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Share Based Compensation (Tables) | 3 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Share based compensation expense is included in general and administrative expense and consisted of the following for the periods presented.
|  |  | Three months ended September 30, |
|  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Share based compensation expense — service based |  |  |  |  |  |  |
Employee share option plan |  |  | $ | 96 |  |  | $ | 961 |
2022 Equity Compensation Plan — Options |  |  |  | 133 |  |  |  | 175 |
2022 Equity Compensation Plan — PSU's |  |  |  | 48 |  |  |  | — |
2022 Equity Compensation Plan — RSU and DSU's |  |  |  | 322 |  |  |  | 164 |
Total share based compensation expense |  |  | $ | 599 |  |  | $ | 1,300 |
Summary of Share-based Payment Award, Stock Options, Valuation Assumptions | The significant assumptions used to estimate the fair value of stock option awards granted under the plans during the three months ended September 30, 2023 and 2022, using the Black-Scholes option valuation model are as follows.
|  | Three months ended September 30,
|  | 2023 |  | 2022
Exercise price |  | $7.73 |  | $25.62
Share price |  | $2.46 |  | $18.03
Volatility |  | 99% |  | 79%
Expected term in years |  | 9.6 |  | 5.0
Risk-free interest rate |  | 4.3% |  | 2.91%
Dividend rate |  | Nil |  | Nil
Summary of Share-based Payment Arrangement, Activity | The following table summarizes stock option activity for each of the periods presented.
|  | Three months ended September 30, |
|  | 2023 |  |  | 2022 |
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Number of Options |  |  | Weighted Average Exercise Price |
|  | (In thousands, except per share data) |
Outstanding at beginning of the period |  |  | 4,187 |  |  | $ | 10.91 |  |  |  | 4,874 |  |  | $ | 9.67 |
Granted |  |  | 300 |  |  |  | 7.73 |  |  |  | 400 |  |  |  | 25.62 |
Exercised |  |  | — |  |  |  | — |  |  |  | (50 | ) |  |  | 5.12 |
Expired/forfeited |  |  | (278 | ) |  |  | 25.49 |  |  |  | — |  |  |  | — |
Outstanding at end of the period |  |  | 4,209 |  |  |  | 9.71 |  |  |  | 5,224 |  |  |  | 10.94 |
Vested at the end of the period |  |  | 3,356 |  |  |  | 9.83 |  |  |  | 3,664 |  |  |  | 8.02 |
Unvested at the end of the period |  |  | 853 |  |  | $ | 9.25 |  |  |  | 1,560 |  |  | $ | 7.15 |
Summary of Nonvested Share Activity |
|  | Three months ended September 30, |
|  | 2023 |  |  | 2022 |
|  | Number of Options |  |  | Weighted Average Grant Date Fair Value per share |  |  | Number of Options |  |  | Weighted Average Grant Date Fair Value per share |
|  | (In thousands, except per share data) |
Unvested at beginning of the period |  |  | 838 |  |  | $ | 6.42 |  |  |  | 1,507 |  |  | $ | 6.05 |
Granted |  |  | 300 |  |  |  | 2.08 |  |  |  | 400 |  |  |  | 10.52 |
Vested |  |  | (7 | ) |  |  | 6.85 |  |  |  | (347 | ) |  |  | 5.96 |
Expired/forfeited |  |  | (278 | ) |  |  | 10.48 |  |  |  | — |  |  |  | — |
Unvested at end of the period |  |  | 853 |  |  | $ | 3.57 |  |  |  | 1,560 |  |  | $ | 7.15 |
Share-based Compensation Arrangements by Share-based Payment Award, Performance-based Units, Vested and Expected to Vest | The following table summarizes restricted share ("RSU"), director restricted share ("DSU") and performance share ("PSU") activity under the 2022 Equity Compensation Plan for each of the periods presented.
|  | Serviced-Based Shares |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Performance- Based Shares |  |  | Weighted Average Grant Date Fair Value per Unit |  |  | Total Shares |
|  | (In thousands, except per share data) |
Non-vested shares/units outstanding at June 30, 2023 |  |  | 209.8 |  |  | $ | 6.78 |  |  |  | 139.1 |  |  | $ | 7.20 |  |  |  | 348.9 |
Granted |  |  | 186.6 |  |  |  | 2.46 |  |  |  | 121.6 |  | (1) |  | 2.46 |  |  |  | 308.2 |
Vested |  |  | (77.1 | ) |  |  | 6.31 |  |  |  | — |  |  |  | — |  |  |  | (77.1 | )
Forfeited |  |  | (4.5 | ) |  |  | 14.49 |  |  |  | (4.5 | ) |  |  | 14.49 |  |  |  | (9.0 | )
Non-vested shares/units outstanding at September 30, 2023 |  |  | 314.8 |  |  | $ | 4.23 |  |  |  | 256.2 |  |  | $ | 4.82 |  |  |  | 571.0 |
|  | Serviced-Based Shares |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Performance- Based Shares |  |  | Weighted Average Grant Date Fair Value per Unit |  |  | Total Shares |
|  | (In thousands, except per share data) |
Non-vested shares/units outstanding at June 30, 2022 |  |  | 48.8 |  |  | $ | 18.03 |  |  |  | 19.2 |  |  | $ | 12.19 |  |  |  | 68.0 |
Granted |  |  | 101.3 |  |  |  | 14.67 |  |  |  | 63.5 |  | (2) |  | 14.79 |  |  |  | 164.8 |
Non-vested shares/units outstanding at September 30, 2022 |  |  | 150.1 |  |  | $ | 15.76 |  |  |  | 82.7 |  |  | $ | 14.23 |  |  |  | 232.8 |
(1) During the quarter ended September 30, 2023, approximately 121.6 thousand performance share units were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0% to 100%. The targets are 1) construction of the large-scale commercial facility commencing prior to September 1, 2026; 2) the budget for the large-scale commercial facility remaining within a range of $342-418 million; and 3) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 20%. The determination of the percentage of shares that ultimately vest will be made at the three-year anniversary of the grant date based upon achievement of the performance targets over the period. (2) During the quarter ended September 30, 2022, approximately 63.5 thousand performance share units were granted, which based on the achievement of certain operational targets, could vest within a range of 0% to 100%. The targets are 1) commissioning and operation of the small-scale facility; 2) obtaining formation flow, head grade and impurity profile data from the small-scale facility; and 3) generating product data to ensure process design for detailed engineering. The determination of the percentage of shares that ultimately vest will be made at the three-year anniversary of the grant date based upon achievement of the performance targets over the period.

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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