SHARE CAPITAL (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
| Equity [Abstract] |
|
| SCHEDULE OF FAIR VALUE OF WARRANTS |
The
fair value of the November 2025 Warrants was calculated using the following assumptions:
SCHEDULE OF FAIR VALUE OF WARRANTS
| | |
November 2025 Warrants | |
| Expected dividend yield | |
| 0 | % |
| Share price | |
$ | 4.91 | |
| Expected share price volatility | |
| 77.47 | % |
| Risk free interest rate | |
| 2.49 | % |
| Expected life of warrant | |
| 2 years | |
The
fair value of the Private Placement Warrants was calculated using the following assumptions:
| | |
Private Placement Warrants | |
| Expected dividend yield | |
| 0 | % |
| Share price | |
$ | 5.00 | |
| Expected share price volatility | |
| 81.8 | % |
| Risk free interest rate | |
| 2.57 | % |
| Expected life of warrant | |
| 3 years | |
|
| SUMMARY OF COMMON SHARE PURCHASE WARRANT ACTIVITY |
The
following summarizes Common Share purchase warrant activity:
SUMMARY OF COMMON SHARE PURCHASE WARRANT ACTIVITY
| | |
Six months ended | | |
Year ended | |
| | |
June 30, 2026 | | |
December 31, 2025 | |
| | |
Number Outstanding | | |
Weighted Average Exercise Price $ | | |
Number Outstanding | | |
Weighted Average Exercise Price $ | |
| Outstanding, beginning of the year | |
| 23,464,096 | | |
| 9.84 | | |
| 2,126,342 | | |
| 23.02 | |
| Issued | |
| - | | |
| - | | |
| 21,348,826 | | |
| 8.54 | |
| Expired | |
| (301,200 | ) | |
| 28.75 | | |
| (11,072 | ) | |
| 35.00 | |
| Outstanding, end of the period | |
| 23,162,896 | | |
| 9.59 | | |
| 23,464,096 | | |
| 9.84 | |
|
| SCHEDULE OF DETAILS OF WARRANTS OUTSTANDING |
At
June 30, 2026, the Company had outstanding Common Share purchase warrants exercisable to acquire Common Shares as follows:
SCHEDULE OF DETAILS OF WARRANTS OUTSTANDING
Warrants Outstanding | | |
Warrants Exercisable | | |
Expiry Date | |
Exercise Price $ | | |
Intrinsic Value $ | |
| | 1,012,981 | | |
| 1,012,981 | | |
June 14, 2029 | |
| 22.00 | | |
| - | |
| | 801,089 | | |
| 801,089 | | |
June 21, 2029 | |
| 22.00 | | |
| - | |
| | 3,833,334 | | |
| 3,833,334 | | |
March 18, 2028 | |
| 11.00 | | |
| - | |
| | 3,480,392 | | |
| 3,480,392 | | |
March 18, 2028 | |
| 8.00 | | |
| - | |
| | 14,035,100 | | |
| 14,035,100 | | |
November 17, 2027 | |
| 8.00 | | |
| - | |
| | 23,162,896 | | |
| 23,162,896 | | |
| |
| | | |
| - | |
|
| SCHEDULE OF OPTION ACTIVITY |
The
following summarizes the Option activity:
SCHEDULE OF OPTION ACTIVITY
| | |
Six months ended | | |
Year ended | |
| | |
June 30, 2026 | | |
December 31, 2025 | |
| | |
Number Outstanding | | |
Weighted Average Exercise Price $ | | |
Number Outstanding | | |
Weighted Average Exercise Price $ | |
| Outstanding, beginning of the year | |
| 1,012,740 | | |
| 21.51 | | |
| 779,343 | | |
| 25.60 | |
| Granted | |
| 94,800 | | |
| 5.78 | | |
| 299,000 | | |
| 9.99 | |
| Exercised | |
| - | | |
| - | | |
| (12,000 | ) | |
| 9.00 | |
| Expired / Cancelled | |
| (203,657 | ) | |
| 13.21 | | |
| (53,603 | ) | |
| 19.58 | |
| Outstanding, end of the period | |
| 903,883 | | |
| 21.73 | | |
| 1,012,740 | | |
| 21.51 | |
|
| SCHEDULE OF FAIR VALUE OF STOCK OPTION GRANTED |
SCHEDULE OF FAIR VALUE OF STOCK OPTION GRANTED
| | |
Six months ended | | |
Year ended | |
| | |
June 30, 2026 | | |
December 31, 2025 | |
| Share price | |
| 3.30 – 5.37 | | |
