Cassie Boggs
HECLA MINING CO/DE/About Catherine “Cassie” J. Boggs
Independent Director and Chair of the Board at Hecla Mining Company (HL). Age 70; director since 2017. Served as Interim President & CEO from May 22, 2024 to November 7, 2024, then returned to independent director status and committee service following the appointment of a permanent CEO .
Past Roles
| Organization | Role | Tenure/Dates | Notes/Impact |
|---|---|---|---|
| Resource Capital Funds | General Counsel | Jan 2011 – Feb 2019 | Led legal function for mining-focused private equity . |
| Barrick Gold Corporation | Multiple leadership roles | Not specified | CEO of Tethyan Copper Company; interim President of African Business Unit; interim General Counsel of African Barrick Gold . |
| U.S. Department of Commerce – CLDP | Intermittent Expert (Mining) | Since Nov 2019 | Advisory expertise on mining law and governance . |
| University of Denver, Sturm College of Law | Adjunct Professor | Current | Academic contribution in law; governance relevance . |
| Funzeleo (non-profit) | Board Member | Jan 2016 – Sep 2021 | Prior board service . |
| U.S. Energy Corp. | Director | Jun 2019 – Dec 2019 | Short-term public company board role . |
External Roles
| Organization | Role | Start Date | Committees/Notes |
|---|---|---|---|
| Capital Limited | Director | Sep 2021 | Current public company directorship . |
| University of Denver, Sturm College of Law | Adjunct Professor | Current | Governance/education engagement . |
| U.S. Department of Commerce – CLDP | Intermittent Expert | Nov 2019 | Policy/legal advisory (mining) . |
Board Governance
- Chair of the Board; acted as Interim CEO (May 22–Nov 7, 2024), then resumed independent director status and committee service post-transition .
- Current committees: Compensation; Governance & Social Responsibility; Non-Executive Stock Award; not on Audit post-ICEO (served on Audit until May 22, 2024) .
- Independence: Listed as Independent Director; all members of Compensation and Governance & Social Responsibility committees are independent; Boggs stood down from committees while serving as ICEO, preserving independence, and was reappointed after the CEO hire .
- Attendance: 9 Board meetings in 2024; all directors (except two newly added late in 2024) attended 100% of Board and their committee meetings—Boggs included; Compensation Committee held 6 meetings (100% attendance), Governance & Social Responsibility 4 meetings (100% attendance); Executive Committee held none .
- Succession planning: Corporate Governance Guidelines designate Board Chair as emergency interim CEO, a policy applied in 2024 .
Fixed Compensation
| Component | Detail | 2024 Amount | Notes |
|---|---|---|---|
| Interim CEO monthly salary | $106,000/month, 60% cash ($63,600), 40% shares ($42,400) | As applicable May–Nov 2024 | No annual cash bonus eligibility during ICEO tenure . |
| Director fees (Chair) | Cash fees included in “Salary” | $180,000 (included in 2024 salary) | Included per SEC rules in Summary Compensation Table . |
| Total 2024 compensation (Chair + ICEO) | Salary + Stock awards | $1,015,338 | Salary $606,735; Stock awards $408,603; no non-equity incentive . |
Performance Compensation
| Metric/Instrument | Applies to Boggs (2024) | Detail | Notes |
|---|---|---|---|
| Annual STIP (cash bonus) | No | Not eligible during ICEO tenure | Committee deemed appropriate given transitional role and elapsed performance period . |
| PSUs (relative TSR) | No | Not granted to Boggs in 2024 | RSUs/PSUs policy outlined; PSUs used for NEOs, not for Boggs as ICEO/Director . |
| Options | No | Company generally does not issue options to NEOs | Not applicable to Boggs; option policy disclosure . |
2024 Equity Grants (Shares and Grant-Date Fair Value)
| Grant Type | Grant Date | Shares (#) | Grant-Date Fair Value ($) |
|---|---|---|---|
| Board Member Deferred Shares | Jun 21, 2024 | 24,281 | 125,533 . |
| Interim CEO Equity | May 31, 2024 | 2,089 | 12,304 . |
| Interim CEO Equity | Jun 28, 2024 | 8,742 | 42,399 . |
| Interim CEO Equity | Jul 31, 2024 | 7,334 | 42,391 . |
| Interim CEO Equity | Aug 30, 2024 | 7,150 | 42,400 . |
| Interim CEO Equity | Sep 30, 2024 | 6,356 | 42,395 . |
| Interim CEO Equity | Oct 31, 2024 | 6,533 | 42,399 . |
| Interim CEO Equity | Nov 7, 2024 | 1,594 | 9,883 . |
| Interim CEO Equity | Nov 29, 2024 | 5,887 | 32,496 . |
| Interim CEO Equity | Dec 11, 2024 | 2,804 | 16,403 . |
- Director equity framework: Nonemployee Director Stock Plan credits annual stock retainer; minimum 25% contributed to grantor trust; delivery upon retirement/death/disability/other cessation/change in control/ or elected time (≥2 years), with 2,039,789 shares remaining available as of Dec 31, 2024 .
