McEwen Inc SEC Filings

McEwen Inc. (MUX) filed its Q3 2025 10‑Q, reporting revenue from gold and silver sales of $50,534 and a net loss of $462. Gross profit was $7,816, while Adjusted EBITDA reached $11,815, reflecting stronger operating cash metrics despite lower sales versus last year.

Liquidity improved: cash and cash equivalents were $51,249, and marketable securities were $24,171 as of September 30, 2025. Long‑term debt rose to $125,968, driven by $110,000 of 5.25% convertible senior notes due 2030; the notes carried $1,566 of Q3 interest expense and had an estimated fair value of $192,200 at quarter‑end. Capital expenditures were $10,829 in Q3 and $35,012 year‑to‑date.

Segment results showed Q3 revenue of $29,427 in the U.S., $20,780 in Canada, and $327 in Mexico, producing total gross profit of $7,816. Equity method results contributed income of $3,469 from Minera Santa Cruz S.A. and a loss of $4,275 from McEwen Copper Inc. A contract liability of $9,350 reflected 2,500 ounces pledged but not yet delivered under the Auramet prepayment arrangement. Shares outstanding were 54,480,457 as of November 5, 2025.

McEwen Inc. (MUX) signed a definitive agreement to acquire Canadian Gold Corp. (CGC) via a court‑approved plan of arrangement. Each CGC common share will be exchanged for 0.0225 McEwen common shares. After closing, CGC will become a wholly owned subsidiary.

The share issuance includes a NYSE‑related condition: any McEwen shares issuable to Robert McEwen exceeding 1% of McEwen’s outstanding shares require stockholder approval. If approval is not obtained, the Company will pay cash to him for those Excess Shares based on the closing price on the trading day before the effective time.

CGC shareholder approvals are required, including 66⅔% of votes cast and a majority of the minority under MI 61‑101. The deal includes a CAD$2.195 million termination fee, a non‑solicitation covenant, and a matching right for superior proposals. Closing remains subject to court and regulatory approvals, including the TSX Venture Exchange, Toronto Stock Exchange and NYSE. Independent directors recommended the deal; directors with conflicts abstained. The McEwen shares will be issued under Securities Act Section 3(a)(10).

McEwen Inc. filed a current report to share that it has issued a press release detailing results from an independent feasibility study for McEwen Copper Inc.’s Los Azules copper project in San Juan, Argentina. McEwen Inc. holds a 46.4% interest in McEwen Copper, so the study’s findings are important for its potential future growth in copper.

The press release, furnished as Exhibit 99.1 and dated October 7, 2025, contains the full feasibility study results and additional information beyond what is summarized here. The company also highlights that the release includes forward-looking statements, which are subject to numerous risks such as metal price volatility, political and economic conditions in Argentina, permitting and construction risks, capital markets conditions, environmental hazards, foreign exchange controls, and uncertainties in mineral resource and reserve estimates.

McEwen Inc. reporting person Carmen L. Diges amended a Form 4 to correct option/share counts after a 10-for-1 reverse split. The filing shows on 09/19/2025 Ms. Diges exercised 21,000 stock options with a $1.25 exercise price and simultaneously sold 21,000 common shares for a weighted average price of $14.3446. Following these transactions she beneficially owns 26,096 shares of McEwen Inc. The amendment corrects the number of options and underlying shares to reflect the reverse split effective July 28, 2022.

Robert Ross McEwen, Chairman and CEO of McEwen Inc. (MUX), filed an amended Form 4 reporting matched option exercise and stock sale transactions on 09/19/2025. He exercised a stock option with a $1.25 exercise price to acquire 50,000 shares and sold 50,000 shares at a weighted-average price of $14.3467, resulting in 50,000 shares beneficially owned after the transactions. The filing corrects prior reporting to reflect the issuer's 10-for-1 reverse split effective 07/28/2022. The option vested in three equal annual installments beginning 09/29/2021. The amendment is signed 09/29/2025.

Insider transactions by Richard W. Brissenden at McEwen Inc. (MUX) show multiple option exercises and open-market sales on 09/22/2025. Mr. Brissenden exercised a $1.25 option for 7,500 shares that was nearing its 09/28/2025 expiration and a $7.10 option for 8,334 shares (vesting schedule noted). He sold 6,428 shares at a weighted average price of $14.8885 and 4,775 shares at a weighted average price of $14.8834. After these trades he beneficially owned 12,964 shares and held 8,333 exercisable shares from the $7.10 option.

Jeffrey Chan, Vice President - Finance at McEwen Inc. (MUX), reported transactions on 09/22/2025. The filing shows he acquired a stock option covering 13,333 shares with an exercise price of $7.10 and an exercisable schedule that vests in three equal annual installments beginning 06/29/2024, and that after the option his direct beneficial ownership of the option equals 13,333 underlying shares. On the same date he sold 13,333 common shares in multiple transactions at a weighted-average price of $14.8898 (individual sale prices ranged $14.59–$15.103). Following the reported trades his direct common stock holdings are shown as 2,267 shares and he holds options underlying 13,333 shares (6,667 shown exercisable now). The filing is a routine Section 16 disclosure of insider exercises and sales.