Response to the COVID-19 Pandemic

? Facilitating the access to vaccinations at our sites by coordinating with local

Performing functions remotely as advised by certain jurisdictions. Our head

? office in Toronto, Canada was shut down on March 13, 2020. As of June 30, 2022,

a few corporate employees have returned to the head office, however, most

continue to perform their functions remotely.

Index to Management's Discussion and Analysis:

Highlights for Q2/22 are included below and discussed further under Consolidated Financial Performance:

The Company's consolidated operations produced 36,218 GEOs for the three months

ended June 30, 2022, compared to 40,700 GEOs during the same period in 2021.

? This included 16,565 GEOs from our 100% owned operations and 19,653

attributable GEOs from the San José Mine(1) . The 16,615 GEOs were 26% lower

than same period last year while the 20,921 GEOs were 15% higher than the same

McEwen Copper Inc has been active in progressing the Los Azules Copper Project

in Argentina on multiple areas including drilling, road construction, technical

studies, and community engagement. McEwen Copper is on track for it's update

for the Preliminary Economic Assessment and once the Preliminary Economic

? Assessment is complete aims to advancing to Feasibility Study level of detail.

The current drilling program to advance towards the Los Azules Feasibility

Study considers 76,000 meters of which we expect approximately 13,000 meters to

be completed during H2/22, the overall program may be further optimized based

on the outcome of the preliminary economic assessment as well as by ongoing

On April 1, 2022 the Gold Bar mine received the regulators record of decision

? approving the amendment to the plan of operations to include and proceed with

the development of the Gold Bar South Project. Mining activities and production

are expected to begin during H2/22.

The Fox Complex Preliminary Economic Analysis was completed and envisions

multiple underground mining operations feeding the Stock Mill, inclusive of the

? mine plan at Froome, targeting a peak annual gold production of 100,000 ounces

per annum between years 6-10 and an overall mine life of 12 years. Life of mine

average cash and all-in sustaining costs ("AISC") were estimated at $797 and

Commercial production was reached at the Froome in September 2021. Since then,

exploration results to date indicate an additional year of mining from the

? deposit is expected to be added in the next resource update. The economic

viability of the 260 level has been confirmed and is now included in the mine

plan. Development is nearly complete to the upper limit of Froome at the 70

On May 6, 2022, the Company announced that Anna Ladd-Kruger, Chief Financial

Officer, has decided to retire to focus on her health and family; she departed

after the first quarter reporting was completed. CFO responsibilities were

? assumed on an interim basis by Perry Y. Ing until a new candidate transition

into the position. Mr. Ing, CA, CPA, CFA, is an experienced executive who

previously served as CFO of the Company and its predecessor from 2008 to 2015

and subsequently served as CFO of Kirkland Lake Gold and, most recently, of

On May 6, 2022, the Company announced Peter Mah, Chief Operating Officer, was

stepping down for personal reasons on June 3, 2022. Responsibility for

oversight of operations was assumed on an interim basis by William (Bill)

Shaver, currently a director of the Company. Mr. Shaver, P. Eng., is a seasoned

? mining executive with over 50 years of management and executive experience in

all facets of mine design, construction, and operations. In 1980, he was a

co-founder of Dynatec Corporation, which became one of the leading contracting

and mine operating groups in North America. Most recently, he served as Chief

Operating Officer of INV Metals before its sale to Dundee Precious Metals.

? Cash, cash equivalents and restricted cash of $47.8 million were reported as at

? We had a positive working capital of $28.1 million as at June 30, 2022.

Revenues of $30.6 million were reported in Q2/22 from the sale of 16,959 gold

? equivalent ounces from our 100% owned operations at an average realized

price(2) of $1,865 per gold equivalent ounce.

We reported a cash gross profit (2) of $7.7 million in Q2/22, with a gross

? profit of $4.2 million. We reported a net loss of $6.4 million, which includes

investing $19.2 million on exploration activities and advanced projects.

