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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
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<p style="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Mark
One)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
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  <td style="text-align: justify; width: 0.25in"><b><span id="xdx_905_edei--DocumentAnnualReport_c20220101__20221231_ztUmCKTSO3Ul"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleantrue" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span></b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the transition period from ___________________ to ______________________</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_900_edei--EntityRegistrantName_c20220101__20221231_z9DNkyD5jH5b"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityRegistrantName">AVRICORE
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<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>



<p style="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Exact
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Translation
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--EntityIncorporationStateCountryCode_dxL_c20220101__20221231_zBY0CPvnkPC" title="::XDX::A1"><span style="-sec-ix-hidden: xdx2ixbrl0024">British
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<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Jurisdiction
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--EntityAddressAddressLine1_c20220101__20221231_zn222oyTXxSk"><span id="xdx_901_edei--EntityAddressAddressLine1_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zHVVpfVlJbw5"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressAddressLine1"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">1120
&#8211; 789 West Pender Street</ix:nonNumeric></ix:nonNumeric></span></span>, <span id="xdx_905_edei--EntityAddressCityOrTown_c20220101__20221231_zAq3xRu4KJdh"><span id="xdx_908_edei--EntityAddressCityOrTown_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zq0qmDj6Od5a"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Vancouver</ix:nonNumeric></ix:nonNumeric></span></span> <span id="xdx_908_edei--EntityAddressStateOrProvince_c20220101__20221231_zDTrHQvUxjAe"><span id="xdx_90F_edei--EntityAddressStateOrProvince_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z5J69SRHHvzj"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">British Columbia</ix:nonNumeric></ix:nonNumeric></span></span>, <span id="xdx_90F_edei--EntityAddressPostalZipCode_c20220101__20221231_zC986Vh4EJZ"><span id="xdx_903_edei--EntityAddressPostalZipCode_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zhogkSzYKJL5"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressPostalZipCode"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressPostalZipCode">V6C1H2</ix:nonNumeric></ix:nonNumeric></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contact
person: <span id="xdx_90D_edei--ContactPersonnelName_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_za1oSXhmsUx5"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:ContactPersonnelName">Hector Bremner</ix:nonNumeric></span>, Phone: <span id="xdx_904_edei--CityAreaCode_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zBVOxD2KQx4j"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:CityAreaCode">(604)</ix:nonNumeric></span> <span id="xdx_909_edei--LocalPhoneNumber_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zlDmAZigfJg9"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">773-8943</ix:nonNumeric></span> Email <span id="xdx_902_edei--ContactPersonnelEmailAddress_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zIta632EJUe"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:ContactPersonnelEmailAddress">hector.bremner@avricorehealth.com</ix:nonNumeric></span></span></p>

<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address
of principal executive offices)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(b) of the Act.</b></span></p>

<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(g) of the Act.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
Shares Without Par Value</span></p>

<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Title
of Class)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p>

<!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Title
of Class)</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report. December 31, 2022 - <span id="xdx_902_edei--EntityCommonStockSharesOutstanding_iI_pid_c20221231_zHZUOFtqslKk"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">99,244,664</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_901_edei--EntityWellKnownSeasonedIssuer_c20220101__20221231_zUqwsRqVHe89"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934 Yes &#9744; <span id="xdx_903_edei--EntityVoluntaryFilers_c20220101__20221231_zHZipSnCwYud"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. <span id="xdx_90A_edei--EntityCurrentReportingStatus_c20220101__20221231_z03vbJlhDaa5"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes &#9744; <span id="xdx_90D_edei--EntityInteractiveDataCurrent_c20220101__20221231_zfROpgL8Vau4"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityInteractiveDataCurrent">No</ix:nonNumeric></span> &#9746;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth
company. See definition of &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act (check one):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
accelerated filer &#9744; Accelerated filer &#9744; <span id="xdx_90D_edei--EntityFilerCategory_c20220101__20221231_zUxqe4dz7DZ6"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-Accelerated filer</ix:nonNumeric></span> &#9746; Emerging growth company <span id="xdx_903_edei--EntityEmergingGrowthCompany_c20220101__20221231_zH60QdlBvpAh"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S.GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 31%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. GAAP &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_edei--DocumentAccountingStandard_c20220101__20221231_z00R09hCLJoi"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by the International Accounting
    Standards Board &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
17 &#9744; Item 18 &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes &#9744; <span id="xdx_90F_edei--EntityShellCompany_c20220101__20221231_zrM56h0Lh0Hc"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUES INVOLVED IN BANKRUPTCY PROCEEDING DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Company has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes &#9744; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth in this Annual Report on Form 20-F is as at December 31, 2022 unless an earlier or later date is indicated.</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM
