Armory Mining Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Nader Vatanchi

Chief executive officer

CA$120.0k

Total compensation

CEO salary percentage	100.0%
CEO tenure	2.8yrs
CEO ownership	1.0%
Management average tenure	no data
Board average tenure	2.5yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Nader Vatanchi's remuneration changed compared to Armory Mining's earnings?
Date	Total Compensation	Salary	Company Earnings
Aug 31 2024	n/a	n/a	-CA$3m
May 31 2024	n/a	n/a	-CA$4m
Feb 29 2024	n/a	n/a	-CA$4m
Nov 30 2023	CA$120k	CA$120k	-CA$5m
Aug 31 2023	n/a	n/a	-CA$7m
May 31 2023	n/a	n/a	-CA$5m
Feb 28 2023	n/a	n/a	-CA$6m
Nov 30 2022	CA$144k	CA$144k	-CA$4m
Aug 31 2022	n/a	n/a	-CA$1m
May 31 2022	n/a	n/a	-CA$3m
Feb 28 2022	n/a	n/a	-CA$11m
Nov 30 2021	CA$55k	CA$55k	-CA$11m

Compensation vs Market: Nader's total compensation ($USD85.35K) is below average for companies of similar size in the Canadian market ($USD167.77K).

Compensation vs Earnings: Nader's compensation has been consistent with company performance over the past year.

CEO

Nader Vatanchi

2.8yrs

Tenure

CA$120,000

Compensation

Mr. Nader Vatanchi Corporate Secretary and Director of West Mining Corp. since June 6, 2023 and its Chief Executive Officer since July 10, 2023 and served as its President since June 2023 until April 2024....

Board Members

Name	Position	Tenure	Compensation	Ownership
Nader Vatanchi	CEO, VP of Corporate Finance & Director	3.7yrs	CA$120.00k	1.04% CA$ 74.9k
Phillip Thomas	Member of Advisory Board	3.5yrs	CA$245.00k	no data
Aaron Wong	Independent Director	2yrs	no data	no data
Lawrence Hay	Independent Director	2.9yrs	no data	0.79% CA$ 57.1k
Jose Gustavo de Alem	Member of Advisory Board	2yrs	no data	no data
Ashish Misquith	Independent Director	less than a year	no data	0.16% CA$ 11.3k

2.5yrs

Average Tenure

Experienced Board: ARMY's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.

Armory Mining Management

Management criteria checks 2/4

Key information

Recent management updates

Spey Resources Corp., Annual General Meeting, Nov 28, 2024

High number of new and inexperienced directors

Spey Resources Corp., Annual General Meeting, Dec 15, 2023

Spey Resources Corp. Appoints Nader Vatanchi as Chief Executive Officer

Less than half of directors are independent

Spey Resources Corp. Announces Board Appointments

Recent updates

Armory Mining Corp. (CNSX:ARMY) completed the acquisition of Antimony Assets Inc.

Spey Resources Corp. announced that it has received CAD 0.38 million in funding

New major risk - Shareholder dilution

Spey Resources Corp. announced that it has received CAD 0.33 million in funding

Spey Resources Corp. announced that it expects to receive CAD 0.3 million in funding

Spey Resources Corp. announced that it expects to receive CAD 0.3 million in funding

Spey Resources Corp., Annual General Meeting, Nov 28, 2024

High number of new and inexperienced directors

Spey Resources Corp. (CNSX:SPEY) acquired 14.8% stake in First Responder Technologies Inc. (CNSX:WPN) from Rauni Malhi for CAD 0.63 million.

Spey Resources Corp., Annual General Meeting, Dec 15, 2023

Spey Resources Corp. Appoints Nader Vatanchi as Chief Executive Officer

Spey Resources Corp. Completes NI 43-101 Candela II Lithium Brine Project Located in the Incahuasi Salar, Salta Province, Argentina

Spey Resources Corp. Announces Kaslo, BC Silver Project Advances

Spey Resources Corp. Completes Magnetotelleric Geophysics Survey at the Incahuasi Salar property, Candela II

Spey Resources Corp. Announces That It Intends to Focus on Its Incahuasi Salar Property Where 5 Diamond Drill Holes Wells Were Drilled in 2021 and Use This Drilling Data and Geophysics to Build A Resource Estimate

Less than half of directors are independent

Spey Resources Corp. Announces Board Appointments

Spey Resources Corp. Approves Board Elections

Spey Resources Corp. Announces Appointment of Jose Gustavo De Castro Alem to Advisory Board

Spey Resources Extracts 99.5% Battery Grade Lithium Carbonate Using Ekosolvetm Process from Flagship Candela Ii, Incahuasi Salar Project

Spey Resources Corp. Extracts 99.5% Lithium Carbonate Using Ekosolve(TM) Process from Flagship Candela II, Incahuasi Salar Project

Spey Resources Announces Commencement of Exploration for Lithium in James Bay Region of Quebec

Spey Resources Corp. Announces That Ministerio De Produccion Y Desarrollo Sustentable (Minister of Production and Sustainable Development) Approves Company's Drill Permits for Pocitos Salar Projects 1 and 2

Spey Resources Corp. Announces That Ministerio De Produccion Y Desarrollo Sustentable (Minister of Production and Sustainable Development) Approves Company's Drill Permits for Pocitos Salar Projects 1 and 2

Spey Resources Corp. Announces Chief Financial Officer Changes

Spey Resources Corp. (CNSX:SPEY) acquired Lithium Energy Metal Corporation for CAD 1.9 million.

Spey Resources Corp. prepares for drilling at Pocitos 2, Pocitos Salar, Argentina in November 2022

Spey Resources Corp., Annual General Meeting, Nov 09, 2022

Spey Resources Corp. Announces Executive Changes

Spey Resources Corp. (CNSX:SPEY) entered into an agreement to acquire Lithium Energy Metal Corporation on for CAD 1.9 million.

Spey Resources Corp. announced that it has received CAD 3.874762 million in funding

Spey Resources Corp. announced that it expects to receive CAD 2.75 million in funding

Spey Resources Corp. Announces the Achievement of Certain Development Milestones and Planned Future Activities Regarding the Incahuasi Salar Property and Pocitos Salar Property, Respectively

Less than half of directors are independent

CEO Compensation Analysis

CEO

Tenure

Compensation

Board Members

Average Tenure