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SHARE CAPITAL AND RESERVES (Tables)

12 Months Ended

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

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Outstanding

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Outstanding

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Exercise

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December

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Cancelled/

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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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