Mr. Rob McEwen reports

MCEWEN MINING: 2024 PRODUCTION WITHIN GUIDANCE; 2025 GUIDANCE: STABLE PRODUCTION AND COST/OZ

McEwen Mining Inc. had full-year 2024 consolidated production of 135,900 gold equivalent ounces (GEOs), within its guidance range for the year (press release dated Feb. 12, 2024).

During 2024, Gold Bar and San Jose produced 44,600 GEOs and 60,100 GEOs, respectively, slightly exceeding the top end of the company's guidance ranges for those operations. At the Fox complex, McEwen Mining produced 30,150 GEOs; this was below annual guidance due to a stope failure in early 2024 impacting production.

2025 production and cost guidance

For 2025, McEwen Mining expects consolidated production to be between 120,000 GEOs and 140,000 GEOs attributable to McEwen Mining from all operations. The lower end of the 2025 range is driven by the planned transition of production at the Fox complex from the Froome mine to the Stock mine in late 2025.

At Fox in 2025, due to permitting delays, the development of the ramp access to the Stock project is expected to continue through the majority of the year, with commercial production from Stock now expected in early 2026. Operations at the Froome mine will wind down in late 2025. The capital investment required for ramp development in 2025 has been partially financed by the $22-million (U.S.) flow-through financing completed in June, 2024.

At Gold Bar in 2025, the first half of the year is expected to deliver lower production relative to the second half, due to a scheduled continuation of high waste stripping in the Pick pit to be completed during 2025. The investment in waste stripping at the Pick pit is expected to improve ore availability during the second half of 2025 and through 2026, increasing future annual gold production.

Technical information

The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill) Shaver, PEng, chief operating officer of McEwen Mining and a qualified person as defined by SEC S-K 1300 and the Canadian Securities Administrators' National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Reliability of information regarding San Jose

Minera Santa Cruz SA, the owner of the San Jose mine, is responsible for and has supplied the company with all reported results from the San Jose mine. McEwen Mining's joint venture partner, a subsidiary of Hochschild Mining PLC, and its affiliates (other than MSC) do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

About McEwen Mining Inc.

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns 46.4 per cent of McEwen Copper, which owns 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 its share price and providing an investor yield. Rob McEwen, chairman and chief owner, has a personal investment in the companies of $225-million. His annual salary is $1.

McEwen Mining's shares are publicly traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol MUX.

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