Slide 1: 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 pr
Slide 2: Summarized Financial Information
Summarized Financial Information Three months ended Mar 31, 2016 Three months ended Mar 31, 2015 Year ended Dec 31, 2015 Realized Price per Gold / oz $1,205 $1,213 $1,146 Realized Price per Silver / oz $15.28 $17.02 $15.06 Sales $46,705 $45,369 $164,143 Production costs applicable to sales (27,553)
Slide 3: Summarized Balance Sheet – Debt Free!
Summarized Balance Sheet – Debt Free! March 31, 2016 December 31, 2015 December 31, 2014 Cash & cash equivalents $34,623 25,874 $12,380 VAT receivable 4,126 10,032 11,739 Inventories 15,769 14,975 12,404 Mineral Properties 237,373 237,245 287,812 Investment in San José 169,444 167,107 177,018 Total
Slide 4: Summary of Liquid Assets – Rebuilding Cash Reserves
Summary of Liquid Assets – Rebuilding Cash Reserves May 27, 2016 Mar 31, 2016 Dec 31, 2015 Dec 31, 2014 Cash $33,260 $34,623 $25,874 $12,380 Inventories – Gold / Silver doré & bullion(1) $21,509 $8,372 $5,065 $4,875 Investments – Junior Gold Mining Equities $1,931 $460 $1,032 $1,082 Total $56,700 $4
Slide 5: Share Capital – Resisting The Temptation to Dilute You!
Mar 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Outstanding Common & Exchangeable Shares 298,076 298,634 300,100 297,159 Options 7,113 7,153 5,150 5,628 Fully Diluted Shares 305,189 305,787 305,250 302,787 Share Capital – Resisting The Temptation to Dilute You! In thousands. 6 Increase since Dec
Slide 6: Looking Ahead: Projected Cash Flow – Growing!
Looking Ahead: Projected Cash Flow – Growing! (Assumes $1,200 Au, $16 Ag/oz) 2016 Q1 Actual 2016 Q2 to Q4 Forecast 2017 Full Year Forecast Earnings – El Gallo 1 $12,445 $15,763 $24,000 Dividends - San José 2,626 5,250 7,500 G&A, Property Holding (4,858) (8,194) (14,000) VAT collected net of LOC repa
Slide 7: Looking Ahead: Projected Cash Flow – Fully Funded!
Looking Ahead: Projected Cash Flow – Fully Funded! (Assumes $1,200 Au, $16 Ag/oz) 2016 Q1 Actual 2016 Q2 to Q4 Forecast 2017 Full Year Forecast Beginning Cash Balance $25,874 $34,623 $40,698 Cash Generation Before Exploration & Development 11,067 12,800 17,048 Gold Bar Construction & Development Cos
Slide 8: Operations Update
Operations Update Corporate Total Q1 2016 Guidance FY2016 Gold ounces produced 28,975 99,500 Silver ounces produced 673,767 3,337,000 Gold equivalent produced 37,958 144,000 Gold Equivalent co-product AISC ($/oz) $814 $935 9 Met guidance on production and costs El Gallo & San José production - 20,10
Slide 9: Operations Update
Operations Update 10 Internal study to reduce capex Drill program early 2017 Infrastructure initiatives Optimization study by June 30th Construction decision at +$18/oz silver price $6.5m on exploration Operations on budget $5.4m dividend H1/16 Purchased royalty on El Gallo for $5.25m $44/oz reducti
Slide 10: Our Progress & Future Steps
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Updated Feasibility Study Complete Office Consolidation; Elko Begin Key Hires Award Engineering Procurement Construction Management Contract Key Vendor Selection Receive Record of Decision Site Works Begin Gold Bar Development Our Progress & Future Ste
Slide 11: El Gallo District Model
12 New deposits of the same low sulfidation, epithermal style are most likely to be found where the potassic alteration occurs in favorable andesite Mina Grande El Gallo Silver Palmarito El Gallo Mine District Model El Encuentro Texcalama
Slide 12: Principal Targets for Drilling
