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<div> 1. NATURE OF OPERATIONS Western Copper and Gold Corporation (together with its subsidiaries, "Western" or the "Company") is directly engaged in exploration, permitting and development of the Casino mineral property located in Yukon, Canada (the "Casino Project"). The Company is incorporated in British Columbia, Canada. Its head office is located at 907-1030 West Georgia Street, Vancouver, British Columbia. While Western has been successful in raising sufficient capital to fund its operations, if the Company successfully progresses through permitting to the development and construction stage for the Casino Project, the Company will need to raise additional funds to complete the development and construction of the Casino Project. There can be no assurance that it will be able to raise such project financing in the future. </div>

<div> (vii) Long-lived assets 1. Exploration and evaluation asset Direct costs related to the acquisition and exploration of mineral properties held or controlled by the Company are capitalized on an individual property basis until the property is put into production, sold, abandoned, or determined to be impaired. Administration costs and general exploration costs are expensed as incurred. When a property is placed into commercial production, deferred costs will be depleted using the units-of-production method. The Company classifies its mineral properties as exploration and evaluation asset until technical feasibility and commercial viability of extracting a mineral resource are demonstrable. At this point, the exploration and evaluation asset is transferred to property and equipment. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as the extent of established mineral reserves, the results of feasibility and technical evaluations, and the status of mining leases or permits. <div> </div> Proceeds received from the sale of royalties, tax credits, or government assistance programs are recognized as a reduction in the carrying value of the related asset when the proceeds are more likely than not to be received. If proceeds received is in excess of the carrying value of the related asset after impairment the amount received is recorded as a credit in the statement of loss in the period in which the payment is more likely than not to be received. Although we have taken steps to verify title to mineral properties in which we have an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee our title. Property title may be subject to unregistered prior agreements or transfers, and may be affected by undetected defects. 2. Leases Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance expense. The finance expense is charged to the statements of operations over the lease period. The right-of-use asset is depreciated over the shorter of the asset's useful life or the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value of lease payments. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Company's incremental borrowing rate. 3. Impairment The Company's exploration and evaluation asset is reviewed for indication of impairment at each balance sheet date in accordance with IFRS 6 - Exploration for and evaluation of mineral resources. If any such indication exists, an estimate of the recoverable amount is undertaken. Recoverable amount is the higher of an asset's fair value less costs of disposal and value in use ("VIU"). If the asset's carrying amount exceeds its recoverable amount then an impairment loss is recognized in the statement of loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. Impairment is normally assessed at the level of cash-generating units, which are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets. <div> </div> 4. Reversal of impairment An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recognized. </div>

<div> (ix) Financial instruments 1. Classification and measurement Financial instruments are recognized when the Company becomes party to a contractual obligation. At initial recognition, the Company classifies its financial instruments as one the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income ("FVTOCI"), or at amortized cost according to the financial instruments' contractual cash flow characteristics and the business models under which they are held. Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company's intent is to hold these financial assets in order to collect contractual cash flows and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. The Company determines the classification of financial assets at initial recognition. Marketable securities are instruments held for trading and are classified as fair value through profit and loss ("FVTPL"). Financial assets are measured at FVTOCI if they are held for the collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in OCI. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the statement of loss. Financial assets are measured at FVTPL if they do not qualify as financial assets at amortized cost or FVTOCI. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in the statement of loss. <div> </div> Financial liabilities are measured at amortised cost unless they are required to be measured at FVTPL. The Company classifies its financial instruments as follows: <div style="margin-left: 63pt;"> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size: 10pt; width: 60%;"> <tr> <td style="width: 65%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #eeeeee;">Financial assets/liabilities</td> <td style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #eeeeee;">Classification</td> </tr> <tr> <td style="width: 65%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;">Cash and cash equivalents</td> <td style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;">Amortized cost</td> </tr> <tr> <td style="width: 65%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #eeeeee;">Short-term investments</td> <td style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #eeeeee;">Amortized cost</td> </tr> <tr> <td style="width: 65%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;">Marketable securities</td> <td style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;">FVTPL</td> </tr> <tr> <td style="width: 65%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #eeeeee;">Other assets</td> <td style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #eeeeee;">Amortized cost</td> </tr> <tr> <td style="width: 65%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;">Accounts payable and accrued liabilities</td> <td style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;">Amortized cost</td> </tr> </table> </div> 2. Impairment of financial assets At each reporting date, the Company assesses the expected credit loss associated with its financial assets carried at amortized cost and FVTOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Allowances are recognized as impairment gains or losses on the statement of loss. 3. Derecognition Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognized when, and only when, the Company's obligations are discharged, cancelled or they expire. </div>

