Document:

Exhibit 10.1

 

McEWEN COPPER INC.

(the "Issuer")

 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

(COMMON SHARES)

 

INSTRUCTIONS TO SUBSCRIBER

 

	1.	You must complete all the information in the boxes on page ii and sign where indicated with an "X".

 

	2.	You must complete and sign Exhibit "A" - "Canadian Investor Questionnaire" that starts
on page

A-1. The purpose of this form is to determine whether you meet the standards for participation in a private placement under applicable
Canadian securities laws. In order for the Issuer to satisfy its obligations under applicable Canadian securities laws, you may be required
to provide additional evidence to verify the information you have provided in Exhibit "A" - "Canadian Investor Questionnaire"
that starts on page A-1.

 

	3.	Please make sure that your subscription includes:

 

		(a)	a signed copy of this Subscription Agreement.

 

		(b)	payment by certified cheque, money order, bank draft, wire transfer or other acceptable means in the amount
of the Subscription Amount payable to "International Copper ULC (McEwen Copper Inc.)"

 

	Subscription Procedure:	 
	 	Completed Subscription Agreement and payment to be delivered to:

                                                                   

                                                                  McEwen Copper Inc.

  150 King Street West, S. 2800
 Toronto, ON M5H 1J9

                                                                   

                                                                  Attention:     Carmen
Diges 

Email:           cdiges@mcewenmining.com

	Wire Transfer Instructions:	
	 	 	 	 

	 	
    If paying by wire transfer, wire funds as follows:

     

    Beneficiary Name: International Copper ULC (McEwen Copper Inc.)

    Beneficiary Address: STE 2800, 150 KING ST W TORONTO, ON M5H
    1J9

    Beneficiary Account Number: 

    Beneficiary Bank and Address: ROYAL BANK OF CANADA 200 BAY ST
    TORONTO, ON M5J 2J5

    SWIFT: ROYCCAT2

    Bank Number: 003

    Transit Number: 00002

    Intermediary Bank and Address: JP MORGAN CHASE BANK NEW YORK,
    NEW YORK

    SWIFT CODE: CHASUS33

    ABA NUMBER: 021000021

    SORT CODE //CC000300002

     

    Reference: International Copper ULC (McEwen
    Copper Inc.) – subscription proceeds

     

    

    - ii -

    

 

McEWEN COPPER INC.

 

PRIVATE
PLACEMENT SUBSCRIPTION AGREEMENT

 

The undersigned (the "Subscriber")
hereby irrevocably subscribes for and agrees to purchase from McEwen Copper Inc. (the "Issuer") the number of common
shares in the capital of the Issuer (each, a "Common Share") on the terms set out in the Investor Term Sheet set out
in Exhibit "B" that starts on page B-1. The Subscriber agrees to be bound by the terms and conditions set forth in the attached
"Terms and Conditions of Subscription for Common Shares" (the "Terms and Conditions").

 

	Subscriber
Information	 	Common
Shares to be Purchased
	 	 	 
	 	Evanachan Limited	 	 	Number of Common Shares:	4,000,000 	 
	(Name
of Subscriber)	 	
	 	 	 

	 	 	Subscription Amount:	US$ 40,000,000	 
	 	X /s/ Robert R. McEwen	 	 	(the "Subscription Amount")	 	 

	(Signature
    of Authorized Signatory – if the Subscriber is not an Individual)

     

    

    Robert R. McEwen 

    (Name
    and Title of Authorized Signatory – if the Subscriber is not an Individual) 

     

    
150
    King St. West Suite 2800

    (Subscriber's
    Address, including postal or zip code)

     

    Toronto,
    ON M5H 1J9

     

    647
    258 0395

    (Telephone
    Number)

     

    rob@mcewenmining.com

    (Email
    Address)
	 	
	 	 
	 	 

    If
    the Subscriber is subscribing as an agent on behalf of a beneficial purchaser (check the appropriate box):

     

     ̈ the
    Subscriber is a trust company or trust corporation or a registered adviser acting on behalf of a fully managed account and
    deemed under applicable securities laws to be purchasing as principal, or

     

     ̈ the
    following information is true and correct and, as applicable, Exhibit "A" hereto has been completed for each beneficial
    purchaser:

     

           (Name
    of Beneficial Purchaser)

     

           (Address
    of Beneficial Purchaser)

     

           (Beneficial
    Purchaser's Telephone Number)

     

            (Beneficial
    Purchaser's E-Mail Address)

     

 

	
    Register the Common Shares as set forth below:

     

    RBC Dominion Securities ITF

    (Name to Appear on Share Certificate)

     

    (Account Reference, if applicable)

     

    P.O. Box 50 Royal Bank Plaza, Toronto
ON M5J 2W7

    (Address, including postal or zip code)
	 	
    Deliver the Common Shares as set forth below:

     

    RBC Dominion Securities Inc.

    (Attention - Name)

     

    (Account Reference, if applicable)

     

    200 Bay St. P.O. Box
    88 Suite 3900 Toronto ON M5J 2J5

    (Street Address, including
postal or zip code – no PO Boxes permitted)

     

    (Telephone Number)

 

    

    - iii -

    

 

ACCEPTANCE

 

The Issuer hereby accepts the Subscription (as
defined herein) on the terms and conditions contained in this private placement subscription agreement (this "Agreement")
as of the   20   day of    August    , 2021.

 

	McEWEN COPPER INC.
 	 
	 	 	 
	Per:	/s/ Anna Ladd-Kruger	 
	 	Authorized Signatory	 

 

     

     

    

 

TERMS AND CONDITIONS OF

SUBSCRIPTION FOR COMMON SHARES

 

	1.	Subscription

 

1.1           On
the basis of the representations and warranties, and subject to the terms and conditions, set forth in this Agreement, the Subscriber
hereby irrevocably subscribes for and agrees to purchase the Common Shares for the Subscription Amount shown on page ii of this Agreement
(such subscription and agreement to purchase the Common Shares being the "Subscription") by way of a private placement offering
(the "Offering"), and the Issuer agrees to sell the Common Shares to the Subscriber, effective upon the Closing Date.

 

1.2            On
or prior to September 30, 2022, the Issuer will complete an initial public offering (IPO) on a recognized stock exchange in the USA or
Canada, or alternatively a sale, merger, business combination or similar transaction whereby investors receive cash and/or securities
of another company that are freely tradeable in exchange for their shares of the Company (the “Liquidity Event”).

 

1.3             If the Liquidity Event is not completed by September 30, 2022, investors shall receive an additional one (1) share of the Company
for every ten (10) shares subscribed for pursuant to this Agreement for no additional consideration.

 

	2.	Payment

 

2.1           The
Subscription Amount must accompany this Subscription and be paid by a certified cheque, money order or bank draft drawn on a Canadian
chartered bank or by wire transfer to the Issuer pursuant to the wire instructions provided by the Issuer in the Instructions to Subscriber
on page i. The Subscriber authorizes the Issuer to treat the Subscription Amount as an interest free loan until the closing of the Offering
(the "Closing").

 

2.2            The Subscriber acknowledges and agrees that this Agreement, the Subscription Amount and any other documents delivered in connection
herewith will be held by or on behalf of the Issuer. In the event that this Agreement is not accepted by the Issuer for whatever reason,
which the Issuer expressly reserves the right to do, the Issuer will return the Subscription Amount (without interest thereon) to the
Subscriber at the address of the Subscriber as set forth on page ii of this Agreement, or as otherwise directed by the Subscriber, in
writing, to the Issuer, prior to the return of the Subscription Amount by the Issuer.

 

	3.	Documents Required from Subscriber

 

3.1            The
Subscriber must complete, sign and return to the Issuer the following documents:

 

		(a)	this Agreement;

 

		(b)	the Canadian Investor Questionnaire (the "Questionnaire") attached as Exhibit "A"
that starts on page A-1, along with any additional evidence that may be requested by the Issuer to verify the information provided in
the Questionnaire; and

 

		(c)	such other supporting documentation that the Issuer may request to establish the Subscriber's eligibility
to participate in the Offering.

 

     

    - 2 -

    

 

The Subscriber acknowledges and agrees that the
Issuer will not consider the Subscription for acceptance unless the Subscriber has provided all of such documents to the Issuer.

 

3.2            As
soon as practicable upon any request by the Issuer, the Subscriber will complete, sign and return to the Issuer any additional documents,
questionnaires, notices and undertakings the Issuer may reasonably require or otherwise, may be required by any regulatory authorities
or applicable laws.

 

	4.	Conditions and Closing

 

4.1            The
closing date (the "Closing Date") on such date as may be determined by the Issuer in its sole discretion. The Issuer
may, at its discretion, elect to close the Offering in one or more closings, in which event the Issuer may agree with one or more purchasers
(including the Subscriber) to complete delivery of the Common Shares to such purchaser(s) against payment therefor at any time on or
prior to the Closing Date.

 

4.2            The Closing is conditional upon and subject to:

 

		(a)	the Issuer having obtained any necessary approvals and consents for the Offering; and

 

		(b)	the issue and sale of the Common Shares being exempt from the requirement to file a prospectus and the
requirement to deliver an offering memorandum under applicable securities laws relating to the sale of the Common Shares, or the Issuer
having received such orders, consents or approvals as may be required to permit such sale without the requirement to file a prospectus
or deliver an offering memorandum.

 

4.3             The Subscriber acknowledges that the original share certificates representing the Common Shares ("Certificates")
will be held by the Issuer in the Issuer's minute book. The Issuer will deliver electronic copies of the Certificates to the Subscriber
within seven business days of the Closing Date, provided that the Subscriber has satisfied the requirements of Section 3.1 hereof and
the Issuer has accepted this Agreement.

 

	5.	Acknowledgements and Agreements of the Subscriber

 

5.1            The
Subscriber acknowledges and agrees that:

 

		(a)	no prospectus has been filed by the Issuer with any securities commission or any other regulatory authority
in connection with the issuance of the Common Shares;

 

		(b)	the Subscriber has not received, nor has the Subscriber requested nor had any need to receive, or been
provided with a prospectus, offering memorandum or any document purporting to describe the business and affairs of the Issuer which has
been prepared for review by prospective purchasers to assist in making an investment decision in respect of the Common Shares and that
the Subscriber's decision, or, if applicable, the decision of others for whom the undersigned is contracting hereunder, to enter into
this Agreement and to purchase the Common Shares from the Issuer is based entirely upon this Agreement and publicly available information
concerning the Issuer and not upon any other verbal or written representation as to fact or otherwise made by or on behalf of the Issuer;

 

     

    - 3 -

    

 

		(c)	the Issuer's constating documents contain restrictions on the transfer of the Common Shares, which provide
that no Common Shares may be transferred without the prior approval of the board of directors of the Issuer;

 

		(d)	the Issuer is not a "reporting issuer" as that term is defined in applicable Canadian securities
laws, nor will it become a reporting issuer in any jurisdiction in Canada or elsewhere upon completion of the Offering and, as a result:

 

		(i)	unless the Issuer becomes a reporting issuer at a later date, the Issuer will not be subject to the continuous
disclosure requirements of any securities laws, including any requirement relating to the production and filing of audited financial statements
or other financial information, and

 

		(ii)	any applicable hold periods under applicable securities laws may never expire, and the Common Shares may
be subject to restrictions on resale for an indefinite period of time;

 

		(e)	the issuance of the Common Shares will be made pursuant to exemptions from the registration and prospectus
requirements of applicable Canadian securities laws and therefore:

 

		(i)	the Subscriber is restricted from using most of the civil remedies available under applicable securities
laws,

 

		(ii)	the Subscriber may not receive information about the Issuer that would otherwise be required to be provided
to it under applicable securities laws,

 

		(iii)	the Issuer is relieved from certain obligations that would otherwise apply under applicable securities
laws,

 

		(iv)	no securities commission or similar regulatory authority has reviewed or passed on the merits of the Common
Shares,

 

		(v)	there is no government or other insurance covering the Common Shares, and

 

		(vi)	there are risks associated with the purchase of the Common Shares, including that the Subscriber may lose
the Subscriber's entire investment;

 

		(f)	an investment in the Issuer is highly speculative and only investors who can afford the loss of their
entire investment should consider investing in the Issuer and the Common Shares;

 

		(g)	any subscription monies paid by the Subscriber for the Common Shares is being raised as "seed"
or "risk" capital for the Issuer, which is in a speculative stage, and there is no market for the Common Shares whatsoever;

 

		(h)	none of the Common Shares have been or will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or under any securities or "blue sky" laws of any state of the United States, and, unless so registered, may not be offered or sold in the United States or, directly or indirectly, to any U.S. Person (as defined in Section 6.2) except in accordance with the provisions of Regulation S under the 1933 Act ("Regulation S"), pursuant to an effective registration statement under the 1933 Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act, and in each case only in accordance with any other applicable state, provincial and foreign securities laws;

 

     

    - 4 -

    

 

		(i)	the Issuer has not undertaken, and will have no obligation, to register any of the Common Shares under
the 1933 Act or any other securities laws;

 

		(j)	the Issuer will refuse to register the transfer of any of the Common Shares to a U.S. Person not made
pursuant to an effective registration statement under the 1933 Act or pursuant to an available exemption from the registration requirements
of the 1933 Act, and in each case will only register such transfer in accordance with applicable laws;

 

		(k)	it will hold harmless the Issuer from any loss or damage it may suffer as a result of the Subscriber's
failure to correctly complete this Agreement or the Questionnaire;

 

		(l)	it and its advisor(s) have had a reasonable opportunity to ask questions of, and receive answers from,
the Issuer in connection with the distribution of the Common Shares hereunder, and to obtain additional information, to the extent possessed
or obtainable by the Issuer without unreasonable effort or expense;

 

		(m)	the books and records of the Issuer were available upon reasonable notice for inspection, subject to certain
confidentiality restrictions, by the Subscriber during reasonable business hours at the Issuer's principal place of business, and all
documents, records and books in connection with the distribution of the Common Shares hereunder have been made available by the Issuer
for inspection by the Subscriber, its legal counsel and/or its advisor(s) if requested by the Subscriber;

 

		(n)	any resale, assignment, transfer, hypothecation or pledge of any of the Common Shares by the Subscriber
will be subject to: (i) resale restrictions contained in the securities laws applicable to the Issuer, the Subscriber and any proposed
transferee; and (ii) the Issuer's constating documents and it is the responsibility of the Subscriber to find out what those restrictions
are and to comply with such restrictions before selling any of the Common Shares;

 

		(o)	it consents to the placement of a legend or legends on the Certificates and any other document evidencing
any of the Common Shares setting forth the restrictions on transferability and sale thereof contained in this Agreement, including the
following:

 

"THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER CONTAINED IN THE CONSTATING DOCUMENTS OR UNANIMOUS SHAREHOLDER AGREEMENT OF
THE COMPANY.

