v3.25.4
Debt instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Short-Term Debt [Line Items]  
Schedule of Estimates Value of Prepayment Option by Assessing Interest Rate Movements

  

Reference  Valuation Date  Maturity Date  Contractual Interest Rate   Interest Rate Volatility   Risk-free rate   Credit Spread   Risk-adjusted rate 
Tranche 1, 2, 3, 4, & 5  Dec 31, 2024  Aug 8, 2027   15%   26.5%   4.23%   4.53%   16.54%
Tranche 6  Nov 10, 2025  Aug 8, 2027   13.5%   25.3%   3.60%   7.81%   19.20%
Tranche 1, 2, 3, 4, 5, & 6  Dec 31, 2025  Aug 8, 2027   13.5%   24.4%   3.47%   11.05%   22.32%

 

The resulting fair values of the Silver Loan at December 31, 2025, and December 31, 2024, were as follows:

 

Reference  Dec 31, 2025   Dec 31, 2024 
Silver Loan  $80,950,239   $31,802,708 
Convertible Debenture [Member]  
Short-Term Debt [Line Items]  
Schedule of Key Valuation Inputs

Consistent with the approach above, the following table summarizes the key valuation inputs as at applicable valuation dates:

  

Reference (1)(2)  Valuation
date		  Maturity
date		  Contractual
Interest rate		   Stock price ($)   Expected equity volatility   Credit spread  

Risk-free

rate

  

Risk-adjusted

rate

 
CD1 note(3)  12-31-24  03-31-28   7.50%   0.113    105%   4.72%   4.28%   15.45%
CD2 note(3)  12-31-24  03-31-29   10.50%   0.113    105%   5.03%   4.34%   17.89%

 

  (1) The CD1 carried a Discount for Lack of Marketability (“DLOM”) of 5.0% as of the issuance date. The CD2 carried a DLOM of 10.0% as of the issuance date.
  (2) CD1 carries an instrument-specific spread of 7.23%, CD2 carries an instrument-specific spread of 9.32%
  (3) The conversion price of the CD1 is $3.675 and $7.280 CD2 is $3.675 and $7.070 as of December 31, 2025 and December 31, 2024 respectively.