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Share-based Compensation and Warrants (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | A continuity schedule of outstanding stock options as of December 31, 2024, and the changes during the fiscal year periods, is as follows:
| Number of stock options |  | Weighted average exercise price (CAD)
Balance, December 31, 2021 | 5,272,294 |  |  | 1.42
Granted | 3,107,501 |  |  | 4.10
Exercised | (1,016,436) |  |  | 1.51
Forfeited/expired | (127,711) |  |  | 3.60
Balance, December 31, 2022 | 7,235,648 |  |  | 2.52
Exercisable, December 31, 2022 | 4,928,144 |  |  | 1.78
Granted | 2,670,181 |  |  | 2.85
Exercised | (575,676) |  |  | 1.31
Forfeited/expired | (917,271) |  |  | 3.20
Balance, December 31, 2023 | 8,412,882 |  |  | 2.63
Exercisable, December 31, 2023 | 5,921,267 |  |  | 2.39
Granted | 3,029,000 |  |  | 5.74
Exercised | (2,267,155) |  |  | 1.06
Forfeited/expired | (300,001) |  |  | 4.42
Balance, December 31, 2024 | 8,874,726 |  |  | 4.03
Exercisable, December 31, 2024 | 6,169,340 |  |  | 3.55
As of December 31, 2024, stock options outstanding and exercisable were as follows:
|  |  | Options Outstanding | Options Exercisable
|  |  | December 31, 2024 | December 31, 2024
Option price per share | Options # |  | Weighted average remaining life (years) |  | Weighted average exercise price (CAD) | Options # | Weighted average exercise price (CAD)
$0.18 - 1.92 | 860,499 |  |  | 0.05 |  | $1.05 | 860,499 |  | $1.05
$2.40 - 2.40 | 2,628,351 |  |  | 0.94 |  | $2.92 | 2,096,340 |  | $2.95
$4.20 - 5.76 | 5,385,876 |  |  | 2.01 |  | $5.05 | 3,212,501 |  | $4.62
| 8,874,726 |  |  | 3.01 |  | $4.03 | 6,169,340 |  | $3.55
A summary of the Company’s unvested stock option activity is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value (CAD)
Unvested, December 31, 2021 | 757,082 |  | 1.58 |
Granted | 3,107,501 |  | 2.43 |
Vested | (1,497,082) |  | 1.95 |
Forfeited | (59,999) |  | 2.51 |
Outstanding, December 31, 2022 | 2,307,502 |  | 2.44 |
Granted | 2,670,181 |  | 1.61 |
Vested | (2,196,526) |  | 2.20 |
Forfeited | (289,541) |  | 1.69 |
Outstanding, December 31, 2023 | 2,491,616 |  | 1.85 |
Granted | 3,029,000 |  | 2.78 |
Vested | (2,588,666) |  | 2.18 |
Forfeited | (226,563) |  | 2.28 |
Outstanding, December 31, 2024 | 2,705,387 |  | 2.54 |
Schedule of Options Using the Black-Scholes Option Pricing Model, Weighted-Average Assumptions Used | The weighted average assumptions used in the Black-Scholes option pricing model are as follows ($ amounts in CAD):
Weighted Average |  |  |
Quantity | 1,066,500 |  | 283,500
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 |
The fair value of all share purchase warrants granted in conjunction with equity financing is estimated on the grant date using the Black-Scholes option pricing model. The assumptions used in calculating the fair values are as follows:
| 02/14/23 |  | 02/08/23 |  | 03/25/22
Exercise price | C$3.75 |  | C$4.05 |  | C$6.00
Share price | C$3.20 |  | C$3.19 |  | C$4.77
Risk-free rate | 3.87 | % |  | 3.61 | % |  | 2.34 | %
Expected life (in years) | 3.00 |  | 3.00 |  | 2.00
Expected volatility | 88.55 | % |  | 88.69 | % |  | 88.76 | %
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Grant date fair value | C$1.75 |  | C$1.69 |  | C$2.01
Grant date fair value after residual fair value allocation | C$1.06 |  | C$1.36 |  | C$1.60
The fair value of all compensatory options granted is estimated on the grant date using the Black-Scholes option pricing model. The weighted average assumptions used in calculating the fair values are as follows:
| As of December 31,
| 2024 |  | 2023 |  | 2022
Exercise price | C$5.74 |  | C$2.85 |  | C$4.10
Share price | C$5.75 |  | C$2.85 |  | C$3.98
Risk-free rate | 3.70 | % |  | 3.89 | % |  | 1.95 | %
Expected life (in years) | 3.11 |  | 3.13 |  | 3.06
Expected volatility | 68.08 | % |  | 83.19 | % |  | 97.29 | %
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Weighted average grant date fair value | C$2.78 |  | C$1.61 |  | C$2.43

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