[Form 4] McEwen Mining Inc. Insider Trading Activity

Rhea-AI Filing Summary

McEwen Mining Inc. (MUX) – Form 4 Insider Transaction (filed 07/01/2025)

Chief Financial Officer Perry Ing reported several equity transactions dated 06/29/2025:

• 3,673 common shares issued in lieu of cash compensation at an accounting value of $7.53 per share (Footnote 1).
• 1,608 common shares received at $0 cost, reflecting equity-based compensation.
• 4,740 common shares acquired via the conversion (Code M) of previously awarded restricted stock units (RSUs).
• New direct common-stock holding: 40,830 shares.
• Derivative position: 9,480 RSUs remain outstanding after 4,740 units were settled; an additional 14,220 RSUs were granted on the same date. Vesting occurs in three equal instalments on 06/29/2025, 12/20/2025 and 06/29/2026 (Footnote 3).

No open-market sales were reported; all transactions stem from compensation arrangements. The filing signals continued equity accumulation by a key executive, modestly tightening management-shareholder alignment. However, because the shares were granted or converted rather than purchased with personal funds, the market signal is incrementally positive but not strongly bullish.

Positive

• CFO increased direct ownership by 10,021 shares, signalling stronger alignment with shareholders.
• No common-stock sales reported, removing potential negative sentiment associated with insider profit-taking.

Negative

• Shares were issued or converted at zero cost or as compensation; therefore, the transactions lack the conviction signal of open-market purchases.
• Additional 14,220 RSUs granted add minor future dilution risk.

Insights

Equity Compensation Analyst

TL;DR – CFO’s share count rises to 40,830; no sales, all compensation-based; mildly positive alignment.

The Form 4 shows Perry Ing’s equity exposure increasing by roughly 10,021 shares on 06/29/2025 through a mix of RSU settlement and stock-for-services grants. Crucially, there were no dispositions of common equity into the market, preserving the executive’s skin in the game. While the $7.53 accounting value on 3,673 shares suggests a modest implied cost, the absence of actual cash outlay dilutes the bullish interpretation relative to an open-market purchase. Still, the additional 9,480 unvested RSUs create a pipeline of potential future dilution—but also long-term incentive alignment. Overall impact: slightly positive for governance and sentiment, neutral for near-term valuation.

Portfolio Manager

TL;DR – Routine compensation grant; limited price signal; neutral to portfolio positioning.

From an investment standpoint, the filing is not materially impactful. The new shares raise insider ownership by ~0.01 % of basic shares outstanding (based on ~400 m shares). Because the shares were not bought on the open market, they offer little insight into the CFO’s assessment of valuation. The outstanding 9,480 RSUs imply future dilution but are immaterial in aggregate. I view the event as standard housekeeping—worthy of monitoring for trend analysis but insufficient to alter position sizing or cost-of-capital assumptions.

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^*

Ing Perry

(Last) (First) (Middle)

C/O MCEWEN MINING INC.

150 KING STREET WEST, SUITE 2800

(Street)

TORONTO A6 M5H 1J9

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
McEwen Mining Inc. [ MUX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/29/2025

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	06/29/2025		A		3,673(1)	A	$7.53	34,482	D
Common Stock	06/29/2025		A		1,608	A	$0	36,090	D
Common Stock	06/29/2025		M		4,740	A	(2)	40,830	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	(2)	06/29/2025		A		14,220		(3)	(3)	Common Stock	14,220	$0	14,220	D
Restricted Stock Units	(2)	06/29/2025		M			4,740	(3)	(3)	Common Stock	4,740	$0	9,480	D

Explanation of Responses:

1. Represents shares of common stock delivered in lieu of cash compensation for services rendered to the Issuer during the period beginning April 1, 2023 through and including March 31, 2024.

2. 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.

3. The restricted stock units vested or will vest in three equal installments on each of June 29, 2025, December 20, 2025 and June 29, 2026.

	/s/ Perry Ing	07/01/2025
	** 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).
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FAQ

How many McEwen Mining (MUX) shares does CFO Perry Ing now own?

Following the 06/29/2025 transactions, Mr. Ing directly owns 40,830 common shares and holds 9,480 unvested RSUs.

Were any MUX shares sold by the CFO in this Form 4?

No. All reported transactions were acquisitions or RSU settlements; no sales were disclosed.

What is the vesting schedule for the new RSUs granted to the CFO?

The 14,220 RSUs vest in three equal tranches on 06/29/2025, 12/20/2025 and 06/29/2026.

Did the CFO pay cash for the newly acquired MUX shares?

No. Shares were either delivered in lieu of cash compensation or issued through RSU conversion, with no cash outlay reported.

Is this Form 4 filing likely to impact MUX’s share price?

The activity is routine compensation-related and generally viewed as slightly positive, but it is not expected to materially move the stock.