20-F ANNUAL REPORT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ED_001">PART
    I</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1. IDENTITY OF DIRECTORS SENIOR MANAGEMENT AND ADVISERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><b>2</b></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 3. KEY INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><b>2</b></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4. INFORMATION ON THE COMPANY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><a href="#ED_006">Item
    4A Unresolved Staff Comments</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 8. FINANCIAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>26</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9. THE OFFER AND LISTING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 10. ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>29</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>38</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>38</b></span></td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART II</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>39</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>39</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>39</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 15. CONTROLS AND PROCEDURES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>39</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16. RESERVED</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16B. CODE OF ETHICS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16C. PRINCIPAL ACCOUNTING FEES AND SERVICES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>41</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>42</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE COMPANY/AFFILIATED PURCHASERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>42</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>42</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16G. CORPORATE GOVERNANCE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>42</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16H. MINE SAFETY DISCLOSURE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>42</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PRESENT INSPECTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>42</b></span></td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART III</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 17. FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 18. FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 19. EXHIBITS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ED_033"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45</b></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INTRODUCTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nomenclature</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Annual Report on Form 20-F, which we refer to as the &#8220;Annual Report&#8221;, except as otherwise indicated or as the context
otherwise requires, the terms &#8220;Company&#8221;, &#8220;Avricore&#8221;, &#8220;we&#8221;, &#8220;our&#8221; or &#8220;us&#8221;
refers to Avricore Health Inc. and its subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the information contained in this Annual Report. We have not authorized anyone to provide you with information that
is different. The information in this Annual Report may only be accurate on the date of this Annual Report or on or as at any other date
provided with respect to specific information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was incorporated by registration of its Memorandum and Articles under the BC Companies Act on May 30, 2000 under the name &#8220;Duft
Biotech Capital Ltd.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 13, 2003, the Company acquired the assets of ALDA Pharmaceuticals Inc. (&#8220;API&#8221;), a private company founded in 1996.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 26, 2003 the Company changed its name to ALDA Pharmaceuticals Corp. (&#8220;the Company&#8221;). The Company is still a British
Columbia, Canada, company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
August 19, 2005, the authorized share capital of the Company was increased to an unlimited number of common shares without par value.
There are no Indentures or Agreements limiting the payment of dividends and there are no conversion rights, special liquidation rights,
pre-emptive rights or subscription rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 24, 2013 the Company changed its name to NUVA Pharmaceuticals Inc. (&#8220;the Company&#8221;). The Company is still a British Columbia,
Canada, company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 28, 2014 the Company changed its name to VANC Pharmaceuticals Inc. (&#8220;the Company&#8221;). The Company is still a British Columbia,
Canada, company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2017, the Company completed the acquisition of all the common shares of HealthTab Inc. (&#8220;HealthTab&#8221;), a private
company. HealthTab&#8217;s primary asset is intellectual property and certain trademarks and web domains related to the design of the
HealthTab<sup>TM</sup> system, being a lab-accurate, point of care testing platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 5, 2018 the Company changed its name to Avricore Health Inc. (the &#8220;Company&#8221;). The Company is still a British Columbia,
Canada, company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS
OF AVRICORE HEALTH INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Avricore
Health Inc. (TSXV: AVCR) is a pharmacy service innovator focused on acquiring and developing early-stage technologies aimed at moving
pharmacy forward. Through its flagship offering HealthTab&#8482; (a wholly owned subsidiary), it provides a turnkey point-of-care testing
platform, creating value for stakeholders and better outcomes for patients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
AND OTHER INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s reporting currency and domestic currency is Canadian Dollars. In this Annual Report, unless otherwise specified, all
dollar amounts are expressed in Canadian Dollars (&#8220;CDN$&#8221; or &#8220;$&#8221;). The Government of Canada permits a floating
exchange rate to determine the value of the Canadian Dollar against the U.S. Dollar (US$).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING
AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report on Form 20-F contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995, principally in ITEM #4, &#8220;Information on the Company&#8221; and ITEM #5, &#8220;Operating and Financial Review of Prospects&#8221;.
