William Paul Chawrun
About William Paul Chawrun
William Paul “Paul” Chawrun is Chief Operating Officer (COO) of i-80 Gold Corp., appointed effective April 30, 2025; he is age 59 and reports to the CEO . He is a professional engineer with a BSc in Mining Engineering (Queen’s University), a BSc in Geology (McMaster University), and an MBA (Athabasca University) . Prior roles include COO & EVP at Centerra Gold (Aug 2022–Mar 2025) and COO at Teranga Gold (Apr 2016–Apr 2021), where he led operational improvements, cost reductions, commissioning, expansions, and integration of the high-grade Massawa project; earlier roles include senior operating roles at Fording Inc. and Suncor Energy, and technical/corporate development roles at Detour Gold on Detour Lake . The company’s short-term incentive program uses an 85% corporate/15% individual weighting; 2024 corporate scoring was 74%, with category-level targets across health & safety, financial, operations, projects, and market performance, indicating a balanced, scorecard-based approach to performance management for senior executives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Centerra Gold | COO & EVP | Aug 2022–Mar 2025 | Oversaw safety/engineering improvements, cost reductions, start-up of operations, and life-of-mine expansions; advanced development projects and exploration |
| Teranga Gold | COO | Apr 2016–Apr 2021 | Transitioned Teranga from single-asset to multi-asset producer; led mill expansion, new mine construction/operation, and Massawa acquisition/integration via advanced technical studies |
| Fording Inc. | Senior management (operations) | Not disclosed | Senior operating roles contributing to mining operations excellence |
| Suncor Energy | Senior management (operations) | Not disclosed | Senior operating roles contributing to mining operations excellence |
| Detour Gold | Technical services & corporate development | Not disclosed | Oversaw technical development of Detour Lake, later a significant gold operation |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tse-Zul (private company; JV overseer between Broden Mining and Ross River Dena First Nation, Yukon) | Director | Not disclosed | Governance of JV related to Vangorda project (Canada MNR mines clean‑up initiative) |
| External roles approval | Approval scope | Ongoing | Pre-approved continued involvement with Schedule B entities; otherwise requires prior written approval; non-compete carve‑out references Schedule B |
Fixed Compensation
| Component | Terms | Details |
|---|---|---|
| Base Salary | $400,000 per year | Payable per normal payroll; subject to tax withholdings; salary reviews on calendar basis; first January review cycle noted (company practice) |
| Benefits | Standard employee plans | Eligible to participate in group benefit plans; plans may be amended/discontinued at company discretion |
| Vacation | 20 days per year | Prorated first year; max 5 days carryover; carryover must be used within subsequent year |
| D&O Insurance | Coverage provided | Directors & Officers liability insurance per company policy terms |
| Expenses | Reimbursement | Reimbursed for reasonable/proper business expenses per policy with receipts |
Performance Compensation
Short-Term Incentive (STI)
| Metric | Weighting | Target | Payout Range | Mechanics | Vesting |
|---|---|---|---|---|---|
| Annual cash bonus | Corporate 85%; Individual 15% | 80% of base salary | 0%–80% of base salary (Board discretion) | Based on agreed scorecard; corporate/individual goals with min 0%, target 100%, max 200%; committee uses informed judgment; caps in place | Cash (no vesting schedule) |
Corporate scorecard design (company-wide for 2024, indicative of framework):
| Objective Category | Weight | Year-End Score (max 200%) | Final Score |
|---|---|---|---|
| Health & Safety | 15% | 120% | 18% |
| Financial | 18% | 111% | 20% |
| Mining Operations | 25% | 20% | 5% |
| Mining Projects | 32% | 97% | 31% |
| Market (Share Price) | 10% | 0% | 0% |
| Overall Corporate Score | 100% | — | 74% |
Long-Term Incentive (LTI)
| Instrument | Target | Payout Range | Vesting | Notes |
|---|---|---|---|---|
| RSUs | 150% of base salary | 0%–150% of base salary (Board discretion) | Typically over 3 years; Board may set cliff vest | Issued under Omnibus Share Incentive Plan |
| Initial RSU Grant | 700,000 RSUs | N/A (one-time grant) | Cliff vest after 3 years; accelerated vesting on change of control or termination without cause | Granted as of start date (subject to trading policy timing); RSU pricing subject to NYSE/TSX rules/approvals |
Incentive Governance
- Clawback: Incentive Compensation Recovery Policy applies to incentive plans, allowing recovery upon an accounting restatement due to material noncompliance with financial reporting requirements .
