Glen Kuntz
About Glen Kuntz
Glen Kuntz is Senior Vice President, Mine Development at Ivanhoe Electric (IE), a Qualified Person and Professional Geologist with 30+ years across exploration, development and operations in the Americas, Africa and Australia. He joined IE on January 24, 2022 (initially Chief Technical & Innovation Officer), became SVP, Mine Development on November 21, 2022, and also serves as Vice President of Mesa Cobre Corporation (IE subsidiary) since April 2022 . He holds a B.Sc. in Geology from the University of Manitoba and is age 57 per the 2025 proxy executive roster . Company performance during his tenure includes total shareholder return (TSR) of $139.66 per $100 initial investment in 2022, $115.86 in 2023, and $86.78 in 2024; IE reported net losses of $160.221 million (2022) and $216.075 million (2023) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ivanhoe Electric (IE) | Chief Technical & Innovation Officer | Jan 2022–Nov 2022 | Led technology and studies supporting mine development, precursory to SVP role . |
| Mesa Cobre Corporation (IE subsidiary) | Vice President | Apr 2022–present | Subsidiary leadership aligned with IE’s copper project development . |
| Nordmin | Consulting Specialist (Geology/Mining) | Mar 2018–2022 | Provided geology/mining consulting; broadened applied operational expertise . |
| Yamana Gold Inc. | Director of Exploration Projects | 2015–2018 | Directed exploration portfolios; integration into a major producer’s pipeline . |
| Mega Precious Metals Inc. | President & CEO | 2012–2015 | Drove value leading to acquisition by Yamana Gold; prior COO 2011–Sep 2012 . |
| Runge Ltd.; Placer Dome; Rea Gold | Senior positions | Various | Built development/production experience across methods and commodities . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Qualified Person (QP) / Professional Geologist | Professional accreditation | Ongoing | Regulatory sign-off capability enhances technical oversight and credibility . |
Fixed Compensation
| Metric | 2022 |
|---|---|
| Base Salary ($) | $207,066 |
| Target Bonus (%) | Not disclosed |
| Actual Bonus Paid ($) | $38,423 (C$50,000 signing bonus) |
| Other Compensation ($) | $8,128 (vacation payout) |
| Total ($) | $1,795,293 |
Performance Compensation
| Instrument | Grant Entity | Grant Date | Number/Value | Terms |
|---|---|---|---|---|
| Stock Options | Ivanhoe Electric | Nov 21, 2022 | 300,000 options; ASC 718 value $1,531,494 | Exercise $11.75; vest 1/3 on Nov 21, 2023/2024/2025; 7-year term to Nov 21, 2029 . |
| RSUs | Cordoba Minerals (IE subsidiary) | Aug 1, 2022 | 25,000 RSUs; ASC 718 value $10,182 | Vest 1/3 on Aug 1, 2023/2024/2025 . |
Vesting schedule detail:
- IE options: 100,000 vest each on Nov 21, 2023; Nov 21, 2024; Nov 21, 2025; expire Nov 21, 2029 .
- Cordoba RSUs: 8,333 vest each on Aug 1, 2023; Aug 1, 2024; Aug 1, 2025 .
STIP framework (company-wide; weighting/payout specifics not disclosed for Kuntz):
- Focus areas used by IE’s Compensation & Nominating Committee: Health, Safety & Environment; Operational performance (drilling plans, technical studies); Corporate development; awards at Committee discretion .
PSU framework (company-wide):
- rTSR vs Base Metals Index; 3-year cliff; payout 0x below 25th percentile, 1.0x at 50th, 2.0x at 75th, linear in-between; implemented for 2025 program (not awarded for 2024) .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Beneficial Ownership (IE common) | Not individually listed in 2025 table; as of Apr 13, 2023, no direct shares reported; options unexercisable within 60 days excluded from 2023 table . |
| Options: Exercisable vs Unexercisable | 300,000 IE options granted Nov 21, 2022; vesting over 3 years; unexercisable within 60 days of Apr 13, 2023 . |
| RSUs (Cordoba) | 25,000 granted Aug 1, 2022; vest ratably through 2025 . |
| In-the-Money Value (Options) | At Dec 31, 2024, IE unvested/accelerated options considered out-of-the-money (no value), given $7.55 close vs strikes (general NEO note) . |
| Stock Ownership Guidelines | IE policy requires 2x base salary for “Other Executive Officers”; compliance expected within 36 months from Jan 1, 2024; individual compliance not disclosed . |
| Hedging / Pledging | Prohibited by IE Insider Trading Policy (anti-hedging, anti-short sales, anti-margins/pledging) . |
Employment Terms
| Term | Detail |
|---|---|
| Employment Start | January 24, 2022 (IE); SVP, Mine Development effective November 21, 2022; VP, Mesa Cobre effective April 2022 . |
| Agreement Term | Indefinite; terminable per agreement . |
| Severance (Without Cause) | Six months’ notice or pay in lieu (base pay), or combination; payable lump sum or monthly at company’s discretion; applies whether or not in connection with change of control . |
| Change-of-Control | No enhanced severance multiple; the six-month provision applies irrespective of change of control . |
| Non-Compete | Not disclosed . |
| Non-Solicit | 12 months post-separation . |
| Clawback | IE clawback policy applies (three fiscal years prior to restatement; incentive-based compensation; no indemnification) . |
Company Performance During Tenure
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| TSR – $100 initial investment (year-end) | $139.66 | $115.86 | $86.78 |
| Net Income (Loss) ($) | ($160,221,000) | ($216,075,000) | Not disclosed in proxy |
Investment Implications
- Retention risk appears modest: severance is limited to six months base pay with no bonus multiple or enhanced CIC terms (far below CEO/CFO/EVP formulas), suggesting lower exit cost and less “golden parachute” protection for Kuntz .
- Alignment is strong but realization depends on share price: his IE options are struck at $11.75 and were out-of-the-money at year-end 2024 ($7.55), implying limited near-term realizable value unless the equity recovers; Cordoba RSUs vest through 2025 providing some value continuity .
- Governance reduces selling pressure risk: IE prohibits hedging, short sales, margin and pledging; trades require pre-clearance and blackout compliance, limiting opportunistic selling and leverage against company stock .
- Execution credibility: track record includes leading Mega Precious Metals to a sale to Yamana and senior roles at Yamana and Nordmin; as a QP/Professional Geologist with global project experience, he underpins technical de-risking in IE’s mine development pipeline .