v3.26.1
Stock Options and Restricted Share Units (Tables)
 3 Months Ended
Mar. 31, 2026
Stock Options and Restricted Share Units [Abstract]  
Schedule of Share Based Compensation Expense

The following table presents share-based compensation expense by instrument type:

 

Three Months Ended March 31,

  2026   2025 
Stock options  $654,108   $417,843 
Restricted share units   698,867    410,920 
   $1,352,975   $828,763 
Schedule of Stock Options

The following table reflects the continuity of stock options for the periods presented below:

 

   Number of
Stock Options		   Weighted Average
Exercise Price
(CAD$)		 
Balance, December 31, 2024   482,954    4.60 
Granted   362,500    1.85 
Expired / cancelled   (158,333)   2.88 
Balance, March 31, 2025   687,121    3.55 
Balance, December 31, 2025   2,943,793    3.74 
Granted   250,000    5.32 
Expired / cancelled   (143,663)   6.18 
Balance, March 31, 2026   3,050,130    3.75 
Schedule of Fair Value of Options Determined through Weighted Average Assumptions

The fair value of the Corporation’s options has been determined using the Black-Scholes pricing model and the following weighted average assumptions:

 

  

Granted

in 2026

 
Spot price (in CAD$)  $3.48 
Risk-free interest rate   2.98%
Expected annual volatility   143%
Expected life (years)   5.00 
Dividend   nil 
Fair value of option  $3.06 
Schedule of Stock Options Issued and Outstanding

The following table reflects the stock options issued and outstanding as of March 31, 2026:

 

Expiry Date

  Exercise Price
(CAD$)		   Weighted Average
Remaining
Contractual
Life (years)		   Number of
Options
Outstanding		   Number of
Options
Vested
(exercisable)		   Number of
Options
Unvested		 
May 17, 2026   7.35    0.13    35,131    35,131    
-
 
June 22, 2026   4.20    0.23    19,999    19,999    
-
 
March 5, 2030  US$1.25    3.93    200,000    200,000    
-
 
June 6, 2030   2.09    4.19    1,040,000    1,040,000    
-
 
August 18, 2030   3.23    4.39    25,000    12,500    12,500 
August 27, 2030  US$2.25    4.41    50,000    25,000    25,000 
November 19, 2030   4.90    4.64    1,430,000    1,430,000    
-
 
January 30, 2031  US$2.60    4.84    100,000    100,000    
-
 
January 30, 2031  US$6.00    4.84    100,000    100,000    
-
 
March 23, 2031  US$2.39    4.98    50,000    50,000    
-
 
    3.75    4.37    3,050,130    3,012,630    37,500 
Schedule of RSUs for the Periods

The following table reflects the continuity of RSUs for the periods presented below:

 

   Number of
RSUs		 
Balance, December 31, 2024   2,828,336 
Granted (i)   45,000 
Converted   (792,669)
Cancelled   (6,500)
Balance, March 31, 2025   2,074,167 
Balance, December 31, 2025   2,283,943 
Granted (ii)   1,050,000 
Converted   (379,664)
Balance, March 31, 2026   2,954,279 

 

(i)During the three months ended March 31, 2025, the Corporation granted 45,000 RSUs to consultants. These RSUs vest one-third on each of the first, second and third anniversaries of the date of grant. The grant date fair value of the RSUs was $67,297, which was measured based on the quoted price of the Corporation’s shares on the date of grant.

 

(ii)During the three months ended March 31, 2026, the Corporation granted an aggregate of 1,050,000 RSUs to one officer of the Corporation and one consultant of the Corporation. These RSUs vest one-third on each of the first, second and third anniversaries of the date of grant. The grant date fair value of the RSUs was $2,897,380, which was measured based on the quoted price of the Corporation’s shares on the date of grant.