Note 6 - Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Disclosure Text Block [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

At-The-Market Equity Distribution Agreement

Pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents. Sales of the shares, if any, will be made by means of ordinary brokers

transactions or as otherwise agreed between the Company and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including our share price, our cash resources, customary black-out restrictions, and whether we have any material inside information. The agreement can be terminated by us at any time. Any sales of shares under the agreement are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3. Under the agreement we have sold 14,753,958 shares for total proceeds of $76.7 million, net of commissions and fees of $1.2 million from September 2022 through June 30, 2024. During the six months ended June 30, 2024, we sold 248,561 shares under the agreement for proceeds of $1.1 million, net of commissions and fees of $0.04 million.

Stock-based Compensation Plans

The Company has stock incentive plans for executives, directors and eligible employees, under which performance shares, restricted stock and shares of common stock are granted. Stock-based compensation expense for restricted stock unit, performance-based grants and common stock grants (collectively "incentive compensation") to employees and shares granted to the interim CEO and non-employee directors totaled $3.0 million and $4.1 million for the three and six months ended June 30, 2024, respectively, and $1.5 million and $2.7 million for the three and six months ended June 30, 2023, respectively. At June 30, 2024, there was $12.1 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 2.3 years.

The following table summarizes the incentive compensation grants awarded during the six months ended June 30, 2024:

Grant date	Award type	Number granted		Grant date fair value per share
June 21, 2024	Restricted stock		1,466,677	5.17
June 21, 2024	Performance based		518,336	3.32

In connection with the vesting of incentive compensation, employees have in the past, at their election and when permitted by us, chosen to satisfy their minimum tax withholding obligations through net share settlement, pursuant to which the Company withholds the number of shares necessary to satisfy such withholding obligations and pays the obligations in cash. As a result, in the six months ended June 30, 2024, we withheld 277,966 shares valued at approximately $1.2 million, or approximately $4.31 per share.

Common Stock Dividends

The following table summarizes the dividends our Board of Directors have declared and we have paid during 2024 pursuant to our dividend policy:

Quarter	Prior Quarter Realized Silver Price	Silver-linked component	Minimum component	Total dividend per share
First	23.47	$0.0025	$0.00375	$0.00625
Second	24.77	$0.0025	$0.00375	$0.00625

Accumulated Other Comprehensive Income (Loss), Net

The following table lists the beginning balance, quarterly activity and ending balances, net of income and mining tax, of each component of “Accumulated other comprehensive income (loss), net” (in thousands):

	Changes in fair value of derivative contracts designated as hedge transactions			Adjustments For Pension Plans			Total Accumulated Other Comprehensive Income (Loss), Net
Balance January 1, 2024	$	13,708		$	(7,871	)	$	5,837
Change in fair value of derivative contracts		(3,971	)		—			(3,971	)
Gains and deferred gains transferred from accumulated other comprehensive income		(1,432	)		—			(1,432	)
Balance March 31, 2024	$	8,305		$	(7,871	)	$	434
Changes in fair value of derivative contracts	$	(4,545	)				$	(4,545	)
Gains and deferred gains transferred from accumulated other comprehensive income	$	(1,943	)	$	—			(1,943	)
Balance June 30, 2024	$	1,817		$	(7,871	)	$	(6,054	)
Balance January 1, 2023	$	9,162		$	(6,714	)	$	2,448
Changes in fair value of derivative contracts	$	8,665			—		$	8,665
Gains and deferred gains transferred from accumulated other comprehensive income	$	(2,149	)		—		$	(2,149	)
Balance March 31, 2023	$	15,678		$	(6,714	)	$	8,964
Changes in fair value of derivative contracts		7,445			—			7,445
Gains and deferred gains transferred from accumulated other comprehensive income		(2,213	)		—			(2,213	)
Balance June 30, 2023	$	20,910		$	(6,714	)	$	14,196