McEwen Mining

Q3 2020 Production and Exploration Results - Seite 3

A complete summary of new drilling results from Whiskey Jack is available here:
http://mcewenmining.com/files/doc_news/archive/2020/20201000/WJ_comp.x ...

San José Mine, Santa Cruz, Argentina (49%⁽⁴⁾)

In Q3, San José produced 8,600 gold ounces and 571,000 silver ounces, for a total of 15,900 GEOs, compared to 9,000 GEOs in Q2. Lower average gold to silver price ratio of 79:1 during the quarter (versus 104:1 during Q2), resulted in higher gold equivalent production. The mine continued to operate below normal capacity during Q3 due to government-imposed COVID-19 travel restrictions that create challenges in mobilizing personnel to the site.

Gold Bar Mine, Nevada (100%)

In Q3, Gold Bar produced 6,800 GEOs, compared to 6,100 GEOs in Q2. During the quarter we progressed several key business improvement initiatives supporting the turnaround of our operations, which include improving contractor mining efficiencies, assessing material handling and processing alternatives, and further definition drilling at the Gold Pick deposit (see Figure 2), designed to upgrade mineral resources from Inferred to Indicated. A new reserve estimate and feasibility study update for Gold Bar are expected to be announced towards the end of Q4.

Highlights of the results⁽³⁾ from this recently completed 28-hole drill program are as follows:

1.8 g/t Au over 90 ft (27.4 m) from hole GB769
3.1 g/t Au over 70 ft (21.3 m) from hole GB824
2.1 g/t Au over 130 ft (39.6 m) from hole GB828
4.1 g/t Au over 60 ft (18.3 m) from hole GB830
2.3 g/t Au over 65 ft (19.8 m) from hole GB833
2.1 g/t Au over 80 ft (24.4 m) from hole GB841

Figure 2: Gold Pick Drilling – Plan Map
http://mcewenmining.com/files/doc_news/archive/2020/20201000/Fig2_GP.p ...

A complete summary of new drilling results from Gold Pick is available here:
http://mcewenmining.com/files/doc_news/archive/2020/20201000/GP_Comp.x ...

El Gallo Project, Sinaloa, Mexico (100%)

In Q3, El Gallo produced 1,900 GEOs from residual leaching of the heap leach pad, compared to 1,900 GEOs in Q2. An updated feasibility study for the Fenix Project is being finalized, and we expect to release the results in Q4.

Financial Results

Operating costs for the quarter ended September 30, 2020 will be released with our 10-Q Quarterly Financial Statements.

Notes:
(1)	'Gold Equivalent Ounces' are calculated based on a gold to silver price ratio of 75:1 for Q1 2019, 88:1 for Q2 2019, 87:1 for Q3 2019, 94:1 for Q1 2020,104:1 for Q2 2020 and 79:1 for Q3 2020.
(2)	Resources and Reserves for all the McEwen Mining projects can be found on our website: https://www.mcewenmining.com/operations/reserves-and-resources/default ...
(3)	Intercept lengths are estimated true width unless otherwise indicated.
(4)	The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.

Technical Information