MUX insider award: 1,500 restricted stock units granted to VP Corporate Development

Rhea-AI Filing Summary

McEwen Inc. insider award: Stephan Michael Spears, listed as Vice President of Corporate Development and an officer of McEwen Inc. (MUX), was granted 1,500 restricted stock units (RSUs) on 09/08/2025. Each RSU represents a contingent right to one share of common stock or the cash value instead, at the issuer's discretion. The RSUs vest in three equal installments on November 10, 2025, December 28, 2025 and June 28, 2026. Following the award, Spears beneficially owns 1,500 shares (direct). The transaction is reported on Form 4.

Positive

• Grant of 1,500 RSUs to an officer (Stephan Michael Spears) provides alignment with shareholder interests
• Clear vesting schedule: RSUs vest in equal installments on November 10, 2025; December 28, 2025; and June 28, 2026
• Each RSU converts to one share or cash at the issuer's discretion, explicitly stated in the award terms

Negative

• None.

Insights

Financial Analyst

TL;DR: This is a routine, small equity grant to an officer with time-based vesting; minimal immediate financial impact.

The grant of 1,500 RSUs is a compensation award rather than a market transaction. At 1,500 shares, the amount is small relative to typical public-company market caps and therefore unlikely to materially affect share supply or valuation. The award vests in three installments over roughly nine months, which creates a short-term retention incentive tied to continued service. There is no exercise price; the RSUs convert to one share each or cash at the issuer's discretion, indicating a standard restricted-equity structure rather than an option-based upside play.

Corporate Governance Expert

TL;DR: A standard officer RSU grant with clear vesting schedule; governance implications are routine and disclosure is appropriate.

The Form 4 discloses a time-based award to a named officer with explicit vesting dates and the nature of the award (share or cash settlement). This meets typical disclosure expectations for executive compensation actions by insiders. The direct beneficial ownership of 1,500 RSUs is recorded, and the transaction code indicates an acquisition. There are no amendments, derivative exercises, or complex related-party arrangements disclosed here.

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^*

Spears Stephan Michael

(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)
	VP Corporate Development

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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

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)	09/08/2025		A		1,500		(2)	(2)	Common Stock	1,500	$0	1,500	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 will vest in three equal installments on each of November 10, 2025, December 28, 2025 and June 28, 2026.

	/s/ Stephan Michael Spears	09/10/2025
	** 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 McEwen Inc. (MUX) disclose about insider activity for Stephan Michael Spears?

The Form 4 reports a grant of 1,500 restricted stock units (RSUs) to Stephan Michael Spears, an officer of McEwen Inc.

When do the 1,500 RSUs granted to Stephan Michael Spears vest?

The RSUs vest in three equal installments on November 10, 2025, December 28, 2025, and June 28, 2026.

What does each restricted stock unit represent in this Form 4?

Each RSU represents a contingent right to receive one share of common stock or the cash value in lieu of shares, per the award agreement.

How many shares does Stephan Michael Spears beneficially own after the reported transaction?

Following the reported transaction, Spears beneficially owns 1,500 shares (reported as direct ownership).

Was this Form 4 filing a routine disclosure or does it show a market sale/purchase?

This Form 4 discloses a compensation grant (RSUs) rather than a market purchase or sale; transaction code indicates acquisition of award units.