These statements may be identified by the use of words like &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;aim,&#8221; &#8220;believe,&#8221;
&#8220;project,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;will,&#8221; &#8220;should,&#8221;
&#8220;could&#8221; and similar expressions in connection with any discussion, expectation, or projection of future operating or financial
performance, events or trends. In particular, these include statements about the Company&#8217;s strategy for growth, future performance
or results of current sales and production, interest rates, foreign exchange rates, and the outcome of contingencies, such as acquisitions
and/or legal proceedings and intellectual property issues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual future
results and trends may differ materially from historical results or those projected in any such forward-looking statements depending
on a variety of factors, including, among other things, the factors discussed in this Annual Report under ITEM #3, &#8220;Key Information,
Risk Factors&#8221; and factors described in documents that the Company may furnish from time to time to the Securities and Exchange
Commission. The Company undertakes no obligation to update publicly or revise any forward-looking statements because of new information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we believe that the expectations conveyed by the forward-looking statements are reasonable based on information available to us on the
date such forward-looking statements were made, no assurances can be given as to future results, levels of activity, achievements or
financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MEASUREMENT
INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canada
uses the metric measurement system and all of the measures used by the Company adhere to the standards of the metric system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><span id="ED_001"></span>PART
I</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ED_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
1. IDENTITY OF DIRECTORS SENIOR MANAGEMENT AND ADVISERS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ED_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ED_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
3. KEY INFORMATION</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.A.1.
[Reserved] </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.B.
Capitalization and Indebtedness</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.C.
Reasons for the Offer and Use of Proceeds</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.D.
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
pertaining to the Company:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s limited operating history makes it difficult to evaluate the Company&#8217;s current business and forecast future results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
its inception, the Company has had limited revenues and has experienced significant operating losses each year. These losses are due
to substantial expenditures on intellectual property protection, product development and product testing of commercial and consumer infection
control product and pre-clinical testing for registration of a number of therapeutic products and over-the-counter (OTC) pharmaceutical
products with Health Canada and the FDA. Sales of T<sup>3</sup>6<sup>&#174;</sup> Antiseptic Hand Sanitizer products were discontinued
in the year ended December 31, 2012. During the year ended December 31, 2019, the Company discontinued its over-the-counter (OTC) pharmaceutical
products business. The Company has changed its direction, and its current operations consist of developing and implementing its HealthTab&#8482;
point-of-care technology (POCT). Currently the Company is engaged in the rollout of the HealthTab&#8482; point-of-care testing platform
to 532 Shoppers Drug Mart and affiliated Loblaws locations nation-wide. As a result, future sales of the Company&#8217;s products are
difficult to predict.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company has commenced generating operating cash flow, however failure to generate sufficient revenues and cash flow in the future could
cause the Company to go out of business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no history of pre-tax profit and in the previous four years has had only limited annual revenues for each of the years it
has been operating. The Company sustained operating losses for each of its fiscal years and has sustained significant accumulated operating
losses. The continued operation of the Company will be dependent upon its ability to generate operating revenues and to procure additional
financing. Based upon current plans to introduce HealthTab&#8482; into new markets in Canada and internationally, maintain the Company&#8217;s
public listing on the TSX-Venture Exchange (the &#8220;Exchange&#8221;) and support the continued registration of its securities in the
US, the Company may incur operating losses in future periods. These losses will occur because there are continuing expenses associated
with the roll out of the Company&#8217;s HealthTab&#8482; network, legal and accounting fees, the maintenance of its public listing and
other expenses associated with running an operating business. Even if the Company becomes operationally profitable, the Company will
