Market Newsdesk

SAN FRANCISCO, Jan. 28, 2025 (GLOBE NEWSWIRE) — 89bio, Inc. (“89bio”) (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardiometabolic diseases, today announced the pricing of its previously announced upsized underwritten public offering of 21,671,428 shares of its common stock at a public offering price per share of $8.75 and, in lieu of common stock to a certain investor, pre-funded warrants to purchase up to 6,900,000 shares of its common stock at a public offering price of $8.749. The pre-funded warrants have an exercise price of $0.001 per share and are exercisable immediately. In addition, 89bio has granted the underwriters of the offering an option for a period of 30 days to purchase up to an additional 4,285,714 shares of its common stock at the public offering price, less the underwriting discounts and commissions. The gross proceeds of the offering to 89bio, before deducting the underwriting discounts and commissions and other offering expenses payable by 89bio, are expected to be approximately $250.0 million. The offering is expected to close on or about January 30, 2025, subject to the satisfaction of customary closing conditions.

Goldman Sachs & Co. LLC, Leerink Partners and BofA Securities are acting as lead book-running managers and Cantor is acting as book-running manager for the offering.

An automatically effective shelf registration statement relating to these securities was filed with the Securities and Exchange Commission (“SEC”) on May 23, 2023. The offering of the securities is being made only by means of a prospectus, including a prospectus supplement, forming a part of an effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website, located at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus related to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov and may also be obtained, when available, by contacting: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526 or by email at [email protected]; Leerink Partners, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at [email protected]; BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon, Charlotte, NC 28255-0001, or by email at [email protected]; or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, NY 10022, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About 89bio

89bio is a clinical-stage biopharmaceutical company dedicated to the development of therapies for patients with liver and cardiometabolic diseases who lack optimal treatment options. The company is focused on advancing its lead candidate, pegozafermin, through Phase 3 clinical development for the treatment of metabolic dysfunction-associated steatohepatitis and severe hypertriglyceridemia. Pegozafermin is a specifically engineered fibroblast growth factor 21 analog with unique glycoPEGylated technology that optimizes biological activity through an extended half-life. The company is headquartered in San Francisco.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, 89bio’s expectations regarding the progress of its clinical trials, the consummation of the offering and the satisfaction of customary closing conditions with respect to the offering. Words such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “anticipate,” “goal,” “opportunity,” “develop,” “plan” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. While 89bio believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in 89bio’s filings with the SEC), many of which are beyond 89bio’s control and subject to change. Actual results could be materially different. Risks and uncertainties include: changes as a result of market conditions or for other reasons; the risk that the offering will not be consummated; the impact of general economic, health, industrial or political conditions in the United States or internationally; and other risks and uncertainties identified in 89bio’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and other subsequent disclosure documents filed with the SEC. 89bio claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. 89bio expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:

Annie Chang
89bio, Inc.
[email protected]

PJ Kelleher
LifeSci Advisors, LLC
+1 617-430-7579
[email protected]

Media Contact:

Sheryl Seapy
Real Chemistry
[email protected]

Singapore, Jan. 28, 2025 (GLOBE NEWSWIRE) — Webuy Global Ltd. (Nasdaq: WBUY) (the “Company”), today announced that it received a letter on January 22, 2025, from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company has not regained compliance with Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”), which requires listed securities to maintain a minimum bid price of $1.00 per share. As a result, the Nasdaq staff has issued a Staff Delisting Determination, and the trading of the Company’s Class A ordinary shares will be suspended at the opening of business on January 29, 2025.

The Minimum Bid Price Rule requires listed securities to achieve a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days within the compliance period. Despite its efforts, the Company was unable to achieve compliance within the allotted timeframe, which consisted of an initial 180-calendar-day period ending July 25, 2024, followed by an additional 180-calendar-day extension period ending January 21, 2025.

The Company will be appealing Nasdaq’s determination by requesting a hearing before a Nasdaq Hearings Panel (the “Panel”) pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. A request for the hearing must be submitted by no later than 4:00 p.m. Eastern Time on January 29, 2025. Hearings are typically scheduled to occur approximately 30-45 days after the hearing request is filed.

After the suspension, the Company’s Class A ordinary shares are expected to trade on OTC pending the Panel’s decision after the hearing to reinstate its listing on Nasdaq. The Company will use all reasonable efforts to regain compliance with the Minimum Bid Price Rule, but there can be no assurance that it will successfully do so or that it will remain in compliance with other Nasdaq listing criteria.

The Company remains committed to its business operations and strategic initiatives as it works toward resolving this matter.

About Webuy Global Ltd.

Webuy Global Ltd. is a forward-thinking, technology-driven company aimed at becoming the leading e-commerce and travel platform in Southeast Asia. Leveraging advanced AI technologies, the Company enhances its ‘group buy’ model by providing personalized recommendations, predictive demand analytics, and seamless community interactions. In addition, Webuy integrates AI-powered travel solutions, such as its proprietary AI Travel Consultant, to deliver personalized itineraries, group travel planning, and real-time support. These innovations streamline the traditional supply chain, foster a community-driven shopping experience, and simplify travel planning for its users. Webuy is committed to improving the lives of millions of families in Southeast Asia with high-quality, affordable products, services, and travel experiences. For more information, visit https://www.webuysg.com/Investor/

Forward-Looking Statements

This press release contains forward-looking statements regarding the Company’s current expectations. These statements are not guarantees of future performance and are subject to certain risks and uncertainties described more fully in the Company’s filings with the SEC. Forward-looking statements are made as of this date, and the Company undertakes no duty to update them, except as required by law.

