Capital stock, warrants and stock options (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Equity [Abstract] |
|
| Schedule of Fair Value of Warrant Liabilities Related to Various Tranches of Warrants Issued |
The
fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial
model to determine the fair value using the following assumptions as at December 31, 2025 and December 31, 2024:
Schedule
of Fair Value of Warrant Liabilities Related
to Various Tranches of Warrants Issued
| November 2025 warrants | |
December 31, 2025 | | |
Grant Date | |
| Expected life | |
| 585 days | | |
| 625 days | |
| Volatility | |
| 80 | % | |
| 80 | % |
| Risk free interest rate | |
| 2.58 | % | |
| 2.47 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 8.40 | | |
$ | 6.65 | |
| Fair value | |
$ | 61,680 | | |
$ | 40,063 | |
| Change in derivative liability | |
$ | 21,617 | | |
| - | |
| September 2025 warrants | |
December 31, 2025 | | |
Grant Date | |
| Expected life | |
| 1733 days | | |
| 1826 days | |
| Volatility | |
| 100 | % | |
| 105 | % |
| Risk free interest rate | |
| 2.96 | % | |
| 2.78 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 8.40 | | |
$ | 7.18 | |
| Fair value | |
$ | 59,278,783 | | |
$ | 24,353,610 | |
| Change in derivative liability | |
$ | 34,925,173 | | |
| | |
During
the year ended December 31, 2025, the Company recognized a loss on issuance of the September 29, 2025, warrants of $6,469,025 ($nil for
the year ended December 31, 2024).
| June 2025 warrants | |
December 31, 2025 | | |
Grant Date | |
| Expected life | |
| 887 days | | |
| 1096 days | |
| Volatility | |
| 85 | % | |
| 105 | % |
| Risk free interest rate | |
| 2.58 | % | |
| 2.62 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 8.40 | | |
$ | 4.73 | |
| Fair value | |
$ | 12,357,254 | | |
$ | 7,171,032 | |
| Change in derivative liability | |
$ | 5,186,222 | | |
| | |
| January 2025 warrants | |
December 31, 2025 | | |
Grant Date | |
| Expected life | |
| 585 days | | |
| 943 days | |
| Volatility | |
| 80 | % | |
| 105 | % |
| Risk free interest rate | |
| 2.58 | % | |
| 2.85 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 8.40 | | |
$ | 5.78 | |
| Fair value | |
$ | 9,515 | | |
$ | 7,116 | |
| Change in derivative liability | |
$ | 2,399 | | |
| | |
| November 2024 warrants | |
December 31, 2025 | | |
December 31, 2024 | |
| Expected life | |
| 585 days | | |
| 950 days | |
| Volatility | |
| 80 | % | |
| 95 | % |
| Risk free interest rate | |
| 2.58 | % | |
| 2.96 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 8.40 | | |
$ | 5.43 | |
| Fair value | |
$ | 51,276 | | |
$ | 32,374 | |
| Change in derivative liability | |
$ | 18,902 | | |
| | |
| October 2024 warrants | |
December 31, 2025 | | |
December 31, 2024 | |
| Expected life | |
| 585 days | | |
| 950 days | |
| Volatility | |
| 80 | % | |
| 95 | % |
| Risk free interest rate | |
| 2.58 | % | |
| 2.96 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 8.40 | | |
$ | 5.43 | |
| Fair value | |
$ | 36,189 | | |
$ | 25,881 | |
| Change in derivative liability | |
$ | 10,308 | | |
| | |
| August 2024 warrants | |
December 31, 2025 | | |
December 31, 2024 | |
| Expected life | |
| 585 days | | |
| 950 days | |
| Volatility | |
| 80 | % | |
| 95 | % |
| Risk free interest rate | |
| 2.58 | % | |
| 2.96 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 8.40 | | |
$ | 5.43 | |
| Fair value | |
$ | 115,857 | | |
$ | 82,857 | |
| Change in derivative liability | |
$ | 33,000 | | |
| | |
| March 2023 warrants | |
December 31, 2025 | | |
December 31, 2024 | |
| Expected life | |
| 86 days | | |
| 451 days | |
| Volatility | |
| 24 | % | |
| 24 | % |
| Risk free interest rate | |
| 2.58 | % | |
| 2.96 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 8.40 | | |
$ | 5.43 | |
| Fair value | |
$ | 3,246,420 | | |
$ | 915,046 | |
| Change in derivative liability | |
$ | 2,331,374 | | |
| | |
During
the year ended December 31, 2025, the Company recognized a loss on change in valuation of the March 2023 warrants of $52,432 ($nil for
the year ended December 31, 2024) relating to warrants that were exercised.
