Mr. Rob McEwen reports

MCEWEN MINING ANNOUNCES FLOW-THROUGH FINANCING AT $14.36 (CDN$19.59) PER SHARE A 19% PREMIUM TO MARKET

McEwen Mining Inc. has priced a public financing to finance continued exploration and development at the Fox complex in the Timmins region of Ontario, primarily focused on exploration drilling and the development of an underground access ramp from surface to mine the gold resources of Stock East and West. This represents the next area of production growth at the Fox complex.

The proceeds of this financing will be used exclusively for qualifying Canadian exploration expenses (within the meaning of Subsection 66.1(6) of the Income Tax Act (Canada)) and Canadian development expenses (within the meaning of Subsection 66.2(5) of the Income Tax Act (Canada)), including:

• Part 1 (CEE) of the financing consists of a $10.0-million (U.S.) ($13,650,890 (Canadian)) offering of 643,000 flow-through common shares at a price of $15.56 (U.S.) ($21.23 (Canadian));
• Part 2 (CDE) of the financing consists of a $12.0-million (U.S.) ($16,384,900 (Canadian)) offering of 890,000 flow-through common shares at a price of $13.49 (U.S.) ($18.41 (Canadian)).

The offering of 1,533,000 flow-through common shares for aggregate gross proceeds of $22.0-million (U.S.) ($30,035,790 (Canadian)) is expected to close on June 14, 2024, and is subject to customary closing conditions, including approval from the Toronto Stock Exchange and the New York Stock Exchange. Total proceeds from the offering net of placement agent fees are expected to be $20.9-million (U.S.) ($28,534,000 (Canadian)).

Cantor Fitzgerald Canada Corp. and Cantor Fitzgerald & Co. are leading a syndicate of placement agents for the offering.

The offering is being made pursuant to a shelf registration statement on Form S-3 (file No. 333- 275324) that was previously filed by McEwen in the United States and subsequently declared effective by the Securities and Exchange Commission on Jan. 2, 2024, and also pursuant to a preliminary and final multijurisdictional disclosure system prospectus (the Canadian base shelf) in Canada. McEwen will file a final prospectus supplement with the SEC in connection with the offering and will file a Canadian final prospectus supplement to the Canadian base shelf under the northbound multijurisdictional disclosure system with securities regulatory authorities in each of the provinces of Canada other than Quebec. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. The base shelf prospectus is, and the prospectus supplement will be (within two business days from the date hereof), filed with the SEC and will be available on the SEC's website or by visiting the SEDAR+ website. Copies of the prospectus supplement, when available, may also be obtained in the United States by contacting Cantor Fitzgerald & Co., attention: capital markets, 110 East 59th St., sixth floor, New York, N.Y., 10022, or by e-mail at prospectus@cantor.com, or in Canada, an electronic or paper copy of the base shelf prospectus, the prospectus supplement and any amendment to such documents may be obtained without charge by contacting Cantor Fitzgerald Canada, attention: equity capital markets, 181 University Ave., Suite 1500, Toronto, Ont., M5H 3M7, by e-mailing ecmcanada@cantor.com by providing the contact with an e-mail address or address, as applicable.

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. 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.