UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 31, 2020

McEWEN MINING INC.

(Exact name of registrant as specified in its charter)

Colorado

(State or other jurisdiction of incorporation or organization)

001-33190

(Commission File Number)

84-0796160

(I.R.S. Employer Identification No.)

150 King Street West, Suite 2800 Toronto, Ontario, Canada M5H 1J9

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number including area code: (866) 441-0690

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

� Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Common Stock

Trading Symbol(s) Name of each exchange on which registered MUX New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company �

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. �

Item 3.02 Unregistered Sales of Equity Securities

On December 31, 2020, McEwen Mining Inc. (the “Company”) closed a non-brokered private placement (the “Offering”) of 7,669,900 shares of the Company’s common stock (the “Common Stock”). The shares of Common Stock sold in the Offering are considered “flow-through” common shares for purposes of the Income Tax Act (Canada) in that they provide potential tax benefits to the purchasers if the Company uses the proceeds of the Offering for qualified exploration and development expenses. The Company received gross proceeds of approximately $9.8 million from the Offering, before deducting offering expenses payable by the Company.

The Common Stock sold in the Offering was not registered under the Securities Act of 1933, as amended (the “Act”), in reliance on the exemption provided by Rule 903 of Regulation S promulgated under the Act. The sale of the Common Stock was made in an offshore transaction, was not offered or sold to a “U.S. Person” within the meaning of Regulation S and offering restrictions were implemented.

Item 7.01 Regulation FD Disclosure

On December 31, 2020, the Company issued a press release announcing the closing of the Offering. A copy of the press release is attached to this report as Exhibit 99.1. Also on December 31, 2020, the Company issued a press release announcing positive results from a feasibility study for its Fenix Project in Mexico. A copy of this press release is attached to this report as Exhibit 99.2.

The information furnished under this Item 7.01, including the exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Act, except as shall be expressly set forth by reference to such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are furnished with this report:

99.1 Press release announcing closing of the Offering 99.2 Press release summarizing the feasibility study for the Fenix Project 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document (contained in Exhibit 101)

Cautionary Statement

With the exception of historical matters, the matters discussed in the press releases include forward-looking statements within the meaning of applicable securities laws that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained therein. Such forward-looking statements include, among others, statements regarding anticipated reopening of mines, future exploration, development, construction and production activities. Factors that could cause actual results to differ materially from projections or estimates include, among others, the continuing effects of the COVID-19 pandemic and related governmental responses, metal prices, economic and market conditions, operating costs, receipt of permits, receipt of working capital, and future drilling results, as well as other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and other filings with the United States Securities and Exchange Commission. Most of these factors are beyond the Company’s ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made in the press release, whether as a result of new information, future events, or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

McEWEN MINING INC.

Date: December 31, 2020

By: /s/ Carmen Diges Carmen Diges, General Counsel

Exhibit 99.1

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MCEWEN MINING CLOSES FLOW-THROUGH FINANCING

TORONTO, December 31, 2020 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce that it has closed its previously announced non-brokered private placement, issuing 7,669,900 common shares of the Corporation on a flow-through basis (the “ FT Shares ”) at a price per share of CDN $1.63 per FT Share for total gross proceeds of CDN$12,500,000.

Rob McEwen commented: “These funds will be used for exploration to facilitate the rapid expansion of our discoveries at Stock and Grey Fox, which are key elements in our plans for growing the Fox Complex annual gold production to 100,000-150,000 oz over a 10-year mine life.

The Stock West discovery is a broad system of green carbonate-hosted gold mineralization, with limits that remain unconstrained. Our drilling at Stock has three objectives: 1. Expand the known mineralization down plunge along strike, 2. Test for a connection between Stock West and the Stock mine, and 3. Support starting to dewater and re-access the Stock Mine in H2 2021.

The deepest intersection at Stock West is 7.7 g/t Au over 25 m, at a depth of 550 m (Dec. 11, 2019 press release, hole #106). The deepest intersection under the former Stock Mine, at a depth of 950 m, encountered similar alteration and mineralization with visible gold and had an assay value of 18.0 g/t Au over 9.1 m (Sep. 4, 2019 press release, hole #95). The projected down plunge distance between these two drill results is 500 m.