Webuy Global Ltd.
Email: [email protected]

SOUTH SAN FRANCISCO, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Akero Therapeutics, Inc. (Nasdaq: AKRO), a clinical-stage company developing transformational treatments for patients with serious metabolic disease marked by high unmet medical need, announced today the pricing of an upsized underwritten public offering of 5,333,420 shares of its common stock at a public offering price of $48.00 per share and, in lieu of common stock to certain investors that so choose, pre-funded warrants to purchase 1,958,247 shares of common stock at a public offering price of $47.9999 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.0001 per share exercise price for each pre-funded warrant. All of the shares and pre-funded warrants in the offering are being offered by Akero. In addition, Akero has granted the underwriters a 30-day option to purchase up to an additional 1,093,750 shares of its common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $350.0 million, excluding any exercise of the underwriters’ option to purchase additional shares and excluding the exercise of any pre-funded warrants. The offering is expected to close on or about January 30, 2025, subject to the satisfaction of customary closing conditions.

J.P. Morgan, Morgan Stanley, and Jefferies are acting as joint book-running managers for the offering. UBS Investment Bank is acting as co-manager for the offering.

The securities are being offered by Akero pursuant to an automatically effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the SEC on January 27, 2025. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and may be obtained, when available, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at [email protected]; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2^nd Floor, New York, NY 10014, or by email at [email protected]; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]; or by accessing the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Akero Therapeutics

Akero Therapeutics is a clinical-stage company developing transformational treatments for patients with serious metabolic diseases marked by high unmet medical need, including metabolic dysfunction-associated steatohepatitis (MASH). Akero’s lead product candidate, efruxifermin (EFX), is currently being evaluated in three ongoing Phase 3 clinical studies: SYNCHRONY Histology in patients with pre-cirrhotic MASH (F2-F3 fibrosis), SYNCHRONY Outcomes in patients with compensated cirrhosis due to MASH, and SYNCHRONY Real-World in patients with MASH or MASLD (Metabolic Dysfunction Associated Steatotic Liver Disease). The Phase 3 SYNCHRONY program builds on the results of two Phase 2b clinical trials, the HARMONY study in patients with pre-cirrhotic MASH and the SYMMETRY study in patients with compensated cirrhosis due to MASH.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding the closing of Akero’s anticipated public offering. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions and statements regarding the timing, size and expected gross proceeds of the offering, the satisfaction of customary closing conditions related to the offering and sale of securities, and Akero’s ability to complete the offering. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Akero’s most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Akero’s other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement and accompanying prospectus related to the offering to be filed with the SEC. Any forward-looking statements contained in this press release represent Akero’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Akero explicitly disclaims any obligation to update any forward-looking statements, except as required by law.

Investor Contact:

Christina Tartaglia
Precision AQ
212.362.1200
[email protected]

Media Contact:

Peg Rusconi
Deerfield Group
617.910.6217
[email protected]

JEFFERSONVILLE, Ind., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG – news) (the “Company”), the holding company for First Savings Bank (the “Bank”), today reported net income of $6.2 million, or $0.89 per diluted share, for the quarter ended December 31, 2024, compared to net income of $920,000, or $0.13 per diluted share, for the quarter ended December 31, 2023. Excluding nonrecurring items, the Company reported net income of $4.3 million (non-GAAP measure)⁽¹⁾ and net income per diluted share of $0.62 (non-GAAP measure)⁽¹⁾ for the quarter ended December 31, 2024 compared to $920,000, or $0.13 per diluted share for the quarter ended December 31, 2023. The core banking segment reported net income of $6.4 million, or $0.91 per diluted share, for the quarter ended December 31, 2024, compared to $4.0 million, or $0.59 per diluted share, for the quarter ended December 31, 2023. Excluding nonrecurring items, the core banking segment reported net income of $4.5 million, or $0.64 per diluted share for the quarter ended December 31, 2024 (non-GAAP measure)⁽¹⁾ compared to $4.0 million, or $0.59 per diluted share for the quarter ended December 31, 2023.

Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the first fiscal quarter, which included a bulk sale of first lien home equity lines of credit and continued improvement in our net interest margin. The bulk sale is part of a strategic initiative to transition the first lien home equity line of credit business to an originate for sale model during fiscal 2025 in order to enhance noninterest income, moderate the loan to deposit ratio, decrease reliance on noncore funding, and generate capital. The surplus capital generated from the bulk sale and potential future flow sales may be used to retire high-cost subordinated debt and repurchase Company common shares. We are optimistic regarding the remainder of fiscal 2025 as we continue to focus on asset quality, select loan growth opportunities, and capital and liquidity management. We’ll continue to evaluate options and strategies that we believe will maximize shareholder value.”

(1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.

