XML 80 R21.htm IDEA: XBRL DOCUMENT v3.25.0.1
Share capital
 12 Months Ended
Dec. 31, 2024
Disclosure of classes of share capital [abstract]  
Share capital Share capital
At December 31, 2024, the Company had unlimited authority to issue common shares, and 790.9 million common shares outstanding.
(a) No par value common shares issued    

Number of sharesValue of shares
(in millions of U.S. dollars, except where noted)(000s)$
NO PAR VALUE COMMON SHARES ISSUED


Balance at December 31, 2022682,277 3,157.1 
Issuance of common shares under First Nations agreements181 0.1 
Issuance of flow through shares1,642 2.3 
Exercise of options and vested performance share units2,906 4.0 
Balance at December 31, 2023687,006 3,163.5 
Issuance of common shares(1)
100,395 164.6 
Issuance of common shares under First Nations agreements2,400 3.9 
Exercise of options and vested performance share units1,129 2.5 
Balance at December 31, 2024790,930 3,334.5 
1.In May 2024, the Company completed an equity issuance of 100,395,000 common shares at a price of $1.72 per common share for gross proceeds of $172.7 million. Transaction costs amounted to $8.1 million and have been netted against the gross proceeds of the equity issuance.

(b) Share-based payment expenses
The following table summarizes share-based payment expenses:

Year ended December 31
(in millions of U.S. dollars)20242023
SHARE-BASED PAYMENT EXPENSES


Stock option expense 0.1 0.3 
Performance share unit expense3.2 1.5 
Restricted share unit expense12.3 5.0 
Deferred share unit expense5.5 1.6 
Shares issued under First Nations agreements0.2 0.1 
Total share-based payment expenses21.3 8.5 
Less: included within operating expenses(7.6)(3.1)
Share-based payment expenses13.7 5.4 
(i) Stock options
The following table presents changes in the Company’s stock option plan:

Number of optionsWeighted average
exercise price

(000s)C$/share
CHANGES TO THE COMPANY'S STOCK OPTION PLAN


Balance at December 31, 20224,851 1.59 
Exercised(2,401)1.20 
Forfeited(158)2.02 
Expired(562)2.09 
Balance at December 31, 20231,730 1.93 
Exercised(936)1.85 
Forfeited(307)2.03 
Expired(30)1.81 
Balance at December 31, 2024457 2.04 
Earnings (loss) per share
The following table sets out the calculation of earnings (loss) per share:

Year ended December 31
(in millions of U.S. dollars, except where noted)20242023
CALCULATION OF EARNINGS (LOSS) PER SHARE


Net earnings (loss)102.6 (64.5)
Basic weighted average number of shares outstanding
(in millions)
752.2 684.0 
Dilution of securities:

Stock options, deferred share units, performance share units6.2 — 
Diluted weighted average number of shares outstanding
(in millions)
758.4 684.0 
Net earnings (loss) per share:

Basic0.14 (0.09)
Diluted0.14 (0.09)
The following table lists the equity securities excluded from the calculation of diluted earnings (loss) per share. All stock options are excluded from the calculation when the Company is in a net loss position.

Year ended December 31
(in millions of units)20242023
EQUITY SECURITIES EXCLUDED FROM THE CALCULATION OF
DILUTED EARNINGS (LOSS) PER SHARE


Stock options, performance share units, deferred share units— 5.1