EX-99.1 2 tm218307d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

| Gold // Copper A Contrarian Moment The BMO 30th Global Metals & Mining Conference March 2021

| MUX: Cautionary Statement Executive Summary: If you are risk-averse, don’t buy our shares. Past performance is unreliable in predicting the future. Unexpected events do happen and will change forecasts.

| MUX Has Leverage to Gold, Silver & Copper 160% 140 120 100 80 60 40 20 -20 Mar/2020May/2020Jul/2020Sep/2020Nov/2020Jan/2021 Silver 123% MUX 119% Copper 89% Gold 21% MUX Source: Bloomberg. From Mar 20, 2020 to Feb 22, 2021.

| MUX-Contrarian’s Moment for Large Capital Gain Potential 100 % 80 60 MUX vs GDXJ Relative Performance Feb 2018 – Feb 2021 Potential MUX $3.30 40 20Closing The Gap 0 -20 -40 -60 -80 MUX GDXJ MUX Outperformance MUX Underperformance $1.27 Current MUX 2018201920202021

| MUX’s Overlooked Asset Los Azules: Large Copper Deposit Copper Equal to a Gold Equivalent Resource of 23 Million oz Indicated & 44 Million oz Inferred1 221 m (725 ft) @ 1.62% Cu 200 m (656 ft) @ 0.89% Cu 240 m (787 ft) @ 0.94% Cu 360 m (1,181 ft) @ 0.63% Cu 429 m (1,470 ft) @ 0.75% Cu Los Azules Argentina Ore tonnes Copper lbs Gold oz Silver oz Indicated962 Million10.2 Billion @ 0.48% 1.7 Million @ 0.06 gpt 55.7 Million @ 1.8 gpt Inferred2,666 Million19.3 Billion @ 0.33% 3.8 Million @ 0.04 gpt 135.4 Million @ 1.6 gpt

| Los Azules – Preliminary Economic Analysis (PEA) Robust Economics @ $3/lb Copper Highlights of the 2017 PEA (Hatch) Average annual production 1st 13 Years Mine life Initial capex Payback After-tax IRR After-tax NPV @ 8% 415 Million lbs Cu @ $1.14/ lb cash cost + Au & Ag credits 36 years $2.4 Billion years 20% $2.2 Billion

| Los Azules NPV & IRR Sensitivity to Copper Price NPV @ 8% Sensitivity to Copper Price $6 $5 NPV @ 8% ($ Billions) $3 $2 $1 35% 30% 25% 20% 15% 10% 7.2% IRR Sensitivity to Copper Price 29.8% 25.1% 20.1% 14.3% 33.6% ($1) -40% -20% 100% +20% +40% $1.80 $2.40 $3.00 $3.60 $4.20 Change from $3.00/ lb Cu Base Case Assumption (%) Copper Price ($/ lb) 5% 0% $2.00$2.50$3.00$3.50$4.00$4.50 Copper Price ($/ lb)

| Here’s What We Are Doing New Senior Management @ Head Office & Mine Sites Finances Increasing Gold Production Extending Mine Life Exploration Continues to Deliver Positive Results Moving to Monetize Los Azules Copper

| New Senior Management Team Rob McEwen Anna Ladd-Kruger Peter Mah Chairman & Chief Owner Rob has $1/ year salary, has invested $165M in McEwen Mining and owns 18% of the outstanding shares. He is the founder of Goldcorp, was awarded the 2001 PDAC Developer of the Year, the Order of Canada, and was inducted into The Canadian Mining Hall of Fame. CFO Anna has 20+ years of mining experience. She was previously CFO & VP Corp Dev at Excellon Resources, and CFO of Trevali Mining, where she was integral to growing the company to a >$1 B market cap mid-tier producer. Anna is CPA, CMA, and holds an MSc in Economics from Queen's University and a BComm from UBC. COOPeter has 30 years of mining experience, with a passion for developing teams and a focus on excellence and innovation. He set a strong track record in building, transitioning and operating mines. Peter holds a BASc in Mining and Mineral Process Engineering and a MASc from UBC. Adrian Blanco S. General Manager, Mexico & USA Adrian has extensive mining experience, held executive positions in Mexico, USA, Peru & Argentina, led successful business transformations towards financial profitability, while promoting highest standards of safety & operational excellence. He holds BBA, Chem. Eng., MSc in Corporate Finance from Salford Business School & Executive Management certification from IPADE. Rory Greyvensteyn General Manager, Ontario Operations Rory has over 30 years of mining experience in diversified operations, from deep level gold mining in South Africa to open pit diamond mining in Canada. He has a strong background in production and large contract management. Rory holds a BSc in Mining Engineering and a NHD in Metal Mining. Curtis Cadwell Operations Manager, Gold Bar, Nevada Curtis has over 20 years of mining operations experience. He was General Manager of Operations for Barrick Nevada and most recently, Director of Operations for OceanaGold’s Haile Mine in South Carolina. Curtis has a BA in Accounting & Finance from UNM Anderson School of Management.

