Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of movement of the share options outstanding under the company's plan


		2025				2024
				Weighted				Weighted
				average				average
		Number of		exercise		Number of		exercise
		options		price		options		price
				$				$
Outstanding – Beginning of period		5,229,369		5.53		2,700,077		9.64
Granted		1,514,300		2.51		3,163,100		2.74
Exercised		(18,733)		2.88		—		—
Forfeited		(845,600)		2.97		(516,354)		8.19
Expired		(472,742)		16.21		(117,454)		12.92
Outstanding – End of period		5,406,594		4.16		5,229,369		5.53
Exercisable – End of period		2,081,127		6.05		1,260,721		11.74

Schedule of share options outstanding

The following table summarizes the share options outstanding as at December 31, 2025:


				Options outstanding				Options exercisable
						Weighted				Weighted
						average				average
		Exercise				remaining contractual				remaining contractual
Grant date		price		Number		life (years)		Number		life (years)
		$
February 5, 2021		24.30		10,533		0.10		10,533		0.10
June 23, 2021		21.30		93,498		0.48		93,498		0.48
August 16, 2021		16.89		31,199		0.62		31,199		0.62
November 12, 2021		16.20		13,997		0.87		13,997		0.87
June 30, 2022		6.49		452,800		1.48		452,800		1.48
November 18, 2022		6.28		77,500		1.88		77,500		1.88
April 3, 2023		6.59		898,134		2.23		602,801		2.22
April 3, 2024		2.88		165,633		3.03		57,365		2.59
July 4, 2024		2.72		2,224,300		3.51		741,434		3.51
April 2, 2025		2.20		165,100		4.25		—		—
May 13, 2025		2.57		1,273,900		4.36		—		—
		4.16		5,406,594		3.23		2,081,127		2.39

Schedule of measurement at fair value determined by the Black-Scholes option pricing model


	2025		2024
Dividend per share		—		—
Expected volatility		81%		66%
Risk-free interest rate		2.6%		3.7%
Expected life		4 years		4 years
Weighted average share price	$	2.51	$	2.74
Weighted average fair value of options granted	$	1.52	$	1.45

Schedule of information about DSU and RSU


		2025				2024
		DSU		RSU		DSU		RSU
Outstanding – Beginning of period		606,463		1,219,125		294,713		1,078,285
Granted		288,397		1,279,100		363,250		492,200
Settled		(77,063)		(385,685)		—		(102,583)
Forfeited		—		(327,908)		(51,500)		(248,777)
Outstanding– End of period		817,797		1,784,632		606,463		1,219,125
Vested – End of period		529,400		—		374,713		—

(i)

Unless otherwise approved by the board of directors of the Company, the DSU vest the day prior to the next annual general meeting and are payable in common shares, cash or a combination of common shares and cash, at the sole discretion of the Company, to each director when he or she leaves the board or is not re-elected. The value of the payout is determined by multiplying the number of DSU expected to be vested at the payout date by the closing price of the Company’s shares on the day prior to the grant date. The fair value is recognized over the vesting period. On the settlement date, one common share will be issued for each DSU, after deducting any income taxes payable on the benefit earned by the director that must be remitted by the Company to the tax authorities.