STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Stock Options And Restricted Stock Units |
|
| Schedule of stock option |
| Schedule of stock option |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
stock options |
|
|
Weighted average
exercise price |
|
|
Aggregate
intrinsic
value
($) |
|
| Balance, December 31, 2023 |
|
|
11,800,000 |
|
|
$ |
0.13 (CAD$0.18 |
) |
|
|
1,791,547 |
|
| Granted to employees(1)(2) |
|
|
5,445,000 |
|
|
$ |
0.62 (CAD$0.85 |
) |
|
|
- |
|
| Granted to service providers(1) |
|
|
1,910,000 |
|
|
$ |
0.62 (CAD$0.85 |
) |
|
|
- |
|
| Exercised |
|
|
(3,686,308 |
) |
|
$ |
0.11 (CAD$0.15 |
) |
|
|
1,638,097 |
|
| Forfeited |
|
|
(103,692 |
) |
|
$ |
0.11 (CAD$0.15 |
) |
|
|
- |
|
| Balance, December 31, 2024 |
|
|
15,365,000 |
|
|
$ |
0.37 (CAD$0.51 |
) |
|
|
4,527,243 |
|
| Granted to employees(3)(4)(5) |
|
|
2,330,000 |
|
|
$ |
0.61 (CAD$0.83 |
) |
|
|
- |
|
| Exercised |
|
|
(2,764,167 |
) |
|
$ |
0.15 (CAD$0.21 |
) |
|
|
703,068 |
|
| Forfeited |
|
|
(1,040,833 |
) |
|
$ |
0.43 (CAD$0.60 |
) |
|
|
- |
|
| Balance, December 31, 2025 |
|
|
13,890,000 |
|
|
$ |
0.45 (CAD$0.61 |
) |
|
|
1,835,510 |
|
|
(1) |
On August 31, 2024, the Company issued 4,945,000 stock options to employees and 1,910,000 stock options to service providers. The stock options have an exercise price of $0.62 (CAD$0.84). The options expire as follows: 3,470,000 stock options expire on August 31, 2027, 75,000 stock options expire on August 31, 2028, and 1,400,000 stock options expire on August 31, 2029. The options vest as follows: 6,805,000 options vest in 3 equal tranches on December 31, 2024, 2025 and 2026 and 50,000 stock options vest on August 31, 2025. |
|
(2) |
On December 31, 2024, the Company issued 500,000 stock options to the Company’s Chief Financial Officer. The stock options have an exercise price of $0.69 (CAD$0.93) and expire on December 31, 2028. The options vest in 3 equal tranches on December 31, 2025, December 31, 2026 and December 31, 2027. |
|
(3) |
On February 3, 2025, the Company issued 2,000,000 stock options to an employee. The stock options have an exercise price of $0.63 (CAD$0.87) and expire on February 3, 2029. The options vest in 25 equal monthly tranches commencing on March 3, 2025. |
|
(4) |
On March 18, 2025, the Company issued 30,000 stock options to an employee. The stock options have an exercise price of $0.52 (CAD$0.74) and expire on March 18, 2028. The options vest as follows: 10,000 vest on March 18, 2026 and 20,000 vest on March 18, 2027. |
|
(5) |
On September 3, 2025, the Company issued 300,000 stock options to an employee. The stock options have an exercise price of $0.43 (CAD$0.61) and expire on September 3, 2029. The options vest in 4 equal tranches on March 4, 2026, September 3, 2026, March 4, 2027 and September 3, 2027. |
|
| Schedule of outstanding stock options |
| Schedule of outstanding stock options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expiry Date |
|
Outstanding
(#) |
|
|
Aggregate
intrinsic
value
($) |
|
|
Exercisable
(#) |
|
|
Aggregate
intrinsic
value
($) |
|
|
Exercise price
($) |
|
|
Remaining
contractual
life (years) |
|
| April 19, 2026 |
|
|
300,000 |
|
|
|
120,385 |
|
|
|
300,000 |
|
|
|
120,385 |
|
|
$ |
0.11 (CAD$0.15 |
) |
|
|
0.30 |
|
| January 10, 2027 |
|
|
3,725,000 |
|
|
|
1,494,783 |
|
|
|
3,725,000 |
|
|
|
1,494,783 |
|
|
$ |
0.11 (CAD$0.15 |
) |
|
|
1.03 |
|
| September 14, 2027 |
|
|
300,000 |
|
|
|
87,553 |
|
|
|
233,333 |
|
|
|
68,097 |
|
|
$ |
0.22 (CAD$0.30 |
) |
|
|
1.70 |
|
| November 16, 2027 |
|
|
500,000 |
|
|
|
113,089 |
|
|
|
500,000 |
|
|
|
113,089 |
|
|
$ |
0.28 (CAD$0.39 |
) |
|
|
1.88 |
|
| August 31, 2027 |
|
|
4,760,000 |
|
|
|
- |
|
|
|
3,189,988 |
|
|
|
- |
|
|
$ |
0.61 (CAD$0.84 |
) |
|
|
1.67 |
|
| March 18, 2028 |
|
|
30,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