| 2021 Operational & Financial Highlights 110,500 – 127,900 Gold Oz 2,300,000 – 2,450,000 Silver Oz 141,000 – 160,400 GEO 2021 Production Guidance Current cash balance1: ~US$54M Ontario operations Froome development project fully funded Exploration programs fully funded

| CEO's Financial Commitment Shares Stock Ownership Top 10 Holders 3 Rob McEwen 82.2 M Van Eck Associates 19.5 M Weiss Asset Management 14.0 M BlackRock 7.3 M Mirae Asset Global Investments 6.8 M AIFM Capital AB 5.1 M The Vanguard Group 4.4 M ETF Managers Group 2.8 M Invesco Ltd 2.7 M SIG Holding 2.3 M Outstanding : 459 M Fully Diluted : 496 M ADTV 2 : 7.9 M Price : US$1.27 Market Cap : US$583M Retail 64% Institutional 18%

| MUX: Diversified Production, Development Pipeline & Exploration Potential Mines Gold & Silver Black Fox Gold Bar El Gallo San Jose Mexico Ontario Nevada Development Pipeline Gold & Silver Froome Grey Fox Stock Fenix Argentina Copper Los Azules

| Operational Highlights

| Nevada - Prime Real Estate for Gold Criteria Cortez & Gold Bar Large footprint, shallow oxide gold ✓ Host rock, alteration, mineralization style ✓ Major faults, structural traps ✓ Intrusions ✓ Cortez Fourmile Discovery Goldrush Nevada Gold Mines Cortez 50 Moz Au cluster1 Gold Bar Nevada, USA ✓ Surface near mine & deeper targets ✓ Oxide & sulfide Tonkin Gold Bar Legend MUX Property NGM Property Faults 12 miles N 20 km

| Gold Bar: Exploration Targets Near Mine ($2.3M) Resource Expansion Ridge expansion Cabin expansion SW Pick Ridge – Stone corridor Tonkin oxide Brownfields ($0.9M) Known Mineralized/ Altered Areas Gold Canyon/Pot Canyon Rojo Ridge corridor Cabin Fault corridor Ridge Fault corridor South of Gold Bar South Greenfields ($0.4M) Large Faults/Alteration/ Little to No Data Wall Fault Roberts Creek Fault Total Budget $5.1M Pot Canyon/ Gold Canyon Ridge Rojo Ridge Pick Cabin Leach Pad Legend Mine Deposit Near Mine Targets Brownfield Greenfield 012 Miles N Gold Bar South MUX

| Tonkin: Potential Incremental Production for Gold Bar Cortez Fourmile Discovery Goldrush Gold Bar Nevada, USA Tonkin Gold Oxide Resource1: 205,000 oz @ 0.027 opt (0.92 g/t) Legend MUX Property NGM Property Faults 12 miles N 20 km Gold Bar Complex MUX Measured & Indicated resource (70% Measured, 30% Indicated), 2008 43-101 technical report

