McEwen Mining Minera Andes Acquis : Fact Sheet

September 2019

ASSET RICH

GROWING VALUE

LEVERAGE TO GOLD, SILVER & COPPER MARKET LIQUIDITY

Market Cap1

US$608 M

@$1.68

10	$9.50					HIGH BETA
			$9.15
					TO GOLD
8
Share 6						2.9x
Price			22X
US$ 26X
4
2
0	$0.36		$0.42			$0.65
2006	2008	2010	2012	2014	2016	2018

Trading Liquidity1	Common Shares
4.3 M	362 M
3 mo avg daily share	Shares outsanding
377 M fully diluted
volume NYSE & TSX
Rob McEwen, Chief Owner
Invested $164 M	Salary $1 / year
Owns 22% MUX	No Bonus, No Options

$1.83

2020

PRODUCTION COSTS / OZ2

	2019E - OPERATIONS
$1,200		$1,120	$1,080	$975
$1,000	$915
	$905	$930
$800	$875	$860
$600
$400
$200
$0	El Gallo	San	Black	Gold
		José	Fox	Bar

ANNUAL

$1,200	$1,061
$1,000

$800								$887
$600
$400
$200
$0	2012	2013	2014	2015	2016	2017	2018	2019E

Cash Cost All-in Sustaining Cost

ANNUAL PRODUCTION GOLD EQUIVALENT OZ2

CORPORATE RESOURCE & RESERVE3

176

172

Resources

Reserves

154

146

152

koz

121

127

koz

Gold Bar

koz

koz

koz

Measured &

Inferred

Proven &

88

koz

koz

Black Fox/Timmins

Indicated

Probable

koz

El Gallo Mine

GOLD

7.5 Moz

5.8 Moz

740 koz

San José Mine

2012

2013

2014

2015

2016

2017

2018

2019E

SILVER

111 Moz

151 Moz

9 Moz

COPPER

10.2 B lbs

19.3 B lbs

D

1As of September 6, 2019. 2Gold / silver ratio 75:1, 85:1 for 2019, 2019 based on internal estimates.

3For complete reserves and resources table, visit www.mcewenmining.com/Operations/Reserves-and-Resources/default.aspx

CONTACT	1.866.441.0690 x390
Christina McCarthy,	[e-mail]
Director, Corporate Development	www.mcewenmining.com

MULTIPLE PROJECTS, ONE PRODUCING MINE & ONE 2000 TPD MILL On Prime Segments of the Destor-PorcupineFault

Timmins, Ontario

Canada's Largest Gold Producer

BLACK FOX producing

• US $35M purchase price represents compelling value
• 49k oz Au 2018
• Boosts production & resources
• + $180M tax pools
• $18M exploration budget in 2019 to extend mineralization & test new targets

LEXAM ADVANCED EXPLORATION

• Four projects synergistic with Black Fox
• Near several producing mines
• Resources1: 1,469,000 oz Au M&I 954,000 oz Au Inferred

STOCK exploration

• 2018 initial resource 114 koz @ 2.54 gpt
• Historic production 137 koz @ 5.5 gpt
• Only 700 m from our mill

1NI 43-101 Resource, 2013

	GOLD BAR
	producing
	On Battle Mountain-Eureka-Cortez Gold
	Trend, Near Barrick's Biggest Gold Mines
	2018 Feasibility Study Highlights
Cortez Trend	• +60k oz Gold / year avg production
• Cash costs $770/oz, AISC $843/oz
Central Nevada,
• 3.1 year payback period2
USA
• After- tax IRR: 23% @ $1,250/oz Gold
		32% @ $1,350/oz Gold
			2$1,250 / oz gold.

Open pit, heap leach 1.0 gpt Gold

In-pit resource: 819,000 oz M&I and 201,000 oz Inferred

Commercial production achieved in May Targeting 70k oz Gold for 2020

Potential to Extend Mine Life:

1. Gold Bar South
2. Historic dumps
3. Sulphide ore

Los Azules	SAN JOSÉ MINE	producing	LOS AZULES	advanced exploration
Surrounds Goldcorp's	Giant Copper Project, 100% Owned,
San Juan,
Cerro Negro Mine	Potential JV
Argentina

		49% interest, with Hochschild Mining	2017 Preliminary Economic Assessment:
		• High grade underground mine	• Initial capex $2.4 B
		8.21 gpt Gold, 579 gpt Silver3	• 3.6 years payback at $3.00/lb Copper
		• 5 year mine life	• 36 year mine life
	San José	2019E Production (49%):	• 10.2 B lb Copper @ 0.48% Indicated
	Santa Cruz,	• 3.2 M oz Silver and 49 k oz Gold	• 19.3 B lb Copper @ 0.33% Inferred
	• Cash cost $1.14/lb 1st 13 years
	Argentina	(87k oz Gold Eq)
		• Permit application for exploitation
			3Reserve grades
		EL GALLO GOLD		FENIX
		residual heap leaching	DEVELOPMENT
		Residual heap leaching continuing for	12 year mine life, PEA July 2018
		several years
				• 47k oz Gold Eq avg annual production
		2019E Production:	• Feasibility study 2019
El Gallo Complex	• 16k oz Gold Eq	• Phase 1 permit expected Q3 2019
• Cash cost $733, AISC $771	• $41M initial capex, 4.1 year payback4
Sinaloa, Mexico
					4Base case ($1,250/oz Au, $16/oz Ag)
		CONTACT	1.866.441.0690 x390
		Christina McCarthy,	[e-mail]
		Director, Corporate Development	www.mcewenmining.com