v3.26.1
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:

 

   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:

 

   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:

 

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:

 

   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

 

   Six months ended   Year ended 
   June 30, 2026   December 31, 2025 
Share price   3.305.37    8.208.70 
Strike price   3.308.00    9.8010.00 
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   2.562.85%   2.54% – 2.70%
Expected life of Options   23 years    2.53.5 years 
SCHEDULE OF DETAILS OF OPTIONS OUTSTANDING

Details of Options outstanding as at June 30, 2026, are as follows:

 

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:

 

   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:

 

   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.