Armando Alexandri
GOLD RESOURCEAbout Armando Alexandri
Armando Alexandri is Gold Resource Corporation’s Chief Operating Officer, appointed April 22, 2025; he is 68, a mining engineer with 40+ years of operational leadership across Mexico and South America, and holds a B.Eng. (Universidad de Guanajuato, 1978) and a Business Administration qualification (Universidad de Monterrey, 1984) . His tenure began amid ongoing operational initiatives at the Don David Gold Mine; GORO’s GAAP net losses were $56.5M in 2024, $24.1M in 2023, and $6.3M in 2022, and the SEC pay-versus-performance TSR disclosure showed a $100 investment valued at $15 (2024), $24 (2023), and $98 (2022) . Company revenues and EBITDA trended lower through 2024 alongside liquidity constraints impacting STIP payouts, which has implications for incentive design and management retention .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Luca Mining Corp. | Chief Operating Officer | 2021–2025 | Credited with turning around Tahuehueto and Campo Morado and returning them to profitability . |
| IMPACT Silver Corp. | Chief Operating Officer | 2022–2025 | Led operational expansion; prior roles included significant contributions at IMPACT Silver’s operations in State of Mexico . |
| Candelaria Mining Corp. | Chief Operating Officer | 2016–2023 | Led design and optimization across multiple sites; broadened operational footprint in Mexico . |
| Titan Minerals Limited | Chief Operating Officer | 2019–2020 | Oversaw mining operations and process optimization in South America . |
| Various sites (Bolivar, Nukay/Los Filos, Tahuehueto, Campo Morado) | Operational leader | Various | Instrumental in expanding operations and improving processes at these mines in Mexico . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American Institute of Mining Engineers (Mexico) | President | 1999–2000 | Professional leadership in industry association . |
Company Performance Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $138.7M* | $97.7M* | $65.7M* |
| EBITDA ($USD) | $33.9M* | $6.8M* | -$11.1M* |
| Net Income ($USD) | -$6.3M | -$24.1M | -$56.5M |
| TSR value of $100 Investment ($USD) | $98 | $24 | $15 |
Values marked with * retrieved from S&P Global.
Fixed Compensation
| Component | Status for Alexandri | Company Reference |
|---|---|---|
| Base Salary | Not disclosed; employment terms under negotiation . | CEO $495,000; CFO progressed to $290,000; former COO $341,000 in 2024 (role context only, not Alexandri’s terms) . |
| Target Bonus % of Base (STIP) | Not disclosed for Alexandri; COO role target was 40% under 2024 plan (role context) . | CEO 60%; CFO 40%; COO 40% (Reyes) . |
| STIP 2024 payout | Company deferred decision due to liquidity; may settle in cash, fully vested equity (RSUs/DSUs), or combination . | Corporate decision applicable to NEOs; affects incentive mix and retention . |
Performance Compensation
| Metric | Mechanics | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| RSUs | Time-based; three-year ratable vesting (33.3% annually) . | Not disclosed for Alexandri. | Not disclosed for Alexandri. | Not disclosed for Alexandri. | 33.3% per year over 3 years . |
| PSUs | Three-year cliff; payout 0–150% based on relative TSR vs compensation peer group (median=100%; top=150%) . | Not disclosed for Alexandri. | Not disclosed for Alexandri. | Not disclosed for Alexandri. | Cliff vest at end of year 3 . |
| Stock Options | Ten-year term; exercise at grant-date fair value; three-year ratable vesting . | Not disclosed for Alexandri. | Not disclosed for Alexandri. | Not disclosed for Alexandri. | 33.3% per year over 3 years . |
| STIP (Annual Bonus) | Performance-based vs Board-approved targets; Threshold 0%, Target 100%, Superior 200% . | Not disclosed for Alexandri. | Role-level COO target was 40% in 2024 (context) . | 2024 payouts pending; may settle in cash/equity . | Immediate upon determination (settlement method per Committee) . |
Compensation peer group and PSU metric are defined in the proxy; peer set includes Americas Gold & Silver, Aris Mining, Ascot Resources, Avino, Bear Creek, Calibre, Galiano, GoGold, Hycroft, Jaguar, Mandalay, TRX Gold, Victoria Gold, Wallbridge (amended 2024 group) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (shares) | 0 shares reported for Alexandri as of April 21, 2025; less than 1% of outstanding . |
