v3.26.1
Warrant Liabilities (Tables)
3 Months Ended
Mar. 31, 2026
Warrant Liabilities [Abstract]  
Schedule of Changes in Warrant Liabilities

The following table summarizes the changes in the warrant liabilities for the Corporation’s warrants for the periods ended March 31, 2026 and December 31, 2025:

 

   Number of
warrants
   Amount 
Balance, December 31, 2024   3,636,363   $3,040,494 
Warrants issued   1,492,190    3,215,255 
Warrants exercised   (3,653,410)   (7,324,588)
Revaluation of warrant liabilities   
-
    3,110,015 
Foreign currency translation   
-
    256,754 
Balance, March 31, 2025   
 
    
 
 
Balance, December 31, 2025   1,475,143    2,297,930 
Warrants issued   269,231    599,039 
Revaluation of warrant liabilities   
-
    (784,833)
Foreign currency translation   
-
    (35,376)
Balance, March 31, 2026   1,744,374   $2,076,760 
Schedule of Fair Value of Warrants

The fair value of the Corporation’s warrants determined using the Black-Scholes pricing model was determined with the following weighted average assumptions:

 

   As at
March 31,
2026
   As at
December 31,
2025
 
Spot price (in CAD$)  $2.63   $3.50 
Risk-free interest rate   2.86%   2.64%
Expected annual volatility   122%   121%
Expected life (years)   2.26    2.48 
Dividend   nil    nil 
Schedule of Warrants Classified as Liabilities Outstanding and Exercisable

The following table reflects the Corporation’s warrants classified as liabilities outstanding and exercisable as at March 31, 2026.

 

Expiry date

 

SV Shares underlying

Warrants
outstanding
and
exercisable
   Exercise price 
August 15, 2027   522,727   US$2.00 
February 7, 2028   712,031   US$3.66 
July 21, 2030   240,385   US$3.59 
February 20, 2031   269,231   US$2.85 
    1,744,374