Ryan Snow
About Ryan Snow
Ryan Snow, age 42, is Chief Financial Officer of i-80 Gold Corp. (IAUX), a mining finance executive with 15+ years across IFRS/US GAAP reporting, internal controls (SOX), M&A, risk, tax and mine development. He joined IAUX on April 8, 2021, after roles at Nevada Copper (VP Finance), Tahoe Resources (VP Finance & Controller), and Hecla Mining; he holds a B.B.A. in Accounting (with distinction) from Gonzaga University . Company performance during his tenure included Q1 2025 revenue of ~$14 million, 5,000 oz sold, and guidance of 30–40k oz for 2025 amid a recapitalization plan (National Bank gold/silver prepay, $12m Auramet facility, pro forma cash ~$25m); however, cumulative TSR since TSX listing fell to 28.75 (C$) by 12/31/2024 vs 100 at 4/13/2021, reflecting balance sheet constraints and development-stage execution timing .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nevada Copper | Vice-President, Finance | Not disclosed | Secured project financing and restructured debt during construction and production ramp-up of Pumpkin Hollow |
| Tahoe Resources | Vice-President, Finance and Controller | Not disclosed | Oversaw SOX implementation, two acquisitions, and progressed Escobal (Guatemala) and Shahuindo (Peru) to commercial production |
| Hecla Mining Company | Early career (Accounting/Finance) | Not disclosed | Foundation in public mining company finance and reporting |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 | Current (per employment agreement) |
|---|---|---|---|---|
| Base Salary ($) | 272,950 | 278,409 | 294,576 | 344,212 (annual) |
| Target Short-Term Incentive (% of Salary) | Not disclosed | Not disclosed | 80% | — |
| Actual Short-Term Incentive ($) | 258,634 | 249,594 | 192,417 | — |
Performance Compensation
2024 STIP structure and payout (CFO)
| Component | Weight | Target | Actual | Weighted Result |
|---|---|---|---|---|
| Corporate score | 85% | 100% | 74% | 74% × 85% = 62.9% |
| Individual score | 15% | 100% | 125% | 125% × 15% = 18.8% |
| Weighted overall score | 100% | 100% | — | 65% of target (rounded) |
| Payout | — | 80% of salary target | — | $192,417 |
Notes:
- 2024 Corporate Objectives Scorecard delivered an overall 74% corporate result; outperformance in H&S and Financial, underperformance in mining operations, projects, and market (share price) .
- STIP amounts reflect discretion within program policy .
Long-term incentives (LTI) and vesting
| Grant | Grant Value | Instrument | Units | Vesting | Notes |
|---|---|---|---|---|---|
| 2024 Retention Grant (Nov 19, 2024) | Not disclosed | RSUs | Included in 829,722 RSUs outstanding at 12/31/2024 | 3-year cliff (vesting after 3 years) | One-time retention award tied to new development plan; broad management participation |
| 2024 LTI (awarded for 2024 performance; approved 2025) | $167,500 RSUs; $167,500 PSUs | 50% RSUs / 50% PSUs | Not yet priced/granted | Cliff vest on March 1, 2028 | Board shifted LTI mix to RSUs/PSUs; no options in 2025 awards |
Option awards (outstanding at 12/31/2024)
| Strike (C$) | Expiration | Options (#) |
|---|---|---|
| 2.66 | 04/26/2026 | 250,000 |
| 3.35 | 11/12/2026 | 75,000 |
| 2.62 | 02/04/2027 | 222,074 |
| 3.21 | 02/22/2028 | 154,365 |
| 1.75 | 02/22/2029 | 139,205 |
Notes:
- Value of in-the-money unexercised options was not shown for Ryan Snow at 12/31/2024 (share price C$0.69 as valuation reference) .