Results of Operations for the Three Months Ended December 31, 2024 and 2023

Net interest income increased $1.3 million, or 9.6%, to $15.5 million for the three months ended December 31, 2024 as compared to the same period in 2023. The tax equivalent net interest margin for the three months ended December 31, 2024 was 2.75% as compared to 2.69% for the same period in 2023. The increase in net interest income was due to a $3.8 million increase in interest income, partially offset by a $2.4 million increase in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

The Company recognized a reversal of provision for credit losses for loans and securities of $490,000 and $7,000, respectively, and a provision for unfunded lending commitments of $46,000 for the three months ended December 31, 2024, compared to a provision for credit losses for loans of $470,000 and reversal of provision for unfunded lending commitments of $58,000 for the same period in 2023. The reversal of provisions during the 2024 period was due primarily to the bulk sale of approximately $87.2 million of home equity lines of credit during the quarter ended December 31, 2024, which resulted in the reversals of $980,000 in allowance for credit losses for loans and $129,000 in allowance for unfunded lending commitments. The Company recognized net charge-offs totaling $119,000 for the three months ended December 31, 2024, of which $52,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $9,000 in 2023. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $374,000 from $16.9 million at September 30, 2024 to $16.6 million at December 31, 2024.

Noninterest income increased $3.3 million for the three months ended December 31, 2024 as compared to the same period in 2023. The increase was due primarily to a $2.5 million net gain on sale of loans due to the aforementioned bulk loan sale and $403,000 in net gains on equity securities during the three months ended December 31, 2024 with no corresponding gains for 2023.

Noninterest expense decreased $1.1 million for the three months ended December 31, 2024 as compared to the same period in 2023. The decrease was due primarily to decreases in compensation and benefits, occupancy and equipment and professional fee expenses of $487,000, $405,000 and $385,000, respectively. These decreases were primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

The Company recognized income tax expense of $848,000 for the three months ended December 30, 2024 as compared to income tax benefit of $476,000 for the same period in 2023. The increase is due primarily to higher taxable income in the 2024 period, due primarily to the aforementioned net gain on sale of loans. The effective tax rate for 2024 was 12.0%. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2024 and 2023 periods.

Comparison of Financial Condition at December 31, 2024 and September 30, 2024

Total assets decreased $61.6 million, from $2.45 billion at September 30, 2024 to $2.39 billion at December 31, 2024. Net loans held for investment decreased $79.3 million during the three months ended December 31, 2024 due primarily to the $87.2 million bulk sale of residential real estate home equity line of credit loans.

Total liabilities decreased $60.5 million due primarily to decreases in total deposits of $48.1 million, which included a decrease in brokered deposits of $72.1 million and a decrease in FHLB borrowings of $6.6 million. The decrease in brokered deposits and FHLB borrowings was due primary to repayments as a result of the aforementioned bulk loan sale. As of December 31, 2024, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 31.1% of total deposits and 13.7% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

Total stockholders’ equity decreased $1.1 million, from $177.1 million at September 30, 2024 to $176.0 million at December 31, 2024, due primarily to a $6.6 million increase in accumulated other comprehensive loss, partially offset by an increase in retained net income of $5.2 million. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the three months ended December 31, 2024, which resulted in a decrease in the fair value of securities available for sale. At December 31, 2024 and September 30, 2024, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company’s filings with the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Contact:
Tony A. Schoen, CPA
Chief Financial Officer
812-283-0724

FIRST SAVINGS FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
	Three Months Ended
OPERATING DATA:	December 31,
(In thousands, except share and per share data)		2024				2023
Total interest income	$	32,449			$	28,655
Total interest expense		16,987				14,542
Net interest income		15,462				14,113
Provision (credit) for credit losses – loans		(490	)			470
Provision (credit) for unfunded lending commitments		46				(58	)
Credit for credit losses – securities		(7	)			–
Total provision (credit) for credit losses		(451	)			412
Net interest income after provision (credit) for credit losses		15,913				13,701
Total noninterest income		6,103				2,782
Total noninterest expense		14,943				16,039
Income before income taxes		7,073				444
Income tax expense (benefit)		848				(476	)
Net income	$	6,225			$	920
Net income per share, basic	$	0.91			$	0.13
Weighted average shares outstanding, basic		6,851,153				6,823,948
Net income per share, diluted	$	0.89			$	0.13
Weighted average shares outstanding, diluted		6,969,223				6,839,704
Performance ratios (annualized)
Return on average assets		1.02	%			0.16	%
Return on average equity		14.07	%			2.42	%
Return on average common stockholders’ equity		14.07	%			2.42	%
Net interest margin (tax equivalent basis)		2.75	%			2.69	%
Efficiency ratio		69.29	%			94.93	%

