Curtis Turner
About Curtis Turner
Curtis Turner, age 51, serves as Vice President, Strategic Planning at i-80 Gold Corp. (IAUX). He is a mining professional with 20+ years of experience spanning accounting, financial reporting, finance, M&A, strategic planning, permitting, operations, and stakeholder relations across Nevada and international projects. Prior roles include key positions at Argonaut Gold, Yamana Gold, and Meridian Gold; he holds a B.A. and M.B.A. from Utah State University. His employment agreement with a subsidiary (Premier USA) is effective October 3, 2022. IAUX operates in Metals & Mining (GICS 15104030) with a market cap of ~$809 million. Revenues increased from $36.96 million in FY2022 to $50.34 million in FY2024; EBITDA remained negative over the period. [IAUX company details via /public/companies.sqlite] *
| IAUX Performance During Turner’s Tenure | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $36,958,000 | $54,910,000 | $50,335,000 |
| EBITDA ($USD) | -$55,804,000* | -$89,476,000* | -$82,816,000* |
| Values marked with * retrieved from S&P Global. |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Argonaut Gold | Key positions across finance/ops/strategy | Not disclosed | Played a critical role in expanding from a single mine producing ~25k oz annually to a multi-mine platform with development projects |
| Yamana Gold | Key positions | Not disclosed | Experience across finance, M&A, strategic planning, permitting, operations, and stakeholder relations |
| Meridian Gold | Key positions | Not disclosed | Contributed to technical and planning disciplines across projects |
| Junior mining companies (private and public) | Various roles | Not disclosed | Broadened cross-functional mining expertise across geographies |
Fixed Compensation
Turner Agreement (Premier USA, effective Oct 3, 2022): current annual base salary US$241,462; eligible for annual incentive bonus (based on corporate/individual performance), long-term incentive awards under the equity plans, and participation in benefits and retirement plans. Resignation requires two months’ written notice (accelerable to at least two weeks); termination for cause yields only unpaid salary/vacation; death/disability yields unpaid salary/vacation.
| Fixed Compensation (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $215,000 | $223,600 | $231,107 |
| Pension Value | — | $9,999 | $15,306 |
| All Other Compensation | — | — | $24,221 |
Performance Compensation
Short-Term Incentive Plan (STIP) – 2024:
- Weighting: Corporate 85%, Individual 15%
- Target: 50% of salary
- Corporate score: 74% of target; Individual score: 135% of target; Weighted overall score (per proxy table) and payout shown below
| STIP (2024) | Metric | Weighting | Target | Actual | Payout ($) | Vesting/Timing |
|---|---|---|---|---|---|---|
| Annual Cash Bonus | Corporate performance | 85% | 50% of salary | 74% of target | — | Annual payout |
| Annual Cash Bonus | Individual performance | 15% | 50% of salary | 135% of target | $96,726 | Annual payout |
| Weighted Overall Score | Combined | — | — | 42% (proxy “Weighted Overall Score”) | — | — |
Long-Term Incentives:
- Calendar year 2024 awards were delivered as RSUs (75%) and Options (25%) for NEOs. In February 2025, the Compensation Committee amended the mix to RSUs (50%) and PSUs (50%), with no Options. RSUs and PSUs vest on March 1, 2028 (three-year cliff).
- For 2024 compensation, Board discretion set LTI grant values at 100% of target; Turner’s target LTI is 40% of base salary, allocated 50% RSUs and 50% PSUs by value. Turner’s RSUs also vest one-third annually on March 1 under certain legacy grants.
| LTI (2024 Compensation Cycle) | Target LTI (% of Base) | RSUs ($) | PSUs ($) | Options ($) | Vesting |
|---|---|---|---|---|---|
| Curtis Turner | 40% | $47,000 | $47,000 | — (post-Feb 2025 mix excludes options) | RSUs/PSUs: March 1, 2028 (cliff); Legacy RSUs: one-third annually each March 1 |
Multi-Year Compensation Summary:
| Component (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $215,000 | $223,600 | $231,107 |
| Share-Based Awards | $50,350 | $67,080 | $234,531 |
| Option-Based Awards | $50,350 | $22,360 | — |
| Annual Incentive (STIP) | $30,777 | $124,657 | $96,726 |
| Pension Value | — | $9,999 | $15,306 |
| All Other Compensation | — | — | $24,221 |
| Total Compensation | $346,477 | $447,696 | $601,891 |
Equity Ownership & Alignment
Executive Share Ownership Policy requires “Other senior level officers” (non-CEO/CFO/COO/SVP GC) to hold shares equal to 1.5x base salary, with a five-year compliance period from the later of hire/promotion/guideline applicability. RSUs/PSUs/DSUs count; unexercised options do not. Anti-hedging and clawback policies are in place; the company does not provide tax gross-ups or re-price equity without shareholder approval.
