McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) Reframes Approach to Sustainable Innovation in 2023 PEA Base Case Development Strategy for Decisive Los Azules Project

• McEwen’s 2023 PEA marks a turnaround from the 2017 PEA, which previously focused on the construction of a mine with a conventional mill and floatation concentrator
• The 2023 PEA preparation was guided by three fundamental principles: environmental footprint, reduced permitting risk, and cathode production
• McEwen’s management is optimistic that the new direction will draw the company closer to achieving its full and substantial potential, paying off monetarily while reducing the company’s upstream environmental impacts

McEwen Mining (NYSE: MUX) (TSX: MUX), an asset-rich diversified gold and silver producer in the Americas, just announced its reframed approach to sustainable innovation for its 2023 Preliminary Economic Assessment (“PEA”) on its Los Azules Copper Project in San Juan, Argentina. This approach marks a turnaround from the 2017 PEA, which previously focused on the construction of a mine with a conventional mill and flotation concentrator responsible for producing a concentrate for export to international smelters (https://ibn.fm/BdCIa).

This 2023 PEA technical report was prepared by Samuel Engineering Inc., guided primarily by three principles- McEwen’s environmental footprint, reduced permitting risk, and producing cathodes. It proposes a heap leach project using solvent extraction-electrowinning (“SX/EW”) to produce copper cathodes for sale in Argentina and international markets. McEwen aims to obtain 100% of its energy for the facility from renewable sources in a combination of offsite and onsite installations. The project also aims to have long-term net positive impacts on the greater Andean ecosystem, local flora, and fauna, as well as the lives of miners and citizens of nearby communities.

Base highlights for this PEA included the production of 401 million pounds of average annual copper cathode during the first five years of operation and 322 million pounds over the 27-year life of the mine. The PEA also noted that an after-tax net present value of $2.659 billion, with an internal rate of return (“IRR”) of 21.2% and a payback period of 3.2 years, would be realized, in addition to an average C1 cash cost of $1.07 per pound Cu and all-in sustaining costs of $1.64 per pound Cu. Lastly, the PEA noted 1.182 billion tons of mineralized material placed on a heap leach pad with an in-situ total copper grade of 0.46% and in-situ soluble copper grade of 0.31%.

McEwen’s management is optimistic that its new direction will draw it closer to achieving its full potential and ultimately creating incredible value for its shareholders. This follows the recent collaboration agreement with Nuton LLC, a Rio Tinto Venture that provides a significant opportunity to optimize the mine plan and overall mining and processing operations (https://ibn.fm/hb38g). Through Nuton’s ability to provide benefits such as lower overall energy consumption and allowing earlier conversion to renewable energy sources compared to conventional sulfide mineral treatment processes, McEwen looks to draw value and achieve its short-term and long-term objectives.

As it stands, McEwen Copper is positioned to make significant progress in the coming months and years. Its management is confident and optimistic that its current strategy will pay off monetarily while reducing the company’s upstream environmental impacts. By doing so, it also hopes to carve out a significant market share while positioning itself as a leader in its sector.

For more information, visit the company’s website at www.McEwenMining.com.

NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://ibn.fm/MUX

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