									QTD
FINANCIAL CONDITION DATA:	December 31,				September 30,				Increase
(In thousands, except per share data)		2024				2024			(Decrease)
Total assets	$	2,388,735			$	2,450,368			$	(61,633	)
Cash and cash equivalents		76,224				52,142				24,082
Investment securities		242,634				249,719				(7,085	)
Loans held for sale		24,441				25,716				(1,275	)
Gross loans		1,905,199				1,985,146				(79,947	)
Allowance for credit losses		20,685				21,294				(609	)
Interest earning assets		2,234,258				2,277,512				(43,254	)
Goodwill		9,848				9,848				–
Core deposit intangibles		357				398				(41	)
Loan servicing rights		2,661				2,754				(93	)
Noninterest-bearing deposits		183,239				191,528				(8,289	)
Interest-bearing deposits (retail)		1,212,527				1,180,196				32,331
Interest-bearing deposits (brokered)		437,008				509,157				(72,149	)
Federal Home Loan Bank borrowings		295,000				301,640				(6,640	)
Subordinated debt and other borrowings		48,642				48,603				39
Total liabilities		2,212,708				2,273,253				(60,545	)
Accumulated other comprehensive loss		(17,789	)			(11,195	)			(6,594	)
Total stockholders’ equity		176,027				177,115				(1,088	)
Book value per share	$	25.48			$	25.72				(0.24	)
Tangible book value per share (non-GAAP) (1)		24.00				24.23				(0.23	)
Non-performing assets:
Nonaccrual loans – SBA guaranteed	$	4,444			$	5,036			$	(592	)
Nonaccrual loans		12,124				11,906				218
Total nonaccrual loans	$	16,568			$	16,942			$	(374	)
Accruing loans past due 90 days		–				–				–
Total non-performing loans		16,568				16,942				(374	)
Foreclosed real estate		444				444				–
Total non-performing assets	$	17,012			$	17,386			$	(374	)
Asset quality ratios:
Allowance for credit losses as a percent of total gross loans		1.09	%			1.07	%			0.01	%
Allowance for credit losses as a percent of nonperforming loans		124.85	%			125.69	%			(0.84	%)
Nonperforming loans as a percent of total gross loans		0.87	%			0.85	%			0.02	%
Nonperforming assets as a percent of total assets		0.71	%			0.71	%			0.00	%
(1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.

RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):
The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company’s performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.
	Three Months Ended
Net Income	December 31,
(In thousands)		2024				2023
Net income attributable to the Company (non-GAAP)	$	4,308			$	920
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		1,869				–
Plus: Reversal of provision for credit losses, loans, net of tax effect		735				–
Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect		97				–
Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect		302
Less: Adjustments to sick pay contingent liability, net of tax effect		(296	)
Less: Compensation expense associated with loan sale, net of tax effect		(790	)
Net income attributable to the Company (GAAP)	$	6,225			$	920
Net Income per Share, Diluted
Net income per share attributable to the Company, diluted (non-GAAP)	$	0.62			$	0.13
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		0.26				–
Plus: Reversal of provision for credit losses, loans, net of tax effect		0.11				–
Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect		0.01				–
Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect		0.04
Less: Adjustments to sick pay contingent liability, net of tax effect		(0.04	)
Less: Compensation expense associated with loan sale, net of tax effect		(0.11	)
Net income per share, diluted (GAAP)	$	0.89			$	0.13
Core Bank Segment Net Income
(In thousands)
Net income attributable to the Core Bank (non-GAAP)	$	4,452			$	4,048
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		1,869				–
Plus: Reversal of provision for credit losses, loans, net of tax effect		735				–
Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect		97				–
Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect		302				–
Less: Adjustments to sick pay contingent liability, net of tax effect		(296	)			–
Less: Compensation expense associated with loan sale, net of tax effect		(790	)			–
Net income attributable to the Core Bank (GAAP)	$	6,369			$	4,048
Core Bank Segment Net Income per Share, Diluted
Core Bank net income per share, diluted (non-GAAP)	$	0.64			$	0.59
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		0.26				–
Plus: Reversal of provision for credit losses, loans, net of tax effect		0.11				–
Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect		0.01				–
Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect		0.04				–
Less: Adjustments to sick pay contingent liability, net of tax effect		(0.04	)			–
Less: Compensation expense associated with loan sale, net of tax effect		(0.11	)			–
Core Bank net income per share, diluted (GAAP)	$	0.91			$	0.59

RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED):	Three Months Ended
Efficiency Ratio		2024
(In thousands)		2024				2023
Net interest income (GAAP)	$	15,462			$	14,113
Noninterest income (GAAP)		6,103				2,782
Noninterest expense (GAAP)		14,943				16,039
Efficiency ratio (GAAP)		69.29	%			94.93	%
Noninterest income (GAAP)	$	6,103			$	2,782
Less: Gain on sale of loans, home equity lines of credit		(2,492	)			–
Less: Gain on sale of equity securities (Visa Class B-2 shares)		(403	)			–
Noninterest income (Non-GAAP)		3,208				2,782
Noninterest expense (GAAP)	$	14,943			$	16,039
Less: Adjustments to sick pay contingent liability		(395	)			–
Less: Compensation expense associated with loan sale		(1,053	)			–
Noninterest expense (Non-GAAP)	$	13,495			$	16,039
Efficiency ratio (excluding nonrecurring items) (non-GAAP)		72.28	%			94.93	%
Tangible Book Value Per Share	December 31,				September 30,				Increase
(In thousands, except share and per share data)		2024				2024			(Decrease)
Stockholders’ equity (GAAP)	$	176,027			$	177,115			$	(1,088	)
Less: goodwill and core deposit intangibles		(10,205	)			(10,246	)			41
Tangible stockholders’ equity (non-GAAP)	$	165,822			$	166,869			$	(1,047	)
Outstanding common shares		6,909,173				6,887,106			$	22,067
Tangible book value per share (non-GAAP)	$	24.00			$	24.23			$	(0.23	)
Book value per share (GAAP)	$	25.48			$	25.72			$	(0.24	)

