Share Capital (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share Capital |
|
| Schedule of Weighted Average Assumptions Were Used for the Black-Scholes Valuation of Stock Options Granted |
The fair value was determined using the Black-Scholes option-pricing model using the following weighted average assumptions:
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Year ended December 31, |
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Six month fiscal period ended December 31, |
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Year ended
June 30, |
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2025 |
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|
2024 |
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|
2024 |
|
Expected stock price volatility |
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|
106 |
% |
|
|
90 |
% |
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|
78 |
% |
Risk-free interest rate |
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|
4.00 |
% |
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|
2.90 |
% |
|
|
4.37 |
% |
Dividend yield |
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|
— |
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|
— |
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|
— |
|
Expected life of options |
|
5 years |
|
|
5 years |
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|
5 years |
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Grant price |
|
$ |
1.54 |
|
|
$ |
1.26 |
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|
$ |
2.87 |
|
Exercise price |
|
$ |
1.54 |
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$ |
1.26 |
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$ |
2.87 |
|
Forfeiture rate |
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|
— |
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|
— |
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|
— |
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| Summary of Stock Option Transactions |
The following table summarizes the Option activity for the year ended December 31, 2025:
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Number
of options |
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|
Weighted average exercise price |
|
June 30, 2024 |
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|
9,070,000 |
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|
$ |
3.43 |
|
Options granted |
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|
1,927,246 |
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|
$ |
1.26 |
|
Options exercised |
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|
(450,000 |
) |
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$ |
1.06 |
|
Options modified(1) |
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|
1,000,000 |
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|
$ |
1.36 |
|
Options expired |
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(900,000 |
) |
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$ |
3.27 |
|
December 31, 2024 |
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|
10,647,246 |
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|
$ |
2.80 |
|
Options granted |
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|
2,806,452 |
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|
$ |
1.54 |
|
Options exercised |
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|
(1,250,000 |
) |
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$ |
2.44 |
|
Options expired |
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|
(525,000 |
) |
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$ |
5.83 |
|
December 31, 2025 |
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|
11,678,698 |
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|
$ |
2.40 |
|
(1)On September 1, 2024, 2,000,000 Options were granted to a corporation controlled by an officer of the Company, with an exercise price of $1.36 for a period of 5 years. 666,667 Options vested on September 1, 2024, 666,667 Options vested on September 1, 2025, and 666,666 Options will vest on September 1, 2026. These Options were designated as a replacement for 1,000,000 Options with an exercise price of $2.97 previously granted on September 25, 2023. The newly issued Options are treated as a modification of the original Options. The Company will recognize share-based compensation expense for any incremental fair value, as determined immediately before the modification, in addition to the grant-date fair value of the original award.
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| Summary of Stock Options Outstanding and Exercisable |
The following table summarizes Options outstanding and exercisable at December 31, 2025:
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Options Outstanding |
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Options Exercisable |
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Number of Shares |
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Weighted Average Remaining Contractual Life |
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Weighted Average Exercise Price |
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Number Exercisable |
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Weighted Average Exercise Price |
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400,000 |
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|
0.05 |
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$ |
2.66 |
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400,000 |
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$ |
2.66 |
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200,000 |
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|
0.55 |
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$ |
4.78 |
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200,000 |
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$ |
4.78 |
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|
200,000 |
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|
1.18 |
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$ |
4.94 |
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|
200,000 |
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$ |
4.94 |
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|
170,000 |
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|
1.21 |
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|
$ |
6.52 |
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|
170,000 |
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|
$ |
6.52 |
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100,000 |
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|
1.28 |
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$ |
7.45 |
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|
100,000 |
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|
$ |
7.45 |
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2,875,000 |
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|
2.28 |
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$ |
3.77 |
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2,875,000 |
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$ |
3.77 |
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150,000 |
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2.40 |
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$ |
3.85 |
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150,000 |
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$ |
3.85 |
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750,000 |
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|
2.74 |
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$ |
2.97 |
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583,332 |
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$ |
2.97 |
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100,000 |
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3.30 |
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$ |
1.07 |
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50,000 |
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$ |
1.07 |
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1,063,394 |
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|
3.61 |
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$ |
1.13 |
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354,465 |
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$ |
1.13 |
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2,000,000 |
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|
3.67 |
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$ |
1.36 |
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1,333,334 |
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$ |
1.36 |
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863,852 |
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|
3.97 |
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$ |
1.42 |
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|
487,951 |
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$ |
1.42 |
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1,598,853 |
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|
4.24 |
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$ |
1.35 |
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300,000 |
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$ |
1.35 |
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|
557,599 |
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|
4.25 |
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$ |
1.27 |
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|
— |
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$ |
1.27 |
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400,000 |
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|
4.48 |
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$ |
1.78 |
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100,000 |
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$ |
1.78 |
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250,000 |
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|
4.63 |
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$ |
2.92 |
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— |
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$ |
2.92 |
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|
11,678,698 |
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|
3.14 |
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$ |
2.40 |
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|
7,304,082 |
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$ |
2.95 |
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|
| Summary of RSU and DSU Activity |
The following table summarizes the RSU activity for the year ended December 31, 2025:
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Number
of RSUs |
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|
Weighted average grant date fair value |
|
June 30, 2024 |
|
|
— |
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|
$ |
— |
|
Granted |
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|
1,780,614 |
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|
$ |
1.18 |
|
December 31, 2024 |
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|
1,780,614 |
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|
$ |
1.18 |
|
Granted |
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|
1,463,192 |
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|
$ |
1.33 |
|
Vested |
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(717,221 |
) |
|
$ |
1.18 |
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Forfeited |
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(35,354 |
) |
|
$ |
1.13 |
|
December 31, 2025 |
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|
2,491,231 |
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|
$ |
1.27 |
|
The following table summarizes the DSU activity for the year ended December 31, 2025:
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Number
of DSUs |
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|
Weighted average grant date fair value |
|
June 30, 2024 |
|
|
1,991,004 |
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|
$ |
3.74 |
|
Granted |
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|
623,975 |
|
|
$ |
1.20 |
|
Conversion of DSUs to common shares |
|
|
(189,370 |
) |
|
$ |
3.74 |
|
December 31, 2024 |
|
|
2,425,609 |
|
|
$ |
3.09 |
|
Granted |
|
|
501,856 |
|
|
$ |
1.35 |
|
Conversion of DSUs to common shares |
|
|
(933,740 |
) |
|
$ |
3.77 |
|
December 31, 2025 |
|
|
1,993,725 |
|
|
$ |
2.36 |
|
|
| Summary of Share-based Compensation Recorded for Each Type of Award |
Share-based compensation recorded for each type of award for the periods indicated is as follows (in thousands):
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|
Year ended
December 31, |
|
|
Six month fiscal period ended December 31, |
|
|
Year ended
June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2024 |
|
Options |
|
$ |
3,541 |
|
|
$ |
1,469 |
|
|
$ |
2,106 |
|
RSUs |
|
|
1,997 |
|
|
|
418 |
|
|
|
— |
|
DSUs |
|
|
1,051 |
|
|
|
204 |
|
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|
5,831 |
|
Total |
|
$ |
6,589 |
|
|
$ |
2,091 |
|
|
$ |
7,937 |
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