v3.26.1
SHARE CAPITAL (Tables)
 6 Months Ended
Jun. 30, 2026
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE

As at June 30, 2026, the Company had the following options outstanding and exercisable:

 

Grant Date  Expiry Date  Exercise Price  

Remaining Contractual

Life (years)

  

Number of

Options

Outstanding

  

Number of

Options

Exercisable

 
October 30, 2019  October 30, 2029  $62.50    3.58    10,464    10,464 
April 30, 2020  April 30, 2030  $62.50    4.07    160    160 
April 30, 2020  April 30, 2030  $96.25    4.07    4,400    4,400 
November 24, 2020  November 24, 2030  $62.50    4.64    1,280    1,280 
February 2, 2021  February 2, 2031  $330.00    4.83    1,200    1,200 
April 27, 2021  April 27, 2031  $253.75    5.06    3,240    3,240 
September 9, 2021  September 9, 2026  $121.00    0.44    1,034    1,034 
November 9, 2023  November 9, 2033  $15.75    7.60    1,200    1,200 
                 22,978    22,978 
SCHEDULE OF STOCK OPTIONS OUTSTANDING

  

  

Number

of Options

  

Weighted Average

Exercise Price

 
Outstanding, December 31, 2024   31,604   $112.05 
Forfeited   (3,746)   113.55 
Expired   (4,000)   80.00 
Outstanding, December 31, 2025   23,858   $116.34 
Forfeited   (480)   221.88 
Expired   (400)   347.50 
Outstanding, June 30, 2026   22,978    110.11 
SCHEDULE OF CHANGES IN RESTRICTED STOCK UNITS

As at June 30, 2026, the Company had the following RSUs outstanding:

 

   Number of RSUs 
Outstanding, December 31, 2024   188,100 
Vested   (216,738)
Issued   450,964 
Forfeited   (9,175)
Outstanding, December 31, 2025   413,151 
Vested   (652,584)
Issued   2,018,983 
Forfeited   (11,900)
Outstanding, June 30, 2026   1,767,650 
SCHEDULE OF RESTRICTED STOCK UNITS ESTIMATES

As at grant date April 15, 2026  First Vest   Second Vest   Third Vest 
Starting share price - CAD  $8.16   $8.16   $8.16 
Volatility   137.2%   137.2%   137.2%
Number of years to vest   0.877    1.879    2.879 
Interpolated risk free rate   2.54%   2.76%   2.896%
                
Value of conversion feature   1.9166    4.7156    6.1210 
Number of RSU’s outstanding   423,371    423,371    423,371 
Fair value of RSU’s, pre-vesting adjustment  $811,442   $1,996,456   $2,591,445 
Probability of performance vesting   50%   50%   50%
Fair value of RSU’s  $405,721   $998,228   $1,295,723 
SCHEDULE OF ISSUE DATE FAIR VALUE INPUTS OF WARRANTS

 

   February issuance 
2026 issuances  Broker 
Volatility   137.94% 
Risk free rate   3.45% 
Expected life   3 years 
Expected dividend yield   0% 

 

   May Issuance   June Issuance   July Issuance 
2025 issuances  Broker   Broker   Broker 
Volatility   122.15%    125.42%    131.17% 
Risk free rate   3.63%    3.85%    3.89% 
Expected life   3 years    3 years    3 years 
Expected dividend yield   0%    0%    0% 
SCHEDULE OF WARRANT DERIVATIVE LIABILITY

Warrant Derivative Liability

 

Balance at December 31, 2024  $2,198,121 
Exercised   (4,353,939)
Change in fair value of warrants outstanding   2,648,288 
Balance at December 31, 2025  $492,470 
Pre-funded warrants issued   20,244,448 
Warrants and pre-funded warrants exercised   (19,360,086)
Change in fair value of warrants and pre-funded outstanding   (1,038,800)
Balance at June 30, 2026  $338,032 
SCHEDULE OF WARRANT AND FAIR VALUE OUTSTANDING

Details of these warrants and their fair values are as follows:

  

Issue Date  Exercise Price  

Number of

Warrants

Outstanding at

June 30, 2026

  

Fair Value at

June 30, 2026

  

Number of Warrants Outstanding at

December 31, 2025

  

Fair Value at

December 31, 2025

 
Derivative Liability                         
February 26, 2024 (1)  US$4.4025    60,715   $338,032    61,911   $492,470 
February 23, 2026 (2)  $0.00014    -    -    -    - 
         60,715   $338,032    61,911   $492,470 
1)The warrants expire February 26, 2029.
2)These warrants were exercised during the period ended June 30, 2026.
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS

The fair values of the warrants were estimated using the Black-Scholes Option Pricing Model with the following weighted average assumptions:

 

 SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS 

   June 30, 2026   December 31, 2025 
Risk free interest rate   4.15%   3.55%
Expected volatility   134.47%   139.39%
Expected life   2.66 years    3.16 years 
Expected dividend yield   0%   0%
SCHEDULE OF WARRANTS OUTSTANDING

As at June 30, 2026, the Company had the following warrants outstanding:

 

Date issued  Expiry date  Exercise price  

Number of

warrants outstanding

 
October 30, 2023  October 30, 2026  $23.20    12,800 
February 26, 2024  February 26, 2029  US$4.4025    60,715 
May 5, 2025  May 5, 2030  $3.9779    7,500 
June 12, 2025  June 12, 2030  $5.0768    1,014,500 
July 21, 2025  July 21, 2030  $7.3579    3,495,732 
February 23, 2026  February 23, 2029  $11.9744    357,500 
June 9, 2026  June 9, 2027  $0.00    386,670 
June 9, 2026  June 9, 2028  $0.00    309,336 
            5,644,753