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):	As of
Summarized Consolidated Balance Sheets	December 31,				September 30,				June 30,				March 31,				December 31,
(In thousands, except per share data)		2024				2024				2024				2024				2023
Total cash and cash equivalents	$	76,224			$	52,142			$	42,423			$	62,969			$	33,366
Total investment securities		242,634				249,719				238,785				240,142				246,801
Total loans held for sale		24,441				25,716				125,859				19,108				22,866
Total loans, net of allowance for credit losses		1,884,514				1,963,852				1,826,980				1,882,458				1,841,953
Loan servicing rights		2,661				2,754				2,860				3,028				3,711
Total assets		2,388,735				2,450,368				2,393,491				2,364,983				2,308,092
Retail deposits	$	1,395,766			$	1,371,724			$	1,312,997			$	1,239,271			$	1,180,951
Brokered deposits		437,008				509,157				399,151				548,175				502,895
Total deposits		1,832,774				1,880,881				1,712,148				1,787,446				1,683,846
Federal Home Loan Bank borrowings		295,000				301,640				425,000				315,000				356,699
Common stock and additional paid-in capital	$	28,382			$	27,725			$	27,592			$	27,475			$	27,397
Retained earnings – substantially restricted		178,526				173,337				170,688				167,648				163,753
Accumulated other comprehensive loss		(17,789	)			(11,195	)			(17,415	)			(17,144	)			(13,606	)
Unearned stock compensation		(973	)			(901	)			(999	)			(1,096	)			(1,194	)
Less treasury stock, at cost		(12,119	)			(11,851	)			(11,866	)			(11,827	)			(11,827	)
Total stockholders’ equity		176,027				177,115				168,000				165,056				164,523
Outstanding common shares		6,909,173				6,887,106				6,883,656				6,883,160				6,883,160
	Three Months Ended
Summarized Consolidated Statements of Income	December 31,				September 30,				June 30,				March 31,				December 31,
(In thousands, except per share data)		2024				2024				2024				2024				2023
Total interest income	$	32,449			$	32,223			$	31,094			$	30,016			$	28,655
Total interest expense		16,987				17,146				16,560				15,678				14,542
Net interest income		15,462				15,077				14,534				14,338				14,113
Provision (credit) for credit losses – loans		(490	)			1,808				501				713				470
Provision (credit) for unfunded lending commitments		46				(262	)			158				(259	)			(58	)
Provision (credit) for credit losses – securities		(7	)			(86	)			84				23				–
Total provision (credit) for credit losses		(451	)			1,460				743				477				412
Net interest income after provision for credit losses		15,913				13,617				13,791				13,861				13,701
Total noninterest income		6,103				2,842				3,196				3,710				2,782
Total noninterest expense		14,943				12,642				12,431				11,778				16,039
Income before income taxes		7,073				3,817				4,556				5,793				444
Income tax expense (benefit)		848				145				483				866				(476	)
Net income		6,225				3,672				4,073				4,927				920
Net income per share, basic	$	0.91			$	0.54			$	0.60			$	0.72			$	0.13
Weighted average shares outstanding, basic		6,851,153				6,832,626				6,832,452				6,832,130				6,823,948
Net income per share, diluted	$	0.89			$	0.53			$	0.60			$	0.72			$	0.13
Weighted average shares outstanding, diluted		6,969,223				6,894,532				6,842,336				6,859,611				6,839,704

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Noninterest Income Detail	December 31,				September 30,				June 30,				March 31,				December 31,
(In thousands)		2024				2024				2024				2024				2023
Service charges on deposit accounts	$	567			$	552			$	538			$	387			$	473
ATM and interchange fees		665				642				593				585				449
Net unrealized gain on equity securities		78				28				419				6				38
Net gain on equity securities		403				–				–				–				–
Net gain on sales of loans, Small Business Administration		711				647				581				951				834
Net gain on sales of loans, home equity lines of credit		2,492				–				–				–				–
Mortgage banking income		78				6				49				53				89
Increase in cash surrender value of life insurance		361				363				353				333				329
Gain on life insurance		108				–				–				–				–
Commission income		210				294				220				220				222
Real estate lease income		121				122				154				115				115
Net gain (loss) on premises and equipment		45				(4	)			–				120				–
Other income		264				192				289				940				233
Total noninterest income	$	6,103			$	2,842			$	3,196			$	3,710			$	2,782
	Three Months Ended
	December 31,				September 30,				June 30,				March 31,				December 31,
Consolidated Performance Ratios (Annualized)		2024				2024				2024				2024				2023
Return on average assets		1.02	%			0.61	%			0.69	%			0.92	%			0.16	%
Return on average equity		14.07	%			8.52	%			9.86	%			13.06	%			2.42	%
Return on average common stockholders’ equity		14.07	%			8.52	%			9.86	%			13.06	%			2.42	%
Net interest margin (tax equivalent basis)		2.75	%			2.72	%			2.67	%			2.66	%			2.69	%
Efficiency ratio		69.29	%			70.55	%			70.11	%			65.26	%			94.93	%
	As of or for the Three Months Ended
	December 31,				September 30,				June 30,				March 31,				December 31,
Consolidated Asset Quality Ratios		2024				2024				2024				2024				2023
Nonperforming loans as a percentage of total loans		0.87	%			0.85	%			0.91	%			0.82	%			0.83	%
Nonperforming assets as a percentage of total assets		0.71	%			0.71	%			0.72	%			0.68	%			0.69	%
Allowance for credit losses as a percentage of total loans		1.09	%			1.07	%			1.07	%			1.02	%			1.01	%
Allowance for credit losses as a percentage of nonperforming loans		124.85	%			125.69	%			118.12	%			124.01	%			121.16	%
Net charge-offs to average outstanding loans		0.01	%			0.02	%			0.01	%			0.01	%			0.00	%

