| Common Shares |
17.Common Shares Authorized and Issued As at December 31, 2025, the authorized, issued and outstanding common shares of the Company and special shares of the Company (the “Special Shares”) are as follows: | | | | | | | | | Issued and | | | Authorized | | Outstanding | Common Shares | | Unlimited, with no par value | | 422,966,333 | Preferred Shares | | Unlimited, with no par value | | — | Class A Special Shares | | 5,000,000, with no par value | | 4,572,638 | Class B Special Shares | | 10,000,000, with no par value | | 9,145,156 | Class C Special Shares | | 10,000,000, with no par value | | 9,145,156 | Class D Special Shares | | 20,000,000, with no par value | | 18,290,443 | Class E Special Shares | | 20,000,000, with no par value | | 18,290,443 | Class F Special Shares | | 20,000,000, with no par value | | 18,290,443 | Class G Special Shares | | 25,000,000, with no par value | | 22,863,083 | Class H Special Shares | | 25,000,000, with no par value | | 22,863,083 | Class I Special Shares | | 500,000, with no par value | | 500,000 | Class J Special Shares | | 741,000, with no par value | | 741,000 |
The holders of the Company’s common shares are entitled to one vote for each common share held. The shares do not have an expiration date and remain outstanding until redeemed or converted in accordance with their terms. Each class of Special Shares do not have voting rights and do not participate in earnings. The Special Shares automatically convert to common shares of the Company if the common shares trade at a price on any 20 trading days within any 30-trading day period that is greater than or equal to the specific trigger price for the respective class of Special Share. Below is a summary of the Special Shares and their respective vesting thresholds, assuming the full number of special shares from underlying certain outstanding options to purchase common shares and Special Shares are issued: Special Share Class | A | B | C | D | E | F | G | H | I | J | Share Trigger price ($) | 15 | 25 | 35 | 50 | 75 | 100 | 150 | 200 | 50 | 12 | Special Shares (million) | 5 | 10 | 10 | 20 | 20 | 20 | 25 | 25 | 0.5 | 0.7 |
As the Special Shares meet the indexation and equity classification criteria under ASC 815-40, the Special Shares have been classified as equity instruments at issuance. Common Share Continuity | | | | | | Common shares | | Number | | Amount | December 31, 2023 | | 306,558,710 | | $ | 438,239 | Issuance of shares under 2023 Registered Direct Offering | | 4,500,000 | | | 7,447 | Issuance of shares under 2024 Registered Direct Offering | | 14,900,000 | | | 9,743 | Shares issued as per At-the Market Equity Distribution Agreement | | 3,251,588 | | | 4,866 | Conversion of restricted share units | | 10,734,581 | | | 14,954 | Exercise of stock options | | 715,772 | | | 1,891 | Share purchase under Employee Stock Purchase Plan | | 47,809 | | | 77 | December 31, 2024 | | 340,708,460 | | $ | 477,217 | Issuance of shares to Korea Zinc (Note 14) | | 19,623,376 | | | 71,686 | Issuance of shares under 2025 Registered Direct Offering (Note 14) | | 12,333,333 | | | 24,149 | Issuance of shares under 2024 Registered Direct Offering (Note 14) | | 5,000,000 | | | 2,237 | Shares issued as per At-the Market Equity Distribution Agreement (Note 15) | | 7,542,996 | | | 14,784 | Conversion of restricted share units (Note 18) | | 20,296,128 | | | 41,355 | Exercise of stock options (Note 18) | | 4,746,546 | | | 14,423 | Exercise of Class A Warrants (Note 16) | | 1,913,270 | | | 5,539 | Exercise of Class B Warrants (Note 16) | | 8,433,096 | | | 17,024 | Exercise of Class C Warrants (Note 16) | | 2,330,000 | | | 12,838 | Shares purchased under Employee Stock Purchase Plan (Note 18) | | 39,128 | | | 91 | December 31, 2025 | | 422,966,333 | | $ | 681,343 |
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