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CONVERTIBLE NOTES (Tables)
12 Months Ended
Dec. 31, 2025
CONVERTIBLE NOTES  
Schedule of convertible notes

  ​ ​ ​

Host (amortized cost)

  ​ ​ ​

Derivative (FVTPL)

  ​ ​ ​

Deferred amount

  ​ ​ ​

Total

$

$

$

$

Issuance [1]

48,703

20,453

(2,773)

66,383

Interest accretion

 

732

 

 

 

732

Fair value adjustment

 

 

(11,199)

 

 

(11,199)

Amortization

 

 

 

140

 

140

Foreign exchange

 

382

 

127

 

(21)

 

488

Balance as of December 31, 2022

49,817

9,381

(2,654)

56,544

Interest accretion

 

5,082

 

 

 

5,082

Fair value adjustment

 

 

(8,049)

 

 

(8,049)

Amortization

 

 

 

1,453

 

1,453

Foreign exchange

 

(1,275)

 

(163)

 

32

 

(1,406)

Balance as of December 31, 2023

 

53,624

 

1,169

 

(1,169)

 

53,624

Interest accretion

 

3,044

 

 

 

3,044

Fair value adjustment

 

 

(1,191)

 

 

(1,191)

Amortization

 

 

 

1,191

 

1,191

Foreign exchange

 

2,710

 

30

 

(30)

 

2,710

Settlement

(43,138)

(43,138)

Balance as of December 31, 2024

 

16,240

 

8

 

(8)

 

16,240

Interest accretion

 

1,696

 

 

 

1,696

Fair value adjustment

 

 

(8)

 

 

(8)

Amortization [2]

 

 

 

8

 

8

Foreign exchange

 

(441)

 

 

 

(441)

Settlement

(17,495)

(17,495)

Balance as of December 31, 2025

 

 

 

 

[1]Transaction costs of $821 (US$608) have been allocated to the host instrument and reduced from the net proceeds allocated to this component.

[2]The amortization for the year ended December 31, 2025 includes an additional amount of $7 to prevent the net amount of the Derivative and the Deferred amount components from representing a negative amount.

  ​ ​ ​

Host (amortized cost)

  ​ ​ ​

Derivative (FVTPL)

  ​ ​ ​

Total

$

$

$

Issuance

 

16,844

 

651

 

17,495

Interest accretion

102

102

Fair value adjustment

 

 

(286)

 

(286)

Settlement

Foreign exchange

 

(350)

 

(13)

 

(363)

Balance as of December 31, 2025

 

16,596

 

352

 

16,948

Schedule of sensitivity analysis

  ​ ​ ​

  ​ ​ ​

Reasonably

  ​ ​ ​

Sensitivity [1]

  ​ ​ ​

  ​ ​ ​

Reasonably

  ​ ​ ​

Sensitivity [1]

December 31, 2024

 possible change

(Derivative liability)

December 31, 2025

 possible change

(Derivative liability)

Observable inputs

  ​

  ​

  ​

  ​

  ​

  ​

Share price

 

US$1.59

+/- 10%

+12/-5

 

US$2.48

+/- 10%

+29/-114

Foreign Exchange rate

 

1.44

+/-5%

+/-0

 

1.37

+/-5%

+/-18

Unobservable inputs

 

  ​

 

  ​

Expected volatility

 

47.3%

+/- 10%

+10/-5

 

59.9%

+/- 10%

+21/-109

Credit spread

 

3.0%

+/-5%

+0/0

 

11.1%

+/-5%

+47/-72

[1]Holding all other variables constant.