need to raise significant amounts of new funding to expand these activities. Also, the Company may not be successful in generating significant
revenues in the future. At the time of this report, the Company has sufficient funds to continue the roll out of its HealthTab&#8482;
network but it may be unable to do so without securing further financing. The Company may not be successful in generating revenues or
raising capital in the future. Failure to generate revenues or raise capital could cause the Company to cease operations,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the Company raises further funds through equity issuances, the price of its securities could decrease due to the dilution caused by the
sale of additional shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
funds raised by the Company through the issuance of equity or convertible debt securities will cause the Company&#8217;s current shareholders
to experience dilution and possibly lower the trading price of its shares. Such securities may grant rights, preferences or privileges
senior to those of the Company&#8217;s common shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company has issued a limited number of shares out of its authorized capital of an unlimited number of common shares, which could be dilutive
and negatively affect the share price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Having
an unlimited number of authorized but unissued common shares could allow the Company&#8217;s Directors and Officers to issue a large
number of shares without shareholder approval, leading to significant dilution of current shareholders and possible lowering of the share
price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company could enter into debt obligations and not have the funds to repay these obligations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have any contractual restrictions on its ability to incur debt and, accordingly, the Company could incur significant
amounts of indebtedness to finance its operations. Any such indebtedness could contain covenants, which would restrict the Company&#8217;s
operations. The Company might not be able to repay indebtedness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company could enter into contractual obligations and not have the funds to pay for these obligations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have any contractual restrictions on its ability to enter into binding agreements and, accordingly, the Company could
incur significant obligations to third parties including financial obligations. Any such obligations could restrict the Company&#8217;s
operations and the Company might not be able to pay for its commitments. If the Company cannot meet its commitments, legal action could
be taken against the Company. Any such actions could further restrict the Company&#8217;s ability to conduct its business or could cause
the Company to go out of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s information technology systems are susceptible to certain risks, including cyber security breaches, which could adversely
impact the Company&#8217;s operations and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operations involve information technology systems that process, transmit and store information about our suppliers, customers,
employees, and financial information. These systems face threats including telecommunication failures, natural disasters, and cyber security
threats, including computer viruses, unauthorized access to our systems, and other security issues. While the Company has implemented
security measures to protect these systems, such threats change and evolve almost daily. There is no guarantee these actions will secure
the information systems against all threats and vulnerabilities. The compromise or failure of these information systems could have a
negative effect on the Company&#8217;s operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
the Company is a Canadian company, it may be difficult for U.S. shareholders of the Company to effect service on the Company or to realize
on judgments obtained in the United States. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a Canadian corporation. All of its directors and officers are residents of Canada and a significant part of its assets are,
or will be, located outside of the United States. As a result, it may be difficult for shareholders resident in the United States to
effect service within the United States upon the Company, directors, officers or experts who are not residents of the United States,
or to realize in the United States judgments of courts of the United States predicated upon civil liability of any of the Company, directors
or officers under the United States federal securities laws. If a judgment is obtained in the U.S. courts based on civil liability provisions
of the U.S. federal securities laws against the Company or its directors or officers, it will be difficult to enforce the judgment in
the Canadian courts against the Company and any of the Company&#8217;s non-U.S. resident executive officers or directors. Accordingly,
United States shareholders may be forced to bring actions against the Company and its respective directors and officers under Canadian
law and in Canadian courts in order to enforce any claims that they may have against the Company or its directors and officers. Nevertheless,
it may be difficult for United States shareholders to bring an original action in the Canadian courts to enforce liabilities based on
