Gerbrand van Heerden
About Gerbrand van Heerden
Gerbrand van Heerden, 48, is Chief Financial Officer and Corporate Secretary of Bunker Hill Mining Corp. (BHLL), appointed effective November 1, 2023. He is a CPA (British Columbia) and CA(SA), with a BCom (Hons) in Accounting from the University of Johannesburg; prior roles include CFO at BMC Minerals, CFO/SVP Business Development at Trevali, CFO at Rosh Pinah (Glencore subsidiary), senior finance roles at Metorex, and Tax & Assurance Manager at Deloitte . 2024 company performance yielded a 34% corporate scorecard result and a non-PEO NEO pay-for-performance profile that translated to modest cash STIP payouts; the company reported a 2024 net loss of $29.2 million (thousands) and a cumulative TSR index of 91 for 2024 in the “pay vs performance” table .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BMC Minerals Limited | Chief Financial Officer | May 2020 – Oct 2023 | Senior finance leadership for an advanced-stage mining developer |
| Trevali Mining Corporation | CFO; SVP Business Development/Finance | Nov 2017 – May 2020 | Corporate finance and BD responsibilities at a polymetallic producer |
| Rosh Pinah Zinc Corporation (Glencore) | Chief Financial Officer | Mar 2013 – Oct 2017 | Site/company-level financial management for a zinc operation |
| Metorex Limited | GM Metorex Commercial Services; Finance Executive; Group Financial Controller | Oct 2005 – Mar 2013 | Group finance roles across a diversified base-metals miner |
| Deloitte | Tax & Assurance Manager | Early career | Public accounting and assurance experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Silver Valley Metals Corp. (Parent in financing documents) | Treasurer | 2025 | Signed financing agreement as Treasurer of the Parent while serving as BHLL CFO |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary (USD) | $283,000 annualized; paid $52,000 post‑appointment | $312,000 |
| Bonus (USD) | $80,000 sign‑on/bonus | $0 (no bonus line item reported) |
| STIP Target (% of base) | 100% | 100% |
Performance Compensation
-
Short‑Term Incentive (STIP) framework and outcomes for 2024 | Metric | Weighting | Target | Actual | Weighted result | Payout/Payment | |---|---:|---:|---:|---:|---| | Corporate Scorecard | 70% | 100 | 34 | 23.8 | Part of $84,739 cash STIP paid (see below) | | Individual Scorecard | 30% | 100 | 11 | 3.3 | Part of $84,739 cash STIP paid | | Combined | 100% | 100 | 27 | 27.0 | 2024 STIP paid: $84,739 (USD) |
-
STIP payouts (USD) | Year | STIP Payout | |---|---:| | 2023 | $28,253 (pro‑rated for time in role) | | 2024 | $84,739 |
-
Long‑Term Incentive (RSU) grants | Grant date | Award type | Shares/Units | Grant/Deemed price | Vesting | |---|---|---:|---:|---| | Jan 29, 2024 | RSUs | 672,450 | C$0.10 deemed (closing price Jan 26, 2024) | 100% on Jan 29, 2025 (one‑year cliff) | | Mar 13, 2024 | RSUs | 504,034 | $0.08 (C$0.11) | 1/3 on Mar 13 of 2025, 2026, 2027 |
-
Outstanding equity at 12/31/2024 (unvested RSUs) | Units not vested | Vesting footnote | |---:|---| | 672,450 (from Jan 2024 grant) | Vested January 2025 (plan footnote references Jan 26, 2025) | | 504,034 (from Mar 2024 grant) | 1/3 vested Mar 13, 2025; remaining in equal tranches Mar 13, 2026/2027 |
-
Upcoming vesting schedule (potential supply overhang) | Date | Shares vesting | Source | |---|---:|---| | Jan 29, 2025 | 672,450 | RSUs granted Jan 29, 2024 (one‑year vest) | | Mar 13, 2025 | 168,011 | 1/3 of 504,034 (equal‑tranche schedule) | | Mar 13, 2026 | 168,011 | 1/3 of 504,034 | | Mar 13, 2027 | 168,011 | 1/3 of 504,034 |
Note: The Company amended vesting dates for certain previously granted RSUs (Nov 2022, Jul 2023, Mar 2024) to June 1, 2025; the press release did not enumerate individual recipients by name .
