McEwen Mining: 2023 Year End and Q4 Results

2023 Net earnings$ 1.15/ share vs. 2022 bottom line $1.71/ share

TORONTO, Feb. 29, 2024 (GLOBE NEWSWIRE)– McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported its 4th quarter (” Q4″) and complete year 2023 monetary and functional outcomes. Earnings for the year was $54.7 million or $1.15 per share versus a 2022 bottom line of $81.1 million or $1.71 per share! Gold production at the Fox Complex and Gold Bar mine was available in simply above the low end of assistance and San José simply listed below assistance. Money expenses⁽¹⁾ and AISC⁽¹⁾ per ounce stay 12-18% greater than assisted and require more attention.

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Development Plans for 2024

“Our most significant single property with the best near-term capacity to increase our share worth is our 48% owned subsidiary McEwen Copper Its 2^nd and 3^rd biggest investors are international giants, Rio Tinto and Stellantis, the world’s 2^nd biggest mining business and the world’s 4^th biggest car manufacturer, owning 14.5% and 19.4% of McEwen Copper, respectively. McEwen Copper is driving hard, with 22 drills running on website, to finish the required work to provide a bankable Feasibility Study in Q1 2025.

“Compared to standard copper mines, Los Azules is created with a much lighter influence on the environment, at first giving off one 3rd (1/3) of the CO₂-e emissions and advancing to net-zero carbon by 2038, using one quarter (1/4) the water, powered by 100% sustainable electrical energy, and producing sustainable copper cathode.

“At our Canadian and Mexican mines we are advancing 2 crucial advancement jobs At the Fox Complex, the building of the underground ramp access to the Stock orebodies will begin in Q1. The Stock West deposit will end up being the main source of production following the conclusion of mining at the Froome deposit in 2026. At the Fenix job, building and construction is anticipated to begin in H2. Both of these tasks are created to extend the mine lives by over 9 years,” stated Rob McEwen, Chairman and Chief Owner.

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Private Mine Performance and Growth (see Table 1 and 2)

Fox ComplexTimmins, Canada

Fox carried out well in 2023, attaining its yearly production assistance. Mill throughput attained a record average of 1,300 tonnes each day in Q4, the greatest because our acquisition in 2017. As an outcome, mill throughput in Q4 was 36% greater than in Q4 2022. This is a crucial accomplishment by our group in Canada, as we intend to continue to increase mining efficiency and mill throughput capability throughout 2024 in preparation for production from our Stock West task. While we work to establish our ramp access to Stock West in 2024, with conclusion anticipated by the end of 2025, we likewise plan to carry out expedition activities at Stock East and Stock Main. We see functional enhancements and expense savings at Stock as compared to Froome due to the close distance of the Stock Mill (anticipated cost savings of $7 per tonne), softer product allowing greater mill throughput, and deposits which are not overloaded by a significant royalty or a stream (Froome’s 2023 stream expense approximated at $108 per ounce produced). Expedition activities are likewise in progress with our Grey Fox task where we see substantial long-lasting development capacity. In 2023, money expenses⁽¹ of $1,157 per GEO offered were greater than our yearly assistance of $1,020 per GEO offered due to transferring to professional squashing in early 2023, nevertheless AISC⁽¹ of $1,351 per GEO offered was available in listed below assistance of $1,465 per GEO offered, as an outcome of lowered sustaining capital investment requirements allowed by the performance enhancements attained by professional squashing.

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Gold BarNevada, USA

In spite of weather in early 2023 that resulted in flooding and a downturn of production at Gold Bar our group increase gold production considerably through Q4, as prepared, and attained its yearly production assistance. Money expenses⁽¹⁾ of $1,565 per GEO offered and AISC⁽¹⁾ of $1,891 per GEO offered were 12% and 13% greater than yearly assistance of $1,400 and $1,680 per GEO offered, respectively, however enhanced compared to 2022 as an outcome of mine professional and squashing team efficiency, along with the growth of our load leach pad, which was finished on time and on budget plan. Our Q4 system expenses were substantially listed below yearly assistance at money expenses⁽¹⁾ of $1,253 and AISC⁽¹⁾ of $1,467, and we anticipate comparable patterns throughout H1 2024.

San JoséSanta Cruz, Argentina⁽⁴⁾

San José had a challenging start to 2023 as seen in our Q1 outcomes. The group at San José fasted to react by carrying out functional modifications that led to constant quarterly enhancements to production and system expenses. This was accomplished through mining and processing more tonnes consisting of greater typical gold and silver grades compared to Q1 As an outcome, San José attained yearly production of 65,800 GEOs⁽² in 2023, a little under the production assistance variety of 66,000 to 74,000 GEOs⁽²Yearly money expenses⁽¹⁾ of $1,413 per GEO offered and AISC⁽¹⁾ of $1,840 per GEO offered stayed 12% and 18% greater than assistance of $1,250 and $1,550 per GEO offered, respectively, as an outcome of lower than anticipated metal grades. By Q4, money expenses⁽¹⁾ of $1,228 per GEO offered and AISC⁽¹⁾ of $1,573 per GEO offered were accomplished, which remained in line with yearly assistance. With the financial investment in enhancing the mine strategy in mid-2023 and current expedition results suggesting much better than anticipated grades on parts of 2024 production targets, we anticipate operations to continue to enhance. Early 2024 production and monetary outcomes have actually surpassed expectations to date.

