MUX Form 4: Michelle Makori Receives 20,000 Options, Vesting 2026–2028

Rhea-AI Filing Summary

McEwen Inc. (MUX) director Michelle Makori was granted 20,000 stock options with an exercise price of $10.43 on 08/11/2025. The options are exercisable for common stock, held directly, and the grant leaves the reporting person with 20,000 derivative securities following the transaction.

The options vest in three equal annual installments beginning on August 11, 2026 and carry an expiration date of 08/11/2030. This filing records a standard equity grant to a director: it details the grant size, strike price, vesting schedule and expiration but contains no additional cash sales, purchases or other compensation adjustments.

Insights

Corporate Governance Expert

TL;DR: Director received a 20,000-option grant with multi-year vesting; disclosure is routine and provides transparency on insider compensation.

The filing shows Michelle Makori, identified as a director, acquired 20,000 stock options at an exercise price of $10.43, held directly. The grant vests in three equal annual installments starting 08/11/2026 and expires 08/11/2030. From a governance perspective, the disclosure is complete for this single grant: it states the amount, price, vesting schedule and ownership form, allowing investors to assess potential future dilution and alignment of the director with shareholder interests.

Securities/Insider-Transactions Analyst

TL;DR: Reported transaction is a straightforward director option grant; it does not, by itself, indicate material change in ownership or control.

The Form 4 documents an acquisition (A) of derivative securities: 20,000 options exercisable into common stock, strike $10.43, vesting over three years from 08/11/2026, expiring 08/11/2030, with 20,000 held following the transaction and ownership shown as direct. There are no reported disposals, sales, or additional transactions in this filing. Based solely on the disclosed figures, the grant appears routine and is presented with the standard required details for market transparency.

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^*

Makori Michelle

(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)
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		20,000		(1)	08/11/2030	Common Stock	20,000	$0	20,000	D

Explanation of Responses:

1. The options vest in three equal annual installments, beginning on August 11, 2026.

	/s/ Michelle Makori	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 insider transaction did McEwen Inc. (MUX) disclose?

The Form 4 reports that director Michelle Makori was granted 20,000 stock options on 08/11/2025.

What is the exercise price for the options reported on the MUX Form 4?

The reported options have an exercise price of $10.43 per share.

When do the options vest and when do they expire according to the filing?

The options vest in three equal annual installments beginning August 11, 2026 and expire on 08/11/2030.

How many derivative securities does the reporting person own after the transaction?

The reporting person beneficially owns 20,000 derivative securities following the reported transaction.

What is the reporting person’s relationship to McEwen Inc. (MUX)?

The Form 4 identifies the reporting person, Michelle Makori, as a director of McEwen Inc.