Targets 14 El Encuentro Recent acquisition Mina Grande Resource expansion Deep potential El Gallo Silver Deep potential Best IOCG alteration Mina Grande El Gallo Silver El Gallo Mine IOCG = Iron oxide copper + gold. El Encuentro Palmarito Principal Targets for Drilling Texcalama
Slide 13: Gold Bar Exploration – Potential to Extend Mine Life
Gold Bar Exploration – Potential to Extend Mine Life 15 Gold Bar Open Pits 2015 Drilling Drilling in Progress Afgan Resource Indicated 66 koz Au @ 0.021 opt Inferred 55 koz Au @ 0.014 opt N Cortez Trend Nevada, USA 100 ft @ 0.16 opt 30 m @ 4.5 gpt 173 ft @ 0.08 opt 52 m @ 2.2 gpt
Slide 14: Limousine Butte Exploration
Limousine Butte Exploration 16 Carlin Trend Nevada, USA 80 ft @ 0.0123 opt incl. 15 ft @ 0.051 opt 24 m @ 0.4 gpt Incl. 4.5 m @ 1.6 gpt 75 ft @ 0.028 opt 23 m @ 0.98 gpt N Drilling In Progress Historic Hole 70 ft @ 0.015 opt 21 m @ 0.47 gpt
Slide 15: Argentina Exploration
Argentina Exploration 17 San José Mine Exploration Targets Exploration Targets Cerro Negro (Goldcorp) 4.66 Moz @ 9.64 gpt
Slide 16: Using Innovation to Drive Results
Using Innovation to Drive Results 18 SGS - Mexico Exploration Ernst & Young MineSense Portage Technologies IBM Genomics https://vimeo.com/mcewenmining https://cim.org/en/Publications-and-Technical-Resources/Publications/CIM-Magazine/2016/May/Video/The-future-of-mining.aspx Scanimetrics - Crusher Mon
Slide 17: The Beginning of New Gold Uptrend
19 The Beginning of New Gold Uptrend When Gold Moves Up in All Major Currencies US$ EUR Source: Bloomberg. As of May 30, 2016 % US$ EUR % 2001 - 2011 2012 - Present Big $ invested in Mining Looks like it’s starting again -40 -30 -20 -10 0 10 2012 2013 2014 2015 2016 0 200 400 600 2001 2003 2005 2007
Slide 18: US Government's Attempts to Get the Economy Moving
20 Student Loan $1T Labor Force Participation Food Stamps Federal Debt $19T Money Printing $4T Median Family Income Home Ownership Workers’ Share of Economy Velocity of M2 Money Supply US Government’s Attempts to Get the Economy Moving THE IMPACT
Slide 19: Gold vs Gold Shares
Gold vs Gold Shares Sept 2011 - Present 21 % Gold GDX 2016
Slide 20: Gold Shares Offer Better Upside Potential Than Gold
Gold Shares Offer Better Upside Potential Than Gold Share Price Increase from Current Needed to Achieve 2010-11 Highs 22 Source: Bloomberg. US$. As of May 30, 2016 Franco Nevada Gold Royal Gold Agnico Eagle Newmont GDX Barrick Goldcorp McEwen - 3% 57% 81% 97% 126% 199% 235% 236% 314%
Slide 21: Gold Shares Offer Better Upside Potential Than Gold
Gold Shares Offer Better Upside Potential Than Gold Share Price Increase from Current Needed to Achieve 2010-11 Highs = | -3% Franco Gold RoyalGold Agnico Newmont GDX Barrick Goldcorp McEwen Nevada Eagle AS @ ‘Source: Bloomberg USS. As of May 30, 2016
Slide 22: We are Performing Well
We are Performing Well 24 154koz 127koz 121koz 88koz Production in gold equivalent ounces. Gold / silver ratio 75:1. 2016-2018 based on internal estimates. *2018 includes ramp-up production from Gold Bar of 30 koz. ½ year of production. (Est. 65 koz annualized) 1 144koz # Production Growth 144koz 17
Slide 23: Generating Positive Cash Flow
Generating Positive Cash Flow 26 Cash flow defined as the net increase (decrease) in cash, cash equivalents and precious metals at market. US$ Millions US$ Millions Treasury Growing No Debt No Streaming Anti-Royalties Treasury $57M $14.7M Q1 $15.6M $0 $10 $20 $30 $40 $50 $60 Q4 Q4 May-27 2014 2015 2
Slide 24: We have a Yield – Capital Distribution to Shareowners
Next Payment Aug 2016 We have a Yield Capital Distribution to Shareowners 27 1¢ / Share Paid Semi-annually 1st Payment Aug 2015 2nd Payment Feb 2016 Tax Free in US & Canada Payment date approximate.
