Note 7 – Stock Options

On May 26, 2022, the Company granted 3,700,000 stock options with an exercise price of $0.22, a term of 5 years and vesting immediately. These options were vested on the date of grant and resulted in stock-based compensation of $696,397. Of the options granted, 1,600,000 were granted to 4 related parties including officers and directors and 2,100,000 were granted to 15 consultants of the Company. Due to the continuing decline of the company’s share price these options were repriced to $0.10 on January 24^th 2023 (resulting in a stock based compensation expense of $69,337), and again to $0.04 on Jan 11^th 2024 (resulting in a stock based compensation expense of $34,827). 500,000 options were also granted to a consultant of the company priced at $0.04 in January 2024. In September of 2024 100,000 stock options were cancelled, as were a further 600,000 in November of 2025. As of June 30, 2026 no stock options have been exercised, and none have been exercised up to and including the date of this document.

The fair value of options granted during the three ended June 30, 2026 were determined using the Black Scholes method with the following assumptions:

A summary of the Company’s stock option activity and related information follows:

As of June 30, 2026, the intrinsic value of the stock options was approximately $0. Stock option expense for the six months ended June 30, 2026 was $Nil (2025: $Nil). As at June 30, 2026, 3,500,000 are exercisable (December 31, 2025: 3,500,000).

The following table summarizes the stock options outstanding at June 30, 2026: