| Schedule of number outstanding share options and weighted average exercise prices |
The Company’s option activity for the three months ended December 31, 2025, and the year ended September 30, 2025, is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Black-Scholes Assumptions | | | | | Options | | Exercise | | Expiry | | Fair | | Fair Value | | Share Price | | | | Risk-Free | | Expected | | Vesting | Grant Date | | Granted | | Price | | Date | | Value | | per Option | | at Grant | | Volatility | | Rate | | Life (yrs) | | Schedule | 15-Oct-25 | | 100,351 | | $ | 5.09 | | 15-Oct-30 | | $ | 416,876 | | $ | 4.15 | | $ | 4.85 | | 129.1 | % | 2.42 | % | 5 | | 1 | 28-Aug-25 | | 37,500 | | $ | 11.13 | | 28-Aug-30 | | $ | 359,000 | | $ | 9.57 | | $ | 11.13 | | 128.4 | % | 2.69 | % | 5 | | 2 | 24-Jul-25 | | 130,000 | | $ | 8.48 | | 24-Jul-30 | | $ | 947,000 | | $ | 7.28 | | $ | 8.48 | | 128.3 | % | 2.83 | % | 5 | | 3 | 23-Jul-25 | | 62,500 | | $ | 12.00 | | 23-Jul-30 | | $ | 642,000 | | $ | 10.27 | | $ | 12.00 | | 127.4 | % | 2.82 | % | 5 | | 3 | 3-Jun-25 | | 31,250 | | $ | 22.00 | | 3-Jun-30 | | $ | 610,000 | | $ | 19.52 | | $ | 23.44 | | 118.5 | % | 2.86 | % | 5 | | 3 | 24-Apr-25 | | 28,125 | | $ | 18.00 | | 24-Apr-30 | | $ | 777,000 | | $ | 14.63 | | $ | 17.84 | | 116.4 | % | 2.79 | % | 5 | | 4 | 24-Apr-25 | | 53,125 | | $ | 18.00 | | 24-Apr-30 | | $ | 777,000 | | $ | 14.63 | | $ | 17.84 | | 116.4 | % | 2.79 | % | 5 | | 5 | 17-Mar-25 | | 6,250 | | $ | 18.80 | | 17-Mar-30 | | $ | 101,916 | | $ | 16.31 | | $ | 18.80 | | 131.4 | % | 2.69 | % | 5 | | 6 | 17-Mar-25 | | 500,000 | | $ | 19.04 | | 17-Mar-30 | | $ | 971,331 | | $ | 1.94 | | $ | 18.80 | | 124.9 | % | 2.69 | % | 5 | | 3 | 28-Feb-25 | | 37,500 | | $ | 21.68 | | 28-Feb-30 | | $ | 708,537 | | $ | 18.89 | | $ | 21.68 | | 132.9 | % | 2.60 | % | 5 | | 6 | 30-Jan-25 | | 50,000 | | $ | 39.28 | | 30-Jan-30 | | $ | 1,719,366 | | $ | 34.39 | | $ | 39.28 | | 134.2 | % | 2.79 | % | 5 | | 7 | 27-Nov-24 | | 9,375 | | $ | 11.12 | | 27-Nov-29 | | $ | 78,589 | | $ | 8.38 | | $ | 11.12 | | 99.4 | % | 3.13 | % | 5 | | 7 | 29-Oct-24 | | 34,937 | | $ | 16.16 | | 29-Oct-29 | | $ | 425,291 | | $ | 12.17 | | $ | 16.16 | | 99.4 | % | 3.04 | % | 5 | | 7 |
The continuity of outstanding stock options at December 31, 2025 and September 30, 2025: | | | | | | | | | | | | | December 31, | | Weighted average | | September 30, | | Weighted average | | | 2025 | | exercise price | | 2025 | | exercise price | Beginning balance | | 643,626 | | $ | 13.71 | | 1,827,165 | | $ | 1.21 | Granted | | 100,351 | | $ | 5.09 | | 514,937 | | $ | 16.83 | Exercised | | — | | | — | | (1,698,476) | | $ | 0.88 | Ending balance - outstanding | | 743,977 | | $ | 9.40 | | 643,626 | | $ | 13.71 |
The detail of outstanding options at December 31, 2025 and September 30, 2025: | | | | | | | | | | | | | | | | | December 31, | | | | Exercise | | September 30, | | | | Exercise | Expiry Date | | 2025 | | Exercisable | | Price | | 2025 | | Exercisable | | Price | November 21, 2027 | | 3,689 | | 3,689 | | $ | 0.80 | | 3,689 | | 3,689 | | $ | 0.80 | August 7, 2029 | | 125,000 | | 125,000 | | $ | 1.24 | | 125,000 | | 125,000 | | $ | 1.24 | October 29, 2029 | | 34,937 | | 34,937 | | $ | 16.16 | | 34,937 | | 34,937 | | $ | 16.16 | November 27, 2029 | | 9,375 | | 9,375 | | $ | 11.12 | | 9,375 | | 9,375 | | $ | 11.12 | January 30, 2030 | | 50,000 | | 50,000 | | $ | 39.28 | | 50,000 | | 50,000 | | $ | 39.28 | February 28, 2030 | | 37,500 | | 31,250 | | $ | 21.68 | | 37,500 | | 21,875 | | $ | 21.68 | March 17, 2030 | | 62,500 | | 15,625 | | $ | 19.04 | | 62,500 | | 10,417 | | $ | 19.04 | March 17, 2030 | | 6,250 | | 4,167 | | $ | 18.80 | | 6,250 | | 3,125 | | $ | 18.80 | April 24, 2030 | | 28,125 | | 15,625 | | $ | 18.00 | | 28,125 | | 3,906 | | $ | 18.00 | April 24, 2030 | | 25,000 | | 5,556 | | $ | 18.00 | | 25,000 | | 3,472 | | $ | 18.00 | June 3, 2030 | | 31,250 | | 5,208 | | $ | 22.00 | | 31,250 | | 2,604 | | $ | 22.00 | July 24, 2030 | | 62,500 | | 8,680 | | $ | 12.00 | | 62,500 | | 3,472 | | $ | 12.00 | July 25, 2030 | | 130,000 | | 18,055 | | $ | 8.48 | | 130,000 | | 7,222 | | $ | 8.48 | August 28, 2030 | | 37,500 | | — | | $ | 11.13 | | 37,500 | | — | | $ | 11.13 | October 15, 2030 | | 100,351 | | 10,453 | | $ | 5.09 | | — | | — | | | — | Ending balance - outstanding | | 743,977 | | 327,167 | | $ | 9.40 | | 643,626 | | 279,095 | | $ | 13.71 |
|