Warrants

9 Months Ended

Jul. 31, 2026

NOTE 13 – WARRANTS

A summary of warrant activity for the nine months ended July 31, 2026 is as follows:


Warrants	Shares			Weighted Average Exercise Price ($CDN)		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value

Outstanding and exercisable at October 31, 2025		5,742,499		$	0.13		3.00	$	615,952
Exercised		(45,000	)		0.13
Outstanding and exercisable at July 31, 2026		5,697,499		$	0.13		2.25	$	98,765

On June 3, 2026, 45,000 warrants to acquire 45,000 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $4,213.

No warrants were issued during the nine months ended July 31, 2026.

During the nine months ended July 31, 2025, the Company received gross proceeds of $144,550 related to a warrant exercise of 245,000 warrants at an exercise price of $0.59 per share of common stock, and paid Arras $61,250 for the issuance of Arras shares, for net proceeds of $83,300, excluding issuance costs of $1,544.

On March 18, 2025, the Company received gross proceeds of $12,685 related to an exercise of 21,500 warrants at an exercise price of $0.59 per share of common stock, and paid Arras $5,375 for the issuance of Arras shares, for net proceeds of $7,310, excluding issuance costs of $1,332.

No warrants were issued during the nine months ended July 31, 2025.

Summarized information about warrants outstanding and exercisable at July 31, 2026 is as follows:


	Warrants Outstanding and Exercisable
	Exercise Price ($CDN)	Number Outstanding	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price ($CDN)
$	0.13	5,697,499	2.25	$	0.13

During the year ended October 31, 2023, the Company issued 5,842,499 warrants with an exercise price of Canadian dollar ("$CDN") $0.13 per share in connection with the $CDN 0.11 Unit private placement. The Company’s $CDN warrants have been recognized as a derivative liability as the currency denomination of the exercise price is different from the functional currency of the Company.

The following is a summary of the Company’s warrant derivative liability at July 31, 2026:


Warrant derivative liability at October 31, 2025	$	777,095
Foreign currency translation adjustment		6,845
Change in fair value of warrant derivative liability		(360,370	)
Reclassification to additional paid-in capital upon exercise of warrants		(4,178	)
Warrant derivative liability at July 31, 2026	$	419,392

The fair value of the warrants issued in the $CDN 0.11 Unit private placement was revalued to be $419,392 based on the Black-Scholes pricing model using a risk-free interest rate of 4.31%, expected volatility of 123.95%, dividend yield of 0%, and a contractual term of 2.25 years as of July 31, 2026.