MUX Form 4: 2,600 Restricted Stock Units Issued to COO William Shaver

Rhea-AI Filing Summary

William M. Shaver, Chief Operating Officer and director of McEwen Inc. (MUX), was granted 2,600 restricted stock units (RSUs) on 09/08/2025. Each RSU represents a contingent right to one share of common stock or its cash value at the committee's discretion. The RSUs vest in three approximately equal installments on November 10, 2025, December 28, 2025 and June 28, 2026. Following the grant, Mr. Shaver beneficially owns 2,600 shares on a direct basis attributable to these units. The reported grant shows a $0 price per unit under the award terms. The Form 4 was signed by Mr. Shaver on 09/10/2025.

Positive

• Time-based vesting over three dates supports executive retention through mid-2026
• Alignment with shareholders via RSUs that convert to common shares links pay to equity performance

Negative

• Potential dilution exists if RSUs are settled in shares, though materiality is unclear from this filing
• Settlement discretion (shares or cash) by the Compensation Committee reduces predictability of share issuance

Insights

Corporate Governance Expert

TL;DR: Routine executive equity award intended for retention and alignment with shareholders, with time-based vesting over three dates.

The 2,600 RSU grant to the COO/director is a standard compensation mechanism that ties executive pay to company equity. Time-based vesting in three installments encourages continued service through mid-2026 and aligns executive incentives with shareholder outcomes. The award may be settled in shares or cash at the Compensation Committee's discretion, which is a common flexibility but reduces transparency about future share issuance. On its face, the transaction appears immaterial to capital structure given the small number of units disclosed.

Executive Compensation Analyst

TL;DR: Modest-sized RSU grant with standard vesting; supports retention but offers limited immediate economic impact.

2,600 RSUs vesting across November 2025, December 2025 and June 2026 represent a near-term retention tool. The $0 reported price indicates these are awards, not purchases. Because each RSU converts to one share (or cash), the potential dilution depends on total share count, which is not provided here. The award is customary for officers and directors and does not, by itself, signal a change in strategy or compensation philosophy.

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)
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		2,600		(2)	(2)	Common Stock	2,600	$0	2,600	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 approximately equal installments on each of November 10, 2025, December 28, 2025 and June 28, 2026.

	/s/ William M. Shaver	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

Who received the award disclosed on this Form 4 for MUX?

The award was granted to William M. Shaver, the Chief Operating Officer and a director of McEwen Inc.

What type and amount of security was reported on the Form 4 for MUX?

The Form 4 reports 2,600 restricted stock units (RSUs), each representing a contingent right to one share of common stock or its cash value.

When do the RSUs vest according to the filing?

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

What was the price reported for the RSU award on the Form 4?

The reported price for the RSU award is $0, indicating these were granted rather than purchased.

When was the Form 4 signed by the reporting person?

The Form 4 was signed by William M. Shaver on 09/10/2025.