Note 6 - Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Disclosure Text Block [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

Warrants

We have 2,060,000 warrants outstanding at June 30, 2026, (December 31, 2025: 2,068,000 warrants) following the conversion of 8,000 warrants during the six months ended June 30, 2026, each with an exercise price of $8.02. The 2,060,000 warrants outstanding expire in April 2032. The warrants were issued as part of the Klondex acquisition purchase consideration in July 2018. Each warrant entitles the warrant holder to purchase one share of our common stock. We received $64,000 for the 8,000 warrants converted.

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. We did not sell any shares under ATM during the six months ended June 30, 2026. Since inception, we have sold 59,802,012 shares under the ATM for total proceeds of $348.5 million, net of commissions and fees of $5.4 million.

Preferred Stock

During six months ended June 30, 2026, 3,220 shares of Preferred Stock were converted into 10,354 shares of our common stock.

Stock-based Compensation Plans

We have stock incentive plans for executives, directors, and eligible employees, under which performance stock units, restricted stock units, and shares of common stock are granted. For the three and six months ended June 30, 2026, stock-based compensation expense for restricted stock units and performance-based grants to employees, totaled $2.0 million (2025: $3.0 million) and $4.8 million (2025: $4.9 million), respectively. At June 30, 2026, there was $22.3 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 three and six months ended June 30, 2026:

Grant date	Award type	Number granted		Grant date fair value per share
June 23, 2026	Restricted stock		573,134	15.98
June 23, 2026	Performance based		311,244	23.33

Pursuant to our directors stock plan, 86,532 shares (2025: 179,836) with a value of $1.4 million (2025: $1.0 million) were awarded to our directors and recorded as stock-based compensation expense during the three and six months ended June 30, 2026.

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 tax withholding obligations and pay the obligations in cash. As a result, in the three and six months ended June 30, 2026, we withheld 223,404 shares valued at $3.3 million, or $15.07 per share and 270,538 shares valued at $4.5 million, or $16.74 per share, respectively. For the three and six months ended June 30, 2025, we withheld 151,976 shares valued at $0.9 million, or $5.82 per share.

Common and Preferred Stock Dividends

During the first two quarters of 2026, our Board of Directors declared and we paid a quarterly dividend of $0.00375 per common share, pursuant to our dividend policy. In addition, during the first two quarters of 2026, our Board of Directors declared and paid quarterly dividends of $0.875 on its Series B Cumulative Convertible Preferred Stock.

Accumulated Other Comprehensive Income (Loss), Net ("AOCI")

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			AOCI
Balance January 1, 2026	$	1,505		$	(4,839	)	$	(3,334	)
Other comprehensive loss before reclassification		(1,507	)		—			(1,507	)
Reclassification from AOCI to sales		(2,310	)		—			(2,310	)
Reclassification from AOCI to costs applicable to sales		349			—			349
Reclassification from AOCI to fair value adjustments, net		525			—			525
Provision for income taxes		786			—			786
Balance March 31, 2026	$	(652	)	$	(4,839	)	$	(5,491	)
Other comprehensive loss before reclassification		(5,887	)		—			(5,887	)
Reclassification from AOCI to sales		747			—			747
Provision for income taxes		(3,004	)		—			(3,004	)
Balance June 30, 2026	$	(8,796	)	$	(4,839	)	$	(13,635	)
Balance January 1, 2025	$	5,994		$	(16,260	)	$	(10,266	)
Other comprehensive gain before reclassification		3,688			—			3,688
Reclassification from AOCI to sales		(2,178	)		—			(2,178	)
Reclassification from AOCI to discontinued operations		1,825			—			1,825
Provision for income taxes		(901	)		—			(901	)
Balance March 31, 2025	$	8,428		$	(16,260	)	$	(7,832	)
Other comprehensive gain before reclassification		6,919		$	—		$	6,919
Reclassification from AOCI to sales		(3,502	)		—			(3,502	)
Reclassification from AOCI to discontinued operations		1,007			—			1,007
Provision for income taxes		(1,171	)		—			(1,171	)
Balance June 30, 2025	$	11,681		$	(16,260	)	$	(4,579	)