MUX insider filing shows RSU conversions and new 17,100-unit award

Rhea-AI Filing Summary

McEwen Inc. (MUX) Form 4: Chief Operating Officer and Director William M. Shaver reported RSU-related transactions on November 10, 2025. Two tranches of restricted stock units vested and were settled into common stock: 2,100 shares and 867 shares via code M. Following these, his directly held common stock was 128,793 shares.

On the same date, he received a new award of 17,100 restricted stock units at $0 price. Footnotes detail prior grants on August 11, 2025 and September 8, 2025, with remaining RSU vesting scheduled in equal installments on December 28, 2025 and June 28, 2026; the new 17,100-unit award vests in three equal installments on December 20, 2025, June 29, 2026, and December 20, 2026.

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^*

Shaver William M

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

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

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

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	11/10/2025		M		2,100	A	(1)	127,926	D
Common Stock	11/10/2025		M		867	A	(1)	128,793	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
Restricted Stock Units	(1)	11/10/2025		M			2,100	(2)	(2)	Common Stock	2,100	$0	4,200	D
Restricted Stock Units	(1)	11/10/2025		M			867	(3)	(3)	Common Stock	867	$0	1,733	D
Restricted Stock Units	(1)	11/10/2025		A		17,100		(4)	(4)	Common Stock	17,100	$0	17,100	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock, or the cash value thereof as set forth in the award agreement, in the discretion of the Issuer's Compensation, Nominating & Corporate Governance Committee.

2. The restricted stock units were granted on August 11, 2025. Subsequent to the grant on August 11, 2025, the vesting schedule of the restricted stock units was amended to be identical to the vesting schedule of the 2,600 restricted stock units granted on September 8, 2025. Accordingly, the restricted stock units vested as to 2,100 shares on November 10, 2025 and will vest as to the remaining shares in two equal installments on each of December 28, 2025 and June 28, 2026.

3. The restricted stock units were granted on September 8, 2025 and vested as to 867 shares on November 10, 2025 and will vest as to the remaining shares in two equal installments on each of December 28, 2025 and June 28, 2026.

4. The restricted stock units will vest in three equal installments on each of December 20, 2025, June 29, 2026 and December 20, 2026.

	/s/ William M. Shaver	11/12/2025
	** Signature of Reporting Person	Date
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FAQ

What did McEwen (MUX) report in this Form 4?

The COO/Director, William M. Shaver, reported RSU vesting into common stock of 2,100 and 867 shares on November 10, 2025, plus a new grant of 17,100 RSUs.

How many McEwen (MUX) shares does the reporting person hold after the transactions?

Direct common stock beneficially owned was 128,793 shares after the reported transactions.

What were the prices associated with the RSU transactions for MUX?

The RSU settlements and grant were reported at $0 price per the derivative table.

When do the remaining RSUs for McEwen (MUX) vest?

Remaining portions vest in equal installments on December 28, 2025 and June 28, 2026; the new 17,100 RSUs vest on December 20, 2025, June 29, 2026, and December 20, 2026.

What do the transaction codes mean in this MUX Form 4?

Code M indicates an RSU conversion into common stock. An entry with code A reflects the new RSU award of 17,100 units.

Whose transactions are disclosed for McEwen (MUX)?

Transactions are by William M. Shaver, McEwen Inc.’s Chief Operating Officer and Director.