In addition, testing to expand the Grey Fox resources is continuing. Drilling will focus on the Gibson, Whiskey Jack, and South zones. Intersections at Whiskey Jack have confirmed high-grade gold mineralization over significant true widths, including 53 g/t Au over 6.7 m. (Feb. 5, 2020 press release, hole 19GF-1293). This intersection offers good potential for the discovery of a new high-grade deposit, that could contribute to the growth of our existing resources at Grey Fox. The Indicated category resources at Grey Fox are currently 888,000 gold ounces at an average grade of 7.1 g/t (May 19, 2020 press release).”

The proceeds from the sale of FT Shares will be used for expenditures that qualify as Canadian Exploration Expenses (CEE) within the meaning of the Income Tax Act (Canada). The Company will renounce such CEE expenditures with an effective date of no later than December 31, 2020.

The Common Shares issued will be subject to a four month hold period in Canada.

This press release is not an offer of common shares for sale in the United States. The common shares may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the US. Securities Act of 1933, as amended (the "U.S. Securities Act") and applicable U.S. state securities laws. McEwen will not make any public offering of the securities in the United States. The common shares have not been and will not be registered under the U.S. Securities Act, or any state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

TECHNICAL INFORMATION

Technical information pertaining to geology and exploration contained in this news release has been prepared under the supervision of Ken Tylee, P.Geo. Mr. Tylee is Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

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McEwen Mining Inc. Page 1

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CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release 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 news release, contain McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.

ABOUT MCEWEN MINING

McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina.

CONTACT INFORMATION:

Investor Relations: Website: www.mcewenmining.com 150 King Street West (866)-441-0690 Toll Free Suite 2800, P.O. Box 24 (647)-258-0395 Facebook: facebook.com/mcewenmining Toronto, ON, Canada Facebook: facebook.com/mcewenrob M5H 1J9 Mihaela Iancu ext. 320 Twitter: twitter.com/mcewenmining [email protected] Twitter: twitter.com/robmcewenmux Instagram: instagram.com/mcewenmining

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McEwen Mining Inc.

Exhibit 99.2

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MCEWEN MINING: FENIX PROJECT FEASIBILITY STUDY

A Near Term Production Opportunity

TORONTO, ONTARIO - (December 31, 2020) - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce the highlights of a positive Feasibility Study (FS) for its 100%-owned Fenix Project, which is located in the State of Sinaloa, Mexico.

“The Fenix Feasibilty Study envisions a 9.5-year mine life with an attractive after-tax IRR of 28% using $1,500/oz gold and $17/oz silver. At current gold and silver prices, the project’s after-tax IRR almost doubles and the NPV more than triples versus the base case.

The project will incorporate an environmentally progressive method of tailings management, using in-pit storage that creates multiple benefits, most importantly a secure containment of tailings enabling better reclamation results.

Average annual production is projected at 26,000 [(1) ] oz gold in Phase 1 and 4,200,000 [(4)] oz silver equivalent in Phase 2. The critical path environmental permits are in hand for the first phase of production. Our next steps will involve detailed engineering, assessment of procurement options, and the evaluation of financing alternatives,” said Rob McEwen, Chairman and Chief Owner.

Fenix FS Highlights

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Base Case [(1)] Upside Case
$1,500/oz Gold, $17/oz Silver $1,900/oz Gold, $25/oz Silver
After-Tax IRR 28% 55%
After-Tax NPV (8% discount) $32 million $98 million
After-Tax Payback Period 3.6 years 2.8 years
Average After-Tax Cash Flow per Year of
$12 million $25 million
Full Production
The FS for project Fenix development involves two phases:
Phase 1: Years 1 to 6, Gold Production
� Average Annual Gold Production 26,000 oz Au
� $42 million initial capex
� $1,035 cash cost [(2)] and $1,042 AISC [(3)] per oz Au
Phase 2: Years 7 to 9.5, Silver Production
� Average Annual Silver Production 4,200,000 oz AgEq. [(4)]
� $24 million incremental capex in Year 6.
� $14.20 cash cost [(2)] and $14.28 AISC [(3)] per oz AgEq. [(4)]
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McEwen Mining Inc.

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Feasibility Study Report

The complete Fenix Project FS NI 43-101 Technical Report will be available on www.sedar.com and www.mcewenmining.com within 45 days. The FS was prepared by GR Engineering Services Limited (“GRES”) of Belmont, Western Australia, in accordance with the requirements of Canadian National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”) and SEC Industry Guide 7.

Permits

The current operation at El Gallo Gold is a fully permitted site; permit for the Phase 1 was granted by the Federal Environmental Authority (SEMARNAT) in September 2019, for the addition of a mill and leach circuit in the location of the existing facilities for the reprocessing of the heap leach pad material. The permit amendment also includes the backfilling of a previously mined pit with mill tailings, as part of an integrated concurrent closure plan for the El Gallo Gold Mine.

