McEwen Mining Addresses NYSE Listing Requirements

Rhea-AI Summary

McEwen Mining (NYSE: MUX) has fallen below the NYSE's continued listing requirement, as its stock price averaged below $1.00 per share over the last 30 trading days. On January 5, 2022, the company received notification of this status. McEwen Mining has six months to correct the situation, during which time its stock will still trade on the NYSE, pending compliance with other requirements. If it fails to meet the price threshold by the end of the remedy period, the stock may face suspension and delisting. However, its listing on the Toronto Stock Exchange remains unaffected.

Positive

• The company continues to trade on the NYSE while addressing compliance for the next six months.
• Listing on the Toronto Stock Exchange is unaffected by this notification.

Negative

• Average share price fell below the $1.00 threshold, raising compliance issues.
• Potential delisting from the NYSE if compliance is not achieved within six months.

TORONTO, Jan. 06, 2022 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports that it has fallen below the New York Stock Exchange ("NYSE") continued listing requirement related to the price of its common stock. The NYSE requires that the average closing price of a listed company's common stock be above US$1.00 per share, calculated over a period of 30 consecutive trading days. The Company was notified by the NYSE on January 5^th, 2022 that the average price of its common stock for the previous 30 trading days was below $1.00 per share.

McEwen Mining intends to take steps to regain compliance with the NYSE continued listing requirements. Under NYSE rules, the Company has a period of six months to bring its share price and 30-day average closing share price back above $1.00. During this period, the Company’s common stock will continue to trade on the NYSE, subject to all other continued listing requirements. At the end of the six-month remedy period, if the share price has not recovered, the Company's stock will be subject to NYSE suspension and delisting procedures. The Company's listing on the Toronto Stock Exchange ("TSX") is unaffected by any actions of the NYSE.

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. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen Mining Inc.

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 giant Los Azules copper deposit in Argentina.

CONTACT INFORMATION:
Investor Relations: (866)-441-0690 Toll-Free (647)-258-0395 Mihaela Iancu ext. 320 info@mcewenmining.com	Website: www.mcewenmining.com Facebook: facebook.com/mcewenmining Facebook: facebook.com/mcewenrob  Twitter: twitter.com/mcewenmining Twitter: twitter.com/robmcewenmux Instagram: instagram.com/mcewenmining	150 King Street West Suite 2800, P.O. Box 24 Toronto, ON, Canada M5H 1J9

FAQ

What is the current status of McEwen Mining's stock on the NYSE?

McEwen Mining is currently below the NYSE's $1.00 average stock price requirement, with a six-month period to rectify this.

What happens if McEwen Mining does not meet the NYSE requirements?

If McEwen Mining does not achieve the required stock price by the end of the six-month period, its stock may face delisting from the NYSE.

Is McEwen Mining's listing on the TSX affected by the NYSE notification?

No, McEwen Mining’s listing on the Toronto Stock Exchange remains unaffected by the situation with the NYSE.

When was McEwen Mining notified about its compliance status?

McEwen Mining was notified on January 5, 2022, regarding its stock price falling below the required threshold.

What is the average closing price requirement for NYSE listed companies?

NYSE requires that the average closing price of a listed company be above $1.00 per share over a 30-day trading period.