NOTE 9 – Share-based compensation

The 2010 Stock Option Plan was approved and adopted by the Board of Directors on August 10, 2010. The plan allows for up to 191,000 shares to be granted to key employees and non-employee consultants after specific objectives are met. The 2007 Stock Option Plan was approved and adopted by the Board of Directors on December 10, 2007. The plan allows for up to 5,000 shares to be granted to key employees and non-employee consultants after specific objectives are met. The 2004 Stock Option Plan was approved and adopted by the Board of Directors on December 27, 2004. The plan allows for up to 1,925 shares to be granted to key employees and non-employee consultants after specific objectives are met. Employees can receive incentive stock options and non-qualified stock options while non-employee consultants can receive only non-qualified stock options. The options granted vest under various provisions using graded vesting, not to exceed four years. The options granted have a term not to exceed ten years from the date of grant or five years for options granted to more than 10% stockholders. The option price set by the Plan Administration shall not be less than the fair market value per share of the common stock on the grant date or 110% of the fair market value per share of the common stock on the grant date for options granted to greater than 10% stockholders. Options remaining available for grant under the 2010. The following tables summarize the Company’s stock option activity during the years ended January 31, 2026 and 2025:

 Schedule of Stock Options Activity

The aggregate intrinsic value is calculated based on the stock price of $0.041 and $0.113 per share as of January 31, 2026 and 2025, respectively.

During the year ended January 31, 2026, the Company granted an aggregate of 373,842 options to purchase shares of common stock to a consulting geologist. The options have a strike price equal to the closing price per share on the day the options were issued, vest upon issuance and expire in three years The exercise price of the options ranges from $0.044 to $0.12.

On August 20, 2025, the Company granted 4,040,329 options to an officer, employees and members of the board of directors. See Note 12 – Related party transactions.

On December 16, 2025, the Company granted 100,000 options to a member of the board of directors. See Note 12 – Related party transactions.

The total fair value of these option grants at issuance was $315,062. During the year ended January 31, 2026, the Company recognized $315,062 of expense related to these options.

During the years ended January 31, 2026 and 2025, we recognized $315,062 and $622,039 of compensation expense related to incentive and non-qualified stock options previously granted to officers, employees, and consultants

As of January 31, 2026, there was $3,527 of unrecognized share-based compensation for all share-based awards outstanding.