The Company adopted a Stock Option Plan (the “Stock Option Plan”) under which it was authorized to grant options to officers, directors, employees and consultants enabling them to acquire common shares of the Company. The number of shares reserved for issuance under the Stock Option Plan cannot exceed 10% of the outstanding common shares at the time of the grant. The options can be granted for a maximum of five years and vest as determined by the board of directors (the “Board”).

In August 2024, the Company adopted a new 2024 Long Term Incentive Plan (the “LTIP”) to replace the Stock Option Plan. Awards previously issued and outstanding pursuant to the Stock Option Plan will continue to be governed by the Stock Option Plan.

The number of common shares reserved for issuance pursuant to awards granted under the LTIP will not, in the aggregate, exceed 10% of the issued and outstanding common shares at the time of the grant. No award, other than an option, may vest before the date that is one year following the date on which the award is granted, except in the case of accelerated vesting as defined in the LTIP.


	Number of stock options	Weighted average exercise price (CAD)
Balance, December 31, 2024	8,874,726	C$4.03

Exercisable, December 31, 2024	6,169,340	C$3.55
Exercised	(853,376)	1.13
Forfeited/expired	(1,466,333)	4.18
Balance, June 30, 2025	6,555,017	C$4.38
Exercisable, June 30, 2025	5,350,205	C$4.08


		Options Outstanding		Options Exercisable
		June 30, 2025		June 30, 2025
Option price per share (CAD)	Options #	Weighted average remaining life (years)	Weighted average exercise price (CAD)	Options #	Weighted average exercise price (CAD)
C$0.18 - 1.92	5,000	0.00	C$1.20	5,000	C$1.20
C$2.40 - 3.79	2,119,516	0.84	2.94	2,119,516	2.94
C$4.20 - 5.76	4,430,501	1.84	5.06	3,225,689	4.83
	6,555,017	2.68	C$4.38	5,350,205	C$4.08

As of June 30, 2025, the aggregate intrinsic value of all outstanding stock options granted and vested was estimated at $1,476. As of June 30, 2025, the unrecognized compensation cost related to unvested stock options was $1,123, which is expected to be recognized over a weighted average period of 0.5 years.


	Number of Shares	Weighted Average Grant Date Fair Value (CAD)
Outstanding, December 31, 2024	2,705,387	C$2.54

Vested	(543,699)	1.97
Forfeited	(956,875)	2.56
Outstanding, June 30, 2025	1,204,813	C$2.79

The Company granted an aggregate of 2,379,000 and 2,804,000 stock options to directors, officers, employees, and an accounting advisory consultant of the Company during the three and six months ended June 30, 2024, respectively. A fair value of $4,730 and $5,685 was calculated for these options as measured at the grant date using the Black-Scholes option pricing model during the three and six months ended June 30, 2024, respectively.

The Company’s standard stock option vesting schedule calls for 25% every six months commencing six months after the grant date.

During the six months ended June 30, 2025 and 2024, the Company recognized stock option expense of $1,629 and $1,703, respectively, for the vested portion of the stock options. During the three months ended June 30, 2025 and 2024, the Company recognized stock option expense of $751 and $885, respectively, for the vested portion of the stock options.

The fair value of all compensatory options granted is estimated on the grant date using the Black-Scholes option pricing model. There were no options granted during the six months ended June 30, 2025. The weighted average assumptions used in calculating the fair values as of December 31, 2024, are as follows:


Risk-free rate	3.70	%
Expected life (in years)	3.11
Expected volatility	68.08	%
Expected dividend yield	0.00	%
Weighted average grant date fair value	$2.78