Form 4/A: MUX General Counsel exercises 21,000 options and sells shares after reverse split adjustment

Rhea-AI Filing Summary

McEwen Inc. reporting person Carmen L. Diges amended a Form 4 to correct option/share counts after a 10-for-1 reverse split. The filing shows on 09/19/2025 Ms. Diges exercised 21,000 stock options with a $1.25 exercise price and simultaneously sold 21,000 common shares for a weighted average price of $14.3446. Following these transactions she beneficially owns 26,096 shares of McEwen Inc. The amendment corrects the number of options and underlying shares to reflect the reverse split effective July 28, 2022.

Positive

• Amendment corrects share and option counts to reflect the 10-for-1 reverse split, improving disclosure accuracy
• Options were exercised at $1.25 and sold at a materially higher weighted average price of $14.3446, demonstrating value realization

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider exercised options and sold the entire block same day, leaving a modest residual holding; transaction appears routine.

The reporting shows a standard exercise of options at $1.25 and an immediate sale at a weighted average of $14.3446, realizing the spread between exercise price and sale proceeds. The amendment clarifies holdings after a prior 10-for-1 reverse split. For investors, this is a disclosure of insider liquidity rather than a corporate action affecting capital structure. No new debt, financings, or changes to compensation terms are reported here.

Corporate Governance Expert

TL;DR: Amendment corrects option/share counts post-reverse-split; signature and explanatory note satisfy disclosure norms.

The filing includes an explicit explanation that counts were adjusted for the 10-for-1 reverse split and provides a weighted-average sale price range disclosure. The report is properly signed and dated, and it discloses the reporting persons role as General Counsel/Corporate Secretary. This appears to be a compliance-driven correction rather than a governance concern.

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^*

Diges Carmen L

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel/Corp Sec

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		21,000	A	$1.25	47,096	D
Common Stock	09/19/2025		S		21,000	D	$14.3446(1)	26,096	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			21,000	(2)	09/28/2025	Common Stock	21,000	$0	0	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The Reporting Person sold shares in multiple transactions at prices ranging from $13.71 to $14.6579. The Reporting Person 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/ Carmen L. Diges	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.
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FAQ

What transactions did Carmen L. Diges report on Form 4/A for MUX?

The filing reports exercise of 21,000 options at $1.25 and sale of 21,000 common shares at a weighted average price of $14.3446 on 09/19/2025.

How many McEwen Inc. (MUX) shares does the reporting person own after the transactions?

After the reported transactions the reporting person beneficially owns 26,096 shares of McEwen Inc.

Why was this Form 4 amended?

The amendment corrects the number of stock options and underlying shares and resulting holdings to account for the issuers 10-for-1 reverse stock split effective July 28, 2022.

What role does the reporting person hold at McEwen Inc. (MUX)?

The reporting person is listed as General Counsel/Corporate Secretary and an officer of the issuer.

Was the sale price a single price or a range?

The sale price reported is a weighted average of multiple transactions; individual sale prices ranged from $13.71 to $14.6579 per the filings explanation.