Ms. Mihaela Iancu reports

MCEWEN MINING ANNOUNCES FLOW-THROUGH FINANCING

McEwen Mining Inc. has arranged a financing to finance continued exploration and development at the Fox complex in the Timmins region of Ontario.

The proceeds of this financing will be used exclusively for qualifying Canadian exploration expenditures (CEE) and Canadian development expenditures (CDE), within the meaning of Subsection 66(15) of the Income Tax Act (Canada), on McEwen's properties in the Timmins region:

• Part 1 (CEE) of the financing consists of a $7.3-million (U.S.) ($10,007,600) private placement of 788,000 flow-through common shares at a price of $9.27 (U.S.) ($12.70);
• Part 2 (CDE) of the financing consists of an $8.8-million (U.S.) ($12,008,550) private placement of 1,115,000 flow-through common shares at a price of $7.86 (U.S.) ($10.77).

The offering of 1,903,000 flow-through common shares for $16.1-million (U.S.) ($22,016,150) is expected to close on Dec. 14, 2023, and is subject to customary closing conditions, including approval from the Toronto Stock Exchange and New York Stock Exchange.

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. Rob McEwen, chairman and chief owner, has personally provided the company with $220-million and takes an annual salary of $1.

We seek Safe Harbor.