SHARE CAPITAL (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
SUMMARY OF COMMON SHARE PURCHASE WARRANT ACTIVITY |
The following summarizes Common Share purchase
warrant activity:
SUMMARY
OF 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:
SCHEDULE OF DETAILS OF WARRANTS OUTSTANDING
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:
SCHEDULE
OF OPTION 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 | |
| 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 |
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:
SCHEDULE
OF DETAILS OF OPTIONS OUTSTANDING
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:
SCHEDULE
OF CONTINUITY OF RSU
| |
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:
SCHEDULE
OF DSU GRANTED
| |
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 |
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 | |
|