Ms. Mihaela Iancu reports

MCEWEN COPPER CLOSES ARS $42 BILLION INVESTMENT BY STELLANTIS

McEwen Copper Inc., a subsidiary of McEwen Mining Inc., has closed an additional investment of 42 billion Argentine pesos by Stellantis NV.

Stellantis is one of the world's leading automakers and mobility providers with iconic brands, including Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, RAM, Vauxhall, Free2Move and Leasys.

Stellantis, which in February, 2023, invested 30 billion Argentine pesos, has today invested an additional 42 billion Argentine pesos in Argentina to acquire shares of McEwen Copper in a private placement of 1.9 million common shares. The proceeds of the private placement will be used to advance development of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes.

Giving effect to the pending investment by Nuton LLC, also announced today, Stellantis increases its ownership to 19.4 per cent of McEwen Copper, with McEwen Mining owning 47.7 per cent, on a fully diluted basis. The transaction values McEwen Copper at approximately $800-million (U.S.).

In connection with the transaction, McEwen Copper and certain of its affiliates amended the investor rights agreement (IRA) with Stellantis, and the copper cathodes and concentrates purchase rights agreement (CCCPRA), further described below.

The Stellantis IRA was amended to make the carbon neutral commitment by 2028 not contingent on Stellantis maintaining a certain minimum ownership percentage in McEwen Copper. McEwen Copper intends to implement this commitment independent of Stellantis's involvement in the Los Azules project.

The CCCPRA was amended to provide for a minimum 10,000-tonne-per-annum copper cathode offtake, subject to certain restrictions and exclusions, and further defined market price to be paid by Stellantis on future copper cathode purchases pursuant to the CCCPRA.

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 PEA (preliminary economic assessment) published in June, 2023, estimated a $2.7-billion after-tax net present value with an 8-per-cent discount at $3.75/lb Cu and a 27-year mine life.

After closing the Nuton LLC investment, also announced today, 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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