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Table 1: Relative production and expense per oz outcomes for Q4 and complete year 2023 and 2022, and 2023 assistance:

Table 2: 2024 Production & & Costs per GEO Guidance

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Advances in Q4 2023

• McEwen Copper: Financings with Stellantis and Nuton (Rio Tinto) were closed in Q4, raising ARS $42 billion and $10.0 millionrespectively, at a worth of $26.00 per share, indicating a market price of $800 million for McEwen Copper. Simultaneously with these deals, McEwen Mining offered 232,000 typical shares of McEwen Copper in return for $6.0 millionAfter the closing of these deals, Stellantis and Nuton own 19.4% and 14.5%, respectively, of McEwen Copper, while the Company’s ownership reduced to 47.7%.
• Security at all of our operations was exceptional without any lost-time occurrences.
• Gold Bar: During Q4, we attained brand-new daily, monthly, and quarterly production records as an outcome of the enhancements in mining performance, the addition of squashing teams and the conclusion of the stack leach pad growth.
• Fox Complex: We accomplished the greatest typical day-to-day mill throughput on record given that acquisition in 2017, reaching 1,300 tonnes daily throughout Q4, and are presently evaluating enhancements in 2024 to mining performance and processing flowsheets to continue to increase throughput levels.
• In December, the Company finished a personal positioning offering of 1,903,000 flow-through typical shares for gross earnings of $16.1 million (CAD $22.0 million) to be utilized solely to support expedition and advancement work at the Fox Complex, that includes the advancement of the Stock ramp.
• We continue to invest greatly in expedition and the outcomes have actually been most motivating, especially at Los Azules, where the resource base increased by 27%, and at the Fox Complex, where the outcomes permit us to see the capacity for considerable boost in mine life at Stock and Grey Fox.

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Financial Results

McEwen Mining stopped being the bulk owner of McEwen Copper after the October 2023 funding (moving from 51.9% to 47.7% ownership), for that reason for the 4th quarter and progressing the Company’s monetary declarations no longer combines McEwen Copper on a 100% basis, and rather represents McEwen Copper as an equity financial investment. As an outcome of the deconsolidation of McEwen Copper, we acknowledged a gain of $224 million and a financial investment worth of $384 million based upon the worth per share attained in our October funding.

Notification to reader: Under United States GAAP, McEwen Mining combines 100% of the accounts of its completely owned and bulk owned subsidiaries in its reported monetary outcomes. Entities over which we apply substantial impact however do not manage (such as Minera Santa Cruz S.A. (“MSC”), the operator of the San José mine, and McEwen Copper, the owner of the Los Azules copper job) exist as equity financial investments on our balance sheet.

Earnings for complete year 2023 was $54.7 millionor $1.15 per share, compared to bottom line of $81.1 million, or $1.71 per share for complete year 2022. Our earnings for complete year 2023 enhanced mainly as an outcome of the $224.0 million accounting gain acknowledged on the deconsolidation of McEwen Copper. Earnings for Q4 was $137.9 million, or $2.88 per share, compared to a bottom line of $37.4 million, or $0.79 per share for Q4 2022.

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Liquidity and Capital Resources

