McEwen Mining VP Acquires 814 Shares at No Cost, Form 4 Shows

Rhea-AI Filing Summary

McEwen Mining Inc. (MUX) filed a Form 4 showing that Stephen Michael Spears, the company’s Vice President of Corporate Development, acquired 814 shares of common stock on 29 June 2025. The shares were reported at a transaction price of $0.00, implying they were received without cash consideration, such as through an equity award. Following the transaction, Spears now directly owns 3,814 MUX common shares. No sales or derivative security transactions were reported, and the filing was signed on 1 July 2025.

The purchase modestly increases insider ownership but represents a relatively small number of shares in absolute terms. Nevertheless, any insider acquisition—particularly by a senior officer—can be viewed by investors as a sign of alignment with shareholder interests.

Positive

• Insider acquisition: A senior executive added 814 shares, signaling continued alignment with shareholders.
• No insider sales reported in this filing, avoiding negative perception.

Negative

• Immaterial size: 814 shares is a very small position and unlikely to influence company fundamentals.

Insights

Equity Analyst

TL;DR: Small insider share grant; immaterial to valuation but directionally positive.

The Form 4 discloses an award of 814 common shares to VP Corporate Development Stephen M. Spears. With no cash paid (price $0.00), the filing likely reflects routine equity compensation. The additional stake brings his direct holdings to 3,814 shares—still a negligible percentage of MUX’s float, so the transaction does not affect earnings per share or liquidity. However, insider acquisitions are generally interpreted as commitment signals, and the absence of any stock sales in the filing removes potential negative optics. From a valuation standpoint the event is non-material, but sentiment-wise it is marginally supportive.

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 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)
	VP Corporate Development

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		814	A	$0	3,814	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

Explanation of Responses:

	/s/ Stephen Michael Spears	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).
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

How many MUX shares did Stephen Michael Spears acquire?

He acquired 814 shares of McEwen Mining common stock.

What was the transaction price for the shares?

The Form 4 lists the price as $0.00, indicating no cash was paid.

What is Stephen Michael Spears’ total direct ownership after the transaction?

Following the acquisition, he directly owns 3,814 MUX shares.

Were any derivative securities involved in this Form 4?

No. The filing reports no derivative security transactions.

Does the filing indicate any insider stock sales?

No insider sales were disclosed; only an acquisition was reported.