Stock-based compensation expense was comprised of the following for the periods ended:

(a) Stock options

The Company has established a rolling Stock Option Plan (the "Plan"). Under the Plan, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis. The maximum term of each option shall not be greater than 10 years. The exercise price of each option shall not be less than the market price of the Company's shares at the date of grant. Options granted to consultants performing investor relations activities shall vest over a minimum of 12 months with no more than a quarter of such options vesting in any 3-month period. All other options vest at the discretion of the Board of Directors. There were no options granted during the periods ended June 30, 2026 and June 30, 2025.

On April 1, 2024, the Company modified the exercise price from Canadian dollars to United States dollars of stock options that were held by employees in the United States of America and in Europe. The modification resulted in $nil additional stock-based compensation expense. 

Following is a summary of changes in stock options outstanding with a CAD exercise price:

Following is a summary of changes in stock options outstanding with a USD exercise price:

 

The stock options outstanding and exercisable with CAD exercise price as at June 30, 2026, are as follows:

Outstanding		Exercisable		Exercise price - CAD		Expiry date
282,400		282,400	$	5.66		August 26, 2027
50,000		50,000		10.00		March 26, 2028
450,000		450,000		6.86		July 6, 2028
400,000		400,000		3.10		September 18, 2028
100,000		100,000		1.35		December 21, 2028
200,000		200,000		1.45		February 10, 2030
20,000		20,000		1.90		May 29, 2030
1,400		1,400		10.80		December 24, 2030
60,000		60,000		18.35		April 29, 2031
180,000		153,000		18.50		October 7, 2031
40,000		40,000		25.35		November 10, 2031
1,783,800		1,756,800

The stock options outstanding and exercisable with USD exercise price as at June 30, 2026, are as follows:

(b) Restricted share-units

The Company has established a Restricted Share Unit Plan (the "RSU Plan").  Under the RSU Plan, together with any other share compensation arrangement, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis.  The Board may in its own discretion, at any time, and from time to time, grant RSUs to any employee, director or consultant of the Company or its subsidiaries (collectively, "Eligible Person"), other than persons conducting investor relations activities, from time to time by the Board, subject to the limitations set forth in the RSU Plan. The Board may designate one or more performance periods under the RSU Plan.  In respect of each designated performance period and subject to the terms of the RSU Plan, the Board may from time to time establish the grant date and grant to any Eligible Person one or more RSUs as the Board deems appropriate.

The fair value of restricted shares units (RSUs) is generally measured as the grant date price of the Company's shares.

On June 30, 2026, the Company granted 3,341,800 RSUs to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$5.18 per share and vesting on June 30, 2027.

Following is a summary of changes in restricted share units:

		Outstanding
Balance, March 31, 2024	$	1,379,056
Granted		6,050,000
Exercised		(326,644	)
Balance, March 31, 2025	$	7,102,412
Granted		11,176,300
Exercised		(3,125,950	)
Balance, March 31, 2026	$	15,152,762
Granted		3,341,800
Exercised		(1,797,375	)
Balance, June 30, 2026	$	16,697,187