Mr. Darren King reports

MCEWEN COPPER UPDATE, EXCITEMENT IN ARGENTINA: MILEI MAGIC IS TURBOCHARGING FOREIGN INVESTMENTS; US$4.4 BILLION COPPER TRANSACTION BY BHP AND LUNDIN MINING; LOS AZULES INFILL DRILLING CONFIRMED HIGH GRADE COPPER ZONE

McEwen Copper Inc., 48.3 per cent owned by McEwen Mining Inc., is commenting on the excitement in Argentina, including:

• Remarkable new legislation introduced by President Javier Milei to encourage large domestic and foreign investments in the country;
• A $4.4-billion (U.S.) transaction led by BHP, the world's largest mining company, and Lundin Mining to acquire two copper deposits located in the same province in Argentina as Los Azules;
• At Los Azules, infill drilling during the 2023-2024 season upgraded the resource categories, validated the geological model and confirmed the high-grade zone. Resource drilling for the Los Azules feasibility study is now complete and the study remains on track for delivery in early 2025.

Remarkable and welcoming legislation

President Milei's government introduced legislation that has rolled out the welcome mat for large-scale domestic and foreign direct investments in Argentina.

This legislation recently approved by Argentina's government is called "Bases and Starting Points for the Freedom of Argentines" and includes the incentive regime for large investors (RIGI), offering significant tax and foreign exchange incentives to encourage domestic and direct foreign investment in key sectors of the economy, including mining.

This program addresses most of all past stumbling blocks for sustained development of the mining sector in Argentina and it is a huge step in the right direction.

McEwen Copper is excited about these changes as they open the door for many infrastructure investments in Argentina, significantly improve the economics of the Los Azules project and lower risks for investors.

$4.4-billion (U.S.) copper transaction

Last week, BHP, the world's largest mining company, and Lundin Mining announced a $4.4-billion (U.S.) transaction through which they have agreed to jointly acquire the two copper deposits, Filo del Sol and Josemaria, located in the same San Juan province of Argentina as Los Azules.

McEwen Copper believes that this transaction is a convincing demonstration of San Juan's and Argentina's attractiveness for large-scale mining projects, and evidence of Argentina moving toward becoming a Tier 1 mining jurisdiction.

Los Azules infill drilling highlights confirming high-grade copper zone

At Los Azules, infill drilling upgraded the resource categories, validated the geological model and confirmed the high-grade zone. During the 2023-2024 drilling season, over 70,000 metres (m) were completed, strengthening the interpretation of the geological model in addition to extending the supergene enrichment zone mineralization, both at the edges and to depth.

Resource drilling for the Los Azules feasibility study is now complete and the study remains on track for delivery in early 2025.

Drilling highlights:

• Hole AZ24375, drilled to a depth of 369 m, returned 217 m of 1.11 per cent copper (Cu) in the enriched zone, including 100 m of 1.32 per cent Cu.
• Hole AZ24335, drilled to a depth of 227.5 m, returned a 158 m intercept of 0.84 per cent Cu within the enriched zone, including 78.5 m of 1.10 per cent Cu.
• Hole AZ24403, drilled to a depth of 427 m, returned a 276 m intercept of 0.86 per cent Cu within the enriched zone, including 160 m of 0.96 per cent Cu.
• Hole AZ24320, drilled to a depth of 204 m, returned 146 m of 0.89 per cent Cu in the enriched zone.
• Hole AZ24332, drilled to a depth of 255.6 m, returned 119.6 m of 0.72 per cent Cu in the enriched zone.

The 2023-2024 drill campaign successfully achieved its objective of infilling existing drill hole data to support the conversion of resources to measured or indicated mineral resources to include in the Los Azules feasibility study. In addition, geotechnical, metallurgical, hydrogeological and condemnation drilling was carried out.

Geological model -- interpretation and its relationship with the copper mineralization

Geological understanding of the Los Azules deposit has increased significantly with the drilling performed from 2022 to 2024. A series of copper-bearing early and intermineral porphyry dikes and hydrothermal magmatic breccias are cutting across a premineral diorite intrusive. The dikes dip steeply to the east in their northwest-southeast orientations.

All rock types contain variable copper mineralization, depending on their position within the vertical profile of the deposit. From top to bottom, the zoning includes leached, supergene (enriched) and primary (hypogene), which are characteristic of many porphyry copper deposits worldwide.

Hypogene mineralization, associated with the early mineral porphyry and proximal host rock, is characterized by a stockwork of abundant type A veinlets containing quartz, pyrite and chalcopyrite. In much of the footprint of the deposit, mineralization encountered at depth strongly indicates the potential to extend farther, beyond 1,000 metres.

The supergene copper enrichment process created higher grades in the early mineral porphyry and associated hydrothermal magmatic breccias, and lower grades in the less permeable premineral pluton and intermineral porphyries. The supergene mineralization will be the principal mineral feed for the leach pad for the feasibility study.

Technical information

The technical content of this news release has been reviewed and approved by Darren King, director of exploration of McEwen Copper, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

All tasks, including the collection of samples for geochemical analysis, were carried out in accordance with generally accepted mining industry standards. Drill core samples were analyzed by the Alex Stewart International laboratory, located in the province of Mendoza, Argentina, the assays of which consisted of: gold analysis by fire fusion assay and an atomic absorption spectroscopy finish (Au4-30); multiple-element studies by ICP-OES (inductively coupled plasma-optical emission spectroscopy) analysis (ICP-AR 39); determination of copper content by sequential copper analysis (Cu-sequential LMC-140). In addition, and for samples with high sulphide content (Cu, silver (Ag), lead (Pb) and zinc (Zn)) and exceeding the limits of analysis, an ICP-ORE-type analysis was performed.

The company is conducting a quality control/assurance program in accordance with National Instrument 43-101 and industry best practices, using a combination of standards and blanks on approximately one out of every 25 samples. Results are monitored as final certificates are received and any reassay requests are sent immediately. Analysis of pulp and preparation samples is also performed as part of the quality control process. Approximately 5 per cent of the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs its own internal quality control checks and the results are made available on certificates for company review.

About McEwen Copper Inc.

McEwen Copper is a well-financed private company that owns 100 per cent of the large, advanced-stage Los Azules copper project, located in the San Juan province, Argentina. McEwen Copper is a 48.3-per-cent-owned private subsidiary of McEwen Mining, which trades under the ticker MUX on the New York Stock Exchange and the Toronto Stock Exchange.

Los Azules is being designed to be distinctly different from a conventional copper mine by consuming significantly less water, emitting much lower carbon, progressing toward carbon neutral by 2038 and being powered by 100-per-cent-renewable electricity once in operation. The updated preliminary economic assessment (PEA), released in June, 2023, projects a long life of mine, short payback period, low production cost per pound, high annual copper production and a 21.2-per-cent after-tax internal rate of return (IRR).

About McEwen Mining Inc.

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. McEwen Mining also owns a 48.3-per-cent interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. The company's objective is to improve the productivity and life of its assets with the goal of increasing the share price and providing investor yield. Rob McEwen, chairman and chief owner, has a personal investment in the companies of $225-million (U.S.). His annual salary is $1 (U.S.).

We seek Safe Harbor.