v3.26.1
SHARE-BASED PAYMENT (Tables)
12 Months Ended
Dec. 31, 2025
SHARE-BASED PAYMENT  
Summary of weighted average assumptions of stock option

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

 

Fair value of common shares at grant

​

$

0.92

​

$

0.27

​

Exercise price

​

$

0.94

​

$

0.27

​

Expected life

​

 

5 years

​

 

5 years

​

Volatility

​

 

92

%  

 

107

%

Dividend rate

​

 

0

%  

 

0

%

Risk free rate

​

 

2.79

%  

 

3.10

%

Fair value of stock option

​

$

0.65

​

$

0.21

​

Summary of changes in stock options

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted Average

​

​

Number of

​

Exercise Price

​

​

Options

​

$

Balance at December 31, 2023

 

7,475,000

​

0.26

Issued options

 

3,500,000

​

0.27

Cancelled options

 

(575,000)

​

0.25

Balance at December 31, 2024

 

10,400,000

​

0.27

Issued options

 

3,250,000

​

0.94

Exercised options

 

(2,952,500)

​

0.27

Cancelled/Expired options

 

(500,000)

​

0.32

Balance at December 31, 2025

 

10,197,500

​

0.48

Summary of exercise price range of stock options were outstanding and exercisable

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

  ​ ​ ​

Weighted

  ​ ​ ​

​

​

​

​

​

​

​

​

Average

​

​

Number

​

Number

​

​

Exercise

​

Contractual

​

​

Outstanding

​

Exercisable

​

Price

​

Life (Years)

​

Expiry Date

75,000

 

75,000

​

$

0.30

 

0.02

​

January 8, 2026*

150,000

 

150,000

​

$

0.22

 

0.76

​

October 5, 2026

1,822,500

 

1,822,500

​

$

0.16

 

1.76

​

October 5, 2027

100,000

 

100,000

​

$

0.30

 

2.34

​

May 2, 2028

1,850,000

 

1,850,000

​

$

0.36

 

2.57

​

July 26, 2028

100,000

 

100,000

​

$

0.30

 

2.59

​

August 3, 2028

2,350,000

 

2,350,000

​

$

0.27

 

3.30

​

April 18, 2029

500,000

 

500,000

​

$

0.30

 

3.97

​

December 18, 2029

400,000

 

400,000

​

$

0.50

 

4.50

​

July 1, 2030

2,850,000

 

2,850,000

​

$

1.00

 

4.93

​

December 3, 2030

10,197,500

 

10,197,500

​

 

  ​

 

  ​

​

  ​

* Subsequent to the year-end, 75,000 stock options were exercised (note 20).