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SHARE CAPITAL AND RESERVES (Tables) | 12 Months Ended
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Dec. 31, 2023
SHARE CAPITAL AND RESERVES |
Schedule of common shares issued | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended |  | Year ended
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ | ​ | ​ |  | Gross |  | ​ |  | Gross
​ | ​ | Number of shares | ​ | proceeds | ​ | Number of shares | ​ | proceeds
ATM program | ​ | 3,552,224 | ​ | $ | 22,980,338 | ​ | 500,229 | ​ | $ | 2,549,677
Total | ​ | 3,552,224 | ​ | $ | 22,980,338 | ​ | 500,229 | ​ | $ | 2,549,677
Summary of continuity of share purchase options | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Outstanding |  | ​ |  | ​ |  | Cancelled/ |  | Outstanding |  | Exercisable
​ | ​ | Exercise | ​ | December | ​ | ​ | ​ | ​ | ​ | Forfeited/ | ​ | December | ​ | December
Expiry date | ​ | Price | ​ | 31, 2022 | ​ | Granted | ​ | Exercised | ​ | Expired | ​ | 31, 2023 | ​ | 31, 2023
September 30, 2023 | ​ | $ | 0.40 | ​ | 150,000 | ​ | — | ​ | (150,000) | ​ | — | ​ | — | ​ | —
December 17, 2024 | ​ | $ | 0.50 | ​ | 1,725,000 | ​ | — | ​ | — | ​ | — | ​ | 1,725,000 | ​ | 1,725,000
April 18, 2025 | ​ | $ | 1.00 | ​ | 100,000 | ​ | — | ​ | — | ​ | — | ​ | 100,000 | ​ | 100,000
May 23, 2025 | ​ | $ | 1.075 |  | 75,000 |  | — |  | — |  | — |  | 75,000 |  | 75,000
August 11, 2025 | ​ | $ | 1.40 |  | 1,125,000 |  | — |  | — |  | — |  | 1,125,000 |  | 1,125,000
September 3, 2025 | ​ | $ | 2.07 |  | 75,000 |  | — |  | (25,000) |  | — |  | 50,000 |  | 50,000
October 1, 2025 | ​ | $ | 2.15 |  | 25,000 |  | — |  | — |  | — |  | 25,000 |  | 25,000
December 31, 2025 | ​ | $ | 4.10 |  | 5,305,000 |  | — |  | — |  | — |  | 5,305,000 |  | 5,305,000
April 29, 2026 | ​ | $ | 6.79 |  | 1,258,625 |  | — |  | — |  | (295,750) |  | 962,875 |  | 940,000
May 17, 2026 | ​ | $ | 8.62 |  | 200,000 |  | — |  | — |  | — |  | 200,000 |  | 200,000
September 27, 2026 | ​ | $ | 8.70 |  | 125,000 |  | — |  | — |  | — |  | 125,000 |  | 87,500
November 26, 2026 | ​ | $ | 8.04 |  | 55,000 |  | — |  | — |  | (7,500) |  | 47,500 |  | 33,250
January 4, 2027 | ​ | $ | 8.98 | ​ | 24,375 | ​ | — | ​ | — | ​ | (1,875) | ​ | 22,500 | ​ | 12,375
August 19, 2027 | ​ | $ | 5.75 | ​ | 340,000 | ​ | — | ​ | — | ​ | — | ​ | 340,000 | ​ | 226,000
September 8, 2027 | ​ | $ | 5.00 | ​ | 20,000 | ​ | — | ​ | — | ​ | — | ​ | 20,000 | ​ | 20,000
December 27, 2027 | ​ | $ | 5.68 | ​ | 2,257,500 | ​ | — | ​ | (3,500) | ​ | (97,750) | ​ | 2,156,250 | ​ | 1,938,750
​ | ​ |  | ​ |  | 12,860,500 |  | — |  | (178,500) |  | (402,875) |  | 12,279,125 | ​ | 11,862,875
Weighted average exercise price $ | ​ | ​ | ​ |  | 4.01 |  | — |  | 0.74 |  | 6.55 |  | 3.97 |  | 3.89
Weighted average contractual remaining life (years) | ​ |  | ​ |  | 3.24 |  | — |  | — |  | — |  | 2.25 |  | 2.20
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Outstanding |  | ​ |  | ​ |  | Cancelled/ |  | Outstanding |  | Exercisable
​ | ​ | ​ | ​ | ​ | December | ​ | ​ | ​ | ​ | ​ | Forfeited/ | ​ | December | ​ | December
Expiry date | ​ | Exercise Price | ​ | 31, 2021 | ​ | Granted | ​ | Exercised | ​ | Expired | ​ | 31, 2022 | ​ | 31, 2022
September 30, 2023 | ​ | $ | 0.40 | ​ | 150,000 | ​ | — | ​ | — | ​ | — | ​ | 150,000 | ​ | 150,000
December 17, 2024 | ​ | $ | 0.50 | ​ | 1,925,000 | ​ | — | ​ | (200,000) | ​ | — | ​ | 1,725,000 | ​ | 1,725,000
April 18, 2025 | ​ | $ | 1.00 | ​ | 1,450,000 | ​ | — | ​ | (1,350,000) | ​ | — | ​ | 100,000 | ​ | 100,000
May 23, 2025 | ​ | $ | 1.075 | ​ | 200,000 |  | — |  | (125,000) |  | — |  | 75,000 |  | 75,000
