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Share Capital | 12 Months Ended
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Dec. 31, 2024
Disclosure Of Share Capital, Reserves And Other Equity Interests [Abstract] |
Share Capital | a)Authorized Unlimited number of common shares with no par value. b)Issued and fully paid As at December 31, 2024, the Company had 171,034,256 common shares issued and outstanding (December 31, 2023 – 137,569,590 common shares). During the year ended December 31, 2024, the Company issued a total of 2,779,903 common shares for the exercise of stock options (December 31, 2023 – 528,241 common shares), 11,524,237 common shares for the exercise of warrants (December 31, 2023 - 983,688 common shares), and 3,410,526 common shares for the conversion of the convertible debentures (Note 10d). 13. Share Capital (cont.) As described in Note 5, the Company issued 15,750,000 common shares to Mubadala and will issue 6,000,000 common shares upon the receipt of an environmental license for PSN. The Company determined the fair value of the issued and contingently issuable shares to be $180.9 million and used the relative fair value method to allocate such amount between the common shares and the contingently issuable shares. The fair value of the contingently issuable shares, which are recognized in contributed surplus, was determined using a Black-Scholes model and applying an estimated probability of issuance. The value ascribed to the 15,750,000 common shares was $152.0 million and the ascribed value to the 6,000,000 contingently issuable common shares was $28.9 million. c)Share Purchase Warrants – liability classified The following table summarizes the change in the number of issued and outstanding share purchase warrants and the associated warrant liabilities during the period ended December 31, 2024:
| Units | Amount
Listed Warrants – exercise price C$2.21, exercisable until Apr 30, 2024 |  |
As at December 31, 2022 | 10,064,255 | $ | 9,667 |
Exercised | (763,103) | (924) |
Fair value adjustment (Note 20) | — | 6,329 |
Balance at December 31, 2023 | 9,301,152 | $ | 15,072 |
Exercised | (8,546,249) | (15,200) |
Fair value adjustment (Note 20) | — | 128 |
Expired | (754,903) | —
Balance at December 31, 2024 | — | $ | — |
Aris Unlisted Warrants(¹) – exercise price C$6.00, exercisable until Dec 19, 2024 |  |
Balance at December 31, 2022 | 1,650,000 | 588
Fair value adjustment (Note 20) | — | (35) |
Balance at December 31, 2023 | 1,650,000 | $ | 553 |
Exercised | (203,750) | (87) |
Fair value adjustment (Note 20) | — | 209 |
Expired | (1,446,250) | (675) |
Balance at December 31, 2024 | — | $ | — |
Aris Listed Warrants(¹) – exercise price C$5.50, exercisable until Jul 29, 2025 |  |
Balance at December 31, 2022 | 29,084,377 | 11,173
Exercised | (25,000) | (21) |
Fair value adjustment (Note 20) | — | (171) |
Balance at December 31, 2023 | 29,059,377 | $ | 10,981 |
Exercised | (2,700) | (2) |
Fair value adjustment (Note 20) | — | (2,093) |
Balance at December 31, 2024 | 29,056,677 | $ | 8,886 |
Total share purchase warrant liability at December 31, 2023 |  | $ | 26,606 |
Total share purchase warrant liability at December 31, 2024 |  | $ | 8,886 |
(1)Number of replacement warrants and exercise price have been adjusted by the share Exchange Ratio of 0.5. 13. Share Capital (cont.) d)Share Purchase Warrants – equity classified The following table summarizes the change in the number of issued and outstanding equity classified share purchase warrants during the periods ending December 31, 2024 and December 31, 2023:
| Units | Common shares issuable
As at December 31, 2022 | 7,224,965 |  | 5,019,905 |