Further project advancement for Phase 2 is subject to permit approvals. Phase 2 project permitting will require authorization to expand the process plant footprint at El Gallo Gold and the haul road, and to augment the tailings volume to be deposited at the depleted pit.

The Fenix Project has CONAGUA approval for the extraction of groundwater and land-use permits for the construction of wells required for the life of Fenix Project.

Resource Estimates

Estimated resources for the Fenix Project are comprised only of material within the boundaries of conceptual pit shells, except for the El Gallo heap leach pad, which is considered completely available for reprocessing.

For the purposes of mine scheduling, the contained gold ounces in the Heap Leach Material has been depleted from the resource model estimate defined by drilling by an amount of 23 koz Au, to account for the production from heap leach operations and gold in circuit assessments between the timing of the resource estimate up until December 2020.

Table 1: Fenix Project Resources Estimate[(5)(6)]

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Heap Leach Material [(7)] Tonnes Silver Grade Silver Gold Grade Gold
Potential COG = 0 g/t Au Mt (g/t) koz (g/t) koz
Measured 8.8 1.59 451 0.59 167
Indicated 1.2 1.74 67 0.60 23
Measured and Indicated 10.0 1.61 518 0.59 190
Inferred 0.1 1.64 7 0.66 3
El Gallo Silver
In Optimized Pit Shell Tonnes Silver Grade Silver Gold Grade Gold
Potential COG = 58 g/t Ag Mt (g/t) koz (g/t) koz
Measured 1.0 155.38 4,791 0.08 3
Indicated 3.5 126.55 14,228 0.13 15
Measured and Indicated 4.5 132.76 19,019 0.12 18
Inferred 0.1 128.92 286 0.14 0.3
COMBINED RESOURCES
In Optimized Pit Shells Tonnes Silver Grade Silver Gold Grade Gold
Potential COGs variable Mt (g/t) koz (g/t) koz
Measured 9.8 16.68 5,242 0.54 170
Indicated 4.7 94.58 14,295 0.25 38
Measured and Indicated 14.5 41.98 19,536 0.45 208
Inferred 0.2 46.50 293 0.48 3
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Table 2: Fenix Project Reserves Estimate[(8)]

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Tonnes Silver Grade Silver Gold Grade Gold
Heap Leach Material Mt (g/t) koz (g/t) koz
Proven 8.8 1.59 451 0.59 167
Probable 1.3 1.57 67 0.54 23
Proven + Probable 10.1 1.58 517 0.58 190
El Gallo Silver
Proven 0.7 165.71 3,708 0.05 1
Probable 3.7 126.61 15,017 0.13 16
Proven + Probable 4.4 132.82 18,725 0.12 17
COMBINED RESERVES
Proven 9.5 13.60 4,159 0.55 168
Probable 5.0 93.46 15,084 0.24 39
Proven + Probable 14.5 41.19 19,243 0.44 207
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Table 3: Assumptions for Heap Leach Pad and El Gallo Silver Pit Optimization Phase 2[(6)(9)]

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Assumptions for In-Pit Resource Shells Deposits Values
Gold Price All $1,300/oz
Silver Price All $16.00/oz
Mining Cost Heap Leach Pad $0.53/t
El Gallo Silver $12.06/t
Processing and G&A Heap Leach Pad $12.88/t
El Gallo Silver – Oxides $26.90/t
El Gallo Silver– Sulfides $25.93/t
Recovery - Au Heap Leach Pad 85.90%
El Gallo Silver 79.40%
Recovery - Ag Heap Leach Pad 45.0%
El Gallo Silver – Oxides 82.5%
El Gallo Silver– Sulfides 88.1%
Cut-Off Grade Heap Leach Pad 0 g/t Au
El Gallo Silver 58 g/t Ag
Inter-Ramp Pit Slope Angle El Gallo Silver 45 degrees
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FOOTNOTES

(1) The Base Case utilizes the three-year moving average prices for gold and silver (approximate value). Estimated 26,000 oz Au per annum production assumes full production from years 2023 to 2027. Average after-tax cash flow per annum from full production years 2023 to 2031 is approximately $12 million per annum. Average after-tax cash flows per annum for the period from start-up of production to closure (2022 to 2032) is approximately $8.6 million per annum. These cash flows assume the use of all eligible tax loss carry forwards from the El Gallo Gold Mine.

