Capital Stock, Warrants, Stock Options and Restricted Share Units (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Equity [Abstract] |
|
| Schedule of Fair Value of Warrant Liabilities Related to Various Tranches of Warrants Issued |
The
fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial
model to determine the fair value using the following assumptions as at June 30, 2026 and December 31, 2025:
Schedule
of Fair Value of Warrant Liabilities Related
to Various Tranches of Warrants Issued
| March 2026 warrants | |
June 30, 2026 | | |
Grant Date | |
| Expected life | |
| 979 days | | |
| 1096
days | |
| Volatility | |
| 85 | % | |
| 90 | % |
| Risk free interest rate | |
| 2.84 | % | |
| 2.58 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 4.70 | | |
$ | 7.175 | |
| Fair value | |
$ | 2,615,787 | | |
$ | 5,867,816 | |
| Change in derivative liability | |
$ | (3,252,029 | ) | |
| | |
| September 2025 warrants | |
June 30, 2026 | | |
December 31, 2025 | |
| Expected life | |
| 1552
days | | |
| 1733
days | |
| Volatility | |
| 100 | % | |
| 100 | % |
| Risk free interest rate | |
| 3.01 | % | |
| 2.96 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 4.70 | | |
$ | 8.31 | |
| Fair value | |
$ | 25,849,976 | | |
$ | 59,278,783 | |
| Change in derivative liability | |
$ | (33,428,807 | ) | |
| | |
| June 2025 warrants | |
June 30, 2026 | | |
December 31, 2025 | |
| Expected life | |
| 706 days | | |
| 887 days | |
| Volatility | |
| 85 | % | |
| 85 | % |
| Risk free interest rate | |
| 2.74 | % | |
| 2.58 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 4.70 | | |
$ | 8.31 | |
| Fair value | |
$ | 4,069,708 | | |
$ | 12,357,254 | |
| Change in derivative liability | |
$ | (8,287,546 | ) | |
| | |
| November 2025 warrants | |
June 30, 2026 | | |
December 31, 2025 | |
| Expected life | |
| 404 days | | |
| 585 days | |
| Volatility | |
| 85 | % | |
| 80 | % |
| Risk free interest rate | |
| 2.74 | % | |
| 2.58 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 4.70 | | |
$ | 8.31 | |
| Fair value | |
$ | 16,577 | | |
$ |
61,680 | |
| Change in derivative liability | |
$ | (45,103 | ) | |
| | |
| January 2025 warrants | |
June 30, 2026 | | |
December 31, 2025 | |
| Expected life | |
| 404 days | | |
| 585 days | |
| Volatility | |
| 85 | % | |
| 80 | % |
| Risk free interest rate | |
| 2.74 | % | |
| 2.58 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 4.70 | | |
$ | 8.31 | |
| Fair value | |
$ | 3,154 | | |
$ | 9,515 | |
| Change in derivative liability | |
$ | (6,361 | ) | |
| | |
| November 2024 warrants | |
June 30, 2026 | | |
December 31, 2025 | |
| Expected life | |
| 404 days | | |
| 585 days | |
| Volatility | |
| 85 | % | |
| 80 | % |
| Risk free interest rate | |
| 2.74 | % | |
| 2.58 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 4.70 | | |
$ | 8.31 | |
| Fair value | |
$ | 18,228 | | |
$ | 51,276 | |
| Change in derivative liability | |
$ | (33,048 | ) | |
| | |
| October 2024 warrants | |
June 30, 2026 | | |
December 31, 2025 | |
| Expected life | |
| 404 days | | |
| 585 days | |
| Volatility | |
| 85 | % | |
| 80 | % |
| Risk free interest rate | |
| 2.74 | % | |
| 2.58 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 4.70 | | |
$ | 8.31 | |
| Fair value | |
$ | 11,659 | | |
$ | 36,189 | |
| Change in derivative liability | |
$ | (24,530 | ) | |
| | |
| August 2024 warrants | |
June 30, 2026 | | |
December 31, 2025 | |
| Expected life | |
| 404 days | | |
| 585 days | |
| Volatility | |
| 85 | % | |
| 80 | % |
| Risk free interest rate | |
| 2.74 | % | |
| 2.58 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Share price (C$) | |
$ | 4.70 | | |
$ | 8.31 | |
| Fair value | |
$ | 37,324 | | |
$ | 115,857 | |
| Change in derivative liability | |
$ | (78,533 | ) | |
| | |
| March 2023 warrants | |
June 30, 2026 | | |
December 31, 2025 | |
| Expected life | |
| Expired | | |
| 86 days | |
| Volatility | |
| N/A | | |
| 24 | % |
| Risk free interest rate | |
| N/A | | |