 

UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THE SECURITIES REPRESENTED HEREBY MUST NOT TRADE THE SECURITIES BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY
AFTER THE LATER OF (I) [insert Closing Date] AND (II) THE DATE THAT THE COMPANY BECOMES A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY
IN CANADA.";

 

		(p)	it has been advised to consult its own legal, tax and other advisors with respect to the Offering and the risks of an investment in the Common Shares and with respect to applicable resale restrictions, and it is solely responsible (and the Issuer is not in any way responsible) for compliance with:

 

     

    - 5 -

    

 

		(i)	any applicable laws of the jurisdiction in which the Subscriber is resident in connection with the distribution
of the Common Shares hereunder, and

 

		(ii)	any applicable resale restrictions;

 

		(q)	there may be material tax consequences to the Subscriber of an acquisition or disposition of the Common
Shares and the Issuer gives no opinion and makes no representation to the Subscriber with respect to the tax consequences to the Subscriber
under federal, state, provincial, local or foreign tax laws that may apply to the Subscriber's acquisition or disposition of any of the
Common Shares;

 

		(r)	the Issuer is relying on one of the "Accredited Investor" exemption or the "Minimum Amount
Investment" exemption from the prospectus requirements as set out in National Instrument 45-106 – Prospectus Exemptions
("NI 45-106") adopted by the Canadian Securities Administrators or subsection 73.4(2) of the Securities Act (Ontario),
as applicable, which, among other restrictions, impose: (i) a transfer restriction on the Common Shares to the effect that, for so long
as the Issuer is not a reporting issuer, the Common Shares are subject to restrictions on transfer that are contained in the Issuer's
constating documents; and (ii) a requirement to legend the Certificates representing the Common Shares to reflect such transfer restriction;

 

		(s)	there is no market for any of the Common Shares and no market for any of the Common Shares may ever exist;

 

		(t)	the Issuer intends to grant a 1.25% net smelter return royalty in favour of McEwen Mining Inc. as provided
for in Exhibit “B” to this Agreement, and the Subscriber agrees and accepts this term as a condition of the acceptance of
its subscription by the Issuer; and

 

		(u)	this Agreement is not enforceable by the Subscriber unless it has been accepted by the Issuer and the
Issuer reserves the right to reject this Subscription for any reason.

 

	6.	Representations and Warranties of the Subscriber

 

6.1            The
Subscriber hereby represents and warrants to the Issuer (which representations and warranties will survive the Closing) that:

 

		(a)	the Subscriber is not a U.S. Person;

 

		(b)	the Subscriber is resident in the jurisdiction set out on page ii of this Agreement;

 

		(c)	if the Subscriber is resident outside of Canada:

 

		(i)	the Subscriber is knowledgeable of, or has been independently advised as to, the applicable securities
laws having application in the jurisdiction in which the Subscriber is resident (the "International Jurisdiction") which
would apply to the offer and sale of the Common Shares,

 

     

    - 6 -

    

 

		(ii)	the Subscriber is acquiring the Common Shares pursuant to exemptions from prospectus or equivalent requirements
under applicable securities laws or, if such is not applicable, the Subscriber is permitted to acquire the Common Shares under the applicable
laws of the International Jurisdiction without the need to rely on any exemptions,

 

		(iii)	the applicable laws of the authorities in the International Jurisdiction do not require the Issuer to
make any filings or seek any approvals of any kind from any securities regulator in the International Jurisdiction in connection with
the offer, issue, sale or resale of any of the Common Shares,

 

		(iv)	the acquisition of the Common Shares by the Subscriber does not trigger:

 

		(A)	any obligation to prepare and file a prospectus or similar document, or any other report with respect
to such purchase, in the International Jurisdiction, or

 

		(B)	any continuous disclosure reporting obligation of the Issuer in the International Jurisdiction, and

 

		(v)	the Subscriber will, if requested by the Issuer, deliver to the Issuer a certificate or opinion of local
counsel from the International Jurisdiction which will confirm the matters referred to in subparagraphs (ii), (iii) and (iv), above, to
the satisfaction of the Issuer, acting reasonably;

 

		(d)	the Subscriber has the legal capacity and competence to enter into and execute this Agreement and to take
all actions required pursuant hereto and, if the Subscriber is a corporate entity, it is duly incorporated and validly subsisting under
the laws of its jurisdiction of incorporation and all necessary approvals by its directors, shareholders and others have been obtained
to authorize execution and performance of this Agreement on behalf of the Subscriber;

 

		(e)	the entering into of this Agreement and the transactions contemplated hereby do not result in the violation
of any of the terms and provisions of any law applicable to, or, if applicable, the constating documents of, the Subscriber or of any
agreement, written or oral, to which the Subscriber may be a party or by which the Subscriber is or may be bound;

 

		(f)	the Subscriber has duly executed and delivered this Agreement and it constitutes a valid and binding agreement
of the Subscriber enforceable against the Subscriber in accordance with its terms;

 

		(g)	the Subscriber has received and carefully read this Agreement;

 

		(h)	the Subscriber acknowledges receipt of a copy of the unanimous shareholder agreement of the Issuer and
acknowledges that it is a condition of becoming a shareholder of the Issuer that the Subscriber must become a party to such unanimous
shareholder agreement;

 

		(i)	the Subscriber is aware that an investment in the Issuer is speculative and involves certain risks, including
the possible loss of the entire investment;

 

     

    - 7 -

    

 

		(j)	the Subscriber has made an independent examination and investigation of an investment in the Common Shares
and the Issuer and agrees that the Issuer will not be responsible in any way for the Subscriber's decision to invest in the Common Shares
and the Issuer;

 

		(k)	the Subscriber is not an underwriter of, or dealer in, any of the Common Shares, nor is the Subscriber
participating, pursuant to a contractual agreement or otherwise, in the distribution of the Common Shares;

 

		(l)	the Subscriber is not aware of any advertisement of any of the Common Shares and is not acquiring the
Common Shares as a result of any form of general solicitation or general advertising, including advertisements, articles, notices or other
communications published in any newspaper, magazine or similar media, or broadcast over radio or television, or any seminar or meeting
whose attendees have been invited by general solicitation or general advertising;

 

		(m)	no person has made to the Subscriber any written or oral representations:

 

		(i)	that any person will resell or repurchase any of the Common Shares,

 

		(ii)	that any person will refund the purchase price of any of the Common Shares, or

 

		(iii)	as to the future price or value of any of the Common Shares; and

 

		(n)	other than as provided in the term sheet attached as Exhibit “B” to this Agreement, there
is no person acting or purporting to act in connection with the Offering who is entitled to any brokerage or finder's fee payable by the
Issuer. If any person establishes a claim that any fee or other compensation is payable by the Issuer in connection with this subscription
for the Common Shares, the Subscriber or any beneficial purchaser for whom the undersigned is acting covenants to indemnify and hold harmless
the Issuer with respect thereto and with respect to all costs reasonably incurred in the defence thereof.

 

6.2             In this Agreement, the term "U.S. Person" has the meaning ascribed thereto in Regulation S, and for the purpose
of this Agreement includes: (i) any person in the United States; (ii) any natural person resident in the United States; (iii) any partnership
or corporation organized or incorporated under the laws of the United States; (iv) any partnership or corporation organized outside the
United States by a U.S. Person principally for the purpose of investing in securities not registered under the 1933 Act, unless it is
organized or incorporated, and owned, by accredited investors who are not natural persons, estates or trusts; or (v) any estate or trust
of which any executor, administrator or trustee is a U.S. Person.

 

	7.	Representations and Warranties will be Relied Upon

 

7.1            The
Subscriber acknowledges that its representations and warranties contained herein and in the Questionnaire are made by it with the intention
that such representations and warranties will be relied upon by the Issuer in determining the Subscriber's eligibility to purchase the
Common Shares under applicable laws, or (if applicable) the eligibility of others on whose behalf the Subscriber is contracting hereunder
to purchase the Common Shares under applicable laws. The Subscriber further agrees that, as at the Closing, it will be representing and
warranting that its representations and warranties contained herein and in the Questionnaire are true and correct as at the Closing with
the same force and effect as if they had been made by the Subscriber on the Closing, and that they will survive the purchase by the Subscriber
of the Common Shares and will continue in full force and effect notwithstanding any subsequent disposition by the Subscriber of the Common
Shares.

 

     

    - 8 -

    

 

		8.	REPRESENTATIONS AND WARRANTIES OF THE ISSUER

 

8.1         The
Issuer hereby represents and warrants to the Subscriber (which representations and warranties will survive the Closing) that:

 

		(a)	the Issuer is validly subsisting under the laws of its jurisdiction of incorporation, licensed, registered
or qualified as an extra-provincial or foreign corporation in all jurisdictions where the character of its properties owned or leased
or the nature of the activities conducted by it make such licensing, registration or qualification necessary and shall carry on its business
in the ordinary course and in compliance in all material respects with all applicable laws, rules and regulations of each such jurisdiction;

 

		(b)	on the Closing Date, the Issuer will have taken all corporate steps and proceedings necessary to approve
the transactions contemplated under this Subscription Agreement, including its execution and delivery;

 

		(c)	the Issuer has not received notice from any applicable regulatory authority that it is in default of any
Securities Laws material to the Subscriber;

 

		(d)	at the time of closing on the Closing Date, the Common Shares will be duly and validly created, authorized
and issued; will be validly issued as fully paid as non-assessable Common Shares in the capital of the Issuer;

 

		(e)	the issuance and sale of the Common Shares by the Issuer does not and will not constitute a breach of
or default under the constating documents of the Issuer or any law, regulation, order or ruling applicable to the Issuer or any agreement,
contract or indenture to which the Issuer is a party or by which it is bound; and

 

		(f)	this Subscription Agreement, when signed by the Corporation, constitutes a binding and enforceable obligation
of the Corporation, enforceable in accordance with its terms.

 

		9.	Waiver

 

9.1         The
Subscriber hereby waives, to the fullest extent permitted by law, any rights of withdrawal, rescission or compensation for damages to
which the Subscriber may be entitled in connection with the distribution of any of the Common Shares.

 

		10.	Pooling or Escrow of COMMON Shares and Power of Attorney

 

10.1       The
Subscriber acknowledges that the Issuer is not currently a reporting issuer in any jurisdiction. If the Issuer completes an initial
public offering that results in the Common Shares or other securities in the capital of the Issuer becoming listed on a stock
exchange in Canada or the United States of America, or the Issuer completes a reverse takeover, statutory merger or amalgamation,
arrangement, share exchange, business combination or other similar transaction which results in a class of shares of the issuer
resulting from such transaction being listed (the "Resulting Issuer") on a stock exchange in Canada or the United
States of America and the shareholders of the Issuer receiving such listed securities of the Resulting Issuer and/or cash in
exchange for their Common Shares (in each case, a "Liquidity Event"), the Common Shares may be required to be
pooled or escrowed, either at the request of the Issuer's selling agent or underwriter in connection with the Liquidity Event, or
pursuant to the rules of any stock exchange, securities commission or other securities regulatory authority having jurisdiction, and
the Subscriber agrees to sign any such pooling or escrow agreement and abide by any such restrictions as may be so imposed.

 

     

    - 9 -

    

 

10.2       In
furtherance of the covenant in Section 10.1, the Subscriber hereby irrevocably appoints the Chief Executive Officer or the President
of the Issuer, as exists at the applicable time (in any case, the "President"), as the Subscriber's attorney-in-fact,
and authorizes the President as the Subscriber's attorney-in-fact, with full power and authority in the Subscriber's place and stead,
to approve and sign any pooling or escrow agreement, or any other document, on behalf of the Subscriber as the Issuer advises may be
required to provide for pooling or escrow of the Common Shares, or the approval and completion of any Liquidity Event, as the case may
be, in the event of a Liquidity Event or other transaction pursuant to which the Issuer may become listed, directly or indirectly, on
any stock exchange. This power of attorney is irrevocable, is coupled with an interest and has been given for valuable consideration,
the receipt and adequacy of which are acknowledged by the Subscriber. This power of attorney and other rights and privileges granted
hereunder will survive any legal or mental incapacity, dissolution, bankruptcy or death of the Subscriber. This power of attorney extends
to the heirs, executors, administrators, other legal representatives and successors, transferees and assigns of the Subscriber. Any person
dealing with the Issuer may conclusively presume and rely upon the fact that any document, instrument or agreement executed by the President
pursuant to this power of attorney is authorized and binding on the Subscriber, without further inquiry. The Subscriber (on its own behalf
and, if applicable, on behalf of each beneficial purchaser on whose behalf it is contracting) agrees to be bound by any representations
or actions made or taken by the President pursuant to this power of attorney, and waives any and all defences that may be available to
contest, negate or disaffirm any action of the President taken in good faith under this power of attorney.

 

		11.	Collection of Personal Information

 

11.1       The
Subscriber acknowledges and consents to the fact that the Issuer is collecting the Subscriber's personal information for the purpose
of fulfilling this Agreement and completing the Offering. The Subscriber acknowledges that its personal information (and, if applicable,
the personal information of any person on whose behalf the Subscriber is contracting hereunder) may be included in record books in connection
with the Offering and may be disclosed by the Issuer to: (i) stock exchanges or securities regulatory authorities; (ii) the Issuer's
registrar and transfer agent; (iii) Canadian tax authorities; (iv) authorities pursuant, among other legislation, to the Proceeds
of Crime (Money Laundering) and Terrorist Financing Act (Canada); and (v) any other parties involved in the Offering, including the
Issuer's Counsel. By executing this Agreement, the Subscriber is deemed to be consenting to the foregoing collection, use and disclosure
of the Subscriber's personal information (and, if applicable, the personal information of any other person on whose behalf the Subscriber
is contracting hereunder) for the foregoing purposes and to the retention of such personal information for as long as permitted or required
by applicable laws. Notwithstanding that the Subscriber may be purchasing the Common Shares as agent on behalf of an undisclosed principal,
the Subscriber agrees to provide, on request, particulars as to the nature and identity of such undisclosed principal, and any interest
that such undisclosed principal has in the Issuer, all as may be required by the Issuer in order to comply with the foregoing. Furthermore,
the Subscriber is hereby notified that:

 

		(a)	the Issuer may deliver to any securities commission having jurisdiction over the Issuer, the Subscriber
or this Subscription, including any Canadian provincial securities commissions, the United States Securities and Exchange Commission and/or
any state securities commissions (collectively, the "Commissions"), certain personal information pertaining to the Subscriber,
including the Subscriber's full name, residential address and telephone number, the number of securities of the Issuer owned by the Subscriber,
the number of Common Shares purchased by the Subscriber, the total Subscription Amount paid, the prospectus exemption relied on by the
Issuer and the date of distribution of the Common Shares;

 

     

    - 10 -

    

 

		(b)	such information is being collected indirectly by the Commissions under the authority granted to them
in applicable securities laws;

 

		(c)	such information is being collected for the purposes of the administration and enforcement of applicable
securities laws; and

 

		(d)	in Ontario, the Administrative Support Clerk, Suite 1903, Box 55, 20 Queen Street West, Toronto ON, M5H
3S8, Telephone: (416) 593-3684 in the public official who can answer questions about the collection of personal information.

