SHARE CAPITAL AND RESERVES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| SHARE CAPITAL AND RESERVES |
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| Summary of outstanding stock options |
| | | | | | | | | | | | | Year ended December 31, 2025 | | Year ended December 31, 2024 | | | | | Weighted | | | | Weighted | | | Number of | | average | | Number of | | average | | | stock options | | exercise price | | stock options | | exercise price | Outstanding, beginning of year | | 10,556,750 | | $ | 4.50 | | 12,279,125 | | $ | 3.97 | Granted | | 7,122,070 | | | 1.74 | | 240,000 | | | 4.62 | Exercised | | (1,854,070) | | | 1.38 | | (1,725,000) | | | 0.50 | Forfeited | | (8,193,250) | | | 4.68 | | (237,375) | | | 6.52 | Outstanding, end of year | | 7,631,500 | | $ | 2.85 | | 10,556,750 | | $ | 4.50 | Options exercisable, end of year | | 4,818,723 | | $ | 3.29 | | 10,393,250 | | $ | 4.48 |
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| Schedule of options outstanding and exercisable |
The following table sets out information about the Company’s options outstanding and exercisable as at December 31, 2025: | | | | | | | | | | | | | | | | | Stock options outstanding | | Stock options exercisable | | | | | Weighted | | | | | | | Weighted | | | | | | | | average | | | | | | | average | | | | | | | | remaining | | Weighted | | | | remaining | | Weighted | | | Number | | contractual | | average | | Number | | contractual | | average | Range of Exercise Prices | | outstanding | | life (days) | | exercise price | | outstanding | | life (days) | | exercise price | $1.00 - $1.67 | | 5,388,139 | | 1,335 | | $ | 1.53 | | 1,375,000 | | 198 | | $ | 1.39 | $2.40 - $4.59 | | 1,424,861 | | 1,206 | | | 0.57 | | 7,942,750 | | 1,083 | | | 4.59 | $5.00 - $6.79 | | 678,500 | | 514 | | | 0.52 | | — | | — | | | — | $8.04 - $8.98 | | 140,000 | | 317 | | | 0.16 | | 1,239,000 | | 606 | | | 7.31 |
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| Summary of weighted average and assumptions used to estimate the fair value of stock options granted |
| | | | | | | | | | Year ended December 31 | | | | 2025 | | 2024 | | Options granted | | | | | | | | Weighted average fair value of options granted | | $ | 1.34 | | $ | 3.06 | | Risk-free interest rate | | | 2.67 | % | | 3.59 | % | Expected option life in years | | | 5.00 | | | 5.00 | | Expected share price volatility (1) | | | 64.64 | % | | 80.23 | % | Grant date share price | | $ | 2.74 | | $ | 4.62 | | Expected forfeiture rate | | | Nil | | | Nil | | Expected dividend yield | | | Nil | | | Nil | | Options exercised | | | | | | | | Weighted average share price at date of exercise | | $ | 1.40 | | $ | 0.50 | | Weighted average grant-date fair value of options exercised | | $ | 1.17 | | $ | 0.38 | |
| (1) | The expected share price volatility used in 2025 is based on the Company’s average historical share price over the life of the option. During 2024, volatility used is based on historical share price of comparable companies over the life of the option. |
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| RSU's |
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| SHARE CAPITAL AND RESERVES |
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| Summary of outstanding equity-settled RSUs |
As at December 31, 2025, outstanding equity-settled RSUs are as follows: | | | Vesting year | | Number of RSUs | 2026 | | 1,231,449 | 2027 | | 631,449 | 2028 | | 531,450 | Total | | 2,394,348 |
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| Warrants |
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| SHARE CAPITAL AND RESERVES |
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| Summary of outstanding equity-settled RSUs |
| | | | | | | | | | | | | Year ended December 31, 2025 | | Year ended December 31, 2024 | | | | | Weighted | | | | Weighted | | | Warrants | | average | | Warrants | | average | | | outstanding | | exercise price | | outstanding | | exercise price | Outstanding, beginning of year | | — | | $ | — | | — | | $ | — | Maritime Acquisition (Note 5) | | 15,485,137 | | | 1.33 | | — | | | — | Exercised | | 533,102 | | | 1.03 | | — | | | — | Outstanding, end of year | | 14,952,035 | | $ | 1.34 | | — | | $ | — |
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