Form 4: MUX Director Ian Ball Disposes of 2,656 Shares

Rhea-AI Filing Summary

Ian J. Ball, a director of McEwen Inc. (MUX), reported the sale of 2,656 shares of the issuer's common stock on 08/12/2025. The filing reports the shares were sold (transaction code S) at a weighted average price of $10.49 per share, based on Canadian dollar sale prices of C$14.44–C$14.45 converted at C$1.00 = US$0.7260. Following the reported transaction, the form shows 0 shares beneficially owned by the reporting person in a Canadian RRSP account (indirect ownership). The Form 4 is signed by the reporting person on 08/14/2025.

Positive

• None.

Negative

• Director disposed of 2,656 shares on 08/12/2025, reducing reported beneficial ownership in the referenced RRSP account to 0 shares.
• Insider sale may be perceived negatively by some investors because it reduces an insider's stake, though the filing contains no context on motivation or other holdings.

Insights

Corporate Governance Expert

TL;DR: Director sold a small block of shares, reported properly; ownership reduced to zero in the RRSP account.

The Form 4 documents a routine insider sale by a director, with 2,656 shares disposed of at a weighted average USD price of $10.49, converted from C$14.4456 using the Bank of Canada rate cited in the filing. The sale is disclosed as indirect ownership via a Canadian RRSP. This filing fulfils Section 16 reporting obligations and contains an explanatory note about the weighted-average pricing and currency conversion. There is no additional context in the document about the reason for the sale or other holdings.

Securities Analyst

TL;DR: Transaction is a documented insider sale with limited apparent market impact given quantity reported.

The reported disposal of 2,656 shares represents a specific, disclosed transaction rather than an issuance or grant. The filing provides precise pricing information including the Canadian dollar range (C$14.44–C$14.45) and the conversion rate used (C$1.00 = US$0.7260). The disclosure is complete for Section 16 purposes but does not include broader holdings or aggregate insider ownership beyond the RRSP position noted as zero after the sale, limiting conclusions about overall insider ownership trends.

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

OMB Number:			3235-0287
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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^*

Ball Ian J

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

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	08/12/2025		S		2,656	D	$10.49(1)(2)	0	I	By Canadian RRSP Account

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

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 C$14.44 to C$14.45. 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. Converted from Canadian weighted average purchase price per share of C$14.4456 using an exchange rate of C$1.00 = US$0.7260, as reported by the Bank of Canada on August 12, 2025.

	/s/ Ian J. Ball	08/14/2025
	** 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 did Ian J. Ball report on Form 4 for McEwen Inc. (MUX)?

The Form 4 reports that Ian J. Ball sold 2,656 shares of McEwen Inc. common stock on 08/12/2025 at a weighted average price of $10.49 per share (USD), converted from C$14.44–C$14.45.

How was the sale price calculated in the MUX Form 4?

The filing states the USD price is a weighted average, converted from a Canadian weighted average purchase price of C$14.4456 using an exchange rate of C$1.00 = US$0.7260.

What ownership does the reporting person hold after the reported transaction?

Following the reported transaction, the Form 4 indicates 0 shares beneficially owned in the referenced Canadian RRSP account (indirect ownership).

When was the Form 4 signed and filed?

The signature block shows the reporting person signed the Form 4 on 08/14/2025.

Does the Form 4 state why the shares were sold?

No. The document provides transaction details and pricing but does not state the reason for the sale.