v3.25.1
SHARE CAPITAL (Tables)
3 Months Ended
Mar. 31, 2025
SUMMARY OF COMMON SHARE PURCHASE WARRANT ACTIVITY

The following summarizes Common Share purchase warrant activity:

 

   Three months ended   Year ended 
   March 31, 2025   December 31, 2024 
  

Number
Outstanding 

  

Weighted Average
Exercise Price

$

  

Number
Outstanding 

  

Weighted Average
Exercise Price

$

 
Outstanding, beginning of the year   42,526,857    1.15    6,891,099    1.50 
  Issued   146,274,510    0.48    36,281,409    1.10 
  Exercised   -    -    -    - 
  Expired   (221,448)   (1.75)   (645,651)   (2.05)
Outstanding, end of the period   188,579,919    0.63    42,526,857    1.15 
SCHEDULE OF DETAILS OF WARRANTS OUTSTANDING

At March 31, 2025, the Company had outstanding Common Share purchase warrants exercisable to acquire Common Shares as follows:

 

Warrants

Outstanding

  

Warrants

Exercisable

  

Expiry

Date

 

Exercise

Price

$

  

Intrinsic
Value

$

 
 6,024,000    6,024,000   June 28, 2026   1.44    - 
 20,259,614    20,259,614   June 14, 2029   1.10    - 
 16,021,795    16,021,795   June 21, 2029   1.10    - 
 76,666,667    76,666,667   March 18, 2028   0.55    - 
 69,607,843    69,607,843   March 18, 2028   0.40    2,088,235 
 188,579,919    188,579,919              
SCHEDULE OF OPTION ACTIVITY

The following summarizes the option activity under the Option Plan:

 

   Three months ended   Year ended 
   March 31, 2025   December 31, 2024 
  

Number
Outstanding 

  

Weighted Average
Exercise Price

$

  

Number
Outstanding 

  

Weighted Average
Exercise Price

$

 
Outstanding, beginning of the year   15,586,771    1.28    13,487,921    1.39 
Granted   5,750,000    0.50    3,410,000    1.05 
Exercised   -    -    (278,100)   (0.86)
Expired/cancelled   (753,000)   (0.93)   (1,033,050)   (2.01)
Outstanding, end of the period   20,583,771    1.08    15,586,771    1.28 
SCHEDULE OF FAIR VALUE OF STOCK OPTION GRANTED

   Three months ended   Year ended 
   March 31, 2025   December 31, 2024 
Expected dividend yield   0%   0%
Expected forfeiture rate   0%   0%
Expected share price volatility range   76.6-78.6%   74.2-79.8%
Weighted average expected share price volatility   77.6%   75.9%
Risk free interest rate   2.54%   2.91%-3.23%
Expected life of options   2.5-3.0 years    2.5-3.5 years 
SCHEDULE OF DETAILS OF OPTIONS OUTSTANDING

Details of options outstanding as at March 31, 2025, are as follows:

 

Options

Outstanding

  

Options

Exercisable

  

Expiry

Date

 

Exercise

Price

$

  

Intrinsic
Value

$

 
 240,000    240,000   August 19, 2025   0.45    - 
 3,320,100    3,320,100   January 26, 2026   0.39    132,804 
 425,000    425,000   February 25, 2026   1.60    - 
 1,106,700    1,106,700   September 29, 2026   0.91    - 
 998,794    998,794   October 25, 2026   2.00    - 
 1,949,900    1,949,900   January 20, 2027   2.40    - 
 3,383,277    1,127,759   August 8, 2028   1.75    - 
 3,110,000    1,036,667   August 14, 2029   1.10    - 
 300,000    216,667   December 4, 2029   0.49    - 
 5,750,000    2,875,000   March 18, 2030   0.50    - 
 20,583,771    13,296,587              
SCHEDULE OF CONTINUITY OF RSU

The following is a continuity of the RSUs:

 

 

   Three months ended   Year ended 
   March 31, 2025   December 31, 2024 
  

Number
Outstanding 

  

Weighted Average
Grant-Date
Fair Value Per Award

$

  

Number
Outstanding 

  

Weighted Average
Grant-Date
Fair Value Per Award

$

 
Outstanding, beginning of the year   1,000,000    0.60    -    - 
Granted   3,175,000    0.41    1,000,000    0.60 
Outstanding, end of the period   4,175,000    0.45    1,000,000    0.60 
SCHEDULE OF DSU GRANTED

The following is a continuity of the DSUs:

 

   Number of Awards  

Price(1)

$

  

Fair Value

$

 
DSUs outstanding at December 31, 2023   730,975    1.21    884,481 
Granted   1,433,769    0.71    1,020,523 
Fair value adjustment   -    -    (963,340)
DSUs outstanding at December 31, 2024   2,164,744    0.44    941,664 
Granted   -    -    - 
Fair value adjustment   -    -    (10,824)
DSUs outstanding at March 31, 2025   2,164,744    0.43    930,840 
Less: current portion   798,308    0.43    343,272 
Non-current portion   1,366,436    0.43    587,568 

 

Note:

 

(1)For DSUs granted and outstanding, price represents the closing price of the Company’s Common Shares on the grant date and balance sheet date, respectively. For DSUs redeemed, price represents the volume weighted average price on the TSXV for the last five trading days immediately preceding the redemption date.
Monte Carlo Pricing Model [Member]  
SCHEDULE OF FAIR VALUE OF WARRANTS

   June 14, 2024   June 21, 2024 
Expected dividend yield   0%   0%
Share price  $0.81   $0.84 
Expected share price volatility   83.17%   83.71%
Risk free interest rate   3.23%   3.30%
Expected life of warrant   5 years    5 years