Dave Savarie
About Dave Savarie
Dave Savarie, 52, is Senior Vice President & General Counsel of i-80 Gold (appointed November 12, 2024). He is an Ontario-qualified corporate commercial lawyer with 20+ years’ experience, including 17 years in gold mining across Eastern Europe, West Africa, and North America; he holds an LLB from Queen’s University (1999) and a BA (History) from the University of Western Ontario . Company performance context: IAUX revenues were $50.3M in FY2024 vs $54.9M in FY2023, while EBITDA improved to -$82.8M from -$89.5M; TSR lagged the S&P/TSX indices into year-end 2024 per the company’s performance graph (management emphasizes commodity-driven valuation); Dave’s tenure began late-2024, so pay-performance alignment is best assessed prospectively through 2025–2028 equity vesting . Revenues/EBITDA values marked with * are retrieved from S&P Global.*
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($) | $54,910,000* | $50,335,000* |
| EBITDA ($) | -$89,476,000* | -$82,816,000* |
Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Argonaut Gold Inc. | SVP, General Counsel | – Jul 2024 | Senior legal leadership through corporate transaction culminating in acquisition (July 2024) . |
| Teranga Gold Corporation | SVP, General Counsel, Corporate Affairs & People | – 2021 | Executive leadership until Teranga’s acquisition in 2021 . |
External Roles
No external directorships or committee roles were disclosed for Mr. Savarie in the 2025 proxy .
Fixed Compensation
| Component | Detail |
|---|---|
| Employment start/effective date | Appointed SVP, General Counsel on November 12, 2024 . |
| Current annual base salary | $318,525 per Savarie Employment Agreement (effective Nov 12, 2024), subject to future reviews . |
| Base salary paid in 2024 | $25,833 (prorated) . |
| Target annual cash bonus (STIP) | 80% of base salary (pro-rated for 2024 start) . |
| Benefits & perquisites | Eligible for group benefit plans and retirement plan; reimbursed for reasonable business expenses . |
| All other compensation (2024) | $31,683 . |
Performance Compensation
Short-Term Incentive Plan (STIP) – 2024
| Metric | Weighting | Target | Actual | Payout/Notes |
|---|---|---|---|---|
| Corporate score | 85% | 100% | 74% | Health & Safety 120% (15% weight → 18%), Financial 111% (18% → 20%), Mining Ops 20% (25% → 5%), Mining Projects 97% (32% → 31%), Market 0% (10% → 0%); overall corporate 74% . |
| Individual score (Savarie) | 15% | 100% | 135% | Individual objectives role-specific; weighted into overall score . |
| Weighted overall | — | — | 66% | Company-calculated weighted overall score for Savarie . |
| Actual STIP (2024) | — | — | $47,667 | Pro-rated to start date . |
Long-Term Incentives (LTI)
| Element | Grant design | 2024 target value | Vesting | Notes |
|---|---|---|---|---|
| RSUs | 50% of LTI mix (from 2025 mix change) | $155,000 | Cliff vest March 1, 2028 | 2025 program shifted to RSUs/PSUs, eliminating options for NEOs . |
| PSUs | 50% of LTI mix (from 2025 mix change) | $155,000 | Cliff vest March 1, 2028 | Aligns with multi-year performance and share price outcomes . |
| Retention RSUs | One-time retention grant (Nov 19, 2024) | Included in outstanding RSUs | Three-year cliff vest | Retention grants awarded to key leaders for new development plan; three-year cliff vesting . |
Compensation structure shift: In 2024 NEOs had RSUs and options (75%/25%); in Feb 2025, the Board moved to a 50% RSU / 50% PSU mix and no options, increasing alignment and reducing risk of option repricing while emphasizing longer-term performance .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Common Shares (as of Apr 23, 2025) | 257,450 . |
| Unvested RSUs (12/31/2024) | 700,000; market value $352,606 (12/31/2024 basis) . |
| Ownership guideline (SVP, GC) | 2x base salary . |
| Ownership threshold requirement | $636,000 . |
| Actual share ownership (policy calc) | $607,951 . |
| Threshold met | No . |
| Deadline to meet guideline | November 12, 2029 (five years from hire) . |
| Hedging | Prohibited for NEOs and directors . |
| Pledging | No pledging disclosure in proxy; Insider Trading Policy updated for Rule 10b5-1 but no specific pledging language was disclosed in the cited sections . |
Potential selling pressure windows:
- November 19, 2027: 3-year cliff vest on retention RSUs granted Nov 19, 2024 .
