
	December 31, 2025		December 31, 2024

Share options	$	3,959	$	3,811
Restricted share units with no performance criteria	4,403		3,528
Restricted share units with performance criteria	—		(630)
Deferred units	8,647		1,770
Performance share units	3,215		3,393
	$	20,224	$	11,872

The Company's incentive stock option plan (the "Plan") consists of options ("Options") which are subject to a 5-year or 7-year maximum term, payable in shares of the Company when vested and exercised. Options vest at the discretion of the board of directors of the Company (the "Board") at the time an Option is granted. Options generally vest in three equal and separate tranches with the first vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third anniversary of the grant date.


	2025		2024
	Weighted average price CDN$	Number of options	Weighted average price CDN$	Number of options
At January 1,	$14.52	2,628,809	$12.42	3,352,743
Granted	20.38	1,124,962	14.79	1,288,263
Exercised	14.27	(1,028,326)	10.80	(1,779,799)
Expired	14.25	(10,594)	10.08	(15,109)
Forfeited	16.39	(246,967)	14.50	(217,289)
At December 31,	$17.11	2,467,884	$14.52	2,628,809

As at December 31, 2025, a total of 8,538,254 options (December 31, 2024 – 2,395,869) were available to grant under the Plan. As at December 31, 2025, 422,566 share purchase options (December 31, 2024 – 529,425) with a weighted average exercise price of CDN $14.47 (2024 – CDN $14.01) are vested and exercisable.


	December 31, 2025			December 31, 2025
	Total options outstanding			Exercisable options
Range of exercise price CDN$	Shares	Weighted average remaining contractual life (years)	Weighted average exercise price CDN$	Shares	Weighted average exercise price CDN$

$11.00 to $11.99	23,168	2.63	11.90	—	—
$12.00 to $12.99	53,508	2.64	12.91	26,752	12.91
$13.00 to $13.99	143,711	1.14	13.73	137,395	13.76
$14.00 to $14.99	878,941	3.16	14.52	156,402	14.52
$15.00 to $15.99	289,409	2.34	15.17	94,140	15.17
$19.00 to $19.99	1,011,750	4.17	19.91	—	—
$22.00 to $22.99	23,043	3.85	22.89	6,572	22.89
$23.00 to $23.99	12,118	3.67	23.27	1,305	23.27
$34.00 to $34.99	506	4.67	34.05	—	—
$36.00 to $36.99	31,730	4.85	36.23	—	—
























	2,467,884	3.37	$17.11	422,566	$14.47

The assumptions used to estimate the fair value of options granted during the years ended December 31, 2025 and December 31, 2024 are in the table below. Volatility was determined based on the historical volatility over the estimated lives of the options.


	2025	2024
Risk-free interest rate (range)	2.5% – 2.9%	3.0% – 4.3%
Expected volatility (range)	39% – 42%	37% – 53%
Expected life (range) (years)	1.91 – 4.75	1.25 – 3.94
Expected dividends (CDN $)	—	—

The Company has a restricted share unit plan (“RSU Plan") whereby restricted share units ("RSUs") may be granted to senior management of the Company. Such RSUs may be redeemed by the holder in shares or cash, with cash redemptions subject to the approval of the Board. The current maximum number of common shares authorized for issue under the RSU Plan is 5,000,000. As at December 31, 2025, 590,802 common shares purchased by the Company remain held in trust in connection with this plan and have been included in shares held in trust for restricted share units within equity on the consolidated statements of financial position.

During the year ended December 31, 2025, 528,000 common shares were purchased on the open market for CDN $15.8 million ($11.3 million) under an approved normal course issuer bid (December 31, 2024 – 144,000 common shares for CDN $2.7 million ($2.0 million)).

These RSUs are exercisable into one common share once vested, for no additional consideration. They vest one third on the first anniversary of the grant date, one third on the second anniversary of the grant date and one third on the third anniversary of the grant date. RSUs with no performance criteria terminate on the third anniversary of the grant date. All vested RSUs which have not been redeemed by the date of termination are automatically redeemed. Such RSUs may be redeemed by the holder in shares or cash, with cash redemptions subject to the approval of the Board.

During the year ended December 31, 2025, 379,428 (2024 - 447,136) RSUs with no performance criteria were granted at an average grant-date fair value of CDN $20.42 (2024 - CDN $14.73) under the Company’s RSU plan. The fair value of each RSU issued is determined based on the quoted market value of the Company's shares on date of grant.

RSUs with performance criteria cliff vest on the third anniversary of the grant date, subject to achievement of predetermined market-based performance criteria. When fully vested, the number of RSUs redeemed will range from 0% to 200% of the target award, subject to the performance of the share price over the three-year period.

There were no RSUs with performance criteria granted during the year ended December 31, 2025. There were 0 (2024 – 186,117) RSUs with performance criteria granted as a result of the performance criteria being met during the year, which were then redeemed for common shares issued from shares held in trust for RSUs. The fair value of each RSU with market-based performance criteria issued is determined based on fair value of the share units on the date of grant which is based on a valuation model which uses the expected future forward price of the Company's shares and an index consisting of global gold-based securities.

The Company has an independent directors deferred unit plan under which deferred units ("DU's") are granted by the Board from time to time to independent directors. DU's may be redeemed only on retirement of the independent director from the Board (the “Termination Date”) by providing the redemption notice to the Company specifying the redemption date which shall be no later than December 15 of the first calendar year commencing after the calendar year in which the Termination Date occurred (the “DU Redemption Date”). The independent director receives a cash payment equal to the market value of such DU's as of the DU Redemption Date.

At December 31, 2025, 302,162 DU's were outstanding (2024 – 388,571) with a fair value of $10.9 million (2024 – $5.8 million), which is included in accounts payable and accrued liabilities. The fair value was determined based on the closing share price at December 31, 2025.

The Company has a Performance Share Unit plan (the “PSU Plan") whereby performance share units ("PSUs") may be granted to senior management of the Company at the discretion of the Board of Directors. Under the PSU Plan, PSUs cliff vest on the third anniversary of the grant date (the “PSU Redemption Date”) and are subject to terms and conditions including the achievement of predetermined performance criteria. When fully vested the number of PSUs redeemed will range from 0% to 200% of the target award, subject to the achievement of the performance criteria. Once vested, at the option of the Company, PSU’s are redeemable as a cash payment equal to the market value of the vested PSUs as of the PSU Redemption Date, common shares of the Company equal to the number of vested PSUs, or a combination of cash and shares equal to the market value of the vested PSUs, for no additional consideration from the PSU holder and are redeemed as soon as practicable after the PSU Redemption Date.

There were 289,359 PSUs granted during the year ended December 31, 2025 under the PSU Plan (December 31, 2024 – 397,933) with a fair value of CDN $1.98 per unit (December 31, 2024 – CDN $9.86). In addition, 71,129 PSUs were granted as a result of the performance criteria being met during the year (December 31, 2024 – 13,937), which would have been redeemed for common shares. The current maximum number of common shares authorized for issuance from treasury under the PSU Plan is 4,436,000. The fair value of each PSU issued is determined based on fair value of the share units on the date of grant which is based on the expected future forward price of the Company's shares and an index consisting of global gold-based securities.