(2) Cash cost is calculated by dividing total life-of-mine production costs, general and administrative expenses and royalties by total ounces produced. (3) All-in sustaining costs (AISC) are calculated by dividing the sum of all cash costs plus sustaining capital and reclamation costs by total ounces produced. (4) All references to AgEq are based on an 88 Ag oz to 1 Au oz ratio. For Phase 1 silver accounts for <2% of total production. For Phase 2 gold accounts for approximately 9% of total production. Average annual AgEq production is from years 2028 to 2031.

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(5) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
(6) Resources stated as contained within a potentially economically minable open pit; pit optimization parameters are, USD$1,300/oz Au, and USD$16.00/oz Ag. In-pit resource estimates have been developed based on gold and silver recoveries from both historical and recent testwork programs. Resource estimates are effective as of Oct 31, 2018. Resources are inclusive of reserves.
(7) The heap leach pad spent ore resource number assumes a cut-off grade that permits processing of the entire pad, whereas blocks within the leach pad model will be mobilized while mining, which will make them difficult to segregate; sub-cut-off leach pad material will inherently have potential acid generating sulfide liabilities if placed in our waste dumps and so it will be prudent to process the entire leach pad and place tailings in a previously mined pit at an overall environmental and economic benefit.
(8) The reserves stated here satisfy the requirements of the CIM Definition Standards, and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines of November 2019, and have been converted only from those portions of the Mineral Resources that are classified as Measured or Indicated Mineral Resource categories after having been evaluated with consideration of all known modifying factors affecting economic viability.
(9) Cut-off grades vary by pit according to economic, recovery and metallurgical parameters.

The technical contents of this news release has been reviewed and approved by G. Peter Mah, P.Eng., COO of McEwen Mining and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

The technical information in this news release related to resource and reserve estimates has been reviewed and approved by Luke Willis, P.Geo., McEwen Mining’s Director of Resource Modelling and Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

CAUTIONARY NOTE TO US INVESTORS REGARDING RESOURCE ESTIMATION

McEwen Mining prepares its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, McEwen Mining reports measured, indicated and inferred resources, measurements, which are generally not permitted in filings made with the SEC. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of measured or indicated resources will ever be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.

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McEwen Mining Inc. Page 4

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ABOUT MCEWEN MINING

CONTACT INFORMATION:

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McEwen Mining Inc.

Page 5

AI assistant

McEwen Inc. Capital/Financing Update 2021

45814_rns_2021-01-04_4c76dc4a-5c46-4662-8c6b-ee8e7ad0e460.pdf

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

McEWEN MINING INC.

Emerging growth company �

Item 3.02 Unregistered Sales of Equity Securities

Item 7.01 Regulation FD Disclosure

Item 9.01 Financial Statements and Exhibits.

Cautionary Statement

SIGNATURE

McEWEN MINING INC.

MCEWEN MINING CLOSES FLOW-THROUGH FINANCING

TECHNICAL INFORMATION

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

ABOUT MCEWEN MINING

CONTACT INFORMATION:

MCEWEN MINING: FENIX PROJECT FEASIBILITY STUDY

A Near Term Production Opportunity

Fenix FS Highlights

Feasibility Study Report

Permits

Resource Estimates

FOOTNOTES

CAUTIONARY NOTE TO US INVESTORS REGARDING RESOURCE ESTIMATION

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

ABOUT MCEWEN MINING

CONTACT INFORMATION:

AI assistant

McEwen Inc. — Capital/Financing Update 2021

45814_rns_2021-01-04_4c76dc4a-5c46-4662-8c6b-ee8e7ad0e460.pdf

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

McEWEN MINING INC.

Emerging growth company �

Item 3.02 Unregistered Sales of Equity Securities

Item 7.01 Regulation FD Disclosure

Item 9.01 Financial Statements and Exhibits.

Cautionary Statement

SIGNATURE

McEWEN MINING INC.

MCEWEN MINING CLOSES FLOW-THROUGH FINANCING

TECHNICAL INFORMATION

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

ABOUT MCEWEN MINING

CONTACT INFORMATION:

MCEWEN MINING: FENIX PROJECT FEASIBILITY STUDY

A Near Term Production Opportunity

Fenix FS Highlights

Feasibility Study Report

Permits

Resource Estimates

FOOTNOTES

CAUTIONARY NOTE TO US INVESTORS REGARDING RESOURCE ESTIMATION

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

ABOUT MCEWEN MINING

CONTACT INFORMATION:

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McEwen Inc. Capital/Financing Update 2021