During the three months ended June 30, 2026 and 2025, the Company recognized stock option expense of $446 and $751, respectively, for the vested portion of the stock options. During the six months ended June 30, 2026 and 2025, the Company recognized stock option expense of $957 and $1,629, respectively, for the vested portion of the stock options.

The Company recognized share-based compensation in connection with two stockholder approved equity plans. The Stock Option Plan (the “Stock Option Plan”) which was adopted in 2015 and later amended in 2021, and the 2024 Long Term Incentive Plan (the “LTIP”) which was adopted in 2024 and replaced the Stock Option Plan. Both plans are detailed below.

Under the Stock Option Plan, the Company was authorized to grant options to officers, directors, employees and consultants, enabling them to acquire common shares of the Company upon exercise of the options. The number of shares reserved for issuance under the Stock Option Plan could not exceed 10% of the outstanding common shares at the time of the grant. The options could be granted for a maximum of five years and vested as determined by the Company’s Board of Directors (the “Board”). No further grants are authorized under the Stock Option Plan as a result of the adoption of the LTIP. See further details on the LTIP below.


	Number of stock options	Weighted average exercise price (CAD)





Balance, December 31, 2025	5,835,459	C$4.37
Exercisable, December 31, 2025	5,359,459	C$4.25

Exercised	(75,234)	2.71
Forfeited/expired	(391,502)	4.76
Balance, June 30, 2026	5,368,723	C$4.36
Exercisable, June 30, 2026	5,368,723	C$4.36

Options Outstanding

Options Exercisable

June 30, 2026

Option price per share (CAD)

Options #

Weighted average remaining life (years)

Weighted average exercise price (CAD)

Options #

Weighted average exercise price (CAD)

C$2.40 - 3.79

1,723,807

0.55

C$2.97

1,723,807

C$2.97

C$4.20 - 5.76

3,644,916

1.17

C$5.02

3,644,916

C$5.02

5,368,723

1.72

C$4.36

5,368,723

C$4.36

As of June 30, 2026, the aggregate intrinsic value of all outstanding stock options granted and vested under the Stock Option Plan was estimated at $0. As of June 30, 2026, the unrecognized compensation cost related to unvested stock options under the Stock Option Plan was $0.

A summary of the Company’s unvested stock option activity under the Stock Option Plan for the six months ended June 30, 2026 is as follows:


	Number of stock options	Weighted Average Grant Date Fair Value (CAD)




Outstanding, December 31, 2025	476,000	C$2.79
Vested	(465,750)	2.79
Forfeited	(10,250)	2.71
Outstanding, June 30, 2026	-	C$0.00

The Company’s standard stock option vesting schedule calls for 25% every six months commencing six months after the grant date.

In August 2024, the Company adopted the LTIP to replace the Stock Option Plan. Awards previously issued and outstanding pursuant to the Stock Option Plan will continue to be governed by the Stock Option Plan.

The number of common shares reserved for issuance pursuant to awards granted under the LTIP will not, in the aggregate, exceed 10% of the issued and outstanding common shares at the time of the grant. No award, other than

an option, may vest before the date that is one year following the date on which the award is granted, except in the case of accelerated vesting as defined in the LTIP.


	Number of stock options	Weighted average exercise price (USD)





Balance, December 31, 2025	1,060,000	$	3.21

Granted	330,000	2.18
Balance, June 30, 2026	1,390,000	$	2.97
Exercisable, June 30, 2026	146,250	$	3.14


		Options Outstanding			Options Exercisable
		June 30, 2026			June 30, 2026
Option price per share	Options #	Weighted average remaining life (years)	Weighted average exercise price (USD)		Options #	Weighted average exercise price (USD)
$2.13 - $3.47	1,390,000	5.37	$	2.97	146,250	$	3.14


	1,390,000	5.37	$	2.97	146,250	$	3.14


	Number of Shares	Weighted Average Grant Date Fair Value (USD)




Outstanding, December 31, 2025	1,060,000	$	3.21
Granted	330,000	2.18
Vested	(146,250)	3.14
Outstanding, June 30, 2026	1,243,750	$	2.95

As of June 30, 2026, the aggregate intrinsic value of all outstanding stock options granted and vested under the LTIP was estimated at $0. As of June 30, 2026, the unrecognized compensation cost related to unvested stock options under the LTIP was $1,273, which is expected to be recognized over a weighted average period of 1.39 years. The Company recognized stock option expense of $444 and $957 during the three and six months ended June 30, 2026, respectively, related to stock options.

During the three and six months ended June 30, 2026, the Company granted 300,000 and 330,000 stock options, respectively, under the LTIP. A fair value of $492 was calculated for these options as measured at the grant date using the Black-Scholes option pricing model during the six months ended June 30, 2026. The weighted average assumptions used in calculating the fair values as of June 30, 2026, are as follows:

The Company has elected to utilize the simplified method for determining the expected life of the options. This is due to the stock options granted being considered “plain vanilla” in accordance with SAB Topic 14 in ASC 718. This simplified method allows for the average of the vesting period and contractual life.

Under the LTIP, RSUs may be granted to the participants and generally vest over multi-year service periods, typically two to five years for officers, employees and consultants and annually for directors.

During the three and six months ended June 30, 2026, the Company granted 100,000 and 132,000 RSUs, respectively, to officers and directors under its LTIP. The following table summarizes the Company’s RSU activity for the six months ended June 30, 2026:


	Number of RSUs	Weighted Average Remaining Vesting Term (years)	Weighted Average Grant Date Fair Value (USD)
Balance, December 31, 2025	3,926,425	2.42	$	3.36
Granted	132,000	2.01	2.27
Vested	(47,025)	-	3.47
Forfeited	(112,164)	-	3.47
Balance, June 30, 2026	3,899,236	1.96	$	3.31

The Company recognized compensation expense of $1,711 and $3,572 during the three and six months ended June 30, 2026, respectively. As of June 30, 2026, unrecognized compensation cost related to unvested RSUs was $7,843, which is expected to be recognized over a weighted average period of 1.96 years.

During the six months ended June 30, 2026, the Company granted 300,000 performance share units (“PSUs”) to officers and directors under its LTIP. Each PSU represents the right to receive one common share upon vesting. The awards are subject to continued service and achievement of a relative total shareholder return performance condition measured against a peer group of uranium industry companies over a three-year performance period ending December 31, 2028. Payouts range from 0% to 200% of target based on the Company’s performance relative to the peer group.


	Number of PSUs	Weighted Average Remaining Vesting Term (years)	Weighted Average Grant Date Fair Value (USD)
Balance, December 31, 2025	-	-	$	-
Granted	300,000	2.51	2.13


Balance, June 30, 2026	300,000	2.51	$2.13

During the three and six months ended June 30, 2026, the Company recognized $45 of compensation expense related to PSUs in each period. As of June 30, 2026, unrecognized compensation cost related to unvested PSUs was $556, which is expected to be recognized over a weighted average period of 2.51 years.