[Form 4] McEwen Mining Inc. Insider Trading Activity

Rhea-AI Filing Summary

McEwen Mining Inc. (MUX) – Form 4 insider filing reports transactions by Chief Operating Officer and Director William M. Shaver on 29 June 2025.

• Common shares acquired: 13,905 shares at an indicated value of $7.53 per share, plus 2,948 shares received at no cost, and 11,740 shares issued upon the conversion of vested restricted stock units (RSUs).
• Post-transaction ownership: 125,826 common shares held directly.
• Derivative activity: 35,220 RSUs granted; 11,740 RSUs converted to stock, leaving 23,480 RSUs outstanding.
• Source of shares: • 13,905 shares constitute stock paid in lieu of cash compensation for services rendered between 1 Apr 2023 and 31 Mar 2024.
  • RSUs vest in three equal instalments on 29 Jun 2025, 20 Dec 2025 and 29 Jun 2026.
• No dispositions or sales were reported; all transactions increased Shaver’s equity exposure to MUX.

The filing reflects routine compensation-related equity grants and vesting rather than open-market purchases. Nevertheless, the absence of stock sales and the net addition of equity signal continued alignment of the COO’s incentives with shareholders.

Positive

• Net increase in insider share ownership with no reported sales, indicating continued alignment with shareholders.
• 35,220 new RSUs granted extend long-term incentive horizon through mid-2026.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider added 14k shares and 35k new RSUs; routine comp, mildly positive signal, limited market impact.

Mr. Shaver’s Form 4 shows a net increase of 14,688 common shares (13,905 in lieu of cash plus 2,948 at zero cost, offset by RSU conversion mechanics) and the issuance of 35,220 new RSUs. Because the stock was not bought on the open market, the transactions primarily represent standard executive compensation and scheduled vesting. The COO now holds 125,826 shares plus 23,480 RSUs, modestly boosting his direct stake and maintaining incentive alignment. While insider purchases can be viewed favorably, the absence of cash outlay and the relatively small size versus McEwen’s total float temper the materiality. Overall, I classify the disclosure as neutral in impact.

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^*

Shaver William M

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating 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		13,905(1)	A	$7.53	111,138	D
Common Stock	06/29/2025		A		2,948	A	$0	114,086	D
Common Stock	06/29/2025		M		11,740	A	(2)	125,826	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		35,220		(3)	(3)	Common Stock	35,220	$0	35,220	D
Restricted Stock Units	(2)	06/29/2025		M			11,740	(3)	(3)	Common Stock	11,740	$0	23,480	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/ William M. Shaver	07/01/2025
	** 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

How many McEwen Mining (MUX) shares does COO William Shaver now own?

He directly holds 125,826 common shares following the 29 June 2025 transactions.

What was the largest single stock acquisition reported in this Form 4?

Shaver received 13,905 common shares valued at $7.53 per share in lieu of cash compensation.

Were any McEwen Mining shares sold in this filing?

No. All reported transactions were acquisitions or conversions; there were no dispositions.

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

The 35,220 RSUs vest in three equal parts on 29 Jun 2025, 20 Dec 2025, and 29 Jun 2026.

Does the Form 4 indicate open-market purchases by the insider?

No. The shares were granted as compensation or resulted from RSU vesting, not from open-market buying.