- Performance peer group (context for PSUs used at HL, not for Boggs): TSR peer group includes AGI, CDE, NGD, BTG, AG, CGAU, IAG, GDX, PAAS, SSRM, GDXJ, EGO, EQX, OCANF, SLV, FNLPF, HCHDF, GLD, TORXF, FSM; Committee is independent; in 2024 used HR for peer benchmarking and engaged an independent consultant limited to Pay vs Performance .
Other Directorships & Interlocks
| Company/Entity | Relationship | Overlap/Interlock | Conflict Status |
|---|---|---|---|
| Capital Limited | Current Director | Mining services sector | No related-party transactions reported in 2024; none proposed as of proxy date . |
| U.S. Energy Corp. | Prior Director (2019) | E&P | Prior short tenure; no RPT disclosed . |
| Funzeleo | Prior Board Member | Non-profit | No RPT . |
- Related-party oversight: Hecla reviews quarterly/annual questionnaires; Board/legal team assesses materiality; 2024 had no related-party transactions, none proposed at proxy date—mitigates conflict risk for Boggs .
Expertise & Qualifications
- 40+ years as an attorney in mining/natural resources with domestic and international experience; leadership roles at Barrick and subsidiaries; expertise in due diligence, country/political risk, and risk mitigation structures—credibly supports board oversight and HSEC/ESG governance .
- Academic and policy credentials via Adjunct Professorship and CLDP expert role enhance governance and regulatory insight .
Equity Ownership
| Category | Shares (#) | Notes |
|---|---|---|
| Direct | 204,885 | Shares held of record/nominee with voting power . |
| Deferred | 6,070 | Deferred shares as Board Chair; distributable Oct 1, 2026 per election . |
| Indirect (Trust) | 117,214 | Credited under Director Stock Plan; disclaims beneficial ownership . |
| Total Common | 328,169 | Less than 1% of outstanding shares . |
- Ownership Guidelines: Directors must hold ≥3x annual cash retainer; valuation uses prior calendar year average closing price; as of Dec 31, 2024, Boggs meets guidelines—aligns interests with shareholders .
- Pledging/Hedging: Not disclosed for Boggs; trust-held shares subject to plan terms; Directors disclaim beneficial ownership of shares in trust .
Governance Assessment
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Strengths:
- Independence and governance discipline—stood down from committees during ICEO service and rejoined thereafter; committees composed entirely of independent directors .
- High engagement—100% attendance at Board/committee meetings in 2024; active leadership as Board Chair through CEO transition .
- Alignment—meets stock ownership guidelines; significant personal shareholdings including deferred and trust holdings .
- Risk oversight—deep legal/mining experience; prior leadership in high-risk jurisdictions strengthens board’s risk mitigation capabilities .
-
Compensation signals:
- As ICEO, compensation was predominantly fixed (salary + scheduled equity grants) with no annual bonus eligibility—appropriate for transitional context; equity grants provide at-risk exposure without performance metrics in 2024 .
- Company-wide use of PSUs tied to relative TSR for NEOs reinforces performance culture, though not applied to Boggs in her interim role .
-
Conflicts/Red Flags:
- Related-party transactions: None in 2024 and none proposed—reduces conflict risk .
- Options repricing/tax gross-ups/pledging/loans: Not disclosed for Boggs; company generally does not issue options to NEOs .
- Attendance or engagement issues: None—100% in 2024 .
Overall, Boggs presents as a high-credibility governance leader with strong sector expertise, robust attendance and ownership alignment, and low conflict risk, which is supportive of investor confidence during and after leadership transition .