Mark Murchison
About Mark Murchison
Mark Murchison, 53, became Chief Financial Officer and Principal Accounting Officer of Perpetua Resources on October 1, 2025, bringing 25+ years in mining finance and capital projects, including 7 years as CFO of Alacer Gold and 12 years in senior finance roles at Rio Tinto . He holds a bachelor’s degree in Business, Finance and Accounting from the University of Technology Sydney . At Alacer, he oversaw capital allocation and financing for a ~$750 million autoclave expansion and helped deliver total shareholder return of more than 300% before its merger with SSR Mining, credentials directly relevant as Perpetua advances project financing and construction of the Stibnite Gold Project . His mandate at Perpetua is to lead finance through EXIM project financing efforts and construction ramp .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| US Vanadium LLC (private) | Chief Financial Officer and Secretary | 2022–2025 | Finance leadership at a U.S. vanadium producer; continued CFO experience in specialty metals . |
| Alacer Gold Corp. | Chief Financial Officer (previously SVP Finance) | 2013–2020 | Managed capital allocation and project finance; led planning for ~$750M autoclave expansion; >300% TSR; merger with SSR Mining to create a ~$5B diversified producer . |
| Rio Tinto Group | Multiple roles (e.g., GM Financial Controller, CFO Global Exploration, Tax) | ~12 years (prior to Alacer) | Global finance leadership across iron ore and exploration; corporate tax and control functions . |
| CFO consulting (various) | CFO advisory roles | Since Apr 2021 | Interim and advisory CFO assignments in mining sector . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Public company boards | — | — | No public company directorships disclosed in appointment filings . |
Fixed Compensation
| Component | Term/Value | Notes |
|---|---|---|
| Base Salary | $400,000 | Set in employment agreement; subject to Board adjustments . |
| Target Annual Bonus | 50% of base salary | 2025 bonus pro-rated based on days employed in 2025 . |
Performance Compensation
Short-Term Incentive (STIP) Structure and Reference Framework
| Metric | Weighting | Target | Determination Framework |
|---|---|---|---|
| Annual Bonus (CFO) | Company plan target = 50% of base | 50% of base salary | Per employment agreement; 2025 pro-rated . |
| Plan-Level Weighting Reference (CFO, 2024) | Corporate 80% / Individual 20% | N/A | Company uses corporate objectives with a performance scale (25%–120%) for payout determination; 2024 CFO weighting shown as plan reference . |
| 2024 Corporate Objectives (illustrative) | N/A | N/A | Objectives included permitting milestones (FEIS/ROD), ASAOC Phase 1 budget, construction readiness, DoD grant milestones, stakeholder support, safety/ESG, and liquidity management . |
Long-Term Incentive (Equity)
| Award Type | Grant Size | Grant/Performance Dates | Vesting/Performance Conditions |
|---|---|---|---|
| Sign-on RSUs | 12,000 shares | Expected grant on or about Oct 6, 2025 | Two-year vest: 1/3 on grant, remaining 2/3 vests on each of the next two anniversaries . |
| Sign-on PSUs | 12,000 shares | Expected grant on or about Oct 6, 2025 | Cliff vests upon commencement of production at the Stibnite Gold Project, as reasonably determined by the Compensation Committee . |
| Ongoing Annual Equity Target | 125% of base salary | Ongoing | Target annual equity-based award value; form and performance conditions determined under Omnibus Equity Plan . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial Beneficial Ownership | Form 3 reported no securities beneficially owned as of Oct 6, 2025 . |
| Executive Ownership Guidelines | 2x base salary for non-CEO executives; 5 years to comply; until compliant, must hold at least 50% of net shares from compensatory awards; includes unvested time-based RSUs in calculation . |
| Hedging/Pledging | Hedging transactions in company securities are prohibited without prior committee approval per Insider Trading Policy; policy governs directors, officers, employees and household members . |
| Clawback | Incentive-based compensation subject to recoupment upon a financial restatement; applies to compensation received after Oct 2, 2023; administered by Compensation Committee . |
Employment Terms
| Term | Provision |
|---|---|
| Start Date | Appointed CFO and Principal Accounting Officer effective Oct 1, 2025 . |
| Initial Term | 3-year term with automatic annual renewals unless either party gives notice ≥90 days before term end . |
| Non-Compete/Non-Solicit | In effect during employment term and for 1 year following termination . |
| Severance (Without Cause or For Good Reason) | 12 months’ base salary; Target Bonus; 12 months COBRA; all unvested equity fully vests with performance-based equity vesting at target . |
| Disability | 12 months’ base salary; Target Bonus; 12 months COBRA; all unvested equity fully vests at target . |
| Change-in-Control (CIC) Economics | During the 12 months immediately preceding and 24 months following a CIC, if terminated without cause, for good reason, or non-renewal: 24 months’ base salary; 2x the greater of last paid bonus or Target Bonus; 12 months COBRA; upon CIC, all unvested equity fully vests with performance-based equity at target (single-trigger equity acceleration) . |
| Related Party/Conflicts | Selection was not pursuant to any arrangement; no family relationships; not party to transactions requiring disclosure under Item 404(a) . |
Investment Implications
- Pay-performance alignment: Sign-on PSUs vest only when Stibnite production commences, directly linking a meaningful portion of equity to execution of the core value driver; ongoing equity target of 125% of salary emphasizes at-risk pay .
- Retention and protection: Severance of 1x base plus Target Bonus (and 2x base plus 2x bonus in CIC window) with one-year non-compete/non-solicit provides stability through financing and construction; however, equity vests at target upon termination without cause/for good reason and upon CIC (single-trigger equity acceleration), which can dilute longer-term performance tethering and may be viewed as shareholder-unfriendly relative to double-trigger norms .
- Ownership alignment: Form 3 shows zero initial holdings; the 2x salary ownership guideline, five-year compliance horizon, and hold-until-compliant rules should drive net share accumulation, partially offsetting immediate-liquidity from time-based RSUs (one-third vests at grant) .
- Execution track record: Murchison’s prior CFO tenure includes delivering >300% TSR at Alacer and managing a ~$750M autoclave expansion—experience relevant to EXIM financing and capex execution at Stibnite; this background supports the financing and construction transition Perpetua targets .
- Governance safeguards: Hedging restrictions and a formal clawback policy reduce misalignment risks tied to financial reporting; absence of disclosed related-party ties reduces conflict risk .