| 2.58 | % |
| Dividend yield | |
| N/A | | |
| 0 | % |
| Share price (C$) | |
$ | N/A | | |
$ | 8.31 | |
| Fair value | |
$ | - | | |
$ | 3,246,420 | |
| Change in derivative liability | |
$ | (3,246,420 | ) | |
| | |
| February 2021 issuance | |
June 30, 2026 | | |
December
31, 2025 | |
| Expected life | |
| Expired | | |
| 40 days | |
| Volatility | |
| N/A | | |
| 55 | % |
| Risk free interest rate | |
| N/A | | |
| 2.58 | % |
| Dividend yield | |
| N/A | | |
| 0 | % |
| Share price (C$) | |
$ | 8.40 | | |
$ | 8.40 | |
| Fair value | |
$ | - | | |
$ | 1 | |
| Change in derivative liability | |
$ | (1 | ) | |
| | |
|
| Schedule of Outstanding Warrants |
Outstanding
warrants at June 30, 2026 and December 31, 2025 were as follows:
Schedule
of Outstanding
Warrants
| | |
| | |
Weighted average | | |
Weighted average | |
| | |
Number of | | |
exercise price | | |
grant date | |
| | |
warrants | | |
(C$) | | |
value ($) | |
| | |
| | |
| | |
| |
| Balance, December 31, 2024 | |
| 4,206,268 | | |
$ | 12.95 | | |
$ | 3.15 | |
| Issued | |
| 16,486,818 | | |
| 6.65 | | |
| 2.80 | |
| Exercised | |
| (103,115 | ) | |
| 5.25 | | |
| 1.75 | |
| Expired | |
| (2,098,120 | ) | |
| 16.45 | | |
| 3.15 | |
| Balance, December 31, 2025 | |
| 18,491,851 | | |
$ | 6.98 | | |
$ | 2.80 | |
| | |
| | | |
| | | |
| | |
| Balance, December 31, 2025 | |
| 18,491,851 | | |
$ | 6.98 | | |
$ | 2.80 | |
| Issued | |
| 2,290,730 | | |
| 10.50 | | |
| 2.57 | |
| Exercised | |
| (2,013,178 | ) | |
| 5.25 | | |
| 1.75 | |
| Expired | |
| (834,355 | ) | |
| 16.03 | | |
| 4.87 | |
| Balance, June 30, 2026 | |
| 17,935,048 | | |
$ | 7.20 | | |
$ | 2.79 | |
At
June 30, 2026, the following warrants were outstanding:
| | |
Exercise price | | |
Number of | | |
Number of warrants | |
| Expiry date | |
(C$) | | |
warrants | | |
exercisable | |
| | |
| | |
| | |
| |
| August 8, 2027 | |
$ | 6.65 | | |
| 21,207 | | |
| 21,207 | |
| August 8, 2027 | |
$ | 5.60 | | |
| 48,017 | | |
| 48,017 | |
| August 8, 2027 | |
$ | 5.25 | | |
| 2,869 | | |
| 2,869 | |
| August 8, 2027 | |
$ | 4.20 | | |
| 13,623 | | |
| 13,623 | |
| June 5, 2028 | |
$ | 8.75 | | |
| 4,114,882 | | |
| 4,114,882 | |
| September 29, 2030 | |
$ | 5.95 | | |
| 11,452,521 | | |
| 11,452,521 | |
| March 5, 2029 | |
$ | 10.50 | | |
| 2,281,929 | | |
| 2,281,929 | |
| | |
| | | |
| 17,935,048 | | |
| 17,935,048 | |
|
| Schedule of Compensation Options |
At
June 30, 2026, and December 31, 2025 the following compensation options were outstanding:
Schedule
of Compensation Options
| | |
| | |
Weighted average | |
| | |
Number of | | |
exercise price | |
| | |
broker options | | |
(C$) | |
| | |
| | |
| |
| Balance, December 31, 2024 | |
| 59,149 | | |
$ | 5.25 | |
| Issued – September 2025(i) | |
| 728,050 | | |
| 4.20 | |
| Expired – March 2023 | |
| (26,433 | ) | |
| 4.20 | |
| Balance, December 31, 2025 | |
| 760,766 | | |
$ | 4.28 | |
| | |
| | | |
| | |
| Balance, December 31, 2025 | |
| 760,766 | | |
$ | 4.28 | |
| Issued – March 2026(ii) | |
| 258,271 | | |
| 6.30 | |
| Exercised – September 2025 | |
| (1,957 | ) | |
| 4.20 | |
| Exercised – March 2023 | |
| (32,716 | ) | |
| 4.20 | |
| Balance, June 30, 2026 | |
| 984,364 | | |
$ | 4.75 | |
|
| Schedule of Estimated Using Black-Scholes Valuation Model for Fair Value of Broker Options |
The
compensation options are exercisable into one share of common stock of the Company. The grant date fair value of the compensation options
were estimated using the Black-Scholes valuation model with the following underlying assumptions:
Schedule
of Estimated Using Black-Scholes Valuation Model for Fair Value of Broker Options
| Grant Date | |
Risk free interest rate | | |
Dividend yield | | |
Volatility | | |
Stock price (C$) | | |
Weighted average life |
| (i) September 2025 | |
| 2.5 | % | |
| 0 | % | |
| 85 | % | |
$ | 7.17 | | |
2 years |
| (ii) March 2026 | |
| 2.5 | % | |
| 0 | % | |
| 80 | % | |
$ | 7.17 | | |
2 years |
|
| Schedule of Broker Exercise Price |
