Mcewen Mining (MUX) Announces Flow-Through Financing

McEwen Mining Inc. (NYSE: MUX) is pleased to announce a financing to fund continued exploration and development at the Fox Complex in the Timmins region of Ontario.

The proceeds of this financing will be used exclusively for qualifying Canadian Exploration Expenditures (CEE) and Canadian Development Expenditures (CDE), within the meaning of subsection 66(15) of the Income Tax Act (Canada), on McEwen’s properties in the Timmins region:

Part 1 (CEE) of the financing consists of a US$7.3 million (Cdn$10,007,600) private placement of 788,000 flow-through common shares at a price of US$9.27 (Cdn$12.70); and

Part 2 (CDE) of the financing consists of a US$8.8 million (Cdn$12,008,550) private placement of 1,115,000 flow-through common shares at a price of US$7.86 (Cdn$10.77),

(Part 1 (CEE) and Part 2 (CDE) together being the “Offering”).

The Offering of 1,903,000 flow-through common shares for US$16.1 million (Cdn$22,016,150) is expected to close on December 14, 2023 (the “Closing”) and is subject to customary closing conditions, including approval from the TSX and NYSE.

This press release is not an offer of common shares for sale in the United States. The common shares may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the US. Securities Act of 1933, as amended (the "U.S. Securities Act"), and applicable U.S. state securities laws. McEwen will not make any public offering of the securities in the United States. The common shares have not been and will not be registered under the U.S. Securities Act, or any state securities laws.

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