The fair values of financial assets and liabilities, together with the carrying amounts shown in the consolidated statements of financial position, are as follows:


	Financial instrument classification	Carrying amount		Fair value
As at December 31, 2025		$	—	$	—
Financial assets:
Cash and cash equivalents	FVTPL		27,779,666		27,779,666
Amounts receivable	Amortized cost		—		—
Financial liabilities:
Trade payables and accrued liabilities	Amortized cost		2,622,889		2,622,889
Lease liability	Amortized cost		554,149		554,149
Warrant Liability	FVTPL		5,559,800		5,559,800
As at December 31, 2024		$	—	$	—
Financial assets:
Cash and cash equivalents	FVTPL		18,861,029		18,861,029
Amounts receivable	Amortized cost		—		—
Financial liabilities:
Trade payables and accrued liabilities	Amortized cost		3,016,988		3,016,988
Lease liability	Amortized cost		605,605		605,605
Warrant Liability	FVTPL		132,200		132,200

A fair value hierarchy prioritizes the methods and assumptions used to develop fair value measurements for those financial assets and liabilities where fair value is recognized on the consolidated statements of financial position. These have been prioritized into three levels.

Fair value amounts represent point-in-time estimates and may not reflect fair value in the future. The measurements are subjective in nature, involve uncertainties and are a matter of significant judgement.

The fair values of other short-term financial instruments, including amounts receivable, trade payables and accrued liabilities, approximate their carrying values due to the short period of time to maturity. The Company's cash is at level one within the fair value hierarchy. The warrant liability (see Note 15) has been classified as level two within the fair value hierarchy and include inputs that are observable other than quoted prices.

During the years ended December 31, 2025 and 2024, there were no transfers between the levels within the fair value hierarchy.