11MUXMay 14, 2013
2Ignore History at Your Risk*As of May 14, 2013
3Gold vs Shares*As of May 14, 2013HugeDivergence
4White House Effect-40%0%40%80%*As of May 14, 201384 88 92 96 00 04 08 12Presidential Election YearPost Election YearBre-X...
55MUX
6Cautionary StatementThis presentation contains certain forward-looking statements and information, including "forward- lo...
7Qualify ForS&P 500Our Goal
8Key AssetsGold BarGoldPermittingEl Gallo 2SilverPermittingLos Azules CopperCopperExplorationSan José Mine (49%)Silver / G...
9Resource Base*See resource table, M&I= Measured & Indicated, B=BillionsM&I InferredM&I Inferred Indicated Inferred111 M o...
10Ownership25%$125 M Cost
11Finances$50 MNo Debt*As of May 14, 2013
12Revenue2 MinesSan José El Gallo 1
13*Gold EquivalentForecast Annual ProductionGrowth2015 Est. Cash Cost $750 / oz2015 Est. Total Sustaining Cost $1,000 / oz...
14Contingency, $18.8Owners Cost, $8.8Final Engineering,$8.5ConstructionManagement, $12.0Spares, $2.0ConstructionLabour, $2...
15Development EconomicsSilverPrice / ozNPV 5%(Millions)PaybackAfter Tax IRR$30.00 $212 2.0 39%$27.50 $165 2.2 33%$25.00 $1...
16MUX Cost of Capital
17Alternatives-200-150-100-50050100WorkingCapital($Millions)*Gold $1,350 Silver $23.00Stop all workEl Gallo 2 on holdFinis...
18Sale / JV Los AzulesLease / Debt / EquityPossible Financing Sources
19Los Azules: Possible Source of FundingAsset Sale or JVFor Sale
20Los Azules vs Lumina Copper50% ResourceGrowth Since PEALos Azules(1)(McEwen)Taca Taca(2)(Lumina)Production 375,000 535,0...
21Los Azules - CopperCopperCut-offTonnage (Mt) CopperGradeContainedCopper (B lbs)Indicated Resource0.35% 389 0.63% 5.4Infe...
22Comparing Market CapsMcEwen MiningLumina Copper*As of May 14, 2013$640 Million$315 Million
23San José Mine: Forecast 2013*Silver : Gold ratio (52:1)Gold & Silver Production, Gold Eq.102,700 ozAnnual12 YrMine Life$...
24San José: High GradeComparison of High-Grade Deposits0481216200 2 4 6 8 10 12 14HOC / McEwenSan JoséSize (Million Au Eq....
25El Gallo 1: Forecast 2013Gold Production27,300 oz AuAnnual8 YrMine Life$750 / ozCash Cost 2013$1,250 / ozTotal Cost25Ope...
26El Gallo 1: Central Zone - Growth
27El Gallo 1: Central Zone - Growth
28El Gallo 1Expansion3,000 to 4,500 tpd$5 Million
29El Gallo 1 & 2+ 500,000 acres5 Km ApartMexico
30*Silver price assumption $23.50Plans for 201325% Production GrowthStart Construction El Gallo 2ExplorationNew Trend @ Lo...
31El Gallo Twin Domes - Growth
32El Gallo 2: Feasibility Study*Silver : Gold ratio (52:1), **Silver price assumption $22.50Construction Forecasted to Beg...
33Gold Bar – Cortez Trend, NevadaNext to World’s Largest Gold Mine
3450,000 oz AuAnnual$700/ozCash Cost$850/oz Au EqTotal Cost2015Production StartsGold Bar Production Forecast*Gold $1,450Co...
35Development EconomicsGold Price /ozNPV 5%(Millions)PaybackAfter Tax IRR$1,750 $134 1.6 56%$1,550 $100 1.9 45%$1,350 $65 ...
36*Gold EquivalentForecast Annual ProductionGrowth2015 Est. Cash Cost $750 / oz2015 Est. Total Sustaining Cost $1,000 / oz...
