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STOCK OPTIONS AND CONTRIBUTED SURPLUS (Tables)
 12 Months Ended
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:

 

       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:

 

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:

 

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