McEwen Mining : AGM Presentation

The

Excitement

Annual Meeting 2024

June 27, 2024

MUX Annual Meeting 2024 Agenda

Formal Part of the Meeting

	Carmen Diges, General Counsel
Company Presentation
Annual Meeting 2024	Rob McEwen, Chairman & Chief Owner
Finance Review	Perry Ing, Chief Financial Officer
McEwen Copper	Michael Meding, VP & GM - McEwen Copper
Operations	Bill Shaver, Chief Operating Officer
Exploration Fox Complex	Sean Farrell, Chief Exploration Geologist
Exploration Gold Bar	Robert Kastelic, Exploration Manager
San José	Stefan Spears, VP Corporate Development
Closing Remarks	Rob McEwen, Chairman & Chief Owner
Q&A	MUX Management

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Formal Part of the Meeting

Carmen Diges, General Counsel

Annual Meeting 2024

Rob McEwen, Chairman & Chief Owner

Cautionary Statement

This presentation and the information included herein do not constitute an offer to buy or the solicitation of an offer to subscribe for or to buy any of the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

This presentation contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("Forward-looking Statements"). The Forward-looking Statements are intended to be subject to the safe harbor provided by Section 27a of the Securities Act of 1933, Section 21e of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act of 1995. The Forward-looking Statements express, as at the date of this presentation, McEwen Mining Inc. (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. There can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the Forward-looking Statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, risk of delisting from a public exchange, and other risks. Readers should not place undue reliance on Forward-looking Statements, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update Forward-looking Statements as a result of new information or events after the date hereof, except as required by law. See McEwen Mining's Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and other filings with the Securities and Exchange Commission (the "SEC"), under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the

Forward-looking Statements. All Forward-looking Statements made in this presentation are
qualified by this cautionary statement. Unless otherwise stated, all currency information
quoted in this presentation is in U.S. dollars.
The technical contents of this presentation, including reserves, have been reviewed and
approved by William Shaver, COO; the exploration technical contents of this presentation
including resources content have been reviewed and approved by Luke Willis, P. Geo.,
Director of Resource Modelling; all are Qualified Persons as defined by Canadian Securities
Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
Securities and Exchange Commission ("SEC").We are subject to the reporting requirements
of the Securities and Exchange Act of 1934, as amended (the "Exchange Act") and
applicable Canadian securities laws, and as a result, we have reported our mineral reserves
and mineral resources according to two different standards. U.S. reporting requirements
are governed by Item 1300 of Regulation S-K("S-K 1300"), as issued by the U.S. Securities
and Exchange Commission ("SEC"). Canadian reporting requirements for disclosure of
mineral properties are governed by National Instrument 43-101 Standards of Disclosure for
Mineral Projects ("NI 43-101"), as adopted from the definitions provided by the Canadian
Institute of Mining, Metallurgy and Petroleum. Both sets of reporting standards have
similar goals in terms of conveying an appropriate level of confidence in the disclosures
being reported, but the standards embody slightly different approaches and definitions. All
disclosure of mineral resources and mineral reserves in this report are reported in
accordance with S-K 1300.
Investors should be aware that the estimation of measured resources and indicated
resources involve greater uncertainty as to their existence and economic feasibility than
the estimation of proven and probable reserves, and therefore investors are cautioned not
to assume that all or any part of measured or indicated resources will ever be converted
into reserves defined under S-K 1300. The estimation of inferred resources involves far
greater uncertainty as to their existence and economic viability than the estimation of
other categories of resources. It is expected that, with further exploration, the majority of
inferred resources will eventually be upgraded to a higher resource category. Investors are	5
cautioned not to assume that all or any part of inferred resources exist, or that they can be
mined legally or economically.

MUX: Cautionary Note Regarding

NON-GAAP Measures

In this presentation, we have provided information prepared or calculated according to U.S. GAAP, as well as provided some non-U.S. GAAP ("non-GAAP") performance measures. Because the non-GAAP performance measures do not have any standardized meaning prescribed by U.S. GAAP, they may not be comparable to similar measures presented by other companies.

Total Cash Costs per GEO, and All-in Sustaining Costs ("AISC") per GEO. Total cash costs consist of mining, processing, on-site general and administrative costs, community and permitting costs related to current explorations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs. All-in sustaining cash costs consist of total cash costs (as described above), plus environmental rehabilitation costs, amortization of the asset retirement costs related to operating sites, sustaining exploration and development costs, and sustaining capital expenditures. In order to arrive at our consolidated all-in sustaining costs, we also include corporate general and administrative expenses. Depreciation is excluded from both total cash costs and all-in sustaining cash costs. For both total cash costs and all-in sustaining costs we include our attributable share of total cash costs from operations where we hold less than a 100% economic share in the production, such as MSC, where we hold a 49% interest. Total cash cost and all-in sustaining cash cost per GEO sold are calculated on a co-product basis by dividing the respective proportionate share of the total cash costs and all-in sustaining cash costs for the period attributable to each metal by the ounces of each respective metal sold. We use and report these measures to provide additional information regarding operational efficiencies both on a consolidated and an individual mine basis, and believe that these measures provide investors and analysts with useful information about our underlying costs of operations. A reconciliation to the nearest U.S. GAAP measure is provided in McEwen Mining's Annual Report on Form 10-K/A for the year ended December 31, 2023.