37McEwen Mining Management TeamROBERT MCEWENExecutive Chairman and CEO30 years experienceFounder of GoldcorpHonorary Docto...
38FERNANDO AGUILAROperations Manager, Mexico20 years experiencePeñasquito GoldcorpEl Sauzal GoldcorpAlamo Dorado Pan Ameri...
39NILS F. ENGELSTADVice President, Corporate AffairsHon BA (international relations)Bachelor of Laws (LL.B)Master of Laws ...
40McEwen Mining Capital Structure*As of May 14, 2013Shares Issued & OutstandingMUX (NYSE, TSX) 258.5 MillionMAQ (TSX) 38.5...
41Contact InformationJenya MeshcheryakovaInvestor RelationsTel: 1.866.441.0690 x.410Email: info@mcewenmining.comfacebook.c...
42San José Mine(49%) (1)Tonnes (MM*)(100%)Ag Grade (g/t) Au Grade (g/t)Ag (MMoz*)(100%)Au (MMoz*)(100%)Proven 0.83 470 6.7...
43El Gallo ComplexGold(2)Tonnes (MM*)(100%)Au Grade (g/t)Au (MMoz*)(100%)Measured 28.3 0.46 0.41Indicated 6.1 0.78 0.15Inf...
44Los Azules(6) Tonnes (MM) Cu Grade (%) Au Grade (g/t) Ag Grade (g/t) Cu (B lbs)Indicated 389 0.63 0.07 1.8 5.4Inferred 1...
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McEwen Mining Corporate Presentation

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McEwen Mining Corporate Presentation

  1. 1. 11MUXMay 14, 2013
  2. 2. 2Ignore History at Your Risk*As of May 14, 2013
  3. 3. 3Gold vs Shares*As of May 14, 2013HugeDivergence
  4. 4. 4White House Effect-40%0%40%80%*As of May 14, 201384 88 92 96 00 04 08 12Presidential Election YearPost Election YearBre-X/85 /89 /93 /97 /01 /13/09/057888Performance of XAU
  5. 5. 55MUX
  6. 6. 6Cautionary StatementThis presentation contains certain forward-looking statements and information, including "forward- looking statements" within themeaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, asat the date of this presentation, McEwen Mining Inc.s (the "Company") estimates, forecasts, projections, expectations or beliefsas to future events and results. Forward-looking statements and information are necessarily based upon a number of estimatesand assumptions that, while considered reasonable by management, are inherently subject to significant business, technical,economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements andinformation will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated insuch statements and information. Risks and uncertainties that could cause results or future events to differ materially fromcurrent expectations expressed or implied by the forward-looking statements and information include, but are not limited to, risksrelated to the cost of transferring or otherwise allocating funds between operating jurisdictions, factors associated withfluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associatedwith foreign operations, risks associated with mining operations, the construction of mining operations and commencement ofproduction and the projected costs thereof, risks related to litigation, property title, the state of the capital markets,environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks. Readersshould not place undue reliance on forward-looking statements or information included herein, which speak only as of the datehereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result ofnew information or events after the date hereof except as may be required by law. See McEwen Minings Annual Report onForm 10-K for the fiscal year ended December 31, 2012 and other filings with the Securities and Exchange Commission, underthe caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-lookingstatements and information regarding the Company. All forward-looking statements and information made in this presentationare qualified by this cautionary statement.
