McEwen Mining Inc

During 2023, we concentrated on resource delineation and exploration expansion at both our Stock and Grey Fox properties. The principle aim of the diamond drilling was to enhance the PEA for Stock West by identifying additional resources in proximity to the proposed ramp to Stock West, as well as potentially expanding the resource at Stock East, the historic Stock mine at depth, and Grey Fox.

During Q4/23, we incurred $1.6 million in exploration expenses at our Stock property. Infill drilling was conducted at Stock East and Stock West; additional drilling focused on deeper targets at both Stock West and the historic Stock mine. A total of 30,623 feet of diamond drilling was completed during the quarter. During full year 2023, we incurred $13.6 million in exploration expenses, completing 223,674 feet of drilling at Stock and 35,360 feet of drilling at Grey Fox. At the Stock property, drilling activities focused on expanding known mineralization to the east of Stock East, infill drilling at Stock West, and deep drilling below the historic Stock mine resource. At Grey Fox, drilling on the Gibson and Whiskey Jack targets to identify new zones of mineralization took place. Shallow drilling was completed to determine the potential of near surface mineralization proximal to the proposed location of the Stock West portal. Additionally, a magnetic drone survey was completed in the area west of the Stock West zone to assist in geological interpretations. A crown pillar study was also conducted at the historic Stock mine, which included a total of 2,966 feet of drilling.

During Q4/23, encouraging results were received for shallow drilling in proximity to the proposed ramp system to Stock West showing intercepts of 6.2 g/t gold over 74.5 feet true width located in the Stock West Portal Zone, and 4.0 g/t gold

over 48.2 feet true width in the Stock West shallow plunge zone. We are currently assessing the potential for extracting some of these near-term ounces early in the development of the Stock West project.

We also had one diamond drill rig active at Stock East during Q4/23. The goal of this drilling was to upgrade a majority of the inferred mineralization to indicated. Future plans may include potentially accessing this satellite body from the planned Stock West ramp.

2024 Production and Cost Outlook

We expect to begin the development of underground ramp access to the Stock orebodies during Q1/24, which will become the primary source of feed in 2026 following the completion of mining the Froome deposit. The capital expenditure required for the development of the ramp is partially funded by the $8.8 million (C$12.0 million) flow-through financing completed in December 2023. For full year 2024, we expect to produce between 40,000 to 42,000 GEOs at a cash cost per GEO sold between $1,225 and $1,325 per ounce and an AISC per GEO sold between $1,450 and $1,550 per ounce.