Christopher Richards
About Christopher Richards
Christopher Richards is Chief Financial Officer (CFO) of Silver Bull Resources, Inc. (SVBL), appointed effective September 28, 2020; he is 47 years old as of the 2025 record date and also serves as CFO of Arras Minerals Corp. since February 2021 . He is a CPA (British Columbia), CA, with a BBA from Simon Fraser University (2000) and a certificate in mining studies from the University of British Columbia (2014) . Company filings emphasize an executive compensation approach linking long-term incentives to shareholder value via the ICSID Arbitration outcome rather than disclosing TSR, revenue, or EBITDA growth metrics for his pay plans . Richards also signs Sarbanes–Oxley 302 and 906 certifications in SVBL’s 10-Qs as the Principal Financial Officer and Principal Accounting Officer, evidencing his senior financial oversight role .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Great Panther Mining Limited | Vice President of Finance | Jun 2018–Feb 2020 | U.S./Canada dual-listed gold & silver producer finance leadership |
| Self-employed (consultant) | Senior financial consultant | Jan 2017–May 2018 | Advised public/private mining and natural resources firms |
| Kyzyl Gold Ltd. (Polymetal International plc subsidiary) | VP Finance & Corporate Secretary; Group Controller | Dec 2013–Dec 2016; Apr 2009–Nov 2013 | Finance leadership for Kyzyl Gold Mine development in Kazakhstan |
| True North Gems Inc. (TSXV) | Chief Financial Officer | Jul 2015–Oct 2016 | CFO of TSXV-listed company |
| NovaGold Resources Inc. | Corporate Controller | Earlier in career | Corporate controller experience at dual-listed issuer |
| KPMG LLP | Senior Manager of Audit | Earlier in career | Audit leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Arras Minerals Corp. (TSXV: ARK) | Chief Financial Officer | Since Feb 2021 | Concurrent role with SVBL CFO |
Fixed Compensation
Base salary terms (CDN)
| Year | Base salary (CDN) | Company responsibility (CDN) | Arras responsibility (CDN) | Deferral terms |
|---|---|---|---|---|
| 2021 | 230,000 | Not split disclosed | Not split disclosed | N/A |
| 2022 (effective Jan 1, 2022) | 240,000 | 60,000 | 180,000 | N/A |
| 2023 (effective Sep 1, 2023) | 339,000 | 150,000 (100,000 paid; 50,000 deferred contingent on ICSID award or change-of-control) | 189,000 | Deferred CDN$50,000 component |
| 2025 (effective Jan 1, 2025) | Company portion increased to 154,500 (of total package across SVBL/Arras) | 154,500 (103,000 paid; 51,500 deferred contingent on ICSID award or change-of-control) | Remainder paid by Arras | Deferred CDN$51,500 component |
Reported salary (USD, fiscal years)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary (USD) | $64,718 | $49,503 | $71,860 |
Performance Compensation
Annual bonuses
| Year | Target/approved bonus (CDN) | Status/payout terms | Notes |
|---|---|---|---|
| 2023 | 50,000 approved Feb 2024 | Deferred; only paid upon successful ICSID award | Determination based on 2023 criteria |
| 2024 | 50,000 target set for 2024 | To be determined early 2025; payment contingent on ICSID award | Compensation Committee sets criteria |
| 2025 | 51,500 target (3% increase) | To be determined early 2026; payment contingent on ICSID award | Board approved targets in Jan 2025 |
ICSID Key Persons Retention Agreement (Contingent long-term incentive)
| Metric | Weighting | Target/Trigger | Payout Mechanics | Vesting/Forfeiture Terms |
|---|---|---|---|---|
| Share of ICSID net proceeds (Management Entitlement Amount) | 2.0% of 12.0% aggregate pool | Successful ICSID cash award to SVBL (net of enumerated direct expenses) | Paid only from net proceeds after distributions/costs; no shareholder dilution | Must remain engaged; Board can reduce/eliminate for insufficient support; if not engaged on/before Oct 13, 2024, entitlement terminates; if departure after Oct 13, 2024 but before final award, entitlement reduced by 50% unless otherwise determined; agreement terminates if no cash award by Oct 13, 2029 |
Illustrative example: Management Entitlement Amount projected up to ~$16.8M if US$147.5M recovered (optimistic management forecast; subject to change) .