We reported combined money and money equivalents of $23.0 million and combined operating capital of $22.7 million as at December 31, 2023, compared to the particular numbers at December 31, 2022, of $39.8 million and unfavorable $2.5 million. The reported combined money balance at December 31, 2023 does not consist of money balances held by McEwen Copper. provided the deconsolidation acknowledged in Q4 2023; while our money and money equivalents balance of $39.8 million consisted of $38.1 million attributable to McEwen Copper. 19659301 Throughout 2023, we reduced our overall financial obligation by 19459013 $25 million or 38% to $40 million and participated in the Third Amended and Restated Credit Agreement efficient May 23, 2023. The Company likewise holds a portfolio of royalties consisting of a 1.25% net smelter royalty at both our Los Azules and Elder Creek homes, together with other royalties on residential or commercial properties in Nevada, Yukon, Canada and in Santa Cruz, Argentina. 19659303 Expedition 19659304 Expedition arises from the Stock deposits at the 19459013 Fox Complex were released in a different news release on February 28 19659305 th Emphasizes consist of a 31% boost in gold resources compared to 2022. Drilling in the Stock East deposit location returned high grade crossways as much as 121.5 grams per tonne (3.91 oz/t) in an orientation that recommends that earlier drilling might have missed out on other possible top-quality incidents. Short article material 19659308 Gold Bar expedition activities are presently concentrated on finding near mine resources. Extra drilling targets have actually been recognized at our Pick and Cabin pits to broaden upon arise from our 2023 drilling. 19659309 McEwen Copper 19659310 New metallurgical and expedition arise from Los Azules 19459014 were released in press release dated February 22 19459015 nd and 19459049 26 19659311 th Metallurgical highlights consist of a 76% anticipated typical copper healing (3.2% greater compared to the 2023 NI 43-101 Preliminary Economic Assessment (“PEA”)) throughout the 27-year life of mine and 8.3% lower acid usage, leading to a prospective boost in the job after-tax NPV(8%) of 19459013 $262 million 19659313 ( 3 19459016 Expedition highlights consisted of 446 m of 0.76% consisting of 76 m of 0.92% (hole 19459027 AZ23228MET. Our 2023-2024 drilling season started in October 2023; throughout Q4 we finished over 74,000 feet (22,627 meters) of drilling out of a complete season target of 203,000 feet (62,000 meters). A complete enhance of 22 drill rigs is running on website to reach this target. 19659316 Confirmatory metallurgical screening and a big drilling project to update resources, along with geotechnical, hydrological, and geohydrological works are well in progress to support the shipment of the expediency research study by early 2025. Post material We own a 47.7% interest in McEwen Copper Inc., which holds a 100% interest in the Los Azules copper task in San Juan, Argentina, and the Elder Creek expedition job in Nevada, USA. The last fundings finished by McEwen Copper with Stellantis and Nuton (Rio Tinto) offered the Company a market price of $800 million. This equates to $384 million for McEwen Mining investors’ 47.7% ownership. Management Conference Call Management will discuss our Q4 monetary outcomes and job advancements and follow with a question-and-answer session. Concerns can be asked straight by individuals over the phone throughout the webcast. 19659321 Friday 19659322 Mar 1, 2024 at 10:00 AM EST Toll Free (United States & & Canada): (888) 210-3454 19659326 Toll Free Dial-In Other Countries: 19659327 https://events.q4irportal.com/custom/access/2324/ 19659328 Toll Dial In: 19659329 (646) 960-0130 Conference ID Number: 19659331 3232920 Occasion Registration Link: https://events.q4inc.com/attendee/876515509 19659334 An archived replay of the webcast will be readily available around 2 hours following the conclusion of the live occasion. Gain access to the replay on the Company’s media page at 19459054 https://www.mcewenmining.com/media 19459010 Post material 19659336 Notes: 19659337 Money gross earnings, money expenses per ounce, all-in sustaining expenses (AISC) per ounce, changed earnings or loss and adjusted earnings or loss per share are non-GAAP monetary efficiency steps without any standardized meaning under U.S. GAAP. For meaning and reconciliation of the non-GAAP steps see “Non-GAAP Financial Measures” area in this news release and the unaudited Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive Income listed below. ‘Gold Equivalent Ounces’ are computed based upon a gold to silver rate ratio of 85:1 for Q4 2023, 83:1 for 2023, 85:1 for Q4 2022 and 84:1 for 2022. 2023 and 2024 production assistance is computed based upon 85:1 gold to silver rate ratio. This disclosure must not be required to customize or upgrade the conclusions of the PEA. Please describe the “Reliability of Information Regarding San José” area in this news release. MCEWEN MINING INC. COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) 19659343 FOR THE YEARS ENDED DECEMBER 31, 19659344 (unaudited, in countless U.S. dollars, other than per share quantities) 19659345 19659346 19659349 19659350 19659353 19659354 19659355 19659357 19659358 2023 19659361 19659362 2022 19659363 19659366 2021 19659368 Earnings from gold and silver sales $ 19659371 166,231 19659372 $ 19659375 110,417 19659376 19659377 $ 136,541 19659380 Production expenses appropriate to sales 19659382 19659384 (119,230 19659385 19659387 19659388 (91,260 19659389 19659390 (119,223 19659393 19659394 Devaluation and deficiency 19659396 (29,221 19659398 19659401 (19,701 19659402 19659403 19659404 19659405 (23,798 Gross revenue (loss) 19659408 17,780 19659411 19659412 19659413 (544 19659415 19659416 19659418 (6,480 19659420 19659422 19659423 19659424 19659425 19659426 19659429 19659430 OTHER OPERATING EXPENSES: 19659431 19659432 19659433 19659434 19659435 19659436 19659438 19659440 Advanced jobs– Los Azules (80,038 19659445 19659446 (61,148 19659448 19659449 19659451 (5,019 Advanced jobs– Other 19659456 (6,292 19659457 19659459 (5,580 19659463 19659464 (7,420 19659466 Expedition (20,167 19659470 19659471 (14,973 19659474 19659476 19659477 (22,604 19659478 19659479 General and administrative 19659481 (15,449 19659484 19659485 (11,890 19659487 19659488 19659490 (11,435 19659491 Loss from financial investment in McEwen Copper Inc. 19659493 (60,084 19659496 19659497 19659498 19659499– 19659500 19659501 — 19659505 Loss(earnings )from financial investment in Minera Santa Cruz S.A. (4) 19659507 19659508 (281 19659511 2,776 19659516 (7,533 19659518 Devaluation 19659520 (1,086 19659522 19659524 19659525 (733 19659527 19659529 (339 19659531 Improvement and removal 