McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report it has closed the previously announced public financing for US$22.0 million (Cdn$30.0 million) to fund ongoing exploration and development at the Fox Complex in the Timmins region of Ontario, primarily focused on exploration drilling and the development of an underground access ramp from surface to mine the gold resources of Stock East and West. This represents the next area of production growth at the Fox Complex.

The proceeds of this financing will be used exclusively for qualifying Canadian Exploration Expenses (within the meaning of subsection 66.1(6) of the Income Tax Act (Canada)) and Canadian Development Expenses (within the meaning of subsection 66.2(5) of the Income Tax Act (Canada), including:

Part 1 (CEE) of the financing consists of a US$10.0 million (Cdn$13,650,890) offering of 643,000 flow-through common shares at a price of US$15.56 (Cdn$21.23); and

Part 2 (CDE) of the financing consists of a US$12.0 million (Cdn$16,384,900) offering of 890,000 flow-through common shares at a price of US$13.49 (Cdn$18.41),

The Offering consisted of 1,533,000 flow-through common shares at a blended average price of $14.36 (Cdn$19.59), a 19% premium to the closing price on May 27^th, for aggregate gross proceeds of US$22.0 million (Cdn$30.0 million). Total proceeds from the Offering net of placement agents’ fees was approximately US$20.8 million (Cdn$28.5 million).

Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. led a syndicate of placement agents for the Offering, which included Roth Capital Partners, LLC, A.G.P./Alliance Global Partners, and H.C. Wainwright & Co., LLC. PearTree Securities Inc. structured the flow-through donation placement.

The Offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333- 275324) that was previously filed by McEwen in the United States and subsequently declared effective by the Securities and Exchange Commission (“SEC”) on January 2, 2024 and also pursuant to a preliminary and final multi-jurisdictional disclosure system prospectus (the “Canadian Base Shelf”) in Canada. McEwen filed a final prospectus supplement with the SEC in connection with the Offering and a Canadian final prospectus supplement to the Canadian Base Shelf under the “northbound” multi-jurisdictional disclosure system with securities regulatory authorities in some of the provinces of Canada other than Quebec (collectively, the “Prospectus Supplement”). The Offering was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. The Base Shelf Prospectus and the Prospectus Supplement are filed with the SEC and available on the SEC’s website at http://www.sec.gov or by visiting the SEDAR+ website at www.sedarplus.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

ABOUT MCEWEN MINING

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 47.7% 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. Rob McEwen, Chairman and Chief Owner has personally provided the Company with $220 million and takes an annual salary of $1.