<table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">As of December 31,</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;">2025</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2024</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;">$</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;">$</td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Cash</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #f2f2f2;">8,297,526</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">6,740,232</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Cash equivalents</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #f2f2f2;">13,962,411</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">7,462,085</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">TOTAL</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;">22,259,937</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">14,202,317</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table>

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0.0238 0.0354 <div> 6. SHORT-TERM INVESTMENTS As at December 31, 2025 the Company had $27,812,122 (December 31, 2024 - $52,500,000) invested in Canadian dollar denominated GICs plus total accrued interest of $461,227 (December 31, 2024 - $1,270,674). The GICs had a weighted average interest rate of 3.00% and term of 340 days (December 31, 2024 - 4.83% and 347 days). The GICs are issued by Schedule 1 chartered banks in Canada. </div>

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0.03 0.0483 <div> 7. MARKETABLE SECURITIES As at December 31, 2025, the Company held marketable securities with an aggregate fair value of $9,660 (December 31, 2024 - $1,079,200). The fair value of the marketable securities is determined by reference to published price quotations in an active market (classified as level 1 in the fair value hierarchy). </div>

9660

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1 0.0275 0.0275 <div> <table cellpadding="0" cellspacing="0" style="width: 60%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">Total</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2023</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;">110,236,198</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 32%; text-align: right;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Claims and maintenance</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">23,376</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Engineering</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">868,331</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Exploration and camp support</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">437,632</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Permitting</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">9,674,264</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Salary and wages</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">1,289,677</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Share-based payments</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">161,342</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; text-indent: 10pt; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 32%; text-align: right;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2024</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;">122,690,820</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 32%; text-align: right;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Claims and maintenance</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">38,133</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Engineering</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">918,454</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Exploration and camp support</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">919,095</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Permitting</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">17,247,920</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Salary and wages</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">1,859,164</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Share-based payments</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">618,649</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; text-indent: 10pt; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 32%; text-align: right;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #f2f2f2;">DECEMBER 31, 2025</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 32%; background-color: #f2f2f2;">144,292,235</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table> </div>