  7. 7. 7Qualify ForS&P 500Our Goal
  8. 8. 8Key AssetsGold BarGoldPermittingEl Gallo 2SilverPermittingLos Azules CopperCopperExplorationSan José Mine (49%)Silver / GoldProductionEl Gallo 1 MineGoldProduction
  9. 9. 9Resource Base*See resource table, M&I= Measured & Indicated, B=BillionsM&I InferredM&I Inferred Indicated Inferred111 M oz128 M oz4.4 M oz3.6 M oz5.4 B lbsInferredGOLD SILVER COPPER14.3 B lbs
  10. 10. 10Ownership25%$125 M Cost
  11. 11. 11Finances$50 MNo Debt*As of May 14, 2013
  12. 12. 12Revenue2 MinesSan José El Gallo 1
  13. 13. 13*Gold EquivalentForecast Annual ProductionGrowth2015 Est. Cash Cost $750 / oz2015 Est. Total Sustaining Cost $1,000 / oz105,000 oz290,000 oz130,000 oz180,000 ozSan José El Gallo 1 El Gallo 2 Gold Bar2012A 2013E 2014E 2015E
  14. 14. 14Contingency, $18.8Owners Cost, $8.8Final Engineering,$8.5ConstructionManagement, $12.0Spares, $2.0ConstructionLabour, $22.0Plant Equipment,$57.0Cement/Steel,$37.0ConstructionEquipment, $10.0Other, $5.0El Gallo 2 Capex Breakdown$180 Million
  15. 15. 15Development EconomicsSilverPrice / ozNPV 5%(Millions)PaybackAfter Tax IRR$30.00 $212 2.0 39%$27.50 $165 2.2 33%$25.00 $118 2.6 26%$22.50 $71 3.0 18%$20.00 $23 4.1 10%El Gallo 2
  16. 16. 16MUX Cost of Capital
  17. 17. 17Alternatives-200-150-100-50050100WorkingCapital($Millions)*Gold $1,350 Silver $23.00Stop all workEl Gallo 2 on holdFinish MillEngineeringStop Gold Bar workProjectsMaintaining TimelineQ2-13 Q4-14Q2-14Q4-13Cash Scenarios
  18. 18. 18Sale / JV Los AzulesLease / Debt / EquityPossible Financing Sources
  19. 19. 19Los Azules: Possible Source of FundingAsset Sale or JVFor Sale
  20. 20. 20Los Azules vs Lumina Copper50% ResourceGrowth Since PEALos Azules(1)(McEwen)Taca Taca(2)(Lumina)Production 375,000 535,000Capex $2.8 Billion $3.0 BillionCash CostNet by-product$0.96 $1.11Copper Grade 0.50% 0.45%Strip Ratio 1.3:1 1.6:1Mine Life 26 Yrs 28 Yrs1) June 2012. 2) April 2013Argentina Copper Development Projects
  21. 21. 21Los Azules - CopperCopperCut-offTonnage (Mt) CopperGradeContainedCopper (B lbs)Indicated Resource0.35% 389 0.63% 5.4Inferred Resource0.35% 1,397 0.46% 14.350% Resource Growth Since PEA$25 Million ExplorationNew PEA Q3
  22. 22. 22Comparing Market CapsMcEwen MiningLumina Copper*As of May 14, 2013$640 Million$315 Million
  23. 23. 23San José Mine: Forecast 2013*Silver : Gold ratio (52:1)Gold & Silver Production, Gold Eq.102,700 ozAnnual12 YrMine Life$750 / ozCash Cost$1,300 / ozTotal Cost23High-GradeGold + SilverArgentina
  24. 24. 24San José: High GradeComparison of High-Grade Deposits0481216200 2 4 6 8 10 12 14HOC / McEwenSan JoséSize (Million Au Eq. oz)Grade(AugptEq.)RubiconPhoenixPretiumValley of KingsGoldcorpRed LakeGoldcorpElenoreGoldcorpCerro NegroYamanaEl PenonMineDevelopmentExploration
  25. 25. 25El Gallo 1: Forecast 2013Gold Production27,300 oz AuAnnual8 YrMine Life$750 / ozCash Cost 2013$1,250 / ozTotal Cost25Open-PitHeap LeachMexico
  26. 26. 26El Gallo 1: Central Zone - Growth
  27. 27. 27El Gallo 1: Central Zone - Growth
  28. 28. 28El Gallo 1Expansion3,000 to 4,500 tpd$5 Million
  29. 29. 29El Gallo 1 & 2+ 500,000 acres5 Km ApartMexico
  30. 30. 30*Silver price assumption $23.50Plans for 201325% Production GrowthStart Construction El Gallo 2ExplorationNew Trend @ Los AzulesNew Approach in NevadaExpanding Resource in MexicoFinance Completion El Gallo 2(Equity, Debt, Asset Sale) $150 Million