| Shares outstanding (record date) | 121,600,594 . |
| Pledged shares | No pledging disclosure; Company maintains anti-hedging policy (prohibits hedging instruments) . |
| Ownership guidelines | COO must hold equity valued at 2× base salary; compliance required within 5 years . |
| Anti-hedging | Directors and officers prohibited from hedging Company securities . |
| Clawback | Incentive compensation clawback policy updated July 26, 2023; restatement review concluded no recovery required . |
Employment Terms
| Term | Detail |
|---|---|
| Appointment date | April 22, 2025 . |
| Contract status | Terms “remain in negotiations” at appointment; no filed employment agreement yet . |
| Company NEO agreements (context) | Indefinite terms; auto-renewal; include base salary, eligibility for equity and bonuses; change-in-control double-trigger structures . |
| COO (prior agreement, context only) | Without cause/Good Reason pre-COC: severance based on salary + prior-year bonus formula . Within 12 months post-COC: payment = 2× salary + greater of STIP or targeted cash bonus for each of two prior years . Health benefits continuation per term . |
| CEO/CFO references (context) | CEO post-COC: 2× (salary+bonus); CFO post-COC: 2× salary + greater of STIP or targeted cash bonus (two years) . |
| Non-compete (Oaxaca) | Certain executives restricted from owning/operating/managing mineral property within 50 km of Oaxaca operations for 12 months post-termination . |
Note: Alexandri’s employment economics will be determined when his agreement is finalized; tables referencing prior NEO terms are company context, not his contract .
Vesting Schedules and Potential Selling Pressure
- RSUs vest 33.3% annually over three years; PSUs cliff at three years (0–150% payout based on relative TSR); options vest ratably over three years with a 10-year term .
- As of the record date, Alexandri held no reported beneficial shares, so near-term insider selling pressure from existing holdings is minimal; future equity grants will introduce scheduled vesting and potential sale windows .
Compensation Structure vs Performance Metrics
- STIP uses Board-approved operational/financial/safety targets with payout 0–200% of target; governance emphasizes pay-for-performance and liquidity-sensitive settlement choices (equity in lieu of cash) .
- LTIP PSUs explicitly tie long-term payouts to relative TSR vs the peer group, aligning incentives with shareholder returns; RSUs provide retention with time-based vesting .
Related Policies and Red Flags
- No related party transactions in 2024; Board independence affirmed for directors; anti-hedging policy in place; no option repricing or tax gross-ups .
- 2024 financial statements restated for streaming liabilities; Compensation Committee concluded no clawback recovery required (non-cash restatement, did not negatively affect stock price or TSR), mitigating clawback-trigger risk .
Investment Implications
- Execution: Alexandri’s track record improving and turning around Mexican underground operations (Tahuehueto, Campo Morado) is directly relevant to DDGM’s planned throughput increase and Three Sisters development; this supports operational de-bottlenecking and margin improvement initiatives .
- Alignment: Initial disclosed ownership is zero; alignment will depend on the scale/mix of RSUs/PSUs/options in his finalized employment package and adherence to 2× salary ownership guidelines over the 5-year window .
- Incentive quality: PSU design ties payouts to relative TSR, a favorable alignment mechanism; the Company’s liquidity constraints and shift to equity settlements for STIP can conserve cash but increase dilution—monitor grant sizes and peer-relative TSR outcomes .
- Retention/COC risk: Company-standard double-trigger COC protections and severance structures for NEOs lower near-term attrition risk but create contingent cash obligations; Alexandri’s specific terms are pending and should be watched for severance multiples and accelerated vesting provisions .
- Performance baseline: With multi-year net losses and depressed TSR, a turnaround led by the COO offers upside if development, equipment replacement, and filter press expansion deliver higher throughput and grades; upcoming calls list Alexandri as a Q&A host, indicating operational accountability .