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Shareholders' Equity (Tables)
9 Months Ended
Sep. 30, 2025
Schedule of share-based compensation recognized in the consolidated statement of operations

Three months ended September 30, 

Nine months ended September 30, 

    

2025

    

2024

    

2025

    

2024

Exploration

$

552,468

$

493,871

$

1,677,426

$

1,441,800

Corporate salaries and benefits

262,248

399,230

 

540,592

 

1,092,454

Directors’ fees

47,414

54,436

 

335,497

 

371,518

Total

$

862,130

$

947,537

$

2,553,515

$

2,905,772

Summary of share purchase option activity within the Company's share-based compensation plan

Number of

Weighted Average

    

Options

    

 Exercise Price (C$)

Balance December 31, 2023

 

1,665,750

$

9.54

Options exercised

 

(619,375)

 

8.04

Options expired

 

(350,875)

 

9.52

Balance December 31, 2024

 

695,500

$

10.88

Options exercised

 

(331,500)

 

11.11

Options expired

(11,000)

6.20

Balance September 30, 2025

 

353,000

$

10.82

Schedule of activity for RSUs awarded

    

    

    

Weighted Average

Share

Grant Date

Units

 

Fair Value

Unvested, December 31, 2023

601,640

 

$

3.64

Granted

521,128

 

3.10

Distributed (vested)

(248,755)

 

3.76

Cancelled

(2,285)

 

3.72

Unvested, December 31, 2024

871,728

$

3.28

Granted

248,777

8.35

Distributed (vested)

(459,091)

3.39

Cancelled

(86,314)

4.36

Unvested, September 30, 2025

575,100

$

5.22

Schedule of restricted share units expected to vest

Remainder of 2025

    

7,000

2026

289,436

2027

 

202,961

2028

75,703

Total

 

575,100

Schedule of activity for performance share units

    

    

    

Weighted Average

Share

Grant Date

Units

Fair Value

Unvested, December 31, 2023

 

546,583

 

$

6.35

Granted

 

515,502

 

 

4.81

Distributed

 

(1,395)

 

 

4.79

Cancelled

 

(3,247)

 

 

4.92

Unvested, December 31, 2024

 

1,057,443

 

$

5.61

Granted

176,481

12.53

Added by performance factor on 2022 MPSUs

246,318

6.99

Distributed

(637,081)

6.59

Cancelled

(124,657)

6.25

Unvested, September 30, 2025

718,504

$

6.80

Schedule of performance share units expected to vest

Remainder of 2025

    

56,000

2026

 

224,969

2027

 

278,257

2028

159,278

Total

 

718,504

Schedule of activity in DSUs awarded

Weighted Average

Share

Grant Date

    

Units

    

Fair Value

Outstanding, December 31, 2023

226,574

$

3.68

Granted

115,107

4.01

Outstanding, December 31, 2024

341,681

$

3.79

Granted

 

33,713

9.95

Distributed

 

(30,783)

 

3.46

Outstanding, September 30, 2025

 

344,611

$

4.42

MPSU's  
Schedule of assumptions to value options and performance shares

    

2025

    

2024

Grant date fair value

$

12.53

$

5.00

Risk-free interest rate

4.15

%  

4.38

%

Expected term (in years)

3.0

 

3.0

Expected share price volatility

55.16

%  

57.36

%

Expected dividend yield

Nil

 

Nil