19659534 (2,693 19659536 19659537 19659538 (3,345 (3,450 19659544 19659545 (186,090 19659548 (94,893 19659552 (57,800 Running loss 19659558 19659560 (168,310 19659561 19659564 (95,437 19659565 19659567 19659568 (64,280 19659570 19659573 19659575 19659579 19659580 OTHER INCOME (EXPENSE): 19659581 19659585 19659588 19659589 19659590 Interest and other financing earnings (expenditures), net 19659591 19659593 36,918 19659594 19659595 19659596 (7,789 19659600 (6,200 19659603 Other (cost) earnings 19659604 (29,925 19659607 19659609 22,938 19659611 19659612 6,281 19659616 Gain on deconsolidation of McEwen Copper Inc. 19659618 19659619 224,048 19659620 19659622 — 19659624 19659625 19659626 19659627– 19659628 Overall other earnings 19659630 19659631 19659632 231,041 19659633 19659636 15,149 19659638 81 19659641 Earnings(loss)before earnings and mining taxes 19659645 62,731 19659646 19659647 19659648 19659649 (80,288 19659652 (64,199 19659654 Earnings and mining tax healing (cost) 19659656 19659657 (31,873 19659659 19659660 19659662 (5,806 19659663 19659665 7,315 19659667 19659668 Earnings (loss) after earnings and mining taxes 19659669 62,731 19659674 (86,094 19659676 19659677 19659678 19659679 (56,884 19659681 Bottom line attributable to non-controlling interests 19659682 23,872 19659688 5,019 172 19659693 19659694 Earnings (loss) and thorough earnings (loss) attributable to McEwen investors 19659695 19659696 $ 19659697 54,730 19659699 19659700 $ 19659701 (81,075 19659702 19659703 $ 19659705 (56,712 19659707 19659708 19659710 19659711 19659713 19659714 19659717 Earnings (loss) per share: 19659721 19659723 19659724 19659727 Fundamental and diluted 19659728 19659729 $ 19659730 1.15 19659732 19659733 $ 19659734 (1.71 19659737 $ 19659738 (1.25 19659740 Weighted typical shares impressive (thousands): 19659741 19659742 19659743 19659746 19659747 19659748 Fundamental and diluted 19659751 19659752 19659753 47,544 19659755 47,427 19659758 19659759 19659760 19659761 45,490 Post material MCEWEN MINING INC. COMBINED BALANCE SHEETS AS AT DECEMBER 31, (unaudited, in countless U.S. dollars and shares) 19659767 19659768 19659772 19659773 19659774 December 31, 19659775 December 31, 2023 19659781 2022 19659782 ASSETS 19659783 19659786 19659788 Existing possessions: 19659791 19659793 Money and money equivalents $ 19659799 23,020 19659801 19659802 $ 39,782 19659804 19659805 Investments 19659806 19659808 1,743 19659809 19659810 19659811 1,295 19659813 19659814 Receivables, prepaids and other present possessions 19659815 19659816 5,578 19659818 8,840 19659822 Due from McEwen Copper Inc. 19659826 2,376 19659827 — 19659831 Stocks, present part 19659833 19659834 19,944 19659836 19659837 19659838 31,735 Overall existing possessions 19659842 19659843 52,661 81,652 19659849 Mineral residential or commercial property interests and plant and devices, net 19659852 19659853 170,000 19659854 19659856 19659857 346,281 19659859 Financial Investment in McEwen Copper Inc. 19659860 19659862 323,884 19659863 19659866– 19659867 Financial Investment in Minera Santa Cruz S.A. 19459015 (4) 19659871 92,875 19659873 19659875 93,451 19659876 Stocks 19659878 19659879 19659880 10,100 19659881 19659882 19659884 2,432 19659886 Limited money 19659889 4,490 3,797 Other possessions 19659898 674 19659900 19659901 19659902 1,106 OVERALL ASSETS 19659906 $ 654,684 19659909 19659910 $ 19659911 528,719 19659912 19659919 19659920 LIABILITIES & & SHAREHOLDERS ‘EQUITY 19659922 Present liabilities: 19659928 19659929 19659931 Accounts payable and accumulated liabilities 19659935 19659936 $ 22,656 19659939 19659940 $ 42,521 19659942 Flow-through share premium 19659944 19659946 1,661 4,056 19659952 Improvement and removal liabilities, existing part 19659955 3,105 19659956 19659959 12,576 19659960 19659961 Tax liabilities 1,603 19659965 19659967 7,663 19659969 19659970 Lease liabilities, present part 19659973 978 19659976 1,215 19659978 19659979 Long-lasting financial obligation, existing part 19659982– 19659984 19659986 10,000 Agreement liability 19659990 — 19659993 19659995 6,155 19659997 Overall existing liabilities 19659998 30,003 19660002 19660003 84,186 Long-lasting financial obligation 19660007 19660008 19660009 40,000 19660012 19660013 53,979 19660014 19660015 Recovery and removal liabilities 39,916 19660020 19660021 19660022 29,270 19660023 Deferred tax liabilities 19660025 19660026 19660027 38,586 19660028 19660030 — Lease liabilities 19660034 19660036 488 19660037 19660039 1,191 19660041 Other liabilities 19660043 19660045 3,840 19660047 19660048 3,819 19660051 Overall liabilities 19660052 $ 19660054 152,833 19660057 $ 172,445 19660059 19660062 Investors’ equity: 19660073 Typical shares 19660076 $ 1,768,456 19660078 19660080 $ 19660081 1,644,144 19660082 19660083 Non-controlling interests 19660084 19660085 — 19660088 19660089 33,465 19660092 Built up deficit 19660093 19660094 (1,266,605 19660096 19660097 19660098 (1,321,335 19660101 Overall investors’ equity 19660102 19660103 19660104 501,851 19660106 19660107 356,274 19660110 OVERALL LIABILITIES & & SHAREHOLDERS’ EQUITY 19660111 19660112 $ 19660113 654,684 $ 19660117 528,719 19660118 Post material 19660120 MCEWEN MINING INC. 19660121 COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, (unaudited, in countless U.S. dollars and shares) 19660125 19660126 19660128 19660130 19660134 19660136 Typical Shares 19660142 19660143 19660146 19660148 19660150 19660151 and Additional 19660154 19660155 19660156 19660158 19660160 19660164 Paid-in Capital 19660167 Built up 19660170 Non-controlling 19660172 19660173 19660176 Shares 19660178 Quantity Deficit 19660184 Interests Overall Balance, December 31, 2020 19660189 41,659 $ 1,548,876 19660195 19660196 $ (1,183,548 19660198 19660200 $ — 19660202 $ 19660205 365,328 19660206 Stock-based payment 19660208 19660209– 19660211 19660212 837 19660216– 19660217 19660218 19660220– 19660221 19660222 19660224 837 Sale of flow-through shares 1,260 19660230 10,785 19660232 19660233 19660235– 19660237 19660239– 19660241 10,785 19660244 19660245 Sale of shares for money 19660246 19660247 3,000 19660249 19660250 29,875 19660252 — 19660255 19660257 — 19660259 19660260 19660261 29,875 Issuance of equity by subsidiary 19660266– 19660267 25,051 19660273– 19660274 19660275 19660276 19660277 14,949 19660279 19660280 19660281 40,000 19660282 19660283 Bottom line and extensive loss 19660284 — 19660287 19660288– 19660292 (56,712 19660295 19660296 (172 19660297 (56,884 19660302 Balance, December 31, 2021 19660303 19660304 45,919 19660305 $ 1,615,424 19660308 $ 19660311 (1,240,260 19660312 $ 14,777 19660316 $ 19660319 389,941 19660320 19660321 Stock-based payment 19660322 19660323– 19660325 340 19660327 19660328 19660329 19660330– 19660331 19660332 19660334– 19660335 19660336 19660337 19660338 340 19660340 Sale of flow-through shares 1,450 10,320 19660347 19660349– 19660350 19660351 19660352 — 10,320 19660358 Shares released for financial obligation refinancing 19660360 19660361 59 500 19660365 19660367 19660368– 19660369 19660371 19660372– 19660373 19660375 19660376 500 Issuance of equity by subsidiary 19660379 — 17,643 19660385 19660387– 19660388 19660389 19660390 19660391 23,707 19660392 19660394 19660395 41,350 19660396 Share redeemed 19660398 19660399– 19660401 19660402 (87 19660403 19660405 19660406– 19660408 19660409 — 19660414 (87 19660415 Workout of warrants 19660417 — 19660419 19660421 4 19660422 19660424 — 19660426 19660429– 19660430 19660431 19660432 4 19660434 Bottom line and extensive loss 19660436 19660437– 19660438 19660440– 19660442 (81,075 19660445 19660447 (5,019 19660450 (86,094 19660453 Balance, December 31, 2022 19660456 47,428 19660458 $ 1,644,144 19660461 $ (1,321,335 19660464 19660466 $ 19660467 33,465 19660469 $ 356,274 19660473 Stock-based payment 19660474 66 19660476 19660477 19660478 605 19660482– 19660483 19660485 — 19660488 19660490 605 19660491 Limited shares provided 19660494 43 19660495 19660497 366 19660499 19660500 — 19660504 — 19660506 19660508 366 19660510 19660511 Profits from McEwen Copper funding 19660513– 19660515 109,913 19660517 19660518 19660519 — 19660521 19660522 19660524 75,477 19660526 19660527 185,390 Sale of flow-through shares 19660532 1,903 13,428 19660536 19660539– 19660540 19660541 19660542 — 19660547 13,428 Earnings (loss) and detailed earnings (loss) 19660550 19660551– — 19660556 19660557 54,730 19660560 (23,872 19660563 19660564 19660565 30,858 19660568 McEwen Copper Inc. deconsolidation — 19660571 — 19660574 19660575 19660576 — 19660578 19660579 (85,070 19660583 19660584 (85,070 19660587 Balance, December 31, 2023 19660588 49,440 19660590 19660591 $ 1,768,456 19660593 19660595 $ (1,266,605 19660597 19660598 $ 19660600– 19660601 19660603 $ 501,851 19660605 Short article material 19660607 MCEWEN MINING INC. COMBINED STATEMENTS OF CASH FLOWS 19660609 FOR THE YEARS ENDED DECEMBER 31, (unaudited, in countless U.S. dollars) 19660615 19660616 19660617 19660618 19660619 19660620 19660621 Year ended December 31, 19660624 19660627 2023 19660629 2022 19660633 19660635 2021 19660636 Money streams from running activities: 19660639 19660642 19660643 19660644 19660645 19660647 Earnings (loss) $ 30,858 19660652 19660653 $ (86,094 19660656 19660657 $ (56,884 19660660 Changes to fix up bottom line from running activities: 19660664 19660665 19660666 19660667 19660668 19660669 Loss from financial investment in McEwen Copper Inc. 19660671 19660673 60,084 19660675 19660676 — 19660679 19660680 19660681– 19660683 Loss( earnings) from financial investment in Minera Santa Cruz S.A. 19459015 (4) 19660684 19660685 281 19660687 19660688 19660689 (2,776 19660692 7,533 19660696 Gain on sale of mineral residential or commercial property interests — 19660702 19660703– 19660706 (2,271 Devaluation, amortization and deficiency 19660710 30,307 19660713 19660714 19,532 19660717 19660719 19660720 25,338 19660721 Latent (gain) loss on financial investments 19660723 19660725 (20,542 19660726 19660727 511 19660731 (28 Forex loss on financial investments 19660736 19660737 9,858 19660741 19660742– 19660743 — 19660748 Forex loss 19660751 48,977 19660752 19660753 2,029 19660756 19660757 160 19660760 19660761 Recovery accretion and modifications to approximate 19660764 2,693 19660765 19660768 7,168 19660769 3,677 19660773 Earnings and mining tax healing 19660775 35,033 (1,856 19660782 19660784 (7,315 19660786 19660787 Stock-based payment 19660789 19660790 971 19660793 19660794 340 19660795 19660797 19660798 837 19660799 Gain on deconsolidation of McEwen Copper Inc. 19660803 (224,048 19660804 19660805 — 19660808 19660809 19660810 19660811– 19660812 Modification in non-cash operating capital products: 19660814 19660816 19660818 19660819 Modification in other properties associated with operations 19660824 7,113 19660829 19660830 (12,873 7,887 19660835 Modification in liabilities connected to operations 19660839 (24,298 19660840 17,439 19660844 19660845 19660846 19660847 1,003 Money utilized in running activities 19660850 $ 19660852 (42,713 19660854 19660855 $ (56,580 19660858 19660859 $ (20,063 19660861 19660862 19660867 19660868 19660871 Money streams from investing activities: 19660874 19660876 19660877 19660878 19660879 19660880 19660882 Additions to mineral residential or commercial property interests and plant and devices 19660884 $ 19660885 (23,021 19660886 19660888 $ 19660889 (24,187 19660890 19660891 $ (34,888 Profits from disposal of residential or commercial property and devices 19660896 19660897 19660898– 19660900 — 19660906 492 19660907 19660908 Financial investment in valuable equity securities 19660909 (34,157 19660913 — 19660917 — 19660921 Dividends got from Minera Santa Cruz S.A. 19660922 19660923 295 19660925 19660926 19660927 19660928 286 19660929 19660930 19660931 19660932 9,832 19660933 Money outflow on McEwen Copper Inc. deconsolidation 19660935 19660936 19660937 (45,708 19660939 19660940 19660941– 19660943 — 19660947 Money utilized in investing activities 19660949 $ (101,591 19660953 $ 19660954 (23,901 19660955 19660956 19660957 $ (24,564 19660960 19660962 19660963 19660964 19660966 19660967 19660969 Money streams from funding activities: 19660971 19660972 19660973 19660976 19660977 19660978 Profits from McEwen Copper Inc. funding 19660981 19660983 185,390 19660984 41,263 19660988 19660990 19660991 29,875 Earnings from sale of financial investment in McEwen Copper Inc. 19660995 6,032 19660997 19661000– 19661002 — 19661005 Issuance of flow-through typical shares, web of issuance expenses 19661008 13,428 14,376 19661014 19661016 19661017 11,966 19661018 19661019 Profits from promissory note 19661022– 19661024 15,000 19661027 19661028 19661029 19661030 40,000 19661031 Principal payment on long-lasting financial obligation 19661033 19661034 (25,000 19661036 19661037 — 19661042 — 19661044 19661045 Membership earnings gotten ahead of time 19661046 19661048– 19661051 19661052 (2,850 19661053 19661054 19661055 19661056 2,550 19661057 Profits from workout of warrants 19661061– 19661065 4 19661066 19661068 — 19661071 Payment of financing lease commitments 19661073 (1,637 19661075 19661076 19661077 (2,338 19661081 (3,408 19661084 Money supplied by funding activities 19661085 19661086 $ 19661087 178,213 19661088 19661090 $ 65,455 19661092 $ 80,983 19661096 Impact of currency exchange rate alter on money and money equivalents 19661099 (48,977 19661101 19661102 (2,029 19661107 (160 (Decrease) boost in money, money equivalents and limited money 19661111 (16,068 19661117 (17,055 19661118 19661120 19661121 36,196 19661122 Money, money equivalents and