Mr. Rob McEwen reports

MCEWEN MINING: Q4 PREVIEW

McEwen Mining Inc.'s consolidated production in the October to November period increased to 29,600 gold equivalent ounces, a significant improvement over the first nine months of the year. In November, Gold Bar production increased to 7,800 gold ounces. As a result of the strong performance at Gold Bar, partially offset by slightly lower production at Fox and San Jose, its forecast for the full-year 2023 is estimated at 154,200 GEOs (see the attached table).

"Gold Bar has picked up the pace in the fourth quarter due to higher ore crushing rates combined with an expansion of the heap leach pad, which resulted in a large gold inventory on the heap leach pad starting to produce in October. Monthly production is projected to remain strong in December and into [first quarter] 2024. The additional production from Gold Bar, combined with the announced flow-through equity financing for Fox exploration and development, puts us in a good financial position to enter 2024. Our focus is on driving continued operational improvements and growth projects across the organization," commented Rob McEwen, chairman and chief owner.

McEwen Copper

Eighteen drill rigs are currently on site at Los Azules, and over 18,000 metres of drilling have already been completed, representing more than one-third of the planned meters for this season's campaign.

Recently, key management and directors from McEwen Mining and McEwen Copper visited the project to review the progress made toward delivery of the feasibility study for the future Los Azules mine.

Michael Meding, vice-president and general manager of McEwen Copper, commented: "We are very pleased with the progress at Los Azules since 2021, when McEwen Copper was created to drive forward the development of one of the world's largest undeveloped copper projects. Our vision is to develop Los Azules as a model for the future of mining."

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, a qualified person as defined by SEC S-K 1300 and 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 the company with 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 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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