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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share Based Compensation [Abstract] |
Share-Based Compensation | 15.SHARE-BASED COMPENSATION The Company’s share-based compensation arrangements include share options, restricted share units (“RSUs”) and performance share units (“PSUs”). Share-based compensation is recorded over the vesting period, and a summary of share-based compensation expense recognized in the statement of income (loss) is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
(in thousands) |  | 2024 |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Share based compensation expense for: |  | ​ |  |  | ​ |
Share options | ​ | $ | (1,555) | ​ | $ | (1,324)
RSUs | ​ |  | (3,102) | ​ |  | (2,336)
PSUs | ​ |  | — | ​ |  | (86)
Share based compensation expense | ​ | $ | (4,657) | ​ | $ | (3,746)
​ An additional $3,650,000 in share-based compensation expense remains to be recognized, up until November 2027, on outstanding share options and share units at December 31, 2024. Share Options The Company’s Share Option Plan provides for the granting of share options up to 10% of the issued and outstanding common shares at the time of grant, subject to a maximum of 39,670,000 common shares. As of December 31, 2024, an aggregate of 30,259,260 options (December 31, 2023 - 28,725,593) have been granted (less cancellations) since the Share Option Plan’s inception in 1997. Under the Share Option Plan, all share options are granted at the discretion of the Company’s board of directors, including any vesting provisions if applicable. The term of any share option granted may not exceed ten years and the exercise price may not be lower than the closing price of the Company’s shares on the last trading day immediately preceding the date of grant. Typically, share options granted under the Share Option Plan have five-year terms and vesting period of two or three years. Share options issued during the twelve months ended December 31, 2024 and December 31, 2023 had vesting periods of three years. A continuity summary of the share options granted under the Company’s Share Option Plan is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | ​ |  | Weighted |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Exercise | ​ | ​ | ​ | Exercise
​ | ​ | Number of | ​ | Price per | ​ | Number of | ​ | Price per
​ | ​ | Common | ​ | Share | ​ | Common | ​ | Share
​ | ​ | Shares | ​ | (CAD) | ​ | Shares | ​ | (CAD)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share options outstanding-January 1 |  | 5,220,667 | ​ | $ | 1.49 |  | 8,539,214 | ​ | $ | 1.09
Grants |  | 1,618,000 | ​ |  | 2.59 |  | 1,881,000 | ​ |  | 1.54
Exercises (1) |  | (1,105,167) | ​ |  | 1.24 |  | (4,559,047) | ​ |  | 0.78
Expiries |  | (16,000) | ​ |  | 0.68 |  | (24,000) | ​ |  | 0.60
Forfeitures |  | (68,333) | ​ |  | 1.53 |  | (616,500) | ​ |  | 1.37
Share options outstanding-December 31 |  | 5,649,167 | ​ | $ | 1.85 |  | 5,220,667 | ​ | $ | 1.49
Share options exercisable-December 31 |  | 2,575,834 | ​ | $ | 1.52 |  | 2,757,669 | ​ | $ | 1.35
| (1) | The weighted average share price at the date of exercise was $2.63 (December 31, 2023 - $2.05).
