Ms. Mihaela Iancu reports

MCEWEN COPPER ANNOUNCES $70 MILLION FINANCING TO ADVANCE THE LOS AZULES COPPER PROJECT

McEwen Mining Inc. has arranged a non-brokered private placement financing of up to 2,333,333 common shares of its wholly owned subsidiary, McEwen Copper Inc., at a subscription price of $30 (U.S.) per common share, for gross proceeds of up to $70-million (U.S.). McEwen Copper currently has 30,937,615 common shares outstanding (basic and diluted).

Lead orders to purchase 27 per cent of the total offering have been committed by McEwen Mining and Rob McEwen. McEwen Mining will purchase up to 466,667 common shares of McEwen Copper for $14-million (U.S.) and Mr. McEwen will purchase up to 166,666 common shares for $5-million (U.S.). Final investment amounts are subject to adjustment according to anti-dilution and pre-emptive rights on the part of other existing shareholders of McEwen Copper.

This offering will be used to advance work on a bankable feasibility study for the Los Azules copper project, which is scheduled for publication by the end of the first quarter (Q1) of 2025.

Subscription for the remaining 1.7 million common shares is available to qualified accredited investors, subject to a $2-million (U.S.) minimum investment and certain other conditions. The securities sold in the offering are private and subject to transfer restrictions until such time when they become listed on a public exchange.

Prior to the offering, ownership in McEwen Copper is of 14,768,000 common shares (47.7 per cent) for McEwen Mining and four million common shares for Mr. McEwen (12.9 per cent). Assuming completion of the full amount of the offering and the investment amounts shown above, McEwen Mining will own 45.8 per cent of McEwen Copper and Mr. McEwen will own 12.5 per cent.

About McEwen Copper Inc.

McEwen Copper holds a 100-per-cent interest in the Los Azules copper project in San Juan, Argentina, and the Elder Creek project in Nevada, U.S. Los Azules ranked the eighth-largest undeveloped copper deposits in the world (Mining Intelligence, 2022). Its current copper resources have increased to 10.9 billion pounds at a grade of 0.40 per cent copper (Cu) (indicated category) and an additional 26.7 billion pounds at a grade of 0.31 per cent Cu (inferred category) as of the June, 2023, preliminary economic assessment (PEA). The PEA estimates a $2.7-billion after-tax net present value (NPV) (8 per cent) at $3.75 per pound (lb) Cu, a low average C1 production cost of $1.07 per lb Cu, a 3.2-year payback period and a 27-year mine life.

A bankable feasibility study (FS) is under way, with completion planned by the end of Q1 2025. Los Azules is being designed to be distinctly different from other copper mines, consuming significantly less water, emitting much lower carbon and progressing toward carbon neutral by 2038, and being powered by 100-per-cent-renewable electricity once in operation.

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. 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. Its chairman and chief owner has personally provided the company with $220-million and takes an annual salary of $1.