v3.26.1
Stock Options and Restricted Share Units (Tables)
 6 Months Ended
Jun. 30, 2026
Stock Options and Restricted Share Units [Abstract]  
Schedule of Share Based Compensation Expense

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 
Schedule of Stock Options

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 
Schedule of Fair Value of Options Determined through Weighted Average Assumptions

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 
Schedule of Stock Options Issued and Outstanding

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 
Schedule of RSUs for the Periods

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.