smorgon Group (3.2 per cent) and other shareholders (2.3 per cent).

About McEwen Mining Inc.

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 47.7 per cent 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. Its chairman and chief owner has personally provided the company with $220-million and takes an annual salary of $1.

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