Exercised (1) | (281,500) |  | (195,586) |
Expired | (2,795,090) |  | (1,942,029) |
As at December 31, 2023 | 4,148,375 |  | 2,882,290 |
Exercised (2) | (3,915,079) |  | (2,771,550) |
Expired | (233,296) |  | (110,740) |
Balance at December 31, 2024 | — | —
(1)The exercise price per Gold X Warrant exercised averaged C$2.14. (2)The exercise price per Gold X warrant exercised averaged C$3.57. e)Stock option plan The Company has a rolling Stock Option Plan (the “Option Plan”) in compliance with the TSX policies for granting stock options. Under the Option Plan, the maximum number of common shares reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares and, to any one option holder, may not exceed 5% of the issued common shares on a yearly basis. The exercise price of each stock option will not be less than the market price of the Company’s stock at the date of grant. Each stock option vesting period and expiry is determined on a grant-by-grant basis. A summary of the change in the stock options outstanding during the periods ended December 31, 2024 and December 31, 2023 is as follows:
| Options outstanding | Weighted average exercise price (C$)
Balance at December 31, 2022 | 6,713,506 | $ | 4.71 |
Options granted | 1,778,931 | 3.99 |
Exercised (1) | (528,241) | 3.27 |
Expired or cancelled | (683,076) | 5.11 |
Balance at December 31, 2023 | 7,281,120 | $ | 4.57 |
Options granted | 2,875,700 | 4.22 |
Exercised (2) | (2,779,903) | 4.03 |
Expired or cancelled | (821,318) | 5.39 |
Balance at December 31, 2024 | 6,555,599 | $ | 4.55 |
(1)The weighted average share price at the date stock options were exercised was C$4.10. (2)The weighted average share price at the date stock options were exercised was C$5.47. 13. Share Capital (cont.) A summary of the inputs used in the determination of the fair values of the stock options granted in the periods ended December 31, 2024 and December 31, 2023, using the Black-Scholes option pricing model, is as follows:
| 12-Jan-2023 | 12-May-2023 | 2-Oct-2023 | 31-Jan-2024 | 1-Jul-2024 | 14-Nov-2024
Total options issued | 1,691,964 | 26,815 | 60,152 | 2,525,561 | 343,443 | 6,696
Market price of shares at grant date | $4.03 | $3.40 | $3.09 | $4.09 | $5.17 | $5.59
Exercise price | $4.03 | $3.40 | $3.09 | $4.09 | $5.17 | $5.59
Dividends expected | Nil | Nil | Nil | Nil | Nil | Nil
Expected volatility | 58.36 | % | 55.47 | % | 46.95 | % | 44.42 | % | 45.75 | % | 47.36 | %
Risk-free interest rate | 3.67 | % | 3.50 | % | 4.64 | % | 3.82% | 3.83% | 3.14 | %
Expected life of options | 3.0 years | 3.0 years | 3.0 years | 3.0 years | 3.0 years | 3.0 years
Vesting terms | 2 years | (1) | 2 years | (1) | 2 years | (1) | 2 years | (1) | 2 years | (1) | 2 years | (1)
(1)50% of the options vest one year after issue date, the remaining 50% vest two years after issue date. The table below summarizes information about the stock options outstanding and the common shares issuable as at December 31, 2024:
Expiry date | Outstanding | Vested stock options | Remaining contractual life in years | Exercise price (C$/share)
01-Mar-25 | 632,500 | 632,500 | 0.17 | 4.00 |
23-Mar-25 | 324,815 | 324,815 | 0.23 | 3.80 |
01-Apr-25 | 135,000 | 135,000 | 0.25 | 4.05 |
26-Jun-25 | 5,000 | 5,000 | 0.49 | 5.00 |
02-Jul-25 | 50,000 | 50,000 | 0.50 | 6.88 |
12-Jan-26 | 1,161,491 | 534,925 | 1.04 | 4.03 |
01-Apr-26 | 703,000 | 703,000 | 1.25 | 6.04 |
12-May-26 | 13,408 | - | 1.37 | 3.40 |
02-Oct-26 | 60,152 | 30,076 | 1.75 | 3.09 |
26-Jan-27 | 90,000 | 90,000 | 2.07 | 5.45 |
31-Jan-27 | 2,306,094 | — | 2.09 | 4.09 |
01-Apr-27 | 724,000 | 724,000 | 2.25 | 5.84 |
01-Jul-27 | 343,443 | — | 2.50 | 5.17 |
14-Nov-27 | 6,696 | — | 2.87 | 5.59 |
