[Form 4] McEwen Inc. Insider Trading Activity

Rhea-AI Filing Summary

John Casimir Florek, a director of McEwen Inc. (MUX), received 726 deferred stock units on 09/08/2025 that each convert to one share of common stock. The deferred stock units are fully vested and were reported as acquired at a $0 price; they will be delivered to Mr. Florek on the date his continuous service on the board ends, unless he elects to defer delivery beyond that date. Following the reported transaction, the filing shows 726 shares beneficially owned by Mr. Florek. The Form 4 is signed and dated 09/10/2025.

Positive

• 726 deferred stock units fully vested, creating a clear entitlement to 726 common shares
• Transaction disclosed promptly on Form 4 and signed by the reporting person on 09/10/2025

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received 726 fully vested deferred stock units converting 1:1 to common shares; immediate cash impact is nil.

The transaction reports acquisition of 726 deferred stock units with a recorded price of $0, indicating an equity grant rather than an open-market purchase. These units are fully vested and will convert to common shares upon the director's termination of continuous service, subject to any election to defer delivery. The filing increases the director's reported beneficial ownership by 726 shares but does not show cash consideration or immediate sale activity.

Corporate Governance Expert

TL;DR: This is a routine board compensation disclosure showing vested deferred stock units payable upon service termination.

From a governance perspective, the Form 4 documents a compensation-related issuance to a director. The units are fully vested, which the filing discloses explicitly, and their delivery is tied to cessation of board service with the option to defer delivery. The disclosure is straightforward and conforms to Section 16 reporting requirements; no departures from standard practice are evident in the 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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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^*

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)
09/08/2025

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
Deferred Stock Units	(1)	09/08/2025		A		726		(2)	(2)	Common Stock	726	$0	726	D

Explanation of Responses:

1. Each deferred stock unit represents a right to receive one share of the Issuer's common stock.

2. The deferred stock units are fully vested and will be delivered to the reporting person on the date of the reporting person's termination of continuous service from the Issuer's Board of Directors (the "Board"), subject to the reporting person's right to elect to defer delivery of the deferred stock units beyond the date of the reporting person's termination of continuous service from the Board.

	/s/ John Casimir Florek	09/10/2025
	** 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 did McEwen Inc. (MUX) director John Casimir Florek acquire?

He acquired 726 deferred stock units, each representing a right to receive one share of common stock.

When was the transaction reported for MUX Form 4?

The transaction date is 09/08/2025 and the Form 4 was signed on 09/10/2025.

Are the deferred stock units vested and when will they be delivered?

Yes, the deferred stock units are fully vested and will be delivered on the date the reporting person terminates continuous service on the board, unless delivery is deferred.

What price was reported for the deferred stock units on the Form 4?

The reported price for the underlying common stock is $0, reflecting a grant of units rather than a cash purchase.

How many shares does Mr. Florek beneficially own following this transaction?

The Form 4 reports 726 shares beneficially owned following the reported transaction.