110236198

23376 868331 437632 9674264 1289677

161342

122690820

38133 918454 919095 17247920 1859164

618649

144292235

2609890 1.9

4958791

24210526 1.9

45999999

3063640

239528 1.35

323363

2222222 1.35

3000000

210162

1275000

351000

<div> 11. EQUITY INCENTIVE PLANS The Company has three equity incentive plans consisting of a stock option plan (the "Option Plan"), a restricted share unit plan (the "RSU Plan") and a deferred share unit plan (the "DSU Plan") (collectively the "Equity Incentive Plans"). Pursuant to the Company's annual general meeting held on June 17, 2021, it was approved that the maximum aggregate number of common shares issuable under the Equity Incentive Plans cannot exceed 10% of number of common shares issued and outstanding. Stock Options and Share-based payments. a. Stock Options and Share-based payments Stock Options Under the Option Plan, the exercise price of the stock options must be greater than, or equal to, the market value of the Company's common shares on the last trading day immediately preceding the date of grant. Stock options vest over a two year period from the date of grant unless otherwise determined by the directors. The maximum stock option term is 10 years. At December 31, 2025, the Company could issue an additional 4,159,475 stock options under the terms of the stock option plan. A summary of the Company's stock options outstanding and the changes for the periods then ended, is presented below: <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 11.7pt; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Number of stock options </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap; margin-top: 0pt; margin-bottom: 0pt;"> Weighted average exercise price </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2023</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">6,714,334</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">1.59</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">4,837,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.70</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Exercised</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">(2,750,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.26</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Expired</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">(56,666</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2.12</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> Forfeited </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">(37,334</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2.05</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2024</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">8,707,334</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">1.75</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">481,225</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.61</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Exercised</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">(1,768,333</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.67</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Expired</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">(810,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.68</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> Forfeited </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">(25,262</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">1.61</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #f2f2f2;">DECEMBER 31, 2025</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;">6,584,964</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;">1.77</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table> </div> During the year ended December 31, 2025, the Company recognized an expense in respect of stock options of $916,749 in the statement of loss and comprehensive loss (year ended December 31, 2024 - $1,360,587). During the year ended December 31, 2025, $123,245 was capitalized (year ended December 31, 2024 - $57,154) to the exploration and evaluation asset in relation to stock options. On June 12, 2025, 200,000 stock options were exercised by a former director of the Company. The proceeds from this exercise were settled against the cash payable pursuant to a concurrent DSU settlement (note 11c). <div style="margin-top: 0px; margin-bottom: 0px;"> </div> Stock options outstanding are as follows: <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"> Stock options outstanding, by exercise price </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Number of Stock options </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Weighted average exercise price </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Average remaining contractual life </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;">$</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;">years</td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">$1.11 - $1.41</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1,000,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.35</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> 3.1 </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">$1.42 - $1.66</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2,855,963</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.58</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> 3.3 </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">$1.67 - $2.10</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1,410,001</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2.05</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> 1.6 </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">$2.11 - $2.22</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1,319,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2.19</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> 3.0 </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #f2f2f2;">DECEMBER 31, 2025</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;">6,584,964</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;">1.77</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;"> 2.85 </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table> </div> The average share price for options exercised during the year ended December 31, 2025, was $1.67 (year ended December 31, 2024 - $1.26). Of the total stock options outstanding, 4,087,995 were vested and exercisable at December 31, 2025. The weighted average exercise price of vested stock options is $1.82 and the average remaining contractual life is 2.87 years. Share-based payments During the year ended December 31, 2025, the Company granted 481,225 (year ended December 31, 2024 - 4,837,000) stock options to employees, directors and consultants. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model. The weighted average assumptions and resulting fair values are as follows: <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap; vertical-align: bottom;">Inputs and assumptions</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> Year ended December 31, 2025 </td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> Year ended December 31, 2024 </td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom; border-top: 0.75pt solid #000000;"> </td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; border-top: 0.75pt solid #000000;"> </td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; border-top: 0.75pt solid #000000;"> </td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Exercise price</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">$1.61</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">$1.70</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Market price</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">$1.61</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">$1.49</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Expected option term (years)</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">5.0</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">3.0</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Expected stock price volatility</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">54.0%</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">47.2%</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Average risk-free interest rate</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">3.15%</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">3.87%</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Expected forfeiture rate</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">-</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">-</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Expected dividend yield</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">-</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">-</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000;"> </td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"> </td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"> </td> </tr> <tr> <td style="background-color: #f2f2f2; width: 47%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 10.65pt; border-top: 0.75pt solid #000000;">FAIR VALUE PER OPTION GRANTED </td> <td style="background-color: #f2f2f2; width: 24%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 10.65pt; border-top: 0.75pt solid #000000; text-align: center;">$0.80</td> <td style="background-color: #f2f2f2; width: 20%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 10.65pt; border-top: 0.75pt solid #000000; text-align: center;">$0.47</td> </tr> </table> </div> <div style="margin-top: 0px; margin-bottom: 0px;"> </div> b. Restricted Share Units The Company granted restricted share units ("RSUs") in accordance with the RSU plan approved at the June 17, 2021 shareholders meeting. These RSUs vest in three equal tranches: Tranche one - on completion of 12 months from grant date, Tranche two - on completion of eighteen months from the grant date and Tranche three - on completion of twenty-four months from grant date. These RSUs are classified as equity-settled as these awards will be settled by issuing the shares and are valued at the market price of the Company shares on the date of grant. As at December 31, 2025, the Company could issue an additional 4,749,295 RSUs under the RSU Plan. A summary of the Company's RSUs outstanding and the changes for the periods then ended, is presented below: <div style="margin-left: 36pt;"> <div> <table cellpadding="0" cellspacing="0" style="width: 60%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Number of shares issued or issuable on vesting </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2023</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;">631,576</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">444,541</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Converted to common shares</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">(267,907</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Forfeited</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">(152,467</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2024</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;">655,743</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">986,682</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Converted to common shares</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">(506,241</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Forfeited</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">(51,796</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #f2f2f2;">DECEMBER 31, 2025</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 32%; background-color: #f2f2f2;">1,084,388</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table> </div> </div> In relation to RSUs, the Company recognized an expense of $997,907 for the year ended December 31, 2025, (year ended December 31, 2024 - $751,312) in the statements of loss and comprehensive loss. During the year ended December 31, 2025, $495,404 was capitalized, (year ended December 31, 2024 - $104,188) to the exploration and evaluation asset. <div style="margin-top: 0px; margin-bottom: 0px;"> </div> c. Deferred Share Units Only directors of the Company are eligible for deferred share units ("DSUs") and each DSU vests immediately and is redeemed upon a director ceasing to be a director of the Company. DSUs are classified as equity-settled as these awards will be settled by issuing the shares and are valued at the market price of the Company shares on the date of grant. As at December 31, 2025, the Company could issue an additional 3,161,818 DSUs under the DSU Plan. <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Number of shares issuable </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2023</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;">472,600</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">DSUs Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">185,700</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2024</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;">658,300</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">DSUs Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">204,664</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">DSUs Exercised/Released</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">(369,144</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #f2f2f2;">DECEMBER 31, 2025</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 32%; background-color: #f2f2f2;">493,820</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table> </div> In relation to DSUs, the Company recognized an expense of $337,451 during the year ended December 31, 2025, (year ended December 31, 2024 - $341,241) in the statements of loss and comprehensive loss. On June 12, 2025, 197,444 deferred share units were settled by way of cash, rather than the issuance of shares. The aggregate cash payment owing of $359,348 was net against the cash proceeds receivable from a concurrent option exercise of $282,000 (Note 11a), resulting in a net cash payment to the holder of $77,348. </div>

