<SEC-DOCUMENT>0001104659-25-100139.txt : 20251016
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ACCESSION NUMBER:		0001104659-25-100139
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20251010
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251016
DATE AS OF CHANGE:		20251016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			McEwen Inc.
		CENTRAL INDEX KEY:			0000314203
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				840796160
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33190
		FILM NUMBER:		251398345

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUITE 2800
		STREET 2:		150 KING STREET WEST, P.O. BOX 24
		CITY:			TORONTO
		NON US STATE TERRITORY:  	ONTARIO
		PROVINCE COUNTRY:   	A6
		BUSINESS PHONE:		647-258-0395

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUITE 2800
		STREET 2:		150 KING STREET WEST, P.O. BOX 24
		CITY:			TORONTO
		NON US STATE TERRITORY:  	ONTARIO
		PROVINCE COUNTRY:   	A6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	McEwen Mining Inc.
		DATE OF NAME CHANGE:	20120125

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U S GOLD CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U S SILVER STATE MINING CORP
		DATE OF NAME CHANGE:	19880706
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section&#160;13 or 15(d)&#160;of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Former name or former address, if changed since last report)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box below if the Form&#160;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left; text-indent: -27pt"><span id="xdx_90D_edei--WrittenCommunications_c20251010__20251010_zdvwxjdWPdef" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-10-10" format="ixt:booleanfalse" id="Fact000023" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span>&#8239;&#8239;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant to Rule&#160;425 under the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left; text-indent: -27pt"><span id="xdx_90C_edei--SolicitingMaterial_c20251010__20251010_zFndgj7pDrk2" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-10-10" format="ixt:booleanfalse" id="Fact000024" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span>&#8239;&#8239;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant to Rule&#160;14a-12 under the
Exchange Act (17 CFR 240.14a-12)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left; text-indent: -27pt"><span id="xdx_90D_edei--PreCommencementTenderOffer_c20251010__20251010_zGItLg4BoR25" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-10-10" format="ixt:booleanfalse" id="Fact000025" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span>&#8239;&#8239;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left; text-indent: -27pt"><span id="xdx_90B_edei--PreCommencementIssuerTenderOffer_c20251010__20251010_znFdmR1nd0Rh" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-10-10" format="ixt:booleanfalse" id="Fact000026" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span>&#8239;&#8239;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">Securities registered pursuant to Section&#160;12(b)&#160;of
the Act:</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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    <td style="border-bottom: Black 1pt solid; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Name&#160;of&#160;each&#160;exchange&#160;on&#160;which&#160;registered</b></span></td></tr>
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    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_edei--SecurityExchangeName_c20251010__20251010_zrOg2T4NEjp6"><ix:nonNumeric contextRef="AsOf2025-10-10" format="ixt-sec:exchnameen" id="Fact000029" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></span> </td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of
the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; text-align: right; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Emerging growth
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; text-align: left; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 0in"/><td style="width: 0.75in; text-align: left"><b>Item</b> <b>1.01</b></td><td style="text-align: justify"><b>Entry into
a Material Definitive Agreement.</b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">On October&#160;10, 2025,
McEwen Inc. (the &#8220;Company&#8221;) entered into a definitive agreement (the &#8220;Arrangement Agreement&#8221;) with Canadian Gold
Corp., a corporation existing under the laws of the province of British Columbia, Canada (&#8220;CGC&#8221;), pursuant to which the Company
will acquire all of the issued and outstanding common shares of CGC (the &#8220;CGC Shares&#8221;) in exchange for shares of the Company&#8217;s
common stock, no par value per share (the &#8220;Company Shares&#8221;) by way of a court-approved statutory plan of arrangement under
the provisions of the Business Corporations Act (British Columbia) (the &#8220;Proposed Transaction&#8221;). <span style="background-color: white">The
Arrangement Agreement was signed pursuant to the letter of intent disclosed in our Current Report on Form&#160;8-K, filed with the Securities
and Exchange Commission (the &#8220;Commission&#8221;) on July&#160;31, 2025, and has terms that are in all material respects similar
to those of the letter of intent. </span>Pursuant to the terms of the Arrangement Agreement, each CGC Share will entitle its holder to
receive 0.0225 Company Shares, subject to the approval of the Company&#8217;s stockholders (&#8220;Stockholder Approval&#8221;) for any
Company Shares to be issued to Mr.&#160;Robert McEwen in excess of one percent (1%) of the issued and outstanding Company Shares (the
&#8220;Excess Shares&#8221;) as of the consummation of the Proposed Transaction (the &#8220;Effective Time&#8221;) pursuant to the applicable
rules&#160;of the New York Stock Exchange (&#8220;NYSE&#8221;). In the event Stockholder Approval is not obtained, the Company will, in
lieu of Company Shares, deliver cash to Mr.&#160;McEwen for the Excess Shares based on the close price of the Company Shares on the trading
day prior to the Effective Time. The Proposed Transaction will also require the approval of (a)&#160;66 &#8532;% of the votes cast by
shareholders of CGC; and, (b)&#160;a simple majority of the votes cast by minority CGC shareholders in accordance with Multilateral Instrument
61-101 - Protection of Minority Security Holders in Special Transactions. Following the Proposed Transaction, CGC will be a wholly-owned
subsidiary of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The Arrangement Agreement
contains a non-solicitation provision in favor of the Company, grants the Company the right amend the Arrangement Agreement to match a
Superior Proposal (as that term is defined in the Arrangement Agreement) and provides that CGC will pay the Company a termination fee
of CAD$2.195 million upon the occurrence of certain events of termination.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The Arrangement Agreement
was approved by the Board of Directors of the Company (the &#8220;Board&#8221;) based on the recommendation of its special committee comprised
of independent and disinterested directors. Each of Messrs.&#160;Robert McEwen, who owns approximately 32.5% of CGC, and Ian Ball, who
serves as a consultant for CGC and served as its interim Chief Executive Officer from April&#160;2023 to October&#160;2023, recognizing
their respective conflicts of interest as directors of the Company and as shareholders and interested parties in CGC, abstained from voting
on the approval of the Proposed Transaction by the Board.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The Arrangement Agreement
includes provisions such as conditions to closing the Proposed Transaction, and representations and warranties and covenants customary
for arrangement agreements. The representations, warranties and covenants contained in the Arrangement Agreement were made only for purposes
of such agreement and as of specific dates, were solely for the benefit of the parties therein, and may be subject to limitations agreed
upon by the contracting parties. Accordingly, the Arrangement Agreement only provides investors with information regarding the terms of
the Arrangement Agreement, and will not provide investors with any other factual information regarding the Company or its business, and
should be read in conjunction with the disclosures in the Company&#8217;s periodic reports and other filings with the Commission. Completion
of the Proposed Transaction is subject to customary closing conditions and receipt of necessary court and regulatory approvals, including
approval of the TSX Venture Exchange, the Toronto Stock Exchange and the NYSE.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The foregoing description
of the Arrangement Agreement and the Proposed Transaction is qualified in its entirety by reference to the full text of the Arrangement
Agreement, a copy of which is attached as Exhibit&#160;10.1 to this Current Report on Form&#160;8-K (this &#8220;Current Report&#8221;)
and is incorporated herein by reference. Investors and other&#160;interested&#160;parties are encouraged to read in its entirety the Arrangement
Agreement because it contains important information not otherwise described herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.75in; text-align: left"><b>Item </b><b>3.02</b></td><td style="text-align: justify"><b>Unregistered
Sales of Equity Securities.</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The information set forth
in Item 1.01 above is&#160;incorporated by reference&#160;into this Item 3.02. The Company Shares issued pursuant to the Arrangement Agreement
will be issued in a private placement pursuant to the exemption from registration provided by Section&#160;3(a)(10)&#160;of the Securities
Act of 1933, as amended (the &#8220;Securities Act&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.75in; text-align: left"><b>Item</b> <b>7.01</b></td><td style="text-align: justify"><b>Regulation
FD&#160;Disclosure.</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&#160;14, 2025, the Company issued a
press release announcing that it had entered into the Arrangement Agreement. A copy of the press release is furnished with this Current
Report as Exhibit&#160;99.1. Investors and other&#160;interested&#160;parties are encouraged to read in its entirety the press release
because it contains important information not otherwise described herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The information furnished
under this Item 7.01, including the referenced exhibit, shall not be deemed &#8220;filed&#8221; for purposes of Section&#160;18 of the
Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act, except as shall
be expressly set forth by reference to such filing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.75in; text-align: left"><b>Item</b> <b>9.01</b></td><td style="text-align: justify"><b>Financial
Statements and Exhibits.</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="text-decoration: underline">Exhibits</span>.
The following exhibits are furnished or filed with this report, as applicable:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit&#160;No.</b></span></td>
    <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="width: 88%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="tm2528824d1_ex10-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1*+</span></a></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><a href="tm2528824d1_ex10-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arrangement Agreement, dated October&#160;10, 2025, between Canadian Gold Corp. and McEwen Inc.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="tm2528824d1_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</span></a></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><a href="tm2528824d1_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release, dated October&#160;14, 2025</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page&#160;Interactive Data File &#8211; the cover page&#160;XBRL tags are embedded within the Inline XBRL document</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">* The schedules to this Exhibit&#160;have been omitted in accordance with Regulation S-K Item 601(a)(5). The Company agrees to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon its request.</p>

<p style="margin: 0">+ Certain portions of this exhibit (indicated by &#8220;[***]&#8221;) have been redacted pursuant to Regulation S-K,&#160;Item 601(a)(6). &#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Cautionary Statement</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Current Report and accompanying
press release contain forward-looking statements and information&#8239;within the
meaning&#8239;of applicable Canadian securities legislation and&#8239;the&#8239;U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking
statements and are based on expectations, estimates and projections as at the date of this Current Report.&#8239;Any statement
that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as "expects", or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions,
events or results "may" or "could", "would", "might" or "will" be taken to occur or
be achieved) are not statements of historical fact and may be forward-looking statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The forward-looking statements relate to, among other things, statements regarding: the Proposed Transaction; the Arrangement Agreement; the receipt of necessary
shareholder, court and regulatory approvals for the Proposed Transaction; the anticipated timeline for completing the Proposed Transaction,
if at all; the timing to hold the special meeting of the CGC shareholders and mailing of the management information circular regarding
same; the terms and conditions pursuant to which the Proposed Transaction will be completed, if at all; the anticipated benefits of the
Proposed Transaction including, but not limited to the Company having an 100% interest in the Tartan Mine; the Company and its subsidiaries; the future financial and operational performance of the Company group; the exploration and development programs of the
Company and its subsidiaries; and potential future revenue and cost synergies resulting from the Proposed Transaction. These forward-looking
statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially
from the potential results discussed in the forward-looking statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In respect of the forward-looking statements, the Company has
relied on certain assumptions that it&#8239;believes are reasonable at this time, including assumptions as to the ability of the
parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court, shareholder, stock exchange and
other third party approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of
the Proposed Transaction. This timeline may change for a number of reasons, including unforeseen delays in preparing meeting
materials; inability to secure necessary regulatory, court, shareholder, stock exchange or other third-party approvals in the time
assumed or the need for additional time to satisfy the other conditions to the completion of the Proposed Transaction. Accordingly,
readers should not place undue reliance on the forward-looking statements and information contained in this Current Report and the
press release concerning these times.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks and uncertainties that may cause such differences include but
are not limited to: the risk that the Proposed Transaction may not be completed on a timely basis, if at all; the risk that the conditions
to the consummation of the Proposed Transaction may not be satisfied; the risk that the Proposed Transaction may involve unexpected costs,
liabilities or delays; the possibility that legal proceedings may be instituted against the Company, CGC and/or others relating to the
Proposed Transaction and the outcome of such proceedings; the possible occurrence of an event, change or other circumstance that could
result in termination of the Proposed Transaction; risks relating to the failure to obtain necessary shareholder and court approval; other
risks inherent in the mining industry. Failure to obtain the requisite approvals, or the failure of the parties to otherwise satisfy the
conditions to or complete the Proposed Transaction, may result in the Proposed Transaction not being completed on the proposed terms,
or at all. In addition, if the Proposed Transaction is not completed, the announcement of the Proposed Transaction and the dedication
of substantial resources of the Company to the completion of the Proposed Transaction could have a material adverse impact on the Company&#8217;s
share price, its current business relationships and on the current and future operations, financial condition, and prospects of&#8239;each of the Company&#8239;and CGC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required
by applicable securities legislation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>McEWEN INC.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: October 16, 2025</span></td>
    <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ <i>Carmen Diges</i></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carmen Diges, General Counsel</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"></p>

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<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
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<P STYLE="text-align: right; margin: 0"><FONT><B>Exhibit&nbsp;10.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARRANGEMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>between</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CANADIAN GOLD CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MCEWEN INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dated October&nbsp;10, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;1 DEFINITIONS,&nbsp;INTERPRETATION AND SCHEDULES</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>2</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.01</FONT></TD>
    <TD STYLE="width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation Not Affected by Headings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">References to Articles, Sections, Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number and Gender</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date for Any Action</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statutory References</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invalidity of Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Knowledge</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedules</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;2 THE ARRANGEMENT</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>14</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arrangement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Court Proceedings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effecting the Arrangement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Securities Law Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments for Dividends, Distributions or other Corporate Events</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withholding</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Receipts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;3 REPRESENTATIONS AND WARRANTIES OF Canadian Gold</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>19</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties of Canadian Gold</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival of Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;4 REPRESENTATIONS AND WARRANTIES OF McEwen</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>35</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties of McEwen</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival of Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;5 COVENANTS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>46</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants of Canadian Gold</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants of McEwen</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;6 CONDITIONS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>57</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutual Conditions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canadian Gold Conditions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">McEwen Conditions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice and Cure Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;7 Non-Solicitation, Right To Match, Termination Fee and Expenses</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>61</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Solicitation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification of Acquisition Proposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responding to an Acquisition Proposal</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right to Match.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.05</FONT></TD>
    <TD STYLE="width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permitted Disclosure</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination Fee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access to Information; Confidentiality</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance and Indemnification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;8 TERM, TERMINATION, AMENDMENT AND WAIVER</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>69</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutual Understanding Regarding Amendments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment or Waiver</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;9 GENERAL</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>72</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Privacy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time of the Essence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire Agreement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further Assurances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law; Waiver of Jury Trial</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution in Counterparts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Personal Liability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enurement and Assignment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Schedule &ldquo;A&rdquo;</B></FONT></TD>
    <TD STYLE="width: 80%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Plan of Arrangement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Schedule &ldquo;B&rdquo;</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Arrangement Resolution</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARRANGEMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><B>THIS AGREEMENT </B>dated
the 10th day of October, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Between:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify"><B>CANADIAN GOLD CORP.</B>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">a corporation existing under the laws of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Province of British Columbia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">(hereinafter referred to as &ldquo;<B>Canadian Gold</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><B>MCEWEN INC.</B>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">a corporation existing under the laws
of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">State of Colorado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">(hereinafter referred to as &ldquo;<B>McEwen</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RECITALS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><B>WHEREAS</B> the Canadian
Gold Board has, taking into account, among other things, the recommendation of a special committee of independent and disinterested directors
of the Canadian Gold Board and an opinion from the financial advisor to Canadian Gold that the Arrangement Consideration is fair, from
a financial point of view, to the Canadian Gold Shareholders, determined that the Arrangement is in the best interests of Canadian Gold
and fair to the Canadian Gold Shareholders (in each case, other than to McEwen and Robert McEwen);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><B>AND WHEREAS</B> the Canadian
Gold Board has approved the Arrangement and other transactions contemplated by this Arrangement Agreement and determined to recommend
approval of the Arrangement Resolution to the Canadian Gold Shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><B>AND WHEREAS </B>the McEwen
Board has, taking into account, among other things, the recommendation of a special committee of independent and disinterested directors
of the McEwen Board and an opinion from the financial advisor to McEwen that the Arrangement Consideration is fair, from a financial point
of view, to McEwen, and determined that the acquisition of Canadian Gold to be effected by way of the Arrangement is in the best interests
of McEwen;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><B>AND WHEREAS </B>the McEwen
Board has approved the transactions contemplated by this Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><B>AND WHEREAS </B>Canadian
Gold and McEwen intend that the proposed business combination be effected by way of the Plan of Arrangement under the provisions of the
<I>Business Corporations Act</I> (British Columbia), and in furtherance of such business combination, the Canadian Gold Board has agreed
to submit the Arrangement Resolution to the Canadian Gold Shareholders and the Court for approval;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><B>NOW THEREFORE THIS AGREEMENT
WITNESSES THAT, </B>in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged by each of the Parties, the Parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;1<BR>
DEFINITIONS,&nbsp;INTERPRETATION AND SCHEDULES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.01</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">In this Arrangement Agreement,
unless the context otherwise requires, the following words and terms with the initial letter or letters thereof capitalized shall have
the meanings ascribed to them below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&ldquo;<B>1933 Act</B>&rdquo; means the <I>Securities Act of 1933</I> of the United&nbsp;States of America;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&ldquo;<B>1934 Act</B>&rdquo; means the <I>Securities Exchange Act of 1934</I> of the United&nbsp;States
of America;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&ldquo;<B>Acquisition Proposal</B>&rdquo; means, other than the transactions contemplated by this Arrangement
Agreement and other than any transaction to which McEwen or any McEwen Subsidiary is a party, any: (i)&nbsp;proposal, offer or expression
of interest or inquiry regarding: (A)&nbsp;any merger, take-over bid, amalgamation, plan of arrangement, share exchange, business combination,
consolidation, recapitalization, reorganization, joint venture, partnership or similar transaction, including any single or multi-step
transaction or series of related transactions, or liquidation, dissolution or winding-up in respect of Canadian Gold or any Canadian Gold
Subsidiary; (B)&nbsp;any sale or acquisition of all or more than 20% of the assets of Canadian Gold or the Canadian Gold Subsidiary or
any material asset or material mineral property or joint venture of Canadian Gold or the Canadian Gold Subsidiary, in each case including
any single or multi-step transaction or series of related transactions (or any lease, long-term supply agreement or other arrangement
having the same economic effect); or (C)&nbsp;any sale or acquisition of all or more than 20% of the outstanding equity or other securities
(or any new issuance of a material number of such securities) of Canadian Gold or the Canadian Gold Subsidiary, including any single or
multi-step transaction or series of related transactions; or (ii)&nbsp;public announcement or disclosure of any of the foregoing or any
intention to do any of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&ldquo;<B>Applicable Securities Laws</B>&rdquo; means the Securities Act, all other applicable provincial
and territorial securities Laws of Canada, the 1933 Act, the 1934 Act, all other applicable United States federal and state securities
Laws, the rules, regulations and published policies under each of the foregoing securities Laws, and the applicable stock exchange and
listing rules&nbsp;of the TSXV, TSX and NYSE;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&ldquo;<B>Arrangement</B>&rdquo; means an arrangement under the provisions of Division 5 of Part&nbsp;9
of the of the BCBCA on the terms and conditions set forth in the Plan of Arrangement, subject to any amendment or supplement thereto made
in accordance therewith, herewith or made at the direction of the Court in the Final Order with the consent of the Parties, each acting
reasonably;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&ldquo;<B>Arrangement Agreement</B>&rdquo; means this arrangement agreement, together with the schedules
attached hereto, including the Canadian Gold Disclosure Letter, as amended, amended and restated, or supplemented from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">&ldquo;<B>Arrangement Consideration</B>&rdquo; means, for each Canadian Gold Share, 0.0225 (the &ldquo;<B>Arrangement
Consideration Factor</B>&rdquo;) of a McEwen Share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">&ldquo;<B>Arrangement Resolution</B>&rdquo; means the special resolution of the Canadian Gold Shareholders
approving the Arrangement, the Plan of Arrangement and this Arrangement Agreement, substantially in the form set out in Schedule &ldquo;B&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&ldquo;<B>Authorization</B>&rdquo; means any authorization, order, permit, approval, grant, licence, registration,
consent, right, notification, condition, franchise, privilege, certificate, judgment, writ, injunction, award, determination, direction,
decision, decree, by-law, rule&nbsp;or regulation, whether or not having the force of Law and whether or not granted by a Governmental
Entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">&ldquo;<B>Base Controlled Canadian Gold Shares</B>&rdquo; means the number of Controlled Canadian Gold
Shares that will result in aggregate Arrangement Consideration of up to one percent (1%) of the number of issued and outstanding McEwen
Shares determined immediately prior to the Effective Time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">&ldquo;<B>BCBCA</B>&rdquo; means the <I>Business Corporations Act</I> (British Columbia);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means any day, other than a Saturday, a Sunday or a statutory holiday
in Vancouver, British Columbia or Toronto, Ontario;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold</B>&rdquo; means Canadian Gold Corp., a corporation existing under the BCBCA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Benefit Plans</B>&rdquo; means all plans with respect to Canadian Gold or any
Canadian Gold Subsidiary employees or service providers or former employees or former service providers which Canadian Gold or any Canadian
Gold Subsidiary is a party to or bound by or to which Canadian Gold or any Canadian Gold Subsidiary may have any direct or indirect liability
relating to retirement savings, pensions, bonuses, equity awards, profit sharing, deferred compensation, incentive compensation, life
or accident insurance, hospitalization, health, medical or dental treatment or expenses, disability, unemployment insurance benefits,
employee loans, vacation pay, severance or termination pay or other benefits (other than those benefits provided solely under a statutory
benefit plan which Canadian Gold or any Canadian Gold Subsidiary is required to participate in or comply with, including the Canada Pension
Plan and plans administered pursuant to applicable health tax, workplace safety insurance and employment insurance legislation);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Board</B>&rdquo; means the board of directors of Canadian Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Circular</B>&rdquo; means the notice of the Canadian Gold Meeting and accompanying
management information circular, including all schedules thereto and documents incorporated by reference therein, to be sent to Canadian
Gold Shareholders in connection with the Canadian Gold Meeting, as amended, supplemented or otherwise modified from time to time in accordance
with the terms of this Arrangement Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Disclosure Letter</B>&rdquo; means the disclosure letter executed by Canadian
Gold and delivered to McEwen concurrently with the execution of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Dissent Procedures</B>&rdquo; means the procedures set out in the Plan of Arrangement
to be taken by a Canadian Gold Shareholder in exercising Canadian Gold Dissent Rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Dissent Rights</B>&rdquo; means the rights of dissent in respect of the Arrangement
as contemplated in the Plan of Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Dissenting Shareholders</B>&rdquo; means registered Canadian Gold Shareholders
who have duly and validly exercised their Canadian Gold Dissent Rights in strict compliance with the Canadian Gold Dissent Procedures
and whose Canadian Gold Dissent Rights have not terminated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Fairness Opinion</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;3.01(d);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Financial Statements</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;3.01(h);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Lock-Up Agreements</B>&rdquo; means the voting agreements dated the date hereof
and made between McEwen and the Canadian Gold Locked-Up Shareholders setting forth the terms and conditions upon which they have agreed,
among other things, to vote their Canadian Gold Shares, Canadian Gold Options and/or Canadian Gold Warrants in favour of the Arrangement
Resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Locked-Up Shareholders</B>&rdquo; means the Persons who are parties to the Canadian
Gold Lock-Up Agreements, being each of the directors and officers of Canadian Gold and Robert McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Material Contracts</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;3.01(r)(i);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Meeting</B>&rdquo; means the special meeting, including any adjournments or postponements
thereof, of the Canadian Gold Shareholders to be held, among other things, to consider and, if deemed advisable, to approve the Arrangement
Resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Mineral Rights</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;3.01(u)(i);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Optionholders</B>&rdquo; means the holders of Canadian Gold Options;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(cc)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Options</B>&rdquo; means all options to purchase Canadian Gold Shares outstanding
immediately prior to the Effective Time and issued pursuant to the Canadian Gold Stock Option Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(dd)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Properties</B>&rdquo; means the Tartan Lake Gold Mine Project, Malartic South
Project, HEES Project, and Hammond Reef North&nbsp;&amp; South Projects and other properties of Canadian Gold as more particularly described
in the Canadian Gold Public Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ee)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Public Documents</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;3.01(f);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ff)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Recommendation</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;3.01(d);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(gg)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Representatives</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;7.01(a);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(hh)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Shareholders Approval</B>&rdquo; shall have the meaning ascribed to such term
in Subsection 2.02(a)(iii);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Shareholders</B>&rdquo; means, at any applicable time, the registered or beneficial
holders of Canadian Gold Shares, as the context requires;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(jj)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Shares</B>&rdquo; means common shares in the capital of Canadian Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(kk)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Stock Option Plan</B>&rdquo; means the stock option plan of Canadian Gold, as
amended, amended and restated or supplemented from time to time, and as approved by the Canadian Gold Shareholders and described in the
most recent management information circular of Canadian Gold filed on SEDAR+;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ll)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Subsidiary</B>&rdquo; means, Apollo Exploration Inc., a direct and wholly owned
Subsidiary of Canadian Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(mm)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Termination Fee</B>&rdquo; means a cash termination payment in an amount equal
to $2,195,311.69 payable by Canadian Gold to McEwen upon the occurrence of a Canadian Gold Termination Fee Event;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(nn)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Termination Fee Event</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;7.06(b);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(oo)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Warrant Agreement</B>&rdquo; means the warrant agreement dated as of March&nbsp;27,
2025 between Canadian Gold and RBC Dominion Securities ITF A/C 421-56842-10 (McEwen Mining Inc.) as amended, supplemented or otherwise
modified from time to time in accordance with its terms;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(pp)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Warrantholders</B>&rdquo; means the holders of Canadian Gold Warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(qq)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Gold Warrants</B>&rdquo; means all warrants to purchase Canadian Gold Shares outstanding
immediately prior to the Effective Time and issued pursuant to the Canadian Gold Warrant Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(rr)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Securities Administrators</B>&rdquo; means, collectively, the provincial and territorial
securities commission or similar regulatory authority of each of the provinces and territories of Canada;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ss)</TD><TD STYLE="text-align: justify">&ldquo;<B>CEWS</B>&rdquo; means the Canada Emergency Wage Subsidy, enacted in section 125.7 of the Tax
Act, and any other COVID-19 related loan program or direct or indirect wage, rent or other subsidy offered by a Governmental Entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(tt)</TD><TD STYLE="text-align: justify">&ldquo;<B>CEWS Returns</B>&rdquo; means any and all returns filed, required to be filed, or required to
be kept on file in respect of CEWS;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(uu)</TD><TD STYLE="text-align: justify">&ldquo;<B>Change in Canadian Gold Recommendation</B>&rdquo; shall have the meaning ascribed thereto in
Subsection 5.01(b)(iv)A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(vv)</TD><TD STYLE="text-align: justify">&ldquo;<B>Completion Deadline</B>&rdquo; means the date by which the Arrangement and any other transactions
contemplated by this Arrangement Agreement are to be completed, which date shall be on or prior to January&nbsp;8, 2026, or such later
date as may be agreed to in writing by the Parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ww)</TD><TD STYLE="text-align: justify">&ldquo;<B>Conditional McEwen Shares</B>&rdquo; means such number of McEwen Shares equal to the number
of Excess Controlled Canadian Gold Shares multiplied by the Arrangement Consideration Factor that would be issuable to former holders
of Controlled Canadian Gold Shares (i)&nbsp;at the Effective Time if McEwen Shareholder Approval is obtained prior to such time or (ii)&nbsp;following
the Effective Time upon the exchange of the Subscription Receipts in accordance with their terms;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(xx)</TD><TD STYLE="text-align: justify">&ldquo;<B>Confidentiality Agreement</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;7.07(b);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(yy)</TD><TD STYLE="text-align: justify">&ldquo;<B>Controlled Canadian Gold Shares</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;2.09;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(zz)</TD><TD STYLE="text-align: justify">&ldquo;<B>Court</B>&rdquo; means the British Columbia Supreme Court;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(aaa)</TD><TD STYLE="text-align: justify">&ldquo;<B>Depositary</B>&rdquo; means Computershare Investor Services Inc., to be appointed for the purpose
of, among other things, exchanging certificates representing Canadian Gold Shares for certificates representing McEwen Shares in connection
with the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(bbb)</TD><TD STYLE="text-align: justify">&ldquo;<B>EDGAR</B>&rdquo; means the Electronic Data Gathering, Analysis, and Retrieval system of the
SEC;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ccc)</TD><TD STYLE="text-align: justify">&ldquo;<B>Effective Date</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;2.03;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ddd)</TD><TD STYLE="text-align: justify">&ldquo;<B>Effective Time</B>&rdquo; means the Effective Time as defined in the Plan of Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(eee)</TD><TD STYLE="text-align: justify">&ldquo;<B>Encumbrance</B>&rdquo; includes any mortgage, pledge, assignment, charge, lien, claim, security
interest, adverse interest, adverse claim, other third person interest or encumbrance of any kind, whether contingent or absolute, and
any agreement, option, right or privilege (whether by Law, contract or otherwise) capable of becoming any of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(fff)</TD><TD STYLE="text-align: justify">&ldquo;<B>Environmental Approvals</B>&rdquo; means all permits, certificates, licences, authorizations,
consents, instructions, registrations, directions, approvals, decisions, decrees, conditions, notifications, orders, whether or not having
the force of law, issued or required by any Governmental Entity pursuant to any Environmental Laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ggg)</TD><TD STYLE="text-align: justify">&ldquo;<B>Environmental Laws</B>&rdquo; means all applicable Laws whether foreign or domestic, including
applicable common law and civil law, for the protection of the natural environment and human health and safety and for the regulation
