v3.26.1
SHARE BASED PAYMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Share Based Payments  
SCHEDULE OF SHARE OPTIONS ACTIVITY

The number and weighted average exercise prices of share options are as follows (in Canadian dollars):

 

   December 31, 2025   December 31, 2024 
   Number of options   Weighted average exercise price   Number of options   Weighted average exercise price 
                 
Outstanding at January 1   1,073,924   C$    2.94    939,634   C$     2.36 
Granted   -    -    293,190    4.23 
Expired   -    -    (33,000)   3.00 
Cancelled   -    -    (45,900)   2.82 
Exercised   (191,303)   1.43    (80,000)   0.80 
Outstanding at December 31   882,621   C$3.28    1,073,924   C$2.94 
                     
Exercisable at December 31   784,891   C$3.16    791,496   C$2.35 
                     
Weighted average share price on date of exercise   191,303   C$8.12    80,000   C$4.68 
SCHEDULE OF EXERCISE PRICES OF OUTSTANDING STOCK OPTIONS

The range of exercise prices of the outstanding stock options for December 31, 2025 is as follows (in Canadian dollars):

 

Range of exercise prices  Number of outstanding stock options   Weighted average exercise price   Weighted average contractual life ( years) 
C$5.00 to C$6.04   242,234   C$5.48    7.4 
C$1.80 to C$4.90   357,190    3.74    6.9 
C$0.80 to C$1.80   283,197    0.80    1.0 
    882,621   C$3.28    5.1 

 

The range of exercise prices of the outstanding stock options for December 31, 2024 is as follows (in Canadian dollars):

 

Range of exercise prices  Number of outstanding stock options   Weighted average exercise price   Weighted average contractual life ( years) 
C$4.90 to C$6.04   260,900   C$5.46    8.4 
C$1.80 to C$4.90   368,190    3.76    7.9 
C$0.80 to C$1.80   444,834    0.80    2.0 
    1,073,924   C$2.95    3.0 
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS

The fair value of the stock options at grant date was estimated using Black Scholes model with the following weighted average inputs:

 

   2024 
     
Fair value at grant date (per option) (in Canadian dollars)  C$3.46 
      
Volatility (%) (a)   77.00 
Forfeiture rate (%)   5%
Option life (years)   10 
Risk-free interest rate (%)   3.66 
Exercise price  C$4.23 
Share price at grant date  C$4.23 
Expected dividends   0%

 

(a)Volatility is based on a statistical analysis of historical share prices.
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE FAIR VALUE OF RESTRICTED STOCK UNITS

The number and weighted average fair value of Restricted Stock Units (RSUs) are as follows (in Canadian dollars):

 

     
   December 31, 2025   December 31, 2024 
   Number of RSUs   Weighted average fair value   Number of RSUs   Weighted average fair value 
                 
Outstanding at January 1   232,125    C$4.53    119,140    C$5.28 
Granted   365,692    11.28    169,220    4.25 
Vested   (87,858)   4.62    (35,378)   5.27 
Cancelled   -    -    (20,857)   5.29 
Outstanding at December 31,   509,959    C$9.36    232,125    C$4.53 
SCHEDULE OF STOCK BASED COMPENSATION

Stock based compensation was recorded as follows:

 

   2025   2024 
   December 31 
   2025   2024 
         
Expensed  $1,744   $1,075 
           
Capitalized  $226   $162