Anil Jiwani
Golden MineralsAbout Anil Jiwani
Anil Jiwani (45) was appointed Chief Financial Officer of Golden Minerals (AUMN) effective June 1, 2025; he is a Canadian Chartered Professional Accountant with nearly 20 years of experience and a bachelor’s degree in accounting and information technology from the University of Texas at Dallas . He provides CFO services via Avisar Everyday Solutions Ltd., where he is COO, director, and a principal shareholder; AUMN has outsourced much of its treasury, accounting and financial reporting to Avisar . He has signed the company’s Q2 and Q3 2025 SOX 302/906 certifications as CFO . Company-level pay-versus-performance disclosures cover 2022–2024; they do not provide 2025 TSR/revenue/EBITDA metrics attributable to his tenure .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| PwC LLP (Vancouver) | Manager, Audit & Assurance | Not disclosed | Public company audit and reporting foundation |
| KORE Mining Ltd. | Chief Financial Officer | Not disclosed | Led finance through public company transactions (disclosed generically) |
| Karus Gold Corp. | Chief Financial Officer | Not disclosed | Supported reverse takeovers and multi-jurisdictional compliance (disclosed generically) |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Avisar Everyday Solutions Ltd. | Chief Operating Officer; Director; Principal shareholder | Since May 2019 | Provides outsourced accounting/finance capacity to public companies; AUMN outsourced treasury/accounting/financial reporting to Avisar |
| Perseverance Metals Inc. | Chief Financial Officer | Since May 2024 | Concurrent CFO role in mining/exploration sector |
| Inomin Mines Inc. | Director and Chief Financial Officer | Since January 2022 | Governance and finance oversight at a public mining/exploration company |
Fixed Compensation
| Component | Terms/Details |
|---|---|
| Employment structure | CFO services provided via Avisar; AUMN pays Avisar and “is not paying the CFO directly” . |
| Fee rates (Avisar engagement) | Hourly billing range C$120–C$235; expenses billed as incurred . |
| Amounts paid to Avisar (includes CFO services) | Jun 2025: $16,109 ; Jun–Sep 2025 cumulative: $54,798 . |
| Base salary to Jiwani | Not applicable; no direct salary disclosed (paid through Avisar) . |
| Bonus/target bonus | Not disclosed for Jiwani (no bonus terms stated in 8‑K or subsequent 10‑Q notes) . |
Performance Compensation
| Metric/Instrument | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Cash bonus (annual) | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| RSUs/PSUs/options (grants to Jiwani) | — | — | No grants disclosed through Q3 2025 | Plan requires minimum 1‑year cliff vesting; COI acceleration mechanics under plan if awards exist . |
Notes:
- AUMN’s Amended and Restated 2023 Equity Incentive Plan (approved May 27, 2025) permits RSUs/PSUs/options with minimum one-year cliff vesting (unless otherwise approved) and provides Administrator discretion on change-of-control treatment; if awards are not assumed, outstanding awards accelerate at change of control . No equity awards to Jiwani are disclosed in filings through Q3 2025 .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Beneficial ownership (shares) | Not disclosed for Jiwani as of March 31, 2025; he is not listed among named executive officers/directors in the proxy ownership table . |
| Ownership % of SO | Not disclosed . |
| Vested vs. unvested equity | No grants disclosed for Jiwani through Q3 2025 . |
| Options exercisable/unexercisable | None disclosed . |
| Shares pledged/hedged | Not disclosed . |
| Stock ownership guidelines | Not disclosed for executives; company maintains insider trading policy; clawback policy adopted per Rule 10D‑1 . |
| Related-party tie | CFO is a principal shareholder and officer of Avisar, which provides outsourced services; AUMN paid Avisar $16,109 in Jun-2025 and $54,798 in Jun–Sep 2025 (includes CFO services) . |
Employment Terms
| Topic | Contractual detail |
|---|---|
| Appointment | Board appointed Jiwani CFO on May 27, 2025; effective June 1, 2025 . |
| Structure | CFO services via Avisar; AUMN outsourced much of treasury, accounting, and financial reporting to Avisar . |
| Scope | Avisar assists with accounting/financial reporting; M&A/dispositions explicitly excluded from the engagement scope . |
| Independent contractor | Parties act as independent contractors; not agents of each other . |
| Fees | Hourly C$120–C$235; delinquent accounts accrue 1.5%/month; Avisar may suspend/withdraw for nonpayment . |
| Termination | Company may terminate with 60 days’ notice; Avisar may terminate for breach after 7‑day cure; Avisar may suspend for late invoices . |
| Dispute resolution & governing law | Mediation and any litigation in British Columbia; governed by BC law . |
| Liability limitations | Avisar’s liability capped to fees paid; excludes consequential/special damages . |
| Legal process costs | Company compensates Avisar at normal hourly rates for responding to subpoenas/court/government processes . |
| Assurance/fraud | Avisar provides no audit/assurance; not responsible to prevent/detect fraud, but will inform if matters come to light . |
| Change-of-control/severance (company-wide frameworks) | AUMN’s equity plan provides change-of-control treatment for awards (acceleration if unassumed); the company maintains severance and separate change-of-control agreements for employees, but Jiwani’s CFO services are via Avisar and no individual severance/CoC agreement for him is disclosed . |
| Clawback | Company-adopted clawback policy compliant with Rule 10D‑1 (executive incentive-based compensation subject to recoupment upon restatement) . |
Investment Implications
- Cost discipline and flexibility: Management stated the outsourcing of financial functions to Avisar should “significantly” reduce administrative costs; disclosed payments to Avisar for June ($16,109) and June–September 2025 ($54,798) indicate a variable, services-based cost structure aligned with AUMN’s exploration-focused repositioning .
- Alignment and incentives: There are no disclosed equity grants, ownership, or bonus metrics for Jiwani as of Q3 2025, limiting visibility into his direct pay-for-performance alignment; the equity plan enables future RSU/PSU/options with minimum 1‑year cliff vesting and potential acceleration if not assumed in a change of control .
- Retention and continuity risk: The engagement letter permits termination by AUMN with 60 days’ notice and by Avisar for breach; combined with Jiwani’s concurrent roles at Perseverance Metals and Inomin Mines, this structure offers flexibility but introduces potential continuity/attention risk versus a traditional full-time CFO employment agreement .
- Governance and related-party oversight: The CFO is a principal shareholder/officer of Avisar, making the outsourcing a related-party arrangement; amounts are disclosed in 10‑Qs, and AUMN’s Audit Committee oversees related-party transactions per its chartered process—ongoing monitoring is prudent .
- Trading/vesting overhang: No equity awards to Jiwani are disclosed through Q3 2025, implying no near-term insider vesting/selling pressure specific to the CFO; any future grants would be subject to the plan’s minimum vesting and change-of-control provisions .
Key takeaway: Jiwani’s outsourced/CFO-of-record model is explicitly designed to cut overhead and add capacity, but current disclosures show minimal direct equity alignment or bonus levers. Investors should watch for any subsequent equity grants, changes in the Avisar fee run-rate, and Audit Committee oversight of the related-party arrangement to assess incentive alignment and governance quality over time .