Lei Wang
About Lei Wang
Lei Wang, age 57, serves as Chief Financial Officer and Corporate Secretary of Lion Copper and Gold Corp. (LCGMF) since May 22, 2024, and signed Company filings in 2025 in her capacity as CFO . She previously served as CFO from January 1, 2016 until September 15, 2021 before returning to the role in 2024 . During her current tenure, company performance modestly improved year-over-year: Compensation “Pay vs. Performance” tables show TSR improved from the value of C$67 to C$80 on a C$100 base, while net loss narrowed from ($5.9M) to ($4.7M) in FY 2024 . EBITDA also improved year-over-year (see table; values from S&P Global).
Company Performance (FY)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Income (loss) ($USD) | ($5,911,000) | ($4,741,000) |
| TSR (Value of C$100 investment) | C$67 | C$80 |
| EBITDA ($USD) | -$4,637,000* | -$2,967,000* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lion Copper and Gold Corp. | Chief Financial Officer | Jan 1, 2016 – Sep 15, 2021 | Reported total compensation of $89,925 for 2021 in proxy filings |
| Lion Copper and Gold Corp. | Chief Financial Officer; Corporate Secretary | May 22, 2024 – present | Signed Form 8‑K on Feb 4, 2025 as CFO (Reg FD shareholder letter update) |
Fixed Compensation
Employment Terms (Current)
| Term | Detail |
|---|---|
| Employment Agreement Date | June 1, 2024 |
| Role | Chief Financial Officer |
| Base Salary | US$90,000 (effective May 22, 2024) |
| Annual Equity Eligibility | May receive annual grant of options under the stock option plan at Board discretion |
| Change-of-Control Severance | 12 months of then-current base salary if terminated within 12 months following a change of control (double-trigger) |
Historical Compensation (Reported – Last Available Entry)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Total ($) |
|---|---|---|---|---|---|
| 2021 | $59,925 | N/A | N/A | $30,000 | $89,925 |
Performance Compensation
| Incentive Type | Metric/Structure | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Stock Options | Discretionary annual grants under the Company’s stock option plan; Company compensation program elements are cash + stock options (no current long-term incentive plan) | Not disclosed | Not disclosed | Not disclosed | Per stock option plan; plan-based awards administered by Board |
- The Company’s compensation program in 2024 consisted of cash salaries and incentive stock options; the Company does not presently have a long-term incentive plan, and perquisites are not material .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 31,864 Common Shares issuable upon exercise of stock options |
| Ownership % of Shares Outstanding | Less than 1% (based on 411,361,264 shares outstanding as of June 16, 2025) |
| Shares Outstanding (Reference) | 411,361,264 |
| Vested vs Unvested | Not disclosed in filings for Wang |
| Options – Exercisable vs Unexercisable | Not disclosed in filings for Wang |
| Hedging/Pledging | Hedging of company stock prohibited for NEOs and directors; pledging not addressed in filings reviewed |
| Ownership Guidelines | Not disclosed in filings reviewed |
Employment Terms
| Provision | Detail |
|---|---|
| Employment Start (Current Term) | May 22, 2024 for CFO & Corporate Secretary |
| Agreement Date | June 1, 2024 |
| Base Salary | US$90,000 |
| Annual Options Eligibility | At Board discretion under stock option plan |
| Change-of-Control Economics | 1x base salary if terminated within 12 months following change of control |
| Non-compete / Non-solicit | Not disclosed in filings reviewed |
| Garden Leave / Consulting | Not disclosed in filings reviewed |
| Compensation Governance | No formal compensation committee; full Board administers executive compensation and stock option plans |
Risk Indicators & Red Flags
- Section 16 reporting: Ms. Wang did not file a Form 3 during the last fiscal year and subsequently filed it (timing issue acknowledged) .
- Legal proceedings: Company discloses no applicable legal proceedings for current executive officers and directors under Item 401(f) during the past ten years .
Compensation Structure Analysis
- Cash vs Equity Mix: CFO compensation primarily fixed salary with potential discretionary option grants; absence of disclosed cash bonus or RSU targets suggests lower near-term selling pressure from equity vesting .
- Incentive Design: Board discretion for options and absence of long-term incentive plan indicates flexible, project-stage alignment rather than formulaic pay-for-performance metrics .
- Risk Controls: Hedging prohibited for insiders, which supports alignment; Board notes it did not consider implications of risks associated with compensation policies and practices (governance disclosure) .
Investment Implications
- Alignment: Wang’s modest beneficial ownership (options for 31,864 shares; <1%) implies limited direct equity alignment but also minimal insider selling pressure; hedging is prohibited, which modestly strengthens alignment .
- Retention and Transaction Readiness: Double‑trigger change‑of‑control protection (12 months salary) incentivizes continuity through potential strategic transactions without excessive golden parachute economics .
- Governance and Disclosure: Compensation administered by full Board with discretionary option grants and no LTI plan; investors should watch future proxy updates for any codified performance metrics tied to CFO incentives as the Yerington project advances .
- Performance Backdrop: During Wang’s current tenure period, TSR and net loss improved year-over-year, and EBITDA loss narrowed, but the Company remains loss-making—execution on financing and project milestones will be key drivers of future pay-for-performance alignment and potential option value realization *.
*EBITDA values retrieved from S&P Global.