Mr. Rob McEwen reports

MCEWEN COPPER'S LOS AZULES JOINS ARGENTINA'S LARGE INVESTMENT INCENTIVE REGIME (RIGI)

As communicated by Minister of Economy Luis Caputo in his X account, McEwen Inc.'s McEwen Copper Inc. has received approval of its Los Azules to participate in Argentina's Large Investment Incentive Regime (RIGI), a key policy instrument to promote strategic initiatives that drive the country's productive development.

The project's inclusion in the RIGI encompasses an investment of $2,672-million (U.S.), consolidating under a single plan the exploration, construction and operational stages of the copper mining development project located in Calingasta, San Juan province.

This milestone represents a decisive endorsement from Argentina for a project set to become the first in the nation's mining history to produce high-purity copper cathodes, ready for direct industrial use. The approval not only endorses the technical and financial robustness of Los Azules but also its sustainable approach, designed from the outset to minimize environmental and water impacts, operate entirely on renewable energy, and contribute to local economic development in a structural and long-term manner.

Los Azules is projected to generate more than $30-billion (U.S.) in export revenues (based on the preliminary economic assessment (PEA) base case published in June, 2023) and deliver a substantial net inflow of foreign currency to Argentina, while creating significant positive impacts in employment, local development and tax revenues at both the provincial and national levels.

"This approval reinforces McEwen Copper's long-term commitment to Argentina and the province of San Juan, advancing a model of modern, responsible and sustainable mining. The integration of Los Azules into the RIGI under a single strategic investment plan enhances operational predictability and establishes a clear framework for engagement with the state and future partners," said Michael Meding, vice-president of McEwen Copper and general manager of the Los Azules project.

The RIGI sends a powerful message to international investors: Argentina is open to supporting long-term projects in energy and critical metals. This framework strengthens confidence in the country and creates the right environment to secure the financing required for mining ventures. For Los Azules, it marks a decisive step that allows us to advance the development and unlock the potential of a copper deposit of global significance," said Rob McEwen, chairman and chief owner of McEwen Inc.

Key benefits of RIGI include legal, fiscal and customs stability for 30 years, such as:

• Legal certainty, including dispute resolution mechanisms and safeguards against regulatory changes;
• Tax incentives including the application of the 25-per-cent-lowest tax bracket for companies (down from the general 35 per cent), a 50-per-cent reduction in the dividend withholding tax, accelerated depreciation for new capital investments, early VAT (value-added tax) recovery and long-term tax stability;
• Streamlined customs and foreign exchange procedures, including the import of capital goods and debt repayment facilitation.

Next steps: toward feasibility and construction

The environmental impact declaration (EIA) for construction and operation was approved in December, 2024, the feasibility study is on track for completion by the end of October, 2025, and the official inclusion of Los Azules in the RIGI has been confirmed. The project is now positioned to begin construction, subject to detailed engineering and securing financing. In parallel, McEwen Copper plans to continue to aggressively explore around Los Azules to potentially extend the size and life of the resource. This progress reinforces McEwen Copper's standing as a leader in sustainable mining and a strategic driver of economic and social development in San Juan and across Argentina.

About McEwen Inc.

McEwen is a gold and silver producer with operations in Nevada (United States), Canada, Mexico and Argentina. The company owns 46.4 per cent of McEwen Copper, which develops the large, advanced-stage Los Azules copper project. Los Azules aims to become Argentina's first regenerative copper mine.

Focused on enhancing productivity and extending the life of its assets, the company's goal is to increase its share price and provide a yield to investors. Rob McEwen, chairman and chief owner, has a personal investment in the companies of $205-million (U.S.).

McEwen's shares are publicly traded on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) under the symbol MUX.

About McEwen Copper Inc.

McEwen Copper holds a 100-per-cent interest in the Los Azules copper project in San Juan, Argentina, and the Elder Creek copper/gold project in Nevada, United States.

Los Azules is the ninth-largest undeveloped copper deposit in the world. It is designed to be distinctly different from conventional copper mines by consuming significantly less water, emitting much lower carbon emissions and progressing toward carbon neutrality by 2038. Additionally, it will be powered by 100-per-cent renewable electricity once operational. The PEA published in June, 2023, for the project estimates a $2.7-billion after-tax NPV (net present value, 8-per-cent discount rate) at $3.75/pound Cu (copper), a 27-year mine life, a copper resource of 10.9 billion pounds at grade 0.40 per cent Cu (indicated category) and an additional 26.7 billion pounds at grade 0.31 per cent Cu (inferred category).

We seek Safe Harbor.