of contaminants, pollutants, waste, toxic and hazardous substances, and includes Environmental Approvals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(hhh)</TD><TD STYLE="text-align: justify">&ldquo;<B>Excess Controlled Canadian Gold Shares</B>&rdquo; means any Controlled Canadian Gold Shares
in excess of the Base Controlled Canadian Gold Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Final Order</B>&rdquo; means the final order of the Court, in form acceptable to Canadian Gold
and McEwen, each acting reasonably, approving the Arrangement, as such order may be amended, supplemented or varied by the Court with
the consent of the Parties at any time prior to the Effective Date or, if appealed, then unless such appeal is withdrawn or denied, as
affirmed or as amended on appeal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(jjj)</TD><TD STYLE="text-align: justify">&ldquo;<B>Governmental Entity</B>&rdquo; means:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any supranational body or organization, nation, government, state, province, country, territory, municipality,
quasi-government, administrative, judicial or regulatory authority, agency, board, body, bureau, commission, instrumentality, court or
tribunal or any political subdivision thereof, or any central bank (or similar monetary or regulatory authority) thereof, any taxing authority,
any ministry or department or agency of any of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or
pertaining to, government, including any court or arbitrator or any stock exchange, including the TSXV, TSX and NYSE; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">any corporation or other entity owned or controlled, through stock or capital ownership or otherwise,
by any of such entities or other bodies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(kkk)</TD><TD STYLE="text-align: justify">&ldquo;<B>IFRS</B>&rdquo; means International Financial Reporting Standards formulated by the International
Accounting Standards Board, as adopted in Canada and as updated and amended from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(lll)</TD><TD STYLE="text-align: justify">&ldquo;<B>in the Ordinary Course of Business</B>&rdquo; means and refers to the normal day-to-day operations
of the business with respect to the particular Party, consistent with past practice of such Party, provided in any event such action is
not unreasonable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(mmm)</TD><TD STYLE="text-align: justify">&ldquo;<B>Interim Order</B>&rdquo; means the interim order of the Court pursuant to the BCBCA, made in
connection with the Arrangement, as such order may be amended, supplemented or varied by the Court with the consent of the Parties, each
acting reasonably;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(nnn)</TD><TD STYLE="text-align: justify">&ldquo;<B>Laws</B>&rdquo; means any laws, including supranational, national, provincial, state, municipal
and local civil, commercial, banking, Tax, personal and real property, security, mining, environmental, water, energy, investment, property
ownership, land use and zoning, sanitary, occupational health and safety laws, treaties, statutes, ordinances, judgments, decrees, injunctions,
writs, certificates and orders, by- laws, rules, regulations, ordinances, protocols, codes, guidelines, policies, notices, directions
or other requirements of any Governmental Entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ooo)</TD><TD STYLE="text-align: justify">&ldquo;<B>Material Adverse Change</B>&rdquo; or &ldquo;<B>Material Adverse Effect</B>&rdquo; means, in
respect of any Party, any one or more changes, conditions, circumstances, events, effects, developments, facts or occurrences which, individually
or in the aggregate: (i)&nbsp;is, or would reasonably be expected to be, material and adverse to the business, properties, assets (tangible
or intangible), liabilities (including any contingent liabilities), capitalization, condition (financial or otherwise) or results of operations
of that Party and its Subsidiaries taken as a whole; or (ii)&nbsp;prevents or materially impairs, or would reasonably be expected to prevent
or materially impair, the ability of that Party to perform its obligations under this Arrangement Agreement, in each case other than any
change, condition, circumstance, event, effect, development, fact or occurrence:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">relating to the economy, political conditions or securities markets in general, globally, in Canada, the
United States, Mexico or South or Central America;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the occurrence of any natural disaster, social disorder, outbreak of hostilities or any terrorist attack
globally, in Canada, the United States, Mexico or South or Central America;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">affecting the mining industry in general globally, in Canada, the United States, Mexico or South or Central
America;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">resulting from changes in the market price of base or precious metals or other commodities relating to
changes in currency exchange rates, interest rates, monetary policy or inflation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">any actions taken (or omitted to be taken) pursuant to this Arrangement Agreement or at the written request,
or with the prior written consent, of the other Party hereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">relating to any generally applicable change in Laws or the interpretation or application of same (other
than orders, judgments or decrees against that Party or any of its Subsidiaries) or generally applicable change in IFRS or U.S. GAAP;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">any stockholder class action or other litigation arising from allegations of a breach of fiduciary duty
relating to this Arrangement Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">resulting from the announcement of the execution of this Arrangement Agreement and the transactions contemplated
hereby;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">relating to a change in the market price or trading volume of the shares of that Party (provided that
the cause(s)&nbsp;of such change may be taken into account in determining whether a Material Adverse Change or Material Adverse Effect
has occurred); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">any failure to meet any estimates or expectations regarding its revenues, earnings or other financial
performance or results of operations (provided that the causes of such failure may be taken into account in determining whether a Material
Adverse Change or Material Adverse Effect has occurred);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">provided, however, that such effect referred
to in clause (i), (ii), (iii), (iv), (v), (vi)&nbsp;or (vii)&nbsp;above does not materially disproportionately affect that Party and its
Subsidiaries, taken as a whole, relative to comparable exploration and/or mining companies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ppp)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen</B>&rdquo; means McEwen Inc., a corporation existing under the laws of the State of Colorado;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(qqq)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Board</B>&rdquo; means the board of directors of McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(rrr)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen DSUs</B>&rdquo; means the deferred stock units issued pursuant to the McEwen Stock Option
Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(sss)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Financial Statements</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;4.01(h);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ttt)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Meeting</B>&rdquo; means the first meeting of shareholders of McEwen to be held after
the date hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(uuu)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Mineral Rights</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;4.01(q);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(vvv)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Options</B>&rdquo; means all options to purchase McEwen Shares outstanding immediately
prior to the Effective Time and issued pursuant to the McEwen Stock Option Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(www)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Properties</B>&rdquo; means the properties of McEwen as more particularly described in
the McEwen Public Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(xxx)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Public Documents</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;4.01(f);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(yyy)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen RSUs</B>&rdquo; means the restricted stock units issued pursuant to the McEwen Stock
Option Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(zzz)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Shareholder Approval</B>&rdquo; means the approval, in accordance with the requirements
of the NYSE, by a majority of the votes cast by disinterested McEwen Shareholders at the McEwen Meeting of the issuance by McEwen of the
Conditional McEwen Shares pursuant to the terms hereof, the Plan of Arrangement and/or the Subscription Receipts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(aaaa)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Shareholders</B>&rdquo; means, at any applicable time, the registered or beneficial holders
of McEwen Shares, as the context requires;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(bbbb)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Shares</B>&rdquo; means shares of common stock in the capital of McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(cccc)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Stock Option Plan</B>&rdquo; means the equity incentive plan of McEwen, as approved by
the McEwen Shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(dddd)</TD><TD STYLE="text-align: justify">&ldquo;<B>McEwen Subsidiaries</B>&rdquo; means, collectively, the direct and indirect wholly-owned Subsidiaries
of McEwen and Compania Minera Pangea S.A. de C.V.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(eeee)</TD><TD STYLE="text-align: justify">&ldquo;<B>MI 61-101</B>&rdquo; means Multilateral Instrument 61-101 &ndash; <I>Protection of Minority
Security Holders in Special Transactions</I>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ffff)</TD><TD STYLE="text-align: justify">&ldquo;<B>Notifiable Transaction</B>&rdquo; shall have the meaning ascribed thereto in subsection 237.4(1)&nbsp;of
the Tax Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(gggg)</TD><TD STYLE="text-align: justify">&ldquo;<B>NYSE</B>&rdquo; means the New York Stock Exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(hhhh)</TD><TD STYLE="text-align: justify">&ldquo;<B>Parties</B>&rdquo; means, collectively, McEwen and Canadian Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(iiii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Person</B>&rdquo; means an individual, partnership, association, body corporate, joint venture,
business organization, trustee, executor, administrative legal representative, Governmental Entity or any other entity, whether or not
having legal status;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(jjjj)</TD><TD STYLE="text-align: justify">&ldquo;<B>Plan of Arrangement</B>&rdquo; means the plan of arrangement, the form of which is set out as
Schedule &ldquo;A&rdquo; to this Arrangement Agreement, and any amendments or variations made in accordance with this Arrangement Agreement
or the Plan of Arrangement or made at the direction of the Court in the Final Order with the prior written consent of the Parties, each
acting reasonably;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(kkkk)</TD><TD STYLE="text-align: justify">&ldquo;<B>Reportable Transaction</B>&rdquo; shall have the meaning ascribed thereto in subsection 237.3(1)&nbsp;of
the Tax Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(llll)</TD><TD STYLE="text-align: justify">&ldquo;<B>Right to Match</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;7.04;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(mmmm)</TD><TD STYLE="text-align: justify">&ldquo;<B>SEC</B>&rdquo; means the U.S. Securities and Exchange Commission;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(nnnn)</TD><TD STYLE="text-align: justify">&ldquo;<B>Section&nbsp;3(a)(10)&nbsp;Exemption</B>&rdquo; means the exemption from the registration requirements
of the 1933 Act pursuant to Section&nbsp;3(a)(10)&nbsp;thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(oooo)</TD><TD STYLE="text-align: justify">&ldquo;<B>Securities Act</B>&rdquo; means the <I>Securities Act</I> (British Columbia);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(pppp)</TD><TD STYLE="text-align: justify">&ldquo;<B>SEDAR+</B>&rdquo; means the System for Electronic Document Analysis and Retrieval;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(qqqq)</TD><TD STYLE="text-align: justify">&ldquo;<B>Subscription Receipt Agreement</B>&rdquo; means the subscription receipt agreement, to be entered
into and dated as of the Effective Date, among McEwen and the holders of Excess Controlled Canadian Gold Shares, governing the terms and
conditions of the Subscription Receipts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(rrrr)</TD><TD STYLE="text-align: justify">&ldquo;<B>Subscription Receipts</B>&rdquo; means the subscription receipts to be created and issued, pursuant
to the terms of the Subscription Receipt Agreement, by McEwen to former holders of Controlled Canadian Gold Shares in connection with
the Arrangement, in accordance with Section&nbsp;2.09 of this Arrangement Agreement and the Plan of Arrangement, which Subscription Receipts
shall convert automatically on the first Business Day after the McEwen Meeting, without payment of any additional consideration or further
action on the part of the holders of such Subscription Receipts, into: (i)&nbsp;if the McEwen Shareholder Approval is obtained at the
McEwen Meeting, one (1)&nbsp;McEwen Share for each one (1)&nbsp;Subscription Receipt; and (ii)&nbsp;if the McEwen Shareholder Approval
is not obtained at the McEwen Meeting, an amount in cash, payable by McEwen to the Subscription Receipt holder in accordance with the
terms of the Subscription Receipt Agreement, equal to the product of: (A)&nbsp;the closing price of the McEwen Shares on the NYSE as at
the last trading day prior to the date of the McEwen Meeting; and (B)&nbsp;the number of Subscription Receipts held by each holder thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ssss)</TD><TD STYLE="text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; means, at any time with respect to any Person, any other Person, if at
such time the first mentioned Person: (i)&nbsp;owns, directly or indirectly, securities or other ownership interests in such other Person,
having ordinary voting power to elect a majority of the board of directors or persons performing similar functions for such other Person;
and (ii)&nbsp;directly or indirectly, through the operation of any agreement or otherwise, the ability to elect or cause the election
of a majority of the board of directors or other persons performing similar functions for such other Person or otherwise exercise control
over the management and policies of such other Person, and in either case will include any other Person in a like relationship to a Subsidiary
of such first mentioned Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(tttt)</TD><TD STYLE="text-align: justify">&ldquo;<B>Superior Proposal</B>&rdquo; means any unsolicited <I>bona fide</I> written Acquisition Proposal
made after the date of this Agreement and prior to the approval of the Arrangement Resolution at the Canadian Gold Meeting from an arm&rsquo;s
length third party to acquire, directly or indirectly, all, and not less than all, of the outstanding Canadian Gold Shares for the same
form and amount of consideration per share (provided such amount is greater than the Arrangement Consideration) or all or substantially
all of the assets of Canadian Gold that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">complies with Securities Laws in all material respects and did not result from or involve a breach of
Article&nbsp;7;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">is reasonably capable of being completed, without undue delay, taking into account all financial, legal,
regulatory, timing and other aspects of such Acquisition Proposal and the Person or group of Persons making such Acquisition Proposal
and their respective affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">is not subject to a financing condition and, in respect of which it has been demonstrated to the satisfaction
of the Canadian Gold Board, in its good-faith judgment, after receiving the advice of its outside legal counsel and financial advisors,
that adequate arrangements have been made in respect of any financing required to complete such Acquisition Proposal, which shall require
either (A)&nbsp;cash resources on hand available to fund the Acquisition Proposal or (B)&nbsp;binding financing commitments (which may
be subject only to customary conditions relating to completion of definitive transaction documentation) that are available on or prior
to the proposed time of completion of the Acquisition Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">is not subject to a due diligence or access condition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">the Canadian Gold Board determines, in its good-faith judgment, after receiving the advice of its outside
legal counsel and financial advisors and after taking into account all legal, financial, regulatory and other aspects of such Acquisition
Proposal and the Person or group of Persons making such Acquisition Proposal and their affiliates, including the risk of non-completion,
would, if consummated in accordance with its terms, having considered the risk of non-completion, result in a transaction that is more
favourable, from a financial point of view, to the Canadian Gold Shareholders than the Plan of Arrangement (including any amendments to
the terms and conditions of the Plan of Arrangement proposed by McEwen pursuant to Section&nbsp;7.04(b)); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">the Canadian Gold Board determines, in its good-faith judgment, after receiving the advice of its outside
legal counsel and financial advisors and after taking into account all legal, financial, regulatory and other aspects of such Acquisition
Proposal and the Person or group of Persons making such Acquisition Proposal and their affiliates, that a failure to recommend the completion
of the transactions contemplated by the Acquisition Proposal, constitutes a breach of their fiduciary obligations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(uuuu)</TD><TD STYLE="text-align: justify">&ldquo;<B>Superior Proposal Notice</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;7.04(a)(iii);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(vvvv)</TD><TD STYLE="text-align: justify">&ldquo;<B>Tax</B>&rdquo; and &ldquo;<B>Taxes</B>&rdquo; means all federal, state, local, provincial, branch
or other taxes, including income taxes, gross receipts taxes, windfall profits taxes, <I>ad valorem </I>taxes, property taxes, capital
taxes, net worth taxes, production taxes, licence taxes, excise taxes, franchise taxes, employment taxes, sales taxes, use taxes, value
added taxes, transfer taxes, withholding or similar taxes, payroll taxes, employment taxes, pension plan premiums, social security premiums,
workers&rsquo; compensation premiums, employment insurance or compensation premiums, stamp taxes, occupation taxes, premium taxes, mining
taxes, alternative or add-on minimum taxes, goods and services taxes, customs duties or other taxes of any kind whatsoever imposed or
charged by any Governmental Entity, together with any interest, penalties or additions with respect thereto, and any interest in respect
of such penalties or additions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(wwww)</TD><TD STYLE="text-align: justify">&ldquo;<B>Tax Act</B>&rdquo; means the <I>Income Tax Act</I> (Canada);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(xxxx)</TD><TD STYLE="text-align: justify">&ldquo;<B>Tax Returns</B>&rdquo; means all returns, schedules, elections, declarations, reports, information
returns, notices, forms, statements and other documents made, prepared or filed with any Governmental Entity or required to be made, prepared
or filed with any Governmental Entity relating to Taxes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(yyyy)</TD><TD STYLE="text-align: justify">&ldquo;<B>Third Party Confidentiality Agreement</B>&rdquo; shall have the meaning ascribed to such term
in Subsection 7.03;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(zzzz)</TD><TD STYLE="text-align: justify">&ldquo;<B>Transaction Personal Information</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;9.01;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(aaaaa)</TD><TD STYLE="text-align: justify">&ldquo;<B>TSX</B>&rdquo; means the Toronto Stock Exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(bbbbb)</TD><TD STYLE="text-align: justify">&ldquo;<B>TSXV</B>&rdquo; means the TSX Venture Exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ccccc)</TD><TD STYLE="text-align: justify">&ldquo;<B>U.S. GAAP</B>&rdquo; means accounting principles generally accepted in the United States of
America, as updated and amended from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ddddd)</TD><TD STYLE="text-align: justify">&ldquo;<B>U.S. Securities Administrators</B>&rdquo; means, collectively, the SEC and any state securities
commission or similar regulatory authority of any state of the United States; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.02</B></TD><TD STYLE="text-align: justify"><B>Interpretation Not Affected by Headings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">The division of this Arrangement
Agreement into articles, sections, subsections, paragraphs and subparagraphs and the insertion of headings herein are for convenience
of reference only and shall not affect in any way the meaning or interpretation of this Arrangement Agreement. The terms &ldquo;this Arrangement
Agreement&rdquo;, &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereto&rdquo;, &ldquo;hereunder&rdquo; and similar expressions refer
to this Arrangement Agreement and the schedules attached hereto and not to any particular article, section or other portion hereof and
include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. References in this Arrangement Agreement to
the words &ldquo;include&rdquo;, &ldquo;includes&rdquo; or &ldquo;including&rdquo; shall be deemed to be followed by the words &ldquo;without
limitation&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.03</B></TD><TD STYLE="text-align: justify"><B>References to Articles, Sections, Etc.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Unless otherwise indicated,
references in this Arrangement Agreement to any article, section, subsection, paragraph, subparagraph or portion thereof are a reference
to the applicable article, section, subsection, paragraph, subparagraph or portion thereof in this Arrangement Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.04</B></TD><TD STYLE="text-align: justify"><B>Number and Gender</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">In this Arrangement Agreement,
unless the context otherwise requires, words importing the singular only shall include the plural and <I>vice versa</I>, and words importing
the use of any gender shall include all genders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.05</B></TD><TD STYLE="text-align: justify"><B>Date for Any Action</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">If the date on which any action
is required to be taken hereunder by any Party is not a Business Day, such action shall be required to be taken on the next succeeding
day that is a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.06</B></TD><TD STYLE="text-align: justify"><B>Statutory References</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Any reference in this Arrangement
Agreement to a statute includes all regulations and rules&nbsp;made thereunder, all amendments to such statute or regulation in force
from time to time and any statute or regulation that supplements or supersedes such statute or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.07</B></TD><TD STYLE="text-align: justify"><B>Currency</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Unless otherwise stated, all
references in this Arrangement Agreement to amounts of money are expressed in lawful money of Canada, and &ldquo;$&rdquo; refers to Canadian
dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.08</B></TD><TD STYLE="text-align: justify"><B>Invalidity of Provisions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Each of the provisions contained
in this Arrangement Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part
thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent
permitted by applicable Law, the Parties waive any provision of Law that renders any provision of this Arrangement Agreement or any part
thereof invalid or unenforceable in any respect. The Parties shall engage in good faith negotiations to replace any provision hereof or
any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, so as to effect the
original intent of the Parties as closely as possible in an acceptable manner to the end that the Arrangement and any other transactions
contemplated by this Arrangement Agreement are fulfilled to the fullest extent possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.09</B></TD><TD STYLE="text-align: justify"><B>Accounting Matters</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Unless otherwise stated, all
accounting terms used in this Arrangement Agreement shall have the meanings attributable thereto: (i)&nbsp;in respect of Canadian Gold,
under IFRS; or (ii)&nbsp;in respect of McEwen, under U.S. GAAP, and in each case all determinations of an accounting nature required to
be made hereunder shall be made in a manner consistent therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.10</B></TD><TD STYLE="text-align: justify"><B>Knowledge</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Where the phrases &ldquo;to
the knowledge of Canadian Gold&rdquo; or &ldquo;to Canadian Gold&rsquo;s knowledge&rdquo; or &ldquo;to the knowledge of McEwen&rdquo;
or &ldquo;to McEwen&rsquo;s knowledge&rdquo; are used in respect of Canadian Gold or the Canadian Gold Subsidiary or McEwen or the McEwen
Subsidiaries, as the case may be, such phrase shall mean, in respect of each representation and warranty or other statement which is qualified
by such phrase, that such representation and warranty or other statement is being made based upon: (i)&nbsp;in the case of Canadian Gold
or the Canadian Gold Subsidiary, the collective actual knowledge of Peter Shippen, director and chair, and Michael Swistun, President
and Chief Executive Officer, of Canadian Gold and the Canadian Gold Subsidiary, after reasonable inquiry; and (ii)&nbsp;in the case of
McEwen or the McEwen Subsidiaries, the collective actual knowledge of William Shaver, Chief Operating Officer, and Perry Ing, Chief Financial
Officer, of McEwen and the McEwen Subsidiaries, after reasonable inquiry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>1.11</B></TD><TD STYLE="text-align: justify"><B>Schedules</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">The following schedules are
attached to, and are deemed to be incorporated into and form part of, this Arrangement Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Schedule</U></B></FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Matter</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Schedule &ldquo;A&rdquo;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Plan of Arrangement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Schedule &ldquo;B&rdquo;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Arrangement Resolution</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;2<BR>
THE ARRANGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>2.01</B></TD><TD STYLE="text-align: justify"><B>Arrangement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Canadian Gold and McEwen agree
that the Arrangement shall be implemented in accordance with and subject to the terms and conditions contained in this Arrangement Agreement
and the Plan of Arrangement. The Parties agree that: (i)&nbsp;the Arrangement shall result in the acquisition by McEwen of all of the
issued and outstanding Canadian Gold Shares; and (ii)&nbsp;subject to Section&nbsp;2.09, each Canadian Gold Shareholder (other than a
Canadian Gold Shareholder who has validly exercised its Canadian Gold Dissent Rights) shall be entitled to receive, in exchange for each
Canadian Gold Share held, the Arrangement Consideration, all as more specifically set out in the Plan of Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>2.02</B></TD><TD STYLE="text-align: justify"><B>Court Proceedings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Canadian Gold shall apply to
the Court, in a manner acceptable to McEwen, acting reasonably, pursuant to the BCBCA for the Interim Order and the Final Order as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">as soon as reasonably practicable after the date of execution of this Arrangement Agreement and in any
case on or before November&nbsp;10, 2025, and subject to Section&nbsp;5.01(a), Canadian Gold shall file, proceed with and diligently prosecute
an application to the Court for the Interim Order which shall request that the Interim Order shall provide, among other things:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">for the class of Persons to whom notice is to be provided in respect of the Arrangement and the Canadian
Gold Meeting and for the manner in which such notices are to be provided, such notices to include, <I>inter alia</I>, that such Persons
have a right to appear at the hearing before the Court at which the fairness of the Arrangement is to be adjudged;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">for confirmation of the record date for purposes of determining the Canadian Gold Shareholders entitled
to receive notice of and vote at the Canadian Gold Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">that the requisite approval for the Arrangement Resolution shall be: (A)&nbsp;at least 66&frac23;% of
the votes cast on the Arrangement Resolution by the Canadian Gold Shareholders, voting as a single class, present in person or by proxy
at the Canadian Gold Meeting; and (B)&nbsp;a simple majority of the votes cast on the Arrangement Resolution by Canadian Gold Shareholders,
voting as a single class, present in person or by proxy at the Canadian Gold Meeting (excluding Canadian Gold Shares held by certain &ldquo;interested
parties&rdquo; and &ldquo;related parties&rdquo; of any interested parties (<FONT STYLE="background-color: white">as such terms are defined
in MI 61-101</FONT>) in accordance with the requirements of MI 61-101) (collectively, the &ldquo;<B>Canadian Gold Shareholder Approval</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">that, in all other respects, except as modified by the Interim Order, the terms, conditions and restrictions
of the Canadian Gold constating documents, including quorum requirements and other matters, shall apply in respect of the Canadian Gold
Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">that McEwen intends to rely upon the Section&nbsp;3(a)(10)&nbsp;Exemption in connection with the issuance
of McEwen Shares to be issued in exchange for securities as contemplated by the Arrangement, subject to and conditioned upon the Court&rsquo;s
determination following a hearing that the Arrangement is fair and reasonable to the Canadian Gold Shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">for the grant of the Canadian Gold Dissent Rights to the registered holders of Canadian Gold Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">for notice requirements with respect to the presentation of the application to the Court for the Final
Order;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">that the Canadian Gold Meeting may be adjourned or postponed from time to time by management of Canadian
Gold with the consent of McEwen, such consent not be unreasonably withheld, in accordance with the terms of this Arrangement Agreement,
without the need for additional approval of the Court;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">that, subject to the Interim Order and with the consent of McEwen, such consent not be unreasonably withheld.
the record date for the Canadian Gold Shareholders entitled to notice of and to vote at the Canadian Gold Meeting will not change in respect
of any adjournment(s)&nbsp;(or postponements) of the Canadian Gold Meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">for such other matters as Canadian Gold and McEwen, each acting reasonably, may require; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">subject to obtaining the approvals as contemplated by the Interim Order and as may be directed by the
Court in the Interim Order, Canadian Gold shall take all steps necessary or desirable to apply for and obtain the Final Order as soon
as practicable following approval of the Arrangement Resolution at the Canadian Gold Meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The notices of motion and related materials for
the applications referred to in this Section&nbsp;2.02 shall be in a form satisfactory to Canadian Gold and McEwen, each acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>2.03</B></TD><TD STYLE="text-align: justify"><B>Effecting the Arrangement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">The Arrangement shall become
effective at the Effective Time: (a)&nbsp;on the date the Final Order is deposited at the registered office of Canadian Gold (the &ldquo;<B>Effective
Date</B>&rdquo;) which date shall be the date that is three Business Days after the satisfaction or waiver (subject to applicable Laws)
of the conditions set forth in Article&nbsp;6 (other than the delivery of items to be delivered on the Effective Date and the satisfaction
of those conditions that, by their terms, cannot be satisfied until immediately prior to the Effective Date); or (b)&nbsp;such date as
mutually agreed in writing by the Parties. Subject to the rights of termination contained in Article&nbsp;8, upon the Canadian Gold Shareholders
providing the Canadian Gold Shareholder Approval in accordance with the Interim Order, Canadian Gold obtaining the Final Order and the
other conditions contained in Article&nbsp;6 being complied with or waived, Canadian Gold shall deposit the Final Order at the registered
office of Canadian Gold, whereupon the Arrangement and other transactions contemplated by this Arrangement Agreement shall occur and shall
be deemed to have occurred in the order set out in the Plan of Arrangement without any further act or formality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>2.04</B></TD><TD STYLE="text-align: justify"><B>Consultation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Canadian Gold and McEwen will
consult with each other in respect to issuing any press release or otherwise making any public statement with respect to this Arrangement
Agreement or the Arrangement and in making any filing with the Court, any Governmental Entity, Canadian Securities Administrator, U.S.
Securities Administrators or stock exchange with respect thereto. Each of Canadian Gold and McEwen shall use its commercially reasonable
efforts to enable each of the other of them to review and comment on all such press release and filings prior to the release or filing,
respectively, thereof; provided, however, that the obligations herein will not prevent a Party from making, after consultation with the
other Party, such disclosure as is required by Applicable Securities Laws or the rules&nbsp;and policies of any applicable stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>2.05</B></TD><TD STYLE="text-align: justify"><B>U.S. Securities Law Matters</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">The Parties agree that the McEwen
Shares to be issued to the Canadian Gold Shareholders pursuant to the Arrangement will not be registered under the 1933 Act and will be
issued in reliance on the Section&nbsp;3(a)(10)&nbsp;Exemption. In order to ensure the availability of the Section&nbsp;3(a)(10)&nbsp;Exemption,
the Parties agree that the Arrangement will be carried out on the following basis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">prior to the issuance of the Interim Order, the Court will be advised of the intention of the Parties
to rely on the Section&nbsp;3(a)(10)&nbsp;Exemption with respect to the issuance of the McEwen Shares as the Arrangement Consideration
in connection with the Arrangement, based on the Court&rsquo;s approval of the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">the Court will be asked to satisfy itself that the Arrangement is fair and reasonable to the Canadian
Gold Shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the hearing of the Court to give approval of the Arrangement must be open to any Persons to whom securities
will be issued under the Arrangement and there will not be any improper impediments to the appearance by those Persons at the hearing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Canadian Gold will ensure that each Canadian Gold Shareholder entitled to receive McEwen Shares as the
Arrangement Consideration pursuant to the Arrangement will be given adequate notice advising them of their right to attend the hearing
of the Court to give approval of the Arrangement and providing them with sufficient information necessary for them to exercise that right;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">the Canadian Gold Shareholders will be advised that McEwen Shares issued as Arrangement Consideration
pursuant to the Arrangement have not been registered under the 1933 Act and will be issued by McEwen in reliance on the Section&nbsp;3(a)(10)&nbsp;Exemption,
and may be subject to restrictions on resale under the applicable securities laws of the United States, including Rule&nbsp;144 under
the 1933 Act with respect to affiliates of Canadian Gold and McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">the Interim Order approving the Canadian Gold Meeting shall specify that each Person to whom McEwen Shares
will be issued pursuant to the Arrangement will have the right to appear before the Court at the hearing for the Final Order so long as
they enter an appearance within a reasonable time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">the Final Order approving the Arrangement that is obtained from the Court will expressly state that the
Arrangement is approved by the Court as being fair and reasonable to the Canadian Gold Shareholders, as well as the following or substantially
similar language: &ldquo;This Order will serve as a basis of a claim to an exemption, pursuant to section 3(a)(10)&nbsp;of the United
States Securities Act of 1933, as amended, from the registration requirements otherwise imposed by that act regarding the distribution
of securities of McEwen pursuant to the Plan of Arrangement&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>2.06</B></TD><TD STYLE="text-align: justify"><B>Closing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">The closing of the Arrangement
will take place at the offices of Bennett Jones LLP, located at 3400 One First Canadian Place, Toronto, Ontario, at 8:00 a.m.&nbsp;(Pacific
time) on the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>2.07</B></TD><TD STYLE="text-align: justify"><B>Adjustments for Dividends, Distributions or other Corporate Events</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">If on or after the date hereof,
either Party: (i)&nbsp;splits, consolidates or reclassifies any of its common shares; (ii)&nbsp;undertakes any other capital reorganization;
or (iii)&nbsp;declares, sets aside or pays any dividend or other distribution to its shareholders of record as of a time prior to the
Effective Date, the Parties hereto shall make such adjustments to the Arrangement, including the Arrangement Consideration and the Arrangement
Consideration Factor, as they determine acting in good faith to be necessary to restore the original intention of the Parties in the circumstances.
If the Parties are unable to agree on such adjustments within ten (10)&nbsp;Business Days, the matter shall be referred to a nationally
recognized independent accounting firm. The accounting firm shall act as an expert and not as an arbitrator, and its determination shall
be final, conclusive and binding on the Parties. The costs and expenses of the accounting firm shall be borne equally by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>2.08</B></TD><TD STYLE="text-align: justify"><B>Withholding</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Canadian Gold, McEwen and the
Depositary shall be entitled to deduct or withhold from any consideration payable or otherwise deliverable to any Person hereunder and
from all dividends or other distributions otherwise payable to any former Canadian Gold Shareholder such amounts as Canadian Gold, McEwen
or the Depositary are required to deduct or withhold with respect to such payment under the Tax Act, the United States Internal Revenue
Code of 1986 or any provision of any applicable Tax Laws. To the extent that amounts are so deducted or withheld, such deducted or withheld
amounts shall be treated for all purposes hereof as having been paid to the relevant Person in respect of which such deduction or withholding
was made, provided that such deducted or withheld amounts are remitted to the appropriate Governmental Entity. Each of Canadian Gold,
McEwen and the Depositary and any person acting on their behalf is hereby authorized to sell or otherwise dispose of such portion of the
Arrangement Consideration as is necessary to provide sufficient funds to Canadian Gold, McEwen or the Depositary, as the case may be,
to enable it to implement such deduction or withholding, and Canadian Gold, McEwen or the Depositary will notify the holder thereof and
remit to the holder any unapplied balance of the net proceeds of such sale. None of Canadian Gold, McEwen or the Depositary shall be liable
for any loss arising out of any such sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>2.09</B></TD><TD STYLE="text-align: justify"><B>Subscription Receipts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Notwithstanding that pursuant
to the Arrangement each other Canadian Gold Shareholder will be entitled to receive the Arrangement Consideration in exchange for such
Canadian Gold Shareholder&rsquo;s Canadian Gold Shares, if the McEwen Shareholder Approval has not been obtained prior to the Effective
Time, no McEwen Shares shall be issued in respect of any Canadian Gold Shares beneficially held, directly or indirectly, or controlled
or directed as of the date hereof, by Mr.&nbsp;Robert McEwen (the &ldquo;<B>Controlled Canadian Gold Shares</B>&rdquo;) to the extent
that such issuance would result in an issuance, in aggregate, of greater than one per cent (1%) of the number of issued and outstanding
McEwen Shares determined immediately prior to the Effective Time, as Arrangement Consideration for such Controlled Canadian Gold Shares.
