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SHARE-BASED PAYMENTS | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Payments | SHARE-BASED COMPENSATION The Company maintains an equity incentive plan, known as the 2024 Amended and Restated Omnibus Equity Incentive Compensation Plan (as amended on May 24, 2024 and April 21, 2025 and ratified by the Company’s shareholders at its Annual and Special Meeting of Shareholders on June 11, 2025) (the “Compensation Plan”) for directors, executives, eligible employees and consultants. Existing equity incentive awards include employee non-qualified stock options, RSUs and SARs. The Company issues new Common Shares to satisfy exercises and vesting under its equity incentive awards. Under the Compensation Plan, full value awards mean any award other than employee non-qualified stock options, SARs or similar awards, the value of which non-qualified stock options, SARs or similar award is based solely on an increase in the value of the Common shares over the grant price, option price or similar exercise price applicable to such award (“Full Value Awards”). The number of Common Shares reserved for issuance to participants under the Compensation Plan shall not exceed 17,500,000 (the “Total Share Authorization”). In addition to being subject to the Total Share Authorization limit, the aggregate number of Shares that may be issued under all Full Value Awards shall not exceed 12,500,000 (the “Full Value Share Authorization”). As of September 30, 2025, the total Common Shares authorized for future equity incentive plan awards was 10,761,067 Common Shares under the Total Share Authorization and 9,872,661 Common Shares under the Full Value Share Authorization. The Company’s share-based compensation expense, by type of award, is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
RSUs(1) | $ | 2,397 |  |  | $ | 636 |  |  | $ | 6,614 |  |  | $ | 2,218 |
SARs | — |  |  | 4 |  |  | 7 |  |  | 268 |
Stock options | 1,009 |  |  | 387 |  |  | 2,819 |  |  | 1,298 |
Total share-based compensation expense(2) | $ | 3,406 |  |  | $ | 1,027 |  |  | $ | 9,440 |  |  | $ | 3,784 |
(1)The fair value of the RSUs granted under the Compensation Plan was determined as the higher of the Company's closing share price on the NYSE American on the last trading day before the date of grant and the five-day volume-weighted average price (“VWAP”) on the NYSE American ending on the last trading day before the grant date. (2)Share-based compensation is included in Selling, general and administration and Exploration, development and processing in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. Additionally, the Company capitalized $0.11 million and $0.65 million of share-based compensation expense to Mineral properties on the unaudited Condensed Consolidated Balance Sheet during the three and nine months ended September 30, 2025, respectively. No share-based compensation expense was capitalized for the three and nine months ended September 30, 2024. As of September 30, 2025, there were $6.06 million and $2.52 million of unrecognized compensation costs related to the unvested RSUs and stock options, respectively which is expected to be recognized over a weighted average period of 2.2 years and 1.3 years, respectively. There is no unrecognized expense remaining related to the SARs as of September 30, 2025. Restricted Stock Units The Company grants RSUs to directors, executives and eligible employees. Awards for executives and eligible employees are determined as a target percentage of base salary and generally vest over three years. Holders of unvested RSUs do not have voting rights on those RSUs. The RSUs are subject to forfeiture risk and other restrictions. Upon vesting, the employee is entitled to receive one Common Share of the Company for each RSU at no additional payment. A summary of the Company’s unvested RSU activity is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested, December 31, 2024 | 1,143,146 |  |  | $ | 6.65 |
Granted | 1,643,693 |  |  | 5.99 |
Vested | (463,072) |  |  | 6.98 |
Forfeited | (75,351) |  |  | 5.57 |
Unvested, September 30, 2025 | 2,248,416 |  |  | $ | 6.14 |
