Mr. Rob McEwen reports

LOS AZULES REQUESTS ADMISSION TO ARGENTINA'S INCENTIVE REGIME FOR LARGE INVESTMENTS

McEwen Copper Inc., a subsidiary of McEwen Mining Inc., subsidiary Andes Corporacion Minera S.A. has applied for admission of the Los Azules copper project to Argentina's Large Investment Incentive Regime (RIGI).

The Los Azules project involves an investment currently estimated at $2.7-billion (U.S.), of which $227-million (U.S.) have been committed under the RIGI to complete the feasibility study, conduct additional exploration and perform preliminary work to render the project ready to commence construction. An additional investment of $2.5-billion (U.S.) is estimated to build the mine and production facilities as a future expansion of the RIGI project.

Once admission to the RIGI is approved by the authority, Los Azules will have access to various benefits, including a drop in the corporate income tax rate from 35 per cent to 25 per cent, relief from value-added tax payment during construction, exemption from export duties and exclusion from the obligation to bring export proceeds into the country, as well as 30-year stability and access to international arbitration in case of disputes.

Robert McEwen, chairman and chief owner of McEwen Mining, stated: "Argentina is once again open for business. The introduction of the RIGI provides both stability and incentives for large-scale infrastructure investments. This is evident from the recent significant transactions in Argentina's mining sector, all aimed at improving the standard of living for Argentinians and offering reasonable returns for investors."

Michael Meding, vice-president and general manager of McEwen Copper, and general manager of the Los Azules project, added: "Los Azules, one of the top 10 copper projects by resource size, has made substantial progress in recent years. The recent approval of the environmental permit for construction and operation marks an important milestone. The RIGI represents a key advancement for Argentina, enhancing access to capital for vital infrastructure projects, including Los Azules."

McEwen Copper wishes to extend its most sincere gratitude to all those whose collaboration has been instrumental in reaching this stage. The company looks forward to continued partnership and shared success as it progresses to the next phases of the project.

Next steps: toward feasibility and construction

With the approval of the EIA, the upcoming feasibility study scheduled for the first half of 2025, and the approval of the application for admission to the RIGI, Los Azules has the potential to begin construction in early 2026, which will strengthen even further McEwen Copper's position at the forefront of sustainable mining and as a major 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. 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 investor yield. Rob McEwen, chairman and chief owner, has a personal investment in the companies of $225-million (U.S.).

McEwen Mining'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 was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022) and is being designed to be distinctly different from a conventional copper mine by consuming significantly less water, emitting much lower carbon, progressing toward carbon neutral by 2038 and being powered by 100-per-cent renewable electricity once in operation. The PEA (preliminary economic assessment) published in June, 2023, for the project estimates a $2.7-billion after-tax NPV8 per cent (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).

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