 

		12.	Costs

 

12.1       The
Subscriber acknowledges and agrees that all costs and expenses incurred by the Subscriber (including any fees and disbursements of any
legal counsel or tax or financial advisors retained by the Subscriber) relating to the purchase of the Common Shares will be paid by
the Subscriber.

 

		13.	Delivery of Subscription Agreement

 

13.1       The
Issuer and the Issuer's Counsel will be entitled to rely on delivery by DocuSign or other means of electronic communication of an executed
copy of this Agreement, and acceptance by the Issuer of such copy will be equally effective to create a valid and binding agreement between
the Subscriber and the Issuer in accordance with the terms hereof. If less than a complete copy of this Agreement is delivered to the
Issuer or the Issuer's Counsel prior to or at Closing, the Issuer and the Issuer's Counsel are entitled to assume that the Subscriber
accepts and agrees to all of the terms and conditions of the pages not delivered prior to or at Closing as written herein, unaltered.

 

13.2       The
Subscriber hereby authorizes the Issuer to correct any minor errors in, or complete any minor information missing from, any part of this
Agreement and any other acknowledgements, provisions, forms, certificates or documents executed by the Subscriber and delivered to the
Issuer or the Issuer's Counsel in connection with the Subscription.

 

		14.	Beneficial Subscribers

 

14.1       Whether
or not explicitly stated in this Agreement, any acknowledgement, representation, warranty, covenant or agreement made by the Subscriber
in this Agreement, including the exhibits and appendices hereto, will be treated as if made by the disclosed principal, if any.

 

		15.	Governing Law

 

15.1       This
Agreement and all matters related hereto or arising herefrom are governed by the laws of the Province of Alberta and the federal laws
of Canada applicable therein. The Subscriber, in its personal or corporate capacity and, if applicable, on behalf of each beneficial
or undisclosed purchaser for whom it is acting, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Alberta
in all matters related to, or arising from, this Agreement.

 

     

    - 11 -

    

 

		16.	Survival

 

16.1       This
Agreement, including the representations, warranties and covenants contained herein, will survive and continue in full force and effect
and be binding upon the Issuer and the Subscriber, notwithstanding the completion of the purchase of the Common Shares by the Subscriber.

 

		17.	Assignment

 

17.1       This
Agreement is not transferable or assignable.

 

		18.	Severability

 

18.1       The
invalidity or unenforceability of any particular provision of this Agreement will not affect or limit the validity or enforceability
of the remaining provisions of this Agreement.

 

		19.	Entire Agreement

 

19.1         Except
as expressly provided in this Agreement and in the Questionnaire and any other documents contemplated or provided for herein, this Agreement
contains the entire agreement between the Issuer and the Subscriber with respect to the sale of the Common Shares and there are no other
terms, conditions, representations or warranties, whether expressed, implied, oral or written, by statute or common law, by or of the
Issuer or any other person.

 

		20.	Notices

 

20.1        All
notices and other communications hereunder will be in writing and will be deemed to have been duly given if mailed or transmitted by
any standard form of telecommunication, including DocuSign, electronic mail or other means of electronic communication capable of producing
a printed copy. Notices to the Subscriber will be directed to the address of the Subscriber set forth on page ii
of this Agreement and notices to the Issuer will be directed to the address of the Issuer set forth on the first page of this
Agreement.

 

		21.	Counterparts and Electronic Means

 

21.1       This
Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, will constitute an original and
all of which together will constitute one instrument. Delivery of an executed copy of this Agreement by DocuSign or other means of electronic
communication capable of producing a printed copy will be deemed to be execution and delivery of this Agreement as of the Closing Date.

 

		22.	Exhibits

 

22.1       The
exhibits and appendices attached hereto form part of this Agreement.

 

		23.	Indemnity

 

The Subscriber will indemnify and hold
harmless the Issuer and, where applicable, its directors, officers, employees, agents, advisors and shareholders, from and against
any and all loss, liability, claim, damage and expense whatsoever (including any and all fees, costs and expenses whatsoever
reasonably incurred in investigating, preparing or defending against any claim, lawsuit, administrative proceeding or investigation,
whether commenced or threatened) arising out of or based upon any representation or warranty of the Subscriber contained in this
Agreement, the Questionnaire, or in any document furnished by the Subscriber to the Issuer in connection herewith being untrue in
any material respect or any breach or failure by the Subscriber to comply with any covenant or agreement made by the Subscriber to
the Issuer in connection therewith.

 

     

    A-1

    

 

Exhibit
"A"

CANADIAN INVESTOR QUESTIONNAIRE

 

Capitalized terms used in this Canadian Investor
Questionnaire (this "Questionnaire") and not specifically defined have the meaning ascribed to them in the Private Placement
Subscription Agreement (the "Agreement") between the undersigned (or, if the undersigned is purchasing the Common Shares
as agent on behalf of a disclosed beneficial purchaser, such beneficial purchaser) (in any case, the "Subscriber") and
McEwen Copper Inc. (the "Issuer") to which this Exhibit "A" is attached.

 

In connection with the purchase by the Subscriber
of the Common Shares, the Subscriber hereby represents, warrants and certifies to the Issuer that the Subscriber:

 

		(i)	is acquiring the Common Shares as principal (or deemed principal under the terms of National Instrument
45-106 – Prospectus Exemptions adopted by the Canadian Securities Administrators ("NI 45-106"));

 

		(ii)	is resident in the jurisdiction set out as at the "Subscriber's Address" set out on page ii
of the Agreement; and

 

		(iii)	has not been provided with any offering memorandum in connection with the purchase of the Common Shares.

 

In connection with the acquisition of the Common
Shares, the Subscriber hereby represents, warrants and certifies to, and covenants and agrees with, the Issuer that the Subscriber meets
one or more of the following criteria:

 

I.     SUBSCRIBERS PURCHASING
UNDER THE "ACCREDITED INVESTOR" EXEMPTION

 

the Subscriber is an "accredited
investor" within the meaning of NI 45-106, by virtue of satisfying the indicated criterion below (YOU MUST PLACE A CHECK-MARK
ON THE APPROPRIATE LINE(S)) (see certain guidance with respect to accredited investors that starts on page 19 below) 

 

	 	 ̈	(a) 	except in Ontario, a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer,
	 	 	 	 
	 	 ̈	(b) 	an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (a),
	 	 	 	 
	 	 ̈	(c) 	an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador),
	 	 	 	 
	 	 ̈	(d) 	an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $1,000,000 (YOU MUST ALSO COMPLETE AND SIGN APPENDIX "A" TO EXHIBIT A OF THIS QUESTIONNAIRE THAT STARTS ON PAGE A-9),
	 	 	 	 
	 	 ̈	(e) 	an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000,

 

     

    A-2

    

 

	 	 ̈	(f) 	an individual whose net income before taxes exceeded $200,000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the 2 most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year (YOU MUST ALSO COMPLETE AND SIGN APPENDIX "A" TO EXHIBIT A OF THIS QUESTIONNAIRE THAT STARTS ON PAGE A-9),
	 	 	 	 
	 	 ̈	(g) 	an individual who, either alone or with a spouse, has net assets of at least $5,000,000 (YOU MUST ALSO COMPLETE AND SIGN APPENDIX "A" TO EXHIBIT OF THIS QUESTIONNAIRE THAT STARTS ON PAGE A -9),
	 	 	 	 
	 	x	(h) 	a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements and that has not been created or used solely to purchase or hold securities as an accredited investor as defined in this paragraph (h),

                                                                                

 

	 	 ̈	(i)	an investment fund that distributes or has distributed
    its securities only to:
	 	 	 	 
	 	 	 	(i)	a
    person that is or was an accredited investor at the time of the distribution,
	 	 	 	 
	 	 	 	(ii)	a
    person that acquires or acquired securities in the circumstances referred to in Sections 2.10 [Minimum amount investment] or 2.19
    [Additional investment in investment funds] of NI 45-106, or
	 	 	 	 	 
	 	 	 	(iii)	a
    person described in paragraph (i) or (ii) that acquires or acquired securities under Section 2.18 [Investment fund reinvestment]
    of NI 45-106,

 

	 	 ̈	(j) 	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt,
	 	 	 	 
	 	 ̈	(k) 	a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be,
	 	 	 	 
	 	 ̈	(l) 	a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction,
	 	 	 	 
	 	 ̈	(m) 	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded,
	 	 	 	 
	 	 ̈	(n) 	an entity organized in a foreign jurisdiction that is analogous to an entity referred to in paragraph (a) in form and function, or
	 	 	 	 
	 	 ̈	(o) 	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors; 

 

     

    A-3

    

 

	II.          SUBSCRIBERS PURCHASING UNDER THE MINIMUM AMOUNT INVESTMENT 
	(a)      	the Subscriber is not an individual as that term is defined in applicable Canadian securities laws,
	(b)     	the Subscriber is purchasing the Common Shares as principal for its own account and not for the benefit of any other person,
	(c)      	the Common Shares have an acquisition cost to the Subscriber of not less than $150,000, payable in cash at the Closing, and
	(d)     	the Subscriber was not created and is not being used solely to purchase or hold securities in reliance on the prospectus exemption provided under Section 2.10 of NI 45-106, it pre-existed the Offering and has a bona fide purpose other than investment in the Common Shares. 

 

DEFINITIONS

 

For the purposes of this Questionnaire and Appendix
"A" attached to this Questionnaire:

 

(a)       "control
person" means

 

		(i)	a person who holds a sufficient number of the voting rights
attached to all outstanding voting securities of an Issuer to affect materially the control of the Issuer, or

 

	 	(ii)	each person in a combination of persons, acting in concert by virtue of an agreement, arrangement, commitment
or understanding, which holds in total a sufficient number of the voting rights attached to all outstanding voting securities of an Issuer
to affect materially the control of the Issuer,

 

and, if a person or combination of persons
holds more than 20% of the voting rights attached to all outstanding voting securities of an Issuer, the person or combination of persons
is deemed, in the absence of evidence to the contrary, to hold a sufficient number of the voting rights to affect materially the control
of the Issuer;

 

(b)       "director"
means

 

		(i)	a member of the board of directors of a company or an individual who performs similar functions for a
company, and

 

		(ii)	with respect to a person that is not a company, an individual who performs functions similar to those
of a director of a company;

 

(c)       "eligibility
adviser" means

 

		(i)	a person that is registered as an investment dealer and authorized to give advice with respect to the
type of security being distributed, and

 

		(ii)	in Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing with a law
society of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of chartered
accountants, certified general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or
public accountant must not:

 

		(A)	have a professional, business or personal relationship with the Issuer, or any of its directors, executive
officers, founders or control persons, and

 

		(B)	have acted for or been retained personally or otherwise as an employee, executive officer, director, associate
or partner of a person that has acted for or been retained by the Issuer or any of its directors, executive officers, founders or control
persons within the previous 12 months;

 

     

    A-4

    

 

(d)       "executive
officer" means, for an Issuer, an individual who is

 

		(i)	a chair, vice-chair or president,

 

		(ii)	a vice-president in charge of a principal business unit, division or function including sales, finance
or production, or

 

		(iii)	performing a policy-making function in respect of the Issuer;

 

(e)       "financial
assets" means

 

		(i)	cash,

 

		(ii)	securities, or

 

		(iii)	a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes
of securities legislation;

 

		(f)	"foreign jurisdiction" means a country other than Canada or a political subdivision of
a country other than Canada;

 

		(g)	"founder" means, in respect of an Issuer, a
person who,

 

		(i)	acting alone, in conjunction, or in concert with one or more persons, directly or indirectly, takes the
initiative in founding, organizing or substantially reorganizing the business of the Issuer, and

 

		(ii)	at the time of the distribution or trade is actively involved in the business of the Issuer;

 

		(h)	"fully managed account" means an account of a client for which a person makes the investment
decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to
a transaction;

 

		(i)	"individual" means a natural person, but does not include

 

		(i)	a partnership, unincorporated association, unincorporated syndicate, unincorporated organization or trust,
or

 

		(ii)	a natural person in the person's capacity as a trustee, executor, administrator or personal or other legal
representative;

 

		(j)	"investment fund" means a mutual fund or a non-redeemable investment fund, and, for greater
certainty in British Columbia, includes an employee venture capital corporation and a venture capital corporation as such terms are defined
in National Instrument 81-106 Investment Fund Continuous Disclosure;

 

		(k)	"jurisdiction" or "jurisdiction of Canada" means a province or territory of
Canada except when used in the term foreign jurisdiction;

 

		(l)	"non-redeemable investment fund" means an Issuer:

 

(i)       whose
primary purpose is to invest money provided by its securityholders,

 

(ii)       that
does not invest

 

		(A)	for the purpose of exercising or seeking to exercise control of an Issuer, other than an Issuer that is
a mutual fund or a non-redeemable investment fund, or

 

		(B)	for the purpose of being actively involved in the management of any Issuer in which it invests, other
than an Issuer that is a mutual fund or a non-redeemable investment fund, and

 

(iii)       that
is not a mutual fund;

 

     

    A-5

    

 

(m)       "person"
includes

 

		(i)	an individual,

 

		(ii)	a corporation,

 

		(iii)	a partnership, trust, fund and an association, syndicate, organization or other organized group of persons,
whether incorporated or not, and

 

		(iv)	an individual or other person in that person's capacity as a trustee, executor, administrator or personal
or other legal representative;

 

(n)       "related
liabilities" means

 

		(i)	liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial
assets, or

 

		(ii)	liabilities that are secured by financial assets; and

 

(o)       "spouse"
means, an individual who,

 

		(i)	is married to another individual and is not living separate and apart within the meaning of the Divorce
Act (Canada), from the other individual,

 

		(ii)	is living with another individual in a marriage-like relationship, including a marriage-like relationship
between individuals of the same gender, or

 

		(iii)	in Alberta, is an individual referred to in paragraph (i) or (ii), or is an adult interdependent partner
within the meaning of the Adult Interdependent Relationships Act (Alberta).

