v3.26.1
Warrants and warrant liability (Tables)
12 Months Ended
Dec. 31, 2025
Warrant And Warrant Liability [Abstract]  
Disclosure of outstanding warrants to acquire common shares of the Company

At December 31, 2025, outstanding warrants to acquire common shares of the Company were as follows:

 

Number of warrants

 

 

Exercise
price

 

 

Expiry Date

 

100,000

 

 

$

19.50

 

 

November 26, 2026

 

14,000,000

 

 

 

3.00

 

 

October 20, 2030

 

4,550,000

 

 

 

0.001

 

 

*

 

18,650,000

 

 

$

2.36

 

 

 

 

* On October 20, 2025, the Company issued 4,550,000 Pre-Funded Warrants which are exercisable at a price of $0.001 per common share until fully exercised.

Disclosure of Warrant liability transactions

Warrant liability transactions during the years were as follows:

 

 

Year ended
December 31,
2025

 

 

Year ended
December 31,
2024

 

 

Number of
warrants

 

 

Weighted
average
exercise
price

 

 

Fair value

 

 

Number of
warrants

 

 

Weighted
average
exercise
price

 

 

Grant date
fair value

 

Balance, beginning of year

 

 

100,000

 

 

$

19.50

 

 

$

132,200

 

 

 

 

 

$

 

 

$

 

Granted

 

 

14,000,000

 

 

 

3.00

 

 

 

8,918,500

 

 

 

100,000

 

 

 

19.50

 

 

 

519,100

 

Change in fair value

 

 

 

 

 

 

 

 

(3,490,900

)

 

 

 

 

 

 

 

 

(386,900

)

Balance, end of year

 

 

14,100,000

 

 

$

3.12

 

 

$

5,559,800

 

 

 

100,000

 

 

$

20

 

 

$

132,200

 

Disclosure of Warrant transactions

Warrant transactions during the years were as follows:

 

 

Year ended
December 31,
2025

 

 

Year ended
December 31,
2024

 

 

Number
of
warrants

 

 

Weighted
average
exercise
price

 

 

Grant date
fair value

 

 

Number
of
warrants

 

 

Weighted
average
exercise
price

 

 

Grant date
fair value

 

Balance, beginning of year

 

 

258,188

 

 

$

4.00

 

 

$

543,601

 

 

 

286,875

 

 

$

4.00

 

 

$

604,000

 

Granted

 

 

4,550,000

 

 

 

0.001

 

 

 

5,758,671

 

 

 

93,750

 

 

 

16.00

 

 

 

459,500

 

Exercised

 

 

(258,188

)

 

 

4.00

 

 

 

(543,601

)

 

 

(122,437

)

 

 

13.19

 

 

 

(519,899

)

Balance, end of year

 

 

4,550,000

 

 

$

0.001

 

 

$

5,758,671

 

 

 

258,188

 

 

$

4.00

 

 

$

543,601