Mr. Rob McEwen reports

MCEWEN MINING: Q3 PRODUCTION

McEwen Mining Inc.'s production for Q3 2023 was 38,600 gold equivalent ounces (GEOs) and 104,800 GEOs for the nine months ended Sept. 30, 2023. The company's consolidated production guidance for 2023 is maintained, despite the Gold Bar mine's production forecast being 13 per cent below its guidance range. The company's forecast for full-year 2023 (see attached table) reflects actual productions to Sept. 30 and management's current estimates for Q4 2023.

Gold bar mine -- Nevada

Good progress has been made at Gold Bar recovering from a challenging first half of the year, as demonstrated by steadily increasing production quarter after quarter. Gold Bar has also maintained an excellent safety record with 1,313 days without a lost-time injury as of Sept. 30. Crushing and stacking of ore on the heap leach pad reached a rate of 9,300 tonnes per day in September, a major improvement over the average in the prior eight months of 6,150 tonnes per day. Year to date, ore containing 41,600 ounces of gold has been loaded onto the heap leach pad with an average expected recovery rate of 68 per cent. Due to the gold inventory on the heap leach pad, the company is confident in a reasonably strong Q4 continuing into the start of 2024. The 2023 production forecast is 13 per cent below the guidance established in December, 2022, due to a combination of factors, including flooding and extreme weather in the spring and a slower leach recovery rate of Gold Bar South ore.

Fox complex -- Timmins district

Fox performed well during Q3 and it is on track to slightly exceed the midpoint of the company's guidance range. Fox has achieved 738 days without a lost-time injury as of Sept. 30, 2023. Mining at Froome is on track and the Stock mill continues to increase average throughput. The company is pleased with the good exploration drilling results seen at its Stock complex, including the ramp portal zone, which may represent an early mining horizon for the company's coming Stock West project (see news release dated Oct. 3, 2023).

San Jose -- Argentina

San Jose, which is operated by the company's joint venture partner, Hochschild Mining, delivered Q3 production in line with the company's expectations for the quarter and guidance for the year. San Jose reported one lost-time injury in August, 2023; the worker has since recovered and returned to regular duty.

McEwen Copper

On Oct. 11, 2023, the company's McEwen Copper subsidiary announced additional investments by Stellantis and Nuton of 42 billion Argentine pesos and $10-million (U.S.), respectively. Since the creation of McEwen Copper, shareholders have invested $397-million (including investments by Stellantis in Argentine pesos at official exchange rates at the time of each transaction) to acquire shares even though that the company has remained private. The recent transactions occurred at $26 per share of McEwen Copper, giving it a market value of approximately $800-million. McEwen Mining retains 47.7-per-cent ownership of McEwen Copper; with an implied market value of $380-million, this represents a value accretion for McEwen Mining shareholders of $98-million, or $2 per share, since March, 2023.

McEwen Copper is now well financed for the remainder of 2023 and well into 2024. The funds raised will be used to advance the feasibility study on the Los Azules project and for other corporate purposes. McEwen Mining also received proceeds of $6-million to augment its balance sheet.

Currently, the company has 14 drill rigs on site at Los Azules, scaling up to 18 drill rigs for its drilling campaign, targeting more than 45,000 metres. This program will generate all the remaining data required to complete the planned feasibility study by Q1 2025.

Technical information

The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill) Shaver, PEng, chief operating officer of McEwen Mining and a qualified person as defined by SEC (U.S. Securities and Exchange Commission) S-K 1300 and the Canadian Securities Administrators' National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Reliability of information regarding San Jose

Minera Santa Cruz SA, the owner of the San Jose mine, is responsible for and has supplied to the company all reported results from the San Jose mine. McEwen Mining's joint venture partner, a subsidiary of Hochschild Mining PLC, and its affiliates (other than MSC) do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

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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