MUX Form 4/A: CEO exercises options at $1.25 and sells shares at $14.35 avg

Rhea-AI Filing Summary

Robert Ross McEwen, Chairman and CEO of McEwen Inc. (MUX), filed an amended Form 4 reporting matched option exercise and stock sale transactions on 09/19/2025. He exercised a stock option with a $1.25 exercise price to acquire 50,000 shares and sold 50,000 shares at a weighted-average price of $14.3467, resulting in 50,000 shares beneficially owned after the transactions. The filing corrects prior reporting to reflect the issuer's 10-for-1 reverse split effective 07/28/2022. The option vested in three equal annual installments beginning 09/29/2021. The amendment is signed 09/29/2025.

Positive

• Corrective amendment issued to align option and share counts with the 10-for-1 reverse split, improving reporting accuracy
• Insider disclosed vesting details for the option (vested in three equal annual installments starting 09/29/2021) which increases transparency

Negative

• Insider sale of 50,000 shares at a weighted-average price of $14.3467, representing realized disposition of previously held shares

Insights

Securities Analyst

TL;DR: Insider exercised options and sold an equal number of shares, leaving a net unchanged position of 50,000 shares.

The filing shows a simultaneous exercise of stock options at $1.25 and sale of the same number of shares at a weighted-average of $14.3467, consistent with routine liquidity transactions following option exercise. The amendment corrects holdings to reflect a prior 10-for-1 reverse split, improving accuracy of reported share counts. This disclosure is material for transparency but does not, by itself, indicate a change in control or strategic direction.

Corporate Governance Expert

TL;DR: The amendment clarifies beneficial ownership after corporate action; insider remains a director and 10% owner.

The report confirms Mr. McEwen's roles as Chairman, CEO, director and 10% owner while documenting corrective reporting tied to a prior reverse split. The vesting schedule note and signature date satisfy Section 16 reporting requirements. From a governance perspective, the disclosure maintains regulatory compliance and corrects historical reporting errors, which is important for stakeholder record-keeping.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

McEwen Robert Ross

(Last) (First) (Middle)

C/O MCEWEN INC.

150 KING STREET WEST, SUITE 2800

(Street)

TORONTO A6 M5H 1J9

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
McEwen Inc. [ MUX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
09/23/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/19/2025		M		50,000	A	$1.25	50,000	D
Common Stock	09/19/2025		S		50,000	D	$14.3467(1)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$1.25	09/19/2025		M			50,000	(2)	09/28/2025	Common Stock	50,000	$0	0	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. Mr. McEwen sold shares in multiple transactions at prices ranging from $13.69 to $14.6625. Mr. McEwen undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

2. The option vested in three equal annual installments, beginning September 29, 2021.

Remarks:

This amendment is being filed solely to correct the number of stock options and underlying shares of common stock subject to the corresponding 2020 equity award, and the resulting holdings following exercise thereof, to account for the Issuer's 10-for-1 reverse stock split that became effective on July 28, 2022.

	/s/ Robert Ross McEwen	09/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Robert Ross McEwen report on the Form 4/A for MUX?

He reported exercising an option to acquire 50,000 shares at a $1.25 exercise price and selling 50,000 shares at a weighted-average price of $14.3467 on 09/19/2025.

How many McEwen Inc. (MUX) shares does Mr. McEwen beneficially own after the reported transactions?

The filing reports he beneficially owns 50,000 shares following the transactions.

Why was this Form 4 amended?

The amendment corrects the number of stock options and underlying common shares to account for the issuer's 10-for-1 reverse stock split effective 07/28/2022.

When did the option vest and what was the vesting schedule?

The option vested in three equal annual installments, beginning on 09/29/2021.

What prices were involved in the sale reported on the Form 4/A?

The sale was executed at multiple prices ranging from $13.69 to $14.6625, reported as a weighted-average of $14.3467.

When was the amended Form 4 signed by the reporting person?

The amendment is signed by Robert Ross McEwen on 09/29/2025.