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SHARE CAPITAL, WARRANTS AND OPTIONS (Tables) | 9 Months Ended
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Sep. 30, 2022
IfrsStatementLineItems [Line Items] |
SCHEDULE OF SHARE CAPITAL | SCHEDULE OF SHARE CAPITAL
|  | Shares Outstanding |  |  | Share Capital |
North American Nickel Inc. |  |  | (post-consolidation basis) |  |  |  |  |
December 31, 2020 |  |  | 21,966,730 |  |  | $ | 89,626,730 |
Share capital issued through private placement |  |  | 1,658,133 |  |  |  | 1,989,760 |
Share issue costs |  |  | - |  |  |  | (89,935 | )
Value allocated to warrants |  |  | - |  |  |  | (495,228 | )
Exercised options |  |  | 100,000 |  |  |  | 112,000 |
Exercised options fair value |  |  | - |  |  |  | 92,478 |
Exercised warrants |  |  | 2,516,063 |  |  |  | 1,641,674 |
Exercised warrants fair value |  |  | - |  |  |  | 573,502 |
|  |  | 31,748,399 |  |  |  | 28,380,297 |
Issued pursuant to reverse takeover in exchange for shares of PNRC (Note 4) |  |  | 82,157,536 |  |  |  | 92,070,357 |
|  |  | 113,905,935 |  |  |  | 120,450,654 |
December 31, 2021 |  |  | 26,240,926 |  |  |  | 93,450,981 |
Share capital issued through subscription receipt financing |  |  | 4,223,600 |  |  |  | 10,136,640 |
Share issue costs |  |  | - |  |  |  | (913,304 | )
Exercised warrants |  |  | 1,283,873 |  |  |  | 717,420 |
Exercised warrants fair value |  |  | - |  |  |  | 138,662 |
Balance as at August 3, 2022 prior to business combination with PNRC |  |  | 31,748,399 |  |  | $ | 103,530,399 |
Notes to the Unaudited Condensed Interim Consolidated Financial statements For the Three and Nine Months Ended September 30, 2022 (Expressed in Canadian dollars)
|  | Shares Outstanding |  |  | Share Capital |
Premium Nickel Resources Corp. |  |  |  |  |  |  |  |
December 31, 2020 |  |  | 64,083,487 |  |  | $ | 1,468,174 |
Share capital issued through private placement |  |  | 12,596,421 |  |  |  | 6,771,729 |
Share issue costs |  |  |  |  |  |  | (287,228 | )
December 31, 2021 |  |  | 76,679,908 |  |  |  | 7,952,675 |
Share capital issued through private placement |  |  | 8,936,167 |  |  |  | 22,388,599 |
Share issue cost |  |  | - |  |  |  | (1,960,977 | )
Balance as at August 3, 2022 prior to business combination with NAN |  |  | 85,616,075 | * |  | $ | 28,380,297 |
* |  | Before the closing of the RTO, NAN owned 7,667,707 common shares of PNRC, representing approximately 8.96% of the issued and outstanding common shares of PNRC, based on there being 85,616,075 common shares of PNRC issued and outstanding at that time.
Subsequent to the RTO transaction, the share capital of the Company was as follows:
|  | Shares Outstanding |  |  | Share Capital |
Premium Nickel Resources Ltd. (formerly “North American Nickel Inc.”) |  |  |  |  |  |  |  |
Balance as at August 3, 2022 prior to business combination with PNRC |  |  | 31,748,399 |  |  | $ | 103,530,399 |
Decrease in the share capital to that of PNRC upon RTO (Note 4) |  |  | - |  |  |  | (75,150,102 | )
|  |  | 31,748,399 |  |  |  | 28,380,297 |
Issued pursuant to reverse takeover in exchange for shares of PNRC (Note 4) |  |  | 82,157,536 |  |  |  | 92,070,357 |
|  |  | 113,905,935 |  |  |  | 120,450,654 |
Exercise warrants post-RTO |  |  | 1,236,408 |  |  |  | 569,399 |
Exercised warrants fair value |  |  |  |  |  |  | 3,019,037 |
Exercise options post-RTO |  |  | 300,000 |  |  |  | 117,000 |
Exercised options fair value |  |  |  |  |  |  | 101,531 |
Balance as at September 30, 2022 |  |  | 115,442,343 |  |  | $ | 124,257,621 |
SCHEDULE OF INPUTS TO OPTION PRICING MODEL | The fair value of stock options granted and vested during the nine months ended September 30, 2022 was calculated using the following assumptions: SCHEDULE OF INPUTS TO OPTION PRICING MODEL
|  | September 30, 2022 |  |  | December 31, 2021 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Latest private placement price |  | $ | 2.49 |  |  | $ | 0.95 |
Expected share price volatility |  |  | 125.83 | % |  |  | 125.18%-127.03 | %
Risk free interest rate |  |  | 1.68 | % |  |  | 0.42% - 1.11 | %
Expected life of options |  |  | 5 years |  |  |  | 5 years |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF WARRANTS | The outstanding warrants of NAN prior to the completion of the RTO were as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF WARRANTS
