Aoife McGrath
Coeur MiningAbout Aoife McGrath
Aoife McGrath, age 48, is Senior Vice President, Exploration at Coeur Mining (CDE), appointed in 2022 following an 8‑K announcing her succession to the role effective March 31, 2022 . She holds a B.Sc. from University College Dublin, an M.Sc. in Mineral Exploration (University of Leicester), and an M.Sc. in Engineering Geology (Imperial College London) and has ~25 years of global exploration leadership experience across Africa, North America, South America and Europe . Company performance context during her tenure: revenue rose to $1,054.0M in FY2024 from $821.2M in FY2023 , EBITDA increased to $325.6M in FY2024 from $77.5M in FY2023*; shareholders saw ~75% share price appreciation in 2024 and “value of $100” stockholder return rose to $175 in 2024 (Jan 1–Dec 31) while the 2022–2024 PSU cycle paid out at 57% (ROIC and Rochester production below threshold; reserves/resources and GHG goals above target) .
Note: *EBITDA values marked with an asterisk are retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Barrick Gold Corporation | Vice President, Exploration (Africa & Middle East) | Jun 2020 – Feb 2022 | Led regional exploration; advanced programs from generative to mine geology stages across multiple jurisdictions |
| Beadell Resources Limited | Head of Exploration & Geology | Not disclosed | Led exploration and geology function; advanced project pipeline (dates not disclosed in proxy) |
| Alamos Gold Inc. | Vice President, Exploration | Oct 2013 – Jun 2018 | Oversaw exploration portfolio; progressed targets through reserve drilling |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company board roles disclosed for Ms. McGrath in Coeur’s executive officer biographies . |
Fixed Compensation
- Ms. McGrath is an executive officer but not a Named Executive Officer (NEO); therefore, her individual base salary, target bonus and AIP payout are not disclosed in the proxy (NEO program and payouts are disclosed for CEO, CFO, COO, GC, CHRO) .
- Company program design for executives (reference): AIP “5 x 20%” corporate metrics (production, costs, adjusted EBITDA, strategic initiatives, EHS scorecard) with individual component for executives other than CEO; long‑term incentive mix 60% PSUs / 40% restricted stock; restricted stock vests ratably over 3 years; PSUs cliff‑vest after 3 years . Stock-based compensation expense context: $5.0M (Q3’25) and $12.5M (9M’25); $20.8M unrecognized comp cost with 1.7‑year weighted‑average remaining vesting period .
Performance Compensation
Corporate metrics and outcomes that drive executive pay (apply to Ms. McGrath’s AIP/PSUs construct, though her individual scores are not disclosed):
- 2024 AIP (corporate score 99%): weights, results, and weighted payout .
| Metric | Weight | Result | Weighted Payout |
|---|---|---|---|
| Gold Production | 15% | ~100% | 15.8% |
| Silver Production | 5% | 93% | 0.0% |
| Gold CAS | 15% | 95% | 27.0% |
| Silver CAS | 5% | 103% | 3.8% |
| Adjusted EBITDA | 20% | 94% | 12.3% |
| Strategic Initiatives | 20% | 83% | 8.8% |
| EHS Scorecard | 20% | 110% | 21.3% |
| SilverCrest Acquisition Initiative | — | 100% | 10.0% |
| Total Payout | — | — | 99% |
- 2022–2024 PSUs payout 57%: internal measures (ROIC, reserves/resources growth, GHG intensity reduction, Rochester Stage VI silver equivalent production) with rTSR modifier; ROIC and Rochester below threshold; reserves/resources and GHG above target .
| PSU Metric | Weight | Result | Payout |
|---|---|---|---|
| ROIC | 30% | 0% | 0% |
| Reserves & Resources Growth | 30% | 114% | 34% |
| GHG Net Intensity Reduction | 20% | 114% | 23% |
| Rochester Stage VI AgEq Production | 20% | 0% | 0% |
| rTSR Modifier | — | N/A | N/A |
| Total PSU Payout | 100% | — | 57% |
Equity Ownership & Alignment
| Policy/Practice | Details |
|---|---|
| Stock ownership guideline | Other executives: 2x base salary. New executives have five years to comply; each director/executive has either met the guideline or remains within the compliance period . |
| Hedging & pledging | Hedging prohibited; directors and executive officers may not hold Coeur securities in margin accounts or pledge them as loan collateral . |
| Clawback | Clawback and forfeiture policy covers restatements (NYSE Rule 10D‑1) and officer misconduct; applies to AIP and equity awards . |
Employment Terms
| Topic | Company terms (apply broadly; individual contract terms for Ms. McGrath not disclosed) |
|---|---|
| Employment contracts | No employment contracts for NEOs other than CEO . |
| LTIP CoC treatment | Double‑trigger: if terminated without cause within 24 months after a Change in Control, options/SARs vest, PSUs paid based on performance through CoC, time‑based restricted equity vests; no automatic single‑trigger acceleration if awards are assumed . |
| Option practices | No repricing of options/SARs without stockholder approval; options/SARs must be granted at or above FMV . |
| Tax gross‑ups | No excise tax gross‑ups; no tax gross‑ups on perquisites or for CoC/severance payments . |
Performance & Company Results Context
- Company achievements relevant to exploration in 2024: 22% YoY increase in gold reserves at Kensington; tripled inferred resources at Wharf and Palmarejo; SilverCrest acquisition closed Feb 2025 .
