Gerald Panon was forced out as CEO of Detour Lake in late 2013 partly because of board composition changes and lack of internal board allies, and partly because gold fell from $1,700 to $1,100 (35% decline) in Feb-April 2013 during ramp-up, which hit stock from $20 to $10 and forced an unplanned financing when COO failed to warn him of $100M shortfall—making him a scapegoat despite delivering the mine on time.
factualpending
Speaker
Gerald PanonEvidence Quote
“gold went from $1,700 to $1,100 in less than three months from February to April 2013 in our first years of production so the stock went from 20 bucks to $10 we had to do a financing because uh the Chief Operating Officer back in the days did not warn me long in advance that he will have a shortfall of $100 million”
Source
The Biggest Problem With Junior Mining, the Story of a Mine Builder, and a Different Copper Porphyry— Resource TalksCreated: 8/13/2026, 4:56:03 AM
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