| Share Purchase Warrants |
9. Share Purchase Warrants (a) Warrant liabilities At January 31, 2026, the Company has 3,571,429 share purchase warrants with exercise prices denominated in US dollars (January 31, 2025 – 3,571,429). When non-compensatory warrants have an exercise price denominated in a currency which is different from the functional currency of the Company (Canadian dollar), the warrants are treated as financial liabilities. These warrants are therefore classified as financial liabilities with changes in fair value recognized in the consolidated statements of loss and comprehensive loss. The warrant liabilities are measured using Level 3 inputs within the fair value hierarchy. The following table summarizes the continuity of liability-classified warrants: | | Number of Warrants | | | Weighted Average Exercise Price US$ | | | Weighted Average Remaining Contractual Life (Years) | | | Liability Amount $ | | Balance, January 31, 2023 | | | – | | | | – | | | | – | | | | – | | Granted (Note 9(h)) | | | 3,571,429 | | | | 0.11 | | | | 5.00 | | | | 48,846 | | Change in fair value | | | – | | | | – | | | | – | | | | 176,247 | | Balance, January 31, 2024 | | | 3,571,429 | | | | 0.11 | | | | 4.12 | | | | 225,093 | | Change in fair value | | | – | | | | – | | | | – | | | | 79,345 | | Balance, January 31, 2025 | | | 3,571,429 | | | | 0.11 | | | | 3.12 | | | | 304,438 | | Change in fair value | | | – | | | | – | | | | – | | | | (189,425 | ) | Balance, January 31, 2026 | | | 3,571,429 | | | | 0.11 | | | | 2.12 | | | | 115,013 | |
At January 31, 2026, the following liability-classified warrants were outstanding: Number of Warrants | | | Exercise Price US$ | | | Expiry Date | | 3,571,429 | | | 0.11 | | | March 14, 2028 | |
The fair values of warrant liabilities at January 31, 2026 and 2025 were estimated using the Black-Scholes option pricing model with the following assumptions: | | | January 31, 2026 | | | | January 31, 2025 | | Risk free interest rates | | | 2.56% | | | | 2.64% | | Volatilities | | | 121% | | | | 114% | | Fair values of common shares | | | US$0.038 | | | | US$0.089 | | Expected dividends | | | Nil% | | | | Nil% | | Expected lives | | | 2.12 years | | | | 3.12 years | | Exercise prices | | | US$0.11 | | | | US$US$0.11 | | Fair values of warrants | | | US$0.02 | | | | US$0.06 | |
(b) Warrant liabilities of MedMelior At January 31, 2026, MedMelior has no share purchase warrants with exercise prices denominated in U.S. dollars (January 31, 2025 – 221,333). When non-compensatory warrants have an exercise price denominated in a currency which is different from the functional currency of MedMelior (Canadian dollar), the warrants are treated as financial liabilities. These warrants are therefore classified as financial liabilities with changes in fair value recognized in the consolidated statements of loss and comprehensive loss. The warrant liabilities are measured using Level 3 inputs within the fair value hierarchy. The following table summarizes the continuity of liability-classified warrants of MedMelior: | | Number of Warrants | | | Weighted Average Exercise Price US$ | | | Weighted Average Remaining Contractual Life (Years) | | | Liability Amount $ | | Balance, January 31, 2023 | | | 96,667 | | | | 1.25 | | | | 1.36 | | | | 20,700 | | Granted (Note 12) | | | 221,333 | | | | 1.25 | | | | 2.00 | | | | 72,190 | | Change in fair value | | | – | | | | – | | | | – | | | | (38,483 | ) | Balance, January 31, 2024 | | | 318,000 | | | | 1.25 | | | | 1.02 | | | | 54,407 | | Expired | | | (96,667 | ) | | | (1.25 | ) | | | – | | | | – | | Change in fair value | | | – | | | | – | | | | – | | | | (45,909 | ) | Balance, January 31, 2025 | | | 221,333 | | | | 1.25 | | | | 0.31 | | | | 8,498 | | Expired | | | (221,333 | ) | | | (1.25 | ) | | | – | | | | – | | Change in fair value | | | – | | | | – | | | | – | | | | (8,498 | ) | Balance, January 31, 2026 | | | – | | | | – | | | | – | | | | – | |