 

Guidance On Accredited Investor Exemptions
for Individuals

 

An individual accredited investor is an individual:

 

		(a)	who, either alone or with a spouse, beneficially owns financial assets (please see the guidance below
regarding what financial assets are) having an aggregate realizable value that. before taxes but net of any related liabilities (please
see the guidance below regarding what related liabilities are), exceeds $1,000,000;

 

		(b)	whose net income before taxes exceeded $200,000 in each of the 2 most recent calendar years or whose net
income before taxes combined with that of a spouse exceeded $300,000 in each of the 2 most recent calendar years and who, in either case,
reasonably expects to exceed that net income level in the current calendar year;

 

		(c)	who, either alone or with a spouse, has net assets (please see the guidance below regarding calculating
net assets) of at least $5,000,000; and

 

     

    A-6

    

 

		(d)	who beneficially owns financial assets (please see the guidance below regarding what financial assets
are) having an aggregate realizable value that, before taxes but net of any related liabilities (please see the guidance below regarding
what related liabilities are), exceeds $5,000,000.

 

The monetary thresholds above are intended to
create bright-line standards. Subscribers who do not satisfy these monetary thresholds do not qualify as accredited investors.

 

Spouses

 

Sections (a), (b) and (c) above are designed to
treat spouses as a single investing unit, so that either spouse qualifies as an accredited investor if the combined financial assets of
both spouses exceed $1,000,000, the combined net income of both spouses exceeds $300,000, or the combined net assets of both spouses exceed
$5,000,000. Section (d) above does not treat spouses as a single investing unit.

 

If the combined net income of both spouses does
not exceed $300,000, but the net income of one of the spouses exceeds $200,000, only the spouse whose net income exceeds $200,000 qualifies
as an accredited investor.

 

Financial Assets and Related Liabilities

 

For the purposes of sections (a) and (d) above,
"financial assets" means: (1) cash, (2) securities, or (3) a contract of insurance, a deposit or an evidence of a deposit
that is not a security for the purposes of securities legislation. These financial assets are generally liquid or relatively easy to liquidate.
The value of a subscriber's personal residence is not included in a calculation of financial assets.

 

The calculation of financial assets must exclude
"related liabilities", meaning: (1) liabilities incurred or assumed for the purpose of financing the acquisition or ownership
of financial assets, or (2) liabilities that are secured by financial assets.

 

As a general matter, it should not be difficult
to determine whether financial assets are beneficially owned by an individual, an individual's spouse, or both, in any particular instance.
However, in the case where financial assets are held in a trust or in another type of investment vehicle for the benefit of an individual,
there may be questions as to whether the individual beneficially owns the financial assets. The following factors are indicative of beneficial
ownership of financial assets:

 

		·	physical or constructive possession of evidence of ownership of the financial asset;

 

		·	entitlement to receipt of any income generated by the financial asset;

 

		·	risk of loss of the value of the financial asset; and

 

		·	the ability to dispose of the financial asset or otherwise deal with it as the individual sees fit.

 

For example, securities held in a self-directed
RRSP for the sole benefit of an individual are beneficially owned by that individual.

 

In general, financial assets in a spousal RRSP
can be included for the purposes of the $1,000,000 financial asset test in section (a) above because section (a) takes into account financial
assets owned beneficially by a spouse. However, financial assets in a spousal RRSP cannot be included for purposes of the $5,000,000 financial
asset test in section (d) above.

 

     

    A-7

    

 

Financial assets held in a group RRSP under which
the individual does not have the ability to acquire the financial assets and deal with them directly do not meet the beneficial ownership
requirements in either sections (a) or (d) above.

 

Net Assets 

 

For the purposes of section (c) above, "net
assets" means all of a subscriber's total assets minus all of the subscriber's total liabilities. Accordingly, for the purposes
of the net asset test, the calculation of total assets includes the value of a subscriber's personal residence, and the calculation of
total liabilities includes the amount of any liability (such as a mortgage) in respect of the subscriber's personal residence.

 

To calculate a subscriber's net assets under the
net asset test, subtract the subscriber's total liabilities from the subscriber's total assets. The value attributed to assets should
reasonably reflect their estimated fair value. Income tax is considered a liability if the obligation to pay it is outstanding at the
time of the distribution of the security to the subscriber by the Issuer.

 

Guidance On Accredited Investor Exemptions
for Corporations, Trusts and Other Entities

 

Accredited investors that are corporations, trusts
or other entities include:

 

		(a)	a corporation, trust or other entity, other than an investment fund, that has net assets (please see the
guidance below regarding calculating net assets) of at least $5,000,000 as shown on its most recently prepared financial statements in
accordance with applicable generally accepted accounting principles and that has not been created or used solely to purchase or hold securities
as an accredited investor;
	 	 	 

		(b)	a corporation, trust or other entity in respect of which all of the owners of interests, direct, indirect
or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors; and
	 	 	 

		(c)	a trust established by an accredited investor for the benefit of the accredited investor's family members
of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's spouse, a former
spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that
accredited investor's spouse or of that accredited investor's former spouse.

 

Net Assets 

 

For the purposes of section (a) above, "net
assets" means all of the subscriber's total assets minus all of the subscriber's total liabilities. The minimum net asset threshold
of $5,000,000 specified in section (a) above must be shown on the entity's most recently prepared financial statements. The financial
statements must be prepared in accordance with applicable generally accepted accounting principles.

 

The Subscriber agrees that the above representations
and warranties will be true and correct both as of the execution of this Questionnaire and as of the Closing and acknowledges that they
will survive the completion of the issue of the Common Shares.

 

The Subscriber acknowledges that the
foregoing representations and warranties are made by the Subscriber with the intent that they be relied upon in determining the
suitability of the Subscriber to acquire the Common Shares and that this Questionnaire is incorporated into and forms part of the
Agreement and the undersigned undertakes to immediately notify the Issuer of any change in any statement or other information
relating to the Subscriber set forth herein which takes place prior to the closing time of the purchase and sale of any of the
Common Shares.

 

     

    A-8

    

 

The Subscriber undertakes to immediately notify
the Issuer of any change in any statement or other information relating to the Subscriber set forth in the Agreement or in this Questionnaire
which takes place prior to the Closing.

 

By completing this Questionnaire, the Subscriber
authorizes the indirect collection of this information by each applicable regulatory authority or regulator and acknowledges that such
information is made available to the public under applicable laws. 

 

DATED as of 19 day of August, 2021.

 

	 	
     

    Evanachan Limited

	 	
    Print Name of Subscriber (or person signing as agent
    of the Subscriber)

     

     

	 	By:	/s/ Robert R. McEwen
	 	 	Signature
	 	
     

    Robert R. McEwen, President

	 	Print Name of Subscriber (or person signing as agent of the Subscriber)

 

     

    A-9

    

 

Appendix
"A"

TO EXHIBIT A

TO CANADIAN INVESTOR QUESTIONNAIRE

Form 45-106F9

 

	
    WARNING!

    This investment is risky. Don't invest unless
    you can afford to lose all the money you pay for this investment.

     

 

	SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	1. About your investment
	Type of securities: Common Shares at a price of US$10.00 per Common Share.	Issuer: McEwen Copper Inc. (the "Issuer")

	Purchased from: The Issuer.
	SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER
	2. Risk acknowledgement
	This investment is risky. Initial that you understand that:	Your

initials
	Risk of loss – You could lose your entire investment of $___________. [Instruction: Insert the total dollar amount of the investment.]	 
	Liquidity risk – You may not be able to sell your investment quickly – or at all.	 
	Lack of information – You may receive little or no information about your investment.	 
	Lack of advice – You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to www.aretheyregistered.ca.	 
	3. Accredited investor status
	You must meet at least one of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria.	Your

initials

	·	Your net income before taxes was more than $200,000 in each
of the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net
income before taxes on your personal income tax return.)	 
	· 	Your net income before taxes combined with your spouse's was
more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than
$300,000 in the current calendar year.	 
	· 	Either alone or with your spouse, you own more than $1 million
in cash and securities, after subtracting any debt related to the cash and securities.	 

 

     

    A-10

    

 

	·	Either alone or with your spouse, you have net assets worth
more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.)	 

	4. Your name and signature
	By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form.
	First and last name (please print):
	Signature:	Date:
	SECTION 5 TO BE COMPLETED BY THE ISSUER 
	5. For more information about this investment
	
    McEwen Copper Inc. 

    150 King Street West, S. 2800

    Toronto, ON M5H 1J9

     

    Attention:    Carmen Diges

    Email:          cdiges@mcewenmining.com

	For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www.securities-administrators.ca.

 

	Form instructions:
	1.	This form does not mandate the use of a specific font size or style but the font must be legible
	2.	The information in sections 1, 5 and 6 must be completed before the purchaser completes and signs the
form.
	3.	The purchaser must sign this form. Each of the purchaser and the Issuer or selling security holder must
receive a copy of this form signed by the purchaser. The Issuer or selling security holder is required to keep a copy of this form for
8 years after the distribution.
	 	 

 

     

     

    

 

exhibit
"B"

TERM SHEET

 

International
Copper ULC (McEwen Copper Inc.)

 

Terms and
Conditions of Non-Brokered Private Placement Offering

 

(All amounts shown in United States Currency)

	Issuer:	International Copper ULC (to be renamed McEwen Copper Corp.) (the “Company”), a private Alberta company, wholly-owned by McEwen Mining Inc. (MUX: NYSE, TSX).

                                                                                 

                                                                                The Company owns a 100% interest in the development stage Los Azules copper property, located in San Juan Argentina and a 100% interest in the Elder Creek copper exploration property in Nevada.

	Offering:	Private placement (the “Offering”) of a minimum of 4,000,000 to and a maximum of 8,000,000 common shares of the Company (the “Shares”), representing up to a 31% equity ownership of the Company post-financing based on a pre-money valuation of USD $175M.  A 1.25% NSR would be issued in favour of McEwen Mining Inc. following the closing of the Offering.
	Price:	USD $10.00 per common share (the “Share Price”). USD $2 million minimum subscription amount.  Lead order of USD $40,000,000 by Rob McEwen, Chief Owner of McEwen Mining Inc. personally.
	Size of Offering:	Minimum of USD $40,000,000 to USD $80,000,000. 
	Liquidity Event:	
    On or prior to September 30, 2022, the Company
    will complete an initial public offering (IPO) on a recognized stock exchange in the USA or Canada, or alternatively a sale, merger, business
    combination or similar transaction whereby investors receive cash and/or securities of another company that are freely tradeable in exchange
    for their shares of the Company (the “Liquidity Event”).

     

    If the Liquidity Event is not completed by September
    30, 2022, investors shall receive an additional one (1) share of the Company for every ten (10) shares purchased in the Offering for no
    additional consideration.

	Use of Proceeds:	The net proceeds of the Offering will be used to: (i) to advance the project towards a pre-feasibility study and improve access to the Los Azules property, (ii) USD $3 million for exploration of the Elder Creek property, and (iii) for general corporate purposes.
	Offering  Jurisdictions:	The Offering will take place by way of a non-brokered private placement to qualified investors in all the provinces of Canada, excluding Quebec, to Qualified Institutional Buyers (as such term is defined in the United States Securities Act of 1933) in the United States and otherwise in those jurisdictions where the Offering can lawfully be made without subjecting the Company to registration or continuous disclosure requirements in such jurisdictions. Subscribers must be “accredited investors” (as defined in National Instrument 45-106 - Prospectus Exemptions (“NI 45-106”)). 
	Hold Period:	The Company is not a reporting issuer in any province or territory of Canada. As such, the Shares will not be transferable under the laws of Canada, except pursuant to applicable statutory exemptions, until the date that is four months and a day after the date the Company becomes a reporting issuer in any province or territory of Canada (subject to any control person distribution restrictions) in accordance with National Instrument 45-102 – Resale of Securities.   
	Commission: 	Finder’s fees of up to 5% cash payable to arm’s length finders. 

 

     

    - 2 - 

    

 

	
    Conditions to be 

met on Closing:
	The Offering shall be conditional upon each purchaser of Shares entering into a shareholder agreement in a form to be determined.
	Closing Date:	Closing may be in one or more tranches, with the last to close on September 30, 2021 or such other date or dates as the Company may determine.Exhibit 10.2

 

UNANIMOUS SHAREHOLDER AGREEMENT

 

McEWEN COPPER INC.

 

AUGUST 20, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

	Article 1 interpretation	 	 	2

 

		1.1	Definitions	2
		1.2	Gender and Number	5
		1.3	Currency	5
		1.4	Headings	6
		1.5	Calculation of Time Periods	6
		1.6	Conflict	6
		1.7	Grant of Power of Attorney	6
		1.8	Corporation Bound	6

 

	Article 2 business and affairs of the corporation	 	 	6

 

		2.1	Board of Directors	6
		2.2	Appointment of Additional Directors	7
		2.3	Board Quorum	7
		2.4	Officers	7
		2.5	Place, Notice and Telephone Attendance of Board Meetings	7
		2.6	Indemnity of Directors and Officers	8
		2.7	Books and Records	8
		2.8	Fiscal Year	8
		2.9	D&O Insurance	9
		2.10	Shares of the Corporation	9
		2.11	Legend on Share Certificates	9
		2.12	Shareholders' Meetings	9

 

	Article 3 board approvals and shareholder approvals	 	 	10

 

		3.1	Matters Requiring Board Approval	10
		3.2	Reserved Matters Requiring Super-Majority Shareholders Approval	10

 

	Article 4 TRANSFER RESTRICTIONS and TRANSFERS TO PERMITTED TRANSFEREES	 	 	11

 

		4.1	General Transfer Restriction	11
		4.2	Agreement to Be Bound by Transferee	11
		4.3	Permitted Transfers	11

 

	Article 5 financing and PRE-EMPTIVE RIGHT	 	 	11

 

		5.1	Pre-Emptive Right	11
		5.2	New Issuance	12
		5.3	Pre-Emptive Right Exclusions	12

 

	Article 6 Right of first refusal	 	 	13

 

		6.1	Offer To Sell	13
		6.2	ROFR Exercise Notice	13
		6.3	Failure To Purchase	13

 

	Article 7 TAG-ALONG RIGHTS	 	 	14

 

		7.1	Tag-Along	14

 

     

    -
                                                                          ii -

    

 

		7.2	Tag-Along Right	14
		7.3	Preference of Right of First Refusal	15

 

	Article 8 DRAG-ALONG RIGHTS	 	 	15

 

		8.1	Notice of Proposed Sale and Drag-Along Rights	15
		8.2	Obligation to Sell and Terms of Sale	15

 

	Article 9 purchase option on a TRIGGERING event	 	 	16

 

		9.1	Triggering Events	16
		9.2	Trigger Notice	16
		9.3	Purchase Option	17
		9.4	Suspension of Requirement for Unanimous Approval	17
		9.5	Spouse Becoming Shareholder	18
		9.6	Purchase Price	18

 

	Article 10 General Sale Provisions	 	 	18

 

		10.1	Definitions	18
		10.2	Deliveries at a Closing	18
		10.3	Personal Guarantees	19
		10.4	Treatment of Indebtedness	19
		10.5	Failure to Complete	19
		10.6	Closing Place	19

 

	Article 11 TOP-UP SHARES	 	 	 	19

 

	Article 12 CONFIDENTIALITY	 	 	20

 

		12.1	Confidentiality	20

 

	Article 13 GENERAL	 	 	20

 

		13.1	Term	20
		13.2	Notices	20
		13.3	Applicable Law	21
		13.4	Severability	21
		13.5	Enurement and Assignment	21
		13.6	Waiver	21
		13.7	Time of Essence	21
		13.8	Further Assurances	21
		13.9	Independent Legal Advice	21
		13.10	Entire Agreement	21
		13.11	Counterparts	22

 

Schedule "A"
JOINDER

 

Schedule "B"
DETERMINATION OF FAIR VALUE

 

Schedule "C"
HOLDERS OF COMMON SHARES

 

     

     

    

 

 

UNANIMOUS shareholder
AGREEMENT

 

THIS UNANIMOUS SHAREHOLDER AGREEMENT
made effective as of August 20, 2021.