| Fox Complex: Large Gold Resource Base In the Prolific Timmins District Fox Complex Gold Resources - 2.96 M oz Measured & Indicated & 1.15 M oz Inferred Destor-Porcupine Fault Zone Trans-Canada Hwy Fox - Stock Mine & Mill Matheson Black Fox Mine Timmins 28 Miles (45 km) oz Au M&I oz Au Inf & 8,000 20 Miles (32 km) Froome Grey Fox 1,370,000 oz Au M&I & 192,000 oz Au Inf oz Au M&I oz Au Inf & 954,000N MUX Resources: M&I - Measured & Indicated, Inf - Inferred

| Fox Complex: Exciting Upside Potential A Lot of Room to Grow Along Strike and at Depth Red Lake Timmins Kirkland Lake Stock / Black Fox Surface 1,000m 2,000m 3,300ft 6,600ft Ore BodiesHeadframe/ Shaft McEwen Mineralization Zone Outlines Stock West 6.7 g/t Au / 39m Stock Mine 27.2 g/t Au / 7m, incl. 120 g/t Au / 1.6m Stock East 63.6 g/t Au / 6.2m Black Fox Mine 55.1 g/t Au / 1.0m Grey Fox Area Whiskey Jack: 9.9 g/t Au / 39m 147 NE: 39.5 g/t / 3.8m, 4.8 g/t Au / 19m incl. 10.3 g/t Au / 6m GF South: /t Au / 18.8m MUX

| Fox Complex: Black Fox Mine, Froome & Grey Fox Deposits Grey Fox 888,000 oz Indicated @ 7.1 g/t Au 173,000 oz Inferred @ 6.6 g/t Au Froome 181,000 oz Indicated @ 5.1 g/t Au 1.2 miles 2 kmN

| Froome – Extends Black Fox Mine Life 2.5 years Froome Better than Black Fox: Shallower deposit, suited for low cost, productive ‘bulk mining’ at pit level Wide disseminated style mineralization, more consistent grades and continuity Wider mining widths ranging from 15-40 m for most of the deposit Larger stopes = more efficient underground development & mine sequencing More efficient haulage and reduced underground congestion, lower gradient & straighter ramp Better stoping ground conditions expected to be positive for dilution & grade control Surface Feb 16th Development Progress Section Looking North Portals Froome Deposit Ventilation Ramp 95% Complete

| Fox Complex, Grey Fox: Excitement @ Whiskey Jack Surface 0 - Grey Fox Long Section - Near Surface, Good Grades GF14-908 PR93-19 Composites 2019 2020 19GF-1242 GF11-337 19GF-1293 Historic Resource Grades > 5 g/t 3.6 – 5 g/t GF14-917 19GF-1320 GF11-400 19GF-1248 19GF-1248 250m - 20GF-1112 20GF-1152 20GF-1305 19GF-1321 20GF-1329 20GF-1255 19GF-1313 20GF-1323 GF14-925 20GF-1325 Drill Hole Grade (g/t Au) Width (m) Grade (g/t Au) Width (m) GxW 19GF-1320 2.05 11.0 incl. 5.30 1.6 22.6 19GF-1313 2.06 11.0 incl. 6.95 1.0 22.7 19GF-1293 5.82 4.4 incl. 6.24 4.0 25.6 20GF-1305 2.58 11.9 incl. 4.10 2.8 30.6 19GF-1321 4.78 6.5 incl. 5.56 5.0 31.1 GF11-337 3.59 9.0 incl. 3.95 7.0 32.3 20GF-1112 16.34 2.6 42.7 GF14-917 17.41 2.7 incl. 41.49 1.1 46.1 GF14-908 11.58 4.1 incl. 18.05 1.4 47.5 20GF-1323 5.95 10.0 incl. 13.29 4.2 59.5 GF14-925 3.93 16.0 incl. 4.86 11.0 62.9 19GF-1248 5.00 13.0 incl. 9.66 6.0 65.0 20GF-1152 4.87 15.6 incl. 14.40 0.5 76.0 incl. 17.01 3.5 PR93-19 8.22 9.9 incl. 32.20 2.4 81.4 20GF-1329 4.78 17.7 incl. 16.42 3.7 84.6 20GF-1323 31.23 3.4 incl. 38.51 2.7 106.2 19GF-1242 9.74 13.0 incl. 14.07 8.4 126.6 GF11-400 9.26 13.8 incl. 15.21 8.0 127.3 20GF-1255 20.01 7.9 incl. 131.00 0.7 157.5 20GF-1325 12.67 13.8 incl. 29.48 5.7 175.2 19GF-1293 52.96 7.4 incl. 58.85 6.6 391.9 19GF-1248 8.99 44.0 incl. 9.90 39.0 395.6 500m - MUX 200m GxW represents the product of the first grade and width columns for each drill hole. Numbers presented are rounded.