0.54 (CAD$0.74 |
) |
|
|
2.21 |
|
| December 31, 2028 |
|
|
500,000 |
|
|
|
- |
|
|
|
166,666 |
|
|
|
- |
|
|
$ |
0.68 (CAD$0.93 |
) |
|
|
3.00 |
|
| August 31, 2028 |
|
|
75,000 |
|
|
|
- |
|
|
|
49,999 |
|
|
|
- |
|
|
$ |
0.61 (CAD$0.84 |
) |
|
|
2.67 |
|
| February 3, 2029 |
|
|
2,000,000 |
|
|
|
- |
|
|
|
458,333 |
|
|
|
- |
|
|
$ |
0.63 (CAD$0.87 |
) |
|
|
3.10 |
|
| August 31, 2029 |
|
|
1,400,000 |
|
|
|
- |
|
|
|
933,333 |
|
|
|
- |
|
|
$ |
0.61 (CAD$0.84 |
) |
|
|
3.67 |
|
| September 3, 2029 |
|
|
300,000 |
|
|
|
19,699 |
|
|
|
- |
|
|
|
- |
|
|
$ |
0.45 (CAD$0.61 |
) |
|
|
3.68 |
|
| |
|
|
13,890,000 |
|
|
|
1,835,509 |
|
|
|
9,556,652 |
|
|
|
1,796,354 |
|
|
|
|
|
|
|
1.98 |
|
|
| Schedule of assumptions Black-Scholes option |
| Schedule of assumptions Black-Scholes option |
|
|
|
|
|
|
|
|
| |
|
December 31,
2025 |
|
|
December 31,
2024 |
|
| Share price |
|
$ |
0.60 (CAD$0.94 |
) |
|
$ |
0.62 (CA$0.88 |
) |
| Expected life options (years) |
|
|
2.53 |
|
|
|
2.19 |
|
| Expected volatility |
|
|
94.77 |
% |
|
|
70.64 |
% |
| Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
| Risk-free interest rate |
|
|
2.62 |
% |
|
|
2.78 |
% |
| Black-Scholes value of each option |
|
$ |
0.34 |
|
|
$ |
0.26 |
|
|
| Schedule of summarizes the rsu movements |
| Schedule of summarizes the rsu movements |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
RSUs
(#) |
|
|
Weighted average
issue price
($) |
|
|
Aggregate
intrinsic
value
($) |
|
| Balance, December 31, 2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Granted to employees(1)(2) |
|
|
725,700 |
|
|
$ |
0.63 (CAD$0.86 |
) |
|
|
454,913 |
|
| Balance, December 31, 2024 |
|
|
725,700 |
|
|
$ |
0.63 (CAD$0.86 |
) |
|
|
469,040 |
|
| Granted to employees(3) |
|
|
1,234,375 |
|
|
$ |
0.66 (CAD$0.91 |
) |
|
|
729,045 |
|
| Exercised(1) |
|
|
(463,575 |
) |
|
$ |
0.65 (CAD$0.90 |
) |
|
|
257,250 |
|
| Balance, December 31, 2025 |
|
|
1,496,500 |
|
|
$ |
0.65 (CAD$0.89 |
) |
|
|
764,300 |
|
|
(1) |
On August 31, 2024, the Company issued 454,200 RSU’s to employees of which 80,200 RUS’s expire on January 1, 2025 (80,200 RSU’s were exercised during the year ended December 31, 2025 resulting in the issuance of 80,200 SV Shares) and 374,000 RSU’s expire on January 1, 2026 (modified on December 31, 2025 to expire on January 1, 2027 as noted below). |
|
(2) |
On December 31, 2024, the Company issued 271,500 RSU’s to employees of which 60,000 RUS’s expire on December 31, 2025 (modified on December 31, 2025 to expire on December 31, 2026 as noted below) and 211,500 RSU’s expire on January 1, 2026 (211,500 RSU’s were exercised during the year ended December 31, 2025 resulting in the issuance of 211,500 SV Shares). |
|
(3) |
On January 1, 2025, the Company issued 78,125 RSU’s to an employee which expire on June 30, 2025 (exercised during the year ended December 31, 2025 resulting in the issuance of 78,125 SV Shares). |
|
(4) |
On February 1, 2025, the Company issued 1,156,250 RSU’s to employees which expire on January 1, 2026 (968,750 RSU’s were modified on December 31, 2025 to expire on January 1, 2027 as noted below) (93,750 RUS’s were exercised during the year ended December 31, 2025 resulting in the issuance of 93,750 SV Shares). |
|
| Schedule of outstanding RSU |
| Schedule of outstanding RSU |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiry Date |
|
Exercise price |
|
|
Outstanding at
December 31,
2025 |
|
|
Weighted average
remaining
contractual life
(years) |
|
| December 31, 2026 |
|
$ |
0.66 (CAD$0.91 |
) |
|
|
60,000 |
|
|
|
1.00 |
|
| January 1, 2026 |
|
$ |
0.66 (CAD$0.91 |
) |
|
|
93,750 |
|
|
|
0.00 |
|
| January 1, 2027 |
|
$ |
0.61 (CAD$0.83 |
) |
|
|
374,000 |
|
|
|
1.00 |
|
| January 1, 2027 |
|
$ |
0.66 (CAD$0.91 |
) |
|
|
968,750 |
|
|
|
1.00 |
|
| |
|
$ |
0.65 (CAD$0.89 |
) |
|
|
1,496,500 |
|
|
|
0.94 |
|
|