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SHARE CAPITAL AND RESERVES (Tables) | 12 Months Ended
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Dec. 31, 2021
SHARE CAPITAL AND RESERVES |
Summary of continuity of share purchase options | The continuity of share purchase options for the year ended December 31, 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Outstanding |  | ​ |  | ​ |  | Cancelled/ |  | Outstanding |  | Exercisable
​ | ​ | Exercise | ​ | December | ​ | ​ | ​ | ​ | ​ | Forfeited/ | ​ | December | ​ | December
Expiry date | ​ | Price | ​ | 31, 2020 | ​ | Granted | ​ | Exercised | ​ | Expired | ​ | 31, 2021 | ​ | 31, 2021
February 20, 2022 | ​ | $ | 0.15 | ​ | 75,000 | ​ | — | ​ | (75,000) | ​ | — | ​ | — | ​ | —
September 30, 2023 | ​ | $ | 0.40 | ​ | 250,000 | ​ | — | ​ | (100,000) | ​ | — | ​ | 150,000 | ​ | 150,000
December 17, 2024 | ​ | $ | 0.50 | ​ | 2,685,000 | ​ | — | ​ | (760,000) | ​ | — | ​ | 1,925,000 | ​ | 1,925,000
April 18, 2025 | ​ | $ | 1.00 |  | 1,500,000 |  | — |  | (50,000) |  | — |  | 1,450,000 |  | 1,450,000
May 23, 2025 | ​ | $ | 1.075 |  | 225,000 |  | — |  | (25,000) |  | — |  | 200,000 |  | 200,000
August 11, 2025 | ​ | $ | 1.40 |  | 2,965,000 |  | — |  | (65,000) |  | — |  | 2,900,000 |  | 2,900,000
September 3, 2025 | ​ | $ | 2.07 |  | 215,000 |  | — |  | (100,000) |  | — |  | 115,000 |  | 115,000
October 1, 2025 | ​ | $ | 2.15 |  | 25,000 |  | — |  | — |  | — |  | 25,000 |  | 25,000
December 31, 2025 | ​ | $ | 4.10 |  | 6,242,500 |  | — |  | (87,500) |  | — |  | 6,155,000 |  | 6,155,000
April 29, 2026 | ​ | $ | 6.79 |  | — |  | 1,369,000 |  | (10,500) |  | (64,250) |  | 1,294,250 |  | 1,118,000
May 17, 2026 | ​ | $ | 8.62 |  | — |  | 200,000 |  | — |  | — |  | 200,000 |  | 200,000
September 27, 2026 | ​ | $ | 8.70 |  | — |  | 125,000 |  | — |  | — |  | 125,000 |  | 12,500
November 26, 2026 | ​ | $ | 8.04 | ​ | — | ​ | 62,500 | ​ | — | ​ | (6,750) | ​ | 55,750 | ​ | 6,250
​ | ​ |  | ​ |  | 14,182,500 |  | 1,756,500 |  | (1,273,000) |  | (71,000) |  | 14,595,000 | ​ | 14,256,750
Weighted average exercise price $ | ​ | ​ | ​ |  | 2.36 |  | 5.39 |  | 0.97 |  | 6.91 |  | 3.01 |  | 2.92
Weighted average contractual remaining life (years) | ​ |  | ​ |  | 4.58 |  | — |  | — |  | — |  | 3.71 |  | 3.71
​ The continuity of share purchase options for the year ended December 31, 2020 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Outstanding |  | ​ |  | ​ |  | Cancelled/ |  | Outstanding |  | Exercisable
​ | ​ | ​ | ​ | ​ | December | ​ | ​ | ​ | ​ | ​ | Forfeited/ | ​ | December | ​ | December
Expiry date | ​ | Exercise Price | ​ | 31, 2019 | ​ | Granted | ​ | Exercised | ​ | Expired | ​ | 31, 2020 | ​ | 31, 2020
February 20, 2022 | ​ | $ | 0.15 | ​ | 1,930,000 | ​ | — | ​ | (1,855,000) | ​ | — | ​ | 75,000 | ​ | 75,000
September 30, 2023 | ​ | $ | 0.40 | ​ | 350,000 | ​ | — | ​ | (100,000) | ​ | — | ​ | 250,000 | ​ | 250,000
December 17, 2024 | ​ | $ | 0.50 | ​ | 5,605,000 | ​ | — | ​ | (2,920,000) | ​ | — | ​ | 2,685,000 | ​ | 2,685,000
April 18, 2025 | ​ | $ | 1.00 | ​ | — |  | 2,300,000 |  | (800,000) |  | — |  | 1,500,000 |  | 1,500,000
May 23, 2025 | ​ | $ | 1.075 | ​ | — |  | 1,670,000 |  | (1,445,000) |  | — |  | 225,000 |  | 225,000
August 11, 2025 | ​ | $ | 1.40 | ​ | — |  | 5,040,000 |  | (2,075,000) |  | — |  | 2,965,000 |  | 2,965,000
September 3, 2025 | ​ | $ | 2.07 | ​ | — |  | 215,000 |  | — |  | — |  | 215,000 |  | 215,000
October 1, 2025 | ​ | $ | 2.15 | ​ | — |  | 25,000 |  | — |  | — |  | 25,000 |  | 25,000
December 31, 2025 | ​ | $ | 4.10 | ​ | — |  | 6,242,500 |  | — |  | — |  | 6,242,500 |  | 6,242,500
​ | ​ | ​ | ​ | ​ | 7,885,000 |  | 15,492,500 |  | (9,195,000) |  | — |  | 14,182,500 | ​ | 14,182,500
Weighted average exercise price $ | ​ | ​ | ​ | ​ | 0.41 |  | 2.40 |  | 0.77 |  | — |  | 2.36 |  | 2.36
Weighted average contractual remaining life (years) | ​ | ​ | ​ | ​ | 4.22 |  | 5.0 |  | — |  | — |  | 4.58 |  | 4.58
​
Summary of weighted average assumptions used to estimate the fair value of options granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | Year ended December 31, |
​ |  | 2021 |  | ​ | 2020 |
Risk-free interest rate |  | ​ | 0.95 | % | ​ | 0.39 | %
Expected option life in years |  | ​ | 5.0 |  | ​ | 5.0 | ​
Expected share price volatility(i) |  | ​ | 95.13 | % | ​ | 96.82 | %
Grant date share price | ​ | $ | 7.18 | ​ | $ | 2.39 | ​
Expected forfeiture rate | ​ |  | — | ​ |  | — | ​
Expected dividend yield | ​ |  | Nil | ​ |  | Nil | ​
(i) | The expected share price volatility is based on the average historical share price of comparable companies over the life of the option.
