Perry Ing
McEwenAbout Perry Ing
Perry Ing, age 49, serves as Interim Chief Financial Officer of McEwen Mining (MUX) since June 2022; he previously served as MUX CFO from March 2008 to November 2015 and held CFO roles at Kirkland Lake Gold (Nov 2015–Nov 2016) and Mountain Province Diamonds (Feb 2017–Feb 2022) . He is a CPA (Illinois), CPA (Ontario), and a CFA charterholder, and is a director of Burin Gold Corp., chairing its Audit Committee . Company performance context: MUX’s disclosed TSR series and operational metrics show $100 investment value of $77.56 (2020), $69.80 (2021), $46.14 (2022), $73.20 (2023), $78.98 (2024) alongside reported Net Income (millions) and AISC per ounce figures for pay-versus-performance disclosure . MUX encourages equity alignment via equity awards but has no mandatory ownership requirement and prohibits hedging/short sales/options trading of company stock, which shapes alignment and risk posture .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| McEwen Mining Inc. | Chief Financial Officer | Mar 2008–Nov 2015 | Not disclosed |
| Kirkland Lake Gold Inc. | Chief Financial Officer | Nov 2015–Nov 2016 | Not disclosed |
| Mountain Province Diamonds Inc. | Chief Financial Officer | Feb 2017–Feb 2022 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Burin Gold Corp. (TSX-V) | Director; Audit Committee Chair | Current as of 2025 | Board-level oversight; audit chair |
Company Performance Context (Pay vs Performance Disclosure)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Value of $100 Investment (TSR) | $77.56 | $69.80 | $46.14 | $73.20 | $78.98 |
| Net Income (Millions) | $2,077.47 | $1,634.69 | $1,687.88 | $1,615.30 | $1,799.15 |
| AISC per ounce | -$152.33 | -$56.71 | -$81.08 | $55.30 | -$43.69 |
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary (USD) | $230,743 | $222,595 | $243,503 |
| Bonus (USD) | $0 | $36,076 | $98,455 |
| All Other Compensation (USD) | $0 | $0 | $5,771 |
| Total (USD) | $230,743 | $443,722 | $347,730 |
- Notes: Portions of compensation were paid in Canadian dollars and converted using average Bank of Canada rates (2024: $0.7302/C$1; 2023: $0.7409/C$1; 2022: $0.7685/C$1). “All Other” includes life insurance, health benefits, travel .
Performance Compensation
Equity Grants (Stock Awards) – 2024
| Grant Date | Award Type | Shares (#) | Per-Share Valuation | Grant Date Fair Value (USD) |
|---|---|---|---|---|
| 06/14/2024 | Bonus shares under 2021 Plan | 3,221 | $10.36 | $33,370 |
| 06/14/2024 | Shares in lieu of cash comp (2021 Plan) | 20,111 | $10.36 | $208,350 |
| 12/27/2024 | Bonus shares under 2024 Plan | 2,107 | $7.92 | $16,687 |
| 12/27/2024 | Shares in lieu of cash comp (2024 Plan) | 13,151 | $7.92 | $104,156 |
- 2023 equity compensation included Stock Awards ($34,161) and Option Awards ($168,165) in the Summary Compensation Table .
Options – Outstanding & Vesting
| Metric | Details |
|---|---|
| Options exercisable | 16,666 (strike $7.10; exp. 06/28/2028) |
| Options unexercisable | 33,334 (strike $7.10; exp. 06/28/2028) |
| Vesting schedule | Equal installments over three years beginning on the first anniversary of grant date |
| Option exercises/stock vested in 2024 | None |
Bonus Plan Design and Performance Metrics
- Cash bonuses are discretionary; no formal plan with set timing, thresholds, or specific performance objectives. Compensation Committee (with CEO input) recommends amounts based on individual and company performance; no targeted percentile or fixed mix policies .
- Long-term equity compensation emphasizes stock options under the 2024 Plan with minimum three-year vesting beginning one year post-grant; awards are generally priced at or above market on grant date .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Shares outstanding (as of 04/28/2025) | 53,934,510 |
| Perry Ing beneficial ownership (shares) | 47,475 |
| Ownership % | <1% (company disclosure indicates “Less than one percent”) |
| Options exercisable | 16,666 (strike $7.10; exp. 06/28/2028) |
| Options unexercisable | 33,334 (strike $7.10; exp. 06/28/2028) |
| Unvested RSUs/PSUs | None disclosed |
| Hedging/short sale/options trading policy | Prohibited for employees and directors (except option exercises); no mandatory ownership policy |
| Pledging | Not disclosed |
Employment Terms
| Term | Details |
|---|---|
| Status | Interim CFO serving under a consulting agreement (through 2085594 Ontario Inc.) |
| Consulting Agreement Effective Date | May 15, 2022 |
| Compensation | $1,500 per day; initial 3-month cap $75,000 without prior approval; extended for duration of tenure |
| Severance/Benefits | Serves as independent contractor; not entitled to severance or other benefits |
Compensation Committee Analysis
- Committee composition: Allen V. Ambrose, Robin E. Dunbar, Dr. Merri J. Sanchez (members indicated by footnote (1) in director list) .
- Philosophy: Competitive base pay at lower percentile for a smaller producer; discretionary bonuses; equity for alignment; no fixed allocation between cash/equity or long-/short-term; 2024 policies consistent with prior years and 2024 Plan adoption .
- Policy: Hedging, short selling, and options trading prohibited to align interests; no ownership requirement for executives/directors .
Say-on-Pay & Shareholder Feedback
- Shareholders overwhelmingly approved NEO compensation at the 2022 annual meeting; advisory say‑on‑pay held once every three years per shareholder decision .
Investment Implications
- Alignment: Ing’s equity exposure is modest (<1%), but ongoing equity grants (bonus/in-lieu shares) and options create upside alignment; absence of ownership requirements may weaken long‑term alignment versus best practices .
- Retention risk: Consulting arrangement with no severance or benefits provides flexibility for MUX but could heighten retention/transition risk given independent contractor status .
- Incentive design: Cash bonuses are discretionary with no disclosed performance targets; option vesting over three years supports retention, while stock grants in lieu of cash indicate cash conservation and may create near‑term liquidity if sold, though no trades are disclosed here .
- Performance backdrop: TSR recovered in 2023–2024 versus 2022 trough per pay‑versus‑performance disclosure; investors should monitor future equity award mix and any movement toward performance‑conditioned equity to strengthen pay‑for‑performance linkage .