McEwen Inc. officer updates holdings after RSU vesting events

Rhea-AI Filing Summary

McEwen Inc. (MUX) reported insider equity activity by its VP Corporate Development. On November 10, 2025, the officer acquired a total of 790 shares of common stock through conversions of restricted stock units, increasing his directly held stake to 4,604 shares.

These transactions came from vesting of two restricted stock unit awards originally granted on August 11, 2025 and September 8, 2025. For the first award, 1,200 units vested on November 10, 2025, with 642 shares settling in cash and the rest in stock, and the remaining units vest in two equal installments on December 28, 2025 and June 28, 2026. For the second award, 500 units vested on November 10, 2025, with 268 shares settling in cash, and the balance vesting on the same two future dates.

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

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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)
11/10/2025

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	11/10/2025		M		558	A	(1)	4,372	D
Common Stock	11/10/2025		M		232	A	(1)	4,604	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
Restricted Stock Units	(1)	11/10/2025		M			1,200	(2)	(2)	Common Stock	1,200	$0	2,400	D
Restricted Stock Units	(1)	11/10/2025		M			500	(3)	(3)	Common Stock	500	$0	1,000	D

Explanation of Responses:

1. 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.

2. The restricted stock units were granted on August 11, 2025. Subsequent to the grant on August 11, 2025, the vesting schedule of the restricted stock units was amended to be identical to the vesting schedule of the 1,500 restricted stock units granted on September 8, 2025. Accordingly, the restricted stock units vested as to 1,200 shares on November 10, 2025, of which 642 shares settled for cash. The restricted stock units will vest as to the remaining shares in two equal installments on each of December 28, 2025 and June 28, 2026.

3. The restricted stock units were granted on September 8, 2025 and vested as to 500 shares on November 10, 2025, of which 268 shares settled for cash. The restricted stock units will vest as to the remaining shares in two equal installments on each of December 28, 2025 and June 28, 2026.

	/s/ Stephan Michael Spears	11/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did McEwen Inc. (MUX) report on this Form 4?

The filing reports that McEwen Inc.'s VP Corporate Development acquired common shares on November 10, 2025 through the vesting and settlement of restricted stock units.

How many McEwen (MUX) shares does the reporting officer own after the transactions?

Following the reported transactions on November 10, 2025, the officer directly owns 4,604 shares of McEwen Inc. common stock.

What restricted stock units vested for the McEwen (MUX) officer on November 10, 2025?

On November 10, 2025, 1,200 restricted stock units from an August 11, 2025 grant and 500 restricted stock units from a September 8, 2025 grant vested, each unit representing one share or its cash value.

Were any of the McEwen (MUX) restricted stock units settled in cash?

Yes. Of the 1,200 vested units from the August 11, 2025 grant, 642 shares settled for cash, and of the 500 vested units from the September 8, 2025 grant, 268 shares settled for cash.

What is the future vesting schedule for the McEwen (MUX) restricted stock units?

The remaining units from both grants are scheduled to vest in two equal installments on December 28, 2025 and June 28, 2026, following the amended vesting schedule.

What role does the reporting person hold at McEwen Inc. (MUX)?

The reporting person is an officer of McEwen Inc., serving as VP Corporate Development.