Earnings from Mining Operations

The term Earnings from Mining Operations used in this presentation is a non-GAAP financial measure. We use and report this measure because we believe it provides investors and analysts with a useful measure of the underlying earnings from our mining operations. We define Earnings from Mining Operations as Gold and Silver Revenues from our El Gallo Mine, Black Fox Mine, and our 49% attributable share of the San José Mine's Net Sales, less their respective Production Costs Applicable to Sales. To the extent that Production Costs Applicable to Sales may include depreciation and amortization expense related to the fair value increments on historical business acquisitions (fair value paid in excess of the carrying value of the underlying assets and liabilities assumed on the date of acquisition), we deduct this expense in order to arrive at Production Costs Applicable to Sales that only include depreciation and amortization expense incurred at the mine-site level. The San José Mine Net Sales and Production Costs Applicable to Sales are presented, on a 100% basis, in Note 5 of McEwen Mining's Annual Report on Form 10-K/A for the year ended December 31, 2023.

Cash, Investments and Precious Metals

The term cash, investments and precious metals used in this presentation is a non-GAAP financial measure. We report this measure to better understand our liquidity in each reporting period. Cash, investments and precious metals is calculated as the sum of cash, investments and ounces of doré held in inventory, valued at the London P.M. Fix spot price at the corresponding period. A reconciliation to the most directly comparable U.S. GAAP measure, Sales of Gold and Silver, is provided in McEwen Mining's Annual Report on Form 10-K/A for the year ended December 31, 2023.

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MUX's Gold, Silver & Copper Properties

Asset-rich in Prime Real Estate

Elder Creek

Nevada

Gold Bar

Nevada (100%)

McEwen Copper

Argentina

Fox Complex

Timmins, Canada (100%)

El Gallo - Fenix Project

Mexico (100%)

San José

Argentina (49%)

Au + Ag
3 Mines
Fox Complex (100%)
Gold Bar (100%)	2024 Guidance
San José (49%)
130,000-145,000 GEOs
1 Development Project
El Gallo/ Fenix (100%)

Cu	Financings
McEwen Copper (47.7%)	1.	US $82 Million
Elder Creek		@ $10/shr
Los Azules	2.	ARS $30 Billion +
		US $30 Million
		@ ~$19/shr
	3.	ARS $42 Billion +
		US 10 Million
		@ ~$26/shr

MUX Running Ahead of the Herd

350 %				2023 EPS $1.15
	Investments in McEwen Copper			Gold operations
300	Los Azules 2023		production met
	Stellantis ARS $30 B
	Investments in	guidance
		Nuton - Rio Tinto $30 M	PEA published
	McEwen Copper completes			McEwen Copper
250	Reduced debt		Stellantis ARS $42 B
$81.85 M financing incl.	by 39%		Nuton - Rio Tinto $10 M
	$25 M from Nuton - Rio Tinto
200
150
100
50

0
-50
Sep-2022	Jan-2023		May-2023		Sep-2023		Jan-2024	May-2024
	MUX	GDX	GDXJ	Nasdaq	Gold	Silver	Copper	Dow

MUX +212%

Silver +62%

Nasdaq +51%

GDXJ +48%

GDX+47%

Gold +35%

Copper +28%

Dow +24%

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Source: Bloomberg. Chart from Sep 1, 2022 (MUX $2.97) to June 26, 2024 (MUX $9.26).

Los Azules Copper as a Gold Equivalent

Would be a Giant Gold Deposit1

PEA Headline Numbers Adjusted for the Updated Base Case2

This disclosure should not be taken to modify or update the conclusions of the 2023 PEA.

Copper		Gold Equivalent
37.6 Billion lbs	Total Resources	70 Million oz
$1.02 / lb	Production Costs - Cash	$550 / oz
$1.58 / lb	- AISC	$850 / oz
423,500,000 lbs	Annual Cu Cathode Production - 1st 2 Yrs	780,000 oz
396,000,000 lbs	- Nominal	735,000 oz

1 - Based on the updated recovery of 76% for the base case of the 2023 PEA @3.75/ lb copper (released Feb 22, 2024) 2 - Using the June 26, 2024 prices of $2,299/ oz gold & $4.28/ lb copper, the value of 1 oz gold = 537 lbs copper

$2.5 Billion	Initial Capex
3 Years	Payback Period
27 Years	Mine Life (mining only 1/3 of the resource)
$2.9 Billion	After Tax NPV (8%)
22 %	IRR

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MUX's Value Proposition

Based on the Sum of Its Parts as of June 26, 2024. Estimations in US Dollars

Range of Estimated Value per MUX Share1

MUX's Assets

LowMidHigh

McEwen

Copper (47.7%)2

Royalty Portfolio

Gold & Silver7

Los	$4.903	$7.734	$24.725
Azules
	$0.716	$0.716	$0.716
	$5.678	$11.719	$17.7410

Current Share Price (NYSE)

Total

$11.28

$20.15

$43.17

Notes

1. McEwen Mining has 49.4 M shares, estimated by McEwen Mining management.
2. McEwen Mining owns 47.7% of McEwen Copper, which owns the Los Azules and the Elder Creek projects.
3. (US$485M x 0.5)/ 49.4M, using Josemaria purchase price of US$485 million on April 28, 2022.
4. (US$800M x 47.7%)/ 49.4M, using McEwen Copper market value of US$800 million.
5. (US$2.4B x 0.5) / 49.4M, using Filo Mining market capitalization of US$2.4 billion on June 26, 2024.
6. Est. $35M/ 49.4M, based on 1.25% NSR on Los Azules and Elder Creek, plus three other royalties.
7. Peer group (Jaguar Mining, Silvercorp, Fortitude, Endeavour Silver) Peers Avg EV/GEO = US$4,340/GEO, MUX EV/GEO = $4,467/GEO. Using (Peers Avg EV/GEO x MUX Midpoint Guidance GEOs + MUX Cash - MUX Debt)/ MUX Shares, where Peers Avg EV/GEO is used:
8. 50% discounted; 9. at 100% value; 10. at 50% premium.

$9.26

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