MUX Form 4: CEO exercises 500,000 options, sells 50,000 shares at ~$14.35

Rhea-AI Filing Summary

Robert R. McEwen, Chairman and CEO of McEwen Inc. (MUX), exercised stock options and reported related open-market sales. He exercised an option to acquire 500,000 common shares at an exercise price of $1.25 per share, and immediately sold 50,000 shares at a weighted-average price of $14.3467. After these transactions, Mr. McEwen directly beneficially owned 500,000 shares; an additional 8,236,647 shares are held indirectly by a corporation wholly owned by him (2190303 Ontario Inc.), and 35,280 shares are held indirectly by his spouse. The filing notes the option vested in three equal annual installments beginning September 29, 2021, and that the option was nearing its September 28 expiration.

Positive

• Option exercise documented: 500,000 shares acquired via exercise at $1.25 per share
• Clear beneficial ownership disclosure: 8,236,647 shares held indirectly by a wholly owned corporation and 35,280 by spouse
• Vesting and expiration information provided: option vested in three equal annual installments beginning September 29, 2021, and was nearing September 28 expiration

Negative

• Reported sale of shares: 50,000 shares sold at a weighted-average price of $14.3467 (range $13.69–$14.6625) as disclosed
• Weighted-average sale price requires breakdown: the filer states multiple sale prices and offers to provide tranche-level detail upon request

Insights

Securities Analyst

TL;DR: Reporting person exercised options for 500,000 shares at $1.25 and sold 50,000 shares at a weighted-average $14.3467.

The filing documents a routine option exercise and partial disposition. The exercise price of $1.25 per share converted an in-the-money option into 500,000 common shares, which are reported as directly owned post-transaction. A sale of 50,000 shares at a weighted-average price of $14.3467 was disclosed with a price range provided for the multiple sale tranches. The report also clarifies substantial indirect holdings via a wholly owned corporation (8,236,647 shares) and holdings by the reporting person’s spouse (35,280 shares). For investors, these are disclosure-level events showing insider option exercise activity and a modest sale amount relative to total indirect holdings.

Corporate Governance Expert

TL;DR: Exercise and sale are disclosed clearly; indirect ownership structure and vesting/expiry details are documented.

The Form 4 provides appropriate disclosures around beneficial ownership and transaction details. The filing identifies the reporting person’s roles (Chairman and CEO, director, >10% owner) and specifies the indirect ownership vehicle (2190303 Ontario Inc.) along with the option vesting schedule and imminent expiration. The note promising to provide breakdowns of sale prices by tranche is consistent with transparency expectations. No governance red flags or compliance omissions are evident from the disclosed items.

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^*

McEwen Robert Ross

(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	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

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		500,000	A	$1.25	500,000	D
Common Stock	09/19/2025		S		50,000	D	$14.3467(1)	450,000	D
Common Stock								8,236,647	I	By corporation(2)
Common Stock								35,280	I	By Spouse

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			500,000	(3)	09/28/2025	Common Stock	500,000	$0	0	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. Mr. McEwen sold shares in multiple transactions at prices ranging from $13.69 to $14.6625. Mr. McEwen 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. These shares are held by 2190303 Ontario Inc., which is a corporation wholly owned by Robert R. McEwen.

3. 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/ Robert Ross McEwen	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.
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FAQ

What transactions did Robert R. McEwen report on Form 4 for MUX?

He exercised an option to acquire 500,000 common shares at $1.25 per share and sold 50,000 shares at a weighted-average price of $14.3467.

How many McEwen Inc. shares does Mr. McEwen beneficially own after these transactions?

Directly: 500,000 shares; Indirectly: 8,236,647 shares held by 2190303 Ontario Inc.; Indirect spouse holdings: 35,280 shares.

What is the nature of the indirect ownership reported by Mr. McEwen?

8,236,647 shares are held by 2190303 Ontario Inc., a corporation wholly owned by Robert R. McEwen; 35,280 shares are held by his spouse.

What were the sale prices for the disposed shares?

The filing reports a weighted-average sale price of $14.3467 for 50,000 shares, with individual sale prices ranging from $13.69 to $14.6625; the filer offers to provide tranche-level details on request.

What details are provided about the exercised option’s vesting and expiration?

The option vested in three equal annual installments starting September 29, 2021, and was nearing its September 28 expiration.