MUX Insider Trade: 13,333-Share Sale at $14.89 Avg; Option at $7.10

Rhea-AI Filing Summary

Jeffrey Chan, Vice President - Finance at McEwen Inc. (MUX), reported transactions on 09/22/2025. The filing shows he acquired a stock option covering 13,333 shares with an exercise price of $7.10 and an exercisable schedule that vests in three equal annual installments beginning 06/29/2024, and that after the option his direct beneficial ownership of the option equals 13,333 underlying shares. On the same date he sold 13,333 common shares in multiple transactions at a weighted-average price of $14.8898 (individual sale prices ranged $14.59–$15.103). Following the reported trades his direct common stock holdings are shown as 2,267 shares and he holds options underlying 13,333 shares (6,667 shown exercisable now). The filing is a routine Section 16 disclosure of insider exercises and sales.

Positive

• Acquisition of a stock option covering 13,333 shares at an exercise price of $7.10, providing potential future upside.
• Full disclosure of weighted-average sale price and willingness to provide detailed trade pricing demonstrates compliance with SEC reporting norms.

Negative

• Disposition of 13,333 common shares reduced direct common stock holdings to 2,267 shares.
• Sales executed at market indicate insider liquidity-taking rather than additional long-term share accumulation.

Insights

Financial Analyst

TL;DR: Insider exercised options at $7.10 and sold an equal number of shares at ~$14.89, realizing a spread but ending with limited direct stock holdings.

The reporting shows an option-related acquisition alongside contemporaneous share dispositions. Exercising or receiving options at $7.10 and selling shares at a weighted average of $14.8898 implies the reporting person monetized equity while maintaining option-based upside. The size of the transactions (13,333 shares/options) is modest in absolute terms for a publicly traded company, but it is material at the individual insider level and informative about timing and liquidity actions. No other financial results or company-level guidance are disclosed in this Form 4.

Corporate Governance Expert

TL;DR: The Form 4 documents standard insider activity—option vesting/exercise and an offsetting sale—consistent with routine equity compensation management.

The document details an officer-level reporting of stock option vesting and a sale of an equal number of shares. The explanation notes a weighted-average sale price range and provides an undertaking to supply granular sale-by-sale information on request, complying with disclosure norms. There is no indication of unusual timing, related-party transactions, or departures from Section 16 reporting requirements. Impact on control or governance appears negligible based on the reported post-transaction holdings.

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
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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).

1. Name and Address of Reporting Person^*

Chan Jeffrey

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP - Finance

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

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
Common Stock	09/22/2025		M		13,333	A	$7.1	15,600	D
Common Stock	09/22/2025		S		13,333	D	$14.8898(1)	2,267	D

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)	$7.1	09/22/2025		M			13,333	(2)	06/28/2028	Common Stock	13,333	$0	6,667	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The Reporting Person sold shares in multiple transactions at prices ranging from $14.59 to $15.103. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

2. The option vests in three equal annual installments, beginning June 29, 2024.

	/s/ Jeffrey Chan	09/24/2025
	** 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 transactions did the McEwen Inc. (MUX) reporting person make on 09/22/2025?

Jeffrey Chan acquired a stock optionsold 13,333 common shares at a weighted-average price of $14.8898 on 09/22/2025.

How many shares does Jeffrey Chan directly own after these transactions?

Following the reported transactions, the filing shows Mr. Chan directly owns 2,267 common shares.

What are the terms and vesting for the option reported in the Form 4?

The option has an exercise price of $7.10, vests in three equal annual installments beginning 06/29/2024, and covers 13,333 underlying shares.

At what prices were the sold shares executed?

The filing reports a weighted-average sale price of $14.8898, with individual sale prices ranging from $14.59 to $15.103; the filer offered to provide detailed per-trade prices on request.

Does this Form 4 indicate any change in officer status or control at MUX?

No. The Form 4 documents insider transactions by Jeffrey Chan, who is listed as VP - Finance; it does not report any change in role or control.