| SHARE CAPITAL AND PER SHARE AMOUNTS |
| 7. | SHARE CAPITAL AND PER SHARE AMOUNTS |
Share Capital
As at March 31, 2026 the Company’s authorized
share capital consists of an unlimited number of common shares without a nominal or par value. The following table summarizes the changes
to the Company’s common share capital:
| | |
Shares (‘000) | | |
Amount | |
| Balance, January 1, 2025 | |
| 69,718 | | |
$ | 164,402 | |
| Issued on exercise of share units(1) | |
| 542 | | |
| 2,561 | |
| Issued on rights offering(2) | |
| 55,147 | | |
| 298,653 | |
| Share issue costs, net of tax | |
| - | | |
| (2,681 | ) |
| Balance, December 31, 2025 | |
| 125,407 | | |
$ | 462,935 | |
| Issued on exercise of share units(1) | |
| 21 | | |
| 161 | |
| Share issue costs, net of tax | |
| - | | |
| (231 | ) |
| Balance, March 31, 2026 | |
| 125,428 | | |
$ | 462,865 | |
| (1) | Differences in the number of exercised units compared to
those disclosed in stock-based compensation and the value recognized in contributed surplus relates to withholding taxes on issuances
(Note 12). |
| (2) | On December 17, 2025, Greenfire completed a rights offering
of its common shares to its shareholders. |
Per Share Amounts
The
following table summarizes the Company’s basic and diluted net income (loss) per share:
| (thousands of shares, except per share information) | |
Three months ended
March 31,
2026 | | |
Three months ended
March 31,
2025 | |
| Weighted average shares outstanding - basic | |
| 125,411 | | |
| 69,872 | |
| Weighted average share units outstanding | |
| 45 | | |
| 627 | |
| Weighted average anti-dilutive share units | |
| (45 | ) | |
| - | |
| Weighted average shares outstanding - diluted | |
| 125,411 | | |
| 70,499 | |
| Basic and diluted net income (loss) per share | |
$ | (0.58 | ) | |
$ | 0.23 | |
Outstanding Share Units
A summary of the Restricted Stock Units (“RSUs”)
and Performance Share Units (“PSUs”), collectively the share units outstanding, is as follows:
| (thousands of units) | |
RSUs | | |
PSUs | | |
Total | |
| Balance, January 1, 2026 | |
| 84 | | |
| 249 | | |
| 333 | |
| Exercised(1) | |
| (38 | ) | |
| - | | |
| (38 | ) |
| Forfeited / Expired | |
| (1 | ) | |
| (54 | ) | |
| (55 | ) |
| Balance, March 31, 2026 | |
| 45 | | |
| 195 | | |
| 240 | |
| (1) | Differences in exercised awards compared to those disclosed
in share capital relate to withholding taxes on share issuance (Note 12). |
As at March
31, 2026, none of the outstanding share units were exercisable (December 31, 2025 – nil).
|