Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance share units, restricted stock units and awards, and stock options. Stock-based compensation expense in the three and six months ended June 30, 2026 was $8.4 million and $17.0 million, respectively, compared to $4.2 million and $7.5 million in the three and six months ended June 30, 2025. At June 30, 2026, there was $30.0 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of two years. The Company granted 1.4 million cash-settled replacement restricted stock units that have a remaining vesting period of one year for awards assumed as part of the New Gold Transaction.

Granted restricted stock units and awards generally vest in equal installments annually over three years. Performance share units granted during 2026 vest at the end of a three-year service period if relative stockholder return and an internal performance metric are met. The existence of a market condition requires recognition of compensation cost for the performance share unit awards over the requisite period regardless of whether the relative stockholder return metric is met. On the other hand, the existence of a performance condition requires recognition of compensation cost for the performance share awards based on the performance achieved ranging from 0%-200%. Outstanding performance share units granted prior to 2025 will

vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric.

The following table summarizes the grants awarded during the six months ended June 30, 2026:


Grant date	Restricted stock	Grant date fair value of restricted stock		Performance shares units	Grant date fair value of performance share units
February 20, 2026	635,144	$	24.63	82,493	$	36.74
February 20, 2026	—	$	—	247,466	$	40.86
April 9, 2026	1,222,580	$	19.72	—	$	—
April 16, 2026	513,600	$	19.51	15,615	$	36.74
April 16, 2026	—	$	—	46,829	$	40.86

During the six months ended June 30, 2026, 77,616 stock options issued under the stock incentive plan were exercised at a weighted average price of $21.31.