Ms. Mihaela Iancu reports

MCEWEN MINING: STOCK EXPLORATION UPDATE

McEwen Mining Inc. has released three outcomes of its large exploration investment at the Stock mine property, part of the Fox complex, in the prolific Timmins gold district of Northern Ontario, Canada: 1. a 31-per-cent year-over-year increase of gold resources at Stock West and Stock Main (historical Stock mine), with 2. confirmation of good grading structures plunging to depth; and 3. Stock East emerging as a potential new near-term source of future revenue.

31-per-cent resource growth (inferred plus indicated) and the importance of structures at Stock West and Main

Geological interpretations suggest that two principal structures that plunge to depth, emanating from the historical Stock mine, control the mineralization of Stock West and Stock Main. Resources identified within these structures in 2023 account for most of the 31-per-cent increase in the Stock West and Main resource when compared with year-end 2022. The infill drilling at Stock West completed in 2023 demonstrated an increase in the widths of the mineralized zones with a slight decrease in the overall grade. Drilling along the deeper part of structures accounts for about half of the 31-per-cent increase in the updated resource estimate and demonstrates the potential for these structures to extend to depth and remain highly prospective for additional exploration and resource growth.

Stock East emerging

Drilling in late 2023 and continuing into 2024 was designed to assess Stock East's potential to be a shallow source of near-term revenue during the construction phase of the access ramp at Stock West. Assay results from the infill drill program successfully identified minable widths and grades. In addition, the block model updated in 2022 has been successful in forecasting the projected grades and widths for the new drilling. Stock East mineralization appears to be controlled by two plunge directions, with one similar to that seen for the rest of Stock structures.

An assay result from drill hole SEZ24-86 that returned 121.5 grams per tonne (g/t) gold (Au) over 0.4 metre (m), equivalent to 3.91 ounces per ton (oz/t) Au over 1.3 feet, is very intriguing because of its high grade, proximity to surface and position outside the main mineralized zone (lying approximately 75 m in the hangingwall to the main Stock East zone). Its orientation suggests that earlier drilling may have missed other possible high-grade occurrences. To date, all of the drilling at Stock East has been in a mostly north to north-west orientation, therefore this particular intercept may have been mostly missed. Additional follow-up drilling is warranted to determine its true geometry.

Some of the key drill results from recent drilling programs are listed herein.

The location of Stock East is strategic for multiple reasons:

From a geological perspective:

The Stock East zone lies close to the splay point of the northeast-southwest-trending Nighthawk Lake fault and the east-west-trending regional Destor-Porcupine fault. Such splays are known in the district to be good traps for gold mineralization. The host rocks at Stock East are a combination of altered mafic and ultramafic volcanics and quartz breccias.

From an operational perspective:

It is located only 700 metres east of the company's mill; Stock East is a shallow deposit positioned just 400 metres from the proposed ramp to Stock West, that could be quickly and inexpensively accessed, and it could potentially provide early revenue during the construction of the Stock West ramp.

The current drilling program aims to upgrade the majority of the inferred mineralization to the indicated category while also targeting higher-grade (greater than 10 G by M, grade by true width) sections of the zone. The company is also updating the resource for Stock East to include these new intercepts, targeting completion by the end of Q1 2024.

Most of the assay results from Stock East represent true widths of over four m with good grades, and there is sound geological continuity between the drill holes. The outline of this zone is well defined and geological interpretations indicate a dip of about 70 degrees to the southeast. Stock East has a strike length of approximately 400 metres, it extends vertically from near surface to a depth of at least 350 m, and is open down dip and to the east. The two proposed conjugate structural plunge directions appear to be consistent with geological interpretations for the mineralization seen at Stock East and to provide excellent targeting vectors for future exploration and resource growth.

This resource statement does not include the Stock East deposit, which had its own mineral resource estimation updated in March, 2022; there is a separate mineral resource statement for Stock East.

Technical information

Technical information pertaining to the Fox complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, PGeo, chief exploration geologist, who is a qualified person as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects.

The technical information related to resource and reserve estimates in this news release has been reviewed and approved by Luke Willis, PGeo, McEwen Mining's director of resource modelling and qualified person as defined by Securities and Exchange Commission S-K 1300 and Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Exploration drill core samples at the Stock complex were typically submitted as one-half core. Analyses reported herein were either performed by the fire assay method at the accredited laboratory Pangea Laboratorio in Sinaloa, Mexico, owned and operated by an indirect subsidiary of the company (NMX-EC-17025-IMNC-2018, ISO/IEC 17025:2017), or by the photon assay method at the accredited laboratory MSA Labs in Timmins, Ont., Canada (ISO 9001 and ISO 10725).

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. Rob McEwen, chairman and chief owner, has a personal investment in the company of $220-million (U.S.). His annual salary is $1 (U.S.).

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