Stock Options and Restricted Share Units

6 Months Ended

Jun. 30, 2026

Stock Options and Restricted Share Units [Abstract]

Stock options and restricted share units

13.

Stock options and restricted share units

The following table presents share-based compensation expense by instrument type:

Six Months Ended June 30,		2026				2025
Stock options		$	5,032,066			$	1,898,707
Restricted share units			2,072,716				820,263
		$	7,104,782			$	2,718,970

(a)	Stock options

The Corporation has a stock option plan whereby the maximum number of shares subject to the plan, in the aggregate, shall not exceed 10% of the Corporation’s issued and outstanding shares. The exercise price shall be no less than the discount market price as determined in accordance with relevant exchange policies. These option awards generally vest immediately or up to 1 year of continuous service.

The following table reflects the continuity of stock options for the periods presented below:

		Number of Stock Options				Weighted Average Exercise Price (CAD$)
Balance, December 31, 2024			482,954				4.60
Granted			1,507,500				2.03
Exercised			(100,000	)			1.80
Expired / cancelled			(158,333	)			2.88
Balance, June 30, 2025			1,732,121				2.69
Balance, December 31, 2025			2,943,793				3.74
Granted			925,000				8.55
Exercised			(196,666	)			3.30
Expired / cancelled			(187,127	)			6.31
Balance, June 30, 2026			3,485,000				4.90

The fair value of options granted for the six months ended June 30, 2026 and 2025 was $4,953,169 and $1,931,939, respectively.

The fair value of the Corporation’s options has been determined using the Black-Scholes pricing model and the following weighted average assumptions:

		Granted in 2026
Spot price (in CAD$)		$	8.32
Risk-free interest rate			3.25	%
Expected annual volatility			138	%
Expected life (years)			5.00
Dividend			--
Fair value of option		$	7.35

The aggregate intrinsic value of stock options outstanding and exercisable as at June 30, 2026 is $14,739,905. As of June 30, 2026, there was $10,849 of total unrecognized compensation cost related to nonvested options granted to be recognized over the next 0.4 years.

The following table reflects the stock options issued and outstanding as of June 30, 2026:

Expiry Date		Exercise Price (CAD$)				Weighted Average Remaining Contractual Life (years)				Number of Options Outstanding				Number of Options Vested (exercisable)				Number of Options Unvested
March 5, 2030		US$	1.25				3.68				150,000				150,000				-
June 6, 2030			2.09				3.94				1,035,000				1,035,000				-
August 18, 2030			3.23				4.14				25,000				12,500				12,500
August 27, 2030		US$	2.25				4.16				50,000				25,000				25,000
November 19, 2030			4.90				4.39				1,400,000				1,400,000				-
January 30, 2031		US$	6.00				4.59				100,000				100,000				-
March 23, 2031		US$	2.39				4.73				50,000				50,000				-
April 20, 2031		US$	3.69				4.81				25,000				25,000				-
May 15, 2031		US$	7.22				4.88				650,000				650,000				-
			4.90				4.33				3,485,000				3,447,500				37,500

(b)	Restricted share units

The Corporation has an RSU plan whereby there is a fixed cap of shares that can be granted under the plan. The exercise price shall be no less than the discount market price as determined in accordance with relevant exchange policies.

The following table reflects the continuity of RSUs for the periods presented below:

		Number of RSUs
Balance, December 31, 2024			2,828,336
Granted (i)			45,000
Converted			(850,269	)
Cancelled			(6,500	)
Balance, June 30, 2025			2,016,567
Balance, December 31, 2025			2,283,943
Granted (ii)			2,780,000
Converted			(388,631	)
Balance, June 30, 2026			4,675,312

(i)

During the six months ended June 30, 2025, the Corporation granted 45,000 RSUs to consultants. These RSUs vest one-third on each of the first, second and third anniversaries of the date of grant. The grant date fair value of the RSUs was $67,297, which was measured based on the quoted price of the Corporation’s shares on the date of grant.

(ii)

During the six months ended June 30, 2026, the Corporation granted an aggregate of 2,780,000 RSUs to one officer of the Corporation and one consultant of the Corporation. These RSUs vest one-third on each of the first, second and third anniversaries of the date of grant. The grant date fair value of the RSUs was $15,867,348, which was measured based on the quoted price of the Corporation’s shares on the date of grant.

The aggregate intrinsic value of RSUs outstanding as at June 30, 2026 is $25,480,450. As of June 30, 2026, there was $18,620,019 of total unrecognized compensation cost related to nonvested RSUs granted to be recognized over the next 2.65 years. The fair value of RSUs is generally measured as the grant date price of the Corporation’s share.

For the three- and six-months ended June 30, 2026, the Corporation recorded share based compensation of $1,373,849 and $2,072,716, respectively, related to vesting of RSUs (as compared to $409,343 and $820,263 for the three- and six-months ended June 30, 2025, respectively).