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SHARE CAPITAL (Tables)
9 Months Ended
Sep. 30, 2025
SCHEDULE OF FAIR VALUE OF WARRANTS

   Private Placement Warrants 
Expected dividend yield   0%
Share price  $5.00 
Expected share price volatility   81.8%
Risk free interest rate   2.57%
Expected life of warrant   3 years 
SUMMARY OF COMMON SHARE PURCHASE WARRANT ACTIVITY

The following summarizes Common Share purchase warrant activity:

 

   Nine months ended   Year ended 
   September 30, 2025   December 31, 2024 
   Number Outstanding   Weighted Average Exercise Price $   Number Outstanding  

Weighted Average Exercise Price

$

 
Outstanding, beginning of the year   2,126,342    23.02    344,555    30.00 
Issued   7,313,726    9.57    1,814,070    22.00 
Expired   (11,072)   (35.00)   (32,283)   (41.00)
Outstanding, end of the period   9,428,996    12.58    2,126,342    23.02 
SCHEDULE OF DETAILS OF WARRANTS OUTSTANDING

At September 30, 2025, the Company had outstanding Common Share purchase warrants exercisable to acquire Common Shares as follows:

 

Warrants

Outstanding

  

Warrants

Exercisable

  

Expiry

Date

 

Exercise

Price

$

  

Intrinsic Value

$

 
 301,200    301,200   June 28, 2026   28.75    - 
 1,012,981    1,012,981   June 14, 2029   22.00    - 
 801,089    801,089   June 21, 2029   22.00    - 
 3,833,334    3,833,334   March 18, 2028   11.00    - 
 3,480,392    3,480,392   March 18, 2028   8.00    - 
 9,428,996    9,428,996            - 
SCHEDULE OF OPTION ACTIVITY

The following summarizes the Option activity:

 

   Nine months ended   Year ended 
   September 30, 2025   December 31, 2024 
   Number Outstanding  

Weighted Average Exercise Price

$

   Number Outstanding  

Weighted Average Exercise Price

$

 
Outstanding, beginning of the year   779,343    25.60    674,401    27.80 
Granted   299,000    9.99    170,500    21.00 
Exercised   (12,000)   (9.00)   (13,905)   (17.20)
Expired/cancelled   (52,553)   (19.53)   (51,653)   (40.20)
Outstanding, end of the period   1,013,790    21.51    779,343    25.60 
SCHEDULE OF FAIR VALUE OF STOCK OPTION GRANTED

   Nine months ended   Year ended 
   September 30, 2025   December 31, 2024 
Expected dividend yield   0%   0%
Expected forfeiture rate   0%   0%
Expected share price volatility range   76.3-78.6%   74.2-79.8%
Weighted average expected share price volatility   77.5%   75.9%
Risk free interest rate   2.54%-2.70%   2.91%-3.23%
Expected life of Options   2.5-3.5 years    2.5-3.5 years 
SCHEDULE OF DETAILS OF OPTIONS OUTSTANDING

Details of Options outstanding as at September 30, 2025, are as follows:

 

Options

Outstanding

  

Options

Exercisable

  

Expiry

Date

 

Exercise

Price

$

  

Intrinsic Value

$

 
 160,736    160,736   January 26, 2026   7.80    - 
 21,250    21,250   February 25, 2026   32.00    - 
 55,335    55,335   September 29, 2026   18.20    - 
 49,940    49,940   October 25, 2026   40.00    - 
 97,499    97,499   January 20, 2027   48.00    - 
 163,330    108,887   August 8, 2028   35.00    - 
 151,700    101,133   August 14, 2029   22.00    - 
 15,000    10,833   December 4, 2029   9.80    - 
 287,500    143,750   March 18, 2030   10.00    - 
 11,500    8,500   April 24, 2030   9.80    - 
 1,013,790    757,863            - 
SCHEDULE OF CONTINUITY OF RSU

The following is a continuity of the RSUs which are fixed and are not subject to vesting conditions other than service:

 

   Nine months ended   Year ended 
   September 30, 2025   December 31, 2024 
  

Number Outstanding

 

  

Weighted Average Grant-Date Fair Value Per Award

$

  

Number Outstanding

 

  

Weighted Average Grant-Date Fair Value Per Award

$

 
Outstanding, beginning of the year   50,000    12.00    -    - 
Granted   158,750    8.20    50,000    12.00 
Vested / Settled   (4,166)   (12.00)   -    - 
Outstanding, end of the period   204,584    9.04    50,000    12.00 
SCHEDULE OF DSU GRANTED

   Number of Awards  

Price(1)

$

  

Fair Value

$

 
DSUs outstanding at December 31, 2023   36,548    24.20    884,481 
Granted   71,688    14.24    1,020,523 
Fair value adjustment   -    -    (963,340)
DSUs outstanding at December 31, 2024   108,236    8.70    941,664 
Redeemed   (19,335)   9.85    (190,446)
Fair value adjustment   -    -    (73,792)
DSUs outstanding at September 30, 2025   88,901    12.60    677,426 
Less: current portion   39,915    12.60    339,959 
Non-current portion   48,986    12.60    337,467 

 

Note:

 

(1) For DSUs granted and outstanding, price represents the closing price of the Company’s Common Shares on the grant date and balance sheet date, respectively. For DSUs redeemed, price represents the volume weighted average price on the TSXV for the last five trading days immediately preceding the redemption date.
Monte Carlo Pricing Model [Member]  
SCHEDULE OF FAIR VALUE OF WARRANTS

   June 14, 2024   June 21, 2024 
Expected dividend yield   0%   0%
Share price  $16.20   $16.80 
Expected share price volatility   83.17%   83.71%
Risk free interest rate   3.23%   3.30%
Expected life of warrant   5 years    5 years