MUX Insider: Brissenden Exercises Options and Executes Open-Market Sales

Rhea-AI Filing Summary

Insider transactions by Richard W. Brissenden at McEwen Inc. (MUX) show multiple option exercises and open-market sales on 09/22/2025. Mr. Brissenden exercised a $1.25 option for 7,500 shares that was nearing its 09/28/2025 expiration and a $7.10 option for 8,334 shares (vesting schedule noted). He sold 6,428 shares at a weighted average price of $14.8885 and 4,775 shares at a weighted average price of $14.8834. After these trades he beneficially owned 12,964 shares and held 8,333 exercisable shares from the $7.10 option.

Positive

• Exercise of near-expiring option: 7,500-share option at $1.25 was exercised before its 09/28/2025 expiration
• Disclosure clarity: Form includes weighted-average price explanations and vesting schedule details

Negative

• Insider sales: 11,203 shares sold on 09/22/2025 at weighted average prices of $14.8885 and $14.8834, reducing holdings
• Reduced direct holdings: Beneficial ownership after transactions is 12,964 shares, lower than pre-transaction totals reported

Insights

Financial Analyst

TL;DR: Insider exercised near-expiring option and sold portions of holdings; net position changed but appears routine.

The reporting shows timely exercise of a $1.25 option for 7,500 shares immediately before expiration and exercise/vesting activity for a $7.10 option covering 8,334 shares. Offset by open-market sales totaling 11,203 shares at weighted average prices near $14.89, the reporting person still holds 12,964 shares plus 8,333 exercisable option shares. This pattern — exercise followed by partial sale — is consistent with liquidity management around option expirations rather than a corporate event. Impact on outstanding float is likely immaterial based on disclosed quantities alone.

Corporate Governance Expert

TL;DR: Form 4 discloses timely compliance and clearly explains weighted-average sale prices; no governance red flags disclosed.

The Form 4 is complete and includes required explanations for weighted-average sale prices across multiple transactions. It discloses the reporting persons status as a director and shows exercises and sales on a single date, with vesting schedules for option grants noted. There are no indications of rule non-compliance, related-party transactions, or unusual delegation of authority. From a governance perspective, the filing meets disclosure expectations for Section 16 insiders.

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

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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^*

Brissenden Richard W.

(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)
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		7,500	A	$1.25	15,833	D
Common Stock	09/22/2025		S		6,428	D	$14.8885(1)	9,405	D
Common Stock	09/22/2025		M		8,334	A	$7.1	17,739	D
Common Stock	09/22/2025		S		4,775	D	$14.8834(2)	12,964	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	09/22/2025		M			7,500	(3)	09/28/2025	Common Stock	7,500	$0	0	D
Stock Option (right to buy)	$7.1	09/22/2025		M			8,334	(4)	06/28/2028	Common Stock	8,334	$0	8,333	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 $14.85 to $15.025. 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 price reported in Column 4 is a weighted average price. The Reporting Person sold shares in multiple transactions at prices ranging from $14.85 to $14.915. 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.

3. The option vested in three equal annual installments, beginning September 29, 2021.

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

Remarks:

This Form 4 includes the exercise of an option to purchase 7,500 shares of the Issuer's common stock granted in 2020 that was nearing its September 28 expiration date.

	/s/ Richard W. Brissenden	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 Richard W. Brissenden report on Form 4 for MUX?

He exercised a $1.25 option for 7,500 shares and a $7.10 option for 8,334 shares, and sold 6,428 and 4,775 shares on 09/22/2025.

How many shares did Brissenden sell and at what prices?

He sold 11,203 shares (6,428 and 4,775) at weighted average prices of $14.8885 and $14.8834, respectively.

What was Brissenden's beneficial ownership after the reported transactions?

Beneficially owned 12,964 shares directly and held 8,333 exercisable shares under the $7.10 option following the reported activity.

Did the Form 4 explain the sale price ranges?

Yes. The filing states the reported sale prices are weighted averages from multiple transactions ranging $14.85 to $15.025 and $14.85 to $14.915, with an undertaking to provide details on request.

Was the filing timely and properly signed?

Yes. The Form 4 is signed by Richard W. Brissenden and dated 09/24/2025, and includes required disclosures and explanations.