XML 65 R29.htm IDEA: XBRL DOCUMENT
v3.25.0.1

EQUITY | 12 Months Ended
--- | ---
Dec. 31, 2024
Equity [Abstract] |
EQUITY | EQUITY The Company has awards outstanding under its 2017, 2020 and 2021 Share Compensation Plans which include stock options, DSUs, RSUs and PSUs up to an aggregate total of 3.8% of the Company’s issued and outstanding common stock. There are 3,752,055 shares available for issuance under the Share Compensation Plans. Stock-based compensation expense Stock-based compensation expense has been recognized as follows (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Cost of sales (1) |  | $ | 797 |  |  | $ | 536 |  |  | $ | 797 |
General and administrative expense |  |  | 3,915 |  |  |  | 4,634 |  |  |  | 5,579 |
Reclamation and remediation costs |  |  | 12 |  |  |  | — |  |  |  | 97 |
|  | $ | 4,724 |  |  | $ | 5,170 |  |  | $ | 6,473 |
(1) Excludes depreciation, depletion, and amortization. Deferred share units Non-executive directors may elect to receive all or a portion of their annual compensation in the form of DSUs which are linked to the value of the Company's common stock. DSUs are issued on a quarterly basis at the market value of the Company's common stock at the date of grant. DSUs vest immediately and are redeemable in cash. 50% of a director's DSUs will be automatically redeemed on each of the following dates: (i) three months following the date the eligible director ceases to be a director of the Company and (ii) the earlier of fifteen months following, or December 31 of the calendar year following the date the eligible director ceases to be a director of the Company. In connection with the acquisition of Alacer, the Company issued DSU Replacement Units to replace the outstanding DSUs of Alacer. Each DSU Replacement Unit entitles the director to receive a payment in cash for the equivalent value of one common share on the date the director ceases to be a director. The fair value of the outstanding DSUs and DSU Replacement Units at the end of each reporting period was recognized as a liability and included in Accrued liabilities and other. During the year ended December 31, 2024, there was no cash paid to settle DSUs and DSU Replacement Units. During the years ended 2023 and 2022, total cash paid to settle DSUs and DSU Replacement Units was $1.1 million and $3.4 million, respectively. As of December 31, 2024, 2023, and 2022, the fair value of DSUs and DSU Replacement Units granted and vested was $1.4 million, $1.4 million, and $1.2 million, respectively. The following table summarizes the changes in DSUs and DSU Replacement Units outstanding during the year ended December 31, 2024 (in thousands except per share amounts):
|  | Number of Shares |  | Weighted Grant Date Fair Value Per Share |  | Aggregate Intrinsic Value
Balance as of January 1, 2024 |  | 631 |  |  | $ | 24.58 |  |  |  |
Granted |  | 245 |  |  |  | 5.57 |  |  |  |
Balance as of December 31, 2024 |  | 876 |  |  |  | 19.26 |  |  | $ | 6,110 |
Restricted share units The Company grants RSUs to executives and eligible employees which vest over a period of three years. On February 10, 2021, the Company’s Board indicated its intention to settle all RSUs in common shares when vested. RSUs are classified as equity and presented in Common shares. The fair value of RSUs granted was $8.8 million, $8.7 million, and $7.3 million, for the years ended December 31, 2024, 2023 and 2022, respectively. The fair value of RSUs vested was $7.0 million, $4.5 million, and $14.1 million, during the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, there was $8.6 million of total unrecognized compensation cost related to unvested RSUs expected to be recognized over approximately 2.3 years. The following table summarizes the changes in RSUs outstanding during the year ended December 31, 2024 (in thousands except per share amounts):
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Aggregate intrinsic value
Balance as of January 1, 2024 |  | 807 |  |  | $ | 17.96 |  |  |  |
Granted |  | 2,013 |  |  |  | 4.36 |  |  |  |
Exercised/Released |  | (668) |  |  |  | 10.43 |  |  |  |
Canceled/Forfeited |  | (269) |  |  |  | 7.95 |  |  |  |
Balance as of December 31, 2024 |  | 1,883 |  |  |  | 7.52 |  |  | $ | 13,112 |
Performance share units PSUs are granted to senior executives and vest after a performance period of three years. The vesting of these awards is based on the Company's actual production and return on investment compared to budget and total shareholder return in comparison to its peer group. Awards vested range from 0% to 200% of initial PSUs granted. On February 10, 2021, the Company's Board indicated its intention to settle all PSUs issued under the Company's plans in cash when vested. PSUs are classified as liabilities and included in Accrued liabilities and other. During the years ended December 31, 2024, 2023 and 2022, total cash paid to settle PSUs was $1.7 million, $1.8 million, and $10.5 million, respectively. The fair value of PSUs granted was $6.3 million, $6.5 million, and $5.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. The fair value of PSUs vested was $4.2 million, $3.9 million, and $9.4 million, during the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, there was $7.7 million of total unrecognized compensation cost related to unvested PSUs expected to be recognized over approximately 2.3 years. The following table summarizes the changes in PSUs outstanding during the year ended December 31, 2024:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Balance as of January 1, 2024 |  | 881 |  |  | $ | 20.67 |  |  |  |
Granted |  | 1,450 |  |  |  | 4.36 |  |  |  |
Exercised/Released |  | (248) |  |  |  | 16.98 |  |  |  |
Canceled/Forfeited |  | (155) |  |  |  | 8.89 |  |  |  |
Balance as of December 31, 2024 |  | 1,928 |  |  |  | 9.83 |  |  | $ | 13,554 |
Repurchase of common shares On June 16, 2023, the Company received approval of its Normal Course Issuer Bid (“2023 NCIB”) to purchase for cancellation up to 10.2 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve-month period beginning June 20, 2023 and ending June 19, 2024. On November 27, 2023, in connection with the 2023 NCIB, the Company entered into an automatic share purchase plan with its broker to allow for the repurchase of shares at times when the Company ordinarily would not be active in the market due to regulatory restrictions and customary self-imposed blackout periods. Following the Çöpler Incident, the Company delivered notice to its designated broker to terminate its automatic share purchase plan effective March 1, 2024 and the Company has ceased all share repurchases under its normal course issuer bids approved by the TSX. The Company does not know at this time when it may resume share repurchases. On June 19, 2023, the Normal Course Issuer Bid established as of June 20, 2022 (the “2022 NCIB”) expired. Under the 2022 NCIB, the Company was authorized to purchase for cancellation up to 10.6 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period. During the year ended December 31, 2024, and prior to the Çöpler Incident, the Company purchased 1,117,100 of its outstanding common shares at an average share price of $8.79 per share for total consideration of $9.8 million. All shares were cancelled upon purchase. The difference of $6.6 million between the total amount paid and the amount deducted from common shares of $16.4 million was recorded as an increase to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date. During the year ended December 31, 2023, the Company purchased 3,966,855 of its outstanding common shares pursuant to the NCIB at an average share price of $14.20 per share for total consideration of $56.3 million. All shares were cancelled upon purchase. The difference of $1.9 million between the total amount paid and the amount deducted from common shares of $58.2 million was recorded to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date. On June 19, 2023, the Normal Course Issuer Bid established as of June 20, 2022 (the “2022 NCIB”), expired. Under the 2022 NCIB, the Company was authorized to purchase for cancellation up to 10.6 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration