v3.26.1
Share Capital (Tables)
 12 Months Ended
Dec. 31, 2025
Share Capital [Abstract]  
Schedule of Shares Issuable for Arrangement Options and Solaris Options The following table shows the change in the shares issuable for Arrangement options and Solaris options during the years ended December 31, 2025 and 2024:
As at December 31,  2025   2024 
Balance, start of year   14,165,000    10,556,688 
Granted   3,100,000    5,880,000 
Exercised1   (5,227,500)   (1,586,688)
Forfeited / Expired / Cancelled   (730,000)   (685,000)
Balance, end of year   11,307,500    14,165,000 

 

1Includes options cancelled as part of an exercise on a cashless basis.
Schedule of Black-Scholes Option Pricing Model for the Options Granted

The assumptions used in the Black-Scholes option pricing model for the options granted in the years ended December 31, 2025 and 2024 were as follows:

 

Weighted average  2025   2024 
Exercise price per share issuable  C$10.58   C$3.65 
Expected term (years)   5    5 
Volatility   60%   56%
Expected dividend yield   
–
    
–
 
Risk-free interest rate   3.07%   3.02%
Fair value per share   5.67    1.78 
Schedule of Outstanding and Exercisable Options

The following is a summary of the Company’s outstanding and exercisable options as at December 31, 2025:

 

Outstanding  Exercisable 
Grant date  Exercise
price (C$)		   Number of
options		   Weighted
average
remaining
contractual
life (years)		   Number of
options		   Weighted
average
remaining
contractual
life (years)		 
March 16, 2021  $7.24    300,000    0.21    300,000    0.21 
August 9, 2022  $7.36    200,000    1.61    150,000    1.61 
February 24, 2023  $5.94    2,380,000    2.15    1,455,000    2.15 
February 23, 2024  $3.79    900,000    3.15    525,000    3.15 
September 18, 2024  $3.30    2,096,250    3.72    760,000    3.72 
October 4, 2024  $3.32    236,250    3.76    56,250    3.76 
November 19, 2024  $3.44    1,300,000    3.89    633,333    3.89 
December 13, 2024  $4.56    175,000    3.95    43,750    3.95 
December 20, 2024  $4.56    300,000    3.97    75,000    3.97 
December 27, 2024  $5.00    320,000    3.99    
-
    
-
 
December 10, 2025  $10.58    3,100,000    4.95    
-
    
-
 
    6.18    11,307,500    3.59    3,998,333    2.77