Mr. Robert McEwen reports

MCEWEN COPPER SECURES ENVIRONMENTAL PERMIT FOR CONSTRUCTION AND OPERATION OF LOS AZULES

McEwen Mining Inc.'s McEwen Copper Inc. has received approval for its Los Azules copper project environmental impact assessment (EIA). The environmental impact statement (EIS), which is the ministerial resolution approving the EIA, is a key permitting milestone on the way to feasibility, construction and future operation.

This EIS, which is issued by the San Juan provincial government's Ministry of Mines, highlights the support for copper mining in the pro-mining province of San Juan.

Since submitting the EIA documentation in April, 2023, which was compiled by the international engineering and consulting company Knight Piesold and supported by 22 subject matter experts from San Juan, the Ministry of Mining and 14 public and private institutions comprising the evaluation committee, have thoroughly reviewed over 3,000 pages of the EIA and included a process of public consultation and a site visit to the project. This rigorous process ensures the project's environmental viability and establishes a solid foundation for responsible development.

Completing the evaluation process required significant work from the company's internal team and specialized consultants. McEwen Copper extends its sincere gratitude to everyone whose collaboration has been essential to meeting the highest technical and environmental standards. The company looks forward to their continued partnership in the following stages of the project.

Robert McEwen, chief executive officer and founder of McEwen Mining, stated: "Our commitment to modern, sustainable and regenerative mining practices at Los Azules is reflected in our PEA and EIA, and we continue this work through our upcoming definitive feasibility study. We thank the 14 institutions for their work, whose efforts helped secure this key environmental permit."

Michael Meding, vice-president and general manager of McEwen Copper and general manager of the Los Azules project, added: "This milestone propels Los Azules forward and highlights its transformative potential for the province and Argentina's mining industry. As we advance, sustainability and community engagement will remain at the heart of our project development."

Strengthening community partnerships and sustainability commitments

Los Azules has built a strong partnership with the Calingasta community, fostering mutual trust and collaboration. McEwen Copper reaffirms its commitment to sustainable regional development by incorporating local perspectives. Los Azules distinguishes itself through its focus on sustainability. The project is designed to operate on renewable electric energy and achieve carbon neutrality by 2038. Its innovative process design ensures one of the lowest water footprints in the mining sector, aligning with international best practices; Los Azules aims for excellence in environmental stewardship.

Next steps: toward feasibility and construction

With the EIA approval in place, Los Azules is advancing toward publishing a definitive feasibility study, expected in the first half of 2025, with the potential start of construction as early as 2026, further strengthening McEwen Copper's position on the forefront of sustainable mining and as an important driver of economic and social development in San Juan.

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 46.4-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.

About Los Azules

Located in the province of San Juan, Argentina, the Los Azules project is one of the largest undeveloped copper deposits globally, supporting the energy transition through sustainable practices. Situated 3,600 metres above sea level in the Andes Mountains, it is 129 kilometres from Villa Calingasta, 250 kilometres from San Juan City and just three kilometres from the Chilean border. Los Azules was ranked in the top-10 largest undeveloped copper deposits in the world by Mining Intelligence in 2022. Los Azules is designed to be distinctly different from a conventional copper mine by consuming significantly less water, emitting much lower carbon, progressing toward carbon neutrality 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, a short 3.2 years payback period, low $1.07 per pound copper production cost, high annual copper production, a 21.2-per-cent after-tax internal rate of return and a $2.7-billion after-tax net present value (8 per cent at $3.75/lb Cu).

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