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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Schedule of Weighted-Average Assumptions in the Black-Scholes Option Pricing Model | 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
Schedule of Share Purchase Warrant Activity | A summary of the status of the Company’s warrants as of December 31, 2024, December 31, 2023 and December 31, 2022 and changes during the year then ended is as follows:
| Number of Warrants |  | Weighted Average Exercise Price CAD $
Outstanding, December 31, 2021 | 6,298,840 |  | 2.44 |
Granted | 3,670,919 |  | 5.81 |
Exercised | (2,291,642) |  | 1.39 |
Expired | (183,611) |  | 1.67 |
Outstanding, December 31, 2022 | 7,494,506 |  | 4.43 |
Granted | 30,013,783 |  | 3.80 |
Exercised | (6,034,479) |  | 3.35 |
Expired | (12,006) |  | 2.02 |
Outstanding, December 31, 2023 | 31,461,804 |  | 4.04 |
Granted | 500 |  | 3.90 |
Exercised | (8,781,985) |  | 3.97 |
Expired | (2,746,235) |  | 5.95 |
Outstanding, December 31, 2024 | 19,934,084 |  | 3.81 |
As of December 31, 2024, share purchase warrants outstanding were as follows:
|  |  |  | Warrants Outstanding December 31, 2024
Warrant Price Per Share CAD $ |  | Number of Warrants |  | Weighted Average Remaining Life (years) |  | Weighted Average Exercise Price CAD $
3.25 |  | 2,369 |  | 0.00 |  | 3.25 |
3.91 |  | 75 |  | 0.00 |  | 3.91 |
4.05 |  | 3,835,440 |  | 0.21 |  | 4.05 |
3.75 |  | 16,096,200 |  | 0.91 |  | 3.75 |
Total |  | 19,934,084 |  | 1.12 |  | 3.81 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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