| Fox Complex: Stock (Mill Site & Former Stock Mine) Significant Gold Intersections Stock WestStock Mine (care & maintenance) Stock East S19-112A 4.2 g/t Au / 14.5m incl. 12.2 g/t Au / 3.4m S19-98 5.6 g/t Au / 30-2m00m incl. 9.1 g/t Au / 13m S20-152 4.28 g/t Au / 14m incl 6.38 g/t Au / 8m S20-151 7.62 g/t Au / 11m incl 11.21 g/t Au / 7m -200m S19-113 6.5 g/t Au / 19m-400m incl. 7 g/t Au / 17m -400m S19-105 g/t Au / 29.7m incl. 5.6 g/t Au / 2-690.01mm S19-106 7.7 g/t Au / 25m incl. 11.2 g/t Au-80/ 01m6.2m S19-101 VG (assays pending) Stock Deep S18-31 g/t Au / 3.3m, 14.1 g/t Au / 1.8m incl. 30.1 g/t Au / 0.8m SEZ19-35 63.6 g/t Au / 6.2m incl. 317 g/t Au / 1.2m SEZ19-28 34.7 g/t Au / -66.050m incl. 74.1 g/t Au / 3m -800m 6.4 g/t Au / 42m incl. 6.7 g/t Au / 39m -1000m S19-95 g/t Au / 7m incl. 311 g/t Au / 0.6m Mineralized areas / targets -1000m -1200m0 1000 m MUX 3300 ft Longitudinal section – looking North. All intersections are core lengths.

| San José - One of the Highest Grades Silver & Gold Mines in the Americas (49% Owned) Large Property High Grade Mine Surrounds Newmont San José Mine San José Argentina Reserve Grade 1459 gpt Silver 7.3 gpt Gold Production 2021E 2,32.3 - 2.45 Moz Silver & 41.5 - 44.5 Koz Gold Mine Life 45 Years Production 20205 231,000 oz Au 12 miles N MUX Hochschild Mining 2019 Annual Report. 2. Based on 49% MUX ownership basis. 3. MUX press release Feb 2, 2021, “McEwen Mining: A Warm Welcome and 2021 Production Guidance". 4. Hochschild’s “Annual Report and Accounts 2020”. 5. Newmont disclosure.

| San José Property Exploration Targets ▪ Jan 2021: 1.3 m @ 13.8 g/t Au & 3,149 g/t Ag (Ramal HVNX vein) 1.6 m @ 5.6 g/t Au & 648 g/t Ag (Isabel vein) Aguas Vivas Telken North Property Outline Saavedra San José Argentina Q1 2021 - 2,000 m resource drilling planned High grade areas close to mine: Isabel & Luisa veins Continuing areas: Telken, Saavedra & Aguas Vivas Exploration close to Cerro Negro N Telken South Newmont Cerro Negro Mine Observed Veins Inferred Veins 12 miles 20 km MUX Source: Hochschild Mining - press releases dated Jan 20 2021, 2020 Full Year Results presentation dated Feb 18 2021

| San José Mine Vein Extensions 0.95 m @ 7.02 g/t Au; 811 g/t Ag 1.00 m @ 2.38 g/t Au; 1,964 g/t Ag 0.70 m @ 0.30 g/t Au; 18 g/t Ag Micaela Kospi Odin Maia 1.00 m @ 20.26 g/t Au; 461 g/t Ag 1.30 m @ 6.67 g/t Au; 762 g/t Ag 1.15 m @ 5.80 g/t Au; 197 g/t Ag 0.90 m @ 8.00 g/t Au; 397 g/t Ag 1.60 m @ 7.42 g/t Au; 522 g/t Ag Executing Drill Intercepted DDH Observed Vein Inferred Vein Inferred Fault Mining Property 1.33 m @ 9.51 g/t Au; 1,318 g/t Ag 1 km / 0.6 Miles m @ 1.52 g/t Au; 331 g/t Ag MUX N Source: Hochschild Mining