  31. 31. 31El Gallo Twin Domes - Growth
  32. 32. 32El Gallo 2: Feasibility Study*Silver : Gold ratio (52:1), **Silver price assumption $22.50Construction Forecasted to Begin Q4 2013105,000 oz AuAnnual$620/ozCash Cost$700/ozTotal CostMid-2014Production StartsCapex$180 MillionPayback**After Tax 3.0 Yrs32Mexico7 YrMine Life
  33. 33. 33Gold Bar – Cortez Trend, NevadaNext to World’s Largest Gold Mine
  34. 34. 3450,000 oz AuAnnual$700/ozCash Cost$850/oz Au EqTotal Cost2015Production StartsGold Bar Production Forecast*Gold $1,450Construction Forecasted to Begin 2014Capex$55 MillionPayback Period*After Tax 2.1 Yrs34Nevada8 YrMine Life
  35. 35. 35Development EconomicsGold Price /ozNPV 5%(Millions)PaybackAfter Tax IRR$1,750 $134 1.6 56%$1,550 $100 1.9 45%$1,350 $65 2.5 33%$1,150 $30 3.8 19%Gold Bar
  36. 36. 36*Gold EquivalentForecast Annual ProductionGrowth2015 Est. Cash Cost $750 / oz2015 Est. Total Sustaining Cost $1,000 / oz105,000 oz290,000 oz130,000 oz180,000 ozSan José El Gallo 1 El Gallo 2 Gold Bar2012A 2013E 2014E 2015E
  37. 37. 37McEwen Mining Management TeamROBERT MCEWENExecutive Chairman and CEO30 years experienceFounder of GoldcorpHonorary Doctor of LawMBAPERRY INGChief Financial Officer15 years experienceController GoldcorpConsultant BarrickPwCWILLIAM FAUSTChief Operating Officer34 years experienceCOO CrystallexVP Ops Nevada Pacific GoldPresident Mexico Ops Pan AmericanSilverIAN BALLSenior Vice President9 years experienceDiscovered El Gallo DepositMcEwen CapitalGoldcorp
  38. 38. 38FERNANDO AGUILAROperations Manager, Mexico20 years experiencePeñasquito GoldcorpEl Sauzal GoldcorpAlamo Dorado Pan American SilverMcEwen Mining Management TeamEURIDICE GONZALEZCountry Manager, Mexico10 years experienceCompleted land acquisition ofEl Gallo ComplexNIGEL FUNGDirector, Mine Planning13 years experienceConsulting Mine Engineer TetatechRosebel Gold Mine IAM GoldLUKE WILLISDirector, Resource Modelling13 years experienceRed Lake GoldcorpHemlo Mine Barrick
  39. 39. 39NILS F. ENGELSTADVice President, Corporate AffairsHon BA (international relations)Bachelor of Laws (LL.B)Master of Laws (LL.M)Member of Law Society of UpperCanadaMcEwen Mining Management TeamSIMON QUICKVice President - ProjectsDegree in Economics withDistinctionCARLOS LIGGESMEYERCountry Manager, Argentina15 years experienceCertified Public AccountantMBAANDREW ELINESKYVice President – ArgentinaCorporate Controller Minera Andes
  40. 40. 40McEwen Mining Capital Structure*As of May 14, 2013Shares Issued & OutstandingMUX (NYSE, TSX) 258.5 MillionMAQ (TSX) 38.5 MillionFully Diluted 301.5 MillionPrice52 Week High – Low $4.94 – 1.67Market CapAverage Daily Vol (12 month)297.0 Million$2.15$640 Million3.0 Million
  41. 41. 41Contact InformationJenya MeshcheryakovaInvestor RelationsTel: 1.866.441.0690 x.410Email: info@mcewenmining.comfacebook.com/mcewenrobtwitter.com/mcewenminingstore.mcewenmining.com
  42. 42. 42San José Mine(49%) (1)Tonnes (MM*)(100%)Ag Grade (g/t) Au Grade (g/t)Ag (MMoz*)(100%)Au (MMoz*)(100%)Proven 0.83 470 6.73 12.54 0.18Probable 0.94 471 6.19 14.26 0.19Measured(inclusive of P+P)1.3 559 8.2 23.17 0.34Indicated(inclusive of P+P)3.1 453 6.56 45.12 0.65Inferred 2.1 476 7.37 32.1 0.5El Gallo ComplexSilver (2)Tonnes (MM*)(100%)Ag Grade (g/t)Ag (MMoz*)(100%)Measured 21.4 71.1 48.8Indicated 2.6 51.3 4.3Inferred 27.4 35.1 31Resource Table: Combined resources calculated using the following.
