Mr. Michael Meding reports

MCEWEN MINING: 2023 PRODUCTION AND GUIDANCE FOR 2024

McEwen Mining Inc. has released full-year and fourth quarter 2023 production results that represent a significant improvement year over year and compared with prior quarters. Consolidated production in Q4 2023 was 49,850 gold equivalent ounces, and full-year production for 2023 was 154,600 GEOs. These results were consistent with its latest forecast (third quarter results press release dated Nov. 8, 2023) and within its guidance range for the year (press release dated March 14, 2023).

Gold Bar production accelerated during Q4 and the month of December, making new records for the quarter and the month, through the addition of mining crews and the completion of the heap leach pad expansion. At Fox, production continued steady above 10,000 GEOs. San Jose production continued to strengthen throughout the year, past the operational challenges of the first quarter.

In 2023, Gold Bar produced 43,700 gold ounces, within guidance range, Fox produced 44,450 gold ounces, also within guidance range, and San Jose produced 65,650 GEOs, slightly below guidance range.

Its consolidated production is recovering after experiencing a challenging period from 2020. Looking ahead, while it forecasts lower production in 2024, the historic production trend remains positive.

2024 production and cost guidance

For 2024, the company expects to produce in the range of 130,000 to 145,000 GEOs attributable to the company from all operations. The reduction compared with 2023 is primarily driven by lower output from its Fox operation and from San Jose, which are operated by its partner Hochschild Mining PLC. It is currently evaluating potential areas for enhancing production and profitability, and it will update its guidance accordingly once any further improvements are implemented.

At Fox in 2024, it will be starting the development of underground ramp access to the Stock orebodies, particularly Stock West, which will become the primary source of feed following the completion of mining the Froome deposit in 2026. This capital investment is partially financed by the $16.1-million (U.S.) flow-through financing completed in December, 2023.

At Gold Bar in 2024, the first half of the year is expected to deliver higher production relative to the second half, due to a scheduled waste stripping phase in the Pick pit, in preparation for the 2025 mining program. The mining sequence continues to be optimized.

McEwen Copper

Twenty drill rigs are currently on site at Los Azules, and over 36,000 metres (118,000 feet) of drilling has been completed so far this season, to advance all areas that contribute to the coming feasibility study, which is expected to be published in first quarter 2025.

At Los Azules project, it has made significant progress. Its drilling program is over halfway complete, with 36,000 metres drilled out of the 55,000 metres planned for its comprehensive feasibility study. The work necessary for the completion of the feasibility study includes mineral resource estimation, metallurgical testing, equipment selection, final completion, and cost estimation of design for the mine and its facilities. Additionally, it will work to advance its power and road infrastructure plans and establish preliminary site-wide water balance including pit dewatering.

On the ground, it has made tangible progress with the drilling program, construction of its winter camp and improvements to the exploration road facilitating year-round operations. It is also on track with environmental permitting, reflecting its commitment to responsible development.

Financially, it has been diligent in protecting its treasury. The majority of its funds has been invested in depository receipts of foreign and major Argentine corporations to shield it from devaluation. This strategic move ensures that Los Azules project's financial backbone stays robust in supporting its project development.

"We are adapting to a changing environment in Argentina, recognizing the importance of current political and economic reforms for the future stability and growth of the nation. Mining is a vital component of Argentina's economy and, under the right conditions, one that is poised to grow significantly and support the country's economic recovery," said Michael Meding, vice-president of McEwen Copper and general manager of Los Azules project.

Notes

(1) Gold equivalent ounces are calculated based on a gold to silver price ratio of 84 to 1 for first quarter 2023, 83 to 1 for second quarter 2023, 82 to 1 for third quarter 2023 and 85 to 1 for fourth quarter 2023. Two thousand twenty-three production guidance is calculated based on an 85 to 1 gold to silver price ratio.

(2) The San Jose mine is 49 per cent owned by McEwen Mining Inc. and 51 per cent owned and operated by Hochschild Mining. Production is shown on a 49-per-cent basis.

(3) El Gallo mine (on care and maintenance) produced 704 GEO and 797 GEO in Q4 and FY 2023, respectively, from plant and pond cleanout.

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 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 the company with all reported results from the San Jose mine. McEwen's joint venture partner, a subsidiary of Hochschild Mining, 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 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.

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