18. Stock-based Compensation

Stock-based compensation expense was comprised of the following for the period ended:

		Three months ended
		June 30, 2025			June 30, 2024
Stock options	$	35		$	104
RSUs		5,715			385
Total	$	5,750		$	489

(a) Stock options

The Company has established a rolling Stock Option Plan (the "Plan").  Under the Plan, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis.  The maximum term of each option shall not be greater than 10 years.  The exercise price of each option shall not be less than the market price of the Company's shares at the date of grant.  Options granted to consultants performing investor relations activities shall vest over a minimum of 12 months with no more than a quarter of such options vesting in any 3-month period.  All other options vest at the discretion of the Board of Directors.

On April 1, 2024 the Company modified the exercise price from Canadian dollars to United States dollars of stock options that were held by employees in the United States of America and in Europe. The modification resulted in $nil additional stock based compensation expense. 

Following is a summary of changes in stock options outstanding for stock options with a CAD exercise price:

		Outstanding			Weighted average exercise price - CAD
Balance, March 31, 2024		3,465,915		$	5.24
Change in exercise price		(1,605,015	)		(3.32	)
Balance, June 30, 2025 and March 31, 2025		1,860,900		$	6.89

Following is a summary of changes in stock options outstanding for stock options with a USD exercise price:

		Outstanding			Weighted average exercise price - USD
Balance, March 31, 2024		-		$	-
Change in exercise price		1,605,015			2.62
Expired		(54,615	)		(7.75	)
Exercised		(100,000	)		(1.09	)
Balance, March 31, 2025		1,450,400		$	2.53
Exercised		(600,000	)		(1.49	)
Balance, June 30, 2025		850,400		$	3.47

The stock options outstanding and exercisable with CAD exercise price as at June 30, 2025, are as follows:

Outstanding		Exercisable		Exercise price - CAD		Expiry date
2,000		2,000	$	15.70		February 11. 2026
337,500		337,500		5.66		August 26, 2027
50,000		50,000		10.00		March 26, 2028
470,000		470,000		6.86		July 6, 2028
400,000		400,000		3.10		September 18, 2028
100,000		100,000		1.35		December 21, 2028
200,000		200,000		1.45		February 10, 2030
20,000		20,000		1.90		May 29, 2030
1,400		1,400		10.80		December 24, 2030
60,000		60,000		18.35		April 29, 2031
180,000		135,000		18.50		October 7, 2031
40,000		40,000		25.35		November 10, 2031
1,860,900		1,815,900

 

The stock options outstanding and exercisable with USD exercise price as at June 30, 2025, are as follows:

Outstanding		Exercisable		Exercise price - USD		Expiry date
50,400		50,400	$	4.36		August 26, 2027
500,000		500,000		1.23		September 14, 2027
130,000		130,000		5.14		July 6, 2028
100,000		100,000		1.09		February 10, 2030
30,000		30,000		20.03		April 6, 2031
20,000		6,667		20.36		November 10, 2031
20,000		20,000		16.61		December 9, 2031
850,400		837,067

(b) Restricted share-units

The Company has established a Restricted Share Unit Plan (the "RSU Plan").  Under the RSU Plan, together with any other share compensation arrangement, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis.  Currently, the RSU Plan has a limit of 2 million shares, which is not rolling.  The Board may in its own discretion, at any time, and from time to time, grant RSUs to any employee, director or consultant of the Company or its subsidiaries (collectively, "Eligible Person"), other than persons conducting investor relations activities, from time to time by the Board, subject to the limitations set forth in the RSU Plan.  The Board may designate one or more performance periods under the RSU Plan.  In respect of each designated performance period and subject to the terms of the RSU Plan, the Board may from time to time establish the grant date and grant to any Eligible Person one or more RSUs as the Board deems appropriate. 

The fair value of restricted shares units (RSUs) is generally measured as the grant date price of the Company's share.

On April 17, 2025, the Company granted 2,797,000 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$2.05 per share and vesting on April 17, 2026.

Following is a summary of changes in restricted share units outstanding as of June 30, 2025:

		Outstanding
Balance, March 31, 2024		1,379,056
Granted		6,050,000
Exercised		(326,644	)
Balance, March 31, 2025		7,102,412
Granted		2,797,000
Balance, June 30, 2025		9,899,412