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Share-based Compensation and Warrants (Tables)

12 Months Ended

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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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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.

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