 

AMONG:

 

Minera Andes Inc.,
a corporation existing under the laws of the Province of Alberta

 

– and –

 

Evanachan Limited,
a corporation existing under the laws of the Province of Ontario

 

– and –

 

Those additional shareholders of the Corporation
who become parties hereto by the execution of a joinder agreement in the form of Schedule "A" attached hereto

 

– and –

 

McEwen Copper Inc., a corporation existing
under the laws of the Province of Alberta (the "Corporation")

 

WHEREAS:

 

		A.	the Corporation was incorporated under the laws of the Province of British Columbia on March 6, 2006 and
continued from the Province of British Columbia to the Province of Alberta on December 31, 2012 as International Copper ULC;

 

		B.	the Corporation was converted to a limited liability corporation and changed its name by way of articles
of amendment dated August 20, 2021;

 

		C.	the authorized share capital of the Corporation consists of an unlimited number of Common Shares and an
unlimited number of Class B Common Shares;

 

		D.	as at the date hereof, 21,500,000 Common Shares are issued and outstanding to the holders and in the amounts
as set out in Schedule "C";

 

		E.	the Shareholders wish to establish their rights and obligations in respect of the Shares of the Corporation
now or hereafter owned by them, the management and control of the Corporation and certain other matters as set forth herein; and

 

		F.	the Shareholders intend that this Agreement shall operate and be construed as a unanimous shareholder
agreement under the Act;

 

NOW THEREFORE the parties hereto hereby
agree as follows:

 

     

    - 2 - 

    

 

Article
1

interpretation

 

		1.1	Definitions

 

In this Agreement, including the recitals hereto,
unless there is something in the subject matter or content inconsistent therewith, the expressions set out below shall have the following
meanings, respectively:

 

"Acceptance
Period" has the meaning attributed thereto in subsection 6.1(d);

 

"Act"
means the Business Corporations Act (Alberta) and its regulations, as amended;

 

"Acquired
Shares" has the meaning attributed thereto in Schedule “A”;

 

"Affiliate"
means with respect to any Person, any other Person which directly or indirectly, through one or more intermediaries, controls, or is controlled
by or is under common control with such Person;

 

"Agreement",
"this Agreement", "hereto", "herein", "hereby", "hereunder",
"hereof" and similar expressions refer to this unanimous shareholder agreement and not to any particular article, section,
subsection, clause, subdivision or other portion hereof and include any and every amending agreement and agreement supplemental or ancillary
hereto;

 

"Articles"
means the articles of the Corporation as may be amended or restated from time to time;

 

"Board"
means the board of directors of the Corporation;

 

"Business
Day" means any day, excluding Saturday, Sunday or any other day which is a legal holiday in Edmonton, Alberta;

 

"By-laws"
means the by-laws of the Corporation from time to time in effect;

 

"Common Shares"
means the common shares in the capital of the Corporation;

 

"Control"
means (i) in respect of a corporation, the ability of a Person or group of Persons acting in concert to influence the manner in which
the business of the Corporation is carried on, whether as a result of ownership of sufficient Shares of the Corporation to enable that
Person or group of Persons to elect a majority of the Directors of the Corporation or by contract or otherwise, or (ii) with reference
to a partnership, trust, syndicate or other entity, will mean actual power or authority to manage and direct the affairs of the entity
and if such power or authority is not otherwise determinable will mean ownership of more than 50% of the transferable beneficial interests
in such entity, and in each case the term "Controlled" has a corresponding meaning;

 

"Corporate
Shareholder" means any Shareholder which is a corporation, partnership, trust, syndicate, or other entity any of the beneficial
interests in which are transferable;

 

"Corporation"
means McEwen Copper Inc.;

 

"Director"
means a member of the Board;

 

     

    - 3 - 

    

 

"Disability"
means the mental or physical inability of a person to perform regularly his or her duties for the Corporation for a period of 12 consecutive
calendar months, or for any 12 calendar months in any consecutive 18 calendar months;

 

"Drag-Along
Notice" has the meaning attributed thereto in Section 8.1;

 

"Drag-Along
Right" has the meaning attributed thereto in Section 8.1;

 

"Drag-Along
Shares" has the meaning attributed thereto in subsection 8.1(d);

 

"Exercise
Notice" has the meaning attributed thereto in subsection 9.3(b);

 

"Exercise
Period" has the meaning attributed thereto in subsection 9.3(a);

 

"Fair Value"
of Shares means value as determined in accordance with Schedule “B”;

 

"Immediate
Family Member" means parents, spouse, siblings, children and stepchildren;

 

"Indemnitee"
has the meaning attributed thereto in subsection 2.6(a);

 

"Insurance
Proceeds" means the insurance proceeds received on the death of the deceased Shareholder;

 

"Investors
Group" means all shareholders of the Corporation set out in Schedule "C" other than Minera Andes Inc.;

 

"Investors
Nominees" has the meaning attributed thereto in Section 2.1(a);

 

"Investors
Shares" means the Common Shares subscribed by Shareholders other than Minera Andes Inc. on or prior to the date hereof;

 

"Issuance
Notice" has the meaning attributed thereto in Section 5.1;

 

"Joinder Agreement"
means an agreement enabling new shareholders to agree to this Agreement without the necessity of renegotiating the terms of this Agreement;

 

"Liquidity
Event Deadline" has the meaning attributed thereto in Article 11;

 

"Liquidity
Event" means:

 

		(a)	the Corporation completes an initial public offering that results in the Common Shares or other securities
in the capital of the Corporation becoming listed on a stock exchange in Canada or the United States of America; or

 

		(b)	the Corporation completes a reverse takeover, statutory merger or amalgamation, arrangement, share exchange,
business combination or other similar transaction which results in a class of shares of the issuer resulting from such transaction being
listed (the "Resulting Issuer") on a stock exchange in Canada or the United States of America and the shareholders of
the Corporation receiving such listed securities of the Resulting Issuer and/or cash in exchange for their Shares;

 

"Minority
Shareholders" has the meaning attributed thereto in Section 7.1;

 

     

    - 4 - 

    

 

"New Shareholder"
has the meaning attributed thereto in Schedule “A”;

 

"Permitted
Transfer" shall have the meaning set forth in Section 4.3;

 

"Permitted
Transferee" shall have the meaning set forth in Section 4.3;

 

"Person"
means any individual, company or corporation, joint venture, syndicate, partnership, firm, association, trust, sole proprietorship, government
or governmental agency, authority or entity howsoever designated or constituted;

 

"Pre-Emptive
Right" shall have the meaning attributed thereto in Section 5.1;

 

"Pre-Emptive
Right Exercise Notice" shall have the meaning attributed thereto in Section 5.1;

 

"Principal"
means, where a Shareholder is a Person other than an individual, the individual who holds directly or indirectly greater than 50% of the
voting securities of such Shareholder or who holds, or exercises control or direction over, a sufficient number of the voting securities
of a Shareholder to materially affect the control of that Shareholder;

 

"Purchasers"
has the meaning attributed thereto in Section 9.3(b);

 

"Purchase
Option" has the meaning attributed thereto in Section 9.3;

 

"Related Persons"
mean Persons that are deemed not to deal with each other at arm's length, including (i) in relation to Directors and officers of the Corporation,
individuals connected by blood relationship, adoption, marriage or common law partnership, and (ii) Shareholders of the Corporation;

 

"Right of
First Refusal" has the meaning attributed thereto in Section 6.2;

 

"ROFR Exercise
Notice" has the meaning attributed thereto in Section 6.2;

 

"ROFR Notice"
has the meaning attributed thereto in Section 6.1;

 

"ROFR Shareholder"
has the meaning attributed thereto in Section 6.1;

 

"ROFR Shares"
has the meaning attributed thereto in Section 6.1;

 

"Selling Group"
has the meaning attributed thereto in Section 8.1;

 

"Selling Shareholder"
has the meaning attributed thereto in Section 6.1;

 

"Shareholders"
means the holders of Common Shares from time to time;

 

"Shareholder
Borrowing" means outstanding indebtedness which is owed by a Shareholder to the Corporation;

 

"Shareholder
Debt" means outstanding indebtedness which is owed by the Corporation to a Shareholder;

 

"Shares"
means the Common Shares and includes, for certainty, the Investors Shares;

 

     

    - 5 - 

    

 

"Share Price"
has the meaning attributed thereto in Section 6.1(c);

 

"Super-Majority
Selling Shareholders" has the meaning attributed thereto in Section 7.1;

 

"Super-Majority
Resolution" means a resolution passed by not less than 70% percent of the votes cast by the Shareholders who voted in respect
of that resolution or signed by all the Shareholders entitled to vote on that resolution;

 

"Super-Majority
Shareholders" means, at any date, the holders of more than 70% percent of the issued and outstanding Common Shares on such date;

 

"Tag-Along
Offer" has the meaning attributed thereto in subsection 7.2(a);

 

"Tag-Along
Right" has the meaning attributed thereto in Section 7.1;

 

"Tag-Along
Right Exercise Notice" has the meaning attributed thereto in Section 7.1;

 

"Third Party"
has the meaning attributed thereto in Section 6.1;

 

"Top-Up Share"
has the meaning attributed thereto in Article 11;

 

"Transfer"
includes any sale, exchange, assignment, gift, bequest, disposition, mortgage, charge, pledge, encumbrance, grant of security interest
or other arrangement by which, directly or indirectly, possession, legal title or beneficial ownership passes from one Person to another,
or to the same Person in a different capacity, whether or not voluntary or by operation of law and whether or not for value, and any agreement
to effect any of the foregoing; and the words "Transferred", "Transferring", "Transferee",
"Transferor" and similar words have corresponding meanings;

 

"Transfer
Notice" has the meaning attributed thereto in Section 7.1;

 

"Transferor"
has the meaning attributed thereto in Section 4.3;

 

"Treasury
Securities" has the meaning attributed thereto in subsection 5.1(b);

 

"Trigger Notice"
has the meaning attributed thereto in Section 9.2;

 

"Triggered
Shares" has the meaning attributed thereto in Section 9.3;

 

"Triggering
Events" has the meaning attributed thereto in Section 9.1; and

 

"Vendor"
has the meaning attributed thereto in Section 9.3(b).

 

		1.2	Gender and Number

 

Words importing the singular number only shall
include the plural, and vice-versa, words importing gender shall include all genders.

 

		1.3	Currency

 

All payments contemplated and all dollar amounts
referred to in this Agreement shall be in Canadian funds.

 

     

    - 6 - 

    

 

		1.4	Headings

 

The division of this Agreement into articles and
sections and headings thereof are for convenience of reference only and shall not affect the interpretation or construction of this Agreement.
Unless something in the subject matter or context is inconsistent therewith, references herein or in the schedules to articles, sections
and schedules are to articles, sections and schedules of and to this Agreement.

 

		1.5	Calculation of Time Periods

 

Unless otherwise specified herein when calculating
the period of time within which or following which any act is to be done or step taken pursuant to this Agreement, the date which is the
reference day in calculating such period shall be excluded and the day upon which such act is to be done or step taken shall be included.
If the last day of such period is not a Business Day, the period in question shall end on the next Business Day.

 

		1.6	Conflict

 

In the event of any conflict between the provisions
of this Agreement and the Articles or the By-laws or both, the provisions of this Agreement shall govern. Each of the Shareholders agrees
to vote or cause to be voted the Shares owned by it so as to cause the Articles or the By-laws or both to be amended to resolve any such
conflict in favour of the provisions of this Agreement.

 

		1.7	Grant of Power of Attorney

 

Upon the failure of any Shareholder to vote any
Shares owned by such Shareholder in accordance with the terms of this Agreement, such Shareholder hereby appoints and constitutes the
Secretary of the Corporation as attorney in respect of all Shares owned by such Shareholder (which power of attorney is coupled with an
interest and will be irrevocable until either this Agreement terminates pursuant to its terms or this section is amended to remove such
grant of power of attorney), with full power and authority to execute such agreements, consents, transfers and other documents in respect
of such Shares and to vote all such Shares in the manner provided in this Agreement.

 

		1.8	Corporation Bound

 

The Corporation confirms its knowledge of this
Agreement and undertakes to carry out in good faith and be bound by the provisions of this Agreement to the full extent that it has the
capacity and power at law to do so.

 

Article
2

business and affairs of the corporation

 

		2.1	Board of Directors

 

		(a)	The Investors Group will be entitled to nominate one-third of
the Directors provided the Investors Group collectively owns not less than 25% of the outstanding Shares (the "Investors Nominees").
The initial Investors Nominee shall be Robert R. McEwen.

 

		(b)	The number of Directors shall initially be two, consisting of Anna Ladd-Kruger and Robert R. McEwen.

 

     

    - 7 - 

    

 

		(c)	The Investors Group will be entitled, with the written approval of Investors Group members holding a majority
of the votes attached to all Shares held by the Investors Group, to remove any or all of the Investors Nominees at any time.