- March 1, 2028: Cliff vest for 2025 RSU/PSU program .
Employment Terms
| Term | Savarie Agreement (key points) |
|---|---|
| Effective date | November 12, 2024 . |
| Base salary | $318,525; eligible for annual bonus and LTI under company plans . |
| Resignation | Three months’ written notice; company may accelerate; pay through notice period . |
| Termination for cause | Immediate; only unpaid salary/vacation owed; benefits/perquisites cease . |
| Death/disability | Employment ceases; unpaid salary/vacation owed . |
| Termination without cause (not CoC) | Lump sum severance equal to 12 months of base salary; 12 months family coverage cost; reasonable life/disability premium estimate for 12 months (as described in similar NEO terms and explicitly set out adjacent to Savarie’s section) . |
| Change of Control + Involuntary Termination (within 12 months) | Lump sum severance equal to 24 months base salary plus incentive bonus; accelerate vesting of unvested equity awards; 24 months family coverage cost; reasonable life/disability premium estimate for 24 months . |
| Clawback | Incentive Compensation Recovery Policy applies upon accounting restatement for material noncompliance . |
| Anti-hedging | Hedging of equity compensation prohibited . |
Compensation & Ownership History (Savarie – 2024)
| Year | Salary ($) | Share-Based Awards ($) | Non-Equity Incentive ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 25,833 | 703,488 | 47,667 | 31,683 | 808,671 |
Performance & Track Record
- Company TSR and indices: Since listing (Apr 13, 2021) to Dec 31, 2024, IAUX underperformed the S&P/TSX indices by 2023–2024 after earlier outperformance; management notes gold price externalities and emphasizes equity-heavy pay for alignment .
- Compensation governance: Independent Compensation Committee; external consultant (Southlea Group) used for peer benchmarking; target positioning around median peers; annual risk review; anti-repricing without shareholder approval; no tax gross-ups .
- Compensation peer group: Artemis Gold, Argonaut Gold, SilverCrest Metals, Aura Minerals, Wesdome, Victoria Gold, Orla Mining, Dundee Precious Metals, Osisko Mining, Calibre Mining; acknowledges upcoming acquisitions and plans to refresh peer group in 2025 .
Board Governance (not a director)
Mr. Savarie is an executive officer (SVP, General Counsel) and not disclosed as a director; therefore, director committee roles and director compensation do not apply in the cited materials .
Compensation Structure Analysis
- Cash vs equity mix: For 2024 (partial year), equity was a significant component (share-based awards $703k vs $26k salary), reflecting sign-on/retention and LTI emphasis .
- Shift from options to RSUs/PSUs: Effective Feb 2025, NEO LTI design eliminated options and moved to 50% RSU / 50% PSU with 3-year cliff vest, lowering risk relative to options and emphasizing long-term performance .
- Retention incentives: November 19, 2024 retention RSUs with 3-year cliff vest were awarded to key management tied to execution of the new development plan, representing a retention lever and a future vesting/supply event .
- Ownership alignment: 2x salary ownership guideline for SVP/GC; Savarie at $607,951 vs $636,000 requirement as of April 23, 2025; five-year window to comply (to Nov 12, 2029) .
Risk Indicators & Red Flags
- Clawback policy in place tied to accounting restatements .
- Anti-hedging policy enforced; insider trading policy updated for Rule 10b5-1 .
- No disclosure of pledging or related-party transactions for Mr. Savarie in the cited sections .
- Change-of-control terms include double-trigger severance and full acceleration, which can be shareholder-sensitive but are standard in sector; magnitude is 24 months of base and benefits plus equity acceleration .
Investment Implications
- Near-term selling pressure risk: Large cliff vests in Nov 2027 (retention RSUs) and Mar 2028 (RSU/PSU program) could create episodic supply from tax-withholding and potential monetization; monitor upcoming 10b5-1 plan disclosures and vesting calendars .
- Strong alignment via equity-heavy mix and ownership policy: A substantial portion of Savarie’s compensation is equity-based with a 2x salary ownership requirement; he is close to the threshold with a 5-year compliance window, incentivizing retention and performance through 2029 .
- Governance mitigants: Clawback, anti-hedging, independent comp oversight, and elimination of options in favor of RSUs/PSUs reduce misalignment risk while focusing on multi-year execution of the development plan .
- Pay-for-performance mechanics: 2024 STIP paid at 66% of target due to a 74% corporate score (weak mining ops/market offset by safety/financial metrics) and strong individual performance (135%); LTI awards tied to long-dated vesting should align with delivery on project milestones and capital allocation over 2025–2028 .