The portion of the Controlled Canadian Gold Shares that will result in aggregate Arrangement Consideration up to one percent (1%) of the
number of issued and outstanding McEwen Shares determined immediately prior to the Effective Time is herein referred to as the &ldquo;<B>Base
Controlled Canadian Gold Shares</B>&rdquo; and the balance of the Controlled Canadian Gold Shares is herein referred to as the &ldquo;<B>Excess
Controlled Canadian Gold Shares</B>&rdquo;. In accordance with the terms of the Plan of Arrangement at the Effective Time, (i)&nbsp;each
Base Controlled Canadian Gold Share shall be exchanged for the Arrangement Consideration, and (ii)&nbsp;each Excess Controlled Canadian
Gold Share shall be exchanged for such fraction of one Subscription Receipt equal to the Arrangement Consideration Factor. For greater
certainty, if the McEwen Shareholder Approval is obtained prior to the Effective Time in accordance with the Plan of Arrangement, then
each Controlled Canadian Gold Share shall be exchanged for the Arrangement Consideration at the Effective Time and no Subscription Receipts
will be created and issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Notwithstanding the foregoing
provisions of this Section&nbsp;2.09, if the McEwen Meeting occurs prior to the Effective Time and the McEwen Shareholder Approval is
not obtained at such meeting, then McEwen shall not issue Arrangement Consideration in respect of the Excess Controlled Canadian Gold
Shares but shall instead at the Effective Time and in accordance with the Plan of Arrangement pay to the holder thereof an amount in cash
for each Excess Controlled Canadian Gold Share equal to the Arrangement Consideration Factor multiplied by the closing price of McEwen
Shares on the NYSE on the last trading day prior to the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;3<BR>
REPRESENTATIONS AND WARRANTIES OF Canadian Gold</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>3.01</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties of Canadian Gold</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Canadian Gold hereby represents
and warrants to McEwen as set forth in this Section&nbsp;3.01 and hereby acknowledges that McEwen is relying upon such representations
and warranties in connection with entering into this Arrangement Agreement and agreeing to complete the Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Organization</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Canadian Gold and each Canadian Gold Subsidiary has been duly incorporated under the applicable Laws of
its jurisdiction of incorporation, is validly existing and has all necessary corporate power, authority and capacity to own its property
and assets and to carry on its business as currently owned and conducted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Canadian Gold and each Canadian Gold Subsidiary is duly qualified or licensed to do business and is in
good standing in each jurisdiction where the character of the properties owned, leased or operated by it or the nature of its business
makes such qualification or licensing necessary, except where the failure to be so qualified, licensed or in good standing has not had,
or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect in respect of Canadian Gold.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Capitalization</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The authorized capital of Canadian Gold consists of an unlimited number of Canadian Gold Shares. As at
the date of this Arrangement Agreement, 209,977,304 Canadian Gold Shares are issued and outstanding. As at the date of this Arrangement
Agreement, there are outstanding Canadian Gold Options to acquire an aggregate of up to 600,000 Canadian Gold Shares, all of which are
or will, upon issuance, become exercisable immediately prior to the completion of the Arrangement. As at the date of the Arrangement Agreement,
there are outstanding Canadian Gold Warrants to acquire an aggregate of up to 2,941,176 Canadian Gold Shares, all of which are or will,
upon issuance, become exercisable immediately prior to the completion of the Arrangement. Except for the Canadian Gold Options and the
Canadian Gold Warrants referred to in the preceding sentence, there are no options, warrants, conversion privileges or other rights, agreements,
arrangements or commitments (pre-emptive, contingent or otherwise) obligating Canadian Gold or any Canadian Gold Subsidiary to issue or
sell any securities of Canadian Gold or any Canadian Gold Subsidiary or securities or obligations of any kind convertible into, or exchangeable
or exercisable for, any securities of Canadian Gold or any Canadian Gold Subsidiary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">All outstanding Canadian Gold Shares and the Canadian Gold Shares to be issued on any exercise of Canadian
Gold Options and Canadian Gold Warrants have been duly authorized. The outstanding Canadian Gold Shares are, and any Canadian Gold Shares
to be issued on the exercise of any Canadian Gold Options and Canadian Gold Warrants will be when issued, validly issued and outstanding
as fully paid and non-assessable shares, free of pre-emptive rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">All of the shares of the Canadian Gold Subsidiary are validly issued, fully paid and non-assessable and
are held directly or indirectly by Canadian Gold free and clear of any Encumbrances. No Person other than Canadian Gold holds any equity
interest, or right to acquire any equity interest, in the Canadian Gold Subsidiary. Canadian Gold does not hold any equity interest, or
right to acquire any equity interest, in any Person, other than its interests in the Canadian Gold Subsidiary and as disclosed in the
Canadian Gold Public Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Canadian Gold has no Subsidiaries, other than a 100% interest in the Canadian Gold Subsidiary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">There are no outstanding bonds, debentures or other evidences of indebtedness of Canadian Gold or the
Canadian Gold Subsidiary having the right to vote (or that are convertible for, or exercisable into, securities having the right to vote)
with the Canadian Gold Shareholders on any matter. There are no outstanding obligations of Canadian Gold or the Canadian Gold Subsidiary
to repurchase, redeem or otherwise acquire any outstanding Canadian Gold Shares or with respect to the voting or disposition of any outstanding
securities of Canadian Gold or the Canadian Gold Subsidiary. No holder of securities issued by Canadian Gold or any Canadian Gold Subsidiary
has any right to compel Canadian Gold or the Canadian Gold Subsidiary to register or otherwise qualify securities for public sale in Canada,
the United States or elsewhere.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">Canadian Gold has provided to McEwen, for all of the outstanding Canadian Gold Options and outstanding
Canadian Gold Warrants as at the date of this Arrangement Agreement, a true and complete list setting out the name of each holder of a
Canadian Gold Option and Canadian Gold Warrant, the number of Canadian Gold Options and Canadian Gold Warrants held by such Person and
the exercise price, date of grant and expiry date of each such Canadian Gold Option and Canadian Gold Warrant, as well as a true and complete
copy of the Canadian Gold Stock Option Plan and Canadian Gold Warrant Agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Authority and No Violation</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Canadian Gold has the necessary corporate power, authority and capacity to enter into this Arrangement
Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Arrangement Agreement by Canadian
Gold has been duly authorized by the Canadian Gold Board and no other corporate proceedings on its part are necessary to authorize the
execution, delivery and performance of this Arrangement Agreement, other than the Canadian Gold Shareholder Approval. This Arrangement
Agreement has been duly executed and delivered by Canadian Gold and constitutes a legal, valid and binding obligation of Canadian Gold,
enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other applicable Laws affecting creditors&rsquo;
rights generally, and to general principles of equity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The authorization of this Arrangement Agreement, the execution and delivery by Canadian Gold of this Arrangement
Agreement and the performance by it of its obligations under this Arrangement Agreement, and the completion of the Arrangement will not:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">result (with or without notice or the passage of time) in a violation or breach of or constitute a default
under, require an Authorization to be obtained under or give rise to any third party right of termination, amendment, cancellation, acceleration,
penalty or payment obligation or right of purchase or sale or pre-emptive or participation right under, any provision of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: justify">its or any Canadian Gold Subsidiary&rsquo;s notice of articles, articles, or other charter documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in">II.</TD><TD STYLE="text-align: justify">any applicable Laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in">III.</TD><TD STYLE="text-align: justify">any note, bond, mortgage, indenture, instrument, contract, agreement, lease or Authorization to which
Canadian Gold or any Canadian Gold Subsidiary is party or by which it or its assets are bound, except as would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect in respect of Canadian Gold; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in">IV.</TD><TD STYLE="text-align: justify">any judgment, decree, order or award of any Governmental Entity, court or arbitrator;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">give rise to any right of termination, amendment, acceleration or cancellation of indebtedness of Canadian
Gold or any Canadian Gold Subsidiary, or cause any such indebtedness to come due before its stated maturity, or cause any available credit
of Canadian Gold or any Canadian Gold Subsidiary to cease to be available, or cause any security interest in any assets of Canadian Gold
or any Canadian Gold Subsidiary to become enforceable or realizable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">give rise to any rights of first refusal or trigger any change of control provisions or any restriction
or limitation under any such note, bond, mortgage, indenture, contract, agreement or Authorization; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: justify">result in the imposition of any Encumbrance upon any assets of Canadian Gold or any Canadian Gold Subsidiary,
except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect in respect of Canadian
Gold.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental
Entity or other Person is required to be obtained by Canadian Gold in connection with this Arrangement Agreement and the completion of
the Arrangement and any other transactions contemplated by this Arrangement Agreement, other than: (i)&nbsp;the Canadian Gold Shareholder
Approval; (ii)&nbsp;the approval of the Court pursuant to the Interim Order and the Final Order; (iii)&nbsp;the requirement to prepare
and file this Arrangement Agreement and the Canadian Gold Circular together with related continuous disclosure filings; and (iv)&nbsp;such
authorizations, consents, approvals and filings as to which the failure to obtain or make would not, individually or in the aggregate,
prevent or materially delay the completion of the Arrangement and any other transactions contemplated by this Arrangement Agreement. To
the knowledge of Canadian Gold, the only Canadian Gold Shareholders whose votes may not be counted for the purposes of the &ldquo;majority
of the minority&rdquo; approval under MI 61-101 are McEwen (as to 11,764,705 Canadian Gold Shares), Robert McEwen (as to 67,857,150 Canadian
Gold Shares), Alexander McEwen (as to 60,000 Canadian Gold Shares), and James Downey (as to 7,059 Canadian Gold Shares).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Support of the Arrangement</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold has received an opinion
of Red Cloud Securities Inc. dated October&nbsp;8, 2025, to the effect that, as of such date and subject to the assumptions and limitations
set out therein, the Arrangement is fair, from a financial point of view, to Canadian Gold Shareholders (other than with respect to McEwen
and Robert McEwen) (the &ldquo;<B>Canadian Gold Fairness Opinion</B>&rdquo;). The Canadian Gold Board has, taking into account, among
other things, the recommendation of a special committee of independent and disinterested directors of the Canadian Gold Board, and the
Canadian Gold Fairness Opinion, determined that the Arrangement is in the best interests of Canadian Gold and the Canadian Gold Shareholders
(other than with respect to McEwen and Robert McEwen). The Canadian Gold Board has approved the Arrangement and any other transactions
contemplated by this Arrangement Agreement and determined to recommend approval of the Arrangement Resolution to the Canadian Gold Shareholders
(other than with respect to McEwen and Robert McEwen) (the &ldquo;<B>Canadian Gold Recommendation</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Authorizations</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold and each Canadian Gold Subsidiary
possess all Authorizations necessary to properly conduct their respective businesses. Each Authorization obtained by Canadian Gold or
any Canadian Gold Subsidiary is in full force and effect and not subject to any dispute. Canadian Gold and the Canadian Gold Subsidiary
are in compliance with each of such Authorizations in all material respects. No event has occurred which, with the giving of notice, lapse
of time or both, could constitute a default under, or in respect of, any of such Authorizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><U>Public Filings</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold has filed all documents
or information required to be filed by it under Applicable Securities Laws from January&nbsp;1, 2022 to the date of this Arrangement Agreement
(the &ldquo;<B>Canadian Gold Public Documents</B>&rdquo;). All of the Canadian Gold Public Documents, as of their respective dates (and
as of the dates of any amendments thereto), did not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
All of the Canadian Gold Public Documents, as of their respective dates (and as of the dates of any amendments thereto), complied as to
both form and content in all material respects with the requirements of Applicable Securities Laws or were amended on a timely basis to
correct deficiencies identified by the Canadian Securities Administrators. All of the Canadian Gold Public Documents are publicly available
on SEDAR+. Canadian Gold has not filed any confidential material change report with any Canadian Securities Administrator that at the
date hereof remains confidential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify"><U>Disclosure Controls and Procedures</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold has established and maintains
a system of disclosure controls and procedures designed to ensure that information required to be disclosed by Canadian Gold under Applicable
Securities Laws is recorded, processed, summarized and reported within the time periods specified in the Applicable Securities Laws. Such
disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by Canadian
Gold in the Canadian Gold Public Documents is accumulated and communicated to the management of Canadian Gold, including its principal
executive and financial officers, or Persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify"><U>Financial Statements</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The audited consolidated financial statements
of Canadian Gold (including any related notes thereto) for the fiscal years ended December&nbsp;31, 2024 and 2023 and the condensed interim
consolidated financial statements of Canadian Gold (including any related notes thereto) for the period ended June&nbsp;30, 2025 (collectively,
the &ldquo;<B>Canadian Gold Financial Statements</B>&rdquo;) have been prepared in accordance with IFRS and all applicable Laws and present
fairly, in all material respects, the assets, liabilities (whether accrued, absolute, contingent or otherwise), financial position and
results of operations of Canadian Gold as at December&nbsp;31, 2024 and 2023 and June&nbsp;30, 2025, as applicable, and for the periods
covered thereby applied on a basis consistent with the immediately prior period and throughout the periods indicated (except as may be
indicated expressly in the notes thereto), and subject in the case of unaudited interim consolidated financial statements to recurring
year-end audit adjustments normal in nature and extent. The Canadian Gold Financial Statements reflect appropriate and adequate reserves
in accordance with IFRS in respect of contingent liabilities, if any, of Canadian Gold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify"><U>Internal Controls Over Financial Reporting</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold maintains internal controls
over its financial reporting. Such internal controls over its financial reporting are effective in providing reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS and Applicable
Securities Laws and include policies and procedures that: (i)&nbsp;pertain to the maintenance of records that in reasonable detail accurately
and fairly reflect the transactions involving, or any acquisitions and dispositions of, the assets of Canadian Gold and the Canadian Gold
Subsidiary; (ii)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit the preparation of the Canadian
Gold Financial Statements in accordance with IFRS and Applicable Securities Laws, and that receipts and expenditures of Canadian Gold
and the Canadian Gold Subsidiary are being made only in accordance with authorizations of management and directors of Canadian Gold and
the Canadian Gold Subsidiary; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of the assets of Canadian Gold or the Canadian Gold Subsidiary that could have a material effect on the Canadian Gold
Financial Statements. To the knowledge of Canadian Gold, prior to the date of this Arrangement Agreement: (A)&nbsp;there were no significant
deficiencies in the design or operation of, or material weaknesses in, the internal controls over financial reporting of Canadian Gold
that are reasonably likely to adversely affect the ability of Canadian Gold to record, process, summarize and report financial information;
and (B)&nbsp;there was no fraud, whether or not material, that involves management or other employees who have a significant role in the
internal control over financial reporting of Canadian Gold. Since December&nbsp;31, 2023, Canadian Gold has received no: (x)&nbsp;complaints
from any source regarding any material accounting, internal accounting controls or auditing matters; or (y)&nbsp;expressions of concern
from employees of Canadian Gold regarding questionable accounting or auditing matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify"><U>Liabilities and Indebtedness</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Neither Canadian Gold nor the Canadian
Gold Subsidiary has any liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise), except for: (i)&nbsp;liabilities
and obligations that are specifically disclosed in the Canadian Gold Financial Statements; or (ii)&nbsp;liabilities and obligations incurred
in the Ordinary Course of Business since June&nbsp;30, 2025. Neither Canadian Gold nor the Canadian Gold Subsidiary has any material obligation
to issue any debt securities, or guarantee, endorse or otherwise become responsible for, the obligations of any other Person. Neither
Canadian Gold nor the Canadian Gold Subsidiary has any off balance sheet liabilities or other arrangements that would avoid disclosure
of liabilities in the Canadian Gold Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify"><U>Books and Records</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The financial books, records and accounts of Canadian Gold and each of the Canadian Gold Subsidiary in
all material respects:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">have been maintained in accordance with applicable Laws and IFRS on a basis consistent with prior years;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">are stated in reasonable detail and accurately and fairly reflect the material transactions involving,
or any acquisitions or dispositions of, any assets of Canadian Gold and the Canadian Gold Subsidiary; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">accurately and fairly reflect the basis for the Canadian Gold Financial Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The corporate minute books of Canadian Gold and each of the Canadian Gold Subsidiary are complete and
accurate in all material respects and contain, among other things, copies of minutes of all meetings and resolutions of the respective
directors (other than those portions of minutes of meetings reflecting discussions of the Arrangement) and securityholders held in accordance
with applicable Laws, and share issuance and transfer records.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Canadian Gold has provided to McEwen, on or before the date hereof, a true and complete copy of the minute
books of Canadian Gold and each of the Canadian Gold Subsidiary (including all of the information referred to in Section&nbsp;3.01(k)(ii)&nbsp;above).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD STYLE="text-align: justify"><U>Absence of Certain Changes or Events</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Since December&nbsp;31, 2024, except as
disclosed in the Canadian Gold Public Documents, and other than for the purposes of the Arrangement and any other transactions contemplated
by this Arrangement Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Canadian Gold and each of the Canadian Gold Subsidiary has conducted its business only in the Ordinary
Course of Business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">there has not been any acquisition or sale by Canadian Gold of any material property or assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">there has not occurred one or more changes, events or occurrences which would, individually or in the
aggregate, be reasonably likely to result in a Material Adverse Effect in respect of Canadian Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">there has been no dividend or distribution of any kind declared, paid or made by Canadian Gold on any
Canadian Gold Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">Canadian Gold has not effected or passed any resolution to approve a split, consolidation or reclassification
of any of the outstanding Canadian Gold Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">neither Canadian Gold nor any Canadian Gold Subsidiary has incurred any liabilities or obligations of
any nature (whether accrued, absolute, contingent or otherwise) which would, individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect in respect of Canadian Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">there has not been any incurrence, assumption or guarantee by Canadian Gold or any Canadian Gold Subsidiary
of any debt for borrowed money, any creation or assumption by Canadian Gold or any Canadian Gold Subsidiary of any Encumbrance, or any
making by Canadian Gold or any Canadian Gold Subsidiary of any loan, advance or capital contribution to, or investment in, any other Person,
which would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect in respect of Canadian Gold;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">Canadian Gold has not effected any change in its accounting methods, principles or practices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD STYLE="text-align: justify"><U>No Default</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Neither Canadian Gold nor the Canadian
Gold Subsidiary nor, to the knowledge of Canadian Gold, any other party thereto, is in default under, and there exists no event, condition
or occurrence which, after notice or lapse of time or both, would constitute such a default or would trigger a right of termination under:
(i)&nbsp;any note, bond, mortgage, indenture or other instrument evidencing any indebtedness to which Canadian Gold or any Canadian Gold
Subsidiary is a party; or (ii)&nbsp;any other contract, agreement, lease, letter of intent, offer or Authorization or other instrument
or obligation, which would, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect in respect of Canadian
Gold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(n)</TD><TD STYLE="text-align: justify"><U>Litigation</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">There is no claim, action, proceeding or investigation that has been commenced or is pending or, to the
knowledge of Canadian Gold, threatened, against Canadian Gold or any Canadian Gold Subsidiary or affecting any of its properties or assets
by or before any Governmental Entity which, if determined adversely to Canadian Gold or the Canadian Gold Subsidiary, as the case may
be, would, individually or in the aggregate:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">reasonably be expected to result in liability to Canadian Gold or any Canadian Gold Subsidiary in excess
of $100,000 or have a Material Adverse Effect in respect of Canadian Gold; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">reasonably be expected to prevent or materially delay the completion of the Arrangement or any other transactions
contemplated under the Arrangement Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify">nor is Canadian Gold aware of any existing
ground on which any such liability may be incurred or claim, action, proceeding or investigation might be commenced with any reasonable
likelihood of success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Neither Canadian Gold nor the Canadian Gold Subsidiary, nor any of their respective properties and assets,
is subject to any outstanding judgment, order, writ, injunction or decree which would reasonably be expected to have a Material Adverse
Effect in respect of Canadian Gold or to prevent or materially delay the completion of the Arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(o)</TD><TD STYLE="text-align: justify"><U>Employment Matters</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">No Person is a party to or a participant in any agreement, arrangement, plan, obligation or understanding
providing for severance, termination or other payments in connection with the termination of the employment or engagement of, or resignation
of, any director, officer or employee of, or independent contractor to, Canadian Gold or any Canadian Gold Subsidiary following a change
of control of Canadian Gold (other than statutory severance obligations) and there are no written or oral agreements, arrangements, plans,
obligations or understandings providing for severance or termination or other payments in connection with the termination of the employment
or engagement of, or resignation of, any director, officer or employee of, or independent contractor to, Canadian Gold or any Canadian
Gold Subsidiary following a change of control of Canadian Gold.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Except as disclosed in the Canadian Gold Public Documents, neither Canadian Gold nor any Canadian Gold
Subsidiary is a party to any employment, engagement or similar agreement with any director or officer of Canadian Gold or any Canadian
Gold Subsidiary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Except as disclosed in writing by Canadian Gold to McEwen, Canadian Gold has not declared or paid, or
committed to declare or pay, any amount to any Person in respect of a performance or incentive or other bonus in respect of all or any
part of its fiscal year ended on December&nbsp;31, 2024 or in connection with the completion of the Arrangement or any other transactions
contemplated by this Arrangement Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Canadian Gold has been and is now in compliance, in all material respects, with all terms and conditions
of employment, with respect to employment and labour, including wages, hours of work, overtime, human rights, occupational health and
safety and workers compensation, and there are no current or pending or, to the knowledge of Canadian Gold, threatened proceedings (including
grievances, arbitration, applications or pending applications) before any Governmental Entity or labour arbitrator (other than routine
claims for benefits).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">Neither Canadian Gold nor any Canadian Gold Subsidiary is subject to any material claim for wrongful dismissal,
constructive dismissal or any other claim, actual or threatened, or any litigation, actual or threatened, relating to any of its employees
or independent contractors (including any termination of such Persons).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">Neither Canadian Gold nor any Canadian Gold Subsidiary is a party to any collective bargaining agreement
or subject to any application for certification or threatened or apparent union-organizing campaign and there are no current, pending
or threatened strikes, lockouts or other labour disputes or disruptions at Canadian Gold or any Canadian Gold Subsidiary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">There exists no Canadian Gold Benefit Plans and neither Canadian Gold nor any Canadian Gold Subsidiary
has any pension plan or other obligation to provide post-retirement benefits.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(p)</TD><TD STYLE="text-align: justify"><U>Tax Matters</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Each of Canadian Gold and the Canadian Gold Subsidiary has duly and in a timely manner filed all income
and other material Tax Returns required to be filed by it and all such Tax Returns are correct and complete in all material respects and
fully disclose the income and expenses as required by applicable Law. Each of Canadian Gold and the Canadian Gold Subsidiary has paid
on a timely basis and in all material amounts all Taxes, including instalments, which are due and payable, and has paid all assessments
and reassessments, and all other Taxes, governmental charges, penalties, interest and fines due and payable by it, other than those which
are being contested in good faith and in respect of which adequate reserves have been provided in the Canadian Gold Financial Statements
in accordance with IFRS. Adequate provision has been made on the Canadian Gold Financial Statements for amounts at least equal to the
amount of all Taxes assessed and all Taxes owing by Canadian Gold or the Canadian Gold Subsidiary that are not yet due and payable and
that relate to periods ending on or prior to the date of this Arrangement Agreement, including income taxes and related deferred taxes,
in conformity with IFRS and all other applicable accounting rules&nbsp;and principles. To the knowledge of Canadian Gold, no deficiencies
exist or have been asserted with respect to Taxes of Canadian Gold or the Canadian Gold Subsidiary and there are no actions, suits, proceedings,
investigations or claims outstanding, pending or threatened against Canadian Gold or the Canadian Gold Subsidiary in respect of Taxes
or assessments, nor are there any matters under discussion with any Governmental Entity relating to Taxes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Neither Canadian Gold nor the Canadian Gold Subsidiary is party to any Tax sharing agreement, Tax indemnification
agreement or other similar agreement or arrangement relating to Taxes with any Person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Canadian Gold and the Canadian Gold Subsidiary have withheld or collected all amounts required to be withheld
or collected by it on account of Taxes and have remitted all such amounts to the appropriate Governmental Entity when required by Law
to do so.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Neither Canadian Gold nor the Canadian Gold Subsidiary has requested, or entered into any agreement or
other arrangement or executed any waiver providing for, any extension of time within which:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">to file any elections, designations or similar filings relating to any Taxes for which Canadian Gold or
the Canadian Gold Subsidiary is or may be liable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">Canadian Gold or the Canadian Gold Subsidiary is required to pay or remit any Taxes or amounts on account
of Taxes (other than any Taxes being appealed); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">any Governmental Entity may assess or collect any Taxes for which Canadian Gold of the Canadian Gold Subsidiary
is or may be liable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">Canadian Gold has furnished or made available to McEwen complete and accurate copies of all Tax returns,
and any amendments thereto, filed by Canadian Gold or the Canadian Gold Subsidiary for the preceding three (3)&nbsp;taxation years.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">Canadian Gold has furnished or made available to McEwen its best estimate of the adjusted cost base, within
the meaning provided in the Tax Act, of all issued and outstanding common shares in the capital of the Canadian Gold Subsidiary owned
by Canadian Gold, computed in accordance with the provisions of the Tax Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">To the knowledge of Canadian Gold, no transaction or arrangement between Canadian Gold or the Canadian
Gold Subsidiary, on the one hand, and any Person with whom Canadian Gold or the Canadian Gold Subsidiary was not dealing at arm&rsquo;s
length, within the meaning of the Tax Act, on the other hand, involving the acquisition, delivery, disposition or provision of property
or services or the right to use property or services, has taken place for consideration that is other than the fair market value of such
property, services or right to use property or services and each such transaction or arrangement was made on arm&rsquo;s length terms
and conditions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">There are no circumstances existing and no transactions or series of transactions or events has occurred
which has resulted or which may result in the application of Sections 78 to 80.04 of the Tax Act or any equivalent provincial Tax Law
to Canadian Gold or the Canadian Gold Subsidiary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">Canadian Gold and the Canadian Gold Subsidiary have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">duly and timely completed and filed all CEWS Returns required to be filed by it, or that it elected to
file, and all such CEWS Returns are complete and correct in all material respects; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">not claimed CEWS to which it was not entitled.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">Neither Canadian Gold nor the Canadian Gold Subsidiary has undertaken, participated in or been contractually
obligated to participate in any Reportable Transaction or Notifiable Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD STYLE="text-align: justify">Except as set for in the Canadian Gold Disclosure Letter, neither Canadian Gold nor the Canadian Gold
Subsidiary has issued shares that are, or were intended to be, &ldquo;flow-through shares&rdquo; for purposes of the Tax Act in the previous
two calendar years and neither Canadian Gold nor the Canadian Gold Subsidiary has outstanding obligations to incur or renounce &ldquo;Canadian
exploration expenses&rdquo; (within the meaning of the Tax Act) pursuant to any subscription agreements relating to the issuance of flow-through
shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(q)</TD><TD STYLE="text-align: justify"><U>Insurance</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold and each of the Canadian
Gold Subsidiary maintains or causes to be maintained insurance, naming Canadian Gold as an insured, of the types and in amounts customary
and usual for Persons engaged in a business similar to that carried out by Canadian Gold and the Canadian Gold Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(r)</TD><TD STYLE="text-align: justify"><U>Material Contracts</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Canadian Gold has provided McEwen true and complete copies of all contracts to which it or any Canadian
Gold Subsidiary is a party or to which its assets are bound that are material to its property, assets or operations (the &ldquo;<B>Canadian
Gold Material Contracts</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">All Canadian Gold Material Contracts are legal, valid, binding and in full force and effect and are enforceable
by Canadian Gold or any Canadian Gold Subsidiary in accordance with their respective terms (subject to bankruptcy, insolvency and other
applicable Laws affecting creditors&rsquo; rights generally, and to general principles of equity) and are the result of arm&rsquo;s length
negotiations between the parties thereto. Canadian Gold and each Canadian Gold Subsidiary has performed in all material respects all respective
obligations required to be performed by them to date under the Canadian Gold Material Contracts and are not, and are not to the knowledge
of Canadian Gold alleged to be, (with or without the lapse of time or the giving of notice, or both) in breach or default in any material
respect thereunder. To the knowledge of Canadian Gold, no other party to any Canadian Gold Material Contract is in breach of any of its
material obligations thereunder or has provided written notice of its intention to terminate any such Canadian Gold Material Contract.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(s)</TD><TD STYLE="text-align: justify"><U>Related Party Transactions</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Neither Canadian Gold nor the Canadian
Gold Subsidiary is indebted to any director, officer, employee or agent of, or independent contractor to, Canadian Gold or the Canadian
Gold Subsidiary or any of their respective affiliates or associates (except for amounts due as normal salaries and bonuses and in reimbursement
of ordinary expenses). Except as set forth in the Canadian Gold Disclosure Letter, no director, officer, employee or agent of Canadian
Gold or the Canadian Gold Subsidiary or any of their respective affiliates or associates is a party to any loan, contract, arrangement
or understanding or other transactions with Canadian Gold or the Canadian Gold Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(t)</TD><TD STYLE="text-align: justify"><U>Mineral Resources</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The estimated measured, indicated and
inferred mineral resources and other technical information contained in the technical reports filed on SEDAR+ by Canadian Gold (the &ldquo;<B>Canadian
Gold Technical Reports</B>&rdquo;) have been prepared and disclosed in all material respects in accordance with the requirements set forth
in National Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral Projects</I> and all Applicable Securities Laws. To the knowledge
of Canadian Gold, the contents of such technical reports are not inaccurate in any material respect. There has been no material reduction
in the aggregate amount of estimated mineral resources or mineralized material of Canadian Gold, taken as a whole, from the amounts disclosed
in the Canadian Gold Technical Reports. All material drill results have been filed on SEDAR+.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(u)</TD><TD STYLE="text-align: justify"><U>Property and Mineral Rights; Operations</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">With respect to the Canadian Gold Properties and material mineral interests and rights (including any
material claims, concessions, exploration licences, exploitation licences, mining leases or prospecting permits related to the Canadian
Gold Properties) (collectively, the &ldquo;<B>Canadian Gold Mineral Rights</B>&rdquo;), except as disclosed in the Canadian Gold Public
Documents and except where it would not reasonably be expected to have a material adverse effect in respect of any Canadian Gold Property:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">Canadian Gold or a Canadian Gold Subsidiary is the sole legal and beneficial owner of all right, title
and interest in and to the Canadian Gold Properties and the Canadian Gold Mineral Rights, free and clear of any Encumbrances;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">all of the Canadian Gold Mineral Rights have been properly located and recorded in compliance with applicable