| Potential Near Term Catalysts Los Azules Fox Complex PEA Q2 Froome Startup Exploration Results MUX

| Appendix

| Stock West Drill Results - Strong, Consistent Mineralized Intercepts 21.4 g/t Visible Gold VG 5.6 g/t Au over 30 m MUX Drill core from hole S19-98.

| Fox Complex Conceptual Expansion Strategy 1 Production Growth Steps to Target 100 - 150 Koz / Yr Leveraging Stock Mill Capacity Step 1. Froome Commercial production Q4 2021 Bridging gold production for the next 2-3 years Step 2. Grey Fox nce Sooner Grow scale & increase Life of Mine; PEA Q2 2021 Whiskey Jack drilling underway Stock - Blue Sky Growth Leveraging existing permits Restore UG access via existing shaft and/ or ramp 2020-21 aggressive exploration drilling campaign West Zone resource delineation & step-out drilling underway MUX 1 Based on existing 3.0 Moz Measured & Indicated Resource from Black Fox, Grey Fox, Stock and Timmins properties.

| Froome Deposit – Better Mining Conditions Than Black Fox Shown below is a core interval of the wide zone - consistent grades and favorable ground conditions expected, providing for overall better mining conditions, compared to Black Fox’s nuggety style mineralization. From 127 m: 4.55 g/t Au over 53 m, incl. 8.92 g/t Au over 10.6 m MUX Gold grade (g/t) Drill core from hole #15PR-G031. Numbers in yellow represent grams per tonne values over sample length.

| Project Fenix Feasibility Study* Phase 2, Years 7 - 9.5 Silver Production Moz AgEq $24 M Year 6 $14.22/ oz AuEq $14.30/ oz AuEq Phase 1, Years 1 - 6 Gold Production Avg Annual Production 26 Koz Au Capex $42 M Initial Cash Costs $1,037/ oz Au AISC $1,045/ oz Au Base Case $1,500/oz Au $17/oz Ag Spot Case $1,800/oz Au $25/oz Ag After-Tax IRR 28% 51% After-Tax NPV@8% $32 M $91 M After-Tax Payback 3.6 years 2.9 years After-Tax Cash Flow/ Yr (1) $12 million $25 million $1,900/oz Au $25/oz Ag 56% $98 M 2.8 years $26 million Innovative, water saving, tailings disposal Phase 1 permitting completed MUX * Feb 16, 20201news release. (1) After-tax cash flow averaged over the years of full production.

| MUX Fox Complex: Grey Fox 2019 Exploration Highlights Area Project Hole # Gold (g/t) Width (m) From (m) Including Au_GxM GREY FOX 147NE 19GF-1253 265 1.2 56 318 19GF-1121 261 0.6 168.7 157 19GF-1123 39.5 3.8 325 143 g/t Au over 1 m 150 19GF-1151 10.0 13.2 229.8 133 19GF-1134 6.98 15.5 466 108 19GF-1175 148 0.71 189.1 105 GF South 19GF-1198 10.9 18.8 281.2 205 19GF-1261 13.6 15.0 69 126.5 g/t Au over 1 m 204 19GF-1277 29.1 5.0 98 146 19GF-1310 4.30 26.5 335 113 147 Zone 19GF-1187 3.99 34.0 207 7.04 g/t Au over 14 m 136 19GF-1259 120.5 1.1 7.9 133 Whiskey Jack 19GF-1293 53.0 7.4 147 392 19GF-1248 8.99 44.0 181 395 19GF-1242 9.74 13.0 107 127 Gibson 19GF-1275 26.3 9.0 892 226 g/t Au over 1 m 236 19GF-1106W1 26.7 8.04 739 519 g/t Au over 0.4 m 215 Width (m) = down hole intersection

| Fox Complex: Stock West 494m LengthAu g/t Cog 1 Cog 3 475m m 5 2 / u A /t g 2 .7 7 Length Au g/t Cog 1 Cog 3 1.0 1.2 1.0 0.1 7.72g/t Au / 25m 1.0 0.8 1.0 3.4 1.0 1.3 11.24g/t Au / 16.2m 1.0 0.7 1.0 11.6 1.0 6.0 1.0 10.7 1.0 10.4 1.0 16.9 1.0 12.6 1.0 13.7 1.0 26.8 1.0 21.4 1.0 9.5 1.0 13.9 1.0 13.1 1.2 8.7 0.8 2.3 1.0 2.0 1.0 0.5 1.0 1.4 1.0 0.8 1.0 2.2 m .2 6 1 /.1m u A29 / /tAu g 4g/t .25.62 1 1 6.37g/t Au / 42m 6.72g/t Au / 39m m 2 4 / u A /t g 7 .3 6 m 9 3 / u A /t g 2 .7 6 m .1 9 2 / u A /t g 2 .6 5 m .1 9 2 / u A /t g 2 .6 5 Length Au g/t Cog 1 Cog 3 1.0 6.6 1.0 3.0 5.62g/t Au / 29.1m 5.62g/t Au / 29.1m 1.0 1.8 1.0 2.3 1.0 3.5 1.0 2.3 1.0 3.1 1.0 2.5 1.0 7.7 1.0 8.7 1.0 2.4 1.0 3.3 1.0 5.1 1.0 1.6 1.0 5.5 1.0 4.0 1.0 4.5 1.0 5.2 1.0 2.6 1.0 0.9 1.0 4.1 1.0 2.1 1.2 3.1 0.8 1.2 1.0 6.2 1.0 22.8 1.0 8.3 1.0 22.3 0.6 18.7 0.6 11.8 1.0 1.3 1.0 1.6 1.0 2.4 1.0 4.1 1.0 6.6 1.0 2.8 1.0 3.4 1.0 8.3 1.0 16.7 1.0 7.9 1.0 5.3 1.0 2.9 1.0 4.8 1.0 3.1 1.0 6.7 1.0 11.3 1.0 5.1 1.0 6.7 1.0 7.8 1.0 3.1 1.0 5.7 1.0 6.7 1.0 9.5 1.0 3.5 1.0 6.2 1.0 6.4 1.0 6.8 0.9 9.5 0.2 4.2 0.9 2.7 1.0 41.4 1.0 4.0 1.0 4.2 0.5 6.7 0.5 5.2 1.0 4.3 1.0 4.7 1.0 2.0 1.0 11.0 1.0 7.9 1.0 6.4 1.0 0.9 1.0 1.0 1.0 5.7 Au g/t > 30 20 to 30 10 to 20 5 to 10 3 to 5 1 to 3 MUX Hole S19-101 494m to 536m 536m Hole S19-105 475m to 504.1m 504.10m Hole S19-106 536m to 561m 561m

| MUX MUX: Reserves & Resources Attributable Gold Reserves Proven Probable Proven + Probable 43-101 Au Reserves Tonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millions) Grams per tonne Contained Metal (Koz) Gold Bar South 1.9 1.05 66 1.9 1.05 66 Pick 12.6 0.81 327 12.6 0.81 327 Ridge 1.1 0.87 30 1.1 0.87 30 San José (49%) 0.4 7.75 96 0.1 5.78 22 0.5 7.28 118 Heap Leach Material 8.9 0.52 149 1.2 0.52 20 10.1 0.52 170 El Gallo Silver 0.7 0.05 1 3.7 0.13 16 4.4 0.12 17 Black Fox Mine 0.04 5.4 7 0.3 5.78 57 0.3 5.73 64 TOTAL 253 538 792 Attributable Silver Reserves Proven Probable Proven + Probable 43-101 Ag Reserves Tonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millions) Grams per tonne Contained Metal (Koz) San José (49%) 0.4 489 6,032 0.1 363 1,413 0.5 459 7,448 Heap Leach Material 8.9 2 451 1.2 2 67 10.1 2 518 El Gallo Silver 0.7 165.71 3,708 3.7 126.61 15,017 4.4 132.82 18,725 TOTAL 10,191 16,497 26,691