the U.S. federal securities laws against the Company and any of the Company&#8217;s non-U.S. resident executive officers or directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s future performance is dependent on key personnel. The loss of the services of any of the Company&#8217;s executives or
Board of Directors could have a material adverse effect on the Company. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s performance is substantially dependent on the performance and continued efforts of the Company&#8217;s executives and
its Board of Directors. The loss of the services of any of the Company&#8217;s executives or Board of Directors could have a material
adverse effect on the Company&#8217;s business, results of operations and financial condition. There is no assurance that key personnel
can be replaced with people with similar qualifications within a reasonable period of time. If any or all Directors resign, there is
no assurance that new Directors can be found to replace any directors who resign.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company has not declared any dividends since its inception in 2000 and has no present intention of paying any cash dividends on its common
shares in the foreseeable future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not declared any dividends since its inception in 2000 and has no present intention of paying any cash dividends on its common
shares in the foreseeable future. The payment by the Company of dividends, if any, in the future, rests in the discretion of the Company&#8217;s
Board of Directors and will depend, among other things, upon the Company&#8217;s earnings, its capital requirements and financial condition,
as well as other relevant factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no assurance that the Company will be able to secure the funds needed for future development, and failure to secure such funds could
lead to a lack of opportunities for growth</i>. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
lack of funds would also impair the Company&#8217;s ability to roll out the HealthTab&#8482; network. If adequate financing is not available
when required, the Company may be required to delay, scale back or eliminate various activities and may be unable to continue in operation.
The Company may seek such additional financing through debt or equity offerings, but there can be no assurance that such financing will
be available on terms acceptable to the Company or at all. Any equity offering will result in dilution to the ownership interests of
the Company&#8217;s shareholders and may result in dilution to the value of such interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conflicts
of interest may exist for Directors and Officers which may inhibit their ability to act in the best interests of the Company and its
shareholders leading to possible impairment of the Company&#8217;s ability to achieve its business objectives.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors and officers of the Company will not be devoting all of their time to the affairs of the Company. Some of the directors and
officers of the Company are directors and officers of other companies. The directors and officers of the Company will be required by
law to act in the best interests of the Company. They will have the same obligations to the other companies in respect of which they
act as directors and officers. Discharge by the directors and officers of their obligations to the Company may result in a breach of
their obligations to the other companies and, in certain circumstances, this could expose the Company to liability to those companies.
Similarly, discharge by the directors and officers of their obligations to the other companies could result in a breach of their obligation
to act in the best interests of the Company. Such conflicting legal obligations may expose the Company to liability to others and impair
its ability to achieve its business objectives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management
of the Company can, through their stock ownership in the Company, influence all matters requiring approval by the Company&#8217;s shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
of the Company at the time of this report, collectively own approximately 10% of the Company&#8217;s issued and outstanding common shares
at that date. These shareholders, if acting together, could significantly influence all matters requiring approval by the Company&#8217;s
shareholders, including the election of directors and the approval of mergers or other business combination transactions. Management
may not make decisions that will maximize shareholder value and may make decisions that will contribute to or cause the entrenchment
of management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
value and transferability of the Company shares may be adversely impacted by the limited trading market for the Company&#8217;s common
shares. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s common shares are currently quoted on the TSX Venture Exchange under the symbol &#8220;AVCR&#8221; and on the OTCQB under
the symbol &#8220;AVCRF&#8221;. No assurance can be given that a market for the Company&#8217;s common shares will be quoted on an exchange
in the U.S. or on the Over the Counter Bulletin Board. The Company&#8217;s common shares may be subject to illiquidity and investors