Law and are comprised of valid and subsisting mineral claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">the Canadian Gold Properties and the Canadian Gold Mineral Rights are in good standing under applicable
Law and, to the knowledge of Canadian Gold, all work required to be performed and filed in respect thereof has been performed and filed,
all Taxes, rentals, fees, expenditures and other payments in respect thereof have been paid or incurred and all filings in respect thereof
have been made;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: justify">there is no adverse claim against or challenge to the title to or ownership of the Canadian Gold Properties
or any of the Canadian Gold Mineral Rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: justify">Canadian Gold or a Canadian Gold Subsidiary has the exclusive right to deal with the Canadian Gold Properties
and all of the Canadian Gold Mineral Rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">F.</TD><TD STYLE="text-align: justify">no Person other than Canadian Gold and the Canadian Gold Subsidiary has any interest in the Canadian Gold
Properties or any of the Canadian Gold Mineral Rights or the production or profits therefrom or any royalty in respect thereof or any
right to acquire any such interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">G.</TD><TD STYLE="text-align: justify">there are no back-in rights, earn-in rights, rights of first refusal or similar provisions or rights which
would affect Canadian Gold&rsquo;s interest in the Canadian Gold Properties or any of the Canadian Gold Mineral Rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">H.</TD><TD STYLE="text-align: justify">there are no material restrictions on the ability of Canadian Gold and the Canadian Gold Subsidiary to
use, transfer or exploit the Canadian Gold Properties or any of the Canadian Gold Mineral Rights, except pursuant to applicable Laws;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: justify">neither Canadian Gold nor any Canadian Gold Subsidiary has received any notice, whether written or oral,
from any Governmental Entity of any revocation or intention to revoke any interest of Canadian Gold in any of the Canadian Gold Properties
or any of the Canadian Gold Mineral Rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">J.</TD><TD STYLE="text-align: justify">Canadian Gold and the Canadian Gold Subsidiary have all surface rights, including, without limitation,
fee simple estates, leases, easements, rights of way and permits or licences operations from landowners or Governmental Entities permitting
the use of land by Canadian Gold and the Canadian Gold Subsidiary, and mineral interests that are required to exploit the development
potential of the Canadian Gold Properties and the Canadian Gold Mineral Rights as contemplated in the Canadian Gold Public Documents filed
(and available on SEDAR) on or before the date hereof and no third party or group holds any such rights that would be required by Canadian
Gold to develop the Canadian Gold Properties or any of the Canadian Gold Mineral Rights as contemplated in the Canadian Gold Public Documents
filed (and available on SEDAR) on or before the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">All mines which have been abandoned by Canadian Gold or any Canadian Gold Subsidiary, have been abandoned
in accordance with good mining practices and in compliance with all applicable Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD STYLE="text-align: justify"><U>Environmental</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Except for any matters that are disclosed
in the Canadian Gold Public Documents or that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect in respect of Canadian Gold:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">all facilities and operations of Canadian Gold and the Canadian Gold Subsidiary and their predecessors
have been conducted, and are now, in material compliance with all Environmental Laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">there have been no spills, releases, deposits, presence or discharges of pollutants or hazardous or toxic
substances, contaminants or wastes into or in the earth, air or any body of water, whether surface or otherwise, by Canadian Gold or the
Canadian Gold Subsidiary or, to the knowledge of Canadian Gold, their predecessors or at, to or from Canadian Gold&rsquo;s assets or operations,
which could reasonably be expected to result in liability or remediation obligations under any Environmental Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">neither Canadian Gold nor the Canadian Gold Subsidiary has failed to report to the proper Governmental
Entity the occurrence of any event which is required to be so reported by any Environmental Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">no environmental, reclamation or closure obligation, demand, notice, work order or other liabilities presently
exist with respect to any portion of any currently or formerly owned, leased, used or otherwise controlled property, interests and rights
or relating to the operations and business of Canadian Gold and the Canadian Gold Subsidiary and, to the knowledge of Canadian Gold, there
is no basis for any such obligations, demands, notices, work orders or liabilities to arise in the future as a result of any activity
in respect of such property, interests, rights, operations and business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">neither Canadian Gold nor any Canadian Gold Subsidiary is subject to any proceeding, application, order
or directive which relates to environmental, health or safety matters, and which may require any material work, repairs, construction
or expenditures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">Canadian Gold and the Canadian Gold Subsidiary are in possession of, and in material compliance with,
all Environmental Approvals, consents, waivers, permits, orders and exemptions required to own, lease and operate its properties and mineral
projects and to conduct its business as it is now being conducted, and neither Canadian Gold nor the Canadian Gold Subsidiary has received
any notification from any Governmental Entity pursuant to any Environmental Laws that any work, undertaking, study, report, assessment,
repairs, construction or other expenditures are required to be made by it as a condition of continued compliance with any Environmental
Laws, or any Environmental Approvals issued pursuant thereto, or that any Environmental Approvals referred to above are about to be reviewed,
made subject to limitation or conditions, revoked, withdrawn or terminated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">Canadian Gold and the Canadian Gold Subsidiary have made available to McEwen all material audits, assessments,
investigation report studies, plans, regulatory correspondence and similar information with respect to environmental, health and safety
matters; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">to the knowledge of Canadian Gold, none of Canadian Gold nor the Canadian Gold Subsidiary is subject to
any past or present fact, condition or circumstance that could reasonably be expected to result in liability under any Environmental Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(w)</TD><TD STYLE="text-align: justify"><U>No Brokers</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Except for the fee to be paid to Red Cloud
Securities Inc. pursuant to its engagement letter dated July&nbsp;23, 2025 with Canadian Gold, a true and complete copy of which has been
delivered to McEwen, Canadian Gold is not obligated to pay any brokerage fees, finder&rsquo;s fees, financial advisory fees, agent&rsquo;s
commissions or other similar forms of compensation in connection with the Arrangement or any other transactions contemplated by this Arrangement
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(x)</TD><TD STYLE="text-align: justify"><U>Non-Competition Agreements</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Neither Canadian Gold nor any Canadian
Gold Subsidiary is a party to or bound by any non-competition agreement or any other agreement or obligation which purports to limit the
manner or localities in which all or any material portion of the business of Canadian Gold and the Canadian Gold Subsidiary is or could
be conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(y)</TD><TD STYLE="text-align: justify"><U>Compliance with Laws</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Canadian Gold and the Canadian Gold Subsidiary have complied with, and are not in violation of, any applicable
Laws in all material respects, other than non-compliance or violations which would not be material to Canadian Gold, or which would not
materially impair the ability of Canadian Gold to perform its obligations hereunder or reasonably be expected to prevent or materially
delay the completion of the Arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Neither Canadian Gold, nor, to the knowledge of Canadian Gold, any of the Canadian Gold Representatives:
(i)&nbsp;has used or is using any corporate funds for any illegal contributions, gifts, entertainment or other expenses relating to political
activity that would be illegal; (ii)&nbsp;has used or is using any corporate funds for any direct or indirect illegal payments to any
foreign or domestic governmental officials or employees; (iii)&nbsp;has violated or is violating any provision of the United States Foreign
Corrupt Practices Act of 1977, the <I>Corruption of Foreign Public Officials Act </I>(Canada) or any similar Laws of other jurisdictions;
(iv)&nbsp;has established or maintained, or is maintaining, any illegal fund of corporate monies or other properties; or (v)&nbsp;has
made any bribe, illegal rebate, illegal payoff, influence payment, kickback or other illegal payment of any nature.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(z)</TD><TD STYLE="text-align: justify"><U>First Nations or Aboriginal Claims.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Canadian Gold has not received any first nations or aboriginal claims which affects Canadian Gold or the
Canadian Gold Subsidiary nor, to the knowledge of Canadian Gold, have any first nations or aboriginal claims been threatened which relates
to the Canadian Gold Properties or the Canadian Gold Mineral Rights, any Authorizations or the operation by Canadian Gold or the Canadian
Gold Subsidiary of its businesses in the areas in which such operations are carried on or in which Canadian Gold Properties are located.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Canadian Gold and the Canadian Gold Subsidiary have no outstanding agreements, memorandums of understanding
or similar arrangements with any first nations or aboriginal group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">There are no material ongoing or outstanding discussions, negotiations, or similar communications with
or by any first nations or aboriginal group concerning Canadian Gold, the Canadian Gold Subsidiary or their respective business, operations
or assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">No first nations or aboriginal blockade, occupation, illegal action or on- site protest has occurred or,
to the knowledge of Canadian Gold, has been threatened in connection with the activities on Canadian Gold Properties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">No material dispute between Canadian Gold or the Canadian Gold Subsidiary and any non-governmental organization,
community, or community group exists or, to the knowledge of Canadian Gold, is threatened or imminent with respect to the Canadian Gold
Properties or Canadian Gold Mineral Rights. Canadian Gold has provided McEwen with full and complete access to all material correspondence
received by Canadian Gold, the Canadian Gold Subsidiary or Canadian Gold Representatives from any non-governmental organization, community,
community group or first nations or aboriginal group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(aa)</TD><TD STYLE="text-align: justify"><U>Stock Exchange Compliance</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold is in compliance in all
material respects with the applicable listing and corporate governance rules&nbsp;and regulations of the TSXV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(bb)</TD><TD STYLE="text-align: justify"><U>Reporting Issuer Status</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold is a reporting issuer within
the meaning of Applicable Securities Laws in Alberta, British Columbia, and Ontario and is not on the list of reporting issuers in default
maintained by any of the Canadian Securities Administrators. The Canadian Gold Shares are not registered or required to be registered
under the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>3.02</B></TD><TD STYLE="text-align: justify"><B>Survival of Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">The representations and warranties
contained in this Article&nbsp;3 shall survive the execution and delivery of this Arrangement Agreement and shall expire and be terminated
and extinguished on the earlier of the Effective Date and the date on which this Arrangement Agreement is terminated in accordance with
its terms. This Section&nbsp;3.02 will not limit any covenant or agreement of the Parties, which, by its terms, contemplates performance
after the Effective Date or the date on which this Arrangement Agreement is terminated, as the case may be. Any investigation by McEwen
and any of its advisors shall not mitigate, diminish or affect the representations and warranties of Canadian Gold contained in this Arrangement
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;4<BR>
REPRESENTATIONS AND WARRANTIES OF McEwen</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>4.01</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties of McEwen</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">McEwen hereby represents and
warrants to Canadian Gold as set forth in this Section&nbsp;4.01, and hereby acknowledges that Canadian Gold is relying upon such representations
and warranties in connection with entering into this Arrangement Agreement and agreeing to complete the Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Organization</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">McEwen and each McEwen Subsidiary has been duly incorporated or formed under the applicable Laws of its
jurisdiction of incorporation or formation, is validly existing and has all necessary corporate power, authority and capacity to own its
property and assets and to carry on its business as currently owned and conducted. All of the McEwen Subsidiaries and McEwen&rsquo;s percentage
of ownership of such McEwen Subsidiaries are as set out in the McEwen Public Documents. All of the outstanding shares of the McEwen Subsidiaries
which are held directly or indirectly by McEwen are validly issued, fully paid and non-assessable and are owned directly or indirectly
by McEwen free and clear of any Encumbrances. McEwen does not hold any equity interest, or right to acquire any equity interest, in any
Person, other than its interests in the McEwen Subsidiaries as disclosed in the McEwen Public Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">McEwen and each McEwen Subsidiary is duly qualified or licensed to do business and is in good standing
in each jurisdiction where the character of the properties owned, leased or operated by it or the nature of its business makes such qualification
or licensing necessary, except where the failure to be so qualified, licensed or in good standing has not had, or would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect in respect of McEwen.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">McEwen has no Subsidiaries other than the McEwen Subsidiaries and other than as disclosed in the McEwen
Public Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Capitalization</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The authorized capital of McEwen consists of: (i)&nbsp;200,000,000 McEwen Shares; and (ii)&nbsp;10,000,000
special preferred stock. As at the date of this Arrangement Agreement, there are issued and outstanding: (A)&nbsp;54,464,290 McEwen Shares;
and (B)&nbsp;no preferred stock outstanding. As at the date of this Arrangement Agreement, there are outstanding: (A)&nbsp;McEwen Options
to acquire an aggregate of up to 1,513,600 McEwen Shares; (B)&nbsp;McEwen Warrants to acquire an aggregate of up to 100,349 McEwen Shares;
(C)&nbsp;McEwen RSUs to acquire an aggregate of up to 159,540 McEwen Shares; and (D)&nbsp;McEwen DSUs to acquire an aggregate of up to
2,178 McEwen Shares. Except for the McEwen Options, McEwen Warrants, McEwen RSUs, and McEwen DSUs referred to in the preceding sentence
and pursuant to the Subscription Receipt Agreement contemplated by this Agreement, there are no options, warrants, conversion privileges
or other rights, agreements, arrangements or commitments (pre-emptive, contingent or otherwise) obligating McEwen or any McEwen Subsidiary
to issue or sell any securities of McEwen or any McEwen Subsidiary or securities or obligations of any kind convertible into or exchangeable
or exercisable for any shares of McEwen or any McEwen Subsidiary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">All outstanding McEwen Shares and the McEwen Shares to be issued on the exercise of the McEwen Options,
the McEwen Warrants, the McEwen RSUs, and the McEwen DSUs have been duly authorized. The outstanding McEwen Shares are, and the McEwen
Shares to be issued on the exercise of McEwen Options, the McEwen Warrants, the McEwen RSUs, and McEwen DSUs and pursuant to the Subscription
Receipt Agreement will be when issued, validly issued and outstanding as fully paid and non-assessable shares, free of pre-emptive rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Except as disclosed in the McEwen Public Documents, there are no outstanding bonds, debentures or other
evidences of indebtedness of McEwen or any McEwen Subsidiary having the right to vote (or that are convertible for, or exercisable into,
securities having the right to vote) with the McEwen Shareholders on any matter. There are no outstanding obligations of McEwen or any
McEwen Subsidiary to repurchase, redeem or otherwise acquire any outstanding McEwen Shares or with respect to the voting or disposition
of any outstanding securities of McEwen or any McEwen Subsidiary. No holder of securities issued by McEwen or any McEwen Subsidiary has
any right to compel McEwen or any McEwen Subsidiary to register or otherwise qualify securities for public sale in Canada, the United
States or elsewhere.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Authority and No Violation</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">McEwen has the necessary corporate power, authority and capacity to enter into this Arrangement Agreement
and to perform its obligations hereunder. The execution, delivery and performance of this Arrangement Agreement by McEwen has been duly
authorized by the McEwen Board and no other corporate proceedings on its part are necessary to authorize the execution, delivery and performance
of this Arrangement Agreement. This Arrangement Agreement has been duly executed and delivered by McEwen and constitutes a legal, valid
and binding obligation of McEwen, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other applicable
Laws affecting creditors&rsquo; rights generally, and to general principles of equity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The authorization of this Arrangement Agreement, the execution and delivery by McEwen of this Arrangement
Agreement and the performance by it of its obligations under this Arrangement Agreement, and the completion of the Arrangement will not:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">result (with or without notice or the passage of time) in a violation or breach of or constitute a default
under, require an Authorization to be obtained under or give rise to any third party right of termination, amendment, cancellation, acceleration,
penalty or payment obligation or right of purchase or sale or pre-emptive or participation right under, any provision of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: justify">its or any McEwen Subsidiary&rsquo;s articles, by-laws or other charter documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in">II.</TD><TD STYLE="text-align: justify">any applicable Laws, except to the extent that the violation or breach of any applicable Laws, would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect in respect of McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in">III.</TD><TD STYLE="text-align: justify">any note, bond, mortgage, indenture, instrument, contract, agreement, lease or Authorization to which
McEwen or any McEwen Subsidiary is party or by which it is bound, except as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect in respect of McEwen; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in">IV.</TD><TD STYLE="text-align: justify">any judgment, decree, order or award of any Governmental Entity, court or arbitrator;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">other than as set out in the McEwen Public Documents, give rise to any right of termination, amendment,
acceleration or cancellation of indebtedness of McEwen or any McEwen Subsidiary, or cause any such indebtedness to come due before its
stated maturity, or cause any available credit of McEwen or any McEwen Subsidiary to cease to be available, or cause any security interest
in any assets of McEwen or any McEwen Subsidiary to become enforceable or realizable, except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect in respect of McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">other than as set out in the McEwen Public Documents, give rise to any rights of first refusal or trigger
any change of control provisions or any restriction or limitation under any such note, bond, mortgage, indenture, contract, agreement,
or Authorization described in Section&nbsp;4.01(c)(ii)A.II, except as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect in respect of McEwen; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: justify">result in the imposition of any Encumbrance upon any assets of McEwen or any McEwen Subsidiary, except
as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect in respect of McEwen.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental
Entity is required to be obtained by McEwen in connection with this Arrangement Agreement and the completion of any other transactions
contemplated by this Arrangement Agreement, other than: (i)&nbsp;any approvals required by the Interim Order and the Final Order; (ii)&nbsp;the
approval of the NYSE and the TSX of the listing of the McEwen Shares issuable pursuant to the Arrangement; and (iii)&nbsp;such authorizations,
consents, approvals and filings as to which the failure to obtain or make would not, individually or in the aggregate, prevent or materially
delay the completion of the Arrangement and any other transactions contemplated by this Arrangement Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Support of the Arrangement</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">A special committee of independent and
disinterested directors of the McEwen Board has received an opinion of Maison Placements Canada Inc. dated October&nbsp;8, 2025 to the
effect that, as of such date and subject to the assumptions, qualifications, limitations and other matters set out therein, the consideration
payable by McEwen pursuant to the Arrangement is fair, from a financial point of view, to McEwen. The McEwen Board has, taking into account,
among other things, the recommendation of a special committee of the McEwen Board, determined that the Arrangement is in the best interests
of McEwen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Authorizations</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Except as would not have a Material Adverse
Effect with respect to McEwen: (i)&nbsp;McEwen and each McEwen Subsidiary possess all Authorizations necessary to properly conduct their
respective businesses; (ii)&nbsp;each Authorization obtained by McEwen or any McEwen Subsidiary is in full force and effect and not subject
to any dispute; (iii)&nbsp;McEwen and the McEwen Subsidiaries are in compliance with each of such Authorizations; and (iv)&nbsp;no event
has occurred which, with the giving of notice, lapse of time or both, could constitute a default under, or in respect of, any of such
Authorizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><U>Public Filings</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">McEwen has filed all documents or information
required to be filed by it under Applicable Securities Laws from January&nbsp;1, 2022 to the date of this Arrangement Agreement (the &ldquo;<B>McEwen
Public Documents</B>&rdquo;). All of the McEwen Public Documents, as of their respective dates (and as of the dates of any amendments
thereto), did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading. All of the McEwen Public Documents,
as of their respective dates (and as of the dates of any amendments thereto), complied as to both form and content in all material respects
with the requirements of Applicable Securities Laws or were amended on a timely basis to correct deficiencies identified by Canadian Securities
Administrators or U.S. Securities Administrators. All of the McEwen Public Documents are publicly available on EDGAR and SEDAR+. McEwen
has not filed any confidential material change report or similar such report with any Canadian Securities Administrator or U.S. Securities
Administrator that at the date hereof remains confidential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify"><U>Disclosure Controls and Procedures</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">McEwen has established and maintains a
system of disclosure controls and procedures designed to ensure that information required to be disclosed by McEwen under Applicable Securities
Laws is recorded, processed, summarized and reported within the time periods specified in the Applicable Securities Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify"><U>Financial Statements</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The audited consolidated financial statements
of McEwen (including any related notes thereto) for the fiscal years ended December&nbsp;31, 2024 and 2023 and the condensed interim consolidated
financial statements of McEwen (including any related notes thereto) for the period ended June&nbsp;30, 2025 (collectively, the &ldquo;<B>McEwen
Financial Statements</B>&rdquo;) have been prepared in accordance with U.S. GAAP and all applicable Laws and present fairly, in all material
respects, the assets, liabilities (whether accrued, absolute, contingent or otherwise), financial position and results of operations of
McEwen as at December&nbsp;31, 2024 and 2023 and June&nbsp;30, 2025, as applicable, and for the periods covered thereby applied on a basis
consistent with the immediately prior period and throughout the periods indicated (except as may be indicated expressly in the notes thereto),
and subject in the case of unaudited interim consolidated financial statements to rules&nbsp;of the SEC relating to such interim financial
statements and recurring year-end audit adjustments normal in nature and extent. The McEwen Financial Statements reflect appropriate and
adequate reserves in accordance with U.S. GAAP in respect of contingent liabilities, if any, of McEwen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify"><U>Internal Controls Over Financial Reporting</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">McEwen maintains internal controls over
its financial reporting. Except as disclosed in the McEwen Public Documents, such internal controls over its financial reporting are effective
in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with U.S. GAAP and Applicable Securities Laws. To the knowledge of McEwen, except as disclosed in the McEwen Public
Documents, prior to the date of this Arrangement Agreement: (A)&nbsp;there were no material weaknesses in the internal controls over financial
reporting of McEwen that are reasonably likely to adversely affect the ability of McEwen to record, process, summarize and report financial
information; and (B)&nbsp;there was no fraud, whether or not material, that involves management or other employees who have a significant
role in the internal control over financial reporting of McEwen. Except as disclosed in the McEwen Public Documents, since December&nbsp;31,
2023, McEwen has received no: (x)&nbsp;complaints from any source regarding any material accounting, internal accounting controls or auditing
matters; or (y)&nbsp;expressions of concern from employees of McEwen regarding questionable accounting or auditing matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify"><U>Liabilities and Indebtedness</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Neither McEwen nor any of the McEwen Subsidiaries
have any liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise), except for: (i)&nbsp;liabilities
and obligations that are specifically disclosed in the McEwen Financial Statements; (ii)&nbsp;liabilities and obligations incurred in
the Ordinary Course of Business since June&nbsp;30, 2025; or (iii)&nbsp;liabilities and obligations that would not have a Material Adverse
Effect with respect to McEwen. Neither McEwen nor the McEwen Subsidiaries have any material obligation to issue any debt securities, or
guarantee, endorse or otherwise become responsible for, the obligations of any other Person. Neither McEwen nor any of the McEwen Subsidiaries
has any off balance sheet liabilities or other arrangements that would avoid disclosure of liabilities in the McEwen Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify"><U>Books and Records</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The financial books, records and accounts of McEwen and each of the McEwen Subsidiaries in all material
respects:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">have been maintained in accordance with applicable Laws and U.S. GAAP on a basis consistent with prior
years;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">are stated in reasonable detail and accurately and fairly reflect the material transactions involving,
or any acquisitions or dispositions of, any assets of McEwen and the McEwen Subsidiaries; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">accurately and fairly reflect the basis for the McEwen Financial Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The corporate minute books of McEwen and each of the McEwen Subsidiaries are complete and accurate in
all material respects and contain, among other things, copies of minutes of all meetings and resolutions of the respective directors (other
than those portions of minutes of meetings reflecting discussions of the Arrangement) and securityholders, held in accordance with applicable
Laws, and share issuance and transfer records.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">McEwen has provided to Canadian Gold, on or before the date hereof, a true and complete copy of the minute
books of McEwen and each of the McEwen Subsidiaries (including all information referred to in Section&nbsp;4.01(k)(ii)).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD STYLE="text-align: justify"><U>Absence of Certain Changes or Events</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">From December&nbsp;31, 2023 to the date
of this Arrangement Agreement, except as disclosed in the McEwen Public Documents, and other than for the purposes of the Arrangement
and any other transactions contemplated by this Arrangement Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">McEwen and each of the McEwen Subsidiaries has conducted its business only in the Ordinary Course of Business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">there has not been any acquisition or sale by McEwen of any material property or assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">there has not occurred one or more changes, events or occurrences which would, individually or in the
aggregate, be reasonably likely to result in a Material Adverse Effect in respect of McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">there has been no dividend or distribution of any kind declared, paid or made by McEwen on any McEwen
Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">McEwen has not effected or passed any resolution to approve a split, consolidation or reclassification
of any of the outstanding McEwen Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">neither McEwen nor any McEwen Subsidiary has incurred any liabilities or obligations of any nature (whether
accrued, absolute, contingent or otherwise) which would, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect in respect of McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">there has not been any incurrence, assumption or guarantee by McEwen or any McEwen Subsidiary of any debt
for borrowed money, any creation or assumption by McEwen or any McEwen Subsidiary of any Encumbrance, or any making by McEwen or any McEwen
Subsidiary of any loan, advance or capital contribution to, or investment in, any other Person, which would, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect in respect of McEwen; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">McEwen has not effected any change in its accounting methods, principles or practices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD STYLE="text-align: justify"><U>No Default</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Neither McEwen nor any of the McEwen Subsidiaries,
nor, to the knowledge of McEwen, any other party thereto, is in default under, and there exists no event, condition or occurrence which,
after notice or lapse of time or both, would constitute such a default or would trigger a right of termination under: (i)&nbsp;any note,
bond, mortgage, indenture or other instrument evidencing any indebtedness to which McEwen or any McEwen Subsidiary is a party; or (ii)&nbsp;any
other contract, agreement, lease, letter of intent, offer or Authorization or other instrument or obligation, which would, individually
or in the aggregate, be reasonably expected to have a Material Adverse Effect in respect of McEwen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(n)</TD><TD STYLE="text-align: justify"><U>Litigation</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">There is no claim, action, proceeding or investigation that has been commenced or is pending or, to the
knowledge of McEwen, threatened, against McEwen or any McEwen Subsidiary or affecting any of its properties or assets before any Governmental
Entity which, if determined adversely to McEwen or any McEwen Subsidiary, as the case may be, would, individually or in the aggregate:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">except as disclosed in writing to Canadian Gold, reasonably be expected to result in liability to McEwen
or any McEwen Subsidiary in excess of US$3,000,000 or have a Material Adverse Effect in respect of McEwen; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">reasonably be expected to prevent or materially delay the completion of the Arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify">nor is McEwen aware of any existing
ground on which any such claim, action, proceeding or investigation might be commenced with any reasonable likelihood of success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Neither McEwen nor any of the McEwen Subsidiaries, nor any of their respective properties and assets,
is subject to any outstanding judgment, order, writ, injunction or decree which would reasonably be expected to have a Material Adverse
Effect in respect of McEwen or to prevent or materially delay the completion of the Arrangement or any other transactions contemplated
by this Arrangement Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(o)</TD><TD STYLE="text-align: justify"><U>Tax Matters</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Except in each case as disclosed in writing
by McEwen to Canadian Gold or, with the exception of Section&nbsp;4.01(o)(vi), as would not, individually or in the aggregate, result
in a Material Adverse Effect with respect to McEwen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">McEwen and each of the McEwen Subsidiaries has duly and in a timely manner filed all material Tax Returns
required to be filed by it and all such Tax Returns are correct and complete in all material respects and fully disclose the income and
expenses as required by applicable Law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">McEwen and each of the McEwen Subsidiaries has paid on a timely basis and in all material amounts all
Taxes, including instalments, which are due and payable, and has paid all assessments and reassessments, and all other Taxes, governmental
charges, penalties, interest and fines due and payable by it, other than those which are being contested in good faith and in respect
of which adequate reserves have been provided in the McEwen Financial Statements in accordance with U.S. GAAP.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Adequate provision has been made on the McEwen Financial Statements for amounts at least equal to the
amount of all Taxes assessed and all Taxes owing by McEwen or any McEwen Subsidiary that are not yet due and payable and that relate to
periods ending on or prior to the date of this Arrangement Agreement, including income taxes and related deferred taxes, in conformity
with U.S. GAAP and all other applicable accounting rules&nbsp;and principles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">No deficiencies exist or have been asserted with respect to Taxes of McEwen or any McEwen Subsidiary and,
to the knowledge of McEwen, there are no actions, suits, proceedings, investigations or claims outstanding, pending or threatened against
McEwen or any McEwen Subsidiary in respect of Taxes or assessments or any matters under discussion with any Governmental Entity relating
to Taxes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">Neither McEwen nor any McEwen Subsidiary is party to any Tax sharing agreement, Tax indemnification agreement
or other agreement or arrangement relating to taxes with any Person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">Neither McEwen nor any McEwen Subsidiary has undertaken, participated in or has been contractually obligated
to participate in any Reportable Transaction or Notifiable Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(p)</TD><TD STYLE="text-align: justify"><U>Mineral Resources and Mineral Reserves</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The estimated measured, indicated and
inferred mineral resources and proven and probable mineral reserves and other technical information contained in the technical reports
filed on SEDAR+ by McEwen (collectively, excluding technical reports superseded by more recent technical reports, the &ldquo;<B>McEwen
Technical Reports</B>&rdquo;) have been prepared and disclosed in all material respects in accordance with the requirements set forth
in National Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral Projects</I> and all Applicable Securities Laws. To the knowledge
of McEwen, the contents of the McEwen Technical Reports are not inaccurate in any material respect. There has been no material reduction
in the aggregate amount of estimated mineral resources or mineralized material of McEwen, taken as a whole, from the amounts disclosed
in the McEwen Technical Reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(q)</TD><TD STYLE="text-align: justify"><U>Property and Mineral Rights; Operations</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">With respect to the McEwen Properties
and other mineral interests and rights (including any material claims, concessions, exploration licences, exploitation licences, mining
leases or prospecting permits relating to the McEwen Properties (collectively, the &ldquo;<B>McEwen Mineral Rights</B>&rdquo;)), except
as disclosed in the McEwen Public Documents and except where it would not reasonably be expected to have a Material Adverse Effect in
respect of McEwen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">McEwen or a McEwen Subsidiary is the sole legal and beneficial owner of all right, title and interest
in and to the McEwen Properties and the McEwen Mineral Rights, free and clear of any Encumbrances;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">all of the McEwen Mineral Rights have been properly located and recorded in compliance with applicable
Law and are comprised of valid and subsisting mineral claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the McEwen Properties and the McEwen Mineral Rights are in good standing under applicable Law and, to