- A separate 25,000 warrants were exercisable within 60 days of 4/23/2025 for beneficial ownership reporting .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (total) | 984,242 securities; 0.20% of outstanding |
| Ownership composition | 165,000 common shares; 794,242 options; 25,000 warrants exercisable within 60 days of 4/23/2025 |
| RSUs outstanding (unvested) | 829,722 RSUs; market/payout value $417,950 at 12/31/2024 (C$0.69, US$1=C$1.3698) |
| Executive ownership guideline | CFO requirement: 2× base salary |
| Compliance status | Threshold $670,000; actual $764,035; status: Yes; 5-year deadline from 4/8/2021 (2026-04-08) |
| Hedging/pledging | Hedging prohibited; no pledging disclosure identified for Snow |
Employment Terms
| Term | Summary |
|---|---|
| Start date | April 8, 2021 (CFO agreement effective date) |
| Current annual base salary | $344,212 (subject to review/adjustment) |
| STI/LTI eligibility | Annual cash bonus; eligible for LTI under Omnibus Incentive Plan (Board discretion) |
| Termination (no cause; not in CoC window) | Lump-sum severance equal to 12 months of base salary plus incentive bonus; benefits continuation equivalent to 12 months; estimated life/disability premium amount; reasonable notice effort |
| Change of Control (double-trigger within 12 months) | Lump-sum severance equal to 24 months of base salary plus incentive bonus; all unvested equity awards vest; 24 months of benefits and life/disability premium equivalent |
| Clawback | Incentive Compensation Recovery Policy for restatements due to material noncompliance |
| Ownership policy | Executives must meet ownership multiples within 5 years; includes RSUs/PSUs/DSUs (options excluded) |
| Anti-hedging | Hedging of company stock prohibited |
| Say-on-pay | Not required (Emerging Growth Company status) |
Multi-Year Compensation (CFO)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 272,950 | 278,409 | 294,576 |
| Share-Based Awards ($) | 161,646 | 208,807 | 728,488 |
| Option-Based Awards ($) | 161,646 | 69,602 | — |
| Annual Incentive Plans (STIP) ($) | 258,634 | 249,594 | 192,417 |
| Pension Value ($) | 8,260 | 12,025 | 11,698 |
| All Other Compensation ($) | 34,882 | 34,882 | 36,498 |
| Total Compensation ($) | 898,018 | 853,319 | 1,263,677 |
Compensation structure shift:
- Company moved from Options toward RSU/PSU mix for NEOs (effective 2025 awards), removing options from annual LTI; 2024 retention RSUs introduced to align with development plan and retention needs .
Performance & Track Record
- Q1 2025 results and outlook: ~5,000 oz sold; ~$14m revenue; pro forma cash ~$25m after $12m Auramet facility; National Bank gold/silver prepay (6,800 oz Au; 345k oz Ag), with development focus on feasibility work and permitting; 2025 production expected 30–40k oz (20–30k Granite Creek UG; ~10k leach) .
- Recapitalization focus: senior debt, royalty sale on Mineral Point, potential non-core FAD sale; toll milling agreement introduces ~120-day cash lag (offset by Auramet WC facility) .
- TSR context: C$100 invested at 4/13/2021 became C$28.75 by 12/31/2024; sector indices outperformed over same period .
Compensation Committee & Peer Group
- Compensation governance led by independent committee (Begeman, Seaman, Joseph) with Southlea Group as consultant; 2024 consultant fees $70,750 .
- 2024 executive compensation peer set included Artemis Gold, Argonaut Gold, SilverCrest, Aura, Wesdome, Victoria Gold, Orla, Dundee Precious, Osisko Mining, Calibre; peer group to be refreshed in 2025 given M&A changes .
Equity Plan & Burn Rate
- Omnibus Incentive Plan share reserve max 10% of outstanding; annual burn rate: 1.51% (2022), 1.09% (2023), 3.07% (2024); 2024 included a one-time 5,095,000 RSU retention grant across leadership .
Investment Implications
- Alignment: Snow meets ownership guideline (2× salary) and holds meaningful unvested RSUs; company prohibits hedging and has a clawback—favorable for shareholder alignment .
- Retention and selling pressure: Three-year cliff vesting on Nov 19, 2027 (retention RSUs) and March 1, 2028 (2025 RSU/PSU grants) creates potential supply overhang around those dates; monitor 10b5-1 plans and blackout periods .
- Pay-for-performance: 2024 STIP paid at 65% of target amid 74% corporate score and 125% individual score; LTI mix shift to RSU/PSU (no options) lowers risk to the executive, emphasizes retention and long-term TSR/operational goals .
- Change-of-control economics: Double-trigger with 2× base and bonus plus full vest acceleration is market-typical; still a meaningful cost if strategic alternatives are pursued .
- Execution and balance sheet: CFO-led financing steps (National Bank prepay; Auramet facility) stabilized liquidity, but broader recapitalization (senior debt/royalty/non-core sale) remains critical to unlock value and de-risk project timeline .
Data sources: IAUX 2025 DEF 14A (filed May 2, 2025) and Q1 2025 earnings call transcript (May 5, 2025). All amounts USD unless noted.