may not be able to sell their shares in a timely manner.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
value and transferability of the Company shares may be adversely impacted by the penny stock rules. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sale or transfer of the Company common shares by shareholders in the United States may be subject to the so-called &#8220;penny stock
rules.&#8221; Under Rule 15g-9 of the Exchange Act, a broker or dealer may not sell a &#8220;penny stock&#8221; (as defined in Rule 3a51-1)
or effect the purchase of a penny stock by any person unless:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
                                            sale or purchase is exempt from Rule 15g-9;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
                                            to the transaction the broker or dealer has (1) approved the person&#8217;s account for transaction
                                            in penny stocks in accordance with Rule 15g-9, and (2) received from the person a written
                                            agreement to the transaction setting forth the identity and quantity of the penny stock to
                                            be purchased; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            purchaser has been provided an appropriate disclosure statement as to penny stock investment.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC adopted regulations generally define a penny stock to be any equity security other than a security excluded from such definition
by Rule 3a51-1. Such exemptions include, but are not limited to (1) an equity security issued by an issuer that has (i) net tangible
assets of at least $2,000,000, if such issuer has been in continuous operations for at least three years, (ii) net tangible assets of
at least $5,000,000, if such issuer has been in continuous operation for less than three years, or (iii) average revenue of at least
$6,000,000 for the preceding three years; (2) except for purposes of Section 7(b) of the Exchange Act and Rule 419, any security that
has a price of $5.00 or more; and (3) a security that is authorized or approved for authorization upon notice of issuance for quotation
on the NASDAQ Stock Market, Inc.&#8217;s Automated Quotation System. It is likely that the Company&#8217;s common shares, assuming a
market were to develop in the US, will be subject to the regulations on penny stocks. Consequently, the market liquidity for the common
shares may be adversely affected by such regulations limiting the ability of broker/dealers to sell the Company&#8217;s common shares
and the ability of shareholders to sell their securities in the secondary market in the US Moreover, the Company shares may only be sold
or transferred by the Company shareholders in those jurisdictions in the US in which an exemption for such &#8220;secondary trading&#8221;
exists or in which the shares may have been registered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no guarantee that there is a market for the Company&#8217;s common shares in the United States.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Company&#8217;s common shares were added to the OTC Bulletin Board System on April 20, 2009 under the symbol &#8220;APCSF&#8221;,
and the Company&#8217;s common shares are currently trading on the OTCQB under the symbol &#8220;AVCRF&#8221;, trading of the Company&#8217;s
shares is very limited. The Company cannot guarantee that there will be a market for the Company&#8217;s common shares in the United
States or that there will any significant amount trading in the Company&#8217;s shares for the foreseeable future. The Company cannot
guarantee that it will continue to maintain a listing in the United States or that it will not be found in default of existing regulations
or new regulations and be suspended from trading or delisted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Pertaining to the Industry</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is a risk of competition from alternative POCT platforms</i></b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
competition is currently limited competitors may emerge offering alternative platforms. The Company will be competing with companies
that are potentially already entrenched in some markets or may be better funded than the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is a risk that the Company&#8217;s intellectual property infringes upon the rights of other companies, which could lead to reduced revenues,
reduced margins due to sanctions against the Company, outright withdrawal or prohibition of products or trademarks from the market and
significant costs for legal defense against infringement claims, re-branding of products and revised marketing materials. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is unaware of any infringement claims being made against the Company or its products or processes at the time of writing. In
the future, there can be no assurances that third parties will not assert infringement claims in the future or require the Company to
obtain a license for the intellectual property rights of such third parties. There can be no assurance that such a license, if required,
will be available on reasonable terms or at all. If the Company does not obtain such a license, it could encounter delays in the roll
out of the Company&#8217;s HealthTab&#8482; network.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ED_005"></span>ITEM
