MUX Insider: Ian J. Ball Receives 20,000 Options, Vesting from 2026 to 2030

Rhea-AI Filing Summary

McEwen Inc. reporting person Ian J. Ball, a director, acquired derivative securities in the form of stock options. The Form 4 shows an acquisition of 20,000 stock options with an exercise price of $10.43. The transaction date recorded is 08/11/2025, and the options vest in three equal annual installments beginning on August 11, 2026. The options have an expiration date listed as 08/11/2030 and are reported as directly owned following the transaction. The filing does not disclose any cash payment amount for the grant beyond the stated exercise price or any change in other holdings.

Insights

Corporate Governance Expert

TL;DR: Routine director option grant aligns management incentives but appears nondilutive at this scale.

The reported acquisition is a standard equity compensation event: a director received 20,000 options exercisable at $10.43 that vest over three years starting August 11, 2026, and expire August 11, 2030. From a governance perspective, timed multi-year vesting helps align the director's interests with long-term shareholder value and retention of board members.

This transaction is typical for board-level equity awards and, absent unusually large aggregate grants elsewhere, is unlikely to materially change shareholder dilution or control. The filing shows direct ownership, so there are no intermediary structures affecting beneficial ownership disclosure.

Securities Analyst

TL;DR: Transaction is informational for monitoring insider alignment; it is not a material market-moving event by itself.

Key deal terms are clear: 20,000 options with a $10.43 exercise price, vesting in three equal annual tranches beginning 08/11/2026, and expiring 08/11/2030. The Form 4 documents an acquisition (grant) rather than a sale, indicating the director increased potential future economic exposure to the company.

For investors, this is useful transparency on insider incentives but does not, on its own, change the company’s financials or outstanding share count until options are exercised. No cash consideration or immediate share issuance is reported in this filing.

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^*

Ball Ian J

(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/ Ian J. Ball	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 Ian J. Ball report for McEwen Inc. (MUX)?

The filing reports an acquisition of 20,000 stock options by director Ian J. Ball with an exercise price of $10.43 on 08/11/2025.

When do the granted options vest and when do they expire?

The options vest in three equal annual installments beginning on August 11, 2026, and have an expiration date of 08/11/2030.

Are the options held directly or indirectly by the reporting person?

The Form 4 indicates the options are directly owned (D) by the reporting person following the reported transaction.

Does the Form 4 show any sale of securities by the reporting person?

No. The reported transaction is an acquisition (grant of options); there are no sales disclosed in this filing.

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

The reported exercise price is $10.43 per share for the 20,000 options.