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	December 31,				September 30,				June 30,				March 31,				December 31,
(In thousands)		2024				2024				2024				2024				2023
Core Banking Segment:
Net interest income	$	13,756			$	14,083			$	13,590			$	13,469			$	13,113
Provision (credit) for credit losses – loans		(745	)			1,339				320				909				(49	)
Provision (credit) for unfunded lending commitments		(75	)			78				64				(259	)			–
Provision (credit) for credit losses – securities		(7	)			(86	)			84				23				–
Net interest income after provision for credit losses		14,583				12,752				13,122				12,796				13,162
Noninterest income		5,253				2,042				2,474				2,537				1,679
Noninterest expense		12,574				10,400				10,192				10,093				10,252
Income before income taxes		7,262				4,394				5,404				5,240				4,589
Income tax expense		893				301				689				729				541
Net income	$	6,369			$	4,093			$	4,715			$	4,511			$	4,048
SBA Lending Segment (Q2):
Net interest income	$	1,706			$	994			$	944			$	869			$	1,003
Provision (credit) for credit losses – loans		255				469				181				(196	)			461
Provision (credit) for unfunded lending commitments		121				(340	)			94				–				–
Net interest income after provision for credit losses		1,330				865				669				1,065				542
Noninterest income		850				800				722				1,173				1,003
Noninterest expense		2,369				2,242				2,239				1,685				2,146
Income (loss) before income taxes		(189	)			(577	)			(848	)			553				(601	)
Income tax expense (benefit)		(45	)			(156	)			(206	)			137				(131	)
Net income (loss)	$	(144	)		$	(421	)		$	(642	)		$	416			$	(470	)
Mortgage Banking Segment: (2)
Net interest income (loss)	$	–			$	–			$	–			$	–			$	(3	)
Provision for credit losses – loans		–				–				–				–				–
Provision for unfunded lending commitments		–				–				–				–				–
Net interest income (loss) after provision for credit losses		–				–				–				–				(3	)
Noninterest income		–				–				–				–				100
Noninterest expense		–				–				–				–				3,641
Loss before income taxes		–				–				–				–				(3,544	)
Income tax benefit		–				–				–				–				(886	)
Net loss	$	–			$	–			$	–			$	–			$	(2,658	)
(2) National mortgage banking operations were ceased in the quarter ended December 31, 2023 and subsequent immaterial mortgage lending activity is reported within the Core Banking segment.

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	December 31,				September 30,				June 30,				March 31,				December 31,
(In thousands, except percentage data)		2024				2024				2024				2024				2023
Net Income (Loss) Per Share by Segment
Net income per share, basic – Core Banking	$	0.93			$	0.60			$	0.69			$	0.66			$	0.59
Net income (loss) per share, basic – SBA Lending (Q2)		(0.02	)			(0.06	)			(0.09	)			0.06				(0.07	)
Net loss per share, basic – Mortgage Banking		0.00				0.00				0.00				0.00				(0.40	)
Total net income (loss) per share, basic	$	0.91			$	0.54			$	0.60			$	0.72			$	0.12
Net Income (Loss) Per Diluted Share by Segment
Net income per share, diluted – Core Banking	$	0.91			$	0.59			$	0.69			$	0.66			$	0.59
Net income (loss) per share, diluted – SBA Lending (Q2)		(0.02	)			(0.06	)			(0.09	)			0.06				(0.07	)
Net loss per share, diluted – Mortgage Banking		0.00				0.00				0.00				0.00				(0.40	)
Total net income (loss) per share, diluted	$	0.89			$	0.53			$	0.60			$	0.72			$	0.12
Return on Average Assets by Segment (annualized) (3)
Core Banking		1.09	%			0.71	%			0.83	%			0.80	%			0.73	%
SBA Lending		(0.55	%)			(1.71	%)			(2.91	%)			1.81	%			(2.11	%)
Efficiency Ratio by Segment (annualized) (3)
Core Banking		66.15	%			64.50	%			63.45	%			63.06	%			69.31	%
SBA Lending		92.68	%			124.97	%			134.39	%			82.52	%			106.98	%
	Three Months Ended
Noninterest Expense Detail by Segment	December 31,				September 30,				June 30,				March 31,				December 31,
(In thousands)		2024				2024				2024				2024				2023
Core Banking Segment:
Compensation	$	7,245			$	5,400			$	5,587			$	5,656			$	5,691
Occupancy		1,577				1,554				1,573				1,615				1,481
Advertising		338				399				253				205				189
Other		3,414				3,047				2,779				2,617				2,891
Total Noninterest Expense	$	12,574			$	10,400			$	10,192			$	10,093			$	10,252
SBA Lending Segment (Q2):
Compensation	$	1,931			$	1,854			$	1,893			$	1,933			$	1,826
Occupancy		59				55				51				58				91
Advertising		14				17				12				7				10
Other		365				316				283				(313	)			219
Total Noninterest Expense	$	2,369			$	2,242			$	2,239			$	1,685			$	2,146
Mortgage Banking Segment: (2)
Compensation	$	–			$	–			$	–			$	–			$	2,146
Occupancy		–				–				–				–				469
Advertising		–				–				–				–				119
Other		–				–				–				–				907
Total Noninterest Expense	$	–			$	–			$	–			$	–			$	3,641
(3) Ratios for Mortgage Banking Segment are not considered meaningful due to cessation of national mortgage banking operations in the quarter ended December 31, 2023.