limited money, start of year 19661124 19661126 43,579 19661127 19661128 19661130 60,634 19661131 19661133 19661134 24,438 19661135 Money, money equivalents and limited money, end of year $ 27,511 19661140 19661141 19661142 $ 19661143 43,579 19661144 19661146 $ 19661147 60,634 Post material 19661150 NON-GAAP FINANCIAL PERFORMANCE MEASURES 19661151 We have actually consisted of in this report particular non-GAAP efficiency steps as comprehensive listed below. In the gold mining market, these prevail efficiency steps however do not have any standardized significance and are thought about non-GAAP steps. We utilize these procedures to examine our organization on a continuous basis and think that, in addition to standard steps prepared in accordance with GAAP, particular financiers utilize such non-GAAP procedures to examine our efficiency and capability to produce capital. We likewise report these procedures to offer financiers and experts with beneficial info about our underlying expenses of operations and clearness over our capability to fund operations. Appropriately, they are planned to supply extra details and need to not be thought about in seclusion or as an alternative for steps of efficiency prepared in accordance with GAAP. There are restrictions connected with making use of such non-GAAP procedures. We make up for these restrictions by relying mostly on our United States GAAP results and utilizing the non-GAAP steps supplementally. 19661152 Short article material 19661153 The non-GAAP procedures exist for our entirely owned mines and our interest in the San José mine. The quantities in the reconciliation tables identified “49% basis” were obtained by using to each monetary declaration line product the ownership portion interest utilized to come to our share of earnings or loss throughout the duration when using the equity technique of accounting. We do not manage the interest in or operations of MSC and the discussions of properties and liabilities and earnings and expenditures of MSC do not represent our legal claim to such products. The quantity of money we get is based upon particular arrangements of the Option and Joint Venture Agreement (” OJVA”) and differs depending upon aspects consisting of the success of the operations. The discussion of these steps, consisting of the minority interest in the San José, has restrictions as an analytical tool. A few of these constraints consist of: The quantities revealed on the specific line products were obtained by using our general financial ownership interest portion identified when using the equity approach of accounting and do not represent our legal claim to the possessions and liabilities, or the incomes and costs; and 19661156 Other business in our market might determine their money expense per ounce and all-in sustaining expenses in a different way than we do, restricting the effectiveness as a relative step. Post material 19661158 Money Costs and All-In Sustaining Costs 19661159 The terms money expenses, money expense per ounce, all-in sustaining expenses (” AISC”), and all-in sustaining expense per ounce utilized in this report are non-GAAP monetary procedures. We report these procedures to supply extra details relating to functional effectiveness on a specific mine basis, and think these steps supply financiers and experts with beneficial info about our underlying expenses of operations. Money expenses include mining, processing, on-site basic and administrative expenditures, neighborhood and allowing expenses connected to existing operations, royalty expenses, refining and treatment charges (for both doré and concentrate items), sales expenses, export taxes and functional removing expenses, however leave out devaluation and amortization (non-cash products). The amount of these expenses is divided by the matching 19459027 gold comparable ounces offered 19459028 to figure out a per ounce quantity. 19661161 All-in sustaining expenses include money expenses (as explained above), plus accretion of retirement responsibilities and amortization of the property retirement expenses connected to running websites, ecological rehab expenses for mines without any reserves, sustaining expedition and advancement expenses, sustaining capital investment and sustaining lease payments. Our all-in sustaining expenses omit the allotment of business basic and administrative expenses. The following is extra details concerning our all-in sustaining expenses: 19661162 Post material Sustaining operating expense represent expenses sustained at present operations that are thought about essential to preserve present yearly production at the mine website and consist of mine advancement expenses and continuous replacement of mine devices and other capital centers. Sustaining capital expenses do not consist of expenses of broadening the task that would lead to enhanced performance of the existing property, increased existing capability or extended beneficial life. 19661164 Sustaining expedition and advancement expenses consist of expenses sustained to sustain existing operations and to change reserves and/or resources drawn out as part of the continuous production. Expedition activity carried out near-mine (brownfield) or brand-new expedition tasks (greenfield) are categorized as non-sustaining. The amount of all-in sustaining expenses is divided by the matching gold comparable ounces offered 19459028 to figure out a per ounce quantity. 19661166 Expenses omitted from money expenses and all-in sustaining expenses, in addition to devaluation and exhaustion, are earnings and mining tax expenditures, all business funding charges, expenses connected to company mixes, property acquisitions and property disposal, and any products that are subtracted for the function of stabilizing products. Post material 19661168 The following tables fix up these non-GAAP steps to the most straight equivalent GAAP step, production expenses suitable to sales. The El Gallo mine outcomes are omitted from this reconciliation for 2023, 2022 and 2021 as the economics of recurring seeping operations are determined by incremental earnings going beyond incremental expenses. Recurring seeping expenses for the year ended December 31, 2023, were $nil million compared to $0.7 million in 2022 and $9.3 million in 2021. As an outcome, we have actually stopped utilizing money expense and all-in sustaining expense per gold comparable ounce to assess the El Gallo mine on a continuous basis and have actually for that reason stopped disclosure of such metric: 19661169 19661170 19661172 19661173 19661178 19661179 19661180 19661181 19661183 19661184 19661186 19661187 19661190 3 months ended December 31, 2023 19661192 Year ended December 31, 2023 19661193 19661194 Gold Bar 19661196 Fox Complex 19661198 