v3.26.3
SHARE-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 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 September 30,Nine Months Ended September 30,
2026202520262025
RSUs(1)
$2,820 $2,397 $8,001 $6,614 
SARs— — — 7 
Stock options833 1,009 3,199 2,819 
Total share-based compensation expense(2)
3,653 3,406 11,200 9,440 
(1)Fair value was determined as the higher of: (i) the Company’s closing share price on the NYSE American on the last trading day before the date of grant; and (ii) 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 and Comprehensive Loss. During the three and nine months ended September 30, 2026, the Company capitalized $0.09 million and $0.49 million of share-based compensation expense to Mineral properties on the unaudited Condensed Consolidated Balance Sheet, respectively. Additionally, during the three and nine months ended September 30, 2025, the Company capitalized $0.11 million and $0.65 million of share-based compensation expense to Mineral properties on the unaudited Condensed Consolidated Balance Sheet, 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 
Granted445,902 22.34 
Vested(1,141,833)6.90 
Forfeited(177,358)8.36 
Unvested, September 30, 2026988,049 $12.31 
A summary of the Company’s SARs activity is as follows:
Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Intrinsic Value
Outstanding, December 31, 20251,003,250 $6.67 
 Granted— — 
 Exercised(82,495)6.71 
 Forfeited— — 
 Expired— — 
Outstanding, September 30, 2026920,755 6.67 0.54$4,016 
Exercisable, September 30, 2026920,755 $6.67 0.54$4,016 
The Company has no unvested SARs as of September 30, 2026.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of all stock options, including Performance-Based Options, for the nine months ended September 30, 2026 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions:
Risk-free interest rate3.7 %
Expected life3.25 years
Expected volatility(1)
64.7 %
Expected dividend yield— %
Weighted average grant date fair value$10.05 
(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
Shares 		Weighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Intrinsic Value
Outstanding, December 31, 2025
$3.89 - $24.00
2,640,843 $6.45 
 Granted
5.55 - 26.07
485,457 24.26 
 Exercised
3.89 - 8.23
(438,866)6.03 
 Forfeited
5.56 - 26.07
(252,614)9.69 
 Expired
3.89 - 5.56
(4,914)4.83 
Outstanding, September 30, 2026
$4.57 - $26.07
2,429,906 9.74 3.15$8,980 
Exercisable, September 30, 2026
$4.57 - $26.07
1,303,385 $7.31 2.77$5,419 
A summary of the Company’s unvested stock option activity, including Performance-Based Options, is as follows:
Number of SharesWeighted Average Grant Date Fair Value
Unvested, December 31, 20252,248,013 $2.50 
 Granted485,457 10.05 
 Vested(1,355,711)8.46 
 Forfeited(251,239)3.85 
Unvested, September 30, 20261,126,520 $5.14