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):
	Three Months Ended
SBA Lending (Q2) Data	December 31,				September 30,				June 30,				March 31,				December 31,
(In thousands, except percentage data)	2024				2024				2024				2024				2023
Final funded loans guaranteed portion sold, SBA	$	10,785			$	10,880			$	7,515			$	15,144			$	14,098
Gross gain on sales of loans, SBA	$	1,141			$	1,029			$	811			$	1,443			$	1,303
Weighted average gross gain on sales of loans, SBA	10.58		%		9.46		%		10.79		%		9.53		%		9.24		%
Net gain on sales of loans, SBA (4)	$	711			$	647			$	581			$	951			$	834
Weighted average net gain on sales of loans, SBA	6.59		%		5.95		%		7.73		%		6.28		%		5.92		%
(4) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Summarized Consolidated Average Balance Sheets	December 31,				September 30,				June 30,				March 31,				December 31,
(In thousands)		2024				2024				2024				2024				2023
Interest-earning assets
Average balances:
Interest-bearing deposits with banks	$	21,102			$	16,841			$	26,100			$	24,587			$	20,350
Loans		2,010,082				1,988,997				1,943,716				1,914,609				1,857,654
Investment securities – taxable		101,960				99,834				101,350				102,699				103,728
Investment securities – nontaxable		160,929				158,917				157,991				157,960				159,907
FRB and FHLB stock		24,986				24,986				24,986				24,986				24,968
Total interest-earning assets	$	2,319,059			$	2,289,575			$	2,254,143			$	2,224,841			$	2,166,607
Interest income (tax equivalent basis):
Interest-bearing deposits with banks	$	210			$	209			$	324			$	261			$	249
Loans		29,617				29,450				28,155				27,133				26,155
Investment securities – taxable		914				910				918				923				942
Investment securities – nontaxable		1,715				1,685				1,665				1,662				1,687
FRB and FHLB stock		493				471				519				499				74
Total interest income (tax equivalent basis)	$	32,949			$	32,725			$	31,581			$	30,478			$	29,107
Weighted average yield (tax equivalent basis, annualized):
Interest-bearing deposits with banks		3.98	%			4.96	%			4.97	%			4.25	%			4.89	%
Loans		5.89	%			5.92	%			5.79	%			5.67	%			5.63	%
Investment securities – taxable		3.59	%			3.65	%			3.62	%			3.59	%			3.63	%
Investment securities – nontaxable		4.26	%			4.24	%			4.22	%			4.21	%			4.22	%
FRB and FHLB stock		7.89	%			7.54	%			8.31	%			7.99	%			1.19	%
Total interest-earning assets		5.68	%			5.72	%			5.60	%			5.48	%			5.37	%
Interest-bearing liabilities
Interest-bearing deposits	$	1,671,156			$	1,563,258			$	1,572,871			$	1,549,012			$	1,389,384
Federal Home Loan Bank borrowings		315,583				378,956				351,227				333,275				440,786
Subordinated debt and other borrowings		48,616				48,576				48,537				48,497				48,458
Total interest-bearing liabilities	$	2,035,355			$	1,990,790			$	1,972,635			$	1,930,784			$	1,878,628
Interest expense:
Interest-bearing deposits	$	13,606			$	12,825			$	12,740			$	12,546			$	9,989
Federal Home Loan Bank borrowings		2,617				3,521				3,021				2,298				3,769
Subordinated debt and other borrowings		764				800				799				833				784
Total interest expense	$	16,987			$	17,146			$	16,560			$	15,677			$	14,542
Weighted average cost (annualized):
Interest-bearing deposits		3.26	%			3.28	%			3.24	%			3.24	%			2.88	%
Federal Home Loan Bank borrowings		3.32	%			3.72	%			3.44	%			2.76	%			3.42	%
Subordinated debt and other borrowings		6.29	%			6.59	%			6.58	%			6.87	%			6.47	%
Total interest-bearing liabilities		3.34	%			3.45	%			3.36	%			3.25	%			3.10	%
Net interest income (taxable equivalent basis)	$	15,962			$	15,579			$	15,021			$	14,801			$	14,565
Less: taxable equivalent adjustment		(500	)			(502	)			(487	)			(463	)			(452	)
Net interest income	$	15,462			$	15,077			$	14,534			$	14,338			$	14,113
Interest rate spread (tax equivalent basis, annualized)		2.34	%			2.27	%			2.24	%			2.23	%			2.27	%
Net interest margin (tax equivalent basis, annualized)		2.75	%			2.72	%			2.67	%			2.66	%			2.69	%

TORONTO, Jan. 28, 2025 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report full-year 2024 consolidated production of 135,900 gold equivalent ounces (“GEOs”)⁽¹⁾, within our guidance range for the year (press release dated Feb 12, 2024).

During 2024, Gold Bar and San Jose produced 44,600 and 60,100 GEOs, respectively, slightly exceeding the top end of our guidance ranges for those operations. At the Fox Complex, we produced 30,150 GEOs, which was below annual guidance due to a stope failure in early 2024 impacting production.

