Share Capital (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| 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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|
|
|
|
|
|
|
|
Three months ended
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Expected stock price volatility |
|
|
76 |
% |
|
|
113 |
% |
Risk-free interest rate |
|
|
3.94 |
% |
|
|
4.00 |
% |
Dividend yield |
|
|
— |
|
|
|
— |
|
Expected life of Options |
|
5 years |
|
|
5 years |
|
Stock price on date of grant |
|
$ |
3.23 |
|
|
$ |
1.33 |
|
Exercise price |
|
$ |
3.23 |
|
|
$ |
1.33 |
|
Forfeiture rate |
|
|
— |
|
|
|
— |
|
|
| Summary of Stock Option Transactions |
The following table summarizes the Option activity for the three months ended March 31, 2026:
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|
|
|
|
|
|
|
|
|
|
Number
of Options |
|
|
Weighted average exercise price |
|
December 31, 2025 |
|
|
11,678,698 |
|
|
$ |
2.40 |
|
Options granted |
|
|
1,167,981 |
|
|
|
3.23 |
|
Options exercised |
|
|
(685,000 |
) |
|
|
2.83 |
|
March 31, 2026 |
|
|
12,161,679 |
|
|
$ |
2.46 |
|
|
| Summary of Stock Options Outstanding and Exercisable |
The following table summarizes Options outstanding and exercisable as of March 31, 2026:
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|
|
|
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|
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|
|
|
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 |
|
|
| Summary of RSU and DSU Activity |
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.
|
| Summary of Share-based Compensation Recorded for Each Type of Award |
Share-based compensation recorded for each type of award is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Options |
|
$ |
680 |
|
|
$ |
888 |
|
RSUs |
|
|
425 |
|
|
|
344 |
|
DSUs |
|
|
160 |
|
|
|
188 |
|
Total |
|
$ |
1,265 |
|
|
$ |
1,420 |
|
|