v3.26.1
Stock Options and Restricted Share Units (Tables)
 12 Months Ended
Dec. 31, 2025
Stock Options and Restricted Share Units [Abstract]  
Schedule of Share Based Compensation Expense

The following table presents share based compensation expense by instrument type:

 

Year Ended December 31,  2025   2024 
Stock options  $6,282,203   $
-
 
Restricted share units   1,749,073    2,547,123 
   $8,031,276   $2,547,123 
Schedule of Stock Options

The following table reflects the continuity of stock options for the periods presented below:

 

   Number of
Stock
Options		   Weighted
Average
Exercise Price
(CAD$)		 
Balance, December 31, 2023   692,170    5.09 
Expired / cancelled   (209,216)   
-
 
Balance, December 31, 2024   482,954    4.60 
Granted   3,012,500    3.42 
Exercised   (291,860)   2.31 
Expired / cancelled   (259,801)   3.27 
Balance, December 31, 2025   2,943,793    3.74 
Schedule of Fair Value of Options Determined through Weighted Average Assumptions

The fair value of the Corporation’s options has been determined using the Black-Scholes method and the following weighted average assumptions:

 

   Granted in   Granted in 
   2025   2024 
Spot price (in CAD$)  $3.43   $nil 
Risk-free interest rate   2.84%   nil%
Expected annual volatility   131%   nil%
Expected life (years)   5.00    nil 
Dividend   nil    nil 
Fair vale of option  $2.13   $nil 
Schedule of Stock Options Issued and Outstanding

The following table reflects the stock options issued and outstanding as of December 31, 2025:

 

Expiry Date  Exercise
Price (CAD$)		   Weighted
Average
Remaining
Contractual
Life (years)		   Number of
Options
Outstanding		   Number of
Options
Vested
(exercisable)		   Number of
Options
Unvested		 
January 5, 2026   3.75    0.01    49,999    49,999    
-
 
March 25, 2026   7.47    0.23    93,664    93,664    
-
 
May 17, 2026   7.35    0.38    35,131    35,131    
-
 
June 22, 2026   4.20    0.47    19,999    19,999    
-
 
March 5, 2030  US$1.25    4.18    200,000    200,000    
-
 
June 6, 2030   2.09    4.43    1,040,000    1,040,000    
-
 
August 18, 2030   3.23    4.63    25,000    
-
    25,000 
August 27, 2030  US$2.25    4.66    50,000    
-
    50,000 
November 19, 2030   4.90    4.89    1,430,000    1,430,000    
-
 
    3.74    4.36    2,943,793    2,868,793    75,000 

 

The following table reflects the stock options issued and outstanding as of December 31, 2024:

 

Expiry Date  Exercise
Price (CAD$)		   Weighted
Average
Remaining
Contractual
Life (years)		   Number of
Options
Outstanding		   Number of
Options
Vested
(exercisable)		   Number of
Options
Unvested		 
February 14, 2025   2.88    0.12    158,333    158,333    
    -
 
January 5, 2026   3.75    1.01    150,828    150,828    
-
 
March 25, 2026   7.47    1.23    101,997    101,997    
-
 
May 17, 2026   7.35    1.38    43,464    43,464    
-
 
June 22, 2026   4.20    1.47    28,332    28,332    
-
 
    4.60    0.83    482,954    482,954    
-
 
Schedule of RSUs for the Periods

The following table reflects the continuity of RSUs for the periods presented below:

 

   Number of
RSUs		 
Balance, December 31, 2023   1,036,900 
Granted (i)   2,444,000 
Cancelled   (159,667)
Converted   (492,897)
Balance, December 31, 2024   2,828,336 
Granted (ii)   745,000 
Converted   (971,494)
Repurchased   (266,666)
Cancelled   (51,233)
Balance, December 31, 2025   2,283,943 

 

(i) During the year ended December 31, 2024, the Corporation granted 2,444,000 RSUs to officers, directors, employees and advisors. These RSUs vest one-third on each of the first, second and third anniversaries of the date of grant. The grant date fair value of the RSUs was $4,880,453, which was measured based on the quoted price of the Corporation’s shares on the date of grant.

 

(ii) During the year ended December 31, 2025, the Corporation granted 745,000 RSUs to consultants. These RSUs vest one-third on each of the first, second and third anniversaries of the date of grant. The grant date fair value of the RSUs was $2,510,317, which was measured based on the quoted price of the Corporation’s shares on the date of grant.