Equity Ownership & Alignment
-
Beneficial ownership (as of Aug 22, 2025) | Holder | Common Shares | RSUs (within 60 days) | Total beneficial | % of class | |---|---:|---:|---:|---:| | Gerbrand van Heerden | 770,735 | 168,011 | 938,746 | <1% |
-
Stock ownership guidelines and status (as of 12/31/2024) | Role | Guideline | Requirement (USD) | Shares | RSUs | Ownership value (USD) | Status | |---|---:|---:|---:|---:|---:|---| | CFO | 2x base salary | $566,000 | 98,285 | 1,274,769 | $137,320 | Not yet met; compliance required by 2028 |
-
Hedging/pledging policy
- The Company’s securities trading policy prohibits directors and officers from hedging or engaging in derivative transactions involving equity securities of the Company .
- No disclosures of share pledging by van Heerden were noted in the proxy statements .
Employment Terms
- Role/title and tenure: Chief Financial Officer and Corporate Secretary; effective Nov 1, 2023 .
- Severance and change‑of‑control (COC): If terminated without cause or resigns for good reason within 12 months following a COC, lump‑sum cash severance equal to 24 months’ base salary; all awards accelerate and restrictions lapse at that time .
- Clawbacks/forfeiture: RSU Plan allows annulment of awards if terminated for cause; company may cause forfeiture of gains for breaches (e.g., non‑compete, non‑solicit, confidentiality) as specified in award agreements .
- Pensions/retirement plans: None for executive officers .
- Insider reporting compliance: The Company disclosed that van Heerden failed to file a Form 3 following his appointment (governance red flag for timeliness) .
- Equity plan headroom/dilution context:
- RSU Plan share cap increase proposed/approved (to 92,699,433 max issuable) in 2025 proxy .
- Option Plan continues as 10% rolling plan of outstanding shares .
Performance & Track Record
- 2024 company outcomes used for incentive calculus included a 34% corporate scorecard result due to project and financing delays, leading to below‑target STIP payouts for NEOs; van Heerden’s combined score was 27, with a cash STIP of $84,739 .
- The Company reported a 2024 net loss of $29.2 million (thousands) and a TSR index value of 91 for 2024 in the pay‑versus‑performance table (context for pay‑for‑performance alignment) .
Compensation Summary (NEO table – CFO row)
| Year | Salary (USD) | Bonus (USD) | Stock awards (USD) | Non‑equity incentive (USD) | Total (USD) |
|---|---|---|---|---|---|
| 2023 | $52,000 | $80,000 | $0 | $0 | $132,000 |
| 2024 | $312,000 | $0 | $91,072 | $84,739 | $487,811 |
Investment Implications
- Pay‑for‑performance alignment: 2024 STIP paid at 27% of target, reflecting a 34% corporate score, indicating meaningful downside variability when execution lags; base salary reset to $312k in April 2024 aligns with peer benchmarking and role scope .
- Vesting overhang and potential selling pressure: One‑year cliff RSUs (672,450) vested Jan 2025 plus equal tranches (≈168k) scheduled for Mar 2026 and Mar 2027 may create periodic liquidity events; investors should monitor 10b5‑1 plans or post‑vesting selling behavior .
- Alignment/skin‑in‑the‑game: Beneficial ownership of 938,746 shares/units (<1%) and ownership guideline not yet met (deadline 2028) suggest continued accumulation ahead; hedging is prohibited, and no pledging is disclosed—both supportive to alignment .
- Change‑of‑control economics: Double‑trigger severance of 24 months’ base salary and full equity acceleration represent a substantial payout if a COC occurs near-term; the equity acceleration raises potential dilution/timing risk around strategic transactions .
- Governance watch‑items: RSU vesting amendments in 2025 (across multiple historical grants) and the increase in RSU plan capacity increase award flexibility but can elevate dilution risk; the delinquent Form 3 filing is a process/timeliness weakness to monitor .