MUX insider exercise of 210K options and partial sale at $14.34 avg

Rhea-AI Filing Summary

Carmen L. Diges, General Counsel and Corporate Secretary of McEwen Inc. (MUX), exercised 210,000 stock options at a $1.25 exercise price and simultaneously sold 21,000 shares at a weighted-average price of $14.3446 on 09/19/2025. The option exercise increased reported direct beneficial ownership to 236,096 shares before the sale and to 215,096 shares after the sale. The exercised options were part of a grant that vested in three equal annual installments beginning 09/29/2021 and were nearing their 09/28/2025 expiration.

Positive

• Exercise of 210,000 options at $1.25 demonstrates realization of compensation value
• Retained direct beneficial ownership of 215,096 shares after the sale, maintaining meaningful insider stake
• Clear disclosure of weighted-average sale price range and offer to provide per-price detail on request supports transparency

Negative

• Sale of 21,000 shares reduced direct ownership and represents insider liquidity
• Options were near expiration (09/28/2025), indicating timing driven by vesting/expiration rather than new confidence signal

Insights

Securities Analyst

TL;DR: Routine option exercise with a partial sale produces realized proceeds while leaving material insider ownership intact.

The reported activity is typical: the reporting person exercised 210,000 options at $1.25, then sold 21,000 shares at a weighted-average price of $14.3446. The sale likely realized gains given the exercise price, yet the reporting person retained over 215,000 shares directly plus indirect holdings. For investors, this is a non-extraordinary liquidity event rather than an indicator of governance or operational stress.

Corporate Governance Expert

TL;DR: Insider exercise and sale are disclosed clearly; transaction timing aligns with option expiration.

The Form 4 discloses an exercise of near-expiring options (grant vested in three equal installments starting 09/29/2021; expiration 09/28/2025), followed by a sale of a portion of the resulting shares. Disclosure includes weighted-average sale price range and an undertaking to provide per-price breakouts on request, which supports transparency. This is a routine executive liquidity action with standard disclosure practice.

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^*

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)

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		210,000	A	$1.25	236,096	D
Common Stock	09/19/2025		S		21,000	D	$14.3446(1)	215,096	D
Common Stock								5,000	I	by Diges Professional Corporation
Common Stock								7,500	I	by Pleasant Memories Enterprises Inc.

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			210,000	(2)	09/28/2025	Common Stock	210,000	$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 Form 4 reports the exercise of an option granted in 2020 that was nearing its September 28 expiration date.

	/s/ Carmen L. Diges	09/23/2025
	** 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 the McEwen insider transaction (MUX) report show?

The report shows Carmen L. Diges exercised 210,000 options at $1.25 and sold 21,000 shares at a weighted-average price of $14.3446 on 09/19/2025.

How many McEwen (MUX) shares did the insider own after the transactions?

Following the transactions, the reporting person beneficially owned 215,096 shares directly, plus 5,000 and 7,500 shares indirectly through two entities.

Were the exercised options subject to any vesting or expiration conditions?

The options vested in three equal annual installments beginning 09/29/2021, and the grant was nearing its 09/28/2025 expiration.

At what prices were the sold shares executed in the MUX Form 4?

The sale price is reported as a weighted-average $14.3446, with individual sale prices ranging from $13.71 to $14.6579; the filer offers to provide per-price details on request.

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

Carmen L. Diges is listed as General Counsel and Corporate Secretary and is an officer of the issuer.