At
June 30, 2026, the following compensation options were outstanding:
Schedule of Broker Exercise
Price
| Expiry date | |
Exercise price (C$) | | |
Number of broker options outstanding | | |
Grand date fair value ($) | |
| | |
| | |
| | |
| |
| September 29, 2027(i) | |
$ | 4.20 | | |
| 726,093 | | |
$ | 2,309,056 | |
| March 5, 2028(ii) | |
$ | 6.30 | | |
| 258,271 | | |
$ | 635,755 | |
|
| Schedule of Stock Options Activity |
Outstanding
stock options at June 30, 2026, and December 31, 2025 were as follows:
Schedule
of Stock Options Activity
| | |
| | |
Weighted average | |
| | |
Number of | | |
exercise price | |
| | |
stock options | | |
(C$) | |
| | |
| | |
| |
| Balance, December 31, 2024 | |
| 184,147 | | |
$ | 18.20 | |
| Expired April 20, 2025 | |
| (170,218 | ) | |
| 19.25 | |
| Granted October 14, 2025 | |
| 17,903 | | |
| 7.53 | |
| Granted October 27, 2025 | |
| 20,000 | | |
| 6.65 | |
| Balance, December 31, 2025 | |
| 51,832 | | |
$ | 6.59 | |
| | |
| | | |
| | |
| Balance, December 31, 2025 | |
| 51,832 | | |
$ | 6.59 | |
| Granted April 27, 2025 | |
| 12,402 | | |
| 5.60 | |
| Balance, June 30, 2026 | |
| 64,234 | | |
$ | 6.40 | |
|
| Schedule of Actual Stock Options Issued and Outstanding |
At
June 30, 2026, the following stock options were issued and outstanding:
Schedule
of Actual Stock Options Issued and Outstanding
| Exercise price | | |
Remaining contractual | | |
Number of options | | |
Number of options vested | | |
Grant date fair value | |
| (C$) | | |
life (years) | | |
outstanding | | |
(exercisable) | | |
($) | |
| $ | 5.60 | | |
| 0.59 | | |
| 2,500 | | |
| 2,500 | | |
$ | 7,242 | |
| $ | 6.65 | | |
| 1.33 | | |
| 20,000 | | |
| 20,000 | | |
| 44,147 | |
| $ | 5.25 | | |
| 1.40 | | |
| 11,429 | | |
| 11,429 | | |
| 37,387 | |
| $ | 7.53 | | |
| 4.29 | | |
| 17,903 | | |
| – | | |
| 65,555 | |
| $ | 5.60 | | |
| 4.78 | | |
| 12,402 | | |
| – | | |
| 39,075 | |
| | | | |
| | | |
| 64,234 | | |
| 33,929 | | |
$ | 193,406 | |
|
| Schedule of Restricted Share Units |
Outstanding
RSUs at June 30, 2026 and December 31, 2025, were as follows:
Schedule of Restricted Share Units
| | |
| | |
Weighted average | |
| | |
| | |
grant date | |
| | |
| | |
fair value | |
| | |
Number of | | |
per share | |
| | |
shares | | |
(C$) | |
| | |
| | |
| |
| Unvested as at December 31, 2024 | |
| 400,757 | | |
$ | 5.22 | |
| Granted (i) | |
| 140,762 | | |
| 7.53 | |
| Vested | |
| (159,169 | ) | |
| 5.18 | |
| Forfeited | |
| (50,141 | ) | |
| 4.98 | |
| Unvested as at December 31, 2025 | |
| 332,209 | | |
$ | 6.26 | |
| | |
| | | |
| | |
| Unvested as at December 31, 2025 | |
| 332,209 | | |
$ | 6.26 | |
| Granted (ii) | |
| 181,238 | | |
| 5.62 | |
| Vested | |
| (122,276 | ) | |
| 5.34 | |
| Forfeited | |
| (55,087 | ) | |
| 7.21 | |
| Unvested as at June 30, 2026 | |
| 336,084 | | |
$ | 6.09 | |
| |
(i) |
On October 14, 2025, the
Company granted 140,762 RSUs to executives and employees of the Company, which vest in one-third increments on October 14, 2026,
June 30 of 2027 and 2028. The vesting of these RSUs resulted in stock-based compensation of $103,039 and $213,856 for the three and
six months ended June 30, 2026 (three and six months ended June 30, 2025 – $nil), which is included in operation and administration
expenses on the condensed interim consolidated statements of income and comprehensive income. |
| |
(ii) |
During the three months
ended June 30, 2026, the Company granted 181,238 RSUs to executives and employees of the Company. 174,238 RSUs vest in three equal
instalments commencing on April 10, 2027, and 7,000 RSUs which vest in full on May 25, 2027. The vesting of these RSUs resulted in
stock-based compensation of $92,788 and $92,788 for the three and six months ended June 30, 2026 (three and six months ended June
30, 2025 – $nil), which is included in operation and administration expenses on the condensed interim consolidated statements
of income and comprehensive income. |
|