| Ownership (as of 2025-04-23) | Threshold Requirement ($) | Common Shares (#) | RSUs (#) | Actual Share Ownership ($) | Threshold Met | Date to Reach Ownership |
|---|---|---|---|---|---|---|
| Curtis Turner | $352,500 | 37,688 | 291,452 | $215,651 | No | 2027-10-03 |
Policy Highlights:
- Executive Ownership Requirement: 1.5x base salary for senior level officers; 3x CEO; 2x CFO/COO/SVP GC
- RSUs/PSUs/DSUs count toward compliance; options do not
- Insider Trading Policy updated for SEC Rule 10b5-1 amendments; trading prohibited in blackout periods or when in possession of MNPI
- Clawback (Incentive Compensation Recovery Policy) for restatements; Anti-Hedging Policy prohibits hedging; no tax gross-ups; no re-pricing of equity awards
Employment Terms
Core terms (Turner Agreement, Oct 3, 2022):
- Base salary: US$241,462 (current under agreement; subject to future review/adjustment)
- Bonus: eligible annually based on corporate/individual performance
- LTI eligibility: determined at discretion under equity plans
- Resignation: two months’ notice; company may accelerate to at least two weeks; compensation limited to unpaid salary/vacation
- Termination for cause: immediate; compensation limited to unpaid salary/vacation; benefits cease
- Death/disability: employment ceases; compensation limited to unpaid salary/vacation
Severance and Change-of-Control Economics:
- Termination without cause (unrelated to CoC): 12 months of base salary; 12 months family coverage cost; life/disability benefit premium estimate for 12 months
- CoC with involuntary termination within 12 months (double-trigger):
- If employed <12 months: 6 months base salary; incentive bonus; immediate vesting of unvested equity; 24 months family coverage cost; life/disability premium estimate for 24 months
- 12–<36 months: 12 months base salary; above benefits
- ≥36 months: 24 months base salary; above benefits
- Estimated incremental payments as of 12/31/2024 for Turner:
- Termination (not CoC-related): $318,414
- Termination without cause after CoC: $772,828
| Termination Scenario (as of 12/31/2024) | Incremental Payment ($) |
|---|---|
| Termination by Corporation (non-cause, unrelated to CoC) | $318,414 |
| Termination without cause after CoC (double-trigger) | $772,828 |
Compensation Structure Analysis
- LTI mix shifted from RSUs/Options (75%/25%) in calendar 2024 to RSUs/PSUs (50%/50%) in Feb 2025, eliminating options—reduces risk for the executive and potentially increases alignment to multi-year performance/TSR via PSUs.
- 2024 LTI grant values set at 100% of target despite performance scores (82–83% of target across NEOs); for Turner, target LTI 40% of salary, allocated evenly RSUs/PSUs—Board discretion increased equity at target level.
- STIP weighting emphasizes corporate objectives (85%) vs individual (15%); Turner’s corporate score 74% and individual 135% yielded $96,726 payout.
Risk Indicators & Red Flags
- Below ownership guideline: Turner’s actual ownership ($215,651) below $352,500 threshold; compliance date 2027-10-03—watch for potential incremental share accumulation requirement.
- Anti-hedging policy and clawback mitigate risk; company states no tax gross-ups, no equity re-pricing—positive governance signals.
- RSU vesting clustering: legacy RSUs vest one-third annually on March 1—calendar-based vesting could concentrate potential selling windows around vest dates.
Investment Implications
- Alignment: Turner is currently below the 1.5x salary ownership threshold, with a 2027 deadline; expect ongoing accumulation via RSU/PSU grants and potentially open-market purchases to close the gap.
- Incentive design: Shift to PSUs (50%) and three-year cliff vesting to March 1, 2028 strengthens long-term alignment and may moderate near-term selling pressure versus annual RSU tranches; STIP is heavily weighted to corporate outcomes.
- Retention: Double-trigger CoC protections and meaningful severance (up to 24 months base dependent on tenure) plus immediate vesting upon CoC termination support retention but also create potential event-driven costs; estimated CoC termination exposure for Turner is ~$773k as of 12/31/2024.
- Operating linkage: Company revenues expanded over 2022–2024 while EBITDA remained negative; PSUs may increasingly tie payout to shareholder value creation over multi-year horizons. * * *
Footnote: Values marked with * retrieved from S&P Global.