Schedule of share capital issued

During April 2026, the Company converted 1,244,032 previously vested RSUs to Class A common shares. In connection with this conversion, 681,986 RSUs were withheld and cancelled to satisfy withholding tax obligations.

During the first quarter of 2026, 100,000 RSUs were vested and converted into shares.

During the fourth quarter of 2025, 1,243,000 warrants were exercised for consideration of $857 and issuance costs of $17 were recorded.

In September 2025, the Company received gross proceeds of $20,653 under the “bought deal” offering issuing a total of 9,584,100 Class A common shares at a price of C$3.00. The Company recorded issuance costs of $2,460, including 575,046 warrants. The warrants were valued at $577 using the Black-Scholes pricing model with the following main assumptions: share price – C$3.05, volatility – 80.67%, risk free rate – 4.5%, dividend 0%.

During the third quarter of 2025, 2,380,554 warrants were exercised for consideration of $2,188.

In May 2025, 109,545 warrants were exercised for consideration of $75 and issuance costs of $2 were recorded.

In February 2025, the Company closed a “bought deal” Listed Issuer Financing Exemption offering and concurrent private placement issuing a total of 5,502,108 Class A common shares at a price of C$2.25 for aggregate gross proceeds of $8,692. The Company recorded issuance costs of $1,070, including 330,126 warrants. The warrants were valued at $267 using the Black-Scholes pricing model with the following main assumptions: share price - C$2.01 - C$2.51, volatility – 75.95%- 76.58%, risk free rate – 4.5%, dividend 0%.

 Schedule of contributed surplus

The calculation of earnings (loss) per share is based on the weighted average number of Class A common shares outstanding. Where the impact of the exercise warrants is anti-dilutive, they are not included in the calculation of diluted loss per share. The Company has incurred a net loss for each period presented and the including of the outstanding warrants in the loss per share calculation are anti-dilutive and therefore not included in the calculation.

The underlying Class A common shares pertaining to 590,067 restricted share units (RSUs), and 604,918 outstanding warrants could potentially dilute earnings.

The Omnibus Incentive Plan (Omnibus Plan) was approved by the shareholders at the Annual General Meeting on March 15, 2018 and replaces the share option plan, the employee share compensation plan and the director’s share compensation plan, which provided for shares to be issued to employees and directors as compensation for services. The Omnibus Plan permits the issuance of options, stock appreciation rights, restricted share units and other share-based awards under one single plan.

The maximum number of common shares reserved under the Omnibus Plan was 3,363,631. Any common shares reserved under the predecessor share option plan related to awards that expire or forfeit will be rolled into the Omnibus Plan. At the Annual General Meeting on June 29, 2021, shareholders approved replenishment of 997,253 Common Shares reserved for issuance under the Omnibus Plan. At the Annual General Meeting on June 29, 2023, shareholders approved replenishment of 1,300,000 Common Shares reserved for issuance under the Omnibus Plan, for a total reserve of 5,660,884. As of June 30, 2026, no share options (December 31, 2025 – Nil) and 590,067 RSUs (December 31, 2025 – 3,672,415) are issued and outstanding. In addition, 872,183 Class A common shares were issued during 2018, 125,070 Class A common shares were issued during 2020, 50,000 shares were issued during 2021, and 1,344,032 shares were issued during the first six months of 2026 under the plan, leaving 2,679,532 awards remaining available for future issuance.

The following tables summarize information regarding RSUs outstanding:

 Schedule of RSUs outstanding

During the six months ended June 30, 2026 and 2025, 86,909 RSUs and Nil, respectively, were issued. During the six months ended June 30, 2026, the Company recognized $435 (six months ended June 30, 2025 – $72) of non-cash compensation expense related to the RSUs.

During the six months ended June 30, 2026, the Company surrendered 1,143,239 vested RSUs through cash payments in lieu of issuing equity instruments (June 30, 2025- 609,866). The total cash paid to employees and directors for the surrender of vested awards during the six months ended June 30, 2026 was $1,605, of which $1,017 was paid to directors and key management (June 30, 2025 - $1,001, of which $638 was paid to directors and key management).

Non-cash compensation expense has been included in operating costs with respect to the share options, RSUs and shares granted to employees and non-employees as follows:

 Schedule of share based compensation