A summary of the Company’s share options outstanding at December 31, 2024 is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Weighted |  | ​ |  | Weighted-
​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | Remaining | ​ | ​ | ​ | Exercise
Range of Exercise | ​ | Contractual | ​ | Number of | ​ | Price per
Prices per Share | ​ | Life | ​ | Common | ​ | Share
(CAD) | ​ | (Years) | ​ | Shares | ​ | (CAD)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share options outstanding |  |  |  |  |  | ​ |
$0.01 to $1.00 |  | 0.19 |  | 19,000 | ​ | $ | 0.46
$1.01 to $1.50 |  | 2.28 |  | 2,671,166 | ​ |  | 1.40
$1.51 to $2.00 |  | 2.21 |  | 1,176,001 | ​ |  | 1.84
$2.01 to $2.50 |  | 3.60 |  | 242,000 | ​ |  | 2.19
$2.51 to $3.00 |  | 4.18 |  | 1,541,000 | ​ |  | 2.62
Share options outstanding-December 31, 2024 |  | 2.83 |  | 5,649,167 | ​ | $ | 1.85
​ Share options outstanding at December 31, 2024 expire between March 2025 and August 2029. The fair value of each share option granted is estimated on the date of grant using the Black-Scholes option pricing model. The following table outlines the assumptions used in the model to determine the fair value of share options granted: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | 2024 |  | ​ | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk-free interest rate |  | ​ | 3.01% - 3.75 | % | ​ | 3.68% - 4.70 | %
Expected stock price volatility |  | ​ | 60.73% - 66.40 | % | ​ | 65.75% - 73.41 | %
Expected life |  | ​ | 3.40 years - 3.41 | years | ​ | 3.41 years to 3.43 | years
Expected dividend yield |  | ​ | — |  | ​ | — | ​
Fair value per options granted |  | $ | 0.93 to $1.38 |  | $ | 0.79 to $1.14 | ​
​ The fair values of share options with vesting provisions are amortized on a graded method basis as share-based compensation expense over the applicable vesting periods. Share Units The Company has a share unit plan which provides for the granting of share unit awards to directors, officers, employees and consultants of the Company, in the form of RSUs or PSUs. The maximum number of share units that are issuable under the share unit plan is 15,000,000. Each share unit represents the right to receive one common share from treasury, subject to the satisfaction of various time and / or performance conditions. Under the plan, all share unit grants, vesting periods and performance conditions therein are approved by the Company’s board of directors. RSUs granted under the plan in 2024, to date, vest ratably over a period of three years. As at December 31, 2024, all outstanding PSUs have vested, and none have been granted in 2023, or 2024. Vested PSUs are based upon the achievement of certain non-market performance vesting conditions. A continuity summary of the RSUs of the Company granted under the share unit plan for 2024 and 2023 is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | ​ |  | Weighted | ​ | ​ |  | Weighted
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Fair Value | ​ | Number of | ​ | Fair Value
​ | ​ | Common | ​ | Per RSU | ​ | Common | ​ | Per RSU
​ |  | Shares |  | (CAD) |  | Shares |  | (CAD)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSUs outstanding-January 1 |  | 5,580,919 | ​ | $ | 1.20 |  | 6,416,089 | ​ | $ | 1.04
Grants |  | 1,878,000 | ​ | $ | 2.58 |  | 1,507,000 | ​ |  | 1.52
Exercises (1) |  | (374,168) | ​ | $ | 0.98 |  | (2,157,835) | ​ |  | 0.93
Forfeitures |  | (140,000) | ​ | $ | 2.21 |  | (184,335) | ​ |  | 1.65
RSUs outstanding-December 31 |  | 6,944,751 | ​ | $ | 1.56 |  | 5,580,919 | ​ | $ | 1.20
RSUs vested-December 31 |  | 4,050,083 | ​ | $ | 1.08 |  | 3,189,921 | ​ | $ | 0.85
| (1) | The weighted average share price at the date of exercise was $2.42 (2023 - $1.94).
A continuity summary of the PSUs of the Company granted under the share unit plan for 2024 and 2023 is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | ​ |  | Weighted | ​ | ​ |  | Weighted
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Fair Value | ​ | Number of | ​ | Fair Value
​ | ​ | Common | ​ | Per PSU | ​ | Common | ​ | Per PSU
​ |  | Shares |  | (CAD) |  | Shares |  | (CAD)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
PSUs outstanding-January 1 |  | 481,500 | ​ | $ | 0.83 |  | 1,470,000 | ​ | $ | 0.77
Grants |  | — | ​ |  | — |  | — | ​ |  | —
Exercises (1) |  | (221,500) | ​ |  | 0.65 |  | (988,500) | ​ |  | 0.74
Forfeitures |  | — | ​ |  | — |  | — | ​ |  | —
PSUs outstanding-December 31 |  | 260,000 | ​ | $ | 0.98 |  | 481,500 | ​ | $ | 0.83
PSUs vested-December 31 |  | 260,000 | ​ | $ | 0.98 |  | 481,500 | ​ | $ | 0.83
| (1) | The weighted average share price at the date of exercise was $2.63 (2023 - $2.07).
The fair value of each RSU and PSU granted is estimated on the date of grant using the Company’s closing share price on the day before the grant date.

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