| MUX: Reserves & Resources Mineral Resources

| MUX: Reserves & Resources Mineral Resources (Cont’d) Attributable Silver Resources MeasuredIndicatedMeasured + IndicatedInferred 43-101 Ag ResourcesTonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millions) Grams per tonne Contained Metal (Koz) San José (49%)0.853713,2310.53645,6601.247018,8880.93569,960 Los Azules962.0255,700962.0255,7002,666.02135,400 Heap Leach Material8.824511.226710.025180.127 El Gallo Silver1.01554,7913.512714,2284.513319,0190.1129286 New Pass (50%)5.081,3200.1375.181,326---Tamarack---0.8266630.826663---TOTAL19,79376,32596,115145,653

| MUX: Cautionary Note Regarding NON-GAAP Measures In this presentation, we have provided information prepared or calculated according to U.S. GAAP, as well as provided some non-U.S. GAAP ("non-GAAP") performance measures. Because the non-GAAP performance measures do not have any standardized meaning prescribed by U.S. GAAP, they may not be comparable to similar measures presented by other companies. Total Cash Costs per GEO, and All-in Sustaining Costs (“AISC”) per GEO. Total cash costs consist of mining, processing, on-site general and administrative costs, community and permitting costs related to current explorations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs. All-in sustaining cash costs consist of total cash costs (as described above), plus environmental rehabilitation costs, amortization of the asset retirement costs related to operating sites, sustaining exploration and development costs, and sustaining capital expenditures. In order to arrive at our consolidated all-in sustaining costs, we also include corporate general and administrative expenses. Depreciation is excluded from both total cash costs and all-in sustaining cash costs. For both total cash costs and all-in sustaining costs we include our attributable share of total cash costs from operations where we hold less than a 100% economic share in the production, such as MSC, where we hold a 49% interest. Total cash cost and all-in sustaining cash cost per GEO sold are calculated on a co-product basis by dividing the respective proportionate share of the total cash costs and all-in sustaining cash costs for the period attributable to each metal by the ounces of each respective metal sold. We use and report these measures to provide additional information regarding operational efficiencies both on a consolidated and an individual mine basis, and believe that these measures provide investors and analysts with useful information about our underlying costs of operations. A reconciliation to the nearest U.S. GAAP measure is provided in McEwen Mining's Annual Report on Form 10-K for the year ended December 31, 2019. Earnings from Mining Operations The term Earnings from Mining Operations used in this presentation is a non-GAAP financial measure. We use and report this measure because we believe it provides investors and analysts with a useful measure of the underlying earnings from our mining operations. We define Earnings from Mining Operations as Gold and Silver Revenues from our El Gallo Mine, Black Fox Mine, and our 49% attributable share of the San José Mine's Net Sales, less their respective Production Costs Applicable to Sales. To the extent that Production Costs Applicable to Sales may include depreciation and amortization expense related to the fair value increments on historical business acquisitions (fair value paid in excess of the carrying value of the underlying assets and liabilities assumed on the date of acquisition), we deduct this expense in order to arrive at Production Costs Applicable to Sales that only include depreciation and amortization expense incurred at the mine-site level. The San José Mine Net Sales and Production Costs Applicable to Sales are presented, on a 100% basis, in Note 5 of McEwen Mining's Annual Report on Form 10-K for the year ended December 31, 2019. Cash, Investments and Precious Metals The term cash, investments and precious metals used in this presentation is a non-GAAP financial measure. We report this measure to better understand our liquidity in each reporting period. Cash, investments and precious metals is calculated as the sum of cash, investments and ounces of doré held in inventory, valued at the London P.M. Fix spot price at the corresponding period. A reconciliation to the most directly comparable U.S. GAAP measure, Sales of Gold and Silver, is provided in McEwen Mining's Annual Report on Form 10-K for the year ended December 31, 2019. MUX