Balance at December 31, 2024 | 6,555,599 | 3,229,316 | 1.52 | $ | 4.55 |
f)DSUs A summary of changes to the DSU liability, included in accounts payable and accrued liabilities, during the period ended December 31, 2024 and the year ended December 31, 2023 is as follows:
| Units | Amount
Balance at December 31, 2022 | 333,818 | $ | 826 |
Granted and vested during the period | 241,223 | 649 |
Change in fair value | — | 428 |
Balance at December 31, 2023 | 575,041 | $ | 1,903 |
Granted and vested during the period | 167,571 | 631 |
Paid | (259,691) | (956) |
Change in fair value | — | 114 |
Balance at December 31, 2024 | 482,921 | $ | 1,692 |
13. Share Capital (cont.) The DSU liability at December 31, 2024 was determined based on the Company’s quoted closing share price on the TSX, a Level 1 fair value input, of C$4.92 ($3.42) (December 31, 2023 - C$4.43 ($3.35)) per share. g)PSUs A summary of changes to the PSU liability during the period ended December 31, 2024 and the year ended December 31, 2023 is as follows:
| Units | Amount
Balance at December 31, 2022 | 706,286 | $ | 292 |
Unvested PSUs recognized in the period | 796,758 | 1,178 |
Vested PSUs recognized in the period | — | 29 |
Paid | (30,325) | (47) |
Change in fair value | — | 1,352 |
Balance at December 31, 2023 | 1,472,719 | $ | 2,804 |
Unvested PSUs recognized in the period | 1,035,489 | 1,861 |
Expired/cancelled | (190,888) | — |
Paid | (489,098) | (1,289) |
Change in fair value | — | 374 |
Balance at December 31, 2024 | 1,828,222 | $ | 3,750 |
Less: current portion | — | (1,520) |
Non-current portion as at December 31, 2024 |  | $ | 2,230 |
h)Share-based compensation expense
| Year-ended December 31,
| 2024 | 2023
Stock-option expense | $ | 2,285 |  | $ | 1,475 |
DSU expense | 745 |  | 1,077 |
PSU expense | 2,235 |  | 2,559 |
Total | $ | 5,265 |  | $ | 5,111 |
i)Earnings (loss) per share
| Year-ended December 31, 2024 | Year-ended December 31, 2023
| Weighted average shares outstanding | Net earnings (loss) attributable to owners | Net earnings (loss) per share | Weighted average shares outstanding | Net earnings (loss) attributable to owners | Net earnings (loss) per share
Basic EPS | 157,727,394 | $ | 24,582 |  | $ | 0.16 |  | 136,735,317 | $ | 11,419 |  | $ | 0.08 |
Effect of dilutive stock-options | 487,022 | — |  | 5,717 | — |
Effect of dilutive warrants | 476,863 | (2,093) |  | 321,471 | — |
Diluted EPS | 158,691,279 | $ | 22,489 |  | $ | 0.14 |  | 137,062,505 | $ | 11,419 |  | $ | 0.08 |
Diluted earnings per share amounts are calculated by adjusting the basic earnings per share to take into account the after-tax effect of interest and other finance costs associated with dilutive convertible debentures as if they were converted at the beginning of the period, and the effects of potentially dilutive stock options and share purchase warrants calculated using the treasury stock method. When the impact of potentially dilutive securities increases the earnings per share or decreases the loss per share, they are excluded for purposes of the calculation of diluted earnings per share. 13. Share Capital (cont.) The following table lists the number of warrants, stock options and Convertible Debenture which were excluded from the computation of diluted earnings per share. Instruments were excluded because either the instruments were not vested, the exercise prices exceeded the average market value of the common shares or the impact of including the in the money securities were anti-dilutive to EPS.
| Year-ended December 31,
| 2024 | 2023
Stock options | 1,477,000 | 6,893,305
Convertible Debenture | — | 3,789,474
Warrants | — | 43,224,654

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