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Share Capital (Tables)
 3 Months Ended
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