We spent $19.2 million on exploration and advanced projects in Q2/22, with the

? primary focus on advancing the Los Azules Copper Project in Argentina and

expanding the resource base at Stock West (Fox Complex), Canada and at Gold Bar

On January 26, 2022, we announced the results of our Preliminary Economic

Assessment ("PEA") of the Fox Complex. The PEA estimates positive economics for

our expansion project at the Black Fox Complex, where after depletion of

? Froome, production could continue for another 9 years, at an average of 80,800

oz gold per year. Overall, estimated economics predict an IRR of 21% at a gold

price of $1,650/oz, at average cash costs and AISC of $769/oz, and $1,246/oz

As used here and elsewhere in this report, this is a Non-GAAP financial (2) performance measure. See "Non-GAAP Financial Performance Measures" beginning

SELECTED CONSOLIDATED FINANCIAL AND OPERATING RESULTS

The following tables present select financial and operating results of our company for the three and six months ended June 30, 2022 and 2021:

(1) Silver production is presented as a gold equivalent with a silver: gold ratio

of 83:1 for Q2/22 and 68:1 for Q2/21. See page 26.

As used here and elsewhere in this report, this is a Non-GAAP financial (2) performance measure. See "Non-GAAP Financial Performance Measures" beginning

(3) On sales from 100% owned operations only, excluding sales from our stream.

Production from our 100% owned mines of gold equivalent ounces (GEOs) in Q2/22 decreased from Q2/21: 16,565 versus 22,475 GEOs respectively.

Our share of the San José mine production was 20,921 GEOs in Q2/22, which was 15% higher than the 18,200 GEOs produced in Q2/21. During Q2/22, COVID-19 continued to have an impact on operations similar to the same period in 2021.

Production Costs applicable to sales in Q2/22 decreased by 26% or $8.2 million compared to Q2/21. The decrease is driven by production costs at all of our operations. This is discussed further in the "Operations Review" section.

Exploration costs of $4.3 million for Q2/22 decreased from $6.9 million in Q2/21. The spend was to continue exploration to expand high potential target areas in the Timmins region of Ontario and at the Nevada operations.

Interest and other finance expenses, net of $1.6 million in Q2/22 compared to $1.9 million to Q2/21.

Income and mining tax recovery of $nil for Q2/22 decreased compared to $1.0 million in Q2/21. The decrease in the tax recovery for Q2/22 is primarily due to the flow-through share premium amortization.

Working capital as at June 30, 2022 was $28.1 million, and decreased by $4.5 million from working capital of $32.6 million as at December 31, 2021. The change is largely attributed to the loss from operations, offset by the financing activities as noted above.

We believe we have sufficient liquidity along with funds generated from ongoing operations, to fund anticipated cash requirements for operations, capital expenditures and working capital purposes for the next 12 months.

The U.S.A. segment is comprised of the Gold Bar mine and other exploration properties in Nevada, U.S.A.

The following table summarizes certain operating results for the Gold Bar mine for the three and six months ended June 30, 2022 and 2021:

As used here and elsewhere in this report, this is a Non-GAAP financial (1) performance measure. Cash costs for the Company's 100% owned operations equal

Production costs applicable to sales. See "Non-GAAP Financial Performance

Measures" beginning on page 38 for additional information.

rates from the mining contractor due to the staffing issues on their side. However, indications are that actual recovery rates are higher than what is currently being modeled and expected to benefit the upcoming quarters as quarter-on-quarter gold inventories drawn down are expected to continue to outperform plan.

Regulatory approval to amend the plan of operations to include the Gold Bar South ("GBS") deposit was received April 1, 2022. Plans to develop GBS with the construction of the access road should be completed by late Q3.

Revenue from gold and silver sales of $10.0 million from Gold Bar in Q2/22 decreased from the $26.3 million revenue in Q2/21. This reflected the 63% decrease in GEOs sold, partially offset by a 2% increase in realized gold price ($1,865/GEO in Q2/22 compared to $1,830/GEO in Q2/21).

A total of 12,005 feet of drilling (3,660 meters) was completed with direct drilling costs of some $29.97 per foot (or $98.31 per meter) as compared to budget of $29.99 per foot (or $98.36 per meter). Unit costs are skewed by the low overall volume of drilling completed to date.

Black Fox mine production ceased in 2021 as commercial production was reached at the Froome mine on September 19, 2021.

The following table summarizes the operating results for the Black Fox and Froome mines for the three and six months ended June 30, 2022 and 2021:

(1) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure. Cash costs for the Company's 100% owned operations equal Production costs applicable to sales. See "Non-GAAP Financial Performance Measures" beginning on page 38 for additional information.