19661199 Overall Gold Bar 19661202 19661203 Fox Complex Overall (in thousands, other than per ounce) 19661210 (in thousands, other than per ounce) 19661211 Production expenses suitable to sales– Cash expenses (100% owned) 19661212 $ 19661214 25,889 19661215 $ 19661217 13,298 19661218 19661219 $ 39,187 19661222 $ 67,335 19661225 $ 19661226 51,895 19661228 $ 119,230 19661230 In‑mine expedition 19661232 19661233 1,705 19661235 19661236– 19661237 19661238 19661239 1,705 19661242 4,759 19661245– 19661246 19661247 19661248 4,759 19661249 Capitalized underground mine advancement (sustaining) 19661252– 19661254 19661255 2,119 19661257 2,119 19661260 19661261– 19661262 19661263 19661264 8,046 19661265 19661266 8,046 Capital expenditures on plant and devices (sustaining) 1,374 19661274– 19661276 1,374 19661279 19661280 9,028 19661281 19661283– 9,028 Sustaining leases 19661290 11 19661292 153 19661294 19661295 164 19661297 19661298 248 19661300 676 19661303 19661305 924 19661306 All‑in sustaining expenses 19661307 19661308 $ 19661309 28,979 19661310 $ 19661312 15,570 19661313 19661314 $ 19661315 44,549 $ 19661318 81,370 $ 60,617 19661322 19661323 $ 19661324 141,987 19661325 Ounces offered, consisting of stream (GEO) 19661326 19661327 19.2 19661330 19661331 10.6 19661333 29.9 19661335 19661336 43.0 19661340 44.9 19661342 87.9 19661344 Money expense per ounce offered ($/ GEO) 19661345 $ 1,345 19661348 $ 19661350 1,253 19661351 $ 1,313 $ 1,565 $ 1,157 19661361 $ 19661362 1,356 19661363 AISC per ounce offered ($/ GEO) 19661364 $ 1,506 19661367 19661368 $ 1,467 $ 1,492 $ 1,891 19661376 $ 1,351 $ 1,615 19661382 Post material 19661383 19661384 19661386 19661388 19661391 19661392 19661393 19661395 19661398 19661401 19661402 3 months ended December 31, 2022 19661405 19661406 Year ended December 31, 2022 19661409 Gold Bar 19661411 Fox Complex Overall 19661415 Gold Bar Fox Complex Overall 19661421 (in thousands, other than per ounce) 19661423 19661424 (in thousands, other than per ounce) 19661425 Production expenses relevant to sales– Cash expenses (100% owned) 19661427 $ 8,666 19661429 $ 10,742 19661433 $ 19,408 19661436 $ 43,500 19661438 $ 36,845 $ 80,345 Mine website recovery, accretion and amortization 19661445 19661446 19661447 218 19661449 — 19661453 218 19661454 19661455 19661456 1,654 19661458 19661459– 19661461 1,654 In‑mine expedition 505 19661467 19661468 — 19661470 19661472 505 19661474 19661475 3,335 19661476 — 19661481 3,335 Capitalized underground mine advancement (sustaining) — 19661486 19661487 19661488 4,317 19661489 4,317 19661494– 19661496 15,448 19661499 15,448 19661501 Capital expenditures on plant and devices (sustaining) 1,576 19661506 — 19661509 19661510 1,576 19661511 19661513 3,084 19661514 19661515 — 19661518 3,084 Sustaining leases 19661522 19661523 191 19661524 19661525 110 19661528 19661529 301 19661530 19661531 1,754 619 19661536 19661537 19661538 2,373 19661539 All‑in sustaining expenses 19661540 19661541 $ 11,156 19661543 $ 19661545 15,169 19661546 19661547 $ 26,325 $ 53,327 19661553 $ 19661554 52,912 19661555 $ 19661557 106,239 Ounces offered, consisting of stream (GEO) (1) 19661559 19661561 8.0 19661563 19661564 9.4 19661565 19661566 19661567 17.4 19661569 26.8 19661573 36.1 19661576 62.9 19661577 Money expense per ounce offered ($/ GEO) 19661579 $ 1,083 19661582 $ 19661583 1,137 $ 19661586 1,112 19661587 $ 19661589 1,622 $ 19661592 1,020 $ 19661595 1,276 AISC per ounce offered ($/ GEO) 19661598 $ 1,395 19661601 $ 1,606 19661603 19661604 $ 1,509 $ 19661608 1,989 19661610 $ 19661611 1,465 19661613 $ 19661614 1,688 19661615 19661616 19661617 19661618 19661619 19661622 19661625 19661626 19661628 19661630 19661632 19661633 3 months ended December 31, 19661634 Year ended December 31, 19661636 19661637 2023 19661639 19661640 2022 19661642 19661645 2023 19661647 2022 19661651 19661652 2021 19661653 19661654 San José mine money expenses (100% basis) (4) 19661657 (in thousands, other than per ounce) 19661661 Production expenses relevant to sales– Cash expenses $ 48,680 19661665 19661666 19661667 $ 51,963 19661669 19661670 $ 180,115 19661674 19661675 $ 182,195 19661677 $ 196,032 19661682 Mine website improvement, accretion and amortization 19661685 93 19661686 19661687 19661688 19661689 111 19661690 19661691 19661692 535 19661694 19661695 19661696 19661697 400 451 19661702 19661703 Website expedition costs 19661706 1,831 19661707 19661708 19661709 2,158 9,167 19661715 19661716 19661718 8,946 19661720 19661721 19661722 11,207 Capitalized underground mine advancement (sustaining) 19661727 10,407 19661729 19661730 10,201 19661732 38,346 19661736 19661737 19661739 37,959 19661741 27,548 19661744 Less: Depreciation (768 19661749 19661750 19661752 (499 19661753 19661754 19661755 19661756 (2,930 19661757 19661758 19661760 (1,990 19661761 (1,971 19661765 Capital investment (sustaining) 19661767 2,106 19661773 3,006 19661775 9,224 19661778 19661779 19661781 11,636 19661782 19661783 19661784 15,751 All‑in sustaining expenses 19661788 $ 62,349 19661791 19661792 19661793 $ 19661794 66,940 $ 234,457 $ 239,146 19661803 19661804 $ 249,018 Ounces offered (GEO) 19661809 19661811 39.6 19661812 19661815 39.3 19661816 19661818 19661819 127.5 19661821 19661822 139.5 19661824 19661826 155.3 Money expense per ounce offered ($/ GEO) 19661831 $ 1,228 19661833 $ 19661836 1,321 19661838 $ 19661840 1,413 19661841 19661843 $ 1,306 19661845 19661847 19661848 1,262 19661849 19661850 AISC per ounce offered ($/ GEO) 19661851 19661852 $ 1,573 19661854 19661855 $ 19661857 1,701 19661858 19661859 $ 19661861 1,840 19661863 19661864 $ 1,714 19661867 19661869 1,603 19661870 Post material Technical Information 19661873 The technical material of this press release associated to monetary outcomes, mining and advancement tasks has actually been examined and authorized by William (Bill) Shaver, P.Eng., COO of McEwen Mining and a Qualified Person as specified by SEC S-K 1300 and the Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.” 19661874 Dependability of Information Regarding San José The Company represent its financial investment in Minera Santa Cruz S.A., the owner of the San José Mine, utilizing the equity technique. The Company depends on the management of MSC to offer precise monetary details prepared in accordance with GAAP. While the Company is not knowledgeable about any mistakes or possible misstatements of the monetary info offered by MSC, MSC is accountable for and has actually provided to the Company all reported arise from the San José Mine, and such outcomes are unaudited since the date of this release. McEwen Mining’s. joint endeavor partner, a subsidiary of Hochschild Mining plc, and its affiliates aside from MSC do decline duty for using job information or the adequacy or precision of this release.

