MCEWEN MINING

Higher Production – 2021 & Q4

TORONTO, Jan. 19, 2022 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report consolidated production for the full year of 2021 was 34% higher than in 2020 and Q4 2021 was 29% higher than in Q4 2020. Production guidance for 2021 was achieved. Full year production was 154,410 gold equivalent ounces⁽¹⁾(“GEOs”) consisting of 118,500 gold ounces and 2,572,000 silver ounces. In Q4, production was 40,150 GEOs consisting of 31,300 gold ounces and 682,700 silver ounces.

Consolidated Production Summary

	Q4		Full Year		2021 Guidance
	2020	2021	2020	2021
Gold (oz)	24,100	31,300	92,100	118,500	110,500-127,900
Silver (oz)	532,400	682,700	2,020,000	2,572,000	2,300,000-2,450,000
GEOs(1)	31,100	40,150	115,600	154,410	141,000-160,400

In Q4 2021, our attributable production from San José⁽²⁾ was 682,700 silver ounces and 11,300 gold ounces, or 20,200 GEOs, which was in-line with our expectations; Black Fox production of 9,460 GEOs was also in-line with our expectations; Gold Bar production of 9,950 GEOs was above our expectations; and El Gallo produced 540 GEOs from residual leaching.

Notes:
(1)	'Gold Equivalent Ounces' are calculated based on a gold to silver price ratio of 94:1 for Q1 2020, 104:1 for Q2 2020, 79:1 for Q3 2020, 77:1 for Q4 2020, 68:1 for Q1 2021, 68:1 for Q2 2021, 73:1 for Q3 2021 and 77:1 for Q4 2021.
(2)	The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.

Technical Information
Technical information pertaining to mining operations contained in this news release has been reviewed and approved by Peter Mah, P.Eng., COO of McEwen Mining and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."