 

		(d)	If an Investors Nominee ceases to be a Director for any reason, the vacancy will be filled by a nominee
approved by a majority of the votes attached to the Shares held by the Investors Group.

 

		(e)	The Board shall have the ability by ordinary resolution to grant any Shareholder such observer rights
with respect to any meeting of the Board as the Board may determine, in their full discretion.

 

		2.2	Appointment of Additional Directors

 

The Board, acting unanimously, may, between annual
meetings of Shareholders, appoint one or more additional Directors to serve until the next annual meeting of Shareholders, on the condition
that the number of additional Directors shall not at any time exceed one-third of the number of Directors who held office at the expiration
of the last annual meeting of Shareholders.

 

		2.3	Board Quorum

 

The Board shall have no power to transact business
at any meeting of the Board unless a quorum is present. A quorum for a meeting of the Board shall be a majority of the Directors.

 

		2.4	Officers

 

The Corporation shall have a President, Secretary
and such other officers as the Board determines.

 

		2.5	Place, Notice and Telephone Attendance of Board Meetings

 

		(a)	Meetings of the Board will be held in or at such place as the Directors by majority agree failing which
agreement, meetings will be held at the registered office of the Corporation.

 

		(b)	Regular meetings of the Board, to be held at least yearly, will be called by any Director on not less
than five Business Days' notice to the Directors or such a shorter period of time as consented to by all of the Directors. Any Director
may call additional meetings upon five Business Days' notice to the other Directors.

 

		(c)	Notwithstanding the foregoing, emergency meetings of the Board in connection with matters of an urgent
nature (where the need for a meeting of the Board could not have been reasonably foreseen) may be called on not less than 24 hours' notice.

 

		(d)	The notice will contain a statement as to the business proposed to be transacted at such meeting provided
that the Directors are entitled to transact any business brought before the meeting whether or not set out in the notice.

 

		(e)	Directors may participate in meetings by telephone or other communications facilities. The Corporation
shall ensure that the telephone or other communications facilities available permit all individuals participating the meeting to communicate
with each other simultaneously and instantaneously.

 

		(f)	If all of the Directors are present at a meeting of the Board, whether the matters to be transacted at
that meeting are urgent or not, notice of that meeting of the Board is deemed to be waived unless, at the beginning of that meeting, any
Director objects to the holding of that meeting of the Board without the required notice.

 

     

    - 8 - 

    

 

		2.6	Indemnity of Directors and Officers

 

		(a)	The Corporation will, whenever required or permitted by the Act or otherwise by law, indemnify each Director,
each officer of the Corporation, each former Director, each former officer of the Corporation and each individual who acts or acted at
the Corporation's request as a Director or officer of a body corporate of which the Corporation is or was a shareholder or creditor, and
his heirs and legal representatives (each an "Indemnitee") against all costs, charges and expenses, including, without
limitation, each amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal or
administrative action or proceeding to which he is made a party by reason of being or having been a Director or officer of the Corporation
or such body corporate if:

 

		(i)	the Indemnitee acted honestly and in good faith with a view to the best interests of the Corporation or
such body corporate; and

 

		(ii)	in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty,
the Indemnitee had reasonable grounds for believing that his conduct was lawful.

 

		(b)	The Corporation will advance funds to an Indemnitee for the costs, charges and expenses referred to in
Section 2.6(a) above. Any Indemnitee receiving advancement of funds under this Section 2.6(b) will repay such funds if the Indemnitee
does not fulfill the conditions of Section 2.6(a).

 

		(c)	The Indemnitee must be judged by a court of competent jurisdiction to have committed a fault or omitted
to do something that the Indemnitee ought to have done before any determination may be made that the Indemnitee is not entitled to indemnification.
Indemnitees are presumed to have acted honestly and in good faith, and in the absence of a judgment of a court to the contrary, are presumed
to be entitled to indemnification.

 

		(d)	The indemnification obligations of the Corporation pursuant to this Section 2.6 and the terms and conditions,
including coverage amounts, of any insurance policy established pursuant to Section 2.9, shall not in any way be diminished without the
approval of the Board.

 

		2.7	Books and Records

 

The Corporation shall at all times maintain complete
and accurate books and records relating to its business and affairs.

 

		2.8	Fiscal Year

 

Until changed by a resolution of the Board, the
fiscal year of the Corporation will end on the last day of December in each year.

 

     

    - 9 - 

    

 

		2.9	D&O Insurance

 

The Corporation shall obtain and maintain, at
reasonable cost to the Corporation, Directors and officers liability insurance covering all Directors and officers of the Corporation
with a nationally recognized insurer in such amounts as may be determined by the Board. The Corporation will make copies of the policy
available to any Director upon request.

 

		2.10	Shares of the Corporation

 

The provisions of this Agreement relating to the
Shares shall apply to any shares or securities into which such Shares may be converted, changed, reclassified, re-divided, re-designated,
redeemed, subdivided or consolidated, to any shares or securities that are received by the Shareholders hereto as a dividend or distribution
payable in shares or securities of the Corporation and to any shares or securities of the Corporation or of any successor of a continuing
entity of the Corporation that may be received by the Shareholders hereto on a reorganization, arrangement, amalgamation, consolidation
or merger, statutory or otherwise.

 

		2.11	Legend on Share Certificates

 

Any and all certificates representing Shares now
or hereafter beneficially owned by the Shareholders during the term of this Agreement Share shall bear a legend referring to this Agreement
and that transfers of Shares are accordingly restricted.

 

		2.12	Shareholders' Meetings

 

		(a)	The Shareholders shall have one meeting each fiscal year at such place in or outside the Province of Alberta
as the Directors determine or, in the absence of such a determination, at the place where the registered office of the Corporation is
located.

 

		(b)	A meeting of the Shareholders of the Corporation may be held by telephonic or electronic means (as defined
in the Act) and a Shareholder who, through those means, votes at the meeting or establishes a communications link to the meeting shall
be deemed, for purposes of the Act and this Agreement, to be present at the meeting.

 

		(c)	The Directors may at any time call a special meeting of Shareholders.

 

		(d)	The holders of not less than 5% of the issued shares of the Corporation that carry the right to vote at
a meeting sought to be held may requisition the Directors to call a meeting of Shareholders for the purposes stated in the requisition.
The requisition shall state the business to be transacted at the meeting and shall be sent to the registered office of the Corporation.
Subject to subsection 142(3) of the Act, upon receipt of the requisition the Directors shall call a meeting of Shareholders to transact
the business stated in the requisition (but if the Directors are obligated to call a meeting and do not do so within 21 days after receiving
the requisition call a meeting, any Shareholder who signed the requisition may call the meeting).

 

     

    - 10 - 

    

 

Article
3

board
approvals and shareholder approvals

 

		3.1	Matters Requiring Board Approval

 

Unless otherwise allowed or required by this Agreement,
the following matters shall require the approval of the Board:

 

		(a)	entering into any commercial contracts which are not in the normal course of the business;

 

		(b)	declaring or paying dividends in respect of the Shares or making any other distributions of assets of
the Corporation;

 

		(c)	hiring or terminating officers of the Corporation;

 

		(d)	changing the fiscal year of the Corporation;

 

		(e)	changing the number of Directors of the Corporation;

 

		(f)	formulation of remuneration policy, bonus policy and long term incentives for employees, and implementation
of remuneration policy approved by the Shareholders;

 

		(g)	establishing, amending or terminating any stock option, stock purchase, stock bonus plan, share appreciation
rights scheme or any similar equity incentive plan or program for any of the Corporation's Directors, officers, employees or consultants,
provided that if voting stock is used, the voting stock shall not constitute more than 10% of the issued and outstanding voting stock
in the Corporation;

 

		(h)	the approval of annual budgets for general, administrative and operating expenses of the Corporation;
or

 

		(i)	the approval of the transfer of any Shares other than Permitted Transfers in this Agreement.

 

		3.2	Reserved Matters Requiring Super-Majority Shareholders Approval

 

Unless otherwise allowed or required by this Agreement,
the following matters shall require the approval of the Super-Majority Shareholders:

 

		(a)	granting of a security interest in or otherwise encumbering the Corporation's assets to secure obligations
other than in the ordinary course of business;

 

		(b)	providing a guarantee on behalf of the Corporation to secure the performance of any obligation of any
other person that is not an Affiliate;

 

		(c)	fundamentally changing the Corporation's business;

 

		(d)	sale or disposition of all or substantially all of the Corporation's assets;

 

		(e)	amalgamation or merging with or into any other corporation;

 

     

    - 11 - 

    

 

		(f)	taking or instituting any proceedings for the winding-up, reorganization or dissolution of the Corporation
or making any material assignment for the benefit of any creditors of the Corporation;

 

		(g)	creating or amending rights associated with any class of Shares; or

 

		(h)	entering into any transactions with Related Persons.

 

Article
4

TRANSFER RESTRICTIONS and TRANSFERS TO PERMITTED TRANSFEREES

 

		4.1	General Transfer Restriction

 

Except as otherwise expressly provided in this
Agreement or with the written consent of all the Shareholders, no Shares shall at any time be Transferred by a Shareholder. A purported
Transfer of any Shares in violation of this Agreement will not be valid and the Corporation will neither register, nor permit any transfer
agent to register on the securities register of the Corporation, any such Shares purportedly Transferred in violation of this Agreement.

 

		4.2	Agreement to Be Bound by Transferee

 

No Transfer of Shares to any Person shall be made
until after such Person agrees to be bound by the terms of this Agreement by duly executing a joinder agreement in the form of Schedule
"A" attached hereto. A Person so agreeing shall be deemed to be a party to this Agreement and one of the Shareholders hereto.

 

		4.3	Permitted Transfers

 

Any Shareholder shall be permitted to Transfer
all or any part of the Shares owned by such Shareholder (the "Transferor") to an Affiliate or Immediate Family Member
of such Shareholder, or, in the case of a Corporate Shareholder, to Persons who Control a Corporate Shareholder, or Immediate Family Members
or Affiliates of such Persons (in each case a "Permitted Transferee" and each such Transfer, a "Permitted Transfer").
As a condition precedent to being registered as a holder of Shares, the Permitted Transferee shall execute and deliver to the Corporation
a written acknowledgment in the form satisfactory to the Corporation that such transfer is in accordance with and subject to the terms
of this Agreement. Except as expressly otherwise agreed by the Shareholders, the Permitted Transferee shall assume all liabilities, obligations
and commitments due and outstanding under this Agreement on the effective date of the Transfer. The Transferor will remain jointly and
severally liable with the Permitted Transferee for the performance of the Permitted Transferee's obligations under this Agreement.

 

Article
5

financing and PRE-EMPTIVE RIGHT

 

		5.1	Pre-Emptive Right

 

In the event the Corporation wishes at any time
hereafter to issue any additional Shares from treasury, or grant or issue any securities convertible into Shares (other than incentive
options to employees granted under an approved stock option plan of the Corporation), it shall first offer such additional Shares or convertible
securities for purchase to Shareholders by written notice (an "Issuance Notice") given to each Shareholder. The Issuance
Notice shall be delivered within ten days of all consents and approvals to issue Shares or grant or issue any securities convertible into
Shares having been received by the Corporation and shall contain the following:

 

		(a)	a statement that the Issuance Notice is given pursuant to the provisions of this Section 5.1;

 

     

    - 12 - 

    

 

		(b)	a description of the Shares or convertible securities to be issued (the "Treasury Securities"),
the name and address of the party or parties to whom the Treasury Securities are to be issued, and the issue price and other terms and
conditions under which the Shares or convertible securities are to be issued; and

 

		(c)	an offer for the recipient of the Issuance Notice to purchase from the Corporation the Treasury Securities
at the price and on the terms described in the Issuance Notice pursuant to (b) above.

 

Upon receipt of such Issuance Notice, each Shareholder
shall have the right, but not the obligation, (the "Pre-Emptive Right") to purchase all or a portion of the Treasury
Securities on the terms described in the Issuance Notice. Such Pre-Emptive Right is exercisable by each Shareholder by giving written
notice of acceptance (the "Pre-Emptive Right Exercise Notice") to the Corporation within ten days after receipt of the
Issuance Notice from the Corporation, specifying the number of Treasury Securities such Shareholder wishes to acquire pursuant thereto,
up to that percentage of the Treasury Securities which corresponds to the percentage of the issued and outstanding Common Shares beneficially
owned by the Shareholders as at such time (calculated on a non-diluted basis). If more than one Shareholder gives a Pre-Emptive Right
Exercise Notice to the Corporation, then the Treasury Securities shall be allocated among them pro rata to their beneficial ownership
of Shares.

 

		5.2	New Issuance

 

Upon the issuance of Shares to any Person or Persons
if the subscriber is not then a Shareholder who is a party to this Agreement, such Person or Persons shall agree to be bound by the terms
and conditions of this Agreement by duly executing a joinder agreement in the form of Schedule “A”. The Corporation shall
require that the subscriber become a party to this Agreement in accordance with the foregoing as a condition of the issuance of any Shares
to any Person or Persons.

 

		5.3	Pre-Emptive Right Exclusions

 

The Corporation shall not be obligated to make
an offer under or to otherwise comply with Section 5.1 and the Pre-Emptive Right shall not apply to, any Shares or convertible securities
that are issued by the Corporation pursuant to:

 

		(a)	any transaction which is primarily a borrowing transaction with a financial institution in connection
with which the lender is granted the right to acquire options, warrants, shares or other securities of the Corporation;

 

		(b)	the issuance of options, warrants, performance shares or other incentive equity securities or the issuance
of any Shares in connection with the exercise of any options, warrants or other incentive equity securities granted by the Corporation
pursuant to any security-based incentive plan or other arrangement, which is approved by the Board in accordance with the terms and conditions
hereof; or

 

		(c)	the issuance of Shares by the Corporation in a share or asset purchase or other similar transaction where
Shares or convertible securities of the Corporation are used to fund all or a portion of the applicable purchase price.

 

     

    - 13 - 

    

 

Article
6

Right
of first refusal

 

		6.1	Offer To Sell

 

For the purposes of this Article, "Pro
Rata Share" means the quotient of X/Y, where X is equal to the number of Shares owned by a Shareholder, and Y is equal to the
total issued and outstanding Shares of the Corporation. If a Shareholder (the "Selling Shareholder") wishes to sell all,
but not less than all, of its Shares to a third party (the "Third Party"), then after receiving a bona fide written
offer from the Third Party for the purchase of all of its Shares, but before any definitive agreement is made, the Selling Shareholder
shall give notice (the "ROFR Notice") to the other Shareholders (collectively "ROFR Shareholders" and
individually a "ROFR Shareholder") and to the Corporation of its desire to sell all of its Shares. The ROFR Notice shall
set out:

 

		(a)	a statement that the ROFR Notice is given pursuant to the provisions of this Article 6;

 

		(b)	the total number of Shares that the Selling Shareholder beneficially owns (the "ROFR Shares");

 

		(c)	the price per Share (the "Share Price") the Third Party has offered and at which Selling
Shareholder is prepared to sell the ROFR Shares; and

 

		(d)	an offer by the Selling Shareholder to sell all of the ROFR Shares to ROFR Shareholders in proportion
to their Pro Rata Share at the Share Price, which offer shall be open for acceptance for a period of 10 days from the date of the offer
(the "Acceptance Period").