| 8.20 – 8.70 | |
| Strike price | |
| 3.30 – 8.00 | | |
| 9.80 – 10.00 | |
| Expected dividend yield | |
| 0 | % | |
| 0 | % |
| Expected forfeiture rate | |
| 0 | % | |
| 0 | % |
| Expected share price volatility range | |
| 73.4 – 77.4 | % | |
| 76.3 – 78.6 | % |
| Weighted average expected share price volatility | |
| 75.8 | % | |
| 77.5 | % |
| Risk free interest rate | |
| 2.56 – 2.85 | % | |
| 2.54% – 2.70 | % |
| Expected life of Options | |
| 2 – 3 years | | |
| 2.5 – 3.5 years | |
|
| SCHEDULE OF DETAILS OF OPTIONS OUTSTANDING |
Details
of Options outstanding as at June 30, 2026, are as follows:
SCHEDULE OF DETAILS OF OPTIONS OUTSTANDING
Options
Outstanding |
|
|
Options
Exercisable |
|
|
Expiry
Date |
|
Exercise
Price
$ |
|
|
Intrinsic
Value
$ |
|
| |
55,335 |
|
|
|
55,335 |
|
|
September
29, 2026 |
|
|
18.20 |
|
|
|
- |
|
| |
49,940 |
|
|
|
49,940 |
|
|
October
25, 2026 |
|
|
40.00 |
|
|
|
- |
|
| |
90,911 |
|
|
|
90,911 |
|
|
January
20, 2027 |
|
|
48.00 |
|
|
|
- |
|
| |
50,000 |
|
|
|
50,000 |
|
|
February
1, 2028 |
|
|
8.00 |
|
|
|
- |
|
| |
154,997 |
|
|
|
103,887 |
|
|
August
8, 2028 |
|
|
35.00 |
|
|
|
- |
|
| |
143,900 |
|
|
|
96,267 |
|
|
August
14, 2029 |
|
|
22.00 |
|
|
|
- |
|
| |
15,000 |
|
|
|
12,917 |
|
|
December
4, 2029 |
|
|
9.80 |
|
|
|
- |
|
| |
287,500 |
|
|
|
287,500 |
|
|
March
18, 2030 |
|
|
10.00 |
|
|
|
- |
|
| |
11,500 |
|
|
|
10,000 |
|
|
April
24, 2030 |
|
|
9.80 |
|
|
|
- |
|
| |
44,800 |
|
|
|
- |
|
|
April
9, 2031 |
|
|
3.30 |
|
|
|
- |
|
| |
903,883 |
|
|
|
756,757 |
|
|
|
|
|
|
|
|
|
- |
|
|
| SCHEDULE OF CONTINUITY OF RSU |
The
following is a continuity of the RSUs which are fixed and are not subject to vesting conditions other than service:
SCHEDULE OF CONTINUITY OF RSU
| | |
Six months ended | | |
Year ended | |
| | |
June 30, 2026 | | |
December 31, 2025 | |
| | |
Number Outstanding | | |
Weighted Average Grant-Date Fair Value Per Award $ | | |
Number Outstanding | | |
Weighted Average Grant-Date Fair Value Per Award $ | |
| Outstanding, beginning of the year | |
| 524,592 | | |
| 7.51 | | |
| 50,000 | | |
| 12.00 | |
| Granted | |
| 134,300 | | |
| 5.37 | | |
| 491,262 | | |
| 7.20 | |
| Vested / Settled | |
| (158,750 | ) | |
| 8.19 | | |
| (16,670 | ) | |
| 12.00 | |
| Expired / Cancelled | |
| (16,056 | ) | |
| 4.91 | | |
| - | | |
| - | |
| Outstanding, end of the period | |
| 484,086 | | |
| 5.53 | | |
| 524,592 | | |
| 7.51 | |
|
| SCHEDULE OF DSU GRANTED |
The
following is a continuity of the DSUs:
SCHEDULE OF DSU GRANTED
| | |
Number of Awards | | |
Price(1) $ | |
| DSUs outstanding at December 31, 2024 | |
| 108,236 | | |
| 8.70 | |
| Granted | |
| 46,600 | | |
| 4.91 | |
| Redeemed | |
| (39,749 | ) | |
| 7.49 | |
| Cancelled | |
| (4,699 | ) | |
| 4.90 | |
| DSUs outstanding at December 31, 2025 | |
| 110,388 | | |
| 5.37 | |
| Granted | |
| 153,100 | | |
| 3.75 | |
| Redeemed | |
| (19,501 | ) | |
| 5.88 | |
| DSUs outstanding at June 30, 2026 | |
| 243,987 | | |
| 3.38 | |
Note:
| (1) |
For
DSUs granted/cancelled and outstanding, price represents the closing price of the Company’s Common Shares on the grant date/cancellation
date and balance sheet date, respectively. For DSUs redeemed, price represents the volume weighted average price on the TSXV for
the last five trading days immediately preceding the redemption date. |
|