CANADIAN NATIONAL INSTRUMENT 43-101 TECHNICAL REPORT MCEWEN MINING INC. LOS AZULES PORPHYRY COPPER PROJECT San Juan Province, Argentina Effective Date: August 1, 2013 Date of Report: November 1, 2013 Qualified Persons: Richard Kunter, FAusIMM, CP, QP Robert Sim, PGeo Bruce M. Davis, PhD, FAusIMM James K. Duff, PGeo William L. Rose, PE Scott C. Elfen, PE Steven A. Pozder, PE, MBA Table of Contents 1.0 Summary ................................................................................................................................... 16 1.1 Project Location, Access, and Climate ....................................................................................................... 16 1.2 History .............................................................................................................................................................. 18 1.3 Property .......................................................................................................................................................... 19 1.4 Geological Setting ........................................................................................................................................ 19 1.5 Mineralization ................................................................................................................................................ 21 1.6 Drilling ............................................................................................................................................................. 22 1.7 Sampling and Analysis ................................................................................................................................. 23 1.8 Mineral Resource Estimates ......................................................................................................................... 24 1.9 Metallurgical Testwork ................................................................................................................................. 24 1.10 Mining, Processing, and Recovery Methods ............................................................................................. 25 1.11 Local Resources and Infrastructure ............................................................................................................. 26 1.12 Environmental and Permitting ..................................................................................................................... 26 1.13 Project Economics ........................................................................................................................................... 26 1.14 Qualified Persons Recommendations and Conclusions ........................................................................... 28 2.0 Introduction ............................................................................................................................... 29 2.1 Purpose of the Technical Report ................................................................................................................. 29 2.2 Sources of Information .................................................................................................................................. 29 2.3 Personal Inspection of the Los Azules Property ....................................................................................... 30 3.0 Reliance on Other Experts ......................................................................................................... 31 4.0 Property Description and Location ............................................................................................. 32 4.1 Location ........................................................................................................................................................... 32 4.2 Property and Title in Argentina .................................................................................................................. 33 4.2.1 Cateo ......................................................................................................................................................................... 33 4.2.2 Mina ........................................................................................................................................................................... 34 4.2.3 Provincial Reserve Areas ........................................................................................................................................ 35 4.3 Ownership of the Los Azules Project ......................................................................................................... 35 4.3.1 Los Azules Surface Rights ........................................................................................................................................ 37 4.4 Royalties and Retentions .............................................................................................................................. 38 4.5 Back-in Rights ................................................................................................................................................. 38 4.6 Environmental Liabilities ............................................................................................................................... 38 4.7 Permitting Requirements ............................................................................................................................... 39 NI 43-101 Technical Report Page i 4.7.1 Exploration and Prospecting Requirements ......................................................................................................... 39 4.8 Permitting Regulations .................................................................................................................................. 39 4.8.1 Environmental Regulation ........................................................................................................................................ 39 4.8.2 Mine Regulation........................................................................................................................................................ 40 4.8.3 Hazardous Waste Regulation ................................................................................................................................ 40 4.8.4 Health and Safety Regulation ............................................................................................................................... 40 4.8.5 Mining Investment Law ............................................................................................................................................ 40 4.9 Glacier Protection Legislation ..................................................................................................................... 40 4.10 Environmental Baseline Studies ................................................................................................................... 41 5.0 Accessibility, Climate, Local Resources, Infrastructure, and Physiography ............................... 42 5.1 Accessibility .................................................................................................................................................... 42 5.2 Surface Rights ................................................................................................................................................ 42 5.3 Climate and Length of Operating Season ............................................................................................... 42 5.4 Local Resources and Infrastructure ............................................................................................................. 44 5.4.1 Available Personnel ................................................................................................................................................. 44 5.4.2 Power ......................................................................................................................................................................... 45 5.4.3 Water ........................................................................................................................................................................ 45 5.5 Topography, Elevation and Vegetation ................................................................................................... 45 5.6 Availability of Area for Tailings Storage, Waste Storage, and Processing Facilities .................... 46 6.0 History ....................................................................................................................................... 48 6.1 Property History ............................................................................................................................................ 48 7.0 Geological Setting and Mineralization ...................................................................................... 50 7.1 Regional Geology ......................................................................................................................................... 50 7.2 Property Geology ......................................................................................................................................... 53 7.2.1 Volcanic Country Rocks ........................................................................................................................................... 53 7.2.2 Intrusive Rocks ..........................................................................................................................................................