NOTE 13 – WARRANTS

A summary of warrant activity for the six months ended April 30, 2026 is as follows: 

No warrants were issued or exercised during the six months ended April 30, 2026.

On March 18, 2025, the Company received gross proceeds of $12,685 related to an exercise of 21,500 warrants at an exercise price of $0.59 per share of common stock, and paid Arras $5,375 for the issuance of Arras shares, for net proceeds of $7,310, excluding issuance costs of $1,332.

No warrants were issued during the six months ended April 30, 2025.

Summarized information about warrants outstanding and exercisable at April 30, 2026 is as follows:

During the year ended October 31, 2023, the Company issued 5,842,499 warrants with an exercise price of Canadian dollar ("$CDN") $0.13 per share in connection with the $CDN 0.11 Unit private placement. The Company’s $CDN warrants have been recognized as a derivative liability as the currency denomination of the exercise price is different from the functional currency of the Company.

The following is a summary of the Company’s warrant derivative liability at April 30, 2026:

The fair value of the warrants issued in the $CDN 0.11 Unit private placement was revalued to be $1,932,261 based on the Black-Scholes pricing model using a risk-free interest rate of 3.89%, expected volatility of 64.72%, dividend yield of 0%, and a contractual term of 2.50 years as of April 30, 2026.