Slide 25: Strong Alignment with Fellow Share Owners
No salary No cash bonus No options Cost Base $127M Strong Alignment with Fellow Share Owners Big Insider Ownership 28 2 Rob McEwen Chief Owner 25% #
Slide 26: Production & Development Pipeline
Production & Development Pipeline 29 Gold Bar (Nevada) Permitting El Gallo Gold Producer Los Azules Large Copper Deposit El Gallo Silver Permitted 3 # San José Mine Gold / Silver Producer Exposure to Gold, Silver & Copper
Slide 27: Argentina Turnaround Mining Story of 2016!
30 Argentina Turnaround Mining Story of 2016! New President, New Government Rapidly Improving Investment Climate Exchange rate Mining export taxes Pro-business Pro-mining
Slide 28: Los Azules Investment Opportunity
31 San Juan Province, Argentina Los Azules Investment Opportunity World Class Advanced Exploration Project 0.71% Cu / 166m 0.50% Cu / 269m Inc. 0.95% Cu / 45m 0.49% Cu / 329m Inc. 0.71% Cu / 101m 0.44% Cu / 529m 1.01% Cu / 216m 1.05% Cu / 236m 19.7 B lbs Cu at 0.5%: Resources1 1August 1, 2013 NI 43-
Slide 29: Los Azules: Large Copper Optionality
Los Azules: Large Copper Optionality Advanced Exploration with PEA 19.7 B lbs Cu at 0.5%: Resources1 San Juan Province, Argentina 32 1August 1, 2013 NI 43-101 Technical Report, Los Azules Porphyry Copper Project. 2After-tax. 3Company filings. Taca Taca Aug 2014 - 1.5¢ / lb Cu3 Sold for US$430M 28.7
Slide 30: Catalysts for Growth
Catalysts for Growth 33 # 4 Improving Business Environment Argentina Pro-business Pro-mining Government Extending Mine Life Property Acquisitions Mexico Nevada Mining R&D Exploration $4.0M Mexico $6.5M Argentina $1.5M Nevada M&A
Slide 31: Market Facts
2.3 M US$659 M @$2.21 Market Cap 305 M Fully Diluted 298 M Shares Outstanding Common Shares 34 Source: Bloomberg. As of May 30, 2016. *Share volume NYSE and TSX combined. 3 Month Avg. Daily Share Volume * Trading Liquidity NYSE & TSX MARKET FACTS
Slide 32: Significant Upside Potential
35 Source: Bloomberg. As of May 30, 2016. 1Three year average. High Beta1 To Gold 2.7x 5 # Significant Upside Potential $9.50 $9.15 $0.42 $0.36 $2.21 26x 22x $0.65 Rob McEwen Becomes CEO US Gold McEwen Mining Share Price US$ Volume Millions 0 2 4 6 8 10 2000 2004 2008 2012 2016 0 80 2000 2004 2008 2
Slide 33: Significant Upside Potential
Significant Upside Potential a) 4) — McEwen Mining Share Price uss High Beta’ To Gold 80 Volume Millions 0 we 2000 2004 2008 2012 2016 S Source: Bloomberg. As of May 30, 2016. ‘Three year average. 35