STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock-based compensation related to all stock-based incentive plans is presented in the following table:

	Three Months Ended March 31,
	2022		2021
Components of stock-based compensation:
Stock-based compensation	$	764,855	$	406,488
Stock-based compensation forfeitures	(850,763)		—
Stock-based compensation, net of forfeitures	$	(85,908)	$	406,488
Presentation of stock-based compensation in the consolidated financial statements:
Exploration and mine development costs	$	(217,939)	$	131,147
General and administrative expenses	90,173		275,341
Stock-based compensation expense, net of forfeitures(1)	(127,766)		406,488
Capitalized stock-based compensation(2)	41,858		—
Stock-based compensation, net of forfeitures	$	(85,908)	$	406,488

__________________________

(1)For the three months ended March 31, 2022 and 2021, we did not reflect a tax benefit associated with stock-based compensation expense in the consolidated statements of operations because we had a full tax valuation allowance during these periods. As such, the table above does not reflect the tax impacts of stock-based compensation expense.

(2)These costs relate to direct labor costs related to our Carolina Lithium Project and are included in “Property, plant and mine development, net” in our consolidated balance sheets.

Schedule of Stock Option Awards Activity

Stock option award activity is presented in the following table:

	Three Months Ended March 31,
	2022			2021
	Shares	Weighted- Average Exercise Price (per share)		Shares	Weighted- Average Exercise Price (per share)
Outstanding at beginning of period	272,504	$	24.34	443,694	$	14.14
Options granted	135,957	55.00		50,000	30.94
Options exercised or surrendered	(15,000)	30.94		(18,906)	12.38
Options forfeited	(19,458)	38.74		—	—
Outstanding at end of period	374,003	34.47		474,788	15.98

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

Assumptions used to estimate the fair value of stock options granted are presented in the following table:

	Three Months Ended March 31,
	2022	2021
Expected life of options (in years)	5.4 - 6.4	3.0
Risk-free interest rate	1.1% - 1.8%	0.1%
Assumed volatility	50.0%	90.0%
Expected dividend rate	—	—

Summary of RSU Activity

RSU activity is presented in the following table:

	Three Months Ended March 31, 2022
	Shares	Weighted-Average Grant-Date Fair Value (per share)
Unvested at beginning of period	51,277	$	62.69
RSUs granted	17,437	56.34
RSUs exercised	(14,285)	58.14
RSUs forfeited	(17,209)	67.23
Unvested at end of period	37,220	59.36

Schedule of PRAs Activity

PRA activity is presented in the following table:

	Three Months Ended March 31,
	2022			2021
	Shares	Weighted-Average Grant-Date Fair Value (per share)		Shares	Weighted-Average Grant-Date Fair Value (per share)
Unvested at beginning of period	30,000	$	5.42	65,000	$	5.50
PRAs granted	29,120	52.60		—	—
Unvested at end of period	59,120	28.66		65,000	5.50