Mr. Rob McEwen reports

MCEWEN MINING ANNOUNCES CLOSING OF TIMBERLINE ACQUISITION

McEwen Mining Inc. today completed the previously announced acquisition of all the issued and outstanding common shares of Timberline Resources Corp. by way of a merger between Timberline and a wholly owned subsidiary of McEwen Mining (the transaction). Timberline shareholders overwhelmingly approved the merger with McEwen Mining at Timberline's special meeting held on Aug. 16, 2024.

"We are pleased to bring Timberline's assets into McEwen Mining and offer a warm welcome to its shareowners. We aim to move the Eureka project forward on multiple fronts, including additional exploration drilling, permitting activities and development planning," commented Rob McEwen, chairman and chief owner. "Nevada is a place where we want to operate for a long time, our priority is adding opportunities for growth at a reasonable cost."

As a result of the transaction, the shares of Timberline will cease trading on, and will be delisted from, the TSX Venture Exchange and the OTCQB Venture within five business days.

Pursuant to the transaction, former Timberline shareholders are entitled to receive 0.01 of a McEwen Mining share for each Timberline share held. In order to receive McEwen Mining shares in exchange for Timberline shares, Timberline registered shareholders must complete, sign, date and return (together with the certificate or DRS statement representing their shares) the letter of transmittal, which are being mailed to such shareholders by Computershare Investor Services Inc., the depositary.

For those shareholders of Timberline whose shares are registered in the name of a broker, investment dealer, bank, trust company, or other intermediary or nominee, these shares should automatically transfer in the near future. For more information, please contact your specific intermediary or nominee.

McEwen Mining is an "Eligible Interlisted Issuer" as such term is defined in the TSX Company Manual. As an eligible interlisted issuer, the company has relied on an exemption pursuant to Section 602.1 of the TSX Company Manual, the effect of which is that the company was not required to comply with certain requirements relating to the issuance of securities in connection with the transaction.

For full details of the transaction refer to the Form S-4/A registration statement filed by filed by McEwen Mining on EDGAR.

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.).

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