Insider Grant: MUX VP Receives 40,000 Options and 3,600 RSUs

Rhea-AI Filing Summary

Stephan Michael Spears, reporting as an officer of McEwen Inc. (MUX), disclosed equity awards granted on 08/11/2025. The filing shows an acquisition of 40,000 stock options with an exercise price of $10.43 and 3,600 restricted stock units (RSUs), both reported as direct ownership. The option award vests in three equal annual installments beginning August 11, 2026. Each RSU represents a contingent right to one share or cash and will vest in three installments on Dec 29, 2025, Jun 29, 2026 and Dec 29, 2026.

The filing is an individual Form 4 for the issuer McEwen Inc. (ticker MUX) with the earliest transaction date stated as 08/11/2025 and the form signed on 08/13/2025. The report identifies Spears as an officer with the title VP Corporate Development. No dispositions, cash payments, or other transactions are reported in this filing.

Positive

• 40,000 stock options granted with an explicit $10.43 exercise price and stated vesting schedule
• 3,600 RSUs granted with clear vesting dates and an explicit cash-or-share settlement provision
• Direct ownership reported and the reporting officer title (VP Corporate Development) disclosed

Negative

• None.

Insights

Securities Analyst

TL;DR: Officer received stock-based compensation; standard vesting schedules reduce immediate dilution risk.

The Form 4 documents a compensation grant to an officer: 40,000 options at $10.43 and 3,600 RSUs, both reported as direct holdings. Vesting occurs over multiple installments, which aligns executive incentives with multi-year performance without immediate share issuance. The options carry a future exercise event subject to vesting; the RSUs may convert to shares or cash per the award terms. From an investor perspective, this is a routine insider grant disclosure rather than an executable sale or material change to capital structure.

Corporate Governance Expert

TL;DR: Grant terms and explicit vesting dates provide transparency; disclosure is routine and compliant.

The filing clearly states the officer role (VP Corporate Development), transaction date (08/11/2025), and vesting mechanics for both the option and RSU awards. The RSUs include a cash-or-stock conversion right as specified in the award agreement, and vesting is staggered across specific calendar dates. Signature and reporting are present (08/13/2025), meeting Form 4 requirements. This disclosure helps stakeholders track potential future dilution and alignment of executive incentives but does not itself signal governance concerns.

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).

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)
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		40,000		(1)	08/11/2030	Common Stock	40,000	$0	40,000	D
Restricted Stock Units	(2)	08/11/2025		A		3,600		(3)	(3)	Common Stock	3,600	$0	3,600	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/ Stefan Michael Spears	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.
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FAQ

What did McEwen Inc. (MUX) report on Form 4 for 08/11/2025?

The Form 4 reports the acquisition of 40,000 stock options at $10.43 and 3,600 RSUs by reporting person on 08/11/2025.

Who is the reporting person on the MUX Form 4 filing?

The filing names Spears Stephan Michael as the reporting person and the signature shows Stefan Michael Spears; the individual is listed as an officer with title VP Corporate Development.

When do the 40,000 options and 3,600 RSUs vest according to the filing?

The options vest in three equal annual installments beginning August 11, 2026. The RSUs vest in three installments on Dec 29, 2025, Jun 29, 2026 and Dec 29, 2026.

How are the RSUs settled under the McEwen (MUX) award agreement?

Each RSU represents a contingent right to receive one share of common stock or the cash value thereof, at the issuer's discretion as set forth in the award agreement.

What form was filed and when was it signed?

An individual Form 4 was filed reporting transactions dated 08/11/2025 and the form is signed on 08/13/2025.