Revenue from gold sales of $20.2 million increased in Q2/22 by $8.0 million compared to Q2/21. The increase reflects more GEOs produced and sold and a higher average realized gold price in Q2/22 versus Q2/21.

The programs are focused on expanding known mineral resources. At the Fox Complex, the objective is to shorten the payback period outlined in the Fox Complex PEA (Preliminary Economic Assessment). We incurred $2.6 million for exploration initiatives at the Fox Complex in Q2/22, compared to $3.5 million in Q2/21.

The Stock exploration area sits adjacent to our Stock mill, which currently processes ore from the Froome mine. This facility processed ore from the historical underground Stock mine, which operated intermittently from the early 1980s until 2004, producing a total of 137,000 ounces of gold.

The Mexico segment includes the El Gallo Project (formerly "El Gallo 1" or "El Gallo Mine") and the advanced-stage Fenix Project, located in Sinaloa, Mexico.

Current activities at the El Gallo Project are limited to residual leaching as part of closure and reclamation plans.

The following table summarizes certain operating results at the El Gallo Project for the three and six months ended June 30, 2022, and 2021:

Cash costs and All-in-sustaining costs

Production and revenue, as expected, decreased in Q2/22, compared to Q2/21, as we wind down our residual heap leach operation.

Advanced-Stage Properties - Fenix Project

The key environmental permits for Phase 1 were received in 2019, including the approval for an in-pit tailings storage facility and process plant construction.

The Fenix Project feasibility study was published on February 16, 2021 and is available for review on our website and SEDAR (www.sedar.com).

Multiple strategic alternatives continue to be evaluated for the project including lower capital costs, potential base metal evaluation and the possible divestiture of our Mexican business unit.

The MSC Segment is comprised of a 49% interest in the San José mine, located in Santa Cruz, Argentina.

The following table sets out certain operating results for the San José mine for the three and six months ended June 30, 2022 and 2021 on a 100% basis:

(1) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure. Cash costs for the Company's 100% owned operations equal Production costs applicable to sales. See "Non-GAAP Financial Performance Measures" beginning on page 38 for additional information.

The analysis below compares the operating and financial results of MSC on a 100% basis.

Revenue from gold and silver sales increased by 1% in Q2/22, compared to Q2/21. The increase reflects a increase in GEOs sold in Q2/22, mostly offset by a similar decrease in realized prices per ounce of both gold and silver.

Cash costs in Q2/22 increased by $5.1 million, or 12%, compared to Q2/21.

All-in sustaining cost GEO sold in Q2/22 of $1,468/oz decreased slightly compared to the $1,500/oz incurred in Q2/21.

Our 49% attributable share of operations from our investment in MSC in Q2/22 resulted in a $2.5 million income, compared to a loss of $1.9 million in Q2/21.

There were dividends received from MSC of $0.3 million in Q2/22, compared to $2.6 million in dividends received during the same period in 2021.

Through McEwen Copper Inc. ("McEwen Copper") we own a 76% interest in the Los Azules copper project in San Juan, Argentina.

On August 23, 2021, McEwen Copper successfully closed the first tranche of the private placement, a $40 million investment by our Executive Chairman and largest shareholder, Robert R. McEwen.

Los Azules, San Juan, Argentina

We spent $14.1 million dollars in Q2/22 on the activities below.

The primary objectives of the drill program included:

1. Improve the structural and geo-metallurgical understanding of the deposit and

2. Support an updated PEA by the end of 2022.

3. Improve the confidence in the mineral resource estimate upgrading inferred to

Metallurgical testing is underway, utilizing international certified laboratories as well as additional confirmation work with the Institute of Mining Investigations part of the engineering faculty of the University of San Juan. Sample data is anticipated by mid-August.

An environmental baseline review will be initiated in the third quarter followed by planning for fieldwork to support the initial project development.

The glacier study field program initiated in Q1 was completed, and an updated interim report was completed. As expected, no significant new findings or challenges were identified.

The presentation of these measures, including those for MSC, has limitations as an analytical tool. Some of these limitations include:

? The amounts shown on MSC's individual line items do not represent our legal

claim to its assets and liabilities, or the revenues and expenses; and

Other companies in our industry may calculate their cash gross profit, cash

? costs, cash cost per ounce, all-in sustaining costs, all-in sustaining cost per

ounce, average realized price per ounce, and liquid assets differently than we

do, limiting the usefulness as a comparative measure.

Cash Gross Profit or Loss

The following tables present a reconciliation of cash gross profit or loss to the most directly comparable GAAP measure, gross profit or loss:

Cash Costs and All-In Sustaining Costs

Sustaining operating costs represent expenditures incurred at current

operations that are considered necessary to maintain current annual production

at the mine site and include mine development costs and ongoing replacement of

? mine equipment and other capital facilities. Sustaining capital costs do not

include the costs of expanding the project that would result in improved

productivity of the existing asset, increased existing capacity or extended

Sustaining exploration and development costs include expenditures incurred to

sustain current operations and to replace reserves and/or resources extracted

? as part of the ongoing production. Exploration activity performed near-mine

(brownfield) or new exploration projects (greenfield) are classified as

The sum of all-in sustaining costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.

Total gold equivalent ounces sold for Q2/22 was 16,959 and includes gold (1) equivalent ounces sold from the operating mines of 16,742, as disclosed

Gold Bar Black Fox Total

Total gold equivalent ounces sold for Q2/21 was 22,500 and includes gold (1) equivalent ounces sold from the operating mines of 21,300, as disclosed

The term liquid assets is also a non-GAAP financial measure. We report this measure to better understand our liquidity in each reporting period.

Precious Metals valued at market value (1)(2) 1,098 1,293 Total liquid assets

(1) Please see Note 7 of the Consolidated Financial Statements

Critical accounting policies and estimates used to prepare our financial statements are discussed with our Audit Committee as they are implemented on an annual basis.

The were no significant changes in our Critical Accounting Policies since December 31, 2021. For further details on the Company's accounting policies, refer to the December 31, 2021 10-K/A.

statements about our anticipated exploration results, costs and feasibility of

? production, production estimates, receipt of permits or other regulatory or

governmental approvals and plans for the development of our properties;

? statements regarding the potential impacts of the COVID-19 pandemic, government

responses to the continuing pandemic, and our response to those issues;

? statements regarding strategic alternatives that we are, or may in the future,

evaluate in connection with our business;

statements concerning the benefits or outcomes that we expect will result from

? our business activities and certain transactions that we contemplate or have

completed, such as receipt of proceeds, increased revenues, decreased expenses

and avoided expenses and expenditures; and

? statements of our expectations, beliefs, future plans and strategies,

anticipated developments and other matters that are not historical facts.

Risk Factors Impacting Forward-looking Statements

Important factors that could prevent us from achieving our stated goals and objectives include, but are not limited to, those set forth in the "Risk Factors" section in our report on Form 10-K for the year ended December 31,2021 and other reports filed with the SEC, and the following:

? our ability to raise funds required for the execution of our business strategy;

the effects of pandemics such as COVID-19 on health in our operating

? jurisdictions and the worldwide, national, state and local responses to such

pandemics, and direct and indirect effects of Covid-19 or other pandemics on

our business plans and operations;

? our ability to secure permits or other regulatory and government approvals

needed to operate, develop or explore our mineral properties and projects;

? our ability to maintain an on-going listing of our common stock on the New York

Stock Exchange or another national securities exchange in the U.S;

? decisions of foreign countries, banks and courts within those countries;

? national and international geopolitical events and conflicts, and unexpected

changes in business, economic, and political conditions;

? fluctuations in interest rates, inflation rates, currency exchange rates, or

? timing and amount of mine production;

? our ability to retain and attract key personnel;

? technological changes in the mining industry;

? changes in operating, exploration or overhead costs;

? access and availability of materials, equipment, supplies, labor and

? results of current and future exploration activities;

results of pending and future feasibility studies or the expansion or

? commencement of mining operations without feasibility studies having been

? changes in our business strategy;

? interpretation of drill hole results and the geology, grade and continuity of

? the uncertainty of reserve estimates and timing of development expenditures;

? litigation or regulatory investigations and procedures affecting us;

? changes in federal, state, provincial and local laws and regulations;

? local and community impacts and issues including criminal activity and violent

? accidents, public health issues, and labor disputes;

? our continued listing on a public exchange;

? uncertainty relating to title to mineral properties;

? changes in relationships with the local communities in the areas in which we

? decisions by third parties over which we have no control.

We undertake no responsibility or obligation to update publicly these forward-looking statements, except as required by law and may update these statements in the future in written or oral statements. Investors should take note of any future statements made by or on our behalf.

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