Table 1: Consolidated 2024 Production and 2025 Guidance Summary
	Full Year 2024 (3) (4)	2024 Guidance (4)	2025 Guidance
Consolidated Production
GEOs(1)	135,900	130,000 – 145,000	120,000 – 140,000
Cash Costs/GEO			$1,550 – $1,750
AISC/GEO			$1,800 – $2,000
Gold Bar Mine, Nevada
GEOs	44,600	40,000 – 43,000	40,000 – 45,000
Cash Costs/GEO			$1,500 – $1,700
AISC/GEO			$1,700 – $1,900
Fox Complex, Canada
GEOs	30,150	40,000 – 42,000	30,000 – 35,000
Cash Costs/GEO			$1,600 – $1,800
AISC/GEO			$1,700 – $1,900
San José Mine, Argentina (49%) (2)
GEOs	60,100	50,000 – 60,000	50,000 – 60,000
Cash Costs/GEO			$1,600 – $1,800
AISC/GEO			$1,900 – $2,100

2025 Production and Cost Guidance

For 2025, we expect consolidated production to be between 120,000 and 140,000 GEOs attributable to MUX from all operations. The lower end of the 2025 range is driven by the planned transition of production at the Fox Complex from the Froome mine to the Stock mine in late 2025.

At Fox in 2025, due to permitting delays, the development of the ramp access to the Stock project is expected to continue through the majority of the year, with commercial production from Stock now expected in early 2026. Operations at the Froome mine will wind down in late 2025. The capital investment required for ramp development in 2025 has been partially funded by the US$22.0 million flow-through financing completed in June 2024.

At Gold Bar in 2025, the first half of the year is expected to deliver lower production relative to the second half, due to a scheduled continuation of high waste stripping in the Pick pit to be completed during 2025. The investment in waste stripping at the Pick pit is expected to improve ore availability during the second half of 2025 and through 2026, increasing future annual gold production.

Notes:
(1)	‘Gold Equivalent Ounces’ are calculated based on a gold-to-silver price ratio of 89:1 for Q1 2024, 81:1 for Q2 2024, 85:1 for Q3 2024, and 85:1 for Q4 2024. 2025 production guidance is calculated based on an 86:1 gold-to-silver price ratio.
(2)	The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc. Production is shown on a 49% basis.
(3)	El Gallo Mine (on care and maintenance) sold 1,052 ounces in FY2024 from plant and pond cleanout.
(4)	Full Year 2024 costs and their comparison against 2024 Guidance will be published in a future press release on our 2024 audited annual results.
(5)	Cash costs and AISC per GEO sold are presented in U.S. Dollars for all operations.

Technical Information

The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Mining and a Qualified Person as defined by SEC S-K 1300 and the Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

Reliability of Information Regarding San José

Minera Santa Cruz S.A., the owner of the San José Mine, is responsible for and has supplied the Company with all reported results from the San José Mine. McEwen Mining’s joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

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, 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 Company 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, foreign exchange volatility, foreign exchange controls, foreign currency risk, 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. See McEwen Mining’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, Quarterly Report on Form 10-Q for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024, 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 management of McEwen Mining Inc.

ABOUT MCEWEN MINING

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns 46.4% of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina. The Company’s objective is to improve the productivity and life of its assets with the goal of increasing its share price and providing an investor yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the companies of $225 million. His annual salary is $1.

McEwen Mining’s shares are publicly traded on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) under the symbol “MUX”.

WEB SITE www.mcewenmining.com	SOCIAL MEDIA
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Relationship with Investors:  (866)-441-0690 Toll free  (647)-258-0395	Facebook: LinkedIn: Twitter: Instagram:	McEwen   Copper facebook.com/ mcewencopper linkedin.com/company/mcewencopper twitter.com/mcewencopper instagram.com/mcewencopper
Mihaela Iancu ext. 320  [email protected]
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Yokneam Illit, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, today announced the pricing of its “reasonable best efforts” public offering with a single institutional investor for the purchase and sale of up 2,500,000 ordinary shares (or pre-funded warrants in lieu thereof) and warrants to purchase up to 2,500,000 ordinary shares, at a combined offering price of $1.00 per share and accompanying warrant (the “Offering”). The Company expects to receive aggregate gross proceeds of approximately $2.5 million, before deducting placement agent fees and other offering expenses and assuming no exercise of the warrants. The warrants will have an exercise price of $1.00 per share, will be exercisable immediately and will expire five years from the issuance date.

The closing of the Offering is expected to occur on or about January 30, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering.

In connection with the Offering, the Company also agreed to amend existing warrants that were previously issued to the investor participating in the Offering to purchase up to 822,000 ordinary shares of the Company, with an exercise price of $2.50 per share. Effective upon closing of the Offering, such existing warrants will be amended to reduce the exercise price to $1.00 per share and will expire five years following the closing of the Offering.

The securities described above are being offered pursuant to a registration statement on Form F-1, as amended (File No. 333-284023), previously filed with the Securities and Exchange Commission (“SEC”), which was declared effective on January 28, 2025. The Offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the Offering may be obtained on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the Offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in this Offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Wearable Devices Ltd.

Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” “will” or other comparable terms. For example, we are using forward-looking statements when we discuss the expected closing date of the Offering, the use of proceeds, and the satisfaction of customary closing conditions. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC, including the registration statement on Form F-1, as amended (File No. 333-284023). We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact

Michal Efraty
[email protected]