McEwen Copper Announces Plans for Initial Public Offering

Acquisition of Interest in McEwen Copper by Global Mining Heavyweight

Vancouver, British Columbia, July 12, 2021

McEwen Mining Inc. (NYSE: MUX, TSX: MUX) today announced the creation of a wholly-owned subsidiary, McEwen Copper Inc., which holds a 100% interest in the Los Azules copper project in San Juan, Argentina, and the Elder Creek copper project in Nevada.

The company is also acquiring a 14.2% equity stake in McEwen Copper from a subsidiary of Canadian mining company Lundin Mining Corp. (TSX: LUN). This investment brings together three of the world's largest diversified miners, including Glencore Plc and First Quantum Minerals Ltd., as strategic partners in McEwen Copper.

McEwen Copper is led by metals entrepreneur Rob McEwen, who has a proven track record of success in the mining industry. The company is preparing an initial public offering (IPO) for its McEwen Copper subsidiary, which is expected to provide funding for the development of the Los Azules and Elder Creek projects.

The Los Azules project is a large, advanced-stage copper project with a mineral resource estimate of over 10 billion pounds of copper. The Elder Creek project is a smaller, high-grade copper project with a mineral resource estimate of over 1 billion pounds of copper.

The acquisition of the equity stake in McEwen Copper by Lundin Mining is a significant vote of confidence in the company and its projects. Lundin Mining is a global mining company with a proven track record of success in developing and operating copper mines.

The IPO of McEwen Copper is expected to be a major event in the mining industry. The company has a strong team of experienced professionals, a portfolio of high-quality copper projects, and the support of three of the world's largest diversified miners.