TORONTO - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported its second quarter (Q2) results for the period ended June 30th, 2022.

Fox Complex performed well, producing 11,200 GEOs, the highest quarterly production in over three years, at cash costs of $985 per GEO and AISC of $1,290 per GEO.

Average cash costs(2) per GEO sold from our 100%-owned mines in Q2 was $1,169, 15% below our guidance midpoint of $1,380 per GEO. Average all-in sustaining costs ('AISC')(2) per GEO sold from our 100%-owned mines was $1,549, 11% below our guidance midpoint of $1,740 per GEO.

Production was 27,600 gold ounces and 704,600 silver ounces, or 36,100 gold equivalent ounces(1) (GEOs), compared to 40,700 GEOs during Q2 2021.

San Jose mine delivered solid results producing 19,600 GEOs at cash costs and AISC per GEO sold of $1,144 and $1,468, respectively.

Gold Bar mine progressed the development of the Gold Bar South deposit, which is expected to contribute to lower-cost production later this year and through 2023.

Our consolidated net loss in Q2 was $12.4 million, or $0.26 per share (giving effect to the 1-for-10 reverse share split on July 28th), which relates primarily to $14.4 million investment in our Los Azules copper project, $4.8 million in other exploration and advanced projects, and a gross profit of $4.2 million from our operations.

Our 100%-owned mines generated a cash gross profit(2) of $7.7 million in Q2 and a gross profit of $4.2 million. Cash gross profit is calculated by adding back depletion and depreciation to gross profit.

Cash and cash equivalents at June 30th, 2022, totaled $47.8 million.

We are saddened to announce that Dr. Donald R. M. Quick, a Director of the Company and its predecessors since 2008, passed away in July following a brief illness. Dr. Quick made important contributions to the boards of McEwen Mining and Minera Andes during his 14 years with the companies. Among his many qualities, he was a great friend and colleague, and will be dearly missed.

CAUTIONARY NOTE REGARDING NON-GAAP MEASURES

In this release, we have provided information prepared or calculated according to United States Generally Accepted Accounting Principles ('U.S. GAAP'), as well as provided some non-U.S. GAAP ('non-GAAP') performance measures. Because the non-GAAP performance measures do not have any standardized meaning prescribed by U.S. GAAP, they may not be comparable to similar measures presented by other companies.

Cash Costs and All-in Sustaining Costs

Cash costs consist of mining, processing, on-site general and administrative costs, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both dore and concentrate products), sales costs, export taxes and operational stripping costs, and exclude depreciation and amortization. All-in sustaining costs consist of cash costs (as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites, sustaining exploration and development costs, sustaining capital expenditures, and sustaining lease payments. Both cash costs and all-in sustaining costs are divided by the gold equivalent ounces sold to determine cash costs and all-in sustaining costs on a per ounce basis. We use and report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe that these measures provide investors and analysts with useful information about our underlying costs of operations. A reconciliation to production costs applicable to sales, the nearest U.S. GAAP measure is provided in McEwen Mining's Form 10-Q for the period ended June 30th, 2022.

Cash Gross Profit

Cash gross profit is a non-GAAP financial measure and does not have any standardized meaning. We use cash gross profit to evaluate our operating performance and ability to generate cash flow; we disclose cash gross profit as we believe this measure provides valuable assistance to investors and analysts in evaluating our ability to finance our ongoing business and capital activities. The most directly comparable measure prepared in accordance with GAAP is gross profit. Cash gross profit is calculated by adding depletion and depreciation to gross profit. A reconciliation to gross profit, the nearest U.S. GAAP measure is provided in McEwen Mining's Form 10-Q for the period ended June 30th, 2022.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the 'Company') estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

ABOUT MCEWEN MINING

McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina. It also has a large exposure to copper through its subsidiary McEwen Copper, owner of the Los Azules copper deposit in Argentina.

Contact:

Tel: (647)-258-0395

Email: info@mcewenmining.com

Web: https://www.mcewenmining.com

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