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Equity (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of share purchase warrant activity

​

​	​	​	​	​	​
​	​	Number of	​ ​ ​	Weighted Average
​	​ ​ ​	Warrants	​ ​ ​	Exercise Price
Balance, December 31, 2023		—	​	$	—
Balance, December 31, 2024		—	​	​	—
Warrants Issued		4,823,408	​		35.59
Balance, December 31, 2025		4,823,408	​	$	35.59

Schedule of warrants and price expiry date

​

​	​	​	​	​	​
​	​	Number of	​	​	​
Expiry date	​ ​ ​	Warrants	​ ​ ​	Price
October 28, 2026	​	1,351,136	​	$	31.46
December 1, 2026		133,333	​	​	31.46
December 23, 2026		123,333	​	​	38.93
October 28, 2027		1,484,469	​	​	34.95
December 18, 2027		123,333	​	​	43.26
October 28, 2028		1,484,470	​	​	38.45
December 18, 2028		123,334	​		47.59
Balance, December 31, 2025		4,823,408	​	$	35.59

Schedule of share-based compensation recognized in the consolidated statement of operations

​

​	​	​	​	​	​	​
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Exploration & pre-development	​	$	2,135	​	$	1,980
General and administration	​		1,726	​		1,917
Total	​	$	3,861	​	$	3,897

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

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​ ​ ​	Number of Options	​ ​ ​	Exercise Price (C$)
Balance, December 31, 2023		1,665,750	​	$	9.54
Options expired		(350,875)	​		9.52
Options exercised		(619,375)	​		8.04
Balance, December 31, 2024		695,500	​	$	10.88
Options expired		(11,000)	​		6.20
Options exercised		(396,500)	​		11.22
Balance, December 31, 2025		288,000	​	$	10.59

Schedule of activity for RSUs awarded

​

​	​	​	​	​	​	​
​	​	​	​ ​ ​	​ ​ ​	Weighted Average
​	​	​	​	​	Grant Date
​	​ ​ ​	Share 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	​	​	266,564	​	​	9.42
Distributed (vested)	​	​	(470,091)	​	​	3.58
Cancelled	​	​	(121,587)	​	​	4.68
Unvested, December 31, 2025	​	​	546,614	​	$	5.70

Schedule of restricted share units expected to vest

​

​	​	​
2026	​ ​ ​	332,490
2027		151,862
2028	​	62,262
Total		546,614

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	​	193,481	​	​	13.56
Added by performance factor	​	246,318	​	​	6.99
Distributed	​	(687,081)	​	​	6.40
Cancelled		(177,269)			6.97
Unvested, December 31, 2025		632,892		$	7.34

Schedule of performance share units expected to vest

​

​	​	​
2026	​ ​ ​	351,746
2027		153,226
2028		115,920
2029	​	12,000
Total		632,892

Schedule of activity in DSUs awarded

​

​	​	​	​	​	​
​	​	​		Weighted Average
​	​ ​ ​	Share Units	​ ​ ​	Grant Date Fair Value
Outstanding, December 31, 2023		226,574	​	$	3.68
Granted		115,107	​		4.01
Outstanding, December 31, 2024	​	341,681	​	$	3.79
Granted		36,360	​		11.24
Distributed	​	(30,783)	​	​	3.46
Outstanding, December 31, 2025		347,258	​	$	4.60

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 stock price volatility	​	​	55.16	%	​	57.36	%
Expected dividend yield	​	​	—	​	​	—	​

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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