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v3.24.1

Share Capital (Tables) | 12 Months Ended
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Dec. 31, 2023
Share Capital [Abstract] |
Schedule of Weighted Average Assumptions Used in the Black-Scholes Option Pricing Model | The weighted average assumptions used in the Black-Scholes option pricing model are as follows:
Weighted Average |  |  |
Quantity |  |  | 1,066,500 |  |  |  | 263,500 |
Exercise Price |  | $ | 3.91 |  |  | $ | 3.25 |
Share price |  | $ | 3.20 |  |  | $ | 3.20 |
Discount Rate |  |  | 4.19 | % |  |  | 4.19 | %
Expected life (years) |  |  | 2.25 |  |  |  | 2.25 |
Volatility |  |  | 81.81 | % |  |  | 81.81 | %
Fair value of finders’ warrants (CAD per option): |  | $ | 1.38 |  |  | $ | 1.54 |
Schedule of Company’s Stock Options Outstanding | The Company’s stock options outstanding at December 31, 2023 and December 31, 2022, and the changes for the year then ended, are as follows:
|  | Year ended December 31, 2023 |  |  | Year ended December 31, 2022 |
|  | Options |  |  | Weighted average exercise price |  |  | Options |  |  | Weighted average exercise price |
|  | # |  |  | CAD $ |  |  | # |  |  | CAD $ |
Options outstanding, beginning of period/year |  |  | 7,235,648 |  |  |  | 2.52 |  |  |  | 5,272,294 |  |  |  | 1.42 |
Granted |  |  | 2,670,181 |  |  |  | 2.85 |  |  |  | 3,107,501 |  |  |  | 4.10 |
Exercised |  |  | (575,676 | ) |  |  | 1.31 |  |  |  | (1,016,436 | ) |  |  | 1.51 |
Forfeited/expired |  |  | (917,271 | ) |  |  | 3.20 |  |  |  | (127,711 | ) |  |  | 3.60 |
Options outstanding |  |  | 8,412,882 |  |  | $ | 2.63 |  |  |  | 7,235,648 |  |  | $ | 2.52 |
Options exercisable |  |  | 5,921,267 |  |  | $ | 2.39 |  |  |  | 4,928,144 |  |  | $ | 1.78 |
Schedule of Stock Options Outstanding | As of December 31, 2023, stock options outstanding were as follows:
|  |  |  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  |  | December 31, 2023 |  |  | December 31, 2023 |
Option price per share |  |  | Options # |  |  | Weighted remaining life (years) |  |  | Weighted exercise price CAD $ |  |  | Options # |  |  | Weighted exercise price CAD $ |
$ | 0.18 - 1.92 |  |  | 2,792,289 |  |  |  | 0.33 |  |  | $ | 0.77 |  |  |  | 2,792,289 |  |  | $ | 0.77 |
$ | 2.40 - 3.79 |  |  | 2,981,008 |  |  |  | 1.43 |  |  | $ | 2.89 |  |  |  | 1,090,331 |  |  | $ | 2.92 |
$ | 4.20 - 5.76 |  |  | 2,639,585 |  |  |  | 0.93 |  |  | $ | 4.30 |  |  |  | 2,038,647 |  |  | $ | 4.33 |
|  |  |  | 8,412,882 |  |  |  | 2.68 |  |  | $ | 2.63 |  |  |  | 5,921,267 |  |  | $ | 2.39 |
Schedule of Weighted Average Assumptions Used in Calculating the Fair Values | The weighted average assumptions used in calculating the fair values are as follows:
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 3.34 | % |  |  | 2.06 | %
Expected life of option |  |  | 5.0 years |  |  |  | 4.9 years |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected stock price volatility |  |  | 95.43 | % |  |  | 116.48 | %
Fair value per option |  |  | CAD $2.10 |  |  |  | CAD $3.21 |
Schedule of the Status of the Company’s Warrants | A summary of the status of the Company’s warrants as of December 31, 2023, and December 31, 2022, and changes during the year then ended is as follows:
|  | Year ended December 31, 2023 |  |  | Year ended December 31, 2022 |
|  | Warrants |  |  | Weighted average exercise price |  |  | Warrants |  |  | Weighted average exercise price |
|  | # |  |  | CAD $ |  |  | # |  |  | CAD $ |
Warrants outstanding, beginning of year |  |  | 7,494,506 |  |  |  | 4.43 |  |  |  | 6,298,839 |  |  |  | 2.43 |
Granted |  |  | 30,013,783 |  |  |  | 3.80 |  |  |  | 3,670,919 |  |  |  | 5.81 |
Exercised |  |  | (6,034,479 | ) |  |  | 3.35 |  |  |  | (2,291,642 | ) |  |  | 1.39 |
Expired |  |  | (12,006 | ) |  |  | 2.02 |  |  |  | (183,610 | ) |  |  | 1.67 |
Warrants outstanding, end of period/year |  |  | 31,461,804 |  |  |  | 4.04 |  |  |  | 7,494,506 |  |  |  | 4.43 |
Schedule of Share Purchase Warrants Outstanding | As of December 31, 2023, share purchase warrants outstanding were as follows:
|  |  |  |  |  | Warrants Outstanding |
|  |  |  |  |  | December 31, 2023 |
Warrant price |  | Warrants |  |  | Weighted average remaining life |  |  | Weighted average exercise price |
per share |  | # |  |  | (years) |  |  | CAD $ |
$3.00 - 4.051 |  |  | 28,088,438 |  |  |  | 1.77 |  |  | $ | 3.81 |
$4.59 - 6.00 |  |  | 3,373,366 |  |  |  | 0.02 |  |  | $ | 5.96 |
|  |  | 31,461,804 |  |  |  | 1.79 |  |  | $ | 4.04 |
1 | Includes 1,000 outstanding warrants at an exercise price of C$3.00 which also include power warrants exercisable into one share and one-half warrant. Each whole warrant is exercisable at C$3.90 for 36 months.
Schedule of Reconciliation of the Convertible Debenture Components | A reconciliation of the convertible debenture components is as follows:
|  | Liability |  |  | Equity |  |  | Total |
|  | $ |  |  | $ |  |  | $ |
Balance, December 31, 2022 and December 31, 2023 |  |  | - |  |  |  | - |  |  |  | - |
Issuance of promissory note |  |  | 56,186,734 |  |  |  | 3,813,266 |  |  |  | 60,000,000 |
Accretion expense |  |  | 3,052,433 |  |  |  | - |  |  |  | 3,052,433 |
Principal payments |  |  | (40,000,000 | ) |  |  | - |  |  |  | (40,000,000 | )
Accrued interest, not yet paid |  |  | - |  |  |  | - |  |  |  | - |
Balance, December 31, 2023 |  |  | 19,239,167 |  |  |  | 3,813,266 |  |  |  | 23,052,433 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current portion - convertible debenture (accrued interest) |  |  | - |  |  |  | - |  |  |  | - |
Long term portion - convertible debenture |  |  | 19,239,167 |  |  |  | - |  |  |  | 19,239,167 |
Balance, December 31, 2023 |  |  | 19,239,167 |  |  |  | - |  |  |  | 19,239,167 |

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