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Share Capital (Tables) | 3 Months Ended
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Mar. 31, 2025
Share Capital |
Schedule of Weighted Average Assumptions Were Used for the Black-Scholes Valuation of Stock Options Granted | The fair value was determined using the Black-Scholes option-pricing model using the following weighted average assumptions:
| Three months ended March 31, |
|  | 2025 |
Expected stock price volatility |  |  | 113 | %
Risk-free interest rate |  |  | 4.00 | %
Dividend yield |  |  | — |
Expected life of options |  | 5 years |
Stock price on date of grant |  | $ | 1.33 |
Forfeiture rate |  |  | — |
Summary of Stock Option Transactions | The following table summarizes the option activity for the three months ended March 31, 2025:
|  | Number of options |  |  | Weighted average exercise price |
Balance at December 31, 2024 |  |  | 10,647,246 |  |  | $ | 2.80 |
Options granted |  |  | 2,156,452 |  |  |  | 1.33 |
Options expired |  |  | (525,000 | ) |  |  | 5.83 |
Balance at March 31, 2025 |  |  | 12,278,698 |  |  | $ | 2.42 |
Summary of Stock Options Outstanding and Exercisable | The following table summarizes options outstanding and exercisable at March 31, 2025:
|  |  | Options Outstanding |  |  | Options Exercisable |
Exercise Price |  |  | Number of Shares |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Average Exercise Price |  |  | Number Exercisable |  |  | Weighted Average Exercise Price |
$ | 1.06 |  |  |  | 450,000 |  |  | (1) |  |  | $ | 1.06 |  |  |  | 450,000 |  |  | $ | 1.06 |
$ | 2.66 |  |  |  | 800,000 |  |  |  | 0.80 |  |  | $ | 2.66 |  |  |  | 800,000 |  |  | $ | 2.66 |
$ | 4.78 |  |  |  | 200,000 |  |  |  | 1.30 |  |  | $ | 4.78 |  |  |  | 200,000 |  |  | $ | 4.78 |
$ | 4.94 |  |  |  | 200,000 |  |  |  | 1.93 |  |  | $ | 4.94 |  |  |  | 200,000 |  |  | $ | 4.94 |
$ | 6.52 |  |  |  | 170,000 |  |  |  | 1.96 |  |  | $ | 6.52 |  |  |  | 170,000 |  |  | $ | 6.52 |
$ | 7.45 |  |  |  | 100,000 |  |  |  | 2.03 |  |  | $ | 7.45 |  |  |  | 100,000 |  |  | $ | 7.45 |
$ | 3.77 |  |  |  | 3,225,000 |  |  |  | 3.03 |  |  | $ | 3.77 |  |  |  | 3,225,000 |  |  | $ | 3.77 |
$ | 3.85 |  |  |  | 200,000 |  |  |  | 3.15 |  |  | $ | 3.85 |  |  |  | 200,000 |  |  | $ | 3.85 |
$ | 2.97 |  |  |  | 750,000 |  |  |  | 3.48 |  |  | $ | 2.97 |  |  |  | 416,666 |  |  | $ | 2.97 |
$ | 1.07 |  |  |  | 100,000 |  |  |  | 4.05 |  |  | $ | 1.07 |  |  |  | 25,000 |  |  | $ | 1.07 |
$ | 1.13 |  |  |  | 1,063,394 |  |  |  | 4.36 |  |  | $ | 1.13 |  |  |  | — |  |  | $ | 1.13 |
$ | 1.36 |  |  |  | 2,000,000 |  |  |  | 4.42 |  |  | $ | 1.36 |  |  |  | 666,667 |  |  | $ | 1.36 |
$ | 1.42 |  |  |  | 863,852 |  |  |  | 4.72 |  |  | $ | 1.42 |  |  |  | 300,000 |  |  | $ | 1.42 |
$ | 1.35 |  |  |  | 1,598,853 |  |  |  | 4.99 |  |  | $ | 1.35 |  |  |  | 300,000 |  |  | $ | 1.35 |
$ | 1.27 |  |  |  | 557,599 |  |  |  | 5.00 |  |  | $ | 1.27 |  |  |  | — |  |  | $ | 1.27 |
|  |  |  | 12,278,698 |  |  |  | 3.55 |  |  | $ | 2.42 |  |  |  | 7,053,333 |  |  | $ | 3.17 |
(1) Options expired on September 4, 2023, however, due to black-out of insider share transactions, these options will remain eligible for exercise for a period of 10 business days subsequent to the lifting of the black-out.
Summary of RSU and DSU Activity | The following table summarizes the RSU activity for the three months ended March 31, 2025:
|  | Number of RSUs |  |  | Weighted average grant date fair value |
Balance at December 31, 2024 |  |  | 1,780,614 |  |  | $ | 1.18 |
Granted |  |  | 1,463,192 |  |  |  | 1.32 |
Forfeited |  |  | (35,354 | ) |  |  | 1.13 |
Balance at March 31, 2025 |  |  | 3,208,452 |  |  | $ | 1.26 |
The following table summarizes the DSU activity for the three months ended March 31, 2025:
|  | Number of DSUs |  |  | Weighted average grant date fair value |
Balance at December 31, 2024 |  |  | 2,425,609 |  |  | $ | 3.09 |
Granted |  |  | 501,856 |  |  |  | 1.35 |
Conversion of DSUs to common shares |  |  | (633,071 | ) |  |  | 3.74 |
Balance at March 31, 2025 |  |  | 2,294,394 |  |  | $ | 2.53 |
Summary of Share-based Compensation Recorded for Each Type of Award | Share-based compensation recorded for each type of award is as follows (in thousands):
|  | Three months ended March 31, |
|  | 2025 |  |  | 2024 |
Options |  | $ | 888 |  |  | $ | 810 |
RSUs |  |  | 344 |  |  |  | — |
DSUs |  |  | 188 |  |  |  | 1,871 |
Total |  | $ | 1,420 |  |  | $ | 2,681 |

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