8.Share-based payments (continued)
(b)Deferred share units plan (“DSU”) (continued):
On May 11, 2023, the Company granted 225,000 DSUs. The DSUs vested immediately. On September 3, 2025, 50,000 DSUs were exercised. The fair value of the DSUs at the date of grant was valued using an estimated market price of $16.00.
On October 11, 2023, the Company granted 87,500 DSUs to consultants of the Company. 25,000 of the DSUs vest in four equal installments over twelve months from the date of grant and 62,500 DSUs vest on October 11, 2024. On November 3, 2025, 62,500 DSUs were exercised. The fair value of the DSUs at the date of grant was valued using an estimated market price of $16.00.
On May 23, 2024, the Company granted 312,500 DSUs to a director and a consultant of the Company. The DSUs vested immediately. On June 14, 2024, 62,500 of the DSUs were exercised and on July 25, 2025, 250,000 DSUs were exercised. The fair value of the DSUs at the date of grant was valued using an estimated market price of $16.00.
On June 20, 2024, the Company granted 187,500 DSUs to a former director and a consultant of the Company. 125,000 of the DSUs vested immediately. Of the remaining 62,500 DSUs, 12,500 vested immediately and 50,000 vest in 4 equal installments annually from the date of grant. On July 25, 2025, 125,000 of the DSUs were exercised. During the three and six months ended June 30, 2026, the Company recognized an expense of $51,270 and $104,686, respectively (three and six months ended June 30, 2025 - $98,394 and $201,125, respectively) related to the estimated fair value of the DSUs at the date of grant charged to the condensed interim consolidated statements of loss and other comprehensive loss. The fair value of the DSUs at the date of grant was valued using an estimated market price of $16.00.
On August 12, 2024, the Company granted 250,000 DSUs under the Company’s 2024 Incentive Compensation Plan to the Chair of the Company’s advisory board. The DSUs vest in four equal tranches every six months beginning on the date of grant. During the three and six months ended June 30, 2026, the Company recognized an expense of $nil and $73,429, respectively (three and six months ended June 30, 2025 - $389,127 and $993,070, respectively), related to the estimated fair value of the DSUs at the date of grant charged to the condensed interim consolidated statements of loss and other comprehensive loss. The fair value of the DSUs at the date of grant was valued using an estimated market price of $15.00.
On June 5, 2025, the Company granted 299,000 DSUs under the Company’s 2024 Incentive Compensation Plan to an employee and a consultant of the Company. The DSUs vest immediately on the date of grant. On March 11, 2026, 49,000 of the DSUs were exercised. During the three and six months ended June 30, 2026, the Company recognized an expense of $nil (three and six months ended June 30, 2025 - $505,310), related to the estimated fair value of the DSUs at the date of grant charged to the condensed interim consolidated statements of loss and other comprehensive loss. The fair value of the DSUs at the date of grant was valued using an estimated market price of $1.69.
On December 22, 2025, the Company granted 367,500 DSUs under the Company’s 2024 Incentive Compensation Plan to directors of the Company. The DSUs vest in eight equal tranches, every three months from the date of grant. During the three and six months ended June 30, 2026, the Company recognized an expense of $151,211 and $386,143, respectively (three and six months ended June 30, 2025 - $nil), related to the estimated fair value of the DSUs at the date of grant charged to the condensed interim consolidated statements of loss and other comprehensive loss. The fair value of the DSUs at the date of grant was valued using an estimated market price of $1.97.
During the three and six months ended June 30, 2026, the total amount related to the vesting of DSUs was an expense of $205,414 and $573,408, respectively (three and six months ended June 30, 2025 – $999,118 and $1,750,477, respectively) of which an expense of $587 and $1,830, respectively (three and six months ended June 30, 2025 – $1,258 and $2,501, respectively) was charged to capitalized exploration and evaluation assets and an expense of $204,827 and $571,578, respectively (three and six months ended June 30, 2025 - $997,860 and $1,747,976, respectively) is included in the condensed interim consolidated statements of loss and other comprehensive loss.
