Ms. Mihaela Iancu reports

MCEWEN MINING: GREY FOX EXPLORATION UPDATE EXTENDING THE PRODUCTION PIPELINE: GOOD GRADES NEAR SURFACE, POTENTIAL AT DEPTH

McEwen Mining Inc. has provided new assay results from the Grey Fox deposit, part of its Fox complex. The results herein demonstrate intriguing explorations targets at depth and attractive near-surface gold grades with potential to be recovered utilizing lower-cost open-pit mining methods.

Gold at Grey Fox has been found in multiple zones, including Gibson, Whiskey-Jack, 147 and Grey Fox South (GFS). The current resource estimate for Grey Fox is 1,168,000 ounces gold at a grade of 4.80 grams per tonne Au indicated and 236,000 oz gold at 4.35 g/t Au inferred. An updated resource estimate will be completed in late September. Much of the drilling performed in 2023 and continuing into 2024 was focused on increasing the existing resource in addition to identifying new mineralized horizons.

Geological interpretations suggest that Grey Fox sits stratigraphically above the mineralization of the Black Fox and Froome mines. Consequently, there is potential for deeper Black Fox- and Froome-style mineralization directly below some of the Grey Fox zones. Historical production from these two mines is more than one million oz gold.

The Grey Fox zones relative to the Black Fox and Froome mines, on the same large property, are separated by approximately three kilometres (1.9 miles). There has been limited drilling between Black Fox and Grey Fox, despite historical drill results that indicate similar rock types associated with the A1 fault, the principal structure that controls the mineralization at Black Fox.

Gibson zone

The Gibson zone has a history that made it an obvious target. A bulk sample taken in 1989 had historical documentation suggesting an average gold grade in excess of 27 g/t Au. Results from McEwen's recent drilling have established Gibson as a high-priority target. The Gibson zone consists primarily of a syenite intrusion with sediments lying to the east. This geological setting is similar to the Young-Davidson mine, which has estimated gold reserves of about 3.3 million oz gold at a grade of 2.3 g/t Au. This mine is located about 100 kilometres (62 miles) southwest of Grey Fox.

Some of the newly received drill intercepts at Gibson are conveniently located close to surface and close to the historical ramp used to take the bulk sample (such as 22GF-1366: 8.8 g/t Au over 3.9 metres and 24GF-1397: 17.4 g/t Au over 4.2 m). In addition, these results demonstrate the potential for higher-grading mineralization within the current resource.

McEwen has just commenced an aggressive follow-up infill program at Gibson, designed to identify near-term mineralization. The first two holes (24GF-1452 and 24GF-1453; assays pending) for this program, drilled in proximity to the Gibson Ramp, have multiple occurrences of visible gold (VG). Much of the VG is associated with existing mineralized lenses, indicating the current resource model is performing well, that is, the mineralization is being intersected where it is anticipated to be present.

Earlier drilling in the sediments to the east of the Gibson syenite also generated attractive assay results (such as 21GF-1333: 5.6 g/t Au over 10.2 m from 386 m to 403.6 m down hole, at 365 m elevation), which shows the possible extension of favourable mineralization. In addition, limited recent deep drilling at Gibson showed evidence for mineralization at depths greater than 600 m (such as 23GF-1389: 4.4 g/t Au over 5.9 m within the Gibson syenite), indicating the resource growth potential for the Grey Fox area. Many of the intercepts reported for the Gibson zone are also open in most directions, including at depth.

Whiskey-Jack, GFS and 147 zones

The Whiskey-Jack zone is the highest-grading portion of the Grey Fox deposit, with current indicated resource of approximately 80,000 oz gold at a grade of seven g/t Au and an inferred resource of approximately 43,000 oz gold at a grade of 6.1 g/t Au. Located at the northwest corner of the current Grey Fox resource, it is associated with a local northwest bend in the stratigraphy controlled by the A1 splay fault. The A1 fault is interpreted to extend from Black Fox south to Grey Fox and may mark the boundary between shallow Grey Fox-style mineralization and deeper-seated Black Fox-style mineralization. A regional exploration campaign is currently under way at Grey Fox to test for this deeper style of mineralization east of the A1 fault and to verify historical drilling, which indicated mineralization in that area that could extend northwest back to Black Fox.

Geological interpretations suggests that the mineralization at Whiskey-Jack extends from less than 50 m below surface down to a depth of at least 275 m and remains open at depth.

Two other targets are the GFS and 147 zones, located near the southern edge of the Grey Fox deposit. The better gold grades and intercept widths are generally located within the north-south-oriented variolitic mafic volcanics (such as 24GF-1426: 586.7 g/t Au over 0.5 m and 24GF-1424: 14.3 g/t Au over five m). This is likely due to their enrichment in iron, which is a more favourable host rock and is a high-priority target at GFS. The very high-grade value seen in 24GF-1426 also warrants additional follow-up drilling. Mineralization at GFS also begins at shallow depths (less than 50 m) and thus is amenable to open-pit mining methods.

The following features make Grey Fox a strong candidate for open-pit mining:

1. The gold grades are above average for an open-pit mine;
2. Relatively shallow overburden;
3. Much of the gold mineralization identified starts at less than 50 m below surface with the majority of the current resources less than 300 m below surface;
4. Much of the mineralization is hosted in subparallel stacked lenses located in proximity to each other with a steep (approximately 70 degrees) dip, which means they are ideal for surface mining, such as more optimal blasting patterns and less dilution, with a potentially low strip ratio.

An active exploration program will continue throughout the year and into 2025.

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 a qualified person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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

About McEwen Mining Inc.

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. McEwen Mining also holds a 47.7-per-cent interest in McEwen Copper, which is developing 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 the share price and providing a yield. Rob McEwen, chairman and chief owner, has a personal investment in the company of $220-million (U.S.).

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