4. INFORMATION ON THE COMPANY</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.A.
History and Development of the Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Capital
Pool Company</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was incorporated by registration of its Memorandum and Articles under the BC Companies Act on May 30, 2000 under the name &#8220;Duft
Biotech Capital Ltd.&#8221; and was classified as a Capital Pool Company (&#8220;CPC&#8221;) on the TSX Venture Exchange. Under the policies
of the TSX Venture Exchange, the principal business of a CPC is to identify and evaluate opportunities for acquisition. The completion
of such an acquisition is referred to as a Qualifying Transaction. A CPC does not carry on any business other than the identification
and evaluation of assets or businesses in connection with potential Qualifying Transactions, does not have business operations or assets
other than seed capital and has no written or oral agreements for the acquisition of an asset or business at the time of formation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&#8220;Qualifying Transaction&#8221;, pursuant to the policies of the TSX Venture Exchange, is a transaction whereby a capital pool company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issues
                                            or proposes to issue, in consideration for the acquisition of significant assets or businesses,
                                            common shares or securities convertible, exchangeable or exercisable into common shares,
                                            which, if fully converted, exchanged or exercised would represent more than 25 percent of
                                            its common shares issued and outstanding immediately prior to the issuance;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enters
                                            into an arrangement, amalgamation, merger or reorganization with another issuer with significant
                                            assets, whereby the ratio of securities which are distributed to the security holders of
                                            the capital pool company and the other issuer results in the security holders of the other
                                            issuer acquiring control of the resulting entity; or</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Otherwise
                                            acquires significant assets other than cash.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 13, 2003, the Company acquired the assets of ALDA Pharmaceuticals Inc. (&#8220;API&#8221;), a private company founded in 1996.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financings
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal Year Ended</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right; width: 20%">30-Jun-2001</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right">30-Jun-2002</td><td>&#160;</td>
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    <td style="text-align: right">30-Jun-2004</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
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    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
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    <td style="text-align: right">30-Jun-2005</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.40</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">30-Jun-2006</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.20</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: right">&#160;</td><td>&#160;</td>
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    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.20</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">357,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.40</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">30-Jun-2008</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.48</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">240,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">875,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">30-Jun-2009</td><td>&#160;</td>
    <td style="text-align: right">N/A</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right">30-Jun-2010</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1.00</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,500,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">30-Jun-2011</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.40</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">818,750</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">327,500</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">30-Jun-2012</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.40</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">140,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right">30-Jun-2013</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.40</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">30-Jun-2014</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.40</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">937,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">375,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right">30-Jun-2015</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.60</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,901,833</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,141,100</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">Stub period ended 31-Dec-2015</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right">31-Dec-2016</td><td>&#160;</td>
    <td style="text-align: right">N/A</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">31-Dec-2017</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.15</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right">31-Dec-2018</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.15</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">31-Dec-2019</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.05</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.07</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">31-Dec-2020</td><td>&#160;</td>
    <td style="text-align: right">Private Placement @</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.10</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right">31-Dec-2021</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.B.
Business Overview </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operations
&amp; Principal Activities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Avricore
Health Inc. is a pharmacy service innovator focused on acquiring and developing early-stage technologies aimed at moving pharmacy forward.
Through its flagship offering HealthTab&#8482; (a wholly owned subsidiary), it provides a turnkey point-of-care testing platform, creating
value for stakeholders and better outcomes for patients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2019, the Company discontinued its over-the-counter (OTC) pharmaceutical products business and ceased production
and sales of all generic and over-the-counter pharmaceuticals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Avricore
sees the community pharmacy as underutilized and is committed to supporting their ability to deliver innovation to modern healthcare
consumers. Pharmacies face reduced revenues as a result of disruptions to the sector and regulatory changes. As a result, pharmacy owners
are actively looking for innovations in service and value-added services, like HealthTab&#8482;, to support their business growth beyond
the traditional dispensing model. Community pharmacy is expected to focus increasingly on cognitive services with attendant point of
care testing in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company hopes to improve health outcomes for patients and lower overall healthcare system costs in this way, bridging traditional healthcare
platforms with disruptive innovations and eventually achieving the healthcare cost savings government and private payors are seeking
to achieve.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
is all possible thanks to the Company&#8217;s HealthTab&#8482; technology, which provides lab-accurate results for specific blood work
within 12 minutes. Installed at the pharmacy and administered by the attending pharmacist, the patient can quickly access up to 27 bio-markers.
