Slide 1: If You Believe Gold Is Going Higher Consider Buying MUX
September 9, 2015 1 CONTACT: Christina McCarthy, Director,Corporate Development, 1.866.441.0690 • cd@mcewenmining.com • facebook.com/mcewenrob • twitter.com/mcewenmining IF YOU BELIEVE GOLD IS GOING HIGHER CONSIDER BUYING MUX
Slide 2: Cautionary Statement
Cautionary Statement 2 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. The forward-looking statements and information expressed, as at the date of this ne
Slide 3: 10 Reasons MUX To Own
3 10 Reasons MUX To Own
Slide 4: High Beta To Gold, Significant Upside Potential
4 Source: Bloomberg. As of September 4, 2015. High Beta To Gold 2.7x Significant Upside Potential 1 $9.50 $9.15 $0.42 $0.36 $0.84 26x 22x ?x #
Slide 5: Generating Positive Cash Flow
Generating Positive Cash Flow 5 2 # -$15 -$10 -$5 $0 $5 $10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2014 2015 US$ Millions
Slide 6: Dividend Yield
Dividend Yield 6 3 (1.2 % yield) 1¢ / Share Paid Semi-annually Tax Free in US & Canada First Payment Aug 17th #
Slide 7: Treasury Growing
4) Treasury Growing $30 $25 Casha $20 Equivalents ussm $15 $10 $5 $0 Qt 2014 2015 Q2
Slide 8: Unique Insider Ownership
Takes no salary, no cash bonus Cost base $126M Unique Insider Ownership 8 5 CEO Owns 25% #
Slide 9: Decreasing Costs
Decreasing Costs 9 6 $713 $1,048 # $- $500 $1,000 $1,500 $2,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2014 2015 US $ / oz Au Eq Total Cash Costs All-in Sustaining Cash Costs
Slide 10: Production Growth
Production Growth 10 150koz 127koz 121koz 88koz Gold equivalent oz. Production estimates based on internal estimates. Gold / silver ratio 75:1. Notes 1, 2, 3, 4, 5, 6 & 7. 7 140koz H1 73koz #
Slide 11: Mines & Near Term Development Projects
Mines & Near Term Development Projects 11 USA Mexico Argentina Gold Bar (Nevada) Permitting El Gallo Mine Gold Producer Los Azules Large Copper Deposit San José Mine Gold / Silver Producer El Gallo 2 Silver, Fully Permitted 8 #
Slide 12: El Gallo Mine: Gold
El Gallo Mine: Gold Production and cost estimates based on internal estimates. Sinaloa State Mexico 12 Owned 100% 62,000 oz Au: 2015E Production (Update) +2 gpt Au: High Grade for Heap Leach $414 / 581 per oz: H1 2015 Cash Cost / AISC $18M Capital Cost (Startup 2012) Producing Free Cash Flow $5M Exp
Slide 13: El Gallo 2: Silver
El Gallo 2: Silver Production and cost estimates based on internal estimates. Sinaloa State Mexico 13 Owned 100% Permitted for 5,000 tpd Open Pit Currently Being Optimized 5 Moz Ag: Est. Annual Production $130M: Est. Initial Capital Cost 2016 New Feasibility El Gallo 2 El Gallo Mine N 0 3 6 Miles
Slide 14: San José Mine: Gold & Silver
San José Mine: Gold & Silver 14 Production and cost estimates based on internal estimates. Gold / silver ratio 75:1. Santa Cruz Province, Argentina 180,000 oz Au Eq: 2015E Production 13 gpt Au Eq: 2015 Avg. Grade +10 Years: Est. Mine Life Vast Prospective Land Package Big Neighbour – Goldcorp Octobe
Slide 15: Gold Bar: Gold
Cortez Trend Nevada, USA Gold Bar: Gold 15 Production and cost estimates based on internal estimates. Open Pit Heap Leach Tonkin Barrick Cortez Mine Barrick Ruby Hill Mine N 0 6 Miles 12 Gold Bar Owned 100% 50,0000 oz Au: Est. Annual Production $50M: Est. Initial Capital 8 Years: Est. Mine Life Perm
Slide 16: Los Azules: Copper
San Juan Province, Argentina Los Azules: Copper Owned 100% 19.7 B lbs Cu at 0.5%: Resources* Recent Transaction: First Quantum / Lumina $433M or 1.7¢ / lb Cu *August 1, 2013 NI 43-101 Technical Report, Los Azules Porphyry Copper Project. 16 Looking to Monetize Big Optionality
Slide 17: Exploration Upside - Mexico
Exploration Upside - Mexico 17 9 El Gallo 2 El Gallo Mine N 0 3 6 Miles Exploration Targets Historic Workings Veins with Resources #
Slide 18: El Gallo Exploration Target Areas
18 El Gallo 2 El Gallo Mine El Gallo Complex Exploration Target Areas Lupita Vein N
Slide 19: Nevada Exploration
19 Barrick Cortez Mine Gold Bar Tonkin Nevada Exploration N
Slide 20: Gold Bar Exploration
20 Gold Bar Exploration 2.2 gpt Au / 52 m 4.7 gpt Au / 41 m 1.8 gpt Au / 38 m 1.1 gpt Au / 23 m Target Areas Gold Bar Final Pit Outline N
Slide 21: Innovation: El Gallo Optimization
21 Innovation: El Gallo 2 Optimization 10 Prev. % Now Recoveries 87% 3% 91% Retention Time 144 hrs 61% 56 hrs Grind Size 72 m 11% 80 m #
Slide 22: Market Cap and Share Data
$250M Market Cap 305.2 M Fully Diluted 300.1 M Shares Outstanding Options 22 Source: Bloomberg. As of September 4, 2015 3 Month Avg. Daily Volume 935K CONTACT: Christina McCarthy, Director, Corporate Development, www.mcewenmining.com • 1.866.441.0690 • cd@mcewenmining.com
Slide 23: S&P vs XAU Ratio 1980 – Present
23 S&P 500 vs XAU* Ratio 1980 – Present *Philadelphia Gold & Silver Index. Source: Bloomberg. As of September 4, 2015.