
			Shares of Common Stock
Shares issued and outstanding at December 31, 2025			35,298,774
Shares issued on option exercise			81,655
Shares issued and outstanding at June 30, 2026			35,380,429

As at June 30, 2026, the Company had a share re-purchase program (the “2025 Program”) through the facilities of the Toronto Stock Exchange (“TSX”), the NYSE American or alternative programs in Canada or the United States, if eligible. Under the 2025 Program, the Company is able to purchase up to 2,925,720 shares of Common Stock, par value of $0.001 per share (“Common Stock”) representing 10% of the public float as of October 31, 2025, at prevailing market prices at the time of purchase. The 2025 Program will continue for one year and expire on November 5, 2026, or earlier if the 10% maximum is reached.

During the three and six months ended June 30, 2026, the Company did not re-purchase any shares under the 2025 Program (three and six months ended June 30, 2025 - 239,754 and 692,804 shares re-purchased under the 2024 program at a weighted average price of $4.38 and $5.00 per share, respectively).

The following table provides information about performance stock units (“PSUs”), deferred share units (“DSUs”), restricted share units (“RSUs”) and stock option activity for the six months ended June 30, 2026:


	PSUs	DSUs	RSUs	Stock Options
	Number of Outstanding Share Units	Number of Outstanding Share Units	Number of Outstanding Share Units	Number of Outstanding Stock Options	Weighted Average Exercise Price/Stock Option ($)
Balance, December 31, 2025	7,595,979	876,538	1,064,824	1,043,996	9.61
Granted	4,234,770	230,482	1,048,886	—	—
Exercised	(1,491,419)	(321,660)	(330,744)	(88,051)	7.58
Forfeited	(442,596)	—	(44,805)	(7,325)	10.25
Expired	—	—	—	(373,095)	8.30
Balance, June 30, 2026	9,896,734	785,360	1,738,161	575,525	10.76

As at June 30, 2026, the equity compensation award liability on the Company’s balance sheet included $1.0 million of current liability related to the Company’s outstanding stock options (December 31, 2025 - $0.6 million).

For the three and six months ended June 30, 2026, there was $3.8 million of stock-based compensation recovery and $15.9 million of stock-based compensation expense, respectively. For the three and six months ended June 30, 2025, stock-based compensation expense was $0.5 million and nil, respectively.

As at June 30, 2026, there was $43.6 million (December 31, 2025 - $15.4 million) of unrecognized compensation costs related to unvested PSUs, RSUs and stock options, which are expected to be recognized over a weighted-average period of 2.0 years. During the six months ended June 30, 2026, the Company paid out $6.0 million for PSUs which vested on December 31, 2025 (six months ended June 30, 2025 - $7.2 million for PSUs which vested on December 31, 2024).

During the three and six months ended June 30, 2026, the Company awarded nil and 1.0 million of RSUs to employees pursuant to the existing 2007 Equity Incentive Plan, respectively. Under the 2007 Equity Incentive Plan, RSUs will vest one-third each year over a three-year period. Upon vesting, RSUs entitle the holder to receive either the underlying number of shares of the Company’s Common Stock or a cash payment equal to the value of the underlying shares of the Company’s Common Stock. The Company intends to settle RSUs outstanding as at June 30, 2026, in cash.

Basic net income or loss per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of shares of Common Stock issued and outstanding during each period.

Diluted net income or loss per share is calculated using the treasury stock method for share-based compensation arrangements. The treasury stock method assumes that any proceeds obtained on the exercise of share-based compensation arrangements would be used to purchase shares of Common Stock at the average market price during the period. The weighted average number of shares is then adjusted by the difference between the number of shares issued from the exercise of share-based compensation arrangements and shares re-purchased from the related proceeds. Anti-dilutive shares represent potentially dilutive securities excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive.

For the three and six months ended June 30, 2026 and 2025, all options were excluded from the diluted earnings (loss) per share calculation as the options were anti-dilutive.