Mr. Rob McEwen reports

MCEWEN COPPER ANNOUNCES AN ADDITIONAL US$35 MILLION INVESTMENT BY NUTON, A RIO TINTO VENTURE

McEwen Mining Inc. has closed of an additional $35-million investment by Nuton LLC, a Rio Tinto venture.

McEwen Copper previously announced a non-brokered private placement financing of up to 2,333,333 common shares at a subscription price of $30 (U.S.) per common share, for gross proceeds of up to $70-million (U.S.). The first tranche of the offering was led by a $14-million investment by McEwen Mining and a $5-million investment by Rob McEwen.

In this second tranche of the offering, Nuton (a Rio Tinto venture) has purchased an additional 1,166,666 common shares of McEwen Copper for $35-million and two other investors have acquired 66,669 common shares for $2-million. Following the closing of this second tranche of the offering, McEwen Copper has raised a total of $56-million.

Nuton now owns 17.2 per cent of McEwen Copper on a fully diluted basis. Following these share issuances, McEwen Copper will have 32,804,284 common shares outstanding, giving it a postmoney market value of $984-million, and its shareholders are McEwen Mining Inc. at 46.4 per cent, Stellantis at 18.3 per cent, Nuton at 17.2 per cent, Rob McEwen at 12.7 per cent, Victor Smorgon Group 3.0 at per cent and other shareholders at 2.0 per cent.

Proceeds from the offering will be used to advance continuing work on the feasibility study for the Los Azules copper project, which is scheduled for publication in the first half of 2025.

Subscription for the remaining 466,664 common shares in the offering is available to qualified accredited investors, subject to a $1-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.

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 46.4 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.

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