Equity-Settleable Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about borrowings [abstract]

Schedule of Convertible Notes

The Convertible Notes represent financial instruments that include a debt host accounted for at amortized cost, and a conversion option and a redemption option derivative, which are separated from the debt host and accounted for at fair value, with changes in fair value recorded in the statement of comprehensive loss. These derivatives are accounted for together as a single compound derivative when separated from the debt host.

13.

EQUITY-SETTLEABLE CONVERTIBLE NOTES (continued)


		Debt host				Convertible note derivative				Total
		$				$				$
Convertible notes
As at December 31, 2023			187,223				13,138				200,361
Gain on change in fair value of convertible notes derivative			-				(12,530	)			(12,530	)
Accrued Interest			25,134				-				25,134
Interest payment			(2,453	)			-				(2,453	)
Reclassification of short-term accrued interest to short-term liability			(2,075	)			-				(2,075	)
As at December 31, 2024			207,829				608				208,437
Loss on change in fair value of convertible notes derivative			-				2,416				2,416
Accrued Interest			27,837				-				27,837
Interest payment			(2,454	)			-				(2,454	)
Reclassification of short-term accrued interest to short-term liability			(2,075	)			-				(2,075	)
As at December 31, 2025			231,137				3,024				234,161

Summary of Significant Inputs Used in Valuation

The fair value of the derivative as at December 31, 2025, was estimated using a partial differential equation method with Monte Carlo simulation. The significant inputs used in the valuation were as follows:


Valuation input		Assumption
Share price		$	5.58
Volatility			75	%
Risk-free interest rate			3.48	%
Expected dividend yield			0	%
Credit spread			7.25	%