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InvestorNewsBreaks — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) Reports on 2023 Production Numbers, Projects 2024 Guidance
February 13, 2024

InvestorNewsBreaks — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) Reports on 2023 Production Numbers, Projects 2024 Guidance

McEwen Mining (NYSE: MUX) (TSX: MUX), a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina, is releasing full-year and Q4 2023 production results. According to the report, the results “represent a significant improvement year-over-year and compared to prior quarters.” The report noted that consolidated production in Q4 2023 reached 49,850 gold equivalent ounces (“GEOs”) with full-year production totaling 154,600 GEOs. The results are consistent with the company’s latest forecast and fall within the guidance range the company anticipated for the year. The company noted that Gold Bar production increased during the last quarter and December, with McEwen reporting new records for both the quarter and the month. The company also released its 2024 production and cost guidance, outlining projection to produce in the range of 130,000 to 145,000 GEOs attributable to MUX from all operations.

“The reduction compared to 2024 is primarily driven by lower output from our Fox operation and from San José, which is operated by our partner Hochschild Mining,” said the company in the press release. “We are currently evaluating potential areas for enhancing production and profitability, and we will update our guidance accordingly once any further improvements are implemented. At Fox in 2024, we will be starting the development of underground ramp access to the stock orebodies, particularly Stock West, which will become the primary source of feed following the completion of mining the Froome deposit in 2026. This capital investment is partially funded by the $16.1 million flow-through financing completed in December 2023.

At Gold Bar in 2024, the first half of the year is expected to deliver higher production relative to the second half, due to a scheduled waste stripping phase in the Pick pit, in preparation for the 2025 mining program. The mining sequence continues to be optimized.”

To view the full press release, visit https://ibn.fm/7ENfL

About McEwen Mining Inc.

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, the company 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, chair and chief owner, has personally provided the company with $220 million and takes an annual salary of $1. To learn more about the company, visit www.McEwenMining.com.

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

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