Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of company estimated the realization of the vesting conditions


	Number of	Number of	Number of
	Short-Term	Long-term	Options
	Options	Options	Outstanding
	Outstanding	Outstanding	under
	under 2018 Plan	under 2018 Plan	Incentive Plan
Outstanding – December 31, 2023	15,074,240	9,783,922	—
Granted	—	—	3,940,000
Expired	(57,893)	(139,048)	—
Exercised	(715,772)	—	—
Outstanding – December 31, 2024	14,300,575	9,644,874	3,940,000
Granted	—	—	1,250,000
Exercised	(712,124)	—	—
Forfeited	—	—	(500,000)
Outstanding – June 30, 2025	13,588,451	9,644,874	4,690,000

Summary of the RSU activity


	Three months	Three months	Six months	Six months
	ended June 30,	ended June 30,	ended June 30,	ended June 30,
Vesting Period	2025	2024	2025	2024
Vesting Immediately ⁽¹⁾	462,042	206,260	3,081,627	4,006,695
Vesting fully within and on first anniversary of the grant date ⁽²⁾	134,226	476,189	194,226	493,430
Vesting in thirds on each anniversary of the grant date	—	68,027	8,818,935	7,212,375
Vesting in fourths on each anniversary of the grant date	—	701,880	176,302	701,880
Vesting three years from grant date ⁽³⁾	66,508	—	66,508	—
Vesting based on performance conditions ⁽⁴⁾	364,785	—	688,969	—
Vesting based on market conditions	—	20,000,000	—	20,000,000
Total Units Granted	1,027,561	21,452,356	13,026,567	32,414,380

(1)

Of the 462,042 RSUs granted during the three months ended June 30, 2025, 310,530 RSUs were granted to consultants with an aggregate fair value of $0.8 million recorded in general and administrative expenses. The 462,042 RSUs granted during the three months ended June 30, 2025, also consist of 91,512 RSUs with an aggregate fair value of $398,075 issued to the non-employee directors in lieu of the cash portion of their director fees which commenced from the second quarter of 2024 until the end of March 2025. The remaining 60,000 grants were issued to employees.

(2)

During the three months ended June 30, 2025, an aggregate of 134,226 RSUs were granted to the Company’s non-employee directors under the Company’s Non-employee Director Compensation Policy, which will vest at the Company’s 2026 annual shareholders meeting. The total fair value of units granted as annual grants to non-employee directors amounted to $0.6 million. In the first quarter of 2025, 60,000 RSUs vesting on July 1, 2025, were issued to a consultant, resulting in $0.1 million charged as general and administrative expenses.

(3)

During three and six months ended June 30, 2025, the Company issued a special retention grant to one of the non-employee directors vesting three years from the grant date. The fair value of the grant amounted to $0.3 million.

(4)

During three and six months ended June 30, 2025, the Company issued 338,653 RSUs with an aggregate fair value of $1.9 million to consultants as fees for securing the agreement with Korea Zinc (Note 10). The remaining 26,132 RSUs with an aggregate fair value of $0.1 million issued to consultants during the second quarter of 2025 were recorded as general and administrative expenses.

Restricted Stock Units ("RSUs")

Share-Based Compensation

Summary of the RSU activity


		Number of RSUs
		Outstanding
Outstanding – December 31, 2023		12,484,880
Granted		33,079,041
Forfeited		(516,685)
Exercised		(10,734,581)
Outstanding - December 31, 2024		34,312,655
Granted		13,026,567
Forfeited		(794,047)
Exercised		(9,472,733)
Outstanding - June 30, 2025		37,072,442