 

		6.2	ROFR Exercise Notice

 

Following receipt of the ROFR Notice, the ROFR
Shareholder shall have the right but not the obligation (the "Right of First Refusal") during the Acceptance Period,
to elect to purchase the ROFR Shares in proportion to their Pro Rata Share upon the terms contained in the ROFR Notice by giving a written
notice (the "ROFR Exercise Notice") to the Selling Shareholder stating that it accepts the offer of the Selling Shareholder
contained in the ROFR Notice. Any ROFR Shareholder who wishes to purchase a different number of Shares than its Pro Rata Share shall in
its ROFR Exercise Notice state the number of Shares it requests to purchase. If a ROFR Shareholder requests to purchase less than its
Pro Rata Share, the ROFR Shareholders who requested to purchase more than their Pro Rata Share will be entitled to purchase the unsubscribed
Shares in proportion to their then Pro Rata Share, or in such other proportions as they agree, by giving ROFR Exercise Notice to the Selling
Shareholder within 2 days of the expiry of the Acceptance Period. If, within the Acceptance Period, all of the ROFR Shares have been accepted
for purchase by ROFR Shareholders pursuant to this Section, the Selling Shareholder shall sell the ROFR Shares to ROFR Shareholders and
such transaction of purchase and sale shall be completed within 5 days of the date upon which the last ROFR Exercise Notice may have been
given. The purchase price shall be paid in cash or certified cheque on the closing date.

 

		6.3	Failure To Purchase

 

If the Selling Shareholder does not receive any
ROFR Exercise Notice within the Acceptance Period specified in Section 6.2, then the ROFR Shareholders shall be deemed to have refused
to purchase the ROFR Shares referred to in the ROFR Notice. The Selling Shareholder may then sell all, but not less than all, of the
ROFR Shares to the Third Party, provided the sale is on the exact same terms and conditions as contained in the ROFR Offer and provided
the purchase and sale is completed within the following 60 day period from the expiry of the Acceptance Period. If the ROFR Shares are
not sold within such 60 day period and if the Selling Shareholder thereafter still desires to sell the ROFR Shares it shall again give
ROFR Notice pursuant to this Section 6.3. Any Third Party proposing to acquire ROFR Shares as permitted by this Section 6.3 shall, as
a condition of the completion of the purchase and sale, agree to be bound by the provisions of this Agreement by duly executing a joinder
agreement in the form of Schedule "A" attached hereto.

 

     

    - 14 - 

    

 

Article
7

TAG-ALONG RIGHTS

 

		7.1	Tag-Along

 

If any one or more Shareholders holding in aggregate
greater than 70% of the outstanding Shares having a right to vote (the "Super-Majority Selling Shareholders") desire
to sell Shares in aggregate representing greater than 70% of the outstanding Shares to a third party transferee, such Super-Majority Selling
Shareholders shall give a written notice (the "Transfer Notice") pursuant to Section 7.2 to the other Shareholders (the
"Minority Shareholders") (with a copy to the Corporation) of their intention to sell such Shares. The Transfer Notice
shall contain the number of Shares which the Super-Majority Selling Shareholders propose to sell to the third party transferee, the identity
of the third party transferee, the proposed effective date and closing date of such sale and the price and other terms and conditions
of such sale. Each Minority Shareholder shall have the right, but not the obligation, during the 10 day period following the receipt of
the Transfer Notice, to deliver a written confirmation (the "Tag Along Right Exercise Notice") to the Super-Majority
Selling Shareholders as to whether or not such Minority Shareholder wishes to exercise its tag along rights (the "Tag Along Right").
Any such Minority Shareholder who fails to deliver such Tag-Along Right Exercise Notice within the 10 day period shall be deemed to have
elected not to exercise its Tag-Along Right.

 

		7.2	Tag-Along Right

 

		(a)	If any of the Minority Shareholders exercises its Tag-Along Right by delivering a Tag-Along Right Exercise
Notice pursuant to Section 7.1, such Minority Shareholder shall execute all necessary documents to give effect to such a sale to
the third party and the Super-Majority Selling Shareholders shall use their best efforts to obtain from the third party transferee a bona
fide offer addressed to such Minority Shareholders who have exercised their Tag Along Right containing identical terms and conditions
of the sale as received by such Super-Majority Selling Shareholders (a "Tag Along Offer").

 

		(b)	If none of the Minority Shareholders elect to exercise their Tag-Along Right, the Super-Majority Selling
Shareholders may at any time within a period of 45 days following the expiry of the 10 day period referred to in Section 7.1 sell
all of the Shares of the Super-Majority Selling Shareholders to the third party transferee, on the condition that such Shares are to be
transferred under a bona fide sale.

 

		(c)	If one or more Minority Shareholders accept the Tag-Along Offer and exercise their respective Tag-Along
Right, the purchase and the sale of the Shares to the third party transferee pursuant to the Tag-Along Offer will be completed in accordance
with the provisions of the Tag-Along Offer and at the same time as the purchase and sale of the Shares by the Super-Majority Selling Shareholders
to the third party transferee and as part of the same closing.

 

		(d)	In the event that the third party transferee desires to purchase a number of Shares which is less than
the total number of Shares desired to be sold by the Super-Majority Selling Shareholders together with those Shares in respect of which
Minority Shareholders have exercised a Tag-Along Right, the number of Shares to be sold by the Super-Majority Selling Shareholders and
the Minority Shareholders shall be reduced on a pro rata basis among all such Shareholders.

 

     

    - 15 - 

    

 

		7.3	Preference of Right of First Refusal

 

It is understood and agreed that any Tag-Along
Rights a Shareholder may have pursuant to this Article 7 shall not apply to the purchase of Shares by a Shareholder if a ROFR Exercise
Notice is given pursuant to Section 6.2.

 

Article
8

DRAG-ALONG RIGHTS

 

		8.1	Notice of Proposed Sale and Drag-Along Rights

 

If any one or more Shareholders (herein referred
to as the "Selling Group") desire to sell any Shares in the Corporation pursuant to a bona fide offer to purchase
such Shares from any person dealing at arm's length with the Selling Group and such Shares constitute greater than 70% of the then outstanding
Shares of the Corporation having a right to vote, then the Selling Group shall have the right (the "Drag-Along Right")
to require all other Shareholders to sell all of their respective Shares to the same third party purchaser on the same terms and conditions
offered to the Selling Group, as set forth in the Drag-Along Notice. The Selling Group shall exercise its Drag-Along Right by enclosing
with the Drag-Along Notice delivered to the other Shareholders pursuant to this Section 8.1 with respect to such proposed sale a
written notice (a "Drag-Along Notice") which shall contain the following:

 

		(a)	a statement that the Drag-Along Notice is delivered pursuant to Article 8;

 

		(b)	the identity of the third party purchaser;

 

		(c)	the price and other terms and conditions of such sale;

 

		(d)	an offer by the third party purchaser to purchase all but not less than all of the Shares owned by such
other Shareholders (the "Drag-Along Shares") on the same terms and conditions offered to the Selling Group; and

 

		(e)	specify the proposed closing date for the sale of the Drag-Along Shares, which shall be not less than
10 Business Days before the closing of the sale of the Drag-Along Shares.

 

		8.2	Obligation to Sell and Terms of Sale

 

Upon receipt of the Drag-Along Notice each Shareholder
shall take all necessary action to dispose of all of the Drag-Along Shares then held by such Shareholders to such third party purchaser
on the terms and conditions as described in the Drag-Along Notice. Each Shareholder shall give customary representations and warranties
relating to ownership, title and ability to convey its Drag-Along Shares. No such Shareholder shall be directly liable in respect of any
indemnification in connection with such sale of Drag-Along Shares in excess of the consideration received by such Shareholder therefrom
or for the breach of representations or warranties made by any other Shareholder.

 

     

    - 16 - 

    

 

Article
9

purchase option on a TRIGGERING event

 

		9.1	Triggering Events

 

For the purposes of this Article 9 "Triggering
Events" shall mean where the following occurs in relation to a Principal or a Shareholder, as applicable; provided that a Triggering
Event in respect of a Principal who Controls a Shareholder shall be deemed to be a Triggering Event of the Shareholder:

 

		(a)	death or Disability;

 

		(b)	proceedings or actions are commenced by which the Shareholder may be judged bankrupt or insolvent, or
may be liquidated, dissolved, wound-up, or reorganized, or granted relief or protection under any law relating to bankruptcy, insolvency,
reorganization or relief of debtors (including under the Companies' Creditors Arrangement Act (Canada), the Bankruptcy and Insolvency
Act (Canada) or other similar laws applicable to the Shareholder;

 

		(c)	an application or proceeding is brought by the spouse or former spouse of a Shareholder under the Family
Law Act (Alberta) or similar legislation to determine the entitlement of the spouse or former spouse to the net family property of
that Shareholder and the Shareholder has not produced evidence satisfactory to all the other Shareholders, acting reasonably, within 30
days of the date on which the application or proceeding is commenced (the "Settlement Period"), that the financial claims
of such spouse or former spouse to such entitlement can be settled without in any way, directly or indirectly, negatively affecting, encumbering
or interfering (including by making public confidential information) the Corporation, its business or the holding of Shares by the Shareholder;

 

		(d)	if a custodian, receiver, receiver-manager, or trustee is appointed for a Shareholder or for a substantial
portion of their business or assets or a secured creditor takes possession of any of their Shares or execution is levied against Shares;
or

 

		(e)	a material breach by a Shareholder of any provision of this Agreement that is not cured within a period
of 30 days following notice of breach from another Shareholder.

 

The Shareholder with respect to which the Triggering
Event has occurred will be a "Triggered Shareholder" for the purposes of this Article 9. A Triggered Shareholder may
not transfer its Shares to a Permitted Transferee unless the Purchase Option described below has expired.

 

		9.2	Trigger Notice

 

Each Triggered Shareholder or its estate trustee,
administrator, or other legal or personal representative, as the case may be, shall give notice in writing to the Corporation and the
other Shareholders (the "Trigger Notice") promptly following the occurrence of a Triggering Event. In the case of Section
9.1(b) above, the Trigger Notice shall be given by the remaining Shareholders following what they determine in good faith to be the Triggering
Event.

 

     

    - 17 - 

    

 

		9.3	Purchase Option

 

Each Shareholder hereby grants to the other Shareholders
(or, if they so designate, the Corporation) an irrevocable option (the "Purchase Option"), exercisable if it becomes
a Triggered Shareholder, to purchase all the Shares held by it (the "Triggered Shares") in accordance with the following
procedure:

 

		(a)	the Purchase Option will be exercisable by the other Shareholders at any time within 20 Business Days
following receipt of the Trigger Notice (the "Exercise Period");

 

		(b)	other Shareholders or the Corporation, as the case may be (in each case, the "Purchaser")
may exercise the Purchase Option by sending a notice in writing (the "Exercise Notice") to the Triggered Shareholder
or its estate trustee, administrator, or other legal or personal representative (in each case, the "Vendor");

 

		(c)	if there is more than one other Shareholder exercising the Purchase Option, they each may purchase their
proportion of the Triggered Shares (based on their relative shareholdings) and a Purchaser may purchase more than its proportion of the
Triggered Shares if any of the other Purchasers do not desire to purchase their full proportion, or any, of the Triggered Shares;

 

		(d)	if no Exercise Notice is provided to the Triggered Shareholder within the Exercise Period, the Purchase
Option expires. Thereafter,

 

		(i)	the Triggered Shareholder remains subject to this Agreement;

 

		(ii)	if another Triggering Event occurs, another Purchase Option shall be provided to the other Shareholders
as provided above; and

 

		(iii)	if any Triggered Shareholder has outstanding any Shareholder Debt at the time a Trigger Notice is delivered,
the Purchase Option will include an obligation to purchase that Shareholder Debt for cash, and any purchase for cancellation by the Corporation
of Triggered Shares must be accompanied by a repayment of any Shareholder Debt outstanding to the Triggered Shareholder.

 

		9.4	Suspension of Requirement for Unanimous Approval

 

Notwithstanding anything in this Agreement, effective
the occurrence of a Triggering Event, the Triggered Shareholder and any person who Controls that Shareholder (and, in the case of death,
the heirs, trustees, executors, administrators and other legal representatives of the deceased Shareholder) are no longer/not entitled:

 

		(a)	to a seat on the Board and, in the case of a living Triggered Shareholder, shall be deemed to have resigned
from the Board and any office with the Corporation); or

 

		(b)	to have his or her consent obtained before any actions are taken that would otherwise require unanimous
approval under this Agreement,

 

and the Triggered Shareholder hereby agrees and
shall vote for, approve, and act consistently with any decisions made by the remaining Shareholders.

 

     

    - 18 - 

    

 

		9.5	Spouse Becoming Shareholder

 

If the spouse of a Triggered Shareholder or a
person who Controls a Triggered Shareholder becomes a Shareholder pursuant to this Article 9, each of the other Shareholders shall be,
and are hereby irrevocably appointed in those circumstances, proxies to make all decisions and exercise all voting and other rights attached
to the Triggered Shares, including in respect of the disposition of the Triggered Shares in connection with a sale of Control of the Corporation,
held by that spouse and/or the spouse's Permitted Transferee.

 

		9.6	Purchase Price

 

The purchase price for any Triggered Shares that
are sold under this Article 9 will be the Fair Value of those Shares. The determination of Fair Value is set out in Schedule “B”.

 

Article
10

General Sale Provisions

 

		10.1	Definitions

 

For the purpose of this Article, the terms:

 

		(a)	"Date of Closing" shall mean the date set for closing in accordance with this Agreement;

 

		(b)	"Purchaser" shall mean the Shareholder who is purchasing Shares pursuant to this Agreement;

 

		(c)	"Time of Closing" shall mean 12:00 p.m. (Toronto time) on the Date of Closing; and

 

		(d)	"Vendor" shall mean the Shareholder who is selling Shares pursuant to this Agreement.