The fair values of warrant liabilities at January 31, 2025 were determined using the Black-Scholes option pricing model, using the following assumptions: | | | January 31, 2025 | | Risk free interest rates | | | 2.89% | | Volatilities | | | 101% | | Fair values of common shares | | | US$0.63 | | Expected dividends | | | Nil% | | Expected lives | | | 0.31 years | | Exercise prices | | | US$1.25 | | Fair values of warrants | | | US$0.03 | |
At January 31, 2026, there were no liability-classified warrants of MedMelior outstanding. (c) Equity-classified warrants The following table summarizes the continuity of equity-classified warrants: | | Number of Warrants | | | Weighted Average Exercise Price $ | | | Weighted Average Remaining Contractual Life (years) | | | | | | | | | | | | Balance, January 31, 2023 | | | 30,140,643 | | | | 0.52 | | | | 1.21 | | Granted (Notes 8(k), 8(m), 8(n) and 8(o)) | | | 23,104,000 | | | | 0.14 | | | | 4.24 | | Expired | | | (438,095 | ) | | | (0.70 | ) | | | – | | | | | | | | | | | | | | | Balance, January 31, 2024 | | | 52,806,548 | | | | 0.35 | | | | 1.90 | | Granted (Notes 5(b), 5(c), 5(d), 5(f), 8(f), 8(g) and 8(h)) | | | 14,001,041 | | | | 0.12 | | | | 1.93 | | Expired | | | (23,316,250 | ) | | | (0.50 | ) | | | – | | | | | | | | | | | | | | | Balance, January 31, 2025 | | | 43,491,339 | | | | 0.20 | | | | 1.89 | | Granted (Notes 5(a), 5(c), 5(d) and 8(a)) | | | 7,073,987 | | | | 0.10 | | | | 1.33 | | Expired | | | (12,385,573 | ) | | | (0.36 | ) | | | – | | Exercised | | | (250,000 | ) | | | (0.10 | ) | | | – | | | | | | | | | | | | | | | Balance, January 31, 2026 | | | 37,929,753 | | | | 0.13 | | | | 1.28 | |
At January 31, 2026, the following equity-classified warrants were outstanding: Number of Warrants | | | Exercise Price $ | | | Expiry Date | | | | | | | | | | | 78,000 | | | | 0.10 | | | February 28, 2026 | | | 168,000 | | | | 0.10 | | | March 27, 2026 | | | 36,000 | | | | 0.10 | | | April 29, 2026 | | | 5,300,000 | | | | 0.13 | | | June 13, 2026 | | | 1,750,000 | | | | 0.13 | | | July 1, 2026 | | | 2,950,000 | | | | 0.10 | | | August 30, 2026 | | | 350,000 | | | | 0.10 | | | August 31, 2026 | | | 5,706,849 | | | | 0.10 | | | September 27, 2026 | | | 4,090,904 | | | | 0.10 | | | October 1, 2026 | | | 300,000 | | | | 0.10 | | | October 29, 2026 | | | 15,000,000 | | | | 0.15 | | | March 14, 2028 | | | 2,200,000 | | | | 0.15 | | | July 9, 2028 | | | 37,929,753 | | | | | | | |
During the years ended January 31, 2026, 2025 and 2024, the fair values of equity-classified warrants issued pursuant to conversion of convertible debentures (Notes 5(a), 5(b), 5(c), 5(d) and 5(f)) and to the Company’s financings (Notes 8(g), 8(h), 8(k), 8(m), 8(n) and 8(o)) were estimated using the residual method. There were no equity-classified warrants issued during the year ended January 31, 2026 that were estimated using the Black-Scholes option pricing model. Fair values of other equity-classified warrants issued during the years ended January 31, 2025 and 2024 were estimated using the Black-Scholes option pricing model with the following assumptions: | | January 31, 2025 | | | January 31, 2024 | | Nature of warrants | | Brokers’ warrants (Notes 5(b), 5(c) and 5(e)) | | | Brokers’ warrants (Notes 7(k) and 7(n)) | | Dates of grant | | February 29, March 28 and April 30, 2024 | | | March 14 and August 31, 2023 | | Risk free interest rates | | 4.13% to 4.33% | | | 3.72% and 4.64% | | Volatilities | | 114% to 115% | | | 114% and 112% | | Fair values of common shares on grant dates | | $0.085 to $0.10 | | | $0.085 | | Expected dividends | | Nil% | | | Nil% | | Expected lives | | Two (2) years | | | Two (2) years | | Exercise prices | | $0.10 | | | $0.10 | | Fair values of warrants on grant dates | | $0.05 to $0.06 | | | $0.05 | |
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