Summary of continuity of warrants | The continuity of warrants for the year ended December 31, 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Outstanding |  | ​ |  | ​ |  | ​ |  | Outstanding
​ | ​ | Exercise | ​ | December | ​ | ​ | ​ | ​ | ​ | Cancelled/ | ​ | December 31,
Expiry date | ​ | Price | ​ | 31, 2020 | ​ | Issued | ​ | Exercised | ​ | Expired | ​ | 2021
August 11, 2021 | ​ | $ | 1.30 |  | 714,462 |  | — |  | (714,462) |  | — |  | —
August 13, 2021 | ​ | $ | 1.30 |  | 113,399 |  | — |  | (113,399) |  | — |  | —
May 12, 2022 | ​ | $ | 1.30 |  | 39,475 |  | — |  | (14,321) |  | — |  | 25,154
May 13, 2022 | ​ | $ | 1.50 |  | 36,052 |  | — |  | (27,680) |  | — |  | 8,372
June 4, 2022 | ​ | $ | 1.50 |  | 25,845 |  | — |  | (9,885) |  | — |  | 15,960
June 10, 2022 | ​ | $ | 1.30 |  | 4,107 |  | — |  | (4,107) |  | — |  | —
​ | ​ |  | ​ |  | 933,340 |  | — |  | (883,854) |  | — | ​ | 49,486
Weighted average exercise price $ | ​ | ​ | ​ |  | 1.31 |  | — |  | 1.31 |  | — |  | 1.40
Weighted average contractual remaining life (years) | ​ | ​ | ​ |  | 0.70 |  | — |  | — |  | — |  | 0.38
​ The continuity of warrants for the year ended December 31, 2020 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Outstanding |  | ​ |  | ​ |  | ​ |  | Outstanding
​ | ​ | Exercise | ​ | December | ​ | ​ | ​ | ​ | ​ | Cancelled/ | ​ | December
Expiry date | ​ | Price | ​ | 31, 2019 | ​ | Issued | ​ | Exercised | ​ | Expired | ​ | 31, 2020
August 11, 2021 | ​ | $ | 1.30 |  | ​ | — |  | 1,190,769 |  | (476,307) |  | — |  | 714,462
August 13, 2021 | ​ | $ | 1.30 |  | ​ | — |  | 188,999 |  | (75,600) |  | — |  | 113,399
May 12, 2022 | ​ | $ | 1.30 |  | ​ | — |  | 39,475 |  | — |  | — |  | 39,475
May 13, 2022 | ​ | $ | 1.50 |  | ​ | — |  | 36,052 |  | — |  | — |  | 36,052
June 4, 2022 | ​ | $ | 1.50 |  | ​ | — |  | 28,230 |  | (2,385) |  | — |  | 25,845
June 10, 2022 | ​ | $ | 1.30 |  | ​ | — |  | 4,107 |  | — |  | — |  | 4,107
November 29, 2022 | ​ | $ | 0.75 |  | ​ | 16,000,000 |  | — |  | (16,000,000) |  | — |  | —
​ | ​ | ​ | ​ |  | ​ | 16,000,000 |  | 1,487,632 |  | (16,554,292) |  | — |  | 933,340
Weighted average exercise price | ​ | ​ | ​ | ​ | $ | 0.75 |  | 1.31 |  | 0.77 |  | — |  | 1.31
Weighted average contractual remaining life (years) | ​ | ​ | ​ | ​ |  | 2.92 |  | 1.07 |  | — |  | — |  | 0.70
Summary of weighted average assumptions used to estimate the fair value of warrants issued | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, | ​
​ |  | 2021 |  | 2020 |
Risk-free interest rate | ​ | — |  | ​ | 0.26 | %
Expected option life in years | ​ | — |  | ​ | 1.07 | ​
Expected share price volatility(i) | ​ | — |  | ​ | 91.94 | %
Grant date share price | ​ | — | ​ | $ | 1.41 | ​
Expected forfeiture rate | ​ | — | ​ |  | — | ​
Expected dividend yield | ​ | Nil | ​ |  | Nil | ​
(i) | The expected share price volatility is based on the average historical share price of comparable companies over the life of the warrant.

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