 

		10.2	Deliveries at a Closing

 

At the Time of Closing, the Vendor shall:

 

		(a)	deliver to the Corporation a signed resignation of the Vendor or the person who Controls the Vendor, as
Director, officer and employee of the Corporation, as the case may be;

 

		(b)	assign and transfer to the Purchaser the Shares being purchased and shall deliver the required share certificate(s)
duly endorsed for transfer into the Purchaser’s name, free and clear of any claims, liens and encumbrances;

 

		(c)	provide the Purchaser with (i) evidence reasonably satisfactory to the Purchaser that the Vendor is not
a "non-resident" of Canada within the meaning of the Income Tax Act (Canada), or (ii) a certificate from Revenue Canada
under section 116 of such Act certifying that all taxes payable in connection with the transaction have been paid or that no taxes are
payable in respect of the transaction; provided that if no declaration or certificate is delivered by the Vendor, the Purchaser will be
entitled to deduct from the purchase price payable to the Vendor an amount equal to the amount of tax for which the Purchaser may be liable
(as determined solely by the Purchaser) under the Income Tax Act (Canada).

 

     

    - 19 - 

    

 

		10.3	Personal Guarantees

 

If, at the Time of Closing, the Vendor and/or
the person who Controls the Vendor has guaranteed to anyone any debts, liabilities or other obligations of the Corporation, the Corporation
and the remaining Shareholders shall take all steps to ensure that all personal guarantees made in connection with the Corporation be
cancelled or cause to be cancelled at the Time of Closing. If that is not possible, the Purchaser shall provide the Vendor and/or the
person who Controls the Vendor a complete indemnity against any and all costs which the Vendor and/or the person who Controls the Vendor
may incur with respect to that guarantee (including, without limitation, fees for professional advisors, such as legal fees incurred in
connection with the exercise of the indemnity).

 

		10.4	Treatment of Indebtedness

 

On the closing of any purchase and sale of Shares
provided for in this Agreement, unless otherwise specified or contemplated in this Agreement:

 

		(a)	the amount of any Shareholder Debt shall be added to the purchase price and payable in cash by the Purchaser
to the Vendor on closing provided however that the Vendor shall deliver to the Purchaser on closing an assignment of that Shareholder
Debt;

 

		(b)	the Purchaser shall pay, and the Vendor hereby directs the Purchaser to pay, that portion of the purchase
price to the Corporation as is necessary to repay the Vendor’s Shareholder Borrowing, with the balance, if any, paid to the Vendor.
If the Shareholder Borrowing exceeds the purchase price, the Vendor shall pay the balance of the Shareholder Borrowing to the Corporation
on closing; and

 

		(c)	if there is more than one Purchaser, each Purchaser shall pay on closing its pro rata portion of
any payment to be made by the Purchasers.

 

		10.5	Failure to Complete

 

If, at the Time of Closing, the Vendor fails to
complete the transaction, the Purchaser shall have the right, without prejudice to any other rights which it may have, upon payment of
the purchase price payable to the Vendor at the Time of Closing, to the credit of the Vendor (and/or of the Corporation, in respect of
Shareholder Borrowings) in the main branch of the Corporation's bankers, to execute and deliver, on behalf of and in the name of the Vendor,
such deeds, transfers, share certificates, resignations or other documents that may be necessary to complete the transaction (including
in respect of any Shareholder Debt and Shareholder Borrowings) and the Vendor hereby irrevocably appoints the Purchaser its agent and
attorney in that behalf and such appointment is coupled with an interest and the Vendor declares that this power of attorney may be exercised
during any subsequent legal incapacity on its part.

 

		10.6	Closing Place

 

Unless otherwise agreed to by the Vendor and Purchaser,
the closing of any sale of Shares provided for in this Agreement shall take place at the head office of the Corporation.

 

Article
11

TOP-UP SHARES

 

The Corporation hereby covenants and agrees to
complete a Liquidity Event not later than September 30, 2022 (the "Liquidity Event Deadline"). If the Corporation has
not completed a Liquidity Event on or prior to the Liquidity Event Deadline, the Corporation shall, not later than 10 Business Days after
the Liquidity Event Deadline, issue to each Shareholder that is on the date of the Liquidity Event Deadline either part of the Investors
Group or a holder of Investors Shares pursuant to a Transfer effected in accordance with this Agreement, one additional Common Share
(each a "Top-Up Share") for every 10 Common Shares held by such Shareholder without payment of additional consideration.
No fractional Top-Up Shares will be issued or otherwise provided for hereunder. The Corporation and the Shareholders who receive the
Top-Up Shares hereby agree that (i) the issuance of the Top-Up Shares represents compensation and is not a penalty, (ii) the liabilities
and damages that may be incurred or suffered by the Shareholders in circumstances where the Top-Up Shares are issuable are impossible
or very difficult to accurately estimate, and (iii) the issuance of the Top-Up Shares represents liquidated damages, which are a reasonable
pre-estimate of the anticipated or actual losses or damages that might be suffered or incurred by the Shareholders as a result of the
Corporation not completing a Liquidity Event on or prior to the Liquidity Event Deadline.

 

     

    - 20 - 

    

 

Article
12

CONFIDENTIALITY

 

		12.1	Confidentiality

 

The Shareholders shall at all times keep in confidence
and not disclose any Confidential Information of the Corporation. The Shareholders shall at all times only use any Confidential Information
for the purpose of the Corporation's business. For this purpose, “Confidential Information” means any and all information
relating to the business and affairs of the Corporation, including but not limited to, any financial information, the private affairs
of the Shareholders or related parties and any trade or business secrets. Confidential Information is the property of the Corporation.
This confidentiality covenant survives any withdrawal or termination of the interest of a Shareholder in the Corporation.

 

Article
13

GENERAL

 

		13.1	Term

 

This Agreement shall continue in full force and
effect until the occurrence of any of the following events:

 

		(a)	the dissolution of the Corporation in accordance with the provisions of the Act;

 

		(b)	the agreement of all of the Shareholders to terminate this Agreement;

 

		(c)	such time as all of the issued and outstanding Shares are held by one Shareholder; or

 

		(d)	the Corporation completes a Liquidity Event.

 

		13.2	Notices

 

		(a)	Any notice or other communication required or permitted to be given hereunder shall be in writing and
shall be delivered in person or transmitted by e-mail or similar means of recorded electronic communication.

 

		(b)	Any such notice or other communication shall be deemed to have been given and received on the day on which
it was delivered or transmitted (or, if such day is not a Business Day, on the next following Business Day).

 

     

    - 21 - 

    

 

		13.3	Applicable Law

 

This Agreement shall be construed and enforced
in accordance with and the rights of the parties hereto, shall be governed by the laws of the Province of Alberta and the laws of Canada
applicable therein (with the exception of those provisions relating to conflict of laws) and the parties hereto do hereby irrevocably
attorn to the exclusive jurisdiction of the courts of the Province of Alberta.

 

		13.4	Severability

 

If any provision of this Agreement shall be held
to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Agreement shall
not in any way be affected or impaired thereby.

 

		13.5	Enurement and Assignment

 

This Agreement shall enure to the benefit of and
be binding upon the parties and their respective heirs, executors, administrators, successors and permitted assigns, and shall not be
assignable by any party (except as set out in this Agreement) without the prior written consent of the other parties.

 

		13.6	Waiver

 

No waiver by any party hereto of any breach of
any of the provisions of this Agreement shall take effect or be binding upon the party unless in writing and signed by such party. Unless
otherwise provided therein, such waiver shall not limit or affect the rights of such party with respect to any other breach.

 

		13.7	Time of Essence

 

Time is of the essence in this Agreement.

 

		13.8	Further Assurances

 

The Shareholders shall cause such meetings of
the Corporation to be held, votes cast, resolutions passed, by-laws enacted, documents executed and all such things and acts done as may
be necessary or desirable, whether in their role as shareholders, directors, officers or otherwise, to give full effect to this Agreement
and every part hereof.

 

		13.9	Independent Legal Advice

 

Each of the Shareholders acknowledges that he,
she or it has been advised to obtain, and has had an opportunity to obtain, the advice of an independent legal advisor with respect to
the terms and conditions herein contained.

 

		13.10	Entire Agreement

 

This Agreement constitutes the entire agreement
among the parties for the purpose of establishing their rights and obligations in respect of the Shares and the management and control
of the Corporation and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, among the
parties with respect thereto, except any confidentiality agreement that may exist between the Corporation and any Shareholder or Principal.

 

     

    - 22 - 

    

 

		13.11	Counterparts

 

This Agreement may be executed in several counterparts,
including by facsimile or other electronic means, each of which when so executed shall be deemed to be an original, and all such counterparts
taken together shall constitute one and the same instrument.

 

[Remainder of page left intentionally
blank; signature page follows]

 

    

     

    

 

IN WITNESS WHEREOF the parties have executed
this Agreement as of the date first written above.

 

	 	MINERA ANDES INC.

 

	 	Per:	/s/ Anna Ladd-Kruger
	 	 	Name:     Anna Ladd-Kruger
	 	 	Title:       Chief Financial Officer

 

	 	EVANACHAN LIMITED

 

	 	Per:	/s/ Robert R. McEwen
	 	 	
    Name:    Robert R. McEwen

	 	 	Title:      President

 

	 	McEWEN COPPER INC.

 

	 	Per:	/s/ Anna Ladd-Kruger
	 	 	Name:     Anna Ladd-Kruger
	 	 	Title:       Chief Financial Office

 

[Signature Page to
Unanimous Shareholder Agreements]

 

    

    

    

 

Schedule
"A"

JOINDER

 

JOINDER TO

UNANIMOUS AGREEMENT OF THE HOLDERS OF COMMON
SHARES

 

	TO:	McEWEN COPPER INC. (the "Corporation") AND ITS CURRENT AND FUTURE SHAREHOLDERS THAT ARE PARTY TO THE UNANIMOUS AGREEMENT OF THE HOLDERS OF COMMON SHARES
	RE:	UNANIMOUS AGREEMENT OF THE HOLDERS OF COMMON SHARES DATED AUGUST 20, 2021, AS AMENDED FROM TIME TO TIME (the "Unanimous Shareholder Agreement")

 

THIS JOINDER to the Unanimous Shareholder
Agreement is made and entered into as of August 20, 2021 by the undersigned (the "New Shareholder"). Capitalized terms
used herein but not otherwise defined have the meanings set forth in the Unanimous Shareholder Agreement.

 

WHEREAS the New Shareholder has subscribed
or is acquiring certain shares (the "Acquired Shares") of the Corporation and the New Shareholder wishes to become a
party to the Unanimous Shareholder Agreement in accordance with the terms hereof;

 

NOW THEREFORE in consideration of the issuance
of the Acquired Shares to the New Shareholder and the sum of ONE DOLLAR ($1.00) the New Shareholder hereby agrees to the following:

 

		(a)	the New Shareholder acknowledges receiving a copy of and reviewing the Unanimous Shareholder Agreement;

 

		(b)	upon execution of this Joinder, the New Shareholder shall become a party to the Unanimous Shareholders
Agreement and shall have all the rights and benefits of, and shall be fully bound by, and subject to, all of the terms of the Unanimous
Shareholder Agreement as if the New Shareholder had originally executed the Unanimous Shareholder Agreement as a Shareholder;

 

		(c)	the New Shareholder agrees that from time to time, and without further consideration, it will execute
and deliver such other instruments and documents and take such further actions as may be requested by the Corporation in respect of the
matters provided for in this Unanimous Shareholder Agreement;

 

		(d)	the New Shareholder acknowledges being entitled to independent legal advice in respect of this Joinder
and the Unanimous Shareholder Agreement, and has either obtained such advice or waived the right to do so, understands all rights and
obligations arising under this Joinder and the Unanimous Shareholder Agreement and is signing this Joinder voluntarily;

 

		(e)	if the New Shareholder is not an individual, then the New Shareholder and
_________________________________________________(if the New Shareholder is a corporation or other entity, the
names of all individual legal and beneficial owners of the entity must be disclosed) (the "Owner(s)") represent
that the Owner(s) (is/are collectively) the sole legal and beneficial owner(s) of all of the issued and outstanding voting shares of
the New Shareholder;

 

    

    - 2 -

    

 

		(f)	the New Shareholder represents that it is acquiring the Acquired Shares in accordance with the terms of
the Unanimous Shareholder Agreement; and

 

		(g)	the New Shareholder represents that the New Shareholder's address is as follows:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

IN WITNESS WHEREOF, this Joinder has been
executed as of the date first written above.

 

Dated:

 

Signed:

 

Name of the New Shareholder:

 

    

    

    

 

Schedule
"B"

DETERMINATION OF FAIR VALUE

 

Attached to and forming part of that Unanimous
Shareholder Agreement dated August 20, 2021, among Minera Andes Inc., Evanachan Limited, McEwen Copper Inc. (the "Corporation")
and those additional shareholders of the Corporation who become parties to the Unanimous Shareholder Agreement

 

		1.	"Fair Value" means fair market value determined in accordance with the following process.

 

		2.	If the parties agree on an amount, that amount shall be the Fair Value.

 

		3.	If the parties cannot agree within 20 days of one party providing a notice to the others with a suggested
Fair Value, the parties to the proposed transaction shall together select an independent third party acceptable to them who is appropriately
qualified to determine fair market value (in any case, the "Valuator"), who shall determine the Fair Value within 30 days of
being engaged (unless the parties agree to extend this period). If the parties are unable to agree on a Valuator, then each of them shall
submit to the other the names of three proposed Valuators. Each party shall select one of the other's proposed Valuators. The party requesting
referral to a Valuator shall then enter the two names into a lottery and select one of the two names so entered by coin flip. If either
party fails to provide a list of proposed Valuators, the party who has provided its list may select a person from its own list to act
as the Valuator.

 

		4.	The Valuator shall have experience in valuing similar businesses and have at least fifteen years' experience
in valuing businesses and is accredited as a chartered business valuator.

 

		5.	The valuation of the Valuator shall be final and binding on the parties and there shall be no appeal from
that valuation. The costs of the valuation shall be borne by the person who is the Triggered Shareholder.

 

		6.	The Corporation and each of the Shareholders shall make available to the Valuator all books, records and
other data and information in their possession or control as the Valuator may reasonably require for the purposes of its valuation.

 

		7.	In determining the Fair Value, the Valuator may apply such principles of valuation as they consider appropriate
in the circumstances.

 

    

    

    

 

Schedule
"C"

HOLDERS OF COMMON SHARES

 

	Holders of Common Shares	 	Number of Common Shares
    Held	 
	MINERA ANDES INC.	 	 	17,500,000	 
	EVANACHAN LIMITED	 	 	4,000,000	 
	TOTAL	 	 	21,500,000

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