| April
2022 special warrants issuance |
|
December
31,
2025 |
|
|
December
31,
2024 |
|
| Expected
life |
|
|
Expired |
|
|
|
91
days |
|
| Volatility |
|
|
N/A |
|
|
|
70 |
% |
| Risk
free interest rate |
|
|
N/A |
|
|
|
2.96 |
% |
| Dividend
yield |
|
|
N/A |
|
|
|
0 |
% |
| Share
price (C$) |
|
$ |
N/A |
|
|
$ |
5.43 |
|
| Fair
value |
|
$ |
- |
|
|
$ |
1 |
|
| Change
in derivative liability |
|
$ |
(1 |
) |
|
$ |
|
|
| April
2022 non-brokered issuance |
|
December
31,
2025 |
|
|
December
31,
2024 |
|
| Expected
life |
|
|
Expired |
|
|
|
91
days |
|
| Volatility |
|
|
N/A |
|
|
|
70 |
% |
| Risk
free interest rate |
|
|
N/A |
|
|
|
2.96 |
% |
| Dividend
yield |
|
|
N/A |
|
|
|
0 |
% |
| Share
price (C$) |
|
$ |
N/A |
|
|
$ |
5.43 |
|
| Fair
value |
|
$ |
- |
|
|
$ |
1 |
|
| Change
in derivative liability |
|
$ |
(1 |
) |
|
$ |
|
|
| June
2022 issuance |
|
December
31,
2025 |
|
|
December
31,
2024 |
|
| Expected
life |
|
|
Expired |
|
|
|
91
days |
|
| Volatility |
|
|
N/A |
|
|
|
70 |
% |
| Risk
free interest rate |
|
|
N/A |
|
|
|
2.96 |
% |
| Dividend
yield |
|
|
N/A |
|
|
|
0 |
% |
| Share
price (C$) |
|
$ |
N/A |
|
|
$ |
5.43 |
|
| Fair
value |
|
$ |
- |
|
|
$ |
1 |
|
| Change
in derivative liability |
|
$ |
(1 |
) |
|
|
|
|
| February
2021 issuance |
|
December
31,
2025 |
|
|
December
31,
2024 |
|
| Expected
life |
|
|
40
days |
|
|
|
405
days |
|
| Volatility |
|
|
55 |
% |
|
|
70 |
% |
| Risk
free interest rate |
|
|
2.58 |
% |
|
|
2.96 |
% |
| Dividend
yield |
|
|
0 |
% |
|
|
0 |
% |
| Share
price |
|
$ |
8.40 |
|
|
$ |
5.43 |
|
| Fair
value |
|
$ |
1 |
|
|
$ |
44,465 |
|
| Change
in derivative liability |
|
$ |
(44,464 |
) |
|
|
|
|
| June
2019 issuance |
|
December
31,
2025 |
|
|
December
31,
2024 |
|
| Expected
life |
|
|
Expired |
|
|
|
365
days |
|
| Volatility |
|
|
N/A |
|
|
|
70 |
% |
| Risk
free interest rate |
|
|
N/A |
|
|
|
2.96 |
% |
| Dividend
yield |
|
|
N/A |
|
|
|
0 |
% |
| Share
price |
|
$ |
N/A |
|
|
$ |
5.43 |
|
| Fair
value |
|
$ |
- |
|
|
$ |
9,724 |
|
| Change
in derivative liability |
|
$ |
(9,724 |
) |
|
|
|
|
| August
2019 issuance |
|
December
31,
2025 |
|
|
December
31,
2024 |
|
| Expected
life |
|
|
Expired |
|
|
|
365
days |
|
| Volatility |
|
|
N/A |
|
|
|
70 |
% |
| Risk
free interest rate |
|
|
N/A |
|
|
|
2.96 |
% |
| Dividend
yield |
|
|
N/A |
|
|
|
0 |
% |
| Share
price |
|
$ |
N/A |
|
|
$ |
5.43 |
|
| Fair
value |
|
$ |
- |
|
|
$ |
14,945 |
|
| Change
in derivative liability |
|
$ |
(14,945 |
) |
|
|
|
|
|
| Schedule of Warrants |
Warrants
Schedule
of Warrants
| | |
| | |
Weighted | | |
Weighted | |
| | |
| | |
Average | | |
average | |
| | |
Number of | | |
exercise price | | |
grant date | |
| | |
warrants | | |
(C$) | | |
value ($) | |
| | |
| | |
| | |
| |
| Balance, December 31, 2023 | |
| 4,144,628 | | |
$ | 12.95 | | |
$ | 3.15 | |
| Issued | |
| 61,640 | | |
| 5.25 | | |
| 2.45 | |
| Balance, December 31, 2024 | |
| 4,206,268 | | |
$ | 12.95 | | |
$ | 3.15 | |
| Issued | |
| 16,486,818 | | |
| 6.65 | | |
| 2.80 | |
| Exercised | |
| (103,115 | ) | |
| 5.25 | | |
| 1.75 | |
| Expired | |
| (2,098,120 | ) | |
| 16.45 | | |
| 3.15 | |
| Balance, December 31, 2025 | |
| 18,491,581 | | |
$ | 6.98 | | |
$ | 2.80 | |
|
| Schedule of Warrants Outstanding Exercise Price |
At
December 31, 2025, the following warrants were outstanding:
Schedule
of Warrants Outstanding Exercise Price
| | |
Exercise | | |
Number of | | |
Number of warrants | |
| Expiry date | |