Stock options vest over a two year period from the date of grant unless otherwise determined by the directors.

The maximum stock option term is 10 years.

4159475

<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 11.7pt; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Number of stock options </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap; margin-top: 0pt; margin-bottom: 0pt;"> Weighted average exercise price </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2023</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">6,714,334</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">1.59</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">4,837,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.70</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Exercised</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">(2,750,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.26</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Expired</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">(56,666</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2.12</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> Forfeited </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">(37,334</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2.05</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2024</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">8,707,334</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">1.75</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">481,225</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.61</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Exercised</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">(1,768,333</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.67</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Expired</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">(810,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.68</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> Forfeited </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">(25,262</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">1.61</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #f2f2f2;">DECEMBER 31, 2025</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;">6,584,964</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;">1.77</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table>

6714334

1.59

4837000

1.7

2750000

1.26

56666

2.12

37334

2.05

8707334

1.75

481225

1.61

1768333

1.67

810000

1.68

25262

1.61

6584964

1.77

916749 1360587 123245 57154

200000

<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"> Stock options outstanding, by exercise price </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Number of Stock options </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Weighted average exercise price </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Average remaining contractual life </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;">$</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;">years</td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">$1.11 - $1.41</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1,000,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.35</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> 3.1 </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">$1.42 - $1.66</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2,855,963</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1.58</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> 3.3 </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">$1.67 - $2.10</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1,410,001</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2.05</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> 1.6 </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">$2.11 - $2.22</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">1,319,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2.19</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> 3.0 </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #f2f2f2;">DECEMBER 31, 2025</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;">6,584,964</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;">1.77</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;"> 2.85 </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table>

1.11

1.41

1000000

1.35

P3Y1M6D

1.42

1.66

2855963

1.58

P3Y3M18D

1.67

2.1

1410001

2.05

P1Y7M6D

2.11

2.22

1319000

2.19

P3Y

6584964

1.77

P2Y10M6D

1.67

1.26

4087995

1.82

2.87

481225

4837000

<table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap; vertical-align: bottom;">Inputs and assumptions</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> Year ended December 31, 2025 </td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> Year ended December 31, 2024 </td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom; border-top: 0.75pt solid #000000;"> </td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; border-top: 0.75pt solid #000000;"> </td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; border-top: 0.75pt solid #000000;"> </td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Exercise price</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">$1.61</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">$1.70</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Market price</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">$1.61</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">$1.49</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Expected option term (years)</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">5.0</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">3.0</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Expected stock price volatility</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">54.0%</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">47.2%</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Average risk-free interest rate</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">3.15%</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">3.87%</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Expected forfeiture rate</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">-</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">-</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom;">Expected dividend yield</td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">-</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; text-align: center;">-</td> </tr> <tr> <td style="width: 47%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000;"> </td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"> </td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 10.65pt; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"> </td> </tr> <tr> <td style="background-color: #f2f2f2; width: 47%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 10.65pt; border-top: 0.75pt solid #000000;">FAIR VALUE PER OPTION GRANTED </td> <td style="background-color: #f2f2f2; width: 24%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 10.65pt; border-top: 0.75pt solid #000000; text-align: center;">$0.80</td> <td style="background-color: #f2f2f2; width: 20%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 10.65pt; border-top: 0.75pt solid #000000; text-align: center;">$0.47</td> </tr> </table>