The advantage of this innovation is that a consumer can quickly access data on their health with a simple patient assisted finger prick
to share with their physician and healthcare team, track their health overtime, measure the impacts of therapies they are undertaking
and screen for potential health risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HealthTab&#8482;
allows for these innovations to be accessed in a low barrier manner at the community pharmacy level for a balanced cost. The pharmacist
is also able to benefit from this new revenue stream, build a deeper relationship with clientele and fully realize their ability to deliver
lower cost healthcare support.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, the Company completed the rollout of 416 HealthTab&#8482; systems in Shoppers Drug Mart&#174; and Loblaw
family stores including pharmacist walk-in clinics, 378 in Ontario and 23 in British Columbia, 6 in Nova Scotia, 5 in Alberta and 4 in
New Brunswick. The Company was honoured to have HealthTab&#8482; placed in the first pharmacist-led primary healthcare clinic located
in Lethbridge, Alberta. Not only was this the first clinic, it was also the first system placed in a Real Canadian Superstore&#174;, as
well as its first Alberta location.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Avricore
is focused on expanding and further deploying HealthTab&#8482; to best meet the current community pharmacy sector&#8217;s needs. The
Company is also in late-stage discussions with other Canadian and international major pharmacy chains, and has a strong prospect list
for future expansion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company promotes a cleaner and greener economy and continues to drive towards sustainability, including regular evaluations of its sourcing
and shipping procedures to ensure they are environmentally friendly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
developments in the later quarters of the year ended December 31, 2022 have included:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
developments have included:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company recognized revenue of $1,768,374. The Company recorded deferred revenue of $252,000,
                                            for which the Company completed delivery in Q1 2023.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company significantly expanded the number of Shoppers Drug Mart pharmacies offering its HealthTab&#8482;
                                            point-of-care testing platform under a renewed Master Service Agreement (MSA) to 532 locations
                                            nation-wide. In addition to Shoppers Drug Mart pharmacies, this new MSA and corresponding
                                            Statement of Work (SOW) provided for affiliated locations under the Loblaws family of brands,
                                            to utilize HealthTab&#8482; upon request.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            100 of these locations, the Company has deployed Abbott&#8217;s ID Now&#8482;, either in combination
                                            with the Afinion 2&#8482; or standalone, to support virus detection and assess the demand
                                            and effectiveness of infectious disease screening in community pharmacies.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">416
                                            HealthTab&#8482; systems were operating in Shoppers Drug Mart&#174; and Loblaw family stores
                                            including pharmacist walk-in clinics as of December 31, 2022, 378 in Ontario and 23 in British
                                            Columbia, 6 in Nova Scotia, 5 in Alberta and 4 in New Brunswick. The Company was honoured
                                            to have HealthTab&#8482; placed in the first pharmacist-led primary healthcare clinic located
                                            in Lethbridge, Alberta. Not only was this the first clinic, it was also the first system
                                            placed in a Real Canadian Superstore&#174;, as well as its first Alberta location.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            of July 1<sup>st</sup>, 2022, the Government of Ontario brought into effect an expanded scope
                                            of practice for community pharmacists in the province, joining Alberta in this growing and
                                            popular approach. This includes limited prescribing for minor ailments, as well as the ability
                                            to perform certain point-of-care tests to assist patients with managing chronic disease.
                                            Approved tests include glucose, HbA1c and lipids, all of which HealthTab&#8482; currently
                                            offers with the Abbott Afinion 2&#8482;. Also announced as part of this plan in Ontario,
                                            is a second stage of scope modifications, which will begin on January 1, 2023. This stage
                                            allows for limited prescribing for minor ailments and certain prescription renewals, further
                                            enhancing the value of community pharmacy.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
                                            changes, and increasing demand, means Canadian pharmacy business is rapidly changing before
                                            our eyes, from being product focused to service focused. At $51.4 billion, the industry already
                                            represents a significant impact on healthcare, and the anticipated increase in funding and
                                            new service offerings, including point-of-care testing, will mean this practice will play
                                            an even more impactful role going forward.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                            the pilot with Shoppers Drug Mart&#174;, over 15,000 HealthTab&#8482; tests were completed
                                            for more than 6,900 patients. The data collected confirmed that the patients tested had a
                                            high prevalence of previously undiagnosed diabetes, pre-diabetes and heart disease and significant
                                            near-term risk for major health events. Almost 60 per cent of patients needed an intervention
                                            to better manage