the knowledge of McEwen, all work required to be performed and filed in respect thereof has been performed and filed, all Taxes, rentals,
fees, expenditures and other payments in respect thereof have been paid or incurred and all filings in respect thereof have been made;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">there is no adverse claim against or challenge to the title to or ownership of the McEwen Properties or
any of the McEwen Mineral Rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">McEwen or a McEwen Subsidiary has the exclusive right to deal with the McEwen Properties and all of the
McEwen Mineral Rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">no Person other than McEwen and the McEwen Subsidiaries has any interest in the McEwen Properties or any
of the McEwen Mineral Rights or the production or profits therefrom or any royalty in respect thereof or any right to acquire any such
interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">there are no back-in rights, earn-in rights, rights of first refusal or similar provisions or rights which
would affect McEwen&rsquo;s interest in the McEwen Properties or any of the McEwen Mineral Rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">there are no material restrictions on the ability of McEwen and the McEwen Subsidiaries to use, transfer
or exploit the McEwen Properties or any of the McEwen Mineral Rights, except pursuant to applicable Laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">neither McEwen nor any McEwen Subsidiary has received any notice, whether written or oral, from any Governmental
Entity of any revocation or intention to revoke any interest of McEwen in any of the McEwen Properties or any of the McEwen Mineral Rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(r)</TD><TD STYLE="text-align: justify"><U>Environmental</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Except as disclosed in the McEwen Public
Documents and except for any matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect in respect of McEwen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">all facilities and operations of McEwen and the McEwen Subsidiaries and their predecessors have been conducted,
and are now, in material compliance with all Environmental Laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">there have been no spills, releases, deposits, presence or discharges of pollutants or hazardous or toxic
substances, contaminants or wastes into or in the earth, air or any body of water, whether surface or otherwise, by McEwen or any of the
McEwen Subsidiaries or their predecessors or at, to or from McEwen&rsquo;s assets or operations, which could reasonably be expected to
result in liability or remediation obligations under any Environmental Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">neither McEwen nor any of the McEwen Subsidiaries has failed to report to the proper Governmental Entity
the occurrence of any event which is required to be so reported by any Environmental Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">no environmental, reclamation or closure obligation, demand, notice, work order or other liabilities presently
exist with respect to any portion of any currently or formerly owned, leased, used or otherwise controlled property, interests and rights
or relating to the operations and business of McEwen and the McEwen Subsidiaries and, to the knowledge of McEwen, there is no basis for
any such obligations, demands, notices, work orders or liabilities to arise in the future as a result of any activity in respect of such
property, interests, rights, operations and business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">neither McEwen nor any McEwen Subsidiary is subject to any proceeding, application, order or directive
which relates to environmental, health or safety matters, and which may require any material work, repairs, construction or expenditures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">McEwen and the McEwen Subsidiaries are in possession of, and in material compliance with, all Environmental
Approvals, consents, waivers, permits, orders and exemptions required to own, lease and operate its properties and mineral projects and
to conduct its business as it is now being conducted, and neither McEwen nor any of the McEwen Subsidiaries has received any notification
from any Governmental Entity pursuant to any Environmental Laws that any work, undertaking, study, report, assessment, repairs, construction
or other expenditures are required to be made by it as a condition of continued compliance with any Environmental Laws, or any Environmental
Approvals issued pursuant thereto, or that any Environmental Approvals referred to above are about to be reviewed, made subject to limitation
or conditions, revoked, withdrawn or terminated; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">to the knowledge of McEwen, none of McEwen nor any of the McEwen Subsidiaries is subject to any past or
present fact, condition or circumstance that could reasonably be expected to result in liability under any Environmental Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(s)</TD><TD STYLE="text-align: justify"><U>Compliance with Laws</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">McEwen and the McEwen Subsidiaries have complied with, and are not in violation of any applicable Laws,
other than non-compliance or violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect with respect to McEwen, or which would not materially impair the ability of McEwen to perform its obligations hereunder or reasonably
be expected to prevent or materially delay the completion of the Arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Neither McEwen, nor, to the knowledge of McEwen, any of its directors, officers, representatives, agents
or employees: (i)&nbsp;has used or is using any corporate funds for any illegal contributions, gifts, entertainment or other expenses
relating to political activity that would be illegal; (ii)&nbsp;has used or is using any corporate funds for any direct or indirect illegal
payments to any foreign or domestic governmental officials or employees; (iii)&nbsp;has violated or is violating any provision of the
United States Foreign Corrupt Practices Act of 1977, the <I>Corruption of Foreign Public Officials Act </I>(Canada) or any similar Laws
of other jurisdictions; (iv)&nbsp;has established or maintained, or is maintaining, any illegal fund of corporate monies or other properties;
or (v)&nbsp;has made any bribe, illegal rebate, illegal payoff, influence payment, kickback or other illegal payment of any nature.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(t)</TD><TD STYLE="text-align: justify"><U>Stock Exchange Compliance</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">McEwen is in compliance in all material
respects with (or in the case of the TSX, exempt from) the applicable listing and corporate governance rules&nbsp;and regulations of the
NYSE and the TSX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(u)</TD><TD STYLE="text-align: justify"><U>Reporting Issuer Status</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">McEwen is a reporting issuer within the
meaning of Applicable Securities Laws in all provinces of Canada and is not on the list of reporting issuers in default maintained by
any of the Canadian Securities Administrators, and is in compliance with its reporting obligations under the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD STYLE="text-align: justify"><U>Certain Securities Law Matters</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The McEwen Shares to be issued in connection
with the Arrangement: (i)&nbsp;will not be subject to any statutory hold or restricted period under the Applicable Securities Laws in
Canada and will be freely tradable within Canada by the holders thereof, subject in each case to restrictions contained in Section&nbsp;2.6(3)&nbsp;of
National Instrument 45-102 &ndash; <I>Resale of Securities </I>of the Canadian Securities Administrators; (ii)&nbsp;assuming the compliance
of Canadian Gold with the terms of this Arrangement Agreement, the McEwen Shares to be issued in connection with the Arrangement shall
be exempt from registration requirements of the 1933 Act pursuant to the Section&nbsp;3(a)(10)&nbsp;Exemption; and (iii)&nbsp;the McEwen
Shares to be distributed in the United States pursuant to the Arrangement shall not be subject to resale restrictions in the United States
under the 1933 Act (other than as may be prescribed by Rule&nbsp;144 and Rule&nbsp;145 under the 1933 Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>4.02</B></TD><TD STYLE="text-align: justify"><B>Survival of Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">The representations and warranties
contained in this Article&nbsp;4 shall survive the execution and delivery of this Arrangement Agreement and shall expire and be terminated
and extinguished on the earlier of the Effective Date and the date on which this Arrangement Agreement is terminated in accordance with
its terms. This Section&nbsp;4.02 will not limit any covenant or agreement of the Parties, which, by its terms, contemplates performance
after the Effective Date or the date on which this Arrangement Agreement is terminated, as the case may be. Any investigation by Canadian
Gold and any of its advisors shall not mitigate, diminish or affect the representations and warranties of McEwen contained in this Arrangement
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;5<BR>
COVENANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>5.01</B></TD><TD STYLE="text-align: justify"><B>Covenants of Canadian Gold</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Subject to the terms of this
Arrangement Agreement, Canadian Gold hereby covenants and agrees with McEwen as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Interim Order</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">As soon as reasonably practicable, and
in any event no later than November&nbsp;10, 2025, Canadian Gold shall file, proceed with and diligently prosecute an application to the
Court for the Interim Order in accordance with Section&nbsp;2.02(a), and in such a manner as to preserve for McEwen the availability of
the Section&nbsp;3(a)(10)&nbsp;Exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>The Canadian Gold Meeting</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">in a timely and expeditious manner carry out such terms of the Interim Order as are required under the
terms thereof to be carried out by Canadian Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">as promptly as practicable after the execution of this Arrangement Agreement, prepare, in compliance with
the Interim Order and in consultation with McEwen, the Canadian Gold Circular (which shall be in a form satisfactory to each of the Parties
and their respective legal counsel, acting reasonably), together with any other documents required by applicable Laws in connection with
the Canadian Gold Meeting, which shall contain all information required by, and shall otherwise comply with, all applicable Laws, including
all applicable corporate Laws and Applicable Securities Laws (including MI 61-101), and the Canadian Gold Fairness Opinion of its independent
financial advisor. The Canadian Gold Circular and the other documents referred to above shall provide Canadian Gold Shareholders with
information in sufficient detail to permit them to form a reasoned judgment with respect to the matters placed before them at the Canadian
Gold Meeting, and shall not contain any misrepresentation (as defined under Applicable Securities Laws) with respect thereto, other than
with respect to any information relating to and provided by McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">as promptly as practicable after obtaining the Interim Order, cause the Canadian Gold Circular and all
other related materials for the Canadian Gold Meeting to be mailed to Canadian Gold Shareholders and any other Persons required by the
Interim Order and in accordance with all applicable Laws and file with the Canadian Securities Administrators the Canadian Gold Circular
and all other related materials for the Canadian Gold Meeting, and if necessary in order to comply with Applicable Securities Laws, after
the Canadian Gold Circular shall have been so mailed, promptly circulate amended, supplemental or supplemented proxy materials, and, if
required in connection therewith, re-solicit proxies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Canadian Gold shall:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">(I)&nbsp;take all commercially reasonable lawful action to solicit proxies in favour of the Arrangement
Resolution including if requested and as agreed to by McEwen, acting reasonably, retaining a proxy and solicitation agent for such purpose,
the cost and expenses of which proxy solicitation agent shall be borne by McEwen up to the amount of $50,000 (with all amounts in excess
of $50,000 payable by Canadian Gold) (II)&nbsp;take all commercially reasonable actions to seek the approval of the Arrangement Resolution
by Canadian Gold Shareholders; (III)&nbsp;include its unanimous recommendation to vote in favour of the Arrangement Resolution in the
Canadian Gold Circular and include in the Canadian Gold Circular a statement that each director and executive officer of Canadian Gold
intends to vote all of such Person&rsquo;s Canadian Gold Shares (including any Canadian Gold Shares issued upon the exercise of any Canadian
Gold Options) in favour of the Arrangement Resolution, subject to the other terms of this Arrangement Agreement and the Canadian Gold
Lock-Up Agreements; (IV)&nbsp;not: (x)&nbsp;withdraw, modify or qualify, or propose publicly to withdraw, modify or qualify, in any manner
adverse to McEwen, or fail to reaffirm its recommendation of the Arrangement within five (5)&nbsp;Business Days (and in any case prior
to the Canadian Gold Meeting) after having been requested in writing by McEwen to do so, the approval or recommendation of the Canadian
Gold Board, or any committee thereof, of this Arrangement Agreement or the Arrangement; or (y)&nbsp;approve, recommend or remain neutral
with respect to, or propose publicly to approve, recommend or remain neutral with respect to, any Acquisition Proposal (it being understood
that publicly taking no position or a neutral position with respect to an Acquisition Proposal until the earlier of (i)&nbsp;five (5)&nbsp;Business
Days following the public announcement of such Acquisition Proposal, or (ii)&nbsp;one (1)&nbsp;Business Day prior to the Canadian Gold
Meeting shall not be considered an adverse modification) (either (x)&nbsp;or (y)&nbsp;being a &ldquo;<B>Change in Canadian Gold Recommendation</B>&rdquo;),
in either case except as expressly permitted by Article&nbsp;7;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">promptly notify McEwen if at any time before the Effective Date Canadian Gold becomes aware that: (i)&nbsp;the
Canadian Gold Circular contains a misrepresentation (as defined under Applicable Securities Laws); or (ii)&nbsp;an amendment or supplement
to the Canadian Gold Circular is required, and the Parties shall cooperate in the preparation of any amendment or supplement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">convene and conduct the Canadian Gold Meeting in accordance with the notice of articles and articles of
Canadian Gold, the Interim Order, the BCBCA and applicable Laws as soon as reasonably practicable and in any event no later than December&nbsp;5,
2025;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: justify">not propose or submit for consideration at the Canadian Gold Meeting any business other than the Arrangement
Resolution without the prior written consent of McEwen (which consent shall not be unreasonably withheld, conditioned or delayed); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: justify">provide notice to McEwen of the Canadian Gold Meeting and all steps in the application before the Court
and allow representatives of McEwen to attend the Canadian Gold Meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">take all such actions as may be required under the Interim Order or applicable Laws, including the rules&nbsp;of
the TSXV, in connection with the Arrangement and any other transactions contemplated by this Arrangement Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Status of Voting</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold shall use its reasonable
best efforts to advise McEwen, upon request by McEwen, and in any event at least on a daily basis on each of the ten (10)&nbsp;Business
Days prior to the date of the Canadian Gold Meeting, as to the aggregate tally of the proxies received by Canadian Gold in respect of
the Arrangement Resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Adjournment</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Subject to the terms of this Arrangement
Agreement, Canadian Gold shall not adjourn, postpone or cancel the Canadian Gold Meeting (or propose to do so), except: (i)&nbsp;if a
quorum is not present at the Canadian Gold Meeting; (ii)&nbsp;if required by applicable Laws or a ruling, order or decree of a court having
jurisdiction, any Governmental Entity, Canadian Securities Administrator, U.S. Securities Administrator or any stock exchange; or (iii)&nbsp;if
otherwise agreed to by McEwen in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Dissent Rights</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold shall provide McEwen with
copies of any purported exercise of the Canadian Gold Dissent Rights and all written communications with any Canadian Gold Shareholder
purportedly exercising such Canadian Gold Dissent Rights, and shall not settle or compromise any Canadian Gold Dissent Rights or any other
legal action brought by any present, former or purported Canadian Gold Shareholder in connection with the Arrangement and any other transactions
contemplated by this Arrangement Agreement, without the prior written consent of McEwen, which consent shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><U>Amendments to Canadian Gold Circular</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">In a timely manner and subject to providing
McEwen with a reasonable opportunity to comment thereon, Canadian Gold shall, with the assistance of McEwen, prepare and file any mutually
agreed (or as otherwise required by applicable Laws) amendments or supplements to the Canadian Gold Circular (which amendments or supplements
shall be in a form acceptable to McEwen and Canadian Gold, each acting reasonably) with respect to the Canadian Gold Meeting and mail
such amendments or supplements, as required by the Interim Order and in accordance with all applicable Laws, to all Canadian Gold Shareholders
and other Persons required by the Interim Order to be sent such amendments and supplements to all jurisdictions where such amendments
or supplements are required to be mailed, complying in all material respects with all applicable Laws on the date of the mailing thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify"><U>Final Order</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Subject to the approval of the Arrangement
Resolution in accordance with the provisions of the Interim Order and as required by applicable Laws, Canadian Gold shall forthwith file,
proceed with and diligently prosecute an application for the Final Order, which application shall be in form and substance satisfactory
to McEwen, acting reasonably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify"><U>Compliance with Orders</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold shall forthwith carry out
the terms of the Interim Order and the Final Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify"><U>Copy of Documents</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold shall furnish promptly to
McEwen a copy of each notice, report, schedule or other document or communication delivered, filed or received by Canadian Gold in connection
with this Arrangement Agreement, the Arrangement, the Interim Order, the Final Order, the Canadian Gold Meeting or any other meeting at
which Canadian Gold Shareholders are entitled to attend and vote relating to special business, any filings made under any applicable Laws
and any dealings or communications with any Governmental Entity, Canadian Securities Administrator, U.S. Securities Administrator or any
stock exchange in connection with, or in any way affecting, the Arrangement and any other transactions contemplated by this Arrangement
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify"><U>Usual Business</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Except as expressly provided herein, Canadian
Gold shall, and shall cause the Canadian Gold Subsidiary to, conduct business only, and not take any action except, in the Ordinary Course
of Business and use commercially reasonable efforts to preserve intact its present business organization and goodwill, to preserve intact
the Canadian Gold Properties and Canadian Gold Mineral Rights, to keep available the services of its officers and employees as a group
and to maintain satisfactory relationships with suppliers, employees and others having business relationships with Canadian Gold and the
Canadian Gold Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify"><U>Certain Actions Prohibited</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Other than as expressly provided for in
this Arrangement Agreement, Canadian Gold shall not, and shall cause each Canadian Gold Subsidiary not to, without the prior written consent
of McEwen, directly or indirectly, do or permit to occur any of the following prior to the earlier of the Effective Time and the termination
of this Arrangement Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">split, consolidate or reclassify any of the outstanding Canadian Gold Shares or shares of the Canadian
Gold Subsidiary or undertake any other capital reorganization, or reduce the stated capital in respect of any outstanding Canadian Gold
Shares or shares of the Canadian Gold Subsidiary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">settle or compromise any claim brought by any present, former or purported Canadian Gold Shareholder or
any present, former or purported holder of any other securities of Canadian Gold in connection with the Arrangement or any other transactions
contemplated by this Arrangement Agreement, except as provided in this Arrangement Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">amend its notice of articles or articles or the terms of any outstanding securities of Canadian Gold or
any Canadian Gold Subsidiary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">take any action that would result in any amendment, modification or change of any term of any outstanding
indebtedness or credit facility of Canadian Gold or any Canadian Gold Subsidiary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">authorize, approve, agree to issue, issue or sell any securities, including convertible securities, (other
than the issuance of Canadian Gold Shares upon the exercise of currently outstanding Canadian Gold Options or Canadian Gold Warrants in
accordance with their terms), or redeem, offer to purchase or purchase any of its outstanding securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">enter into, create, declare, adopt, amend, vary, modify or take any other action with respect to any bonus,
target bonus, profit sharing, incentive, salary or other compensation, equity based award, pension, retirement, deferred compensation,
severance, change of control, employment or other employee benefit plan, agreement, trust fund, award or arrangement for the benefit or
welfare of any officer, director or employee, or similar rights or other benefits, except for changes in compensation for employees, other
than officers and directors, in the Ordinary Course of Business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">enter into or renew any lease, license or other binding obligation of Canadian Gold or the Canadian Gold
Subsidiary containing any restriction on the ability of Canadian Gold and the Canadian Gold Subsidiary or, following completion of the
transactions contemplated hereby, the ability of McEwen to: (A)&nbsp;engage in any type of activity or business; or (B)&nbsp;solicit customers
or employees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">make any loan to, or enter into any other financial agreement with, any officer, director, employee or
consultant of Canadian Gold or any of their respective affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">acquire or dispose of any securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">commit to any single expense having a value in excess of $100,000;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD STYLE="text-align: justify">acquire or commit to acquire any capital assets or group of related capital assets (through one or more
related or unrelated acquisitions) having a value in excess of $100,000 in the aggregate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xii)</TD><TD STYLE="text-align: justify">except as contemplated, or incurred in connection with, the Arrangement and any other transactions contemplated
by this Arrangement Agreement, including the costs contemplated in Section&nbsp;9.04, incur or commit to incur operating expenditures,
capital expenditures or any other expenditures in excess of $100,000 per month;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xiii)</TD><TD STYLE="text-align: justify">sell, lease, option, encumber or otherwise dispose of, or commit to sell, lease, option, encumber or otherwise
dispose of, any assets or group of related assets (through one or more related or unrelated transactions) having a value in excess of
$100,000 in the aggregate, or any of the Canadian Gold Properties or Canadian Gold Mineral Rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xiv)</TD><TD STYLE="text-align: justify">approve any business plan or budget or any amendment thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xv)</TD><TD STYLE="text-align: justify">grant any power of attorney to allow any Person to take any action on behalf of Canadian Gold or amend
any power of attorney allowing any Person to take any action on behalf of Canadian Gold, other than in the Ordinary Course of Business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xvi)</TD><TD STYLE="text-align: justify">enter into any contract with a term of more than twelve (12) months, except in the Ordinary Course of
Business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xvii)</TD><TD STYLE="text-align: justify">except in the Ordinary Course of Business: (A)&nbsp;incur or commit to incur any indebtedness for borrowed
money (except for indebtedness not to exceed $100,000 in the aggregate for working capital purposes) or issue any debt securities; (B)&nbsp;incur
or commit to incur, or guarantee, endorse or otherwise become responsible for, any other material liability, obligation or indemnity or
the obligation of any other Person (whether accrued, absolute, contingent or otherwise); or (C)&nbsp;make any loans or advances to any
Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xviii)</TD><TD STYLE="text-align: justify">make any changes to the existing accounting policies of Canadian Gold or any Canadian Gold Subsidiary,
other than as required by applicable Laws, Applicable Securities Laws or by IFRS;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xix)</TD><TD STYLE="text-align: justify">pay, discharge or satisfy any material claims, liabilities or obligations, other than the payment, discharge
or satisfaction of liabilities or obligations in the Ordinary Course of Business as they become due in accordance with their terms;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xx)</TD><TD STYLE="text-align: justify">engage in any transaction with any related parties, other than in the Ordinary Course of Business or as
contemplated by the Arrangement or any other transactions contemplated by this Arrangement Agreement or as disclosed in the Canadian Gold
Public Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxi)</TD><TD STYLE="text-align: justify">commit to or enter into any new arrangements, or modify any existing arrangements, between Canadian Gold
and any Canadian Gold Shareholder or holder of any other securities of Canadian Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxii)</TD><TD STYLE="text-align: justify">commence or settle or assign any rights relating to or any interest in any litigation, proceeding, claim,
action, assessment or investigation involving Canadian Gold or any of its material assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxiii)</TD><TD STYLE="text-align: justify">waive, release, grant, transfer, exercise, modify or amend in any material respect, other than in the
Ordinary Course of Business: (A)&nbsp;any material Authorization (as hereinafter defined), lease, concession, contract or other document;
or (B)&nbsp;any other material rights, claims or documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxiv)</TD><TD STYLE="text-align: justify">enter into any interest rate, currency, equity or commodity swaps, hedges, derivatives or other similar
financial instruments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxv)</TD><TD STYLE="text-align: justify">cause its current insurance and re-insurance policies within its control or any of the coverage thereunder
to lapse, unless simultaneously with such termination, cancellation or lapse, replacement policies underwritten by insurance and re-insurance
companies of nationally recognized standing providing coverage equal to or greater than the coverage under the terminated, cancelled or
lapsed policies at substantially similar premiums to the premiums for the policies that are currently in full force and effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxvi)</TD><TD STYLE="text-align: justify">increase any coverage or premiums under any directors&rsquo; and officers&rsquo; insurance policy or enter
into any new such policy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxvii)</TD><TD STYLE="text-align: justify">acquire or agree to acquire (by merger, amalgamation, arrangement, acquisition of stock or assets or otherwise)
any Person (or material interest therein) or division of any Person or make any investment either by purchase of shares or securities,
contributions of capital, property transfer or purchase of any property or assets of any other Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxviii)</TD><TD STYLE="text-align: justify">adopt a plan of liquidation or any resolutions or enter into any agreement providing for the amalgamation,
merger, consolidation, reorganization, liquidation, dissolution or any other extraordinary transaction in respect of Canadian Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxix)</TD><TD STYLE="text-align: justify">fail to duly and timely file all material forms, reports, schedules, statements and other documents required
to be filed pursuant to any applicable Laws or Applicable Securities Laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxx)</TD><TD STYLE="text-align: justify">(A)&nbsp;fail to duly and timely file all material Tax Returns required to be filed by it on or after
the date hereof (which Tax Returns shall be true, complete and correct in all material respects); (B)&nbsp;fail to timely withhold, collect,
remit and pay all material Taxes which are to be withheld, collected, remitted or paid by it to the extent due and payable, except for
any Taxes contested in good faith pursuant to applicable Laws and for which adequate provision is made in the Canadian Gold Financial
Statements; (C)&nbsp;make or rescind any material election relating to Taxes; (D)&nbsp;make a request for a Tax ruling, enter into a closing
agreement with any Tax authorities or waive extending the period for assessment or allocation of Taxes; (E)&nbsp;settle or compromise
any material claim, action, suit, litigation, proceeding, arbitration, investigation, audit or controversy relating to Taxes; or (F)&nbsp;change
in any material respect any of its methods of reporting income, deductions or accounting for income tax purposes from those employed in
the preparation of its income tax return for the tax year ending December&nbsp;31, 2024, except as may be required by applicable Laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxxi)</TD><TD STYLE="text-align: justify">initiate any material discussion, negotiations or filings with any Governmental Entity regarding any matter
(including with respect to the Arrangement or any other transactions contemplated by this Arrangement Agreement or regarding the status
of the Canadian Gold Properties or the Canadian Gold Mineral Rights) without the prior consent of McEwen such consent not to be unreasonably
withheld or fail to provide McEwen with immediate notice orally and then promptly in writing of any material communication (whether oral
or written) from a Governmental Entity, including a copy of any written communication;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxxii)</TD><TD STYLE="text-align: justify">fail to notify McEwen immediately orally and then promptly in writing of any material change (within the
meaning of the Securities Act) or of any complaint, investigation or hearing involving any Governmental Entity, Canadian Securities Administrator,
U.S. Securities Administrator, stock exchange or other Person (or communications indicating that the same may be contemplated), in both
cases in relation to Canadian Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxxiii)</TD><TD STYLE="text-align: justify">other than as permitted by this Arrangement Agreement, enter into any transaction or perform any act which
might interfere with or be materially inconsistent with the successful completion of the Arrangement or any other transactions contemplated
by this Arrangement Agreement or which would render, or which may reasonably be expected to render, untrue or inaccurate (without giving
effect to, applying or taking into consideration any materiality or Material Adverse Effect qualification already contained within such
representation or warranty) in any material respect at any time prior to the Effective Time Canadian Gold&rsquo;s representations and
warranties set forth in this Arrangement Agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(xxxiv)</TD><TD STYLE="text-align: justify">announce an intention, enter into any formal or informal agreement, or otherwise make a commitment to
do any of the things prohibited by any of the foregoing subparagraphs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD STYLE="text-align: justify"><U>Certain Actions</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Other than as permitted by this Arrangement
Agreement, Canadian Gold and the Canadian Gold Subsidiary shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">not take any action or permit any action to be taken or not taken by Canadian Gold, inconsistent with
the provisions of this Arrangement Agreement or which would reasonably be expected to materially impede the completion of the Arrangement
or any other transactions contemplated by this Arrangement Agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">promptly notify McEwen of: (A)&nbsp;any Material Adverse Change or Material Adverse Effect, or any change,
event, occurrence or effect that could reasonably be expected to become a Material Adverse Change or to have a Material Adverse Effect,
in respect of Canadian Gold; (B)&nbsp;any Governmental Entity or third Person making or commencing a complaint, investigation or hearing
(or communications indicating that the same may be contemplated) involving any Governmental Entity, Canadian Securities Administrator,
U.S. Securities Administrator, stock exchange or other Person with respect to the Arrangement or any other transactions contemplated by
this Arrangement Agreement; (C)&nbsp;any breach by Canadian Gold of any covenant or agreement contained in this Arrangement Agreement;
and (D)&nbsp;any event occurring subsequent to the date hereof that would render any representation or warranty of Canadian Gold contained
in this Arrangement Agreement, if made on or as of the date of such event or the Effective Date, to be untrue or inaccurate such that
the condition set forth in Section&nbsp;6.03(a)&nbsp;would not be satisfied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD STYLE="text-align: justify"><U>Employment Arrangements</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold shall not, without the prior
written consent of McEwen, which consent shall not be unreasonably withheld, enter into or modify any employment, consulting, severance,
collective bargaining or similar agreement, policy or arrangement with, or grant any bonus, salary increase, option to purchase shares,
pension or supplemental pension benefit, profit sharing, retirement allowance, deferred compensation, incentive compensation, severance,
change of control or termination pay to, or make any loan to, any officer, director, employee or consultant of Canadian Gold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(n)</TD><TD STYLE="text-align: justify"><U>Satisfaction of Conditions</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Subject to the terms of this Arrangement
Agreement, Canadian Gold shall use commercially reasonable efforts, to the extent that the same is within its control, to take or cause
to be taken all actions and do or cause to be done all things necessary, proper or advisable under all applicable Laws to complete the
Arrangement and other transactions contemplated by this Arrangement Agreement, including using its commercially reasonable efforts to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">obtain the approval of the Canadian Gold Shareholders to the Arrangement in accordance with the provisions
of the BCBCA, the Interim Order and the requirements of any Canadian Securities Administrator;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">obtain all consents, approvals and authorizations as are required to be obtained by Canadian Gold or the
Canadian Gold Subsidiary under any applicable Law or from any Governmental Entity that would, if not obtained, materially impede the completion
of the Arrangement or any other transactions contemplated by this Arrangement Agreement or have a Material Adverse Effect on Canadian
Gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">make, or cooperate as necessary in the making of, all necessary filings and applications under all applicable
Laws required in connection with the Arrangement or any other transactions contemplated by this Arrangement Agreement and take all reasonable
action necessary to be in compliance with such Laws, including any filings, reports, documents or applications as may be reasonably required
to be filed by McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">oppose, lift or rescind any injunction or restraining order or other order or action challenging or affecting
the Arrangement Agreement or any other transactions contemplated by this Arrangement Agreement or seeking to stop, or otherwise adversely
affecting the ability of the Parties hereto to complete, the Arrangement or any other transactions contemplated by this Arrangement Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">cause the issuance of the McEwen Shares to be issued pursuant to the Arrangement to be exempt from the
registration requirements of the 1933 Act pursuant to the Section&nbsp;3(a)(10)&nbsp;Exemption and all applicable state securities laws
in reliance upon similar exemptions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">fulfill all conditions required to be fulfilled or satisfied by Canadian Gold; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">cooperate with McEwen in connection with the performance by it of its obligations under this Arrangement
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(o)</TD><TD STYLE="text-align: justify"><U>Access and Confirmatory Review</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Upon reasonable notice, Canadian Gold
agrees to provide McEwen and its representatives, upon the request of McEwen, with reasonable access (without undue disruption to the
conduct of the Canadian Gold&rsquo;s business) during normal business hours to all books, records, information, corporate charts, Tax
documents and files in the possession and control of Canadian Gold and the Canadian Gold Subsidiary, to all personnel of Canadian Gold
and the Canadian Gold Subsidiary and to the Canadian Gold Properties, in order to allow McEwen to conduct such investigations as McEwen
may consider necessary or advisable for strategic planning and integration, for the structuring of any pre-acquisition reorganization
and for any other reasons reasonably relating to the Arrangement or any other transactions contemplated by the Arrangement Agreement.
