v3.25.4

Share capital (Tables)

9 Months Ended

Sep. 30, 2025

Share capital

Schedule of changes in company's outstanding stock options

						Nine-month								Year
						period ended								ended
						September 30,								December 31,
						2025								2024
						Weighted								Weighted
						average								average
						exercise								exercise
		Number				price				Number				price
		(thousands)				CAD				(thousands)				CAD
Balance, beginning of period			8,044			$	1.67				6,948			$	3.25
Granted			3,940				1.41				3,620				1.33
Exercised			(1,290	)			1.50				-				-
Expired			(1,591	)			2.61				(2,524	)			5.55
Balance, end of period			9,103			$	1.42				8,044			$	1.68

Schedule of stock options outstanding and exercisable

		Weighted
		average								Weighted								Weighted
		remaining								average								average
Exercise		contractual								exercise								exercise
price		life				Outstanding				price				Exercisable				price
CAD		(years)				(thousands)				CAD				(thousands)				CAD
$0.01 to $1.00			1.23				1,123			$	0.78				626			$	0.78
$1.01 to $2.00			3.28				6,840				1.38				947				1.38
$2.01 to $3.00			0.60				1,100				2.25				1,020				2.25
$3.01 to $3.50			4.88				40				3.43				-				-
							9,103			$	1.42				2,593			$	1.58

Schedule of fair value weighted average assumptions

		Three-month				Three-month				Nine-month				Nine-month
		period ended				period ended				period ended				period ended
		September 30,				September 30,				September 30,				September 30,
		2025				2024				2025				2024
Expected stock price volatility (1)			68	%			-				70	%			67	%
Risk free interest rate			2.94	%			-				2.94	%			4.02	%
Expected life		5 years					-			5 years				3 years
Expected forfeiture rate			4.80	%			-				3.25	%			3.08	%
Expected dividend yield			0	%			-				0	%			0	%
Share-based payments included in cost of sales		$	-			$	-			$	-			$	-
Share-based payments included in general and administrative expenses			616				198				1,656				509
Total share-based payments		$	616			$	198			$	1,656			$	509

Schedule of warrants issued and outstanding

Number of				Exercise				Issuance		Expiry
warrants				price (CAD)				date		date
	7,040				0.75			Mar 2024		Mar 27, 2026
	400,000				1.38			Jun 2023		Jun 21, 2026
	5,457,400				1.00			Mar 2024		Mar 27, 2027
	1,200,000				1.05			Aug 2024		Aug 14, 2027
	1,044,000				2.50			Mar 2025		Mar 31, 2028
	8,108,440

Schedule of performance share units

Number of performance share units granted			1,140,730
Average fair value per unit		$	2.64
Share price		$	2.22
Risk free interest rate			3.42	%
Expected life		3 years
Expected volatility			71	%
Expected dividends			0	%
Average index share price		$	43.74
Average correlation coefficient			0.54

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- Definition

The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options.

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