McEwen Inc. (MUX) director receives 239 fully vested deferred stock units

Rhea-AI Filing Summary

Makori Michelle reported acquisition or exercise transactions in this Form 4 filing.

McEwen Inc. director Michelle Makori received a grant of 239 deferred stock units tied to common stock. The units were awarded at no cash cost and each unit represents one share of common stock. They are fully vested and will be delivered after Makori’s service on the Board ends, with an option to further defer delivery.

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

OMB APPROVAL

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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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Makori Michelle

(Last) (First) (Middle)

C/O MCEWEN INC.

150 KING STREET WEST, SUITE 2800

(Street)

TORONTO M5H 1J9

(City) (State) (Zip)

ONTARIO, CANADA

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026

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

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

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

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

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
Deferred Stock Units	(1)	03/19/2026		A		239		(2)	(2)	Common Stock	239	$0	239	D

Explanation of Responses:

1. Each deferred stock unit represents a right to receive one share of the Issuer's common stock.

2. The deferred stock units are fully vested and will be delivered to the reporting person on the date of the reporting person's termination of continuous service from the Issuer's Board of Directors (the "Board"), subject to the reporting person's right to elect to defer delivery of the deferred stock units beyond the date of the reporting person's termination of continuous service from the Board.

	/s/ Michelle Makori	03/23/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did McEwen Inc. (MUX) director Michelle Makori report?

Director Michelle Makori reported receiving 239 deferred stock units, each linked to one McEwen Inc. common share. This was a grant or award, not a market purchase or sale, and represents additional equity-based compensation for her Board service.

How many deferred stock units did Michelle Makori receive from McEwen Inc. (MUX)?

Michelle Makori was granted 239 deferred stock units. After this award, her reported holdings of these deferred units total 239. Each unit corresponds to one share of McEwen Inc. common stock to be delivered in the future under the plan’s terms.

What does each McEwen Inc. (MUX) deferred stock unit represent for Michelle Makori?

Each deferred stock unit represents the right to receive one share of McEwen Inc. common stock. The units are a form of equity compensation, giving the director future common shares instead of immediate cash, aligning her interests with long-term shareholder value.

When will Michelle Makori receive McEwen Inc. (MUX) shares from these deferred stock units?

The deferred stock units will be delivered when Michelle Makori’s continuous service on McEwen Inc.’s Board ends. She also has the right to elect to defer delivery beyond her Board service termination date, delaying when she actually receives the underlying common shares.

Are the McEwen Inc. (MUX) deferred stock units granted to Michelle Makori vested?

Yes, the deferred stock units granted to Michelle Makori are fully vested. Although already earned, the actual delivery of the equivalent McEwen Inc. common shares occurs after her Board service ends, subject to any election to further defer that delivery date.

Does Michelle Makori’s McEwen Inc. (MUX) Form 4 show a stock purchase or sale?

No, the Form 4 shows a grant of 239 deferred stock units, not an open-market purchase or sale. The transaction is coded as an acquisition by grant or award, reflecting compensation rather than a discretionary trade in McEwen Inc. common stock.