XML 99 R44.htm IDEA: XBRL DOCUMENT v3.26.1
DERIVATIVE WARRANT LIABILITY (Tables)
12 Months Ended
Dec. 31, 2025
Class of Warrant or Rights [Line Items]  
Schedule of derivative warrant liability

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Total

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$

Issuance

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40,151

Fair value adjustment

 

(24,900)

Foreign exchange

 

338

Balance as of December 31, 2024

​

15,589

Fair value adjustment

 

64,723

Settlement

 

(16,151)

Foreign exchange

 

(1,204)

Balance as of December 31, 2025

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62,957

Disclosure of assumptions used to estimate the fair value of the derivative warrant liability

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December 31, 2025

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FID - Matawinie Mine

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FID - Active anode material

Number of Warrants

 

45,932,538

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25,000,000

Risk-Free Interest Rate

 

3.67%

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3.54%

Expected Volatility

 

98%

​

98%

Stock Price at Valuation Date

 

US$2.48

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US$2.48

Exercise Price

 

US$2.38

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US$2.38

Average Fair Value per Warrant

 

US$0.53

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US$0.87

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December 31, 2024

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​

Combined FID - Matawinie Mine & Active anode material

Number of Warrants

 

83,432,538

Risk-Free Interest Rate

 

4.20%

Expected Volatility

 

59%

Stock Price at Valuation Date

 

US$1.59

Exercise Price

 

US$2.38

Average Fair Value per Warrant

 

US$0.13

Schedule of non-observable input, expected volatility, change in the fair value of the warrants

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Reasonably

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Sensitivity [1]

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Reasonably

  ​ ​ ​

Sensitivity [1]

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December 31, 2024

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 possible change

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(Derivative liability)

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December 31, 2025

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 possible change

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(Derivative liability)

Observable inputs

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Share price

 

US$1.59

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+/- 10%

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+12/-5

 

US$2.48

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+/- 10%

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+29/-114

Foreign Exchange rate

 

1.44

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+/-5%

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+/-0

 

1.37

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+/-5%

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+/-18

Unobservable inputs

 

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  ​

​

​

 

​

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  ​

​

​

Expected volatility

 

47.3%

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+/- 10%

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+10/-5

 

59.9%

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+/- 10%

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+21/-109

Credit spread

 

3.0%

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+/-5%

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+0/0

 

11.1%

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+/-5%

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+47/-72

[1]Holding all other variables constant.

Derivative warrant liability  
Class of Warrant or Rights [Line Items]  
Schedule of non-observable input, expected volatility, change in the fair value of the warrants

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December 31, 2025

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FID - Matawinie Mine

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FID - Active anode material

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$

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$

10% increase in volatility

 

2,840

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2,503

10% decrease in volatility

 

(2,854)

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(2,547)

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December 31, 2024

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$

10% increase in volatility

 

3,537

10% decrease in volatility

 

(3,373)