- Anti-hedging: Insider trading/anti-hedging policy prohibits hedging of equity-based compensation and trading during blackout/MNPI periods; updated for SEC Rule 10b5‑1 amendments .
- No re-pricing: Company does not re-price outstanding equity without shareholder approval; no employee loans or tax gross-ups .
Equity Ownership & Alignment
| Snapshot | As of | Disclosure |
|---|---|---|
| Beneficial ownership (Form 3) | Event date 04/30/2025; filed 05/08/2025 | “No securities are beneficially owned.” |
| RSU grant (unvested) | Granted at start; cliff vests after 3 years | 700,000 RSUs; unvested until vest date; accelerates on CoC or termination without cause |
| Executive ownership guidelines | COO threshold | 2x base salary; 5 years to comply from latest of start/promotion/guideline effective; Common Shares, RSUs, PSUs, DSUs count (vested or unvested); options excluded |
| Hedging/Pledging | Hedging | Hedging prohibited per policy; pledging not expressly disclosed in excerpts provided |
Employment Terms
| Term | Provision | Detail |
|---|---|---|
| Start Date | Effective and start | Employment agreement effective April 24, 2025; start date April 30, 2025 |
| Term | Indefinite | Agreement continues until termination per Article 3 or mutual agreement |
| Termination without cause | Base pay/benefits | Up to 12 months notice or lump-sum in lieu, or combination; benefits continuation per ESA/company plans; previously granted but unvested equity immediately vests per plan terms |
| STI on termination (no cause) | Cash component | Lump sum equal to average annual STI over prior two years plus any unpaid prior-year STI (if applicable) |
| Change-of-control (double trigger) | Severance multiple | 2x annual base salary + 2x average annual STI for prior two years; all granted but unvested equity immediately vests |
| Non-compete | Duration & scope | 12 months post-termination; applies to competitive entities operating in “Restricted Area” (company properties and within 1 km) |
| Non-solicit | Duration | 12 months post-termination; covers employees, consultants, independent contractors |
| Governing Law | Jurisdiction | Province of Ontario; exclusive jurisdiction of Ontario courts |
| D&O resignation | Upon termination | Must resign as director/officer of company or subsidiaries at termination |
Performance & Track Record
- Centerra Gold: Oversaw safety/engineering improvements, operating cost reductions, start-up, and mine life expansions across three operations; advanced development projects and exploration .
- Teranga Gold: Key role in transforming to multi-asset producer; led mill expansion; oversaw construction/operation of a new mine; drove Massawa acquisition and integration using advanced technical studies .
- Detour Gold: Oversaw technical development of the Detour Lake project, later a significant gold operation .
- IAUX operational focus: As COO, emphasizes low technical/permitting risk due to brownfield assets; focus on infill drilling for feasibility, permitting, and development to achieve staged production goals .
Investment Implications
- Alignment: Compensation is heavily at-risk and equity-oriented (STI target 80% of salary; LTI target 150% in RSUs), with executive ownership guidelines requiring 2x salary and RSUs counting toward compliance—positive for alignment and long-duration execution focus .
- Retention and CoC economics: Standard severance (up to 12 months) plus double-trigger CoC benefits (2x salary + 2x average STI) and immediate vesting of unvested equity strengthen retention but create meaningful CoC costs and potential accelerated supply from vesting upon change events .
- Selling pressure: Initial 700,000 RSUs cliff vest after three years, deferring near-term selling pressure; immediate vesting on termination without cause/CoC could create event-driven liquidity and trading signals around corporate actions .
- Governance risk mitigants: Clawback policy (restatement-based recovery), anti-hedging provisions, and no equity re-pricing or tax gross-ups reduce governance risk; no explicit pledging policy disclosure in provided excerpts—monitor proxy updates for pledging restrictions .
- Ownership baseline: Form 3 shows no beneficial ownership at start, implying alignment will primarily build through RSUs and future acquisitions—watch for subsequent Form 4 filings for purchases/sales and 10b5-1 activity .