August 11, 2025 | ​ | $ | 1.40 | ​ | 2,900,000 |  | — |  | (1,775,000) |  | — |  | 1,125,000 |  | 1,125,000
September 3, 2025 | ​ | $ | 2.07 | ​ | 115,000 |  | — |  | (40,000) |  | — |  | 75,000 |  | 75,000
October 1, 2025 | ​ | $ | 2.15 | ​ | 25,000 |  | — |  | — |  | — |  | 25,000 |  | 25,000
December 31, 2025 | ​ | $ | 4.10 | ​ | 6,155,000 |  | — |  | (850,000) |  | — |  | 5,305,000 |  | 5,305,000
April 29, 2026 | ​ | $ | 6.79 | ​ | 1,294,250 |  | — |  | (1,875) |  | (33,750) |  | 1,258,625 |  | 1,168,625
May 17, 2026 | ​ | $ | 8.62 | ​ | 200,000 |  | — |  | — |  | — |  | 200,000 | ​ | 200,000
September 27, 2026 | ​ | $ | 8.70 | ​ | 125,000 |  | — |  | — |  | — |  | 125,000 |  | 50,000
November 26, 2026 | ​ | $ | 8.04 | ​ | 55,750 | ​ | — | ​ | — | ​ | (750) | ​ | 55,000 | ​ | 22,000
January 4, 2027 | ​ | $ | 8.98 | ​ | — | ​ | 30,000 | ​ | — | ​ | (5,625) | ​ | 24,375 | ​ | 7,500
August 19, 2027 | ​ | $ | 5.75 | ​ | — | ​ | 340,000 | ​ | — | ​ | — | ​ | 340,000 | ​ | 169,000
September 8, 2027 | ​ | $ | 5.00 | ​ | — |  | 20,000 |  | — |  | — |  | 20,000 |  | 10,000
December 27, 2027 | ​ | $ | 5.68 | ​ | — | ​ | 2,257,500 | ​ | — | ​ | — | ​ | 2,257,500 | ​ | 1,834,500
​ | ​ | ​ | ​ | ​ | 14,595,000 | ​ | 2,647,500 | ​ | (4,341,875) | ​ | (40,125) | ​ | 12,860,500 | ​ | 12,041,625
Weighted average exercise price $ | ​ | ​ | ​ | ​ | 3.01 | ​ | 5.72 | ​ | 1.76 | ​ | 7.12 | ​ | 4.01 | ​ | 3.85
Weighted average contractual remaining life (years) | ​ | ​ | ​ | ​ | 3.71 | ​ | 4.93 | ​ | — | ​ | — | ​ | 3.24 | ​ | 3.15
Schedule of weighted average fair value of share purchase options granted and exercised | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended December 31,
​ |  | 2023 |  | 2022
Weighted average: | ​ | ​ | ​ | ​ | ​ | ​
Fair value of share purchase options granted | ​ | ​ | — | ​ | $ | 3.72
Fair value of share purchase options exercised | ​ | $ | 0.58 | ​ | $ | 1.27
Closing share price at the date of exercise | ​ | $ | 5.75 | ​ | $ | 6.36
Summary of weighted average assumptions used to estimate the fair value of options granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended December 31, |
​ |  | 2023 |  | ​ | 2022 |
Risk-free interest rate |  | ​ | — | ​ | ​ | 3.21 | %
Expected option life in years |  | ​ | — |  | ​ | 5.0 | ​
Expected share price volatility(i) |  | ​ | — | ​ | ​ | 88.06 | %
Grant date share price | ​ | ​ | — | ​ | $ | 5.39 | ​
Expected forfeiture rate | ​ |  | — | ​ |  | — | ​
Expected dividend yield | ​ |  | — | ​ |  | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Outstanding |  | ​ |  | ​ |  | ​ |  | Outstanding
​ | ​ | Exercise | ​ | December | ​ | ​ | ​ | ​ | ​ | Cancelled/ | ​ | December 31,
Expiry Date | ​ | Price | ​ | 31, 2021 | ​ | Issued | ​ | Exercised | ​ | Expired | ​ | 2022
May 12, 2022 | ​ | $ | 1.30 |  | 25,154 |  | — |  | (24,000) |  | (1,154) |  | —
May 13, 2022 | ​ | $ | 1.50 |  | 8,372 |  | — |  | — |  | (8,372) |  | —
June 4, 2022 | ​ | $ | 1.50 |  | 15,960 |  | — |  | (15,960) |  | — |  | —
​ | ​ |  | ​ |  | 49,486 |  | — |  | (39,960) |  | (9,526) | ​ | —
Weighted average exercise price $ | ​ | ​ | ​ |  | 1.40 |  | — |  | 1.38 |  | 1.48 |  | —
Weighted average contractual remaining life (years) | ​ | ​ | ​ |  | 0.38 |  | — |  | — |  | — |  | —
Schedule of weighted average fair value of warrants exercised | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2023 |  | 2022
Weighted average: | ​ | ​ | ​ | ​ | ​
Fair value of warrants exercised |  | — | ​ | $ | 0.38
Closing share price at the date of exercise |  | — | ​ | $ | 8.39
​

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