North American Nickel |  | Number Outstanding (Post-consolidation basis) |  |  | Weighted Average Exercise Price ($) |
December 31, 2021 |  |  | 3,216,565 |  |  |  | 0.75 |
Issued |  |  | 295,652 |  |  |  | 2.40 |
Exercised |  |  | (1,283,877 | ) |  |  | 0.56 |
Cancelled / expired |  |  | - |  |  |  | - |
Balance as at August 3, 2022 prior to business combination with PNRC |  |  | 2,228,340 |  |  |  | 1.11 |
Subsequent to the RTO, the outstanding warrants of the Company were as follows:
Premium Nickel Resources Ltd. |  | Number Outstanding (Post-consolidation basis) |  |  | Weighted Average Exercise Price ($) |
Balance as at August 3, 2022 prior to business combination with PNRC |  |  | 2,228,340 |  |  |  | 1.11 |
Issued |  |  | - |  |  |  | - |
Exercised |  |  | (1,236,408 | ) |  |  | 0.46 |
Cancelled / expired |  |  | (12,375 | ) |  |  | - |
Balance as at September 30, 2022 |  |  | 979,557 |  |  |  | 1.94 |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS | At September 30, 2022, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS
Warrants Outstanding |  |  | Expiry Date |  | Exercise Price ($) |  |  | Weighted Average remaining contractual life (years) |
| 683,905 |  |  | April 16, 2023 |  |  | 1.75 |  |  |  | 0.38 |
| 295,652 |  |  | August 3, 2024 |  |  | 2.40 |  |  |  | 0.55 |
| 979,557 |  |  |  |  |  |  |  |  |  | 0.93 |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS | The outstanding options of each company prior to the completion of the RTO were as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS
North American Nickel |  | Number Outstanding (post-consolidation basis) |  |  | Weighted Average Exercise Price ($) |
December 31, 2021 |  |  | 3,010,919 |  |  |  | 1.35 |
Cancelled/expired |  |  | (15,125 | ) |  |  | 6.00 |
Balance as at August 3, 2022 prior to business combination with PNRC |  |  | 2,995,794 |  |  |  | 1.33 |
Notes to the Unaudited Condensed Interim Consolidated Financial statements For the Three and Nine Months Ended September 30, 2022 (Expressed in Canadian dollars)
Premium Nickel Resources Corp. |  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |
December 31, 2021 |  |  | 5,775,000 |  |  |  | 0.52 |
Issued |  |  | 2,600,000 |  |  |  | 2.49 |
Balance as at August 3, 2022 prior to business combination with NAN |  |  | 8,375,000 |  |  |  | 1.13 |
Subsequent to the RTO, the outstanding options of the Company were as follows:
Premium Nickel Resources Ltd. |  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |
Balance as at August 3, 2022 prior to business combination with PNRC |  |  | 2,995,794 |  |  |  | 1.33 |
Issued pursuant to RTO in exchange for options of PNRC |  |  | 8,827,250 |  |  |  | 1.16 |
Balance as at September 30, 2022 |  |  | 11,823,044 |  |  |  | 1.21 |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS | Details of options outstanding as at September 30, 2022 are as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS
Options Outstanding |  |  | Options Exercisable |  |  | Expiry Date |  | Exercise Price ($) |  |  | Weighted average remaining contractual life (years) |
| 1,160,000 |  |  |  | 1,160,000 |  |  | February 24, 2025 |  |  | 0.80 |  |  |  | 0.24 |
| 240,000 |  |  |  | 240,000 |  |  | August 19, 2025 |  |  | 0.45 |  |  |  | 0.06 |
| 4,743,000 |  |  |  | 4,743,000 |  |  | January 26, 2026 |  |  | 0.39 |  |  |  | 1.34 |
| 597,000 |  |  |  | 597,000 |  |  | February 25, 2026 |  |  | 1.60 |  |  |  | 0.17 |
| 1,343,850 |  |  |  | 1,343,850 |  |  | September 29, 2026 |  |  | 0.91 |  |  |  | 0.45 |
| 998,794 |  |  |  | 998,794 |  |  | October 25, 2026 |  |  | 2.00 |  |  |  | 0.34 |
| 2,740,400 |  |  |  | 2,740,400 |  |  | January 20, 2027 |  |  | 2.62 |  |  |  | 1.00 |
| 11,823,044 |  |  |  | 11,823,044 |  |  |  |  |  |  |  |  |  | 3.60 |
Warrant reserve [member] |
IfrsStatementLineItems [Line Items] |
SCHEDULE OF INPUTS TO OPTION PRICING MODEL | The fair value of the liability of the Warrant was estimated using the Black-Scholes Option Pricing Model with the following assumptions: SCHEDULE OF INPUTS TO OPTION PRICING MODEL
|  | June 30, 2022 |  |  | December 31, 2021 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Latest private placement price |  | $ | 2.49 |  |  | $ | 0.95 |
Expected share price volatility |  |  | 141.63 | % |  |  | 144.13 | %
Risk free interest rate |  |  | 3.14 | % |  |  | 1.02 | %
Remaining life of warrants |  |  | 2.66 years |  |  |  | 3.16 years |

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