[Form 4] McEwen Inc. Insider Trading Activity

McEwen Inc. (MUX) officer Stephan Michael Spears, VP Corporate Development, reported an option exercise and share sale involving the company’s common stock.

Rhea-AI Filing Summary

McEwen Inc. (MUX) officer Stephan Michael Spears, VP Corporate Development, reported an option exercise and share sale involving the company’s common stock. On 09/19/2025, he exercised 12,600 stock options at an exercise price of $1.25 per share and acquired the same number of common shares. That same day, he disposed of 12,600 common shares in an open-market sale at a weighted average price of $14.3477 per share, with individual trades ranging from $13.71 to $14.65. Following these transactions, Spears beneficially owned 3,814 shares of McEwen common stock directly. The filing notes that the reported option was granted in 2020, vested in three equal annual installments beginning on September 29, 2021, and was nearing its September 28, 2025 expiration date, with figures adjusted for McEwen’s 10-for-1 reverse stock split effective July 28, 2022.

Insider Trade Summary

Exercise and Sale: 12,600 shares ($165K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Spears Stephan Michael

Role VP Corporate Development

Sold 12,600 shs ($181K)

Approx. gross sale proceeds $181K

Approx. exercise cost $16K

Approx. pre-tax spread $165K

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	12,600	$0.00	$0.00
Exercise	Common Stock	12,600	$1.25	$16K
Sale	Common Stock	12,600	$14.3477	$181K

Holdings After Transaction: Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 3,814 shares (Direct)

Footnotes (2)

1. F1. The price reported in Column 4 is a weighted average price. The Reporting Person sold shares in multiple transactions at prices ranging from $13.71 to $14.65. 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. F2. The option vested in three equal annual installments, beginning September 29, 2021.

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Accepted by SEC EDGAR 11/19/2025 - 06:50 PM Learn about SEC filing dates

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^*

Spears Stephan Michael

(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 Corporate Development

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

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	09/19/2025		M		12,600	A	$1.25	16,414	D
Common Stock	09/19/2025		S		12,600	D	$14.3477(1)	3,814	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)	$1.25	09/19/2025		M			12,600	(2)	09/28/2025	Common Stock	12,600	$0	0	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 $13.71 to $14.65. 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 vested in three equal annual installments, beginning September 29, 2021.

Remarks:

This Form 4 reports the exercise of an option granted in 2020 that was nearing its September 28 expiration date. The number of stock options and underlying shares of common stock reported herein have been adjusted to account for the Issuer's 10-for-1 reverse stock split that became effective on July 28, 2022.

	/s/ Stephan Michael Spears	11/19/2025
	** 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.
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