1.61

1.7

1.61 1.49

0.54

0.472

0.0315

0.0387

0 0

0.8 0.47 4749295 <div> <table cellpadding="0" cellspacing="0" style="width: 60%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Number of shares issued or issuable on vesting </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2023</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;">631,576</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">444,541</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Converted to common shares</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">(267,907</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Forfeited</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">(152,467</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2024</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;">655,743</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">986,682</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Converted to common shares</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">(506,241</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">RSUs Forfeited</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">(51,796</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #f2f2f2;">DECEMBER 31, 2025</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 32%; background-color: #f2f2f2;">1,084,388</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table> </div> 631576 444541 267907 152467 655743 986682 506241 51796 1084388 997907 751312 495404 104188 3161818 <table cellpadding="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> Number of shares issuable </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2023</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;">472,600</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">DSUs Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">185,700</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">DECEMBER 31, 2024</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%;">658,300</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">DSUs Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">204,664</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">DSUs Exercised/Released</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">(369,144</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #f2f2f2;">DECEMBER 31, 2025</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 32%; background-color: #f2f2f2;">493,820</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table> 472600 185700 658300 204664 369144 493820 337451 341241 197444 359348 282000 77348

<table cellpadding="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">For the year ended December 31,</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;">2025</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2024</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;">$</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;">$</td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Salaries and director fees</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #f2f2f2;">2,242,570</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">4,134,306</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Share-based payments</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #f2f2f2;">2,355,370</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">2,310,875</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">KEY MANAGEMENT COMPENSATION</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #f2f2f2;">4,597,940</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">6,445,181</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table>

2242570

4134306

2355370

2310875

4597940

6445181

774249 545144

33369

<div> 14. SEGMENTED INFORMATION The Company's operations are in one segment: the acquisition, exploration, and future development of mineral resource properties. All interest income is earned in Canada and all assets are held in Canada. </div>

<div> 15. SUPPLEMENTAL CASH FLOW INFORMATION Non-cash working capital items <div style="margin-left: 18pt;"> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">For the year ended December 31,</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;">2025</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2024</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Change in other assets</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">(60,587</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(33,351</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Change in accrued interest</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">809,447</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(1,205,770</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom;">Change in accounts payable and accrued liabilities related to operations</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">(921,562</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">860,816</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">CHANGE IN NON-CASH WORKING CAPITAL ITEMS</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">(172,702</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(378,305</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> </tr> </table> </div> </div>

-60587

-33351

809447

-1205770

-921562

860816

172702

378305

<div> 16. INCOME TAXES a. Rate reconciliation The income tax expense or recovery reported by the Company differs from the amounts obtained by applying statutory rates to the loss and comprehensive loss. A reconciliation of the income tax provision computed at statutory rates to the reported income tax provision is provided below: <div style="margin-left: 36pt;"> <div> <table cellpadding="0" cellspacing="0" style="width: 90%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt; white-space: nowrap;">For the year ended December 31,</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;">2025</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2024</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: justify;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: justify;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; padding-left: 4.5pt;">Statutory tax rate</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">27.00%</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">27.00%</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Loss before taxes</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">3,119,762</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">6,921,830</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Income tax recovery calculated at statutory rate</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">842,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">1,869,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Non-deductible expenditures</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">(724,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">(658,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Impact of share issuance costs</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">884,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; padding-left: 4.5pt;">Unrecognized deferred tax assets</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">118,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">(5,267,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Adjustment of prior year tax estimates and other</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">(236,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">3,172,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: justify; padding-left: 4.5pt;">INCOME TAX </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 15%; background-color: #f2f2f2;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 15%;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div> </div> b. Deferred income tax asset and liabilities The approximate tax effect of each item that gives rise to the Company's unrecognized deferred tax assets and liabilities are as follows: <div style="margin-left: 36pt;"> <div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt; white-space: nowrap;">As at December 31,</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2025</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2024</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Deferred income tax assets:</td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Property, plant and equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">135,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">243,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Investment tax credits</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">340,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">340,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Non-capital losses</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">5,576,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">5,557,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Other items</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">61,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt; background-color: #f2f2f2;">DEFERRED TAX ASSET</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">6,112,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">6,140,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Deferred income tax liabilities:</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Exploration and evaluation assets</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(6,048,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(6,047,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Marketable securities</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(93,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Other</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(64,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt; background-color: #f2f2f2;">DEFERRED TAX LIABILITY</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">(6,112,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">(6,140,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt; background-color: #f2f2f2;">NET DEFERRED INCOME TAX LIABILITY </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table> </div> </div> <div style="margin-top: 0px; margin-bottom: 0px;"> </div> c. Deductible temporary differences The Company has the following deductible temporary differences for which no deferred tax assets have been recognized: <div style="margin-left: 36pt;"> <div> <table cellpadding="0" cellspacing="0" style="width: 90%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;">As at December 31,</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;">2025</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">Expiry dates</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2024</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;">Non-capital losses</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">21,694,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">2030 - 2045</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">20,627,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Property, plant and equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">996,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">No expiry</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">659,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Share issuance costs</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">2,086,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">2045 - 2049</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">3,114,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Investment tax credits</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">2,714,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">2026 - 2030</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">3,041,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Marketable securities</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">116,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">No expiry</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Other</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">11,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">No expiry</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">TOTAL</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 15%; background-color: #f2f2f2;">27,617,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 15%;">27,441,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div> </div> d. Non-capital losses The Company has incurred non-capital losses that may be carried forward and used to reduce taxable income of future years. These losses totaled $42.3 million as at December 31, 2025 (2024 - $41.2 million) and will expire between 2030 and 2045. </div>

