| Schedule of Movement in Number of Common Shares |
The following table details the movement in number
of common shares:
| | |
Year ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Outstanding, January 1, | |
| 479,332,885 | | |
| 334,153,330 | | |
| 224,200,170 | |
| Issuance through at-the market equity offering program | |
| 29,616,939 | | |
| 135,474,160 | | |
| 52,120,899 | |
| Issuance through business combination | |
| 59,866,609 | | |
| — | | |
| — | |
| Share buyback and cancellation | |
| (7,807,141 | ) | |
| — | | |
| — | |
| Exercise of Options | |
| 12,591,449 | | |
| 2,644,873 | | |
| 3,047,346 | |
| Settlement of share awards | |
| 1,543,320 | | |
| — | | |
| — | |
| Issuance of common shares related to right-of-use asset | |
| — | | |
| 1,532,745 | | |
| — | |
| Exercise of warrants | |
| 15,191,855 | | |
| 5,111,111 | | |
| 9,269,630 | |
| Settlement of restricted share units | |
| 2,744,083 | | |
| 416,666 | | |
| 250,002 | |
| 2023 private placement | |
| — | | |
| — | | |
| 44,444,446 | |
| Issuance through acquisition of assets | |
| 8,500,000 | | |
| — | | |
| 820,837 | |
| Outstanding, December 31, | |
| 601,579,999 | | |
| 479,332,885 | | |
| 334,153,330 | |
|
| Schedule of Outstanding Number of Warrants |
Details of the outstanding
number of warrants are as follows:
| | |
Year ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| | |
Number of
Warrants | | |
Weighted Average Exercise
Price (USD) | | |
Number of
Warrants | | |
Weighted
Average
Exercise
Price (USD) | | |
Number of
Warrants | | |
Weighted
Average
Exercise
Price (USD) | |
| Outstanding, January 1, | |
| 10,841,482 | | |
| 1.17 | | |
| 35,105,390 | | |
| 2.83 | | |
| 19,152,797 | | |
| 4.21 | |
| Granted | |
| 20,421,723 | | |
| 1.74 | | |
| — | | |
| — | | |
| 25,222,223 | | |
| 1.18 | |
| Exercised | |
| (17,355,910 | ) | |
| 1.20 | | |
| (5,111,111 | ) | |
| 1.17 | | |
| (9,269,630 | ) | |
| 1.18 | |
| Expired | |
| — | | |
| — | | |
| (19,152,797 | ) | |
| 4.21 | | |
| — | | |
| — | |
| Outstanding, December 31, | |
| 13,907,295 | | |
| 1.97 | | |
| 10,841,482 | | |
| 1.17 | | |
| 35,105,390 | | |
| 2.83 | |
|
| Schedule of Fair Values of the Warrants Granted |
The Black-Scholes option-pricing
model utilized the following weighted-average inputs to determine the fair values of the warrants granted during the year ended December
31, 2025:
| | |
| |
| Dividend yield (%) | |
| — | % |
| Expected share price volatility (%)* | |
| 98 | % |
| Risk-free interest rate (%) | |
| 4.03 | % |
| Expected life of warrants (years) | |
| 5.60 | |
| Share price (CAD) | |
$ | 1.88 | |
| Exercise price (USD) | |
$ | 1.74 | |
| Fair value of warrants (USD) | |
$ | 1.05 | |
| Number of warrants issued | |
| 20,421,723 | |
| * | Expected share price volatility is estimated based on
a combination of the Company’s stock price and Bitcoin price data. |
|