MUX Form 4: Director Asterbadi Granted 726 Deferred Stock Units

Rhea-AI Filing Summary

McEwen Inc. (MUX) director Dalia Nadine Asterbadi reported a grant of 726 deferred stock units on 09/08/2025. Each deferred stock unit represents the right to receive one share of the company's common stock. The units are fully vested and carry a $0 purchase price; they will be delivered to the reporting person upon termination of continuous service on the Board unless she elects to defer delivery beyond that date. The Form 4 was signed on 09/10/2025 and filed to disclose this change in beneficial ownership.

Positive

• 726 deferred stock units granted and reported, indicating compensation alignment with shareholder interests
• Units are fully vested, so no future vesting contingencies are required for delivery upon termination of service

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A director received 726 fully vested deferred stock units payable at termination, disclosed via Form 4.

The filing documents a routine director compensation event: 726 deferred stock units, each convertible to one common share, granted and fully vested. The units carry no cash purchase price and are payable upon the director's termination of service, subject to deferral election. For governance review, this is a standard equity-based retention/compensation mechanism that ties future share delivery to continued service. There is no indication of immediate dilution from issuance since delivery is deferred and no conversion date has occurred.

Securities Analyst

TL;DR: Filing shows a non-cash, vested equity award of 726 shares to a director, disclosed under Section 16.

The transaction code indicates an acquisition (A) of deferred stock units on 09/08/2025 with a reported price of $0, resulting in 726 shares beneficially owned following the transaction. This is a disclosure of beneficial ownership change by an insider rather than a market sale or purchase. The amount is modest relative to public-company share counts and does not reflect cash flow or immediate market activity. The Form 4 properly documents timing and ownership form as direct.

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
Estimated average burden
hours per response:			0.5

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^*

Asterbadi Dalia Nadine

(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/ Dalia Nadine Asterbadi	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. insider Dalia Nadine Asterbadi report on Form 4 (MUX)?

She reported the acquisition of 726 deferred stock units on 09/08/2025, each representing a right to one share of common stock.

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

The units are payable to the reporting person on the date of her termination of continuous service from the Board, subject to any election to defer delivery.

What was the price for the deferred stock units reported on the Form 4?

The reported price for the deferred stock units is $0.

Are the deferred stock units vested or subject to future vesting?

The filing states the deferred stock units are fully vested.

What is the filing date and signature date on the Form 4?

The Form 4 transaction date is 09/08/2025 and the signature date is 09/10/2025.