Mr. Rob McEwen reports

FOX COMPLEX: EXTENDING MINE LIFE; A NEW MINE AT THE STOCK PROPERTY; EXPLORATION HAS DRIVEN THE PROSPECT OF EARLIER CASH FLOW

McEwen Mining Inc. has made progress at the Fox complex, where it is advancing a new mine on the Stock property. Production is planned to start in the second half of 2025. Preconstruction activities of the Stock portal have commenced, which will allow access to mining of the three gold zones: West, Main and East. In addition, the portal will provide cost-effective underground drill platforms to enable testing for expected depth extensions of these three zones. Recent exploration resulted in a 29-per-cent increase in the estimated gold resources for Stock's East zone. The Fox complex is composed of several properties, including Stock, and has measured and indicated gold resources of 1,905,000 ounces at an average grade of 4.20 grams per tonne gold, and inferred gold resources of 549,000 gold ounces at an average grade of 3.60 g/t Au.

Stock ramp to access future production

The Stock property hosts the Stock mill and the former Stock mine, which produced 137,000 ounces of gold from an underground operation between 1989 and 2005. Exploration has defined three deposits at Stock: the East, Main and West zones. This mineralization has been found on a three-kilometre-long mineralized trend situated along the prolific Destor-Porcupine fault.

Preconstruction activities have commenced at the portal with the removal of overburden. Underground development is expected to begin in third quarter. The Stock ramp will connect the West zone and the East zone to the existing historical underground workings of the Main zone.

Stock is expected to provide increased gold production at a lower cost per ounce than the company's current production from the Froome mine. The advantages of mining at Stock compared with Froome are significant, and the reasons are threefold: One, there is a significantly lower transportation or haulage cost. The Froome mine is deeper and located 35 kilometres from the Stock mill, while the gold at Stock is at shallower depths and right next to the mill; two, there is increased gold production due to the expected higher mill throughput as a result of the Stock material having a lower (softer) work index compared with what is currently being processed from the Froome mine; and three, the bulk of Stock is free of royalties, whereas Froome is not.

Mining will start in the East zone, with a recently increased resource, and provide early production and cash flow. Its plan for the Stock development is to concurrently drive the Stock ramp to the East zone along with the ramps to the Main and West zones. This approach will allow for multiple sources of mineralization to be reached from the Stock ramp.

Fox complex's large resource base

Total Fox complex resources are at 1,905,000 gold ounces of measured and indicated mineralization at an average grade of 4.20 grams per tonne gold and 549,000 gold ounces of inferred mineralization at an average grade of 3.60 g/t Au. These resources are sourced from several deposits.

Stock: expanding the gold resource base

An attached table shows that the overall Stock resource (West zone plus Main zone plus East zone) contains 281,000 gold ounces of indicated mineralization at a grade of 3.12 g/t Au and 181,000 gold ounces of inferred mineralization at a grade of 2.87 g/t Au, an increase in total gold ounces of nearly 7 per cent from the Dec. 31, 2023, resource.

Recent drill results from the East zone

The 2024 infill drilling campaign at the East zone was mainly executed within the two previously identified plunge directions, yielding positive results and showing strong continuity between drill hole intercepts. Mineralization associated with the steeper of the two plunge directions below the 250-metre elevation will be more accessible for drilling from future underground drill platforms, at a lower cost per metre.

The intercepts, including: 5.9 g/t Au over 13.5 m (SEZ24-108), 6.1 g/t Au over 7.8 m (SEZ24-105) and 6.7 g/t Au over 6.3 m (SEZ24-111), are well above the East zone's current average indicated resource grade of about 2.7 g/t Au.

The 2024 drilling campaign at the East zone was completed in early second quarter. Intercepts are included in an attached table.

The results were incorporated into the East zone resource estimate dated May 20, 2024, and amounted to 75,000 gold ounces indicated and 50,000 gold ounces inferred, as shown in an attached table.

"The start of production at Stock will coincide with production decreasing at the Froome mine. Permit applications to mine the Grey Fox deposit will follow the start of mining at Stock. The growth of our gold resources and the prospect of a long mine life are becoming clear, and are a direct result of our intense focus and large investments in exploration," said Rob McEwen, chairman and chief owner.

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 estimates in this news release has been reviewed and approved by Luke Willis, PGeo, McEwen's director of resource modelling and a qualified person as defined by Securities and Exchange Commission's 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 submitted as one-half core. Analyses reported herein were performed 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 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. Mr. McEwen has a personal investment in the company of $220-million (U.S.).

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