<div> <table cellpadding="0" cellspacing="0" style="width: 90%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt; white-space: nowrap;">For the year ended December 31,</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;">2025</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2024</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: justify;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: justify;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; padding-left: 4.5pt;">Statutory tax rate</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">27.00%</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">27.00%</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Loss before taxes</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">3,119,762</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">6,921,830</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Income tax recovery calculated at statutory rate</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">842,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">1,869,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Non-deductible expenditures</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">(724,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">(658,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Impact of share issuance costs</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">884,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; padding-left: 4.5pt;">Unrecognized deferred tax assets</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">118,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">(5,267,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Adjustment of prior year tax estimates and other</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">(236,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">3,172,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: justify; padding-left: 4.5pt;">INCOME TAX </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 15%; background-color: #f2f2f2;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 15%;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div>

0.27

-3119762

-6921830

842000

1869000

724000

658000

0 884000 118000 -5267000 -236000 3172000

<div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt; white-space: nowrap;">As at December 31,</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2025</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2024</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Deferred income tax assets:</td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Property, plant and equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">135,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">243,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Investment tax credits</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">340,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">340,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Non-capital losses</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">5,576,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">5,557,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Other items</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">61,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt; background-color: #f2f2f2;">DEFERRED TAX ASSET</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">6,112,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">6,140,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;">Deferred income tax liabilities:</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Exploration and evaluation assets</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(6,048,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(6,047,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Marketable securities</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(93,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 4.5pt;"> Other</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(64,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt; background-color: #f2f2f2;">DEFERRED TAX LIABILITY</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">(6,112,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">(6,140,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">)</td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4.5pt; background-color: #f2f2f2;">NET DEFERRED INCOME TAX LIABILITY </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> </tr> </table> </div>

135000

243000

340000

5576000

5557000

61000

6112000

6140000

6048000

6047000

93000

64000

6112000

6140000

<div> <table cellpadding="0" cellspacing="0" style="width: 90%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;">As at December 31,</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;">2025</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">Expiry dates</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">2024</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">$</td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"> </td> <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;">Non-capital losses</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">21,694,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">2030 - 2045</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">20,627,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Property, plant and equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">996,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">No expiry</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">659,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Share issuance costs</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">2,086,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">2045 - 2049</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">3,114,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Investment tax credits</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">2,714,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">2026 - 2030</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">3,041,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Marketable securities</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">116,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">No expiry</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Other</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;">11,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">No expiry</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">TOTAL</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 15%; background-color: #f2f2f2;">27,617,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 15%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 15%;">27,441,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div>

21694000

20627000

996000

659000

2086000

3114000

2714000

3041000

116000

11000

27617000

27441000

42300000

41200000

738737

<div style="margin-bottom: 10pt;"> 20. SUBSEQUENT EVENT On February 26, 2026, the Company completed a bought deal public offering (the "Offering") of 22,169,125 common shares of the Company at a price of $4.15 per common share for gross proceeds of $92,001,869. In connection with the Offering, the Company paid the underwriters a cash commission of $4,587,830, equal to 5.0% of the gross proceeds, other than on sales of an aggregate of 1,098,500 common shares to purchasers on a president's list. </div>

22169125

4.15

92001869

4587830 0.05 1098500