MUX insider grant: 10,000 stock options to director John Florek, vesting 2026–2028

Rhea-AI Filing Summary

John Casimir Florek, a director of McEwen Inc. (MUX), was granted 10,000 stock options with an exercise price of $10.43. The transaction is recorded with an effective date of 08/11/2025. The options are classified as a stock option (right to buy) and are held directly by Mr. Florek following the reported transaction.

The award vests in three equal annual installments beginning 08/11/2026 and expires on 08/11/2030. In practical terms, the grant ties part of a director's potential compensation to the company's share price, while the staggered vesting delays any immediate exercise; full realization would require exercise at or above the $10.43 strike and would introduce up to 10,000 additional shares on exercise.

Positive

• 10,000 stock options granted to director John Casimir Florek, supporting alignment of director and shareholder interests
• Time-based vesting in three equal annual installments beginning 08/11/2026, which staggers potential dilution

Negative

• Potential dilution of up to 10,000 shares if options are exercised
• Strike price set at $10.43 requires share price appreciation above this level for intrinsic value to accrue

Insights

Corporate Governance Expert

TL;DR: Routine director option grant aligns interests but is standard governance practice; not materially transformative.

The Form 4 documents a standard equity-based compensation grant to a director rather than a secondary market transaction. The 10,000 option award with a $10.43 strike and three-year vesting schedule is consistent with using equity to align director incentives with shareholder performance. Because the grant vests over time and is exercisable through 08/11/2030, immediate dilution is limited; materiality depends on company capitalization but the disclosure itself is a routine governance event.

Compensation Analyst

TL;DR: Standard compensation structure—time-based vesting and multi-year exercise window; creates potential dilution only upon exercise.

The award is a non-derivative option granting the right to acquire 10,000 common shares at $10.43. Vesting in three equal annual installments beginning one year after grant is typical for director stock awards and supports retention. The option expiration in 2030 provides a multi-year horizon for value realization. Financial impact will materialize only if the options are exercised and depends on future share price movements and company capitalization.

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^*

Florek John Casimir

(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		10,000		(1)	08/11/2030	Common Stock	10,000	$0	10,000	D

Explanation of Responses:

1. The option vests in three equal annual installments, beginning August 11, 2026.

	/s/ John Casimir Florek	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 transaction did McEwen Inc. (MUX) report on the Form 4?

The Form 4 reports a grant of 10,000 stock options to director John Casimir Florek with an exercise price of $10.43.

When do the options vest and when do they expire for the MUX Form 4?

The options vest in three equal annual installments beginning 08/11/2026 and the options expire on 08/11/2030.

How many shares would be issued if the options in the MUX Form 4 are fully exercised?

If fully exercised, the award would result in 10,000 additional common shares being issued.

Is the ownership described in the Form 4 direct or indirect for John Casimir Florek?

The Form 4 indicates the ownership form is reported as Direct (D) following the transaction.

What is the exercise price per share for the options reported in the MUX Form 4?

The exercise (conversion) price is stated as $10.43 per share.