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STOCK OPTIONS AND CONTRIBUTED SURPLUS (Tables) | 12 Months Ended
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Dec. 31, 2024
Stock Options And Contributed Surplus |
SCHEDULE OF STOCK OPTIONS OUTSTANDING | Stock option transactions and the number of stock options outstanding were as follows: SCHEDULE OF STOCK OPTIONS OUTSTANDING
|  |  |  |  | Historical |
|  |  |  |  | Weighted Average |
|  | Number of |  |  | Exercise |
|  | Options |  |  | Price |
Balance, January 1, 2022 |  |  | 4,959,617 |  |  | $ | 4.40 |
Expired/cancelled |  |  | (117,438 | ) |  |  | 6.02 |
Exercised |  |  | (143,437 | ) |  |  | 2.85 |
Granted |  |  | 2,043,083 |  |  |  | 3.32 |
Balance, December 31, 2022 |  |  | 6,741,825 |  |  |  | 4.10 |
Expired/cancelled |  |  | (182,750 | ) |  |  | 4.66 |
Exercised |  |  | (268,356 | ) |  |  | 2.49 |
Granted |  |  | 1,002,170 |  |  |  | 4.11 |
Balance, December 31, 2023 |  |  | 7,292,889 |  |  |  | 3.92 |
Expired/cancelled |  |  | (184,996 | ) |  |  | 5.33 |
Exercised |  |  | (597,151 | ) |  |  | 1.28 |
Granted |  |  | 3,051,482 |  |  |  | 2.12 |
Modified options (1) |  |  | (7,153,358 | ) |  |  | 3.92 |
Repriced options (1) |  |  | 7,153,358 |  |  |  | 1.29 |
Balance, December 31, 2024 |  |  | 9,562,224 |  |  | $ | 1.47 |
(1) |  | During the year ended December 31, 2024, the Company amended 7,153,358 stock options granted to directors, officers, employees and consultants. The amended stock options were initially granted at prices ranging from CA$2.60 to CA$11.90. The amended stock options were repriced to CA$1.75.
SCHEDULE OF STOCK OPTIONS ASSUMPTIONS | The stock options granted and re-priced were valued using the Black-Scholes option pricing model using the following assumptions: SCHEDULE OF STOCK OPTIONS ASSUMPTIONS
Re-priced stock options |
|  | 2024 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Weighted average exercise price |  | $ | 1.29 |  |  | $ | 2.12 |  |  | $ | 4.11 |  |  | $ | 3.32 |
Weighted average risk-free interest rate |  |  | 3.47 | % |  |  | 2.99% - 3.55% |  |  |  | 2.88% - 3.48% |  |  |  | 1.80% - 3.48% |
Weighted average dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Weighted average volatility |  |  | 83.70 | % |  |  | 85.73% - 86.97% |  |  |  | 82.17% - 82.45% |  |  |  | 83.51 | %
Weighted average estimated life |  |  | 6.4 years |  |  |  | 10 years |  |  |  | 10 years |  |  |  | 10 years |
Weighted average share price |  | $ | 1.29 |  |  | $ | 2.12 |  |  | $ | 4.11 |  |  | $ | 3.32 |
Share price on the various grant dates: |  | $ | 1.29 |  |  | $ | 4.05 - $4.63 |  |  | $ | 4.05 - $4.63 |  |  |  | $2.72 - $6.71 |
Weighted average fair value |  | $ | 0.96 |  |  | $ | 3.42 |  |  | $ | 3.42 |  |  | $ | 2.70 |
SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE AND WEIGHTED AVERAGE EXERCISE PRICE OF OPTIONS | The weighted average remaining contractual life and weighted average exercise price of options outstanding and of options exercisable as at December 31, 2024 are as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE AND WEIGHTED AVERAGE EXERCISE PRICE OF OPTIONS
Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Historical Weighted Average |  |  | Weighted Average Remaining |  |  |  |  |  | Historical Weighted Average |
Exercise |  | Number |  |  | Exercise |  |  | Contractual |  |  | Number |  |  | Exercise |
Range |  | Outstanding |  |  | Price |  |  | Life (years) |  |  | Exercisable |  |  | Price |
$0.76 - $1.22 |  |  | 6,510,742 |  |  | $ | 1.22 |  |  |  | 5.94 |  |  |  | 2,471,484 |  |  | $ | 1.22 |
$1.23 - $3.04 |  |  | 2,582,659 |  |  | $ | 1.68 |  |  |  | 9.39 |  |  |  | 208,245 |  |  | $ | 1.72 |
$3.05 - $5.00 |  |  | 468,823 |  |  | $ | 3.92 |  |  |  | 9.87 |  |  |  | - |  |  | $ | - |
|  |  | 9,562,224 |  |  | $ | 1.47 |  |  |  | 7.07 |  |  |  | 2,679,729 |  |  | $ | 1.26 |

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