| Schedule of Changes in Warrant Liabilities |
The following table summarizes the changes in
the warrant liabilities for the Corporation’s warrants for the periods ended June 30, 2026 and December 31, 2025:
| | |
Number of warrants | | |
Amount | |
| Balance, December 31, 2024 | |
| 3,636,363 | | |
$ | 3,040,494 | |
| Warrants issued | |
| 1,492,190 | | |
| 3,215,255 | |
| Warrants exercised | |
| (3,653,410 | ) | |
| (7,324,588 | ) |
| Revaluation of warrant liabilities | |
| - | | |
| 3,110,015 | |
| Foreign currency translation | |
| - | | |
| 256,754 | |
| Balance, December 31, 2025 | |
| 1,475,143 | | |
| 2,297,930 | |
| Warrants issued | |
| 269,231 | | |
| 599,039 | |
| Warrants exercised | |
| (663,899 | ) | |
| (2,750,086 | ) |
| Revaluation of warrant liabilities | |
| - | | |
| 4,250,772 | ) |
| Foreign currency translation | |
| - | | |
| (147,314 | ) |
| Balance, June 30, 2026 | |
| 1,080,475 | | |
$ | 4,250,341 | |
|
| Schedule of Fair Value of Warrants |
The fair value of the Corporation’s warrants
determined using the Black-Scholes pricing model was determined with the following weighted average assumptions:
| | |
As at
June 30,
2026 | | |
As at December 31, 2025 | |
| Spot price (in CAD$) | |
$ | 7.66 | | |
$ | 3.50 | |
| Risk-free interest rate | |
| 2.79 | % | |
| 2.64 | % |
| Expected annual volatility | |
| 129 | % | |
| 121 | % |
| Expected life (years) | |
| 1.85 | | |
| 2.48 | |
| Dividend | |
| nil | | |
| nil | |
|
| Schedule of Warrants Classified as Liabilities Outstanding and Exercisable |
The following table reflects the Corporation’s
warrants classified as liabilities outstanding and exercisable as at June 30, 2026.
| Expiry date | | SV Shares underlying Warrants outstanding and exercisable | | | Exercise price | | | August 15, 2027 | | | 431,818 | | | US$ | 2.00 | | | February 7, 2028 | | | 456,349 | | | US$ | 3.66 | | | July 21, 2030 | | | 192,308 | | | US$ | 3.59 | | | | | | 1,080,475 | | | | | |
|