Nothing in the foregoing shall require Canadian Gold to disclose any information that it is prohibited from disclosing pursuant to a written
confidentiality agreement or confidentiality provision of an agreement with a third party or to provide McEwen with access to any Canadian
Gold Property where Canadian Gold is contractually or legally prohibited from doing so. Any such investigation by McEwen and its representatives
shall not mitigate, diminish or affect the representations and warranties of Canadian Gold contained in this Arrangement Agreement or
any document or certificate given pursuant hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(p)</TD><TD STYLE="text-align: justify"><U>Lock-Up Agreements</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold shall use its commercially
reasonable efforts to ensure the Canadian Gold Locked-Up Shareholders continue to be bound by the Canadian Gold Lock-Up Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(q)</TD><TD STYLE="text-align: justify"><U>Director and Officer Resignations and Releases</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold shall use its commercially
reasonable efforts to cause all directors and officers of Canadian Gold and the Canadian Gold Subsidiary to deliver written resignations
and releases, effective as of the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(r)</TD><TD STYLE="text-align: justify"><U>Credit Facility, Lease Obligations and Material Liabilities</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Canadian Gold shall use its commercially
reasonable efforts to ensure that its existing credit facility, lease obligations, and other material liabilities are addressed, satisfied,
amended, terminated, or otherwise dealt with in a manner mutually satisfactory to the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>5.02</B></TD><TD STYLE="text-align: justify"><B>Covenants of McEwen</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">McEwen hereby covenants and
agrees with Canadian Gold as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Proceedings</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">In a timely and expeditious manner, McEwen
shall take all such actions and do all such acts and things as are specified in the Interim Order, the Plan of Arrangement and the Final
Order to be taken or done by McEwen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Information for Canadian Gold Circular</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">In a timely manner, McEwen shall provide
to Canadian Gold all information with respect to McEwen as may be reasonably requested by Canadian Gold for the purposes of preparing
the Canadian Gold Circular or any amendment or supplement thereto. McEwen shall ensure that no such information will contain a misrepresentation
(as defined under Applicable Securities Laws).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Notice of Certain Events</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">McEwen shall promptly notify Canadian
Gold of: (A)&nbsp;any Material Adverse Change or Material Adverse Effect in respect of McEwen, or any change, event, occurrence or effect
that could reasonably be expected to become a Material Adverse Change or to have a Material Adverse Effect in respect of McEwen; (B)&nbsp;any
Governmental Entity or third Person making or commencing a complaint, investigation or hearing (or communications indicating that the
same may be contemplated involving any Governmental Entity, Canadian Securities Administrator, U.S. Securities Administrator, stock exchange
or other Person) with respect to the Arrangement or any other transactions contemplated by this Arrangement Agreement; (C)&nbsp;any breach
by McEwen of any covenant or agreement contained in this Arrangement Agreement; and (D)&nbsp;any event occurring subsequent to the date
hereof that would render any representation or warranty of McEwen contained in this Arrangement Agreement, if made on or as of the date
of such event or the Effective Date, to be untrue or inaccurate such that the condition set forth in Section&nbsp;6.02(a)&nbsp;would not
be satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Copy of Documents</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">McEwen shall furnish promptly to Canadian
Gold a copy of each notice, report, schedule or other document or communication delivered, filed or received by McEwen in connection with
this Arrangement Agreement, the Arrangement, any filings made under any applicable Laws and any dealings or communications with any Governmental
Entity, Canadian Securities Administrator, U.S. Securities Administrator or any stock exchange in connection with, or in any way affecting,
the Arrangement or any other transactions contemplated by this Arrangement Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Satisfaction of Conditions</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Subject to the terms of this Arrangement
Agreement, McEwen shall use commercially reasonable efforts, to the extent that the same is within its control, to take or cause to be
taken all actions and do or cause to be done all things necessary, proper or advisable under all applicable Laws to complete the Arrangement
and other transactions contemplated by this Arrangement Agreement, including using its commercially reasonable efforts to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">obtain all consents, approvals and authorizations as are required to be obtained by McEwen or any of the
McEwen Subsidiaries under any applicable Law or from any Governmental Entity or other Person, to complete the Arrangement and any other
transactions contemplated by this Arrangement Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">make all necessary filings and applications under all applicable Laws required to be made by McEwen and
other transactions contemplated by this Arrangement Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">oppose, lift or rescind any injunction or restraining order or other order or action challenging or affecting
the Arrangement Agreement or any other transactions contemplated by this Arrangement Agreement or seeking to stop, or otherwise adversely
affecting the ability of the Parties hereto to complete, the Arrangement or any other transactions contemplated by this Arrangement Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">fulfill all conditions of this Arrangement Agreement required to be fulfilled by McEwen; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">cooperate with Canadian Gold in connection with the performance by Canadian Gold of its obligations under
this Arrangement Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><U>Stock Exchange Listing</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">McEwen shall use its commercially reasonable
efforts following the date hereof to obtain as soon as possible and in any event prior to the Effective Date, evidence satisfactory to
Canadian Gold, acting reasonably, of the approval of the listing and posting for trading on the NYSE and the TSX of the McEwen Shares
to be issued under the Arrangement, subject only to the satisfaction of the customary listing conditions or notices of the NYSE and the
TSX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;6<BR>
CONDITIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>6.01</B></TD><TD STYLE="text-align: justify"><B>Mutual Conditions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">The respective obligations of
Canadian Gold and McEwen to complete the Arrangement and any other transactions contemplated by this Arrangement Agreement are subject
to the fulfillment of the following conditions at or before the Effective Time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the Interim Order shall have been granted on terms consistent with this Arrangement Agreement and otherwise
in form and substance satisfactory to each of the Parties, acting reasonably, and shall not have been set aside or modified in a manner
unacceptable to the Parties, acting reasonably, on appeal or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">the Canadian Gold Shareholder Approval shall have been obtained at the Canadian Gold Meeting by Canadian
Gold Shareholders in accordance with applicable Laws and the Interim Order;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the Final Order shall have been granted on terms consistent with this Arrangement Agreement and otherwise
in form and substance satisfactory to each of the Parties, acting reasonably, and shall not have been set aside or modified in a manner
unacceptable to the Parties, acting reasonably, on appeal or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">there shall not be in force any Law, order or decree, and there shall not have been any action taken under
any Law or by any Governmental Entity, Canadian Securities Administrator, U.S. Securities Administrator or stock exchange, that makes
it illegal or otherwise restrains, enjoins or prohibits the completion of the Arrangement or any other transactions contemplated by this
Arrangement Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">(i)&nbsp;the McEwen Shares to be issued in connection with the Arrangement will not be subject to any
statutory hold or restricted period under the Applicable Securities Laws in Canada and will be freely tradable within Canada by the holders
thereof, subject in each case to restrictions contained in Section&nbsp;2.6(3)&nbsp;of National Instrument 45-102 &ndash; <I>Resale of
Securities </I>of the Canadian Securities Administrators; (ii)&nbsp;assuming the compliance of Canadian Gold with the terms of this Arrangement
Agreement, the McEwen Shares to be issued in connection with the Arrangement shall be exempt from registration requirements of the 1933
Act pursuant to the Section&nbsp;3(a)(10)&nbsp;Exemption; and (iii)&nbsp;the McEwen Shares to be distributed in the United States pursuant
to the Arrangement shall not be subject to resale restrictions in the United States under the 1933 Act (other than as may be prescribed
by Rule&nbsp;144 and Rule&nbsp;145 under the 1933 Act);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">(i)&nbsp;the NYSE and the TSX shall have conditionally approved the listing thereon, subject to the satisfaction
of customary conditions required by each such stock exchange, of the McEwen Shares to be issued pursuant to the Arrangement as of the
Effective Date; and (ii)&nbsp;the NYSE, the TSX, and the TSXV shall have, if required, accepted notice for filing of all transactions
of the Parties contemplated herein or necessary to complete the Arrangement, subject only to compliance with the usual requirements of
the NYSE, the TSX, and the TSXV as the case may be;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">the existing credit facility, lease obligations, and other material liabilities of Canadian Gold shall
have been addressed, satisfied, amended, terminated, or otherwise dealt with in a manner mutually satisfactory to the Parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">all material consents, waivers, permits, exemptions, orders and approvals of any Governmental Entity and
the expiry of any mandatory waiting periods under applicable Laws required to permit the completion of the Arrangement or any other transactions
contemplated by this Arrangement Agreement shall have been obtained; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">this Arrangement Agreement shall not have been terminated pursuant to Article&nbsp;8 hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing conditions are for the mutual benefit
of the Parties and may be waived by mutual consent of Canadian Gold and McEwen in writing at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>6.02</B></TD><TD STYLE="text-align: justify"><B>Canadian Gold Conditions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">The obligation of Canadian Gold
to complete the Arrangement and any other transactions contemplated by this Arrangement Agreement is subject to the fulfillment of the
following additional conditions at or before the Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the representations and warranties made by McEwen in this Arrangement Agreement shall be true and correct
in all respects, without regard to any materiality or Material Adverse Effect qualifications, as of the Effective Date as if made on and
as of such date (except for representations and warranties made as of a specified date, the accuracy of which shall be determined as of
that specified date), except to the extent that the failure of such representations and warranties to be so true and correct, individually
or in the aggregate, would not result in a Material Adverse Effect with respect to McEwen, and McEwen shall have provided to Canadian
Gold a certificate dated the Effective Date of one (1)&nbsp;officer of McEwen confirming same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">McEwen shall have complied with or satisfied in all material respects its obligations, covenants and agreements
herein and McEwen shall have provided to Canadian Gold a certificate of one (1)&nbsp;officer of McEwen confirming same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">all consents, waivers or approvals from any third party (other than any Governmental Entity) which are
required for the completion by McEwen of the Arrangement and any other transactions contemplated by this Arrangement Agreement shall have
been obtained, except for the McEwen Shareholder Approval and except for those the failure of which to obtain or the non-expiry of which
would not have, or would not reasonably be expected to have, a Material Adverse Effect on McEwen; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">the McEwen Board shall have adopted all necessary resolutions and all other necessary corporate actions
shall have been taken by McEwen to permit the completion of the Arrangement and any other transactions contemplated by this Arrangement
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing conditions are for the exclusive
benefit of Canadian Gold and may be waived, in whole or in part, by Canadian Gold in writing at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>6.03</B></TD><TD STYLE="text-align: justify"><B>McEwen Conditions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">The obligation of McEwen to
complete the Arrangement and any other transactions contemplated by this Arrangement Agreement is subject to the fulfillment of the following
additional conditions at or before the Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the representations and warranties made by Canadian Gold in this Arrangement Agreement shall be true and
correct in all respects, without regard to any materiality or Material Adverse Effect qualifications, as of the Effective Date as if made
on and as of such date (except for representations and warranties made as of a specified date, the accuracy of which shall be determined
as of that specified date), except to the extent that the failure of such representations and warranties to be so true and correct, individually
or in the aggregate, would not result in a Material Adverse Effect with respect to Canadian Gold (provided that the representations and
warranties made by Canadian Gold in Section&nbsp;3.01(b)&nbsp;shall be true and correct in all respects (other than <I>de minimis</I>
inaccuracies)), and Canadian Gold shall have provided to McEwen a certificate dated the Effective Date of one (1)&nbsp;officer of Canadian
Gold confirming same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Canadian Gold shall have complied with or satisfied in all material respects its obligations, covenants
and agreements herein and Canadian Gold shall have provided to McEwen a certificate of one (1)&nbsp;officer of Canadian Gold confirming
same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">from the date of this Arrangement Agreement to the Effective Date, there shall not have occurred a Material
Adverse Effect with respect to Canadian Gold and Canadian Gold shall have provided to McEwen a certificate of one (1)&nbsp;officer of
Canadian Gold confirming same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">the Canadian Gold Lock-Up Agreements shall not have been terminated or otherwise breached in a material
manner by any of the Canadian Gold Locked-Up Shareholders, such that as a result of such breach or termination the Arrangement Resolution
is not passed at the Canadian Gold Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">all directors and officers of Canadian Gold and the Canadian Gold Subsidiary shall have delivered written
resignations and releases, effective as of the Effective Time, in form and substance satisfactory to McEwen, in its sole discretion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">title opinions of reputable external counsel to Canadian Gold addressed to McEwen in respect of each of
the Canadian Gold Properties shall have been delivered to McEwen by Canadian Gold in form and substance satisfactory to McEwen, acting
reasonably;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">the ownership of the Canadian Gold Subsidiary by Canadian Gold shall have been demonstrated by Canadian
Gold to the satisfaction of McEwen, acting reasonably;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">Canadian Gold Dissenting Shareholders holding no more than five percent (5%) of the outstanding Canadian
Gold Shares shall have exercised the Canadian Gold Dissent Rights (and not withdrawn such exercise) and McEwen shall have received a certificate,
dated the day immediately preceding the Effective Date, of one (1)&nbsp;officer of Canadian Gold confirming same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">the Canadian Gold Board shall have adopted all necessary resolutions and all other necessary corporate
action shall have been taken by Canadian Gold to permit the completion of the Arrangement and any other transactions contemplated by this
Arrangement Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">all consents, waivers or approvals from any third party (other than any Governmental Entity) which are
required for the completion by Canadian Gold of the Arrangement and any other transactions contemplated by this Arrangement Agreement
shall have been obtained, except for those the failure of which to obtain or the non-expiry of which would not have, or would not reasonably
be expected to have, a Material Adverse Effect on Canadian Gold; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">the Canadian Gold Board shall not have effected a Change in Canadian Gold Recommendation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing conditions are for the exclusive
benefit of McEwen and may be waived, in whole or in part, by McEwen in writing at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>6.04</B></TD><TD STYLE="text-align: justify"><B>Notice and Cure Provisions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Each Party shall give prompt notice to the other of the occurrence, or failure to occur, at any time from
the date hereof until the earlier to occur of the termination of this Arrangement Agreement and the Effective Time of any event or state
of facts which occurrence or failure would, or would be likely to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">cause any of the representations or warranties of such Party contained herein to be untrue or inaccurate
in any material respect on the date hereof or at the Effective Time; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">result in the failure to comply with or satisfy any obligation, covenant, condition or agreement to be
complied with or satisfied by such Party hereunder prior to the Effective Time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">No Party may elect not to complete the Arrangement or any other transactions contemplated by this Arrangement
Agreement pursuant to the conditions set forth herein or exercise any termination right arising therefrom, unless the Party intending
to rely thereon has delivered a written notice to the other Party promptly and in any event prior to the Effective Time specifying in
reasonable detail all breaches of covenants, representations and warranties or other matters which the Party delivering such notice is
asserting as the basis for the non-fulfilment of the applicable condition or the exercise of the termination right, as the case may be.
If any such notice is delivered by a Party, and the other Party is proceeding diligently to cure such matter and such matter is capable
of being cured, the Party delivering such notice may not terminate this Arrangement Agreement, other than pursuant to Sections 8.02(a)(iii)A,
8.02(a)(iii)B or 8.02(a)(iii)E, until the expiration of a period ending the earlier of: (i)&nbsp;fifteen (15) Business Days from the date
of receipt of such notice, if such matter has not been cured by such date; and (ii)&nbsp;the Completion Deadline.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;7<BR>
Non-Solicitation, Right To Match, Termination Fee and Expenses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>7.01</B></TD><TD STYLE="text-align: justify"><B>Non-Solicitation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">On and after the date hereof, except as otherwise provided in this Article&nbsp;7, Canadian Gold shall
not, directly or indirectly, through any officer, director, employee, representative (including for greater certainty any financial or
other advisors) or agent of Canadian Gold or any Canadian Gold Subsidiary (collectively, the &ldquo;<B>Canadian Gold Representatives</B>&rdquo;)
or any other Person:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">make, solicit, assist, initiate, encourage or otherwise knowingly facilitate (including by way of furnishing
information relating to Canadian Gold or the Canadian Gold Subsidiary or their assets, properties or books and records, permitting any
visit to any facilities or properties of Canadian Gold or the Canadian Gold Subsidiary or entering into any form of written or oral agreement,
arrangement or understanding) any inquiries, proposals or offers regarding (or which may lead to the making or completion of) an Acquisition
Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">engage in any discussions or negotiations regarding, or provide any information with respect to, or otherwise
co-operate in any way with, or assist or participate in, facilitate or encourage, any effort or attempt by any Person to make or complete
(or which may lead to the making or completion of) any Acquisition Proposal, provided that, for greater certainty, Canadian Gold may advise
any Person making an unsolicited Acquisition Proposal that such Acquisition Proposal does not constitute a Superior Proposal when the
Canadian Gold Board has so determined;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">make a Change in Canadian Gold Recommendation; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">accept or enter into, or publicly propose to accept or enter into, any letter of intent, agreement in
principle, agreement, arrangement, understanding or undertaking related to any Acquisition Proposal (other than a Third Party Confidentiality
Agreement permitted by Section&nbsp;7.03).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Canadian Gold shall, and shall cause the Canadian Gold Subsidiary and the Canadian Gold Representatives
to, immediately cease and terminate any existing solicitation, discussion or negotiation with any Person (other than McEwen or a McEwen
Subsidiary) with respect to any potential Acquisition Proposal (or any matter that could be expected to lead thereto), whether or not
initiated by Canadian Gold, any Canadian Gold Subsidiary or any of the Canadian Gold Representatives, and, in connection therewith, Canadian
Gold will immediately discontinue access to any data rooms (virtual or otherwise).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Canadian Gold shall not waive, release any Person from, or fail to enforce on a timely basis, any obligation
under any confidentiality agreement or standstill agreement or amend any such agreement and Canadian Gold confirms that it has not done
any of the foregoing prior to the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Canadian Gold confirms that it has requested the return or destruction of all information provided to
any Persons who have entered into a confidentiality agreement with Canadian Gold relating to any potential Acquisition Proposal and shall
use commercially reasonable efforts to ensure that such requests are honoured in accordance with the terms of such confidentiality agreements,
and has provided copies of such correspondence relating to same to McEwen. Canadian Gold shall immediately advise McEwen, at first orally
and then in writing, of any response or action (actual, anticipated, contemplated or threatened) by any such Person which could reasonably
be expected to hinder, prevent or delay or otherwise adversely affect the completion of the Arrangement and any other transactions contemplated
by this Arrangement Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>7.02</B></TD><TD STYLE="text-align: justify"><B>Notification of Acquisition Proposals</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">From and after the date of this Arrangement Agreement, Canadian Gold shall promptly (and in any event
within twenty-four (24) hours after it has received any proposal, inquiry, offer or request) notify McEwen, at first orally and then in
writing, of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any proposal, inquiry, offer or request (or any amendment thereto) relating to or constituting an Acquisition
Proposal; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any request for discussions or negotiations relating to, or which could reasonably lead to, an Acquisition
Proposal, and/or any request for information relating to Canadian Gold or any Canadian Gold Properties, Canadian Gold Mineral Rights or
contractual or legal rights or for access to books and records or a list of the Canadian Gold Shareholders of which Canadian Gold or any
of the Canadian Gold Representatives are or become aware, or any amendments to the foregoing relating to an Acquisition Proposal or a
potential Acquisition Proposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The notice of an Acquisition Proposal or potential Acquisition Proposal shall include a description of
the terms and conditions of, and the identity of the Person making, any proposal, inquiry, offer, request or communication (including
any amendment thereto) that relates to or could be expected to lead to an Acquisition Proposal and shall include copies of any such proposal,
inquiry, offer, request or communication or any amendment thereto. Canadian Gold shall also provide such other details of the proposal,
inquiry, offer, request or communication, or any amendment to the foregoing, as McEwen may reasonably request. Canadian Gold shall keep
McEwen promptly and fully informed of the status, including any change to the material terms, of any such proposal, inquiry, offer, request
or communication or any amendment thereto, and will respond promptly to all inquiries by McEwen with respect thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>7.03</B></TD><TD STYLE="text-align: justify"><B>Responding to an Acquisition Proposal</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding Section&nbsp;7.01(a), if at any
time following the date of this Arrangement Agreement Canadian Gold receives a bona fide written Acquisition Proposal that was not solicited
in breach of Section&nbsp;7.01(a), Canadian Gold may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">contact the Person making such Acquisition Proposal and its Representatives solely for the purpose of
clarifying the terms and conditions of such Acquisition Proposal; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">engage in or participate in discussions or negotiations with such Person regarding such Acquisition Proposal
and may provide copies of, access to, or disclosure of, confidential information, properties, facilities, books or records of Canadian
Gold or any of its Subsidiaries, if and only if, in the case of this Section&nbsp;7.03(b):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>the Canadian Gold Board first determines in good faith, after consultation with its financial advisors and outside legal counsel,
that such Acquisition Proposal is or could reasonably be expected to lead to a Superior Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">such Person was not restricted from making the Acquisition Proposal pursuant to an existing standstill
or similar restriction with Canadian Gold or any of its Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Canadian Gold has been, and continues to be, in full compliance with each of its obligations under this
Agreement, including Article&nbsp;7 and its obligations under the Confidentiality Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>before providing any such copies, access or disclosure,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">Canadian Gold enters into a confidentiality and standstill agreement with such Person that contains a
customary standstill provision and that is otherwise on terms that are no less favourable to Canadian Gold than those found in the Confidentiality
Agreement, and any such copies, access or disclosure provided to such Person shall have been (or promptly be) provided to McEwen (the
 &ldquo;<B>Third Party Confidentiality Agreement</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">Canadian Gold provides McEwen with a true, complete and final executed copy of the Third Party Confidentiality
Agreement, and concurrently provides McEwen with copies of all written communications and summaries of all material oral communications
with such Person regarding the Acquisition Proposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">If the Canadian Gold Board determines that such Acquisition Proposal could reasonably be expected to lead
to a Superior Proposal, Canadian Gold shall deliver to McEwen written notice of such determination (a &ldquo;<B>First Superior Proposal
Notice</B>&rdquo;), together with all information provided to the Person making such Acquisition Proposal. McEwen shall have ten (10)&nbsp;Business
Days from receipt of the First Superior Proposal Notice and all related materials to propose amendments to this Agreement and the Plan
of Arrangement in order to cause such Acquisition Proposal to cease to be reasonably expected to lead to a Superior Proposal. During such
ten (10)&nbsp;Business Day period, Canadian Gold shall negotiate in good faith with McEwen regarding any such proposed amendments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>7.04</B></TD><TD STYLE="text-align: justify"><B>Right to Match.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">If Canadian Gold receives an Acquisition Proposal that constitutes a Superior Proposal prior to the approval
of the Arrangement Resolution by the Canadian Gold Shareholders, the Canadian Gold Board may authorize Canadian Gold to enter into a definitive
agreement with respect to such Superior Proposal or may make a Change in Canadian Gold Recommendation, if and only if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Person making the Superior Proposal was not restricted from making such Superior Proposal pursuant
to an existing standstill or similar restriction with Canadian Gold or any of its Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Canadian Gold has been, and continues to be, in full compliance with each of its obligations under this
Article&nbsp;7 and the obligations under the Confidentiality Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Canadian Gold has delivered to McEwen a written notice of the determination of the Canadian Gold Board
that such Acquisition Proposal constitutes a Superior Proposal and of the intention of the Canadian Gold Board to enter into a definitive
agreement with respect to such Superior Proposal or make a Change in Canadian Gold Recommendation, including a notice as to the value
in financial terms that the Canadian Gold Board has, in consultation with its financial advisors, determined should be ascribed to any
non-cash consideration offered under the Superior Proposal (a &ldquo;<B>Second Superior Proposal Notice</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Canadian Gold has provided McEwen with a copy of the proposed definitive agreement for the Superior Proposal,
including all supporting materials (including any financing documents, subject to customary confidentiality provisions with respect to
fee letters or similar information) in connection with such Superior Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">at least ten (10)&nbsp;Business Days (the &ldquo;<B>Matching Period</B>&rdquo;) have elapsed from the
date that is the later of the date on which McEwen received the Superior Proposal Notice and the date on which McEwen received a copy
of the all of the materials referred to in Section&nbsp;7.04(a)(iv);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">during any Matching Period, McEwen has had the opportunity (but not the obligation), in accordance with
Section&nbsp;7.04(b), to offer to amend this Agreement, and the Plan of Arrangement in order for such Acquisition Proposal to cease to
be a Superior Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">after the Matching Period, the Canadian Gold Board has (A)&nbsp;determined, in good faith, after consultation
with its financial advisors and outside legal counsel, that such Acquisition Proposal continues to constitute a Superior Proposal (and,
if applicable, compared to the terms of the Arrangement as proposed to be amended by McEwen under Section&nbsp;7.04(b)) and (B)&nbsp;determined,
in good faith, after consultation with its outside legal counsel, that the failure by the Canadian Gold Board to authorize Canadian Gold
to enter into a definitive agreement with respect to such Superior Proposal or make a Change in Canadian Gold Recommendation would constitute
a breach of their fiduciary duties as directors of Canadian Gold; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">prior to or concurrently with entering into such definitive agreement, Canadian Gold terminates this Agreement
pursuant to Section&nbsp;8.02(a)(iv)A and pays the Canadian Gold Termination Fee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Upon receiving a First Superior Proposal Notice or a Second Superior Proposal Notice, and until the conclusion
of the Canadian Gold Meeting, McEwen shall have the right, by written notice to Canadian Gold (a &ldquo;<B>Meeting Notice</B>&rdquo;),
to require Canadian Gold to continue to comply with its obligations under this Agreement, including its obligation to convene and hold
the Canadian Gold Meeting on the date scheduled, and Canadian Gold shall not postpone, cancel or adjourn the Canadian Gold Meeting without
McEwen&rsquo;s prior written consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">During the Matching Period, or such longer period as Canadian Gold may approve (in its sole discretion)
in writing for such purpose: (i)&nbsp;McEwen shall have the opportunity (but not the obligation) to offer to amend this Agreement and
the Plan of Arrangement; (ii)&nbsp;the Canadian Gold Board shall, in good faith and in consultation with outside legal counsel and financial
advisors, review any offer made by McEwen to amend the terms of this Agreement and the Arrangement in order to determine whether such
proposal would, upon acceptance, result in the Acquisition Proposal previously determined to constitute a Superior Proposal ceasing to
be a Superior Proposal; and (iii)&nbsp;Canadian Gold shall, and shall cause its Representatives to, negotiate in good faith with McEwen
to make such amendments to the terms of this Agreement and the Plan of Arrangement as would enable McEwen to proceed with the transactions
contemplated by this Agreement on such amended terms. If, as a consequence of the foregoing, the Canadian Gold Board determines that such
Acquisition Proposal would cease to be a Superior Proposal, Canadian Gold shall promptly so advise McEwen and Canadian Gold and McEwen
shall amend this Agreement to reflect such offer made by McEwen and shall take or cause to be taken all such actions as are necessary
to give effect to the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Each successive amendment or modification to any Acquisition Proposal that results in an increase in,
or modification of, the consideration (or value of such consideration) to be received by the Canadian Gold Shareholders or other material
terms or conditions thereof shall constitute a new Acquisition Proposal for purposes of this Section&nbsp;7.04, and McEwen shall be afforded
a new ten (10)&nbsp;Business Day Matching Period from the later of the date on which McEwen received the Superior Proposal Notice and
the date on which McEwen received all of the materials referred to in Section&nbsp;7.04(a)(iv)&nbsp;with respect to each new Superior
Proposal from Canadian Gold.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">The Canadian Gold Board shall promptly reaffirm the Canadian Gold Recommendation by news release after
any Acquisition Proposal that the Canadian Gold Board has determined not to be a Superior Proposal is publicly announced or publicly disclosed,
or the Canadian Gold Board determines that a proposed amendment to the terms of this Agreement and the Arrangement as contemplated under
Section&nbsp;7.04(b)&nbsp;would result in an Acquisition Proposal no longer being a Superior Proposal. Canadian Gold shall provide McEwen
and its Representatives with a reasonable opportunity to review the form and content of any such news release and shall make all reasonable
amendments to such news release as requested by McEwen and its and its Representatives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">Notwithstanding the provision by Canadian Gold of a Superior Proposal Notice to McEwen, Canadian Gold
shall not postpone, cancel, or take any other steps to delay the Canadian Gold Meeting without the express written consent of McEwen.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>7.05</B></TD><TD STYLE="text-align: justify"><B>Permitted Disclosure</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything to the contrary set forth
in this Agreement (including this Article&nbsp;7), nothing shall prohibit the Canadian Gold Board from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">making any disclosure prior to the Effective Time that is (A)&nbsp;expressly required under Applicable
Securities Laws and (B)&nbsp;which the Canadian Gold Board has determined in good faith, after consultation with its outside legal counsel,
that the failure to make such disclosure would constitute a breach of its fiduciary duties, provided that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Canadian Gold shall deliver to McEwen and its outside legal counsel a draft of any such disclosure at
least two (2)&nbsp;Business Days in advance of its proposed public release,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Canadian Gold shall consult in good faith with McEwen and its outside legal counsel regarding the form
and content of such disclosure, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Canadian Gold shall give reasonable and good faith consideration to any comments provided by McEwen and
its outside legal counsel, and shall incorporate any comments reasonably requested by McEwen to the extent permitted by Applicable Securities
Laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">nothing shall prohibit the Canadian Gold Board from calling or holding a meeting of the Canadian Gold
Shareholders requisitioned by the Canadian Gold Shareholders in accordance with the BCBCA, provided that no such meeting shall be called,
held or permitted to occur prior to the Canadian Gold Meeting (or any adjournment or postponement thereof), and provided further that
any such meeting shall not interfere with or delay the Canadian Gold Meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>7.06</B></TD><TD STYLE="text-align: justify"><B>Termination Fee</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Except as otherwise provided herein, all fees, costs and expenses incurred by a Party in connection with
this Arrangement Agreement and the Plan of Arrangement shall be paid by the Party incurring such fees, costs or expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">If a Canadian Gold Termination Fee Event occurs, Canadian Gold shall pay, or cause to be paid, to McEwen
(by wire transfer of immediately available funds) the Canadian Gold Termination Fee as set forth in Section&nbsp;7.06(c).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">For the purposes of this Arrangement Agreement, &ldquo;<B>Canadian Gold Termination Fee Event</B>&rdquo;
means:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the termination of this Arrangement Agreement pursuant to Section&nbsp;8.02(a)(iii)A, Section&nbsp;8.02(a)(iii)D,
or Section&nbsp;8.02(a)(iv)A of this Arrangement Agreement; in which case the Canadian Gold Termination Fee shall be paid to McEwen in
readily available funds as soon as practicable and in any event within two (2)&nbsp;Business Days after the date on which this Arrangement
Agreement is terminated (except in the case of a termination in the case of Section&nbsp;8.02(a)(iv)A, in which case the Canadian Gold
Termination Fee shall be paid to McEwen in readily available funds at the time set forth in Section&nbsp;7.04(a)(viii)); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the termination of this Arrangement Agreement pursuant to Section&nbsp;8.02(a)(ii)A, Section&nbsp;8.02(a)(ii)C,
Section&nbsp;8.02(a)(iii)B or Section&nbsp;8.02(a)(iii)C if, in any such case, prior to the earlier of the termination of this Arrangement
Agreement or the holding of the Canadian Gold Meeting:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">an Acquisition Proposal, or the intention to make a <I>bona fide</I> Acquisition Proposal with respect
to Canadian Gold shall have been made to Canadian Gold or publicly announced by any Person (other than McEwen or any of the McEwen Subsidiaries)
and not withdrawn prior to the earlier of the termination of this Arrangement Agreement or the holding of the Canadian Gold Meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">within twelve (12) months after the date of termination of this Arrangement Agreement or the holding of
the Canadian Gold Meeting as applicable, an Acquisition Proposal has been completed, or accepted, recommended or approved by the Canadian
Gold Board,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify">in which case the Canadian Gold Termination
Fee shall be paid to McEwen in readily available funds as soon as practicable and in any event within two (2)&nbsp;Business Days after
the date on which the Acquisition Proposal has been completed, or accepted, recommended or approved by the Canadian Gold Board as a Superior
Proposal, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Each of the Parties acknowledges that the agreements contained in this Section&nbsp;7.06 are an integral
part of the transactions contemplated in this Arrangement Agreement and that, without those agreements, the Parties would not enter into
this Arrangement Agreement. Each Party acknowledges that the payment amounts set out in this Section&nbsp;7.06 are payments of liquidated
damages which are a genuine pre-estimate of the damages, which McEwen will suffer or incur as a result of the event giving rise to such
payment and the resultant termination of this Arrangement Agreement and are not penalties. Canadian Gold irrevocably waives any right
it may have to raise as a defence that any such liquidated damages are excessive or punitive.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">Each Party agrees that, upon any termination of this Arrangement Agreement under circumstances where McEwen
is entitled to the Canadian Gold Termination Fee and such Canadian Gold Termination Fee is paid in full, McEwen shall be precluded from
