Gold / / Copper

September/October 2019

Cautionary Statement

Risk adverse? Forget about buying our shares.

Past performance is unreliable in predicting the future. Unexpected events can happen and can change forecasts.

MUX

Gold: The Trend is Up - Targets Are Big!

Possible Futures

Gold US$/oz

20x

$2,000

$1,900

7.5x

2.8x

$1,500

$1,000

7.5x

$1,050

+$800

$500

20x

$40$250

$0

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

20

$21,000 $7,900 $2,900

MUX

Source: Bloomberg. 1970 to September 26, 2019.

Market Getting Top Heavy Again

Financial Assets of Households / Disposable Personal Income

Q1 1970 - Q4 2018

Everything Bubble?

6

Housing Bubble

Dot-Com Bubble

5

4

3

1970

1978

1986

1994

2002

2010

2018

MUX

Source: Federal Reserve St. Louis, Incrementum AG.

Expectations Well Ahead of Reality! Again!

Russell 1000 Growth and Value Spread

Spread

400

Dotcom Bubble

300

200

100

0

-100

-200

-300

1980

1985

1990

1995

2000

2005

2010

2015

2020

MUX

Source: Bloomberg. Monthly chart. As of September 26, 2019

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McEwen Mining Inc. published this content on 30 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2019 13:22:02 UTC