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CARE CONCERNING FORWARD-LOOKING STATEMENTS

This press release consists of specific positive declarations and details, consisting of “positive declarations” within the significance of the Private Securities Litigation Reform Act of 1995. The positive declarations and details revealed, as at the date of this press release, McEwen Mining Inc.’s (the “Company”) quotes, projections, forecasts, expectations or beliefs regarding future occasions and outcomes. Positive declarations and info are always based upon a variety of price quotes and presumptions that, while thought about affordable by management, are naturally based on considerable organization, financial and competitive unpredictabilities, dangers and contingencies, and there can be no guarantee that such declarations and info will show to be precise. Real outcomes and future occasions might vary materially from those prepared for in such declarations and details. Threats and unpredictabilities that might trigger outcomes or future occasions to vary materially from present expectations revealed or indicated by the positive declarations and details consist of, however are not restricted to, results of the COVID-19 pandemic, changes in the market cost of rare-earth elements, mining market threats, political, financial, social and security dangers related to foreign operations, the capability of the Company to get or get in a prompt way allows or other approvals needed in connection with operations, threats connected with the building and construction of mining operations and beginning of production and the predicted expenses thereof, dangers associated with lawsuits, the state of the capital markets, ecological threats and threats, unpredictability regarding computation of mineral resources and reserves, forex volatility, forex controls, foreign currency danger, and other threats. Readers ought to not put unnecessary dependence on positive declarations or info consisted of herein, which speak just since the date hereof. The Company carries out no commitment to reissue or upgrade positive declarations or details as an outcome of brand-new info or occasions after the date hereof other than as might be needed by law. See McEwen Mining’s Annual Report on Form 10-K for the ended December 31, 2022, Quarterly Report on Form 10-Q for the 3 and 6 months ended June 30, 2023, and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”, for extra info on dangers, unpredictabilities and other aspects connecting to the positive declarations and details relating to the Company. All positive declarations and info made in this press release are certified by this cautionary declaration.

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The NYSE and TSX have actually not evaluated and do decline duty for the adequacy or precision of the contents of this press release, which has actually been prepared by the management of McEwen Mining Inc.

ABOUT MCEWEN MINING

McEwen Mining is a gold and silver manufacturer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns around 47.7% of McEwen Copper which owns the big, innovative phase Los Azules copper job in Argentina. The Company’s objective is to enhance the efficiency and life of its properties with the goal of increasing its share rate and supplying a yield. Rob McEwen, Chairman and Chief Owner, has an individual financial investment in the group of US$ 220 million and takes a yearly income of US$ 1.

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