v3.26.1
Convertible Promissory Notes
6 Months Ended
Jun. 30, 2026
Convertible Promissory Notes  
Convertible Promissory Notes

10.   Convertible Promissory Notes

Interest amounting to $10 was accrued for the six months ended June 30, 2026 (June 30, 2025: $9).

Principal amount outstanding as of June 30, 2026 and December 31, 2025 was $480. At both reporting dates, the entire balance was current.

All notes maturing prior to the date of this report are outstanding.

Derivative liability

During the six months ended June 30, 2026, there were no conversion of principal balance of convertible promissory notes (June 30, 2025: $nil). The Company recorded and fair valued the derivative liability as follows:

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Derivative

  ​ ​ ​

Conversions /

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  ​ ​ ​

  ​ ​ ​

Derivative

liability as at

Redemption

liability as at

December 31, 

during the

Change due to

Fair value

June 30, 

2025

period

Issuances

adjustment

2026

$

$

$

$

$

Note D

 

902

 

 

8

910

Note F

 

5,248

 

 

 

(51)

5,197

Note G

 

1,907

 

 

 

(19)

1,887

 

8,057

 

 

 

(62)

7,994

Key assumptions used for the valuation of convertible notes

Derivative element of the convertible notes was fair valued using a multinomial lattice model. Following assumptions were used to fair value these notes as of June 30, 2026:

Projected annual volatility of 157% to 218%;
Risk free interest rate of 0.55% to 3.93%;
Stock price of $0.002;
Liquidity term of 0.25 to 0.50 years;
Dividend yield of 0%; and
Exercise price of $0.0018 to $0.0151.