any other remedy against Canadian Gold at Law or in equity or otherwise (including an order for specific performance), and shall not seek
to obtain any recovery, judgment, or damages of any kind, including consequential, indirect, or punitive damages, against Canadian Gold
or the Canadian Gold Subsidiary, any of their respective partners, managers, members, shareholders or affiliates, or the Canadian Gold
Representatives in connection with this Arrangement Agreement or the Arrangement and any other transactions contemplated by this Arrangement
Agreement, provided that nothing in this Section&nbsp;7.06 shall: (i)&nbsp;relieve or limit or have the effect of relieving or limiting
Canadian Gold or any of the Persons referred to above in any way from any liability for damages incurred or suffered by McEwen; or (ii)&nbsp;preclude
McEwen from obtaining other relief at Law or in equity or otherwise (including an order for specific performance), in any case where there
has been an intentional or wilful breach of this Arrangement Agreement by Canadian Gold. None of the foregoing shall affect the liability
of the Parties under Section&nbsp;7.04(a)&nbsp;or Section&nbsp;9.04.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>7.07</B></TD><TD STYLE="text-align: justify"><B>Access to Information; Confidentiality</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">From the date hereof until the earlier of the Effective Time and the termination of this Arrangement Agreement,
subject to compliance with applicable Laws and the terms of any existing contracts, Canadian Gold shall, and shall cause the Canadian
Gold Representatives to, provide to McEwen and to the officers, employees, agents and representatives of McEwen such access as McEwen
may reasonably require at all reasonable times, including for the purpose of facilitating integration business planning, to the Canadian
Gold Representatives and any properties, books, records, contracts, data and information as McEwen may reasonably request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The Parties acknowledge that the transaction contemplated by this Arrangement Agreement is subject to
a confidentiality agreement between the Parties (the &ldquo;<B>Confidentiality Agreement</B>&rdquo;). Each Party hereby agrees and confirms
that the Confidentiality Agreement shall survive the termination of this Arrangement Agreement. All information of a confidential nature
relating to a Party or its business that is disclosed to the other Party in accordance with this Arrangement Agreement or in connection
with the Arrangement and any other transactions contemplated by this Arrangement Agreement shall be subject to the terms and conditions
of the Confidentiality Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>7.08</B></TD><TD STYLE="text-align: justify"><B>Insurance and Indemnification</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">McEwen agrees that, for the period from the Effective Date until six (6)&nbsp;years after the Effective
Date, McEwen shall cause Canadian Gold or any successor to Canadian Gold (including the successor resulting from the winding-up or liquidation
or dissolution of Canadian Gold) to maintain Canadian Gold&rsquo;s current directors&rsquo; and officers&rsquo; insurance policy or an
equivalent policy subject in either case to terms and conditions no less advantageous to the directors and officers of Canadian Gold than
those contained in the policy in effect on the date hereof, for all present and former directors and officers of Canadian Gold, covering
claims made prior to or within six (6)&nbsp;years after the Effective Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">McEwen shall act as agent and trustee of the benefits of the foregoing for the current and former directors
and officers of Canadian Gold for the purpose of Section&nbsp;7.08(a). This Section&nbsp;7.08 shall survive the execution and delivery
of this Arrangement Agreement and the completion of the Arrangement and shall be enforceable against McEwen by the Persons described in
Section&nbsp;7.08(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;8<BR>
TERM, TERMINATION, AMENDMENT AND WAIVER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>8.01</B></TD><TD STYLE="text-align: justify"><B>Term</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">This Arrangement Agreement shall
be effective from the date hereof until the earlier of the Effective Time and the termination of this Arrangement Agreement in accordance
with its terms, subject to Section&nbsp;7.08(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>8.02</B></TD><TD STYLE="text-align: justify"><B>Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Subject to Section&nbsp;8.02(c)&nbsp;hereof, this Arrangement Agreement may be terminated and the Arrangement
may be abandoned at any time prior to the Effective Time (notwithstanding any approval of the Arrangement Resolution by the Canadian Gold
Shareholders or the granting of the Final Order by the Court):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">by mutual written agreement of Canadian Gold and McEwen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">by either Canadian Gold or McEwen, if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">the Effective Time shall not have occurred on or before the Completion Deadline, except that the right
to terminate this Arrangement Agreement under this Section&nbsp;8.02(a)(ii)A shall not be available to any Party whose breach of this
Arrangement Agreement has been the direct or indirect cause of the failure of the Effective Time to occur by the Completion Deadline;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">after the date hereof, there shall be enacted or made any applicable Law that makes completion of the
Arrangement illegal or otherwise prohibits or enjoins Canadian Gold or McEwen from completing the Arrangement; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">the Arrangement Resolution shall have failed to obtain the Canadian Gold Shareholder Approval at the Canadian
Gold Meeting (including any adjournment or postponement thereof) in accordance with the Interim Order;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">by McEwen, if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">prior to obtaining the Canadian Gold Shareholder Approval, there is a Change in Canadian Gold Recommendation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">subject to Section&nbsp;6.04, any condition set forth in Section&nbsp;6.01 or Section&nbsp;6.03 is not
satisfied or waived by the Completion Deadline or such condition is incapable of being satisfied by the Completion Deadline, provided
that McEwen has not breached this Arrangement Agreement so as to cause any of the conditions set forth in Section&nbsp;6.01 or Section&nbsp;6.03
not to be satisfied;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">subject to Section&nbsp;6.04, a breach of any representation or warranty or failure to perform any covenant
or agreement on the part of Canadian Gold set forth in this Arrangement Agreement (other than as set forth in Article&nbsp;7) shall have
occurred that would cause the conditions set forth in Section&nbsp;6.03(a)&nbsp;or 6.03(b)&nbsp;not to be satisfied, and such conditions
are incapable of being satisfied by the Completion Deadline; provided that McEwen has not breached this Arrangement Agreement so as to
cause any of the conditions set forth in Section&nbsp;6.01 or Section&nbsp;6.03 not to be satisfied;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: justify">Canadian Gold is in material breach or in default of any of its obligations or covenants set forth in
Article&nbsp;7;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: justify">the Canadian Gold Meeting has not occurred on or before December&nbsp;5, 2025 (or such later date permitted
by Section&nbsp;5.01(d)) except that the right to terminate this Arrangement Agreement under this Section&nbsp;8.02(a)(iii)E shall not
be available to McEwen where the failure to fulfill any of its obligations under this Arrangement Agreement has been the cause of, or
directly resulted in, the failure of the Canadian Gold Meeting to occur on or before such date; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">F.</TD><TD STYLE="text-align: justify">prior to the Effective Time, there has been a Material Adverse Effect in respect of Canadian Gold.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">by Canadian Gold, if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">the Canadian Gold Board authorizes Canadian Gold, subject to complying with the terms of this Arrangement
Agreement, to accept, approve or recommend, or enter into a legally binding agreement with respect to, a Superior Proposal in accordance
with Article&nbsp;7 provided that concurrently with such termination, Canadian Gold pays the Canadian Gold Termination Fee payable pursuant
to Section&nbsp;7.04;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">subject to Section&nbsp;6.04, any condition set forth in Section&nbsp;6.01 or Section&nbsp;6.02 is not
satisfied or waived by the Completion Deadline or such condition is incapable of being satisfied by the Completion Deadline; provided
that Canadian Gold has not breached this Arrangement Agreement so as to cause any of the conditions set forth in Section&nbsp;6.01 or
Section&nbsp;6.02 not to be satisfied; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">subject to Section&nbsp;6.04, a breach of any representation or warranty or failure to perform any covenant
or agreement on the part of McEwen set forth in this Arrangement Agreement shall have occurred that would cause the conditions set forth
in Section&nbsp;6.02(a)&nbsp;or 6.02(b)&nbsp;not to be satisfied, and such conditions are incapable of being satisfied by the Completion
Deadline, provided that Canadian Gold has not breached this Arrangement Agreement so as to cause any of the conditions set forth in Section&nbsp;6.01
or Section&nbsp;6.02 not to be satisfied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The Party desiring to terminate this Arrangement Agreement pursuant to this Section&nbsp;8.02 (other than
pursuant to Section&nbsp;8.02(a)(i)) shall give written notice of such termination to the other Party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">If this Arrangement Agreement is terminated pursuant to this Section&nbsp;8.02, this Arrangement Agreement
shall become void and of no further force or effect without liability or ongoing obligation of any Party (or any shareholder, director,
officer, employee, agent, consultant or representative of such Party) to any other Party hereto, except as otherwise expressly contemplated
in this Arrangement Agreement, and provided that the provisions of this Section&nbsp;8.02(c), Section&nbsp;7.06, Section&nbsp;7.08(b),
9.01, 9.02, 9.03, 9.04, 9.05, 9.06, 9.08 and 9.10 shall survive any termination hereof pursuant to Section&nbsp;8.02; provided further
that neither the termination of this Arrangement Agreement nor anything contained in this Section&nbsp;8.02 shall relieve a Party from
any liability for any wilful breach by it of this Arrangement Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>8.03</B></TD><TD STYLE="text-align: justify"><B>Mutual Understanding Regarding Amendments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The Parties mutually agree that if a Party proposes any amendment to this Arrangement Agreement or to
the Plan of Arrangement, the other Party shall act reasonably in considering such amendment and, if the other Party and its shareholders
are not prejudiced by reason of such amendment, the Parties shall co-operate in a reasonable fashion so that such amendment can be effected,
subject to applicable Laws and the rights of the McEwen Shareholders and the Canadian Gold Shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">At any time prior to the Canadian Gold Meeting, McEwen shall be entitled to propose to Canadian Gold modifications
to the Arrangement in order to facilitate the Tax or other planning objectives of McEwen, provided, in each case that: (i)&nbsp;the Canadian
Gold Board has determined, acting reasonably and in good faith after consultation with its financial advisors and outside legal counsel,
that the implementation of such proposal would not be reasonably expected to materially prejudice Canadian Gold or the Canadian Gold Shareholders;
(ii)&nbsp;any such proposal would not impede or materially delay the completion of the Arrangement or any other transactions contemplated
by this Arrangement Agreement; (iii)&nbsp;McEwen has provided notice of such proposal to Canadian Gold not less than fifteen (15) Business
Days prior to the date of the Canadian Gold Meeting; and (iv)&nbsp;implementation of the proposal would not result in a transaction that
is inconsistent with the Arrangement or any other transactions contemplated by this Arrangement Agreement. Canadian Gold shall consider
any such proposal in good faith and shall not unreasonably withhold, condition or delay its consent to any such proposal that satisfies
the foregoing criteria.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Each of McEwen and Canadian Gold agree that any amendment, modification or proposal in accordance with
this Section&nbsp;8.03 shall not be considered in determining whether any representation or warranty made by McEwen or Canadian Gold,
as the case may be, under this Arrangement Agreement has been breached if such amendment, modification, or proposal is the sole cause
of such breach.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">If any amendment, modification or proposal is to be implemented in accordance with this Section&nbsp;8.03,
McEwen and Canadian Gold shall enter into an amending agreement reflecting the proposed amendments to the Arrangement and this Arrangement
Agreement and the Plan of Arrangement shall be amended or modified accordingly and Canadian Gold shall use its commercially reasonable
efforts to communicate any such amendments or modifications to the Canadian Gold Shareholders and ensure that any such amendments or modifications
are, to the extent required under applicable Laws, presented to the Canadian Gold Shareholders at the Canadian Gold Meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>8.04</B></TD><TD STYLE="text-align: justify"><B>Amendment or Waiver</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">This Arrangement Agreement and
the Plan of Arrangement may, at any time and from time to time before or after the holding of the Canadian Gold Meeting but not later
than the Effective Time, be amended or any provision thereof be waived by mutual written agreement of Canadian Gold and McEwen, and any
such amendment or waiver may, subject to the Interim Order and the Final Order and applicable Laws, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">change the time for performance of any of the obligations or acts of the Parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">waive any inaccuracies or modify any representation or warranty contained herein or in any document delivered
pursuant hereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">waive compliance with or modify any of the covenants herein contained and waive or modify performance
of any of the obligations of the Parties; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">waive compliance with or modify any mutual conditions precedent herein contained.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any amendment or waiver made or granted as aforesaid
shall affect only the matter, and the occurrence thereof, specifically identified in the amendment or waiver and shall not extend to any
other matter or occurrence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;9<BR>
GENERAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.01</B></TD><TD STYLE="text-align: justify"><B>Privacy</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Each Party shall comply with
applicable privacy Laws in the course of collecting, using and disclosing personal information about an identifiable individual (the &ldquo;<B>Transaction
Personal Information</B>&rdquo;). Neither Party shall disclose Transaction Personal Information to any Person other than to its advisors
who are evaluating and advising on the Arrangement and any other transactions contemplated by this Arrangement Agreement. If McEwen completes
the Arrangement and any other transactions contemplated by this Arrangement Agreement, McEwen shall not, following the Effective Date,
without the consent of the individuals to whom such Transaction Personal Information relates or as permitted or required by applicable
Law, use or disclose Transaction Personal Information for purposes other than those for which such Transaction Personal Information was
collected by Canadian Gold prior to the Effective Date and which does not relate directly to the carrying on of Canadian Gold&rsquo;s
business or to the carrying out of the purposes for which the Arrangement and any other transactions contemplated by this Arrangement
Agreement were implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Each Party shall protect and
safeguard the Transaction Personal Information against unauthorized collection, use or disclosure. Each Party shall cause its advisors
to observe the terms of this Section&nbsp;9.01 and to protect and safeguard Transaction Personal Information in their possession. If this
Arrangement Agreement shall be terminated, each Party shall promptly deliver to other Party all Transaction Personal Information relating
to such other Party in its possession or in the possession of any of its advisors, including all copies, reproductions, summaries or extracts
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.02</B></TD><TD STYLE="text-align: justify"><B>Notices</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Any notice, consent, waiver,
direction or other communication required or permitted to be given under this Arrangement Agreement by a Party shall be in writing and
shall be delivered by hand to the Party to which the notice is to be given at the following address or sent by facsimile or email to the
following numbers or email addresses or to such other address or facsimile number as shall be specified by a Party by like notice. Any
notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on
the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day)
and if sent by facsimile or email be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then
the next succeeding Business Day) unless actually received after 4:00 p.m.&nbsp;(Toronto time) at the point of delivery in which case
it shall be deemed to have been given and received on the next Business Day. The address for service of each of the Parties hereto shall
be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">if to Canadian Gold:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">401 Bay St. Suite&nbsp;2702</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Toronto, ON M5H 2Y4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Attention: Michael Swistun, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-size: 10pt">Email: </FONT>[&#1449;***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">with a copy (which
shall not itself constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Getz Prince Wells LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">#530, 355 Burrard Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Vancouver, B.C.
V6C 2G8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Attention: Zahra H. Ramji</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-size: 10pt">Email:
</FONT>[&#1449;***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">if to McEwen:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">McEwen Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">150 King Street West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Suite&nbsp;2800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Toronto, Ontario M5H 1J9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Robert R. McEwen,
President and Chief Executive Officer&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;[&#1449;***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Bennett Jones LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">3400 One First Canadian Place, P.O.&nbsp;Box 130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Toronto, Ontario M5X 1A4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Jeff
Kerbel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Facsimile:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;[&#1449;***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;[&#1449;***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.03</B></TD><TD STYLE="text-align: justify"><B>Remedies</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Subject to Section&nbsp;7.04,
the Parties acknowledge and agree that an award of money damages may be inadequate for any breach of this Arrangement Agreement by any
Party or its officers, directors, employees, representatives, agents or advisors (including for greater certainty any financial or other
advisors) and that such breach may cause the non-breaching Party irreparable harm. Accordingly, the Parties agree that, in the event of
any such breach or threatened breach of this Arrangement Agreement by one of the Parties or any of its officers, directors, employees,
representatives, agents or advisors (including for greater certainty any financial or other advisors), each other Party will, subject
to Section&nbsp;7.04, be entitled, without the requirement of posting a bond or other security, to equitable relief, including injunctive
relief and specific performance. Such remedies will not be the exclusive remedies for any breach of this Arrangement Agreement but will
be in addition to all other remedies available hereunder or at Law or in equity to each of the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.04</B></TD><TD STYLE="text-align: justify"><B>Expenses</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Subject to subsection (b)&nbsp;and except as otherwise provided in this Arrangement, the Parties agree
that all expenses incurred in connection with this Arrangement Agreement and the Arrangement and any other transactions contemplated by
this Arrangement Agreement, the Canadian Gold Meeting, the preparation and mailing of the Canadian Gold Circular, including legal and
accounting fees, printing costs, financial advisor fees and all disbursements by advisors, shall be paid by the Party incurring such expense
and that nothing in this Arrangement Agreement shall be construed so as to prevent the payment of such expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">In addition to the rights of McEwen under Section&nbsp;7.06(b), if this Arrangement Agreement is terminated
by McEwen pursuant to Section&nbsp;8.02(a)(iii)B (on account of a condition set forth in Section&nbsp;6.03) or 8.02(a)(iii)C and no Canadian
Gold Termination Fee is payable, then Canadian Gold shall, within two (2)&nbsp;Business Days of such termination, pay or cause to be paid
to McEwen by wire transfer in immediately available funds an amount equal to $500,000 as reimbursement to McEwen for its expenses incurred
in connection with the Arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">The provisions of this Section&nbsp;9.04 shall survive the termination of this Arrangement Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.05</B></TD><TD STYLE="text-align: justify"><B>Time of the Essence</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Time shall be of the essence
in this Arrangement Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.06</B></TD><TD STYLE="text-align: justify"><B>Entire Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">This Arrangement Agreement,
together with the agreements and other documents herein or therein referred to, including the Confidentiality Agreement, constitute the
entire agreement and understanding between the Parties pertaining to the subject matter hereof and supersede all prior agreements, understandings,
negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof, other than the Confidentiality
Agreement as amended by this Arrangement Agreement. There are no representations, warranties, covenants or conditions with respect to
the subject matter hereof, except as contained herein or in the Confidentiality Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.07</B></TD><TD STYLE="text-align: justify"><B>Further Assurances</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">Each Party shall, from time
to time, and at all times hereafter, at the request of the other Party, but without further consideration, do, or cause to be done, all
such other acts and execute and deliver, or cause to be executed and delivered, all such further agreements, transfers, assurances, instruments
or documents as shall be reasonably required in order to fully perform and carry out the terms and intent hereof including the Plan of
Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.08</B></TD><TD STYLE="text-align: justify"><B>Governing Law; Waiver of Jury Trial</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">This Arrangement Agreement shall
be governed by, and be construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein
but the reference to such laws shall not, by conflict of laws rules&nbsp;or otherwise, require the application of the Law of any jurisdiction
other than the Province of Ontario. Each of the Parties hereby irrevocably attorns to the exclusive jurisdiction of the Courts of the
Province of Ontario in respect of all matters arising under and in relation to this Arrangement Agreement and waives any defences to the
maintenance of an action in the Courts of the Province of Ontario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.09</B></TD><TD STYLE="text-align: justify"><B>Execution in Counterparts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">This Arrangement Agreement may
be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively
shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page&nbsp;to this Arrangement
Agreement by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Arrangement
Agreement, and any Party delivering an executed counterpart of the signature page&nbsp;to this Arrangement Agreement by facsimile or other
electronic means to the other Party shall thereafter also promptly deliver a manually executed original counterpart of this Arrangement
Agreement to such other Party, but the failure to deliver such manually executed original counterpart shall not affect the validity, enforceability
or binding effect of this Arrangement Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.10</B></TD><TD STYLE="text-align: justify"><B>No Personal Liability</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">No director or officer of Canadian Gold (in such capacity) shall have any personal liability whatsoever
to McEwen under this Arrangement Agreement or any other document delivered by or on behalf of Canadian Gold in connection with the Arrangement
by or any other transactions contemplated by this Arrangement Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">No director or officer of McEwen (in such capacity) shall have any personal liability whatsoever to Canadian
Gold under this Arrangement Agreement or any other document delivered by or on behalf of McEwen in connection with the Arrangement or
any other transactions contemplated by this Arrangement Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.25in"><B>9.11</B></TD><TD STYLE="text-align: justify"><B>Enurement and Assignment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">McEwen may assign all or any
part of its rights under this Arrangement Agreement to, and its obligations under this Arrangement Agreement (other than its obligation
to issue McEwen Shares as consideration under the Arrangement) may be assumed by, a McEwen Subsidiary, provided that if such assignment
and/or assumption takes place, McEwen shall continue to be liable jointly and severally with such McEwen Subsidiary for all of McEwen&rsquo;s
obligations hereunder. For greater certainty, any assignment to a McEwen Subsidiary shall not relieve McEwen of its obligation to cause
the issuance and delivery of the McEwen Shares to the Canadian Gold Shareholders in accordance with the Arrangement. This Arrangement
Agreement shall be binding on, and shall enure to the benefit of, the Parties and their respective successors and permitted assigns. No
third party shall have any rights hereunder, other than as set forth in Section&nbsp;7.08. Except as expressly permitted by the terms
hereof, neither this Arrangement Agreement nor any of the rights, interests or obligations hereunder may be assigned by either of the
Parties without the prior written consent of the other Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>IN WITNESS WHEREOF</B> the
parties hereto have executed this Arrangement Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CANADIAN GOLD CORP.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Michael Switsun</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Switsun &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Executive Officer, President</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCEWEN INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Perry Ing </I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Perry Ing &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
 &quot;A&quot;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FORM&nbsp;OF PLAN OF ARRANGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF ARRANGEMENT UNDER DIVISION 5 OF PART&nbsp;9
OF THE <I>BUSINESS CORPORATIONS ACT</I> (BRITISH COLUMBIA)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;1<U><BR>
DEFINITIONS AND INTERPRETATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Definitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In this Plan of Arrangement,
unless the context otherwise requires, the following words and terms with the initial letter or letters thereof capitalized shall have
the meanings ascribed to them below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Arrangement</B>&rdquo; means
an arrangement under the provisions of Division 5 of Part&nbsp;9 of the BCBCA on the terms and conditions set forth in this Plan of Arrangement,
subject to any amendment or supplement thereto made in accordance therewith, herewith or made at the direction of the Court in the Final
Order with the consent of McEwen and Canadian Gold, acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Arrangement Agreement</B>&rdquo;
means the arrangement agreement dated as of October&nbsp;10, 2025 between McEwen and Canadian Gold, together with the schedules attached
thereto, as amended, amended and restated, or supplemented from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Arrangement Consideration</B>&rdquo;
means, for each Canadian Gold Share, 0.0225 (the &ldquo;<B>Arrangement Consideration Factor</B>&rdquo;) of a McEwen Share;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Arrangement Resolution</B>&rdquo;
means the special resolution of the Canadian Gold Shareholders approving the Arrangement, the Plan of Arrangement and the Arrangement
Agreement, substantially in the form set out in Schedule &ldquo;B&rdquo; to the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Base Controlled Canadian Gold
Shares</B>&rdquo; means the number of Controlled Canadian Gold Shares that will result in aggregate Arrangement Consideration up to one
percent (1%) of the number of issued and outstanding McEwen Shares determined immediately prior to the Effective Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>BCBCA</B>&rdquo; means the
<I>Business Corporations Act</I> (British Columbia);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means
any day, other than a Saturday, a Sunday or a statutory holiday in Vancouver, British Columbia or Toronto, Ontario;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold</B>&rdquo; means
Canadian Gold Corp., a corporation existing under the BCBCA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold Dissent Procedures</B>&rdquo;
means the procedures set out herein to be taken by a Canadian Gold Shareholder in exercising Canadian Gold Dissent Rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold Dissent Rights</B>&rdquo;
means the rights of dissent in respect of the Arrangement as contemplated in this Plan of Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold Dissenting Shareholders</B>&rdquo;
means registered Canadian Gold Shareholders who have duly and validly exercised their Canadian Gold Dissent Rights in strict compliance
with the Canadian Gold Dissent Procedures and whose Canadian Gold Dissent Rights have not terminated; &ldquo;<B>Canadian Gold Meeting</B>&rdquo;
means the special meeting, including any adjournments or postponements thereof, of the Canadian Gold Shareholders to be held, among other
things, to consider and, if deemed advisable, to approve the Arrangement Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold Options</B>&rdquo;
means all options to purchase Canadian Gold Shares outstanding immediately prior to the Effective Time and issued pursuant to the Canadian
Gold Stock Option Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold Shareholders</B>&rdquo;
means, at any time, the holders of Canadian Gold Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold Shares</B>&rdquo;
means common shares in the capital of Canadian Gold;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold Stock Option
Plan</B>&rdquo; means the stock option plan of Canadian Gold, as amended, amended and restated or supplemented from time to time, and
as approved by the Canadian Gold Shareholders and described in the most recent management information circular of Canadian Gold filed
on SEDAR+;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold Warrant Agreement</B>&rdquo;
means the warrant agreement dated as of March&nbsp;27, 2025 between Canadian Gold and RBC Dominion Securities ITF A/C 421-56842-10 (McEwen
Mining Inc.) as amended, supplemented or otherwise modified from time to time in accordance with its terms;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold Warrantholders</B>&rdquo;
means the holders of Canadian Gold Warrants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Gold Warrants</B>&rdquo;
means all warrants to purchase Canadian Gold Shares outstanding immediately prior to the Effective Time and issued pursuant to the Canadian
Gold Warrant Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Conditional McEwen Shares</B>&rdquo;
means such number of McEwen Shares equal to the number of Excess Controlled Canadian Gold Shares multiplied by the Arrangement Consideration
Factor that would be issuable to former holders of Controlled Canadian Gold Shares (i)&nbsp;at the Effective Time if the McEwen Shareholder
Approval is obtained prior to such time or (ii)&nbsp;following the Effective Time upon the exchange of the Subscription Receipts in accordance
with their terms;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Controlled Canadian Gold Shares</B>&rdquo;
means any Canadian Gold Shares held, directly or indirectly, or controlled or directed as of the date of the Arrangement Agreement, by
Mr.&nbsp;Robert McEwen;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Court</B>&rdquo; means the
British Columbia Supreme Court;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Depositary</B>&rdquo; means
Computershare Investor Services Inc., appointed for the purpose of, among other things, exchanging certificates representing Canadian
Gold Shares for certificates representing McEwen Shares in connection with the Arrangement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Effective Date</B>&rdquo;
means the date the Arrangement completes, as determined in accordance with the Arrangement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Effective Time</B>&rdquo;
means 8:00 a.m.&nbsp;(Pacific time) on the Effective Date, or such other time as the Parties may agree to in writing before the Effective
Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Excess Controlled Canadian
Gold Shares</B>&rdquo; means any Controlled Canadian Gold Shares in excess of the Base Controlled Canadian Gold Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Final Order</B>&rdquo; means
the final order of the Court in form acceptable to McEwen and Canadian Gold, each acting reasonably, approving the Arrangement, as such
order may be amended, supplemented or varied by the Court with the consent of the Parties at any time prior to the Effective Date or,
if appealed, then unless such appeal is withdrawn or denied, as affirmed or as amended on appeal;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Former Canadian Gold Optionholders</B>&rdquo;
means, at and following the Effective Time, the holders of Canadian Gold Options immediately prior to the Effective Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Former Canadian Gold Shareholders</B>&rdquo;
means, at and following the Effective Time, the holders of Canadian Gold Shares immediately prior to the Effective Time and, for greater
certainty, includes without limitation, Canadian Gold Dissenting Shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Former Canadian Gold Warrantholders</B>&rdquo;
means, at and following the Effective Time, the holders of Canadian Gold Warrants immediately prior to the Effective Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Governmental Entity</B>&rdquo;
means;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any supranational body or organization, nation, government, state, province, country, territory, municipality,
quasi-government, administrative, judicial or regulatory authority, agency, board, body, bureau, commission, instrumentality, court or
tribunal or any political subdivision thereof, or any central bank (or similar monetary or regulatory authority) thereof, any taxing authority,
any ministry or department or agency of any of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or
pertaining to, government, including any court or arbitrator or any stock exchange, including the TSXV, TSX and NYSE; or (iii)&#9;any
corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of such entities or other bodies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Interim Order</B>&rdquo; means
the interim order of the Court pursuant to the BCBCA, made in connection with the Arrangement, as such order may be amended, supplemented
or varied by the Court with the consent of McEwen and Canadian Gold, each acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Letter of Transmittal</B>&rdquo;
means the letter of transmittal sent by Canadian Gold to the Canadian Gold Shareholders for use in connection with the Arrangement, providing
for the delivery of certificates representing Canadian Gold Shares to the Depositary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>McEwen</B>&rdquo; means McEwen
Inc., a corporation existing under the laws of the State of Colorado;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>McEwen Meeting</B>&rdquo;
means the meeting of holders of McEwen Shares held to consider, among other things, the McEwen Shareholder Approval;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>McEwen Shareholder Approval</B>&rdquo;
means the approval, in accordance with the requirements of the NYSE, by a majority of the votes cast by disinterested holders of McEwen
Shares at the McEwen Meeting, of the issuance by McEwen of the Conditional McEwen Shares pursuant to the terms of the Arrangement Agreement,
this Plan of Arrangement and/or the Subscription Receipts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>McEwen Shares</B>&rdquo; means
shares of common stock in the capital of McEwen;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>NYSE</B>&rdquo; means the
New York Stock Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Person</B>&rdquo; means an
individual, partnership, association, body corporate, joint venture, business organization, trustee, executor, administrative legal representative,
Governmental Entity or any other entity, whether or not having legal status;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Plan of Arrangement</B>&rdquo;
means this plan of arrangement and any amendments or variations made in accordance with the Arrangement Agreement or this Plan of Arrangement
or made at the direction of the Court in the Final Order with the prior written consent of McEwen and Canadian Gold, each acting reasonably;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Subscription Receipt Agreement</B>&rdquo;
means the subscription receipt agreement to be dated as of the Effective Date, among McEwen and each of the holders of the Excess Controlled
Canadian Gold Shares, governing the terms and conditions of the Subscription Receipts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Subscription Receipts</B>&rdquo;
means the subscription receipts to be created and issued, pursuant to the terms of the Subscription Receipt Agreement, by McEwen to former
holders of Controlled Canadian Gold Shares in connection with the Arrangement, in accordance with section 2.09 of the Arrangement Agreement
and this Plan of Arrangement, which Subscription Receipts shall convert automatically on the first Business Day after the McEwen Meeting,
without payment of any additional consideration or further action on the part of the holders of such Subscription Receipts, into: (i)&nbsp;if
the McEwen Shareholder Approval is obtained at the McEwen Meeting, one (1)&nbsp;McEwen Share for each one (1)&nbsp;Subscription Receipt;
and (ii)&nbsp;if the McEwen Shareholder Approval is not obtained at the McEwen Meeting, an amount in cash, payable by McEwen to the Subscription
Receipt holder in accordance with the terms of the Subscription Receipt Agreement, equal to the product of: (A)&nbsp;the closing price
of the McEwen Shares on the NYSE as at the last trading day prior to the date of the McEwen Meeting; and (B)&nbsp;the number of Subscription
Receipts held by each holder thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Act</B>&rdquo; means the
<I>Income Tax Act</I> (Canada);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Exempt Person</B>&rdquo;
means a person who is exempt from tax under Part&nbsp;I of the Tax Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>TSX</B>&rdquo; means the Toronto
Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>TSXV</B>&rdquo; means the
TSX Venture Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Words and phrases used herein
that are defined in the Arrangement Agreement and not defined herein shall have the same meaning herein as in the Arrangement Agreement,
unless the context otherwise requires. Words and phrases used herein that are defined in the BCBCA and not defined herein or in the Arrangement
Agreement shall have the same meaning herein as in the BCBCA, unless the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Interpretation
Not Affected By Headings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The division of this Plan of
Arrangement into articles, sections, subsections, paragraphs and subparagraphs and the insertion of headings herein are for convenience
of reference only and shall not affect in any way the meaning or interpretation of this Plan of Arrangement. The terms &ldquo;this Plan
of Arrangement&rdquo;, &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereto&rdquo;, &ldquo;hereunder&rdquo; and similar expressions
refer to this Plan of Arrangement and not to any particular article, section or other portion hereof and include any instrument supplementary
or ancillary hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;References to
Articles, Sections, Etc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Unless otherwise indicated,
references in this Plan of Arrangement to any article, section, subsection, paragraph, subparagraph or portion thereof are a reference
