Alonso Sotomayor
About Alonso Sotomayor
Alonso Sotomayor is Chief Financial Officer of DynaResource, Inc. (DYNR), appointed July 22, 2024; he is 40, a Canadian CPA (CPA, CA), bilingual in English and Spanish, with 15+ years in public accounting and mining financial reporting, and holds a B.B.A. in Management and Accounting from the University of Toronto (2008) . DYNR’s recent performance context under his tenure includes revenue rising 31% to $46.5M in 2024 and a net loss of $8.1M, with cumulative TSR value of a $100 initial investment at 57.14 in 2024 versus 115.43 in 2023 . Operationally, DYNR processed 257,676 tons and sold 22,003 oz of gold in 2024, as plant throughput improved with optimization and upgrades .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Ascendant Resources Inc. (TSX:ASND) | Corporate Controller | Apr 2017–Jul 19, 2024 | Oversaw financial reporting for Canadian-listed miner; senior accounting leadership . |
| Cerrado Gold Inc. (TSXV:CERT) | Corporate Controller | Mar 2020–Jul 19, 2024 | Led controllership for TSXV-listed miner; multi-jurisdiction reporting . |
| Voyager Metals Inc. (TSXV:VONE) | Chief Financial Officer | Nov 2019–May 2023 | CFO through acquisition by Cerrado Gold; transaction execution and reporting . |
| Deloitte Canada, KPMG (Toronto Mining Groups) | Senior roles | Not disclosed | Oversaw audit/financial reporting for numerous Canadian-listed miners . |
| McGovern Hurley LLP | Mining-specific role | Not disclosed | Early-career role focused on mining sector accounting . |
External Roles
No current public company directorships or external board roles are disclosed .
Fixed Compensation
| Component | 2024 detail | Notes |
|---|---|---|
| Base salary | $162,500 per year | Paid $64,875 in 2024 due to mid-year start . |
| Target annual bonus | Up to 40% of base salary (discretionary) | Cash bonus; must be employed at payment; paid by Mar 31 following year . |
| Benefits | 10% of base salary in lieu of US benefits while primary office in Canada | Received $7,208 other comp in 2024 (includes benefit pay) . |
Summary compensation (calendar 2024):
| Metric | Amount |
|---|---|
| Salary | $64,875 |
| Bonus | $0 |
| Stock awards | $317,250 |
| All other compensation | $7,208 |
| Total | $389,333 |
Performance Compensation
| Incentive | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual cash bonus | Discretionary up to 40% of base | Not disclosed | Not disclosed | Not disclosed | Not disclosed for 2024 | Paid in cash after year-end; must be employed at payment . |
| RSUs (signing) | Time-based RSUs | 100% time-based | Service vest | N/A | Grant-date FV $317,250 recognized in 2024 | 225,000 RSUs granted 7/22/2024; vest 1/3 annually on 1st–3rd anniversaries (75,000 each on 7/22/2025, 7/22/2026, 7/22/2027) . |
No PSU metrics (revenue growth, EBITDA, TSR, ESG) are disclosed for Sotomayor’s awards; his RSUs are strictly time-based .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of Apr 20, 2025) | “—” shares; percent “*” (<1%) . |
| Unvested RSUs | 225,000 unvested (value $225,000 at Dec 31, 2024) . |
| Options | None disclosed for Sotomayor . |
| Vested vs unvested | Entire 225,000 RSUs unvested at 12/31/2024 . |
| Pledging | No pledging disclosures specific to Sotomayor; company has no hedging/offset policy (no adopted policy) . |
| Ownership guidelines | No executive stock ownership guidelines disclosed (not addressed). |
Vesting schedule and potential supply: 75,000 RSUs vest on each of 7/22/2025, 7/22/2026, and 7/22/2027, creating known potential selling windows subject to company trading policies and lockouts .
Employment Terms
| Term | Detail |
|---|---|
| Appointment | CFO effective July 22, 2024 . |
| Location | Principal office Toronto, Canada (modifiable by mutual agreement) . |
| At-will | Employment is at-will; Agreement effective as of 7/22/2024 until terminated . |
| Severance (no CoC) | Lump sum equal to 12 months’ base salary if terminated without Cause, for Good Reason, death, or disability . |
| Severance (post-CoC) | “Triggering Event” after Change in Control also yields 12 months’ base salary lump sum . |
| Bonus eligibility | Annual discretionary bonus up to 40% of base; payout timing by Mar 31; employment at time of payment required . |
| Equity grant | 225,000 RSUs vesting 1/3 per year over 3 years . |
| Non-compete | During employment and for 1 year post-termination; prohibits competitive engagement near DYNR mines (≥100 miles; ≥5% interest within 60 miles), customer solicitation, and employee poaching . |
| Non-solicit | 1-year non-solicit of customers and employees . |
| Confidentiality | Robust confidentiality obligations with limitations for legal process . |
| Cooperation after termination | Obligation to reasonably cooperate in Company matters; reimbursement for reasonable out-of-pocket expenses . |
| Section 409A | Agreement contains 409A compliance provisions, including specified employee 6-month delay if applicable . |
| Clawback | No explicit clawback provision disclosed in his agreement; company indicates insider trading policies but no hedging policy adopted . |
Compensation Structure Analysis
- Mix and risk: 2024 pay emphasizes equity ($317k RSU expense) over cash ($64.9k salary, $0 bonus), tilting toward retention via time-based vesting rather than performance-linked pay .
