| 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 | | | | | |
|