STOCK OPTIONS AND RESTRICTED STOCK UNITS

3 Months Ended

Mar. 31, 2026

Stock Options And Restricted Stock Units

STOCK OPTIONS AND RESTRICTED STOCK UNITS

16.

STOCK OPTIONS AND RESTRICTED STOCK UNITS

The Company’s board of directors adopted the 2020 Equity Incentive Plan (the “Plan”) on July 21, 2020. The maximum number of common shares that may be issued in respect of awards under the Plan is equal to 20% of the total SV Shares outstanding. The Company may issue stock options, stock appreciation rights, restricted stock and restricted stock units (“RSU’s”).

16.1

Stock options

The following table summarizes the stock option movements for the three months ended March 31, 2026 and year ended December 31, 2025:

Schedule of stock option
	Number of stock options			Weighted average exercise price			Aggregate intrinsic value ($USD)
Balance, December 31, 2024		15,365,000		$	0.37(CAD$0.51	)	$	4,527,243
Granted		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
Granted		225,000		$	0.39(CAD$0.55	)		-
Exercised		(200,000	)	$	0.11(CAD$0.15	)		38,740
Forfeited		(250,000	)	$	0.44(CAD$0.62	)		-
Balance, March 31, 2026		13,665,000		$	0.37(CAD$0.52	)	$	768,885

On January 22, 2026, the Company granted 225,000 stock options to employees of the Company. The stock options have an exercise price of $0.39 (CAD$0.55) and expire on December 31, 2029. The options vest in three equal tranches on each of December 31, 2026, December 31, 2027 and December 31, 2028.

16.1

Stock options (continued)

During the three months ended March 31, 2026, 200,000 options were exercised into SV shares for gross proceeds of $21,839 (CAD$30,000).

The following is a summary of the outstanding stock options as at March 31, 2026:

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		58,110		300,000		58,110	$	0.11(CAD$0.15	)		0.05
January 10, 2027		3,525,000		682,796		3,525,000		682,796	$	0.11(CAD$0.15	)		0.78
September 14, 2027		200,000		17,218		133,333		11,479	$	0.22(CAD$0.30	)		1.46
November 16, 2027		500,000		10,761		500,000		10,761	$	0.28(CAD$0.39	)		1.63
August 31, 2027		4,610,000		-		3,189,988		-	$	0.60(CAD$0.84	)		1.42
December 31, 2028		500,000		-		166,666		-	$	0.67(CAD$0.93	)		2.76
February 3, 2029		2,000,000		-		520,000		-	$	0.62(CAD$0.87	)		2.85
March 18, 2028		30,000		-		15,000		-	$	0.53(CAD$0.74	)		1.97
August 31, 2028		75,000		-		49,999		-	$	0.60(CAD$0.84	)		2.42
September 3, 2029		300,000		-		75,000		-	$	0.44(CAD$0.61	)		3.43
August 31, 2029		1,400,000		-		933,333		-	$	0.60(CAD$0.84	)		3.42
December 31, 2029		225,000		-		-		-	$	0.39(CAD$0.55	)		3.76
Balance, March 31, 2026		13,665,000		768,885		9,408,319		763,146	$	0.37(CAD$0.52	)		1.79

During the three months ended March 31, 2026, the Company recognized share-based compensation expense of $154,994 (Q1 2025 - $312,629) related to vesting of stock options. As at March 31, 2026, the Company has unrecognized stock-based compensation expense of $616,764 associated with outstanding stock options.

The Company computes the fair value of stock options granted using the Black-Scholes option pricing model. The expected term used for options issued to non-employees is the contractual life and the expected term used for options issued to employees and directors is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” employee share purchase option grants. The Company is utilizing an expected volatility figure based on a review of the historical volatilities, over a period of time, equivalent to the expected life of the instrument being valued, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued.

16.1

Stock options (continued)

The Company applied the following inputs in the Black-Scholes option pricing model for the three months ended March 31, 2026 and year ended December 31, 2025:

	March 31, 2026			December 31, 2025
Share price	$	0.40(CAD$0.55	)	$	0.60(CAD$0.94	)
Expected life options (years)		2.94			2.53
Expected volatility		71.82	%		94.77	%
Expected dividend yield		0	%		0	%
Risk-free interest rate		2.58	%		2.62	%
Black-Scholes value of each option	$	0.19		$	0.34

16.2

Restricted stock units

The following table summarizes the RSU’s movements for the three months ended March 31, 2026 and year ended December 31, 2025:

Schedule of summarizes the rsu movements
	Number of RSUs (#)			Weighted average issue price ($)			Aggregate intrinsic value ($)
Balance, December 31, 2024		725,700		$	0.63(CAD$0.86	)		469,040
Granted to employees		1,234,375		$	0.66(CAD$0.91	)		729,045
Exercised		(463,575	)	$	0.66(CAD$0.90	)		257,250
Balance, December 31, 2025		1,496,500		$	0.65(CAD$0.89	)		764,300
Balance, March 31, 2026		1,496,500		$	0.65(CAD$0.89	)		450,915

The following is a summary of the outstanding RSU’s as at March 31, 2026:

Schedule of outstanding RSU
Expiry Date	Exercise price			Outstanding at March 31, 2026		Weighted average remaining contractual life (years)
December 31, 2026	$	0.66(CAD$0.91	)		60,000		0.75
January 1, 2027	$	0.61(CAD$0.83	)		1,436,500		0.76
	$	0.65(CAD$0.89	)		1,496,500		0.76

The Company computes the fair value of RSU’s granted based on the Company’s share price at the grant date. During the three months ended March 31, 2026, share-based compensation expense includes $nil 0 related to RSU’s (Q1 2025 - $1,123,281).