Note 6 - Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Disclosure Text Block [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

Authorized Share Capital

At our annual meeting of shareholders on May 21, 2025, our stockholders approved an amendment to our restated certificate of incorporation increasing the number of authorized shares of our common stock from 750,000,000 to 1,250,000,000.

At-The-Market ("ATM") 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 us 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, potential use of proceeds, 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. During the three months ended September 30, 2025, we sold 6,950,792 shares under the agreement for proceeds of $42.1 million, net of commissions and fees of $0.6 million. During the nine months ended September 30, 2025, we sold 35,959,328 shares under the agreement for proceeds of $216.2 million, net of commissions and fees of $3.3 million, which were used to redeem $212 million of our Senior Notes.

Stock-based Compensation Plans

We have stock incentive plans for executives, directors and eligible employees, under which performance shares, restricted stock and shares of common stock are granted. For the three and nine months ended September 30, 2025, stock-based compensation expense for restricted stock units and performance-based grants to employees, totaled $2.6 million (2024: $2.3 million) and $6.5 million (2024: $6.4 million), respectively. At September 30, 2025, there was $14.0 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years.

The following table summarizes the stock-based compensation grants awarded during the nine months ended September 30, 2025:

Grant date	Award type	Number granted	Grant date fair value per share
January 15, 2025	Restricted stock	325,016	5.41
March 24, 2025	Restricted stock	23,826	5.87
June 23, 2025	Restricted stock	1,613,885	5.82
June 23, 2025	Performance based	840,205	0.06
July 15, 2025	Restricted stock	49,100	6.11
September 4, 2025	Restricted stock	8,475	8.85

Pursuant to our directors stock plan 179,836 shares and 145,687 shares with a value of $1.0 million and $0.8 million were awarded to our directors and recorded as stock-based compensation expense during the nine months ended September 30, 2025 and September 30, 2024, respectively. During the three and nine months ended September 30, 2024, 20,840 and 31,671 shares with a value $0.13 million and $0.18 million were paid to our former Interim President and Chief Executive Officer as part of her compensation.

In connection with the vesting of incentive and share-based compensation, certain 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 we withhold the number of shares necessary to satisfy such withholding obligations and pays the obligations in cash. As a result, in the nine months ended September 30, 2025, we withheld 151,976 shares valued at $0.9 million, or $5.82 per share. During the nine months ended September 30, 2024, we withheld 277,966 shares valued at $1.2 million, or $4.31 per share.

Common Stock Dividends

During each of the first three quarters of 2025, our Board of Directors declared and we have paid a quarterly dividend of $0.00375 per common share, pursuant to our dividend policy.

Accumulated Other Comprehensive (Loss) Income, 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, 2025	$	5,994		$	(16,260	)	$	(10,266	)
Change in fair value of derivative contracts		2,787			—			2,787
Gains and deferred gains transferred from accumulated other comprehensive income		(353	)		—			(353	)
Balance March 31, 2025	$	8,428		$	(16,260	)	$	(7,832	)
Changes in fair value of derivative contracts		5,748			—			5,748
Gains and deferred gains transferred from accumulated other comprehensive income		(2,495	)		—			(2,495	)
Balance June 30, 2025	$	11,681		$	(16,260	)	$	(4,579	)
Changes in fair value of derivative contracts		78			—			78
Gains and deferred gains transferred from accumulated other comprehensive income		(4,475	)		—			(4,475	)
Balance September 30, 2025	$	7,284		$	(16,260	)	$	(8,976	)
Balance January 1, 2024	$	13,708		$	(7,871	)	$	5,837
Changes 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	)
Changes in fair value of derivative contracts		3,872			—			3,872
Gains and deferred gains transferred from accumulated other comprehensive income		(701	)					(701	)
Balance September 30, 2024	$	4,988		$	(7,871	)	$	(2,883	)