- Say‑on‑pay support: >96% approval at 2024 annual meeting for executive compensation program .
Company financials during Ms. McGrath’s tenure:
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Revenues ($USD) | $785.6M | $821.2M | $1,054.0M |
| EBITDA ($USD) | $83.5M* | $77.5M* | $325.6M* |
Note: *Values retrieved from S&P Global.
Stockholder return markers disclosed in proxy:
- “Value of $100” stockholder return: $175 for 2024 (Jan 1–Dec 31); $170 for 2023 (Jan 1 2023–Dec 31 2024); $113 for 2022 (Jan 1 2022–Dec 31 2024) . Approximately 75% share price increase during 2024 highlighted in shareholder letter .
Vesting Schedules and Potential Selling Pressure
- Standard vesting cadence: restricted stock vests annually over 3 years; PSUs cliff‑vest after 3 years (time‑based condition plus performance) . As of Sep 30, 2025, $20.8M of unrecognized stock‑based comp to amortize over 1.7 years, signaling continued equity vesting supply into 2026 .
- Equity plan share pool expansion: Board approved a second amendment to the 2018 LTIP to add 19.0M shares (subject to stockholder approval), lifting overhang from 3.5% to 8.4% as of Dec 31, 2024 if approved . Three‑year average burn rate was 1.0% (2022–2024) .
- Transaction‑related acceleration framework (if applicable): In a 2025 plan of arrangement filing, Company PSUs outstanding immediately prior to the effective time are terminated for cash based on plan terms; vesting multipliers set at 100% for continuing employees and 150% for non‑continuing employees for periods ending after the value determination date; RSUs for non‑continuing employees are fully vested and cashed out; RSUs for continuing employees are amended by the exchange ratio and settle in cash by reference to parent share price, continuing under LTIP terms . Separation agreements for senior managers designated non‑continuing at closing would provide severance per existing plans/agreements . These mechanics can create discrete liquidity windows and selling pressure around close dates.
Compensation Committee Analysis and Governance
- CLD Committee (Compensation and Leadership Development) members in 2024: J. Kenneth Thompson (Chair), Linda L. Adamany, Jeane L. Hull, Robert E. Mellor — all independent; six meetings in 2024 . Independent compensation consultants: Semler Brossy (through July 2024) and Meridian (remainder of 2024–early 2025); Meridian assessed as independent (March 2025) .
- Program risk controls: balanced fixed/variable pay, capped incentives, multiple metrics, heavier weighting on corporate performance, time‑based vesting, clawback; CLD concluded programs do not create material adverse risk .
- Peer benchmarking: 2024 peer set includes IAMGOLD, New Gold, OceanaGold, Pan American Silver, SSR Mining; Coeur 2023 revenue of $821M vs peer median $1,016M; 12/31/23 market cap $1,247M vs peer median $1,646M .
Equity Ownership & Pledging
- Beneficial ownership table in the 2025 proxy lists directors and NEOs; Ms. McGrath’s individual shareholdings are not disclosed (not an NEO). Company policy prohibits pledging and hedging by directors and executive officers; stock ownership guidelines apply (2x base salary for other executives) and compliance is either met or within the five‑year phase‑in .
Employment & Contracts
- No employment contracts for NEOs other than CEO; individual severance multiples for Ms. McGrath are not disclosed; equity awards are governed by double‑trigger CoC vesting under the LTIP .
Risk Indicators & Red Flags
- Positive governance controls: no hedging/pledging, no option/SAR repricing, no single‑trigger cash severance, no excise tax gross‑ups; robust clawback policy .
- Related‑party transactions: none since the beginning of 2024 under the policy .
- Say‑on‑pay support: strong (96%+) indicating shareholder endorsement of pay design .
- Execution risk signals in PSUs: ROIC and Rochester Stage VI production below threshold drove PSU under‑payout to 57% for 2022–2024, highlighting project delivery sensitivity (relevant to exploration/operations linkage) .
Investment Implications
- Alignment: Ms. McGrath’s pay exposure is tied to the same corporate AIP and three‑year PSU design (resources growth/ROIC with rTSR modifier) that produced a 99% AIP corporate score and a 57% PSU payout for 2022–2024; this structure aligns exploration success and capital efficiency with realized pay . Strong 2024 resource growth and a 75% share price increase add positive context for retention and incentive alignment .
- Retention and selling pressure: Standard 3‑year vesting plus $20.8M unrecognized expense (as of Q3’25) imply steady vesting supply; the LTIP share pool expansion (potential overhang to 8.4%) and any transaction‑related accelerations (100%/150% PSU multipliers; RSU cashouts for non‑continuing employees) can create discrete liquidity events near transaction milestones .
- Data gaps: As a non‑NEO, Ms. McGrath’s individual salary/bonus/equity grant sizes and ownership are not disclosed; monitor Form 4 filings for real‑time insight into holdings and potential selling pressure (company policy mitigates hedging/pledging risk) .
- Governance quality: Independent CLD Committee, strong anti‑hedging/pledging policies, clawback, and no repricing/single‑trigger terms reduce governance risk and support pay‑for‑performance signaling .
S&P Global disclaimer: EBITDA values marked with an asterisk are retrieved from S&P Global.