v3.26.1
SHARE-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The Company’s share-based compensation expense, by type of award, is as follows:
Three Months Ended March 31,
20262025
RSUs(1)
$2,388 $2,007 
SARs— 7 
Stock options1,260 818 
Total share-based compensation expense(2)
$3,648 $2,832 
(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. Additionally, the Company capitalized $0.14 million and $0.23 million of share-based compensation expense to Mineral properties on the unaudited Condensed Consolidated Balance Sheet during the three months ended March 31, 2026 and March 31, 2025, respectively.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
A summary of the Company’s unvested RSU activity is as follows:
 Number of SharesWeighted Average Grant Date Fair Value
Unvested, December 31, 20251,861,338 $6.22 
Granted350,095 23.70 
Vested(883,407)5.99 
Forfeited(121,626)5.56 
Unvested, March 31, 20261,206,400 $11.51 
A summary of the Company’s SARs activity is as follows:
 Number of SharesWeighted Average
Exercise Price		Weighted Average Remaining Contractual Life (Years)Intrinsic Value
Outstanding, December 31, 20251,003,250 $6.67 
Granted— — 
Exercised(35,260)6.47 
Forfeited— — 
Expired— — 
Outstanding, March 31, 2026967,990 $6.68 1.05$11,200
Exercisable, March 31, 2026967,990 $6.68 1.05$11,200
The Company has no unvested SARs as of March 31, 2026.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of all stock options, including Performance-Based Options, for the three months ended March 31, 2026 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions:
Risk-free interest rate3.6 %
Expected life3.3 years
Expected volatility(1)
64.5 %
Expected dividend yield— %
Weighted average grant date fair value$10.55 
(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.
Schedule of Share-based Compensation, Stock Options, Activity
A summary of all the Company’s stock option activity, including Performance-Based Options, is as follows:
 Range of Exercise PricesNumber of SharesWeighted Average
Exercise Price		Weighted Average Remaining Contractual Life (Years)Intrinsic Value
Outstanding, December 31, 2025
$3.89 - $24.00
2,640,843 $6.45 
 Granted
23.70 - 26.07
430,706 25.53 
 Exercised
3.89 - 8.23
(338,734)6.03 
 Forfeited
6.11 - 6.11
(147,345)6.11 
 Expired
— - —
— — 
Outstanding, March 31, 2026
$4.57 - $26.07
2,585,470 $9.72 3.60$25,120 
Exercisable, March 31, 2026
$4.85 - $8.60
1,211,734 $6.74 3.13$13,818 
A summary of the Company’s unvested stock option activity is as follows:
 Number of SharesWeighted Average Grant Date Fair Value
Unvested, December 31, 20252,248,013 $2.50 
Granted430,706 10.55 
Vested(1,159,014)2.55 
Forfeited(147,345)2.30 
Unvested, March 31, 20261,372,360 $5.00