The fair value of RSUs that vested and were settled for equity was $2.51 million during the nine months ended September 30, 2025. Stock Appreciation Rights The Company has granted SARs to executives and eligible employees from time-to-time. Each SAR granted vests on the satisfaction of certain performance goals, and once vested, entitles the holder to receive, upon a valid exercise, payment from the Company in cash or Common Shares (at the sole discretion of the Company) in an amount representing the difference between the fair market value (“FMV”) of the Company’s Common Shares on the date of exercise and grant price. FMV as used herein means the closing price of the Common Shares on the TSX or the NYSE American on the last trading day immediately prior to the date of exercise. A summary of the Company’s SARs activity is as follows:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Intrinsic Value
Outstanding, December 31, 2024 | 1,016,745 |  |  | $ | 6.67 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Outstanding, September 30, 2025 | 1,016,745 |  |  | $ | 6.67 |  |  | 1.55 |  | $ | 8,823
Exercisable, September 30, 2025 | — |  |  | $ | — |  |  | 0.00 |  | $ | —
A summary of the Company’s unvested SARs activity is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested, December 31, 2024 | 1,016,745 |  |  | $ | 3.83 |
Granted | — |  |  | — |
Vested | — |  |  | — |
Expired | — |  |  | — |
Forfeited | — |  |  | — |
Unvested, September 30, 2025 | 1,016,745 |  |  | $ | 3.83 |
Stock Options The Company, under the Compensation Plan, may grant stock options to directors, executives, employees and consultants to purchase Common Shares of the Company. The exercise price of the stock options is set as the higher of the Company’s closing share price on the NYSE American on the last trading day before the date of grant and the five-day VWAP on the NYSE American ending on the last trading day before the grant date. Stock options granted under the Compensation Plan generally vest over a period of two years or more and are generally exercisable over a period of five years from the grant date, such period not to exceed 10 years. Performance-Based Stock Options In 2024 and 2025, the Company granted stock options to its executives and certain other high-level employees intended to incentivize them to achieve the Company’s strategic long-term goals over the specified terms of the grants, based on significant common share price growth objectives, and to reward them for achieving those growth objectives. The grants entitle the recipients to purchase one Common Share of the Company at an exercise price being a 10% premium to the higher of (i) the VWAP of the Common Shares of the Company on the NYSE American for the five trading days ending on the last trading day prior to the date of the meeting when granted, and (ii) the closing price of the common shares of the Company on the NYSE American on the last trading day prior to the date of such meeting (the “Performance-Based Options”). The Performance-Based Options vest as to 50% one year following the grant date and as to the remaining 50% two years following the grant date. The term of the Performance-Based Options is five years. The fair value of all stock options, including Performance Based Options, granted under the Compensation Plan for the nine months ended September 30, 2025 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions:
Risk-free interest rate | 4.2 | %
Expected life | 3.1 years
Expected volatility(1) | 63.3 | %
Expected dividend yield | — | %
Weighted average grant date fair value | $ | 2.30 |
(1)Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the stock options. A summary of all of the Company’s stock option activity, including Performance-Based Options, is as follows:
| Range of Exercise Prices |  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Intrinsic Value
Outstanding, December 31, 2024 | $1.76 - $8.60 |  | 1,132,972 |  |  | $ | 6.58 |  |  |  |  |
Granted | 4.57 - 10.69 |  | 2,020,825 |  |  | 6.00 |  |  |  |  |
Exercised | 1.76 - 8.41 |  | (239,610) |  |  | 4.54 |  |  |  |  |
Forfeited | 5.43 - 7.48 |  | (128,415) |  |  | 5.88 |  |  |  |  |
Expired | 1.76 - 7.48 |  | (39,515) |  |  | 3.14 |  |  |  |  |
Outstanding, September 30, 2025 | $2.92 - $10.69 |  | 2,746,257 |  |  | $ | 6.42 |  |  | 3.88 |  | $ | 24,538 |
Exercisable, September 30, 2025 | $2.92 - $8.60 |  | 436,788 |  |  | $ | 7.21 |  |  | 2.89 |  | $ | 3,557 |
A summary of the Company’s unvested stock option activity is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested, December 31, 2024 | 798,803 |  |  | $ | 3.35 |
Granted | 2,020,825 |  |  | 2.30 |
Vested | (381,745) |  |  | 3.43 |
Forfeited | (128,415) |  |  | 2.47 |
Unvested, September 30, 2025 | 2,309,468 |  |  | $ | 2.47 |

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