- Performance linkage: No disclosed quantitative bonus scorecard or PSUs tied to TSR, revenue, EBITDA, ESG for Sotomayor; his incentive is discretionary cash and time-based RSUs, which weakens pay-for-performance alignment .
- Change-in-control economics: Single-trigger “Triggering Event” within 12 months of a CoC produces a severance equal to 12 months of base (not salary+bonus multiples); RSUs are under plan terms; company’s 2022 Plan accelerates restrictions upon change in control, but Sotomayor’s RSUs are under the 2024 Amended and Restated Equity Incentive Plan (proxy references RSUs under Company plan; the 2022 Plan accelerates restricted stock; plan-specific RSU acceleration not explicitly stated for 2024 plan in proxy) .
- Policy red flags: Company has not adopted a hedging policy; executives may theoretically hedge unless otherwise restricted by Code of Ethics/insider policy—this is misaligned with best-practices for alignment, though no hedging by Sotomayor is disclosed .
Company Performance & Track Record Context
| Metric | 2023 | 2024 |
|---|---|---|
| Revenue ($) | $35,573,194 | $46,503,016 |
| Net income (loss) ($) | (14,533,504) | (8,134,852) |
| Gold ounces produced | 27,252 | 25,677 |
| Gold ounces sold | 24,829 | 22,003 |
| Ore milled (tons) | 198,518 | 257,676 |
| Mill throughput (tpd, avg) | 544 | 704 |
| Cumulative TSR ($100 basis) | 115.43 | 57.14 |
- Operational improvements: Plant upgrades (vibrating screen; flotation reagents) and improved access to working faces (San Pablo, La Mochomera) lifted throughput and stabilized recoveries; optimized flow sheet demonstrated up to ~79% recovery under conditions .
- Going concern: Auditor highlighted substantial doubt given negative working capital ($15.3M), accumulated deficit ($66.7M), and 2024 net loss; management plans include increased throughput and financing flexibility (RCL) .
- Financing structure: ACL converted to RCL (SOFR+7.5%), amended in 2024 to permit temporary advances; renewed in Nov 2024; notes payable $9.85M at 12/31/2024 .
Board Governance (context for compensation oversight)
- Compensation Committee: Dale Petrini (Chair), Brent Omland, Phillip Rose—all independent and non-employee directors; oversees executive compensation and incentives .
- Late filings risk note: A Form 3 for Alonso Sotomayor was filed late on Aug 20, 2024 (appointment July 22, 2024) .
Equity Ownership & Alignment Table (detailed)
| Category | Shares/Units | Status/Terms | Value |
|---|---|---|---|
| Common shares owned | — | No beneficial ownership reported (as of 4/20/2025) | N/A |
| RSUs (grant 7/22/2024) | 225,000 | Vests 1/3 annually over 3 years | $225,000 value noted at 12/31/2024 |
| Options | None | — | — |
| Pledged/hedged | Not disclosed; company has no adopted hedging policy | — | — |
Employment Terms Table (key legal)
| Provision | Detail |
|---|---|
| Severance triggers | No-cause; Good Reason; death; disability; CoC Triggering Event → 12 months’ base salary lump sum . |
| Non-compete scope | US-wide restriction tied to mines operating within 100 miles; equity interest >5% within 60 miles; duration: employment + 1 year . |
| Non-solicit scope | Customers and employees; duration: employment + 1 year . |
| Confidentiality | Comprehensive; legal process exceptions; notice obligations . |
| Cooperation | Post-termination cooperation with reimbursement for reasonable expenses . |
Investment Implications
- Alignment: Sotomayor’s equity is entirely time-based RSUs with zero reported common ownership; while retention is supported, pay-for-performance linkage is limited absent disclosed bonus scorecards or PSUs, reducing direct alignment with TSR, revenue, or EBITDA outcomes .
- Selling pressure: Known RSU vesting tranches of 75,000 shares on 7/22/2025, 7/22/2026, and 7/22/2027 may create periodic insider supply; monitor trading windows and Form 4s .
- Governance/policy risk: Lack of adopted hedging prohibitions is a governance red flag versus best practices; late Section 16 filing indicates process risk; however, independent Compensation Committee oversight is in place .
- Financial/operational risk: Company’s going-concern emphasis, reliance on RCL financing, and continued net losses heighten retention, execution, and financing risk; any tightening in credit or operational setbacks would stress liquidity—CFO stewardship of cash, credit lines, and IVA receivables is critical .
- Performance catalysts: Throughput and recovery improvements, access to higher-grade zones, and exploration/resource update plans for 2025 can improve unit economics; compensation structure may not directly incentivize those outcomes unless discretionary bonus explicitly links to operating KPIs—investor engagement could press for disclosed bonus scorecards and PSUs .
Key monitoring: Form 4s around RSU vest dates; any amendments introducing performance-linked equity; RCL renewals and interest burden; pay-versus-performance alignment disclosures in next proxy; adoption of hedging/pledging prohibitions.