  43. 43. 43El Gallo ComplexGold(2)Tonnes (MM*)(100%)Au Grade (g/t)Au (MMoz*)(100%)Measured 28.3 0.46 0.41Indicated 6.1 0.78 0.15Inferred 27.6 0.31 0.27Gold Bar(3)Tonnes (MM*)(100%)Ag Grade (g/t) Au Grade (g/t)Ag (MMoz*)(100%)Au (MMoz*)(100%)Measured 0.7 1.19 0.03Indicated 18.8 0.94 0.57Resource Table: Cont’dLimo (5)Tonnes (MM*)(100%)Ag Grade (g/t) Au Grade (g/t)Ag (MMoz*)(100%)Au (MMoz*)(100%)Measured 5.9 0.89 0.17Indicated 3.7 0.61 0.07Inferred 2.2 0.7 0.05
  44. 44. 44Los Azules(6) Tonnes (MM) Cu Grade (%) Au Grade (g/t) Ag Grade (g/t) Cu (B lbs)Indicated 389 0.63 0.07 1.8 5.4Inferred 1,397 0.46 0.06 1.9 14.3Limo(5)Tonnes (MM*)(100%)Ag Grade (g/t) Au Grade (g/t)Ag (MMoz*)(100%)Au (MMoz*)(100%)Measured 5.9 0.89 0.17Indicated 3.7 0.61 0.07The cumulative resource and reserve figures set forth above is comprised of the following: (1) The resources and reservesfigures on this page were derived from McEwen Mining Inc.’s news release titled “McEwen Mining Announces Record ResourceEstimate at the San José Mine in Argentina” released on March 18, 2013 by McEwen Mining. (2) See the El Gallo Report. (3)See the Gold Bar Report. (4) Tonkin resources information was derived from the report “Technical Report on the Tonkin Project”with an effective date of May 16, 2008 prepared by Alan C. Noble, P.E., Ore Reserves Engineering, Richard Gowans, MiconInternational and Steven Brown, US Gold Corporation. Mr. Noble and Mr. Gowans are independent of US Gold Corporation anda Qualified Person as defined by NI 43-101. (5) Limo resources were derived from the report “NI 43-101 Technical Report forthe Limousine Butte Project, White Pine County, Nevada” with an effective date of July 1, 2009 prepared by John Welsh, P.Eng., Kim Drossulis, Senior Engineer, Jonathan Brown, M.B.A., C.P.G., Doug Willis, Geologist, Christine Ballard, ProjectGeotechnical Engineer, Eric Haddox, P. Eng. (the “Limo Report”). Each of the Limo report authors is independent of US GoldCorporation and a Qualified Person as defined by NI 43-101. (6) Los Azules resources were derived from the news release titled“McEwen Minings Los Azules Copper Project Continues to Grow!” released on May 15, 2013 by McEwen Mining.Resource Table: Cont’d

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