MUX Director Stephen Kaszas Reports 726 DSUs Acquisition

Rhea-AI Filing Summary

McEwen Inc. (MUX) director Stephen Douglas Kaszas reported an acquisition of 726 deferred stock units on 09/08/2025. Each deferred stock unit represents the right to receive one share of McEwen common stock. The units are fully vested and will be delivered to Mr. Kaszas upon his termination of continuous service on the Board, unless he elects to defer delivery beyond that date. The Form 4 was signed on 09/10/2025 and was filed as an individual report by one reporting person. No exercise price applies because these are deferred stock units rather than options.

Positive

• 726 deferred stock units were acquired and are fully vested, providing clear disclosure of director compensation
• Each deferred stock unit equals one share of common stock, making the economic interest straightforward and transparent

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received 726 fully vested deferred stock units payable at termination of board service.

The filing documents a routine director compensation event: 726 deferred stock units were recorded as acquired on 09/08/2025 and are fully vested. Because delivery is tied to termination of continuous service, the units function as deferred compensation rather than immediate equity, which aligns director pay with future service or departure timing. The Form 4 discloses no conversion price and indicates direct ownership of 726 underlying shares upon settlement. This is a governance-level disclosure with limited immediate market impact.

Securities Analyst

TL;DR: Reporting shows acquisition of 726 DSUs, representing 726 shares to be issued on settlement.

The transaction reported is non-derivative in nature: 726 deferred stock units were acquired and are recorded as direct beneficial ownership of 726 common shares following the transaction. The units carry $0 price in the filing, consistent with deferred compensation accounting. The report does not provide context on total shares outstanding, material dilution, or cash impact, so its financial significance cannot be quantified from this filing alone.

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^*

Kaszas Stephen Douglas

(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)
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
Deferred Stock Units	(1)	09/08/2025		A		726		(2)	(2)	Common Stock	726	$0	726	D

Explanation of Responses:

1. Each deferred stock unit represents a right to receive one share of the Issuer's common stock.

2. The deferred stock units are fully vested and will be delivered to the reporting person on the date of the reporting person's termination of continuous service from the Issuer's Board of Directors (the "Board"), subject to the reporting person's right to elect to defer delivery of the deferred stock units beyond the date of the reporting person's termination of continuous service from the Board.

	/s/ Stephen Douglas Kaszas	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) report on Form 4 filed by Stephen Douglas Kaszas?

The Form 4 reports the acquisition of 726 deferred stock units on 09/08/2025, signed on 09/10/2025.

What is a deferred stock unit in this filing for MUX?

The filing states each deferred stock unit represents a right to receive one share of common stock upon settlement.

When will the 726 deferred stock units be delivered to the reporting person?

The units are fully vested and will be delivered upon the reporting person's termination of continuous service on the Board, unless he elects to defer delivery.

Does the Form 4 show any exercise price for these units?

No exercise price applies; the filing shows a price of $0, reflecting that these are deferred stock units rather than options.

Was this Form 4 filed individually or jointly?

The form was filed by one reporting person (individual filing).