to the applicable article, section, subsection, paragraph, subparagraph or portion thereof in this Plan of Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Number and Gender</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In this Plan of Arrangement,
unless the context otherwise requires, words importing the singular shall include the plural and <I>vice versa</I>, words importing the
use of either gender shall include both genders and neuter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Date for Any Action</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the date on which any action
is required to be taken hereunder by any Party is not a Business Day, such action shall be required to be taken on the next succeeding
day that is a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Statutory References</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any reference in this Plan of
Arrangement to a statute includes all regulations and rules&nbsp; made thereunder, all amendments to such statute or regulation in force
from time to time and any statute or regulation that supplements or supersedes such statute or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Currency</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Unless otherwise stated, all
references in this Plan of Arrangement to amounts of money are expressed in lawful money of Canada, and &ldquo;$&rdquo; refers to Canadian
dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;2<U><BR>
ARRANGEMENT AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Arrangement Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Plan of Arrangement is
made pursuant to, and is subject to the provisions of, the Arrangement Agreement, except in respect of the sequence of the steps comprising
the Arrangement which shall occur in the order set forth herein. This Plan of Arrangement constitutes an arrangement as referred to in
Division 5 of Part&nbsp;9 of the BCBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;3<U><BR>
ARRANGEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Arrangement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Commencing at the Effective
Time, the following events or transactions shall occur and shall be deemed to occur in the following sequence without any further act
or formality:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">each Canadian Gold Option and Canadian Gold Warrant outstanding immediately prior to the Effective Time
shall be cancelled without any payment thereon;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">each Canadian Gold Share held by a Canadian Gold Dissenting Shareholder shall be deemed to be transferred
by the holder thereof, without any further act or formality on its part, free and clear of all liens, claims and encumbrances, to McEwen,
in consideration for a claim against McEwen in an amount determined and payable in accordance with Article&nbsp;4, and the name of such
holder will be removed from the central securities register as a holder of Canadian Gold Shares and McEwen shall be recorded as the registered
holder of the Canadian Gold Shares so transferred and shall be deemed to be the legal owner of such Canadian Gold Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">each Canadian Gold Share outstanding immediately prior to the Effective Time held by a Canadian Gold Shareholder
(other than any Excess Controlled Canadian Gold Shares and other than any Canadian Gold Shares held by McEwen or any Canadian Gold Dissenting
Shareholder) shall be transferred by the holder thereof to McEwen in exchange for the Arrangement Consideration, and McEwen shall be deemed
to be the legal and beneficial owner thereof, free and clear of any liens, claims or encumbrances, subject to Article&nbsp;5;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">each Excess Controlled Canadian Gold Share outstanding immediately prior to the Effective Time shall be
transferred by the holder thereof to McEwen:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">if the McEwen Meeting occurs prior to the Effective Time and the McEwen Shareholder Approval is obtained,
in exchange for the Arrangement Consideration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">if the McEwen Meeting occurs prior to the Effective Time and the McEwen Shareholder Approval is not obtained,
in exchange for an amount in cash equal to the Arrangement Consideration Factor multiplied by the closing price of McEwen Shares on the
NYSE on the last trading day prior to the Effective Time; or (iii)&#9;if the McEwen Meeting has not occurred prior to the Effective Time,
in exchange for the fraction of one (1)&nbsp;Subscription Receipt equal to one (1)&nbsp;multiplied by the Arrangement Consideration Factor;
and in each case McEwen shall be deemed to be the legal and beneficial owner thereof, free and clear of any liens, claims or encumbrances,
subject to Article&nbsp;5;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Post-Effective
Time Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Following the receipt of the Final Order and no later than one (1)&nbsp;Business Day before the Effective
Date, McEwen shall deliver or arrange to be delivered to the Depositary certificates representing the requisite McEwen Shares required
to be issued to Former Canadian Gold Shareholders in accordance with the provisions of Section&nbsp;3.1, which certificates shall be held
by the Depositary as agent and nominee for Former Canadian Gold Shareholders for distribution to such Former Canadian Gold Shareholders
in accordance with the provisions of Article&nbsp;5.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Subject to the provisions of Article&nbsp;5, and upon the return of a properly completed Letter of Transmittal
by a registered Former Canadian Gold Shareholder, together with certificates representing Canadian Gold Shares and such other documents
as the Depositary may require, the Former Canadian Gold Shareholder shall be entitled to receive delivery of certificates representing
the Canadian Gold Shares and Subscription Receipts to which it is entitled pursuant to Section&nbsp;3.1(c), Section&nbsp;3.1(d)(i)&nbsp;or
Section&nbsp;3.1(d)(iii)&nbsp;and any cash payment to which it is entitled pursuant to Section&nbsp;3.1(d)(ii).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No Fractional
McEwen Shares or Subscription Receipts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No fractional McEwen Shares
or Subscription Receipts shall be issued to Former Canadian Gold Shareholders in connection with this Plan of Arrangement. The total number
of McEwen Shares or Subscription Receipts, as applicable, to be issued to any Former Canadian Gold Shareholder shall, without additional
compensation, in each case be rounded down to the nearest whole McEwen Share or Subscription Receipt, as applicable, in the event that
such Former Canadian Gold Shareholder would otherwise be entitled to a fractional McEwen Share or Subscription Receipt, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Transfers Free
and Clear</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any transfer of securities pursuant
to this Plan of Arrangement shall be free and clear of all liens, claims or encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Binding Effect</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Plan of Arrangement will
become effective at, and be binding at and after, the Effective Time on: (i)&nbsp;Canadian Gold; (ii)&nbsp;McEwen; (iii)&nbsp;Former Canadian
Gold Shareholders; (iv)&nbsp;Former Canadian Gold Optionholders; and (v)&nbsp;Former Canadian Gold Warrantholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;4<U><BR>
DISSENT PROCEDURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Rights of Dissent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Pursuant to the Interim Order,
a Canadian Gold Dissenting Shareholder may exercise the Canadian Gold Dissent Rights with respect to the Canadian Gold Shares held by
such holder in connection with the Arrangement pursuant to and in the manner set forth in section 237 to 247 of the BCBCA, as modified
by the Interim Order and this Section&nbsp;4.1; provided that, notwithstanding subsection 242(1)(a)&nbsp;of the BCBCA, the written objection
to the Arrangement Resolution referred to in subsection 242(1)(a)&nbsp;of the BCBCA must be received by Canadian Gold not later than 5:00
p.m.&nbsp;(Toronto time) two (2)&nbsp;Business Days immediately preceding the date of the Canadian Gold Meeting (as may be adjourned or
postponed from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Canadian Gold Dissenting
Shareholder who is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">ultimately entitled to be paid fair value for such holder&rsquo;s Canadian Gold Shares: (A)&nbsp;shall
be deemed not to have participated in the transactions in Article&nbsp;3 (other than Section&nbsp;3.1(b)); (B)&nbsp;shall be entitled
to be paid the fair value of such Canadian Gold Shares by McEwen (with funds of McEwen not directly or indirectly provided by Canadian
Gold), which fair value shall be determined as of the close of business on the Business Day immediately before the Arrangement Resolution
was adopted; and (C)&nbsp;shall not be entitled to any other payment or consideration, including any payment that would be payable under
the Arrangement had such holder not exercised their Canadian Gold Dissent Rights in respect of such Canadian Gold Shares; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">ultimately not entitled, for any reason, to be paid fair value for such Canadian Gold Shares shall be
deemed to have participated in the Arrangement on the same basis as a Canadian Gold Shareholder who was not a Canadian Gold Dissenting
Shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Recognition of
Dissenting Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">In no circumstances shall the Parties or any other Person be required to recognize a Person exercising
Canadian Gold Dissent Rights unless such Person is the registered holder of those Canadian Gold Shares in respect of which such Canadian
Gold Dissent Rights are sought to be exercised.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">For greater certainty, in no case shall the Parties or any other Person be required to recognize Canadian
Gold Dissenting Shareholders as holders of Canadian Gold Shares in respect of which Canadian Gold Dissent Rights have been validly exercised
after the completion of the transfer of such Canadian Gold Shares under Section&nbsp;3.1(b), and the names of such Canadian Gold Dissenting
Shareholders shall be removed from the register of holders of the Canadian Gold Shares in respect of which Canadian Gold Dissent Rights
have been validly exercised at the same time as the event described in Section&nbsp;3.1(b)&nbsp;occurs. In addition to any other restrictions
set forth in the BCBCA, none of the following shall be entitled to exercise Canadian Gold Dissent Rights: (i)&nbsp;Canadian Gold Optionholders;
(ii)&nbsp;Canadian Gold Warrantholders; and (iii)&nbsp;Canadian Gold Shareholders who vote or have instructed a proxyholder to vote their
Canadian Gold Shares in favour of the Arrangement Resolution (but only in respect of such Canadian Gold Shares).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;5<U><BR>
DELIVERY OF MCEWEN SHARES, SUBSCRIPTION RECEIPTS AND CASH PAYMENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Delivery of McEwen
Shares, Subscription Receipts and Cash Payments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Upon surrender to the Depositary for cancellation of a certificate which immediately prior to the Effective
Time represented one (1)&nbsp;or more outstanding Canadian Gold Shares which were exchanged for McEwen Shares, Subscription Receipts or
a cash payment in accordance with Section&nbsp;3.1(d), together with such other documents and instruments as would have been required
to effect the transfer of the Canadian Gold Shares formerly represented by such certificate under the BCBCA and the articles of Canadian
Gold and such additional documents and instruments as the Depositary may reasonably require, the holder of such surrendered certificate
shall be entitled to receive in exchange therefor, and the Depositary shall deliver to such holder following the Effective Time, one or
more certificates representing the McEwen Shares and/or Subscription Receipts which such holder is entitled to receive in accordance with
Section&nbsp;3.1(c), Section&nbsp;3.1(d)(i)&nbsp;or Section&nbsp;3.1(d)(iii)&nbsp;and any cash payment which such holder is entitled to
receive pursuant to Section&nbsp;3.1(d)(ii).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">After the Effective Time and until surrendered for cancellation as contemplated by Section&nbsp;5.1(a),
each certificate which immediately prior to the Effective Time represented one or more Canadian Gold Shares shall be deemed at all times
to represent only the right to receive in exchange therefor the entitlements which the holder of such certificate is entitled to receive
in accordance with Section&nbsp;3.1(c)&nbsp;or Section&nbsp;3.1(d).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Lost Certificates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the event that any certificate
which immediately prior to the Effective Time represented one (1)&nbsp;or more outstanding Canadian Gold Shares which were exchanged or
transferred in accordance with Section&nbsp;3.1 shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact
by the Person claiming such certificate to be lost, stolen or destroyed, the Depositary shall deliver in exchange for such lost, stolen
or destroyed certificate, the consideration which such Person is entitled to receive in accordance with Section&nbsp;3.1; provided that,
as a condition precedent to any such delivery by the Depositary, such Person shall have provided a bond satisfactory to McEwen and the
Depositary in such amount as McEwen and the Depositary may direct, or otherwise indemnified McEwen and the Depositary in a manner satisfactory
to McEwen and the Depositary, against any claim that may be made against McEwen and the Depositary with respect to the certificate alleged
to have been lost, stolen or destroyed and shall otherwise have taken such actions as may be required by the articles of Canadian Gold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Distributions
with Respect to Unsurrendered Certificates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No dividend or other distribution
declared or made after the Effective Time with respect to McEwen Shares with a record date after the Effective Time shall be delivered
to the holder of any unsurrendered certificate which, immediately prior to the Effective Time, represented outstanding Canadian Gold Shares
unless and until the holder of such certificate shall have complied with the provisions of Section&nbsp;5.1 or Section&nbsp;5.2. Subject
to applicable Laws and to Section&nbsp;5.4, at the time of such compliance, there shall, in addition to the delivery of a certificate
representing the McEwen Shares to which such holder is thereby entitled, be delivered to such holder, without interest, the amount of
the dividend or other distribution with a record date after the Effective Time theretofore paid with respect to such McEwen Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Withholding Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">McEwen, Canadian Gold and the
Depositary shall be entitled to deduct or withhold from any consideration payable or otherwise deliverable to any Person hereunder, and
from all dividends or other distributions otherwise payable to any Former Canadian Gold Shareholder, such amounts as McEwen, Canadian
Gold or the Depositary is required to deduct or withhold with respect to such payment under the Tax Act, the United States Internal Revenue
Code of 1986 or any provision of any applicable federal, provincial, state, local or foreign Tax Laws. To the extent the amount required
to be deducted or withheld from any consideration payable or otherwise deliverable to any Person hereunder exceeds the amount of cash
consideration, if any, otherwise payable to the Person, any of McEwen, Canadian Gold or the Depositary is hereby authorized to sell or
otherwise dispose of any non-cash consideration payable to the Person as is necessary to provide sufficient funds to McEwen, Canadian
Gold or the Depositary, as the case may be, to enable it to comply with all deduction or withholding requirements applicable to it, and
McEwen, Canadian Gold or the Depositary, as applicable, shall notify such Person and remit to such Person any unapplied balance of the
net proceeds of such sale. To the extent that amounts are so deducted or withheld, such deducted or withheld amounts shall be treated
for all purposes hereof as having been paid to the relevant Person in respect of which such deduction or withholding was made, provided
that such deducted or withheld amounts are remitted to the appropriate Governmental Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Limitation and
Proscription</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">To the extent that a Former
Canadian Gold Shareholder shall not have complied with the provisions of Section&nbsp;5.1 or Section&nbsp;5.2 on or before the date which
is six (6)&nbsp;years after the Effective Date (the &ldquo;<B>Final Proscription Date</B>&rdquo;), then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any McEwen Shares or Subscription Receipts which such Former Canadian Gold Shareholder was entitled to
receive shall be automatically cancelled without any repayment of capital in respect thereof and the certificates representing such McEwen
Shares and Subscription Receipts shall be delivered to McEwen by the Depositary for cancellation and shall be cancelled by McEwen, and
the interest of the Former Canadian Gold Shareholder in such McEwen Shares and Subscription Receipts shall be terminated as of such Final
Proscription Date; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any dividends or distributions which such Former Canadian Gold Shareholder was entitled to receive under
Section&nbsp;5.3 shall be delivered by the Depositary to McEwen and such dividends or distributions shall be deemed to be owned by McEwen,
and the interest of the Former Canadian Gold Shareholder in such dividends or distributions shall be terminated as of such Final Proscription
Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;U.S. Securities
Laws Exemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding any provision
herein to the contrary, the Parties agree that the Plan of Arrangement will be carried out with the intention that all McEwen Shares and
Subscription Receipts to be issued in connection with the Arrangement shall be exempt from registration requirements of the 1933 Act pursuant
to the Section&nbsp;3(a)(10)&nbsp;Exemption, and the McEwen Shares and Subscription Receipts to be distributed in the United States pursuant
to the Arrangement shall not be subject to resale restrictions in the United States under the 1933 Act (other than as may be prescribed
by Rule&nbsp;144 and Rule&nbsp;145 under the 1933 Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;6<U><BR>
AMENDMENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amendments to
Plan of Arrangement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Parties reserve the right to amend, modify or supplement this Plan of Arrangement at any time and
from time to time, provided that each such amendment, modification or supplement must be: (i)&nbsp;set out in writing; (ii)&nbsp;agreed
to in writing by the Parties; (iii)&nbsp;filed with the Court and, if made following the Canadian Gold Meeting, approved by the Court;
and (iv)&nbsp;communicated to Former Canadian Gold Shareholders if and as required by the Court.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Any amendment, modification or supplement to this Plan of Arrangement may be proposed by Canadian Gold
at any time prior to the Canadian Gold Meeting, provided that McEwen shall have consented thereto in writing, with or without any other
prior notice or communication, and, if so proposed and accepted by the Persons voting at the Canadian Gold Meeting (other than as may
be required under the Interim Order), shall become part of this Plan of Arrangement for all purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Any amendment, modification or supplement to this Plan of Arrangement that is approved by the Court following
the Canadian Gold Meeting shall be effective only if: (i)&nbsp;it is consented to in writing by each of the Parties; and (ii)&nbsp;if
required by the Court, it is consented to by holders of the Canadian Gold Shares, voting in the manner directed by the Court.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Any amendment, modification or supplement to this Plan of Arrangement may be made following the Effective
Time but shall only be effective if it is consented to by each of the Parties, provided that such amendment, modification or supplement
concerns a matter which, in the reasonable opinion of the Parties, is of an administrative nature required to better give effect to the
implementation of this Plan of Arrangement and is not adverse to the financial or economic interests of the Parties or any Former Canadian
Gold Shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;7<U><BR>
FURTHER ASSURANCES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;7.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Further Assurances</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding that the transactions
and events set out herein shall occur and be deemed to occur in the order set out in this Plan of Arrangement without any further act
or formality, each Party shall, from time to time, and at all times hereafter, at the request of the other of them, but without further
consideration, do, or cause to be done, all such other acts and execute and deliver, or cause to be executed and delivered, all such further
agreements, transfers, assurances, instruments or documents as shall be reasonably required in order to fully perform and carry out the
terms and intent hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
 &quot;B&quot;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Arrangement Resolution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="font-size: 10pt; width: 50%; text-align: left"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2528824d1_ex99-1img001.jpg" ALT=""></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2528824d1_ex99-1img002.jpg" ALT=""></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt; text-align: center"><B>McEwen Inc. and Canadian Gold
Corp. Announce Arrangement Agreement </B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Toronto, Ontario and Flin Flon, Manitoba &ndash;
October 14, 2025 &ndash; McEwen Inc. (&quot;<B>McEwen</B>&quot;) (NYSE: MUX) (TSX:MUX) and Canadian Gold Corp. (&quot;<B>Canadian Gold</B>&quot;)
(TSX-V:CGC) are pleased to announce that they have entered into a definitive agreement (the &quot;<B>Arrangement Agreement</B>&quot;)
dated October 10, 2025, pursuant to which McEwen will acquire all of the issued and outstanding common shares of Canadian Gold by way
of a statutory plan of arrangement (the &quot;<B>Proposed Transaction</B>&quot;). If the Proposed Transaction is approved by Canadian
Gold shareholders and the Supreme Court of British Columbia, Canadian Gold will become a wholly-owned subsidiary of McEwen. Notice of
a special meeting of Canadian Gold shareholders with a record date of October 30, 2025 and meeting date of December 5, 2025 has been
filed on SEDAR+. The Proposed Transaction is expected to close in early January 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Arrangement Agreement,
which was negotiated at arm&rsquo;s length, each holder of common shares of Canadian Gold (each, a &quot;<B>Canadian Gold Share</B>&quot;)
will receive 0.0225 McEwen common shares (each, a &quot;<B>McEwen Share</B>&quot;) for each Canadian Gold Share held <FONT STYLE="background-color: white">(the
 &quot;</FONT><B>Exchange Ratio</B><FONT STYLE="background-color: white">&quot;)</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">The
Exchange Ratio represents a current offer price of CDN $0.60 per Canadian Gold Share, representing a </FONT>96.7<FONT STYLE="background-color: white">%
premium over the closing price of the Canadian Gold Shares on the trading day immediately prior to the public announcement of the letter
of intent relating to the Proposed Transaction. </FONT>Upon completion of the transaction, existing McEwen and Canadian Gold shareholders
will own approximately 92<FONT STYLE="background-color: white">% and</FONT> 8<FONT STYLE="background-color: white">% respectively, of
McEwen, on both an outstanding shares and fully-diluted basis. McEwen will continue trading under the name McEwen Inc. </FONT>on the
New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) under the symbol &quot;MUX&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Canadian Gold's principal asset is its 100% interest
in the Tartan Lake Gold Mine Project (the &quot;<B>Tartan Mine&quot;</B>), located in the province of Manitoba, Canada. The Tartan Mine
is a high-grade gold project and former producing mine with existing infrastructure and significant exploration potential. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Benefits of the Transaction for Canadian Gold
Shareholders:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proposed Transaction is expected to offer
significant benefits to Canadian Gold shareholders, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Exposure
to McEwen's diversified portfolio of producing operations, development projects and royalties;</TD></TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Access
to McEwen's technical team with a history in gold exploration, underground mining, and mine development; and</TD></TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>An
attractive premium and the enhanced liquidity of McEwen Shares from dual stock exchange listings in Canada and the US.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Benefits of the Transaction for McEwen Shareholders:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proposed Transaction is also expected to
offer a number of significant benefits to McEwen shareholders, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adds
                                            an increasingly rare, high-grade former producing mine in Canada with existing infrastructure.&nbsp;
                                            Situated close to Flin Flon, Manitoba,&nbsp;the Tartan Mine benefits from access to a skilled
                                            mining workforce and does not require the construction of a mining camp.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Potential
                                            development of the Tartan Mine has many similarities to McEwen&rsquo;s Fox Complex (ramp
                                            access, mining method and proposed process plant design), leveraging McEwen&rsquo;s internal
                                            skills;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Enhances
                                            McEwen&rsquo;s development and production pipeline; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Substantial
                                            exploration potential,&nbsp;which&nbsp;has&nbsp;been&nbsp;recently increased&nbsp;by&nbsp;Canadian
                                            Gold&rsquo;s optioning of the adjoining Tartan West property.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Details of the Proposed Transaction</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Proposed Transaction is expected to be completed by way of a court-approved plan of arrangement
                                            under the <I>Business Corporations Act</I> (British Columbia). Under the terms of the Arrangement
                                            Agreement, McEwen will acquire all of the issued and outstanding Canadian Gold Shares in
                                            exchange for McEwen Shares on the basis of the Exchange Ratio. All outstanding options to
                                            purchase Canadian Gold Shares have been exercised as of the date of this news release. Outstanding
                                            warrants to purchase Canadian Gold Shares are exercisable prior to closing of the Proposed
                                            Transaction (the &quot;<B>Closing</B>&quot;) in accordance with their terms. Any outstanding
                                            warrants that are not duly exercised prior to the Closing will be terminated without any
                                            additional compensation. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
                                            order to comply with NYSE rules, Mr. Robert McEwen will not be entitled to receive newly-issued
                                            shares of McEwen representing more than 1% of the currently issued and outstanding shares
                                            of McEwen without obtaining the prior approval of McEwen shareholders, which is expected
                                            to be obtained at the next annual meeting of McEwen shareholders. If such shareholder approval
                                            is not obtained, McEwen will pay for such excess shares in cash.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
                                            be effective, the Proposed Transaction will require the approval of: (a) 66 &frac23;% of
                                            the votes cast by shareholders of Canadian Gold; and, (b) a simple majority of the votes
                                            cast by minority Canadian Gold shareholders in accordance with Multilateral Instrument 61-101
                                            - Protection of Minority Security Holders in Special Transactions (&quot;<B>MI 61-101</B>&quot;),
                                            at a special meeting of Canadian Gold shareholders expected to take place on December 5,
                                            2025 (the &quot;<B>Canadian Gold Meeting</B>&quot;). In accordance with MI 61-101, the vote
                                            of the minority Canadian Gold shareholders will exclude, among others, the shares of Canadian
                                            Gold held by McEwen, Mr. Robert McEwen, as well as Messrs. James Downey and Alexander McEwen
                                            (who are both directors of Canadian Gold nominated by Mr. Robert McEwen). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Arrangement Agreement includes provisions such as conditions to closing the Proposed Transaction,
                                            and representations and warranties and covenants customary for arrangement agreements. The
                                            Arrangement Agreement also includes: (i) customary deal protection and non-solicitation provisions
                                            in favour of McEwen, including a break fee of&nbsp;$2.195 million&nbsp;payable to McEwen
                                            in certain circumstances; and (ii) provisions allowing Canadian Gold to consider and accept
                                            superior proposals, in compliance with its fiduciary duties.&nbsp; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Completion
                                            of the Proposed Transaction will be subject to customary closing conditions and receipt of
                                            necessary court and regulatory approvals, including approval of the TSX Venture Exchange,
                                            the TSX, and the NYSE. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Arrangement Agreement was approved by the
Board of Directors of both McEwen and Canadian Gold, based on the recommendation of their respective special committees comprised of
independent and disinterested directors. To ensure a thorough and impartial review of the Arrangement Agreement, each company's special
committee engaged an independent financial advisor. These advisors have each provided a written opinion stating that, subject to the
assumptions, limitations, and qualifications set out in their respective opinions, the proposed consideration is fair from a financial
perspective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recognizing their respective conflicts of interest
as directors of McEwen and as shareholders and interested parties in Canadian Gold, Messrs. Robert McEwen and Ian Ball abstained from
voting on the approval of the Arrangement Agreement by McEwen's Board of Directors. Similarly, Messrs. Alexander McEwen and Jim Downey
acknowledged their conflicts of interest arising from their appointments to the Canadian Gold Board of Directors by Robert McEwen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further details with respect to the Proposed
Transaction will be included in an information circular to be mailed to Canadian Gold shareholders in connection with the Canadian Gold
Meeting. A copy of the Arrangement Agreement will be filed on each of McEwen's and Canadian Gold's SEDAR+ profiles at www.sedarplus.ca
and a copy of the information circular will be filed on Canadian Gold's SEDAR+ profile at <U>www.sedarplus.ca</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>About
McEwen</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">McEwen
Inc. shares trade on both the <B>NYSE</B> and <B>TSX</B> under the ticker <B>MUX</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">McEwen
provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development
project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world, the Cortez Trend in Nevada,
USA, the Timmins district of Ontario, Canada and the Deseado Massif in Santa Cruz province, Argentina. McEwen Inc. is also considering
reactivating a gold and silver mine in Mexico.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">It has
a 46.4% interest in the large, long-life, advanced-stage Los Azules copper development project in San&nbsp;Juan province, Argentina &ndash;
a region that hosts some of the country&rsquo;s largest copper deposits. The Los Azules copper project is designed to be one of the world&rsquo;s
first regenerative copper mines and carbon neutral by 2038.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">Rob
McEwen, Chairman and Chief Owner, has a personal cost basis for his investment in the companies of over $200 million and takes a salary
of $1 per year, aligning his interests closely with shareholders. He is a recipient of the Order of Canada, a member of the Canadian
Mining Hall of Fame and a winner of the Ernest &amp; Young Entrepreneur of the Year (Energy) award. His objective is to build MUX&rsquo;s
profitability, share value and eventually implement a dividend policy, as he did while building Goldcorp Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>For Further Information, Please Contact:</B> &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">McEwen Inc. Investor Relations</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(866)-441-0690 - Toll free line</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(647)-258-0395 </FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mihaela Iancu ext. 320 </FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>info@mcewenmining.com</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Social</B></FONT><B>
Media Accounts</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X
(Twitter): </FONT><U>https://x.com/mceweninc</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Instagram:
</FONT><U>https://www.instagram.com/mceweninc/</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Facebook:
</FONT><U>https://www.facebook.com/McEwenInc/</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">LinkedIn:
</FONT><U>https://www.linkedin.com/company/mceweninc/</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Canadian Gold </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Canadian
Gold Corp. is a Canadian-based mineral exploration and development company whose objective is to expand the high-grade gold resource
at the past producing Tartan Mine, located in Flin Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource
estimate of 240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t
gold). (</FONT>Tartan Lake Project Technical Report, Manitoba, Canada, April 2017 authored by Mining Plus Canada Consulting Ltd.). The
Company also holds a 100% interest in greenfield exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold
mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). McEwen
Inc. (NYSE &amp; TSX: MUX) holds a 5.6% interest in Canadian Gold, and Robert McEwen, the founder and former CEO of Goldcorp, and Chairman
and CEO of McEwen Inc., holds a 32.5% interest in Canadian Gold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>For Further Information, Please Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Michael
Swistun, CFA</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="background-color: white">President
 &amp; CEO</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="background-color: white">Canadian Gold
Corp.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="background-color: white">(204) 232-1373</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><U>info@canadiangoldcorp.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Social</B></FONT><B>
Media Accounts</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X
(Twitter): </FONT><U>https://x.com/CanadianGold_</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Instagram:
</FONT><U>https://www.instagram.com/canadiangoldcorp/</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Facebook:
</FONT><U>https://www.facebook.com/CanadianGoldCorp/</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">LinkedIn:
</FONT><U>https://www.linkedin.com/company/canadiangoldcorp/</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Neither the NYSE, TSX or TSX-V have 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 and Canadian Gold.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This news release contains &quot;forward-looking
information&quot; within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical
fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any
statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often but not always using phrases such as &quot;expects&quot;, or &quot;does not expect&quot;, &quot;is
expected&quot;, &quot;anticipates&quot; or &quot;does not anticipate&quot;, &quot;plans&quot;, &quot;budget&quot;, &quot;scheduled&quot;,
 &quot;forecasts&quot;, &quot;estimates&quot;, &quot;believes&quot; or &quot;intends&quot; or variations of such words and phrases or
stating that certain actions, events or results &quot;may&quot; or &quot;could&quot;, &quot;would&quot;, &quot;might&quot; or &quot;will&quot;
be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this news release, forward-looking statements
relate to, among other things, statements regarding: the Proposed Transaction; the Arrangement Agreement; the receipt of necessary shareholder,
court and regulatory approvals for the Proposed Transaction; the anticipated timeline for completing the Proposed Transaction, if at
all; the timing to hold the special meeting of the Canadian Gold shareholders and mailing of the management information circular regarding
same; the terms and conditions pursuant to which the Proposed Transaction will be completed, if at all; the anticipated benefits of the
Proposed Transaction including, but not limited to McEwen having an 100% interest in the Tartan Mine; McEwen and its subsidiaries (including
Canadian Gold); the future financial and operational performance of the McEwen group; the exploration and development programs of McEwen
and its subsidiaries; and potential future revenue and cost synergies resulting from the Proposed Transaction. These forward-looking
statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially
from the potential results discussed in the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In respect of the forward-looking statements,
McEwen and Canadian Gold have relied on certain assumptions that they believe are reasonable at this time, including assumptions as to
the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court, shareholder, stock
exchange and other third party approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the completion
of the Proposed Transaction. This timeline may change for a number of reasons, including unforeseen delays in preparing meeting materials;
inability to secure necessary regulatory, court, shareholder, stock exchange or other third-party approvals in the time assumed or the
need for additional time to satisfy the other conditions to the completion of the Proposed Transaction. Accordingly, readers should not
place undue reliance on the forward-looking statements and information contained in this news release concerning these times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risks and uncertainties that may cause such differences
include but are not limited to: the risk that the Proposed Transaction may not be completed on a timely basis, if at all; the conditions
to the consummation of the Proposed Transaction may not be satisfied; the risk that the Proposed Transaction may involve unexpected costs,
liabilities or delays; the possibility that legal proceedings may be instituted against the McEwen, Canadian Gold and/or others relating
to the Proposed Transaction and the outcome of such proceedings; the possible occurrence of an event, change or other circumstance that
could result in termination of the Proposed Transaction; risks relating to the failure to obtain necessary shareholder and court approval;
other risks inherent in the mining industry. Failure to obtain the requisite approvals, or the failure of the parties to otherwise satisfy
the conditions to or complete the Proposed Transaction, may result in the Proposed Transaction not being completed on the proposed terms,
or at all. In addition, if the Proposed Transaction is not completed, the announcement of the Proposed Transaction and the dedication
of substantial resources of McEwen and Canadian Gold to the completion of the Proposed Transaction could have a material adverse impact
on each of McEwen's and Canadian Gold's share price, its current business relationships and on the current and future operations, financial
condition, and prospects of each McEwen and Canadian Gold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">McEwen and Canadian Gold expressly disclaim any
intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>mux-20251010_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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end
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Oct. 10, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Oct. 10,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-33190<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">McEWEN INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000314203<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">84-0796160<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">CO<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">150 King Street West<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 2800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Toronto<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">ON<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">M5H 1J9<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">866<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">441-0690<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MUX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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