Equity awards (options outstanding at fiscal year-end per 2025 proxy)
| Name | Underlying Unexercised Options (Exercisable) | Underlying Unexercised Options (Unexercisable) | Exercise Price (US$) | Expiration |
|---|---|---|---|---|
| Christopher Richards | 550,000 | — | $0.23 | 02/16/2027 |
| Christopher Richards | 158,334 | 316,666 | $0.11 | 01/30/2029 |
Equity Ownership & Alignment
Beneficial ownership over time
| Record Date | Shares Beneficially Owned | % of Common Stock |
|---|---|---|
| Feb 18, 2021 | 24,000 | * (<1%) |
| Feb 18, 2022 | 340,146 | * (<1%) |
| Feb 23, 2023 | 523,479 | 1.48% |
| Record Date (2024 proxy) | 1,006,172 | 2.09% |
| Record Date (2025 proxy) | 1,164,505 | 2.41% |
Notes:
- Beneficial ownership includes shares plus options and warrants exercisable within 60 days, per SEC Rule 13d-3 treatment in proxy methodology .
- Insider trading policy prohibits short sales, derivatives, and hedging; executives and directors are specifically prohibited from holding SVBL securities in margin accounts or pledging as collateral, mitigating pledging/hedging risk .
Vested vs unvested equity (as disclosed)
- Options exercisable/unexercisable breakdown shown above for strikes $0.23 (2027) and $0.11 (2029) .
Employment Terms
| Agreement | Effective Date | Base Salary Terms | Severance (without cause) | Change-of-control terms | Arras parity |
|---|---|---|---|---|---|
| Initial employment agreement | Sep 23, 2020 | CDN$210,000 (later increased to CDN$230,000 on Feb 15, 2021) | Not specified in initial; superseded by 2022 amended terms | Not specified in initial; superseded by 2022 amended terms | N/A |
| Amended & restated employment agreement | Feb 17, 2022 (effective Jan 1, 2022) | CDN$240,000 total; SVBL responsible for CDN$60,000; Arras for CDN$180,000 | Lump sum equal to 12 months of SVBL base salary plus pro‑rata annual bonus | If terminated without cause within 3 months of CoC or resigns for good reason within 6 months: 24 months of SVBL base salary plus lump sum equal to two SVBL annual bonuses (average of prior two years) | Same termination payments from Arras |
| Estimated severance values (USD, FY2022 FX) | — | — | $47,761 (without cause) | $132,842 (change-of-control window) | — |
Performance & Track Record
- In 2023 the company pivoted from Sierra Mojada development due to an illegal blockade and pursued an ICSID Arbitration against Mexico, with executives focusing on securing funding and advancing the arbitration; SVBL initially estimated damages at US$178 million . Compensation strategy was maintained to emphasize long-term incentives tied to a successful arbitration outcome, including deferred bonuses and the Key Persons Retention Agreement .
Investment Implications
- Pay-for-performance alignment: Richards’ cash bonuses are approved/targeted but deferred until an ICSID award, and a 2.0% share of net ICSID proceeds aligns incentives with value realization from the arbitration rather than near-term cash comp .
- Retention risk mitigated: The Key Persons Retention Agreement includes service-contingent provisions, with forfeiture/reduction upon departure and termination of the plan if no cash award by Oct 13, 2029, supporting continuity through the arbitration timeline .
- Insider selling pressure: Significant option overhang exists (exercisable options with expirations in 2027 and 2029), which could create future exercise-driven supply dynamics if options are in-the-money; note the company prohibits hedging and pledging, reducing alignment concerns .
- Change-of-control economics: Double-window termination provisions (3‑month/6‑month CoC windows) with 24 months base plus 2x bonus from SVBL and parallel entitlements from Arras raise acquisition costs and may influence transaction dynamics .
- Ownership alignment: Richards’ beneficial ownership has increased from 24,000 shares in 2021 to 1,164,505 shares in 2025 (2.41%), enhancing skin-in-the-game; ownership calculations include near-term exercisable options and warrants per proxy methodology .