[Form 4] McEwen Inc. Insider Trading Activity

Rhea-AI Filing Summary

William M. Shaver, who serves as Chief Operating Officer and a director of McEwen Inc. (MUX), was granted equity awards on 08/11/2025 consisting of a stock option and restricted stock units. The stock option gives the right to buy 80,000 shares at an exercise price of $10.43, vests in three equal annual installments beginning August 11, 2026, is exercisable through August 11, 2030, and is held directly. The restricted stock units total 6,300, represent the contingent right to one share (or cash at the issuer's discretion), and vest in three installments on December 29, 2025, June 29, 2026 and December 29, 2026.

The reported transactions are grants (acquisitions) rather than dispositions. Following the awards the filing shows beneficial ownership of 80,000 option interests and 6,300 RSUs held directly by Mr. Shaver. The disclosure is a routine insider compensation event providing equity linkage between management and common stock performance.

Positive

• 80,000 stock option grant at $10.43 promotes long-term alignment between management and shareholders
• 6,300 RSUs with staged vesting provide retention incentives and phased potential issuance through 2026

Negative

• Potential issuance of 86,300 shares (80,000 options plus 6,300 RSUs) if options are exercised and RSUs settled, which could dilute existing shareholders depending on outstanding shares

Insights

Securities Analyst

TL;DR Insider awards of 80,000 options and 6,300 RSUs create potential future issuance but are typical for executive compensation.

The stock option at a $10.43 exercise price and time-based vesting aligns long-term incentive with shareholder value. The option expiration in 2030 provides a multi-year performance horizon while the RSU schedule begins providing settlement in late 2025 and continues through 2026. From a capital-impact perspective these are grants, not sales, so immediate selling pressure is unlikely; the materiality depends on McEwen's outstanding share count which is not provided in this filing.

Corporate Governance Expert

TL;DR Grants follow standard governance practices: time-based vesting and direct ownership encourage retention and alignment.

The awards include explicit vesting schedules and an issuer-discretion clause for RSU settlement method, which is standard. Vesting staggered across 2025–2026 for RSUs and starting 2026 for options reduces short-term concentration risk and supports retention. The filing documents direct beneficial ownership; there are no sales, accelerations, related-party transactions, or changes to officer status 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

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^*

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)
08/11/2025

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
Stock Option (right to buy)	$10.43	08/11/2025		A		80,000		(1)	08/11/2030	Common Stock	80,000	$0	80,000	D
Restricted Stock Units	(2)	08/11/2025		A		6,300		(3)	(3)	Common Stock	6,300	$0	6,300	D

Explanation of Responses:

1. The option vests in three equal annual installments, beginning August 11, 2026.

2. 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.

3. The restricted stock units will vest in three equal installments on each of December 29, 2025, June 29, 2026 and December 29, 2026.

	/s/ William M. Shaver	08/13/2025
	** 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 equity awards did William M. Shaver receive in the Form 4 for MUX?

The Form 4 reports a grant of a stock option for 80,000 shares at an exercise price of $10.43 and 6,300 restricted stock units (RSUs) on 08/11/2025.

When do the option and RSU awards vest and when does the option expire?

The option vests in three equal annual installments starting August 11, 2026 and expires on August 11, 2030. The RSUs vest in three installments on December 29, 2025, June 29, 2026 and December 29, 2026.

How are the RSUs settled according to the filing?

Each RSU represents a contingent right to receive one share of common stock or the cash value thereof, at the issuer's Compensation, Nominating & Corporate Governance Committee discretion.

Did the filing report these as acquisitions or dispositions?

Both awards are reported as acquisitions (A) of derivative securities in Table II; there are no dispositions reported in this Form 4.

Does the Form 4 indicate whether the awards are held directly or indirectly?

The filing indicates the awards are held directly (D) by William M. Shaver.