The Company is authorized to issue an unlimited number of common voting shares and preferred shares without nominal or par value.

During the three months ended March 31, 2026 and 2025, the Company had the following equity transactions:

On August 8, 2025, the Company announced the establishment of an at-the-market ("ATM") equity program superseding the Company's previous ATM program, which had been fully utilized, allowing the Company to issue and sell up to $50.0 million of common shares from treasury to the public (the "Current ATM program").

During the three months ended March 31, 2026 the Company issued a total of 2,222,342 common shares under the Current ATM program at an average price of $4.87 per share, for gross and net proceeds of $10.8 million and $10.6 million, respectively.

During the three months ended March 31, 2025, the Company issued a total of 4,611,370 common shares under its previous ATM program at an average price of $1.56 per share. Gross and net proceeds provided were $7.2 million and $7.0 million, respectively. This included 40,000 common shares for which trades were executed on or before March 31, 2025 but settled subsequent to period end. The related receivable is presented within Other current assets and receivables on the Company's condensed consolidated interim statements of financial position.

The Company has an option plan in place under which it is authorized to grant options ("Options") to its officers, directors, consultants, management and company employees enabling them to cumulatively acquire up to 10% of the issued and outstanding common stock of the Company pursuant to awards issued under the option plan and any other equity compensation arrangements. Under the option plan, the exercise price of each Option shall not be less than the price permitted by the TSXV. The Options can be granted for a maximum term of 10 years and generally have a vesting period of three years.

The weighted average fair value at grant date of Options granted during the three months ended March 31, 2026 and 2025 was $2.07 and $1.08 per Option, respectively. The fair value was determined using the Black-Scholes option-pricing model using the following weighted average assumptions:

The following table summarizes Options outstanding and exercisable as of March 31, 2026:


		Options Outstanding						Options Exercisable
Exercise Price		Number of Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	4.78		200,000		0.30	$	4.78		200,000	$	4.78
$	4.94		200,000		0.93	$	4.94		200,000	$	4.94
$	6.52		170,000		0.96	$	6.52		170,000	$	6.52
$	7.45		100,000		1.03	$	7.45		100,000	$	7.45
$	3.77		2,690,000		2.03	$	3.77		2,690,000	$	3.77
$	3.85		150,000		2.15	$	3.85		150,000	$	3.85
$	2.97		750,000		2.49	$	2.97		583,332	$	2.97
$	1.07		100,000		3.05	$	1.07		50,000	$	1.07
$	1.13		1,063,394		3.36	$	1.13		354,465	$	1.13
$	1.36		2,000,000		3.42	$	1.36		1,333,334	$	1.36
$	1.42		863,852		3.72	$	1.42		487,951	$	1.42
$	1.35		1,598,853		3.99	$	1.35		732,951	$	1.35
$	1.27		557,599		4.00	$	1.27		185,866	$	1.27
$	1.78		300,000		4.23	$	1.78		—	$	1.78
$	2.92		250,000		4.39	$	2.92		100,000	$	2.92
$	3.23		1,167,981		5.00	$	3.23		—	$	3.23
			12,161,679		3.20	$	2.46		7,337,899	$	2.82

The Company has a long-term incentive plan (the "Plan") in accordance with the policies of the TSXV whereby, from time to time at the discretion of the Company's Board of Directors (the "Board"), eligible directors, officers and employees are awarded restricted share units ("RSUs"). The RSUs that are subject to, among other things, the recipient's deferral right in accordance with the Income Tax Act (Canada) convert automatically into common shares upon vesting. In addition, the Company may issue deferred share units ("DSUs"). DSUs may be redeemed upon retirement or termination from the Company. In accordance with the Plan, the aggregate number of common shares to be issued shall not exceed 10% of the Company’s issued and outstanding common shares at any given time when combined with the aggregate number of Options, RSUs and DSUs issued pursuant to the Plan and any other equity compensation arrangements.

The following table summarizes the RSU activity for the three months ended March 31, 2026:


	Number of RSUs			Weighted average grant date fair value(1)
December 31, 2025		2,491,231		$	1.27
Granted		802,543			3.23
Vested		(495,612	)		1.33
March 31, 2026		2,798,162		$	1.82

(1)

Grant-date fair value represents the closing market price of the Company’s common shares on the date of grant.

The following table summarizes the DSU activity for the three months ended March 31, 2026:


	Number of DSUs			Weighted average grant date fair value(1)
December 31, 2025		1,993,725		$	2.36
Granted		216,720			3.23
Conversion of DSUs to common shares		(55,762	)		1.35
March 31, 2026		2,154,683		$	2.47

(1)

Grant-date fair value represents the closing market price of the Company’s common shares on the date of grant.