CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL

3 Months Ended

Oct. 31, 2024

Disclosure Capital Stock And Additional Paid In Capital [Abstract]

CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL [Text Block]

12. CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL

Private Placements

On April 29, 2024, the Company completed a non-brokered private placement over two tranches for gross proceeds totaling $954,253 through the issuance of 10,044,765 units in total at a price of $0.095 per unit with each unit consisting of one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of common stock at an exercise price of $0.158 for a period of three years from the date of issuance. Certain directors of the Company purchased an aggregate of 5,669,478 units of the private placement for gross proceeds of $538,600. The Company paid fees of $1,995 and issued 21,000 finder's warrants where each finder's warrant entitles the holder to acquire one share at a price of $0.158 for a period of two years. The Company paid legal fees of $4,515 in connection with this financing.

On December 7, 2023, the Company completed a non-brokered private placement over two tranches for gross proceeds totaling $967,957 through the issuance of 5,377,541 units in total at a price of $0.18 per unit with each unit consisting of one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of common stock at an exercise price of $0.26 for a period of two years from the date of issuance. Certain directors of the Company purchased an aggregate of 2,532,220 units of the private placement for gross proceeds of $455,800. The Company paid fees of $6,480 and issued 36,000 finder's warrants where each finder's warrant entitles the holder to acquire one share at a price of $0.26 until November 7, 2025. The Company paid legal fees of $10,624 in connection with this financing.

Stock Options

On October 21, 2024, the Company granted a total of 1,006,750 stock options with a fair value of $106,859 to a consultant of the Company. The stock options are exercisable at a price of $0.11 (C$0.15) per share until October 21, 2029.

On September 20, 2024, the Company granted 1,006,750 stock options to an officer of the Company. The stock options are exercisable at a price of US$0.10 (C$0.14) per share for a period of five years from the date of grant, subject to vesting, 25% vesting on the date of grant and 12% vesting every 3 months thereafter. As at October 31, 2024, the Company recorded share-based compensation of $45,110 on the statement of loss and comprehensive loss in connection with this grant. A total of 2,013,500 in stock options held by a director of the Company were cancelled.

On May 1, 2024, the Company granted 412,241 stock options to an officer of the Company. The options are exercisable into common shares of the Company at $0.17 (C$0.23) per share for a period of five years from the date of grant, subject to vesting, 25% vesting on the date of grant and 12% vesting every 3 months thereafter. As at October 31, 2024, the Company recorded share-based compensation of $10,539 (July 31, 2024 - $31,849) on the statement of loss and comprehensive loss in connection with this grant. 

On May 1, 2024, the Company granted a total of 592,238 stock options with a fair value of $82,673 to directors of the Company. The stock options are exercisable at a price of $0.17 (C$0.23) per share until May 1, 2029.

On December 12, 2023, the Company granted a total of 707,752 stock options with a fair value of $140,624 to directors of the Company. The stock options are exercisable at a price of $0.25 (C$0.34) per share until December 12, 2028.

On September 22, 2023, the Company granted a total of 397,780 stock options with a fair value of $90,361 to officers and directors of the Company. The stock options are exercisable at a price of $0.26 (C$0.35) per share until September 22, 2028.

The following incentive stock options were outstanding as at October 31, 2024:

Number of Options outstanding	Weighted Average Exercise Price (C$)	Expiry Date
505,000	0.82	February 7, 2027
670,000	0.72	February 21, 2028
397,780	0.35	September 22, 2028
707,752	0.34	December 12, 2028
592,238	0.23	May 1, 2029
412,241	0.23	May 1, 2029
1,006,750	0.14	September 20, 2029
1,006,750	0.15	October 21, 2029
5,298,511	0.34

As at October 31, 2024, the aggregate intrinsic value of the Company's stock options is $140,945 (2023 - $Nil). As at October 31, 2024, the Company has 5,298,511 options issued and outstanding where 4,285,798 options are exercisable as at October 31, 2024 with a weighted average exercise price of C$0.39.

Stock option transactions are summarized as follows:

	Number of Options			Weighted Average Exercise Price ($C)
Balance outstanding and exercisable, July 31, 2023	3,638,500			0.93
Options granted	2,110,011			0.29
Options expired	(170,000	)		1.00
Balance outstanding, July 31, 2024	5,578,511			0.69
Options granted	2,013,500			0.15
Options expired and cancelled	(2,293,500	)		1.01
Balance outstanding, October 31, 2024	5,298,511		$	0.34

The following weighted average assumptions were used for the Black-Scholes pricing model valuation of stock options issued during the period ended October 21, 2024 and September 20, 2024:

	October 21, 2024	September 20, 2024
Risk-free interest rate	2.98%	2.73%
Expected life of stock options	5 years	5 years
Expected annualized volatility	135.38%	132.92%
Share price at grant date	$0.12	$0.13
Dividend	Nil	Nil
Forfeiture rate	0%	0%

Share-Based Payments

The Company has a stock option plan under which it is authorized to grant options to executive officers and directors, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the plan the exercise price of each option equals the market price of the Company's stock, less any applicable discount, as calculated on the date of grant. The options can be granted for a maximum term of 5 years with vesting determined by the board of directors.

Warrants

The following warrants were outstanding at October 31, 2024:

Number of Warrants	Exercise Price (CAD$)	Expiry Date
2,231,429	0.84	January 31, 2025
1,529,008	0.84	February 17, 2025
575,000	0.84	February 17, 2025
1,623,214	0.36	November 7, 2025
36,000	0.36	November 7, 2025
1,065,555	0.36	December 7, 2025
1,000,000	0.22	February 5, 2028
9,000	0.22	April 9, 2026
2,873,170	0.22	April 9, 2027
12,000	0.22	April 29, 2026
2,149,212	0.22	April 29, 2027
1,700,000	0.16	September 12, 2028
2,882,514	0.24	October 10, 2028
17,686,102	0.39

Warrant transactions are summarized as follows:

			Weighted Average
	Number of Warrants		Exercise Price (C$)
Balance, July 31, 2023	16,661,247		$	0.91
Warrants issued	8,768,151			0.26
Warrants expired	(8,717,823	)		0.92
Balance, July 31, 2024	16,711,575			0.58
Warrants issued	4,582,514			0.21
Warrants expired	(3,607,987	)		1.02
Balance, October 31, 2024	17,686,102			0.39