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Shareholders' Equity (Tables)
9 Months Ended
Sep. 30, 2024
Schedule of share based compensation recognized in the consolidated statement of operations

Three months ended

Nine months ended

September 30, 

September 30, 

    

2024

    

2023

    

2024

    

2023

Exploration

$

493,871

$

400,306

$

1,441,800

$

1,215,542

Corporate salaries and benefits

399,230

266,349

1,092,454

795,925

Directors’ fees

54,436

29,411

371,518

309,708

Total

$

947,537

$

696,066

$

2,905,772

$

2,321,175

Schedule of options activity

Number of

Weighted Average

    

Options

    

 Exercise Price (C$)

Balance December 31, 2022

 

1,945,650

$

9.23

Options exercised

 

(25,000)

 

4.40

Options cancelled or forfeited

 

(35,500)

 

11.48

Options expired

 

(219,400)

 

7.07

Balance December 31, 2023

 

1,665,750

$

9.54

Options exercised

 

(368,666)

 

6.60

Options expired

(350,875)

9.52

Balance September 30, 2024

 

946,209

$

10.69

Schedule of option exercise price ranges

An analysis of outstanding share purchase options as of September 30, 2024 is as follows:

Options Outstanding

    

Options Exercisable

Range of Exercise

Remaining

Remaining

Prices (C$)

    

Number

    

Price (C$)1

    

Life2

    

Number

    

Price (C$)1

    

Life2

$3.50 - $5.90

 

20,000

3.50

 

0.47

20,000

3.50

 

0.47

$5.91 - $7.20

 

96,209

6.21

 

0.29

96,209

6.20

 

0.29

$7.21 - $9.70

 

130,000

9.13

 

1.45

40,000

9.13

 

1.45

$9.71 - $11.80

 

700,000

11.80

 

1.30

700,000

11.80

 

1.30

$3.50 - $11.80

 

946,209

10.69

 

1.20

856,209

10.85

 

1.17

1

Weighted Average Exercise Price (C$)

2

Weighted Average Remaining Contractual Life (Years)

Schedule of activity for restricted share units awarded

    

    

    

Weighted Average

Share

Grant Date

Units

 

Fair Value

Unvested, December 31, 2022

371,956

 

$

4.13

Granted

385,039

 

3.40

Distributed (vested)

(147,506)

 

4.23

Cancelled

(7,849)

 

3.72

Unvested, December 31, 2023

601,640

3.64

Granted

515,128

3.02

Distributed (vested)

(241,755)

3.72

Cancelled

(2,285)

3.72

Unvested, September 30, 2024

872,728

$

3.25

Schedule of restricted share units scheduled to vest

Remainder of 2024

    

5,000

2025

438,945

2026

 

249,818

2027

148,023

Total

 

841,786

Schedule of activity for performance share units

    

    

    

Weighted Average

Share

Grant Date

Units

Fair Value

Unvested, December 31, 2022

 

263,266

 

$

6.77

Granted

 

301,035

 

 

5.80

Distributed

 

(12,725)

 

 

2.74

Cancelled

 

(4,993)

 

 

5.03

Unvested, December 31, 2023

 

546,583

 

$

6.35

Granted

509,502

4.75

Distributed

(1,395)

4.79

Cancelled

(3,247)

4.92

Unvested, September 30, 2024

1,051,443

$

5.58

Schedule of performance share units scheduled to vest

Remainder of 2024

    

2025

 

377,233

2026

 

283,862

2027

328,448

Total

 

989,543

Schedule of activity in deferred share units

Weighted Average

Share

Grant Date

    

Units

    

Fair Value

Outstanding, December 31, 2022

145,675

$

3.82

Granted

112,465

3.53

Distributed

(31,566)

3.77

Outstanding, December 31, 2023

 

226,574

 

3.68

Granted

 

110,005

 

3.70

Outstanding, September 30, 2024

 

336,579

$

3.69

MPSU's  
Schedule of assumptions to value options and performance shares

    

2024

    

2023

Grant date fair value

$

5.00

$

5.98

Risk-free interest rate

4.38

%  

4.15

%

Expected term (in years)

3.0

 

3.0

Expected share price volatility

57.36

%  

65.74

%

Expected dividend yield