SEC Contract Filing

Filing Date: 2022-04-06

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2211626d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUBORDINATED PROMISSORY NOTE</B></P>

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<TD STYLE="width: 50%; text-align: left; font-size: 10pt"><B>US$15,000,000</B></TD>
<TD STYLE="text-align: right; width: 50%"><B>March 31, 2022</B></TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promise to Pay</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">FOR VALUE RECEIVED the undersigned McEwen Mining
Inc. (the &quot;<B>Borrower</B>&quot;) unconditionally promises to pay to Evanachan Limited (the &quot;<B>Lender</B>&quot;), its successors
(including any successor by reason of amalgamation) and assigns, or to its order, at its offices at 150 King Street West, Suite 2800,
Toronto, Ontario M5H 1J9 (or at such other address as the Lender shall notify the Borrower), in lawful money of the United States of America,
the principal sum of Fifteen Million Dollars (US$15,000,000) (the &quot;<B>Principal Amount</B>&quot;) together with interest on the Principal
Amount outstanding from time to time. The Principal Amount shall be due and be paid on September 30, 2025 (the &quot;<B>Maturity Date</B>&quot;).</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interest</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Principal Amount outstanding at any time,
and from time to time, and any overdue interest, shall bear interest at the rate equal to 8% per annum, both before and after demand,
default, and judgment. Such interest shall be calculated and payable monthly in arrears when not in default on the last day of each month
and, after default, payable on demand.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Criminal Rate of Interest</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In no event shall the aggregate &quot;interest&quot;
(as defined in Section 347 (the &quot;<B>Criminal Code Section</B>&quot;) of the <I>Criminal Code</I> (Canada)) payable to the Lender
under this Note exceed the effective annual rate of interest lawfully permitted under the Criminal Code Section. Further, if any payment,
collection or demand pursuant to this Note in respect of such &quot;interest&quot; is determined to be contrary to the provisions of the
Criminal Code Section, such payment, collection, or demand shall be deemed to have been made by mutual mistake of the Lender and the Borrower
and such &quot;interest&quot; shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest,
as the case may be, as would not be so prohibited by law or so result in the receipt by the Lender of interest at a rate not in contravention
of the Criminal Code Section.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Interest Act</I> (Canada)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Each interest rate which is calculated under this
Note on any basis other than a full calendar year (the &quot;deemed interest period&quot;) is, for the purposes of the <I>Interest Act</I>
(Canada), equivalent to a yearly rate calculated by dividing such interest rate by the actual number of days in the deemed interest period,
then multiplying such result by the actual number of days in the calendar year (365 or 366).</P>

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