price (C$) | | |
warrants | | |
exercisable | |
| | |
| | |
| | |
| |
| February 9, 2026 | |
| 21.00 | | |
| 488,929 | | |
| 488,929 | |
| February 16, 2026 | |
| 21.00 | | |
| 82,331 | | |
| 82,331 | |
| March 27, 2026 | |
| 5.25 | | |
| 1,398,568 | | |
| 1,398,568 | |
| August 8, 2027 | |
| 6.65 | | |
| 21,207 | | |
| 21,207 | |
| August 8, 2027 | |
| 5.60 | | |
| 48,017 | | |
| 48,017 | |
| August 8, 2027 | |
| 5.25 | | |
| 2,869 | | |
| 2,869 | |
| August 8, 2027 | |
| 4.20 | | |
| 13,623 | | |
| 13,623 | |
| June 5, 2028 | |
| 8.75 | | |
| 4,114,882 | | |
| 4,114,882 | |
| September 29, 2030 | |
| 5.95 | | |
| 12,321,429 | | |
| 12,321,429 | |
| | |
| | | |
| 18,491,855 | | |
| 18,491,855 | |
|
| Schedule of Compensation Options |
At
December 31, 2025, the following broker options were outstanding:
Schedule
of Compensation Options
| | |
| | |
Weighted | |
| | |
Number of | | |
average | |
| | |
broker | | |
exercise price | |
| | |
options | | |
(C$) | |
| | |
| | |
| |
| Balance, December 31, 2023 | |
| 122,890 | | |
| 8.40 | |
| Expired – February 2024 | |
| (10,029 | ) | |
| 17.50 | |
| Expired – April 2024 | |
| (53,712 | ) | |
| 10.50 | |
| Balance, December 31, 2024 | |
| 59,149 | | |
$ | 5.25 | |
| | |
| | | |
| | |
| Balance, December 31, 2024 | |
| 59,149 | | |
| 5.25 | |
| Issued – September 2025 (ii) | |
| 728,050 | | |
| 4.20 | |
| Exercised – March 2023 | |
| (26,433 | ) | |
| 4.20 | |
| Balance, December 31, 2025 | |
| 760,766 | | |
$ | 4.28 | |
| (i) |
The
grant date fair value of the March 2023 Compensation Options was estimated at $111,971 using the Black-Scholes valuation model with
the following underlying assumptions: |
| (ii) |
The
grant date fair value of the September 2025 Compensation Options was estimated at $2,309,056 using the Black-Scholes valuation model
with the following underlying assumptions: |
|
| Schedule of Estimated Using Black-Scholes Valuation Model for Fair Value of Broker Options |
Schedule
of Estimated Using Black-Scholes Valuation Model for Fair Value of Broker Options
| Grant Date | |
Risk free interest rate | | |
Dividend yield | | |
Volatility | | |
Stock price | | |
Weighted average life | |
| (i) March 2023 | |
| 3.4 | % | |
| 0 | % | |
| 120 | % | |
| C$3.85 | | |
| 3 years | |
| (ii) September 2025 | |
| 2.5 | % | |
| 0 | % | |
| 85 | % | |
| C$7.18 | | |
| 2 years | |
|
| Schedule of Broker Exercise Price |
Schedule of Broker Exercise
Price
| | |
Exercise | | |
Number of | | |
Grant date Fair value | |
| Expiry date | |
price (C$) | | |
broker options | | |
($) | |
| | |
| | |
| | |
| |
| March 27, 2026 (i) | |
$ | 4.20 | | |
| 32,718 | | |
$ | 61,584 | |
| September 29, 2027(ii) | |
$ | 4.20 | | |
| 728,050 | | |
$ | 2,309,056 | |
| | |
| | | |
| 760,768 | | |
$ | 2,370,640 | |
| (i) |
Exercisable
into one March 2023 Unit. |
| (ii) |
Exercisable
into one share of common stock of the Company. |
|
| Schedule of Stock Options Activity |
The
following table summarizes the stock option activity during the years ended December 31, 2025 and 2024:
Schedule
of Stock Options Activity
| | |
| | |
Weighted | |
| | |
| | |
average | |
| | |
Number of | | |
exercise price | |
| | |
stock options | | |
(C$) | |
| | |
| | |
| |
| Balance, December 31, 2023 | |
| 256,304 | | |
$ | 18.06 | |
| Granted August 1, 2024(1) | |
| 2,500 | | |
| 5.60 | |
| Expired October 24, 2024 | |
| (45,000 | ) | |
| 21.00 | |
| Expired October 31, 2024 | |
| (29,657 | ) | |
