Gold Bar

The Gold Bar property is located on both patented lands and public lands managed by the Bureau of Land Management (BLM) Battle Mountain Field Office in Nevada. McEwen Mining has been actively developing the Gold Bar mine since 2013.

In November 2017, the BLM published a Record of Decision for the Final Environmental Impact Statement, completing the National Environmental Protection Act (NEPA) process. Gold Bar became the first new gold mine in Nevada to receive permit approval in several years.

Following permit approval, McEwen Mining initiated a comprehensive exploration program aimed at extending the mine's life. This involved expanding the mineral inventory around the planned open pits and exploring new areas on the property.

In February 2018, a feasibility study was completed, with changes to the implementation strategy for the Gold Bar mine, such as the addition of a crushing, conveying and agglomeration plant and changes in heap leach pad construction. These changes were made to reduce project risk and maintain high capital efficiency.

Gold Bar South, which was acquired in 2016, comprises 109 mining claims located approximately 3.5 miles (5.5 kilometers) southeast of the Gold Bar mine. It hosts a near-surface oxide gold deposit, complementing the primary operations.

The Gold Bar mine reached commercial production in May, 2019. During its first year, it produced 30,700 gold ounces at costs per ounce of $1,101 for cash costs and $1,282 for all-in sustaining costs.

In 2024, Gold Bar’s produced 44,600 ounces of gold, beyond guidance, at costs per ounce of $1,425 cash costs and $1,677 all-in sustaining costs, within the lower end of the guided cost ranges. Production in 2025 is expected to be 40 to 45 thousand gold ounces, at costs per ounce of $1,600 cash costs and $1,800 all-in sustaining costs, plus or minus $100.

As of December 31, 2024, the mineral gold estimates at Gold Bar include 7,900 ounces in Inferred, 95,900 ounces in Measured and Indicated, and 222,000 ounces in Proven and Probable categories.

Exploration activities continue in 2025, with a similar budget to 2024 (about $8.5 million). A better understanding of the geological characteristics at Gold Bar has led to new drilling targets at the Pick and Cabin pits, and encouraging preliminary results at the Windfall Project, which was obtained from the acquisition of Timberline Resources in 2024. This acquisition presents McEwen Mining with the opportunity to:

• Strengthen its portfolio of projects in Nevada, a very favorable mining jurisdiction;


• Acquire gold resources at a low per-ounce cost, with the potential to contribute to McEwen Mining’s gold production growth within 2 to 5 years depending on the mining scenario;


• Expand its exploration targets, including deep sulfide gold and polymetallic base metal targets;


• Realize synergies between Timberline’s projects and the Gold Bar mine, including shared technical personnel, procurement functions, mine infrastructure, and recruitment in the Eureka region.