Warrants (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Warrants |
|
| Summary of Changes in Warrants |
A
continuity of the Company’s outstanding share purchase warrants for the year ended December 31, 2025, 2024, and 2023 is presented
below:
Summary of Changes in Warrants
| | |
Number of
warrants | | |
Weighted average
exercise price
(CAD) | |
| Outstanding, December 31, 2022 | |
| 4,077,508 | | |
$ | 11.65 | |
| Issued | |
| 1,480,545 | | |
| 9.40 | |
| Expired | |
| (2,000 | ) | |
| 10.85 | |
| Outstanding, December 31, 2023 | |
| 5,556,054 | | |
$ | 11.05 | |
| Issued | |
| 6,963,840 | | |
| 0.90 | |
| Exercised | |
| (6,728 | ) | |
| 0.45 | |
| Expired | |
| (2,509,712 | ) | |
| 11.25 | |
| Outstanding, December 31, 2024 | |
| 10,003,454 | | |
$ | 3.93 | |
| Expired | |
| (3,046,340 | ) | |
| 10.89 | |
| Outstanding, December 31, 2025 | |
| 6,957,114 | | |
$ | 0.89 | |
|
| Schedule of Purchase Warrants Outstanding |
At
December 31, 2025, the Company had the following outstanding share purchase warrants:
Schedule of Purchase Warrants Outstanding
| Outstanding | | |
Exercise Price | |
Expiry Date |
| | 2,646,475 | | |
0.90 CAD | |
May 28, 2026 |
| | 104,073 | | |
0.45 CAD | |
May 28, 2026 |
| | 1,228,445 | | |
0.90 CAD | |
May 31, 2026 |
| | 72,450 | | |
0.45 CAD | |
May 31, 2026 |
| | 306,496 | | |
0.90 CAD | |
June 10, 2026 |
| | 7,819 | | |
0.45 CAD | |
June 10, 2026 |
| | 452,556 | | |
0.90 CAD | |
June 19, 2026 |
| | 12,180 | | |
0.45 CAD | |
June 19, 2026 |
| | 1,694,520 | | |
0.90 CAD | |
June 28, 2026 |
| | 400,000 | | |
0.90 CAD | |
July 3, 2026 |
| | 30,000 | | |
0.90 CAD | |
July 5, 2026 |
| | 2,100 | | |
0.45 CAD | |
July 5, 2026 |
| | 6,957,114 | | |
| |
|
|
| Schedule of Weighted Average Assumption for Warrants |
The
fair values for finder’s warrants granted during the year ended December 31, 2025, 2024, and 2023 have been estimated using the
Black-Scholes option pricing model using the following weighted average assumptions:
Schedule
of Weighted Average Assumption for Warrants
| | |
2025 | |
2024 | |
2023 |
| Risk-free interest rate | |
N/A | |
3.74 – 4.20% | |
3.77 – 4.43% |
| Expected life (years) | |
N/A | |
2 | |
2 |
| Expected volatility | |
N/A | |
92 – 93% | |
101 – 104% |
| Dividend yield | |
N/A | |
0% | |
0% |
|