| 11.73 | |
| Balance, December 31, 2024 | |
| 184,147 | | |
$ | 18.20 | |
| Expired April 20, 2025 | |
| (170,218 | ) | |
| 19.25 | |
| Granted on October 14, 2025(2) | |
| 17,903 | | |
| 7.53 | |
| Granted on October 27, 2025(3) | |
| 20,000 | | |
| 6.65 | |
| Balance, December 31, 2025 | |
| 51,832 | | |
$ | 6.59 | |
| (i) |
On
August 1, 2024, 2,500 stock options were issued to an employee of the Company, which vest
on August 1, 2025. These options have a 5-year life and are exercisable at C$5.60 per share
of common stock. The grant fair value of the options was estimated at $7,242. The vesting
of these options resulted in stock-based compensation of $3,016 for the year ended December
31, 2024, which is included in the operation and administration expense of the consolidated
statements of loss and comprehensive loss.
|
| (ii) |
On
October 14, 2025, 17,903 stock options were issued to an employee of the Company, which
vest on October 14, of 2026, 2027 and 2028. These options have a 5-year life and are exercisable
at C$7.70 per share of common stock. The grant fair value of the options was estimated at
$65,555. The vesting of these options resulted in stock-based compensation of $10,313 for
the year ended December 31, 2025, which is included in the operation and administration expense
of the consolidated statements of loss and comprehensive loss.
|
| (iii) |
On
October 17, 2025, 20,000 stock options were issued to an employee of the Company, which vest on October 17, 2026. These options
have a 5-year life and are exercisable at C$6.65 per share of common stock. The grant fair value of the options was estimated at
$44,147. The vesting of these options resulted in stock-based compensation of $7,862 for the year ended December 31, 2025, which
is included in the operation and administration expense of the consolidated statements of loss and comprehensive loss. |
|
| Schedule of Estimated Using Black-Scholes Valuation Model for Fair value of Stock Options |
The
fair value of these stock options was determined on the date of grant using the Black-Scholes valuation model, and using the following
underlying assumptions:
Schedule
of Estimated Using Black-Scholes Valuation Model for Fair value of Stock Options
| | |
Risk free
interest rate | | |
Dividend yield | | |
Volatility | | |
Stock price | |
Weighted
average life |
| November 2022 | |
| 3.22 | % | |
| 0 | % | |
| 120 | % | |
C$5.25 | |
5 years |
| August 2024 | |
| 3.09 | % | |
| 0 | % | |
| 91 | % | |
C$5.60 | |
5 years |
| October 2025 | |
| 2.74 | % | |
| 0 | % | |
| 85 | % | |
C$7.53 | |
5 years |
| October 2025 | |
| 2.37 | % | |
| 0 | % | |
| 85 | % | |
C$6.65 | |
2 years |
|
| Schedule of Actual Stock Options Issued and Outstanding |
The
following table reflects the stock options issued and outstanding as of December 31, 2025:
Schedule
of Actual Stock Options Issued and Outstanding
| | |
| | |
| | |
Number of | | |
| |
| | |
Remaining | | |
Number of | | |
options | | |
| |
| Exercise | |
contractual | | |
options | | |
vested | | |
Grant date | |
| price (C$) | |
life (years) | | |
outstanding | | |
(exercisable) | | |
fair value ($) | |
| 6.65 | |
| 1.82 | | |
| 20,000 | | |
| - | | |
| 44,147 | |
| 5.55 | |
| 1.90 | | |
| 11,429 | | |
| 11,429 | | |
| 37,387 | |
| 5.60 | |
| 3.59 | | |
| 2,500 | | |
| 2,500 | | |
| 7,242 | |
| 7.53 | |
| 4.79 | | |
| 17,903 | | |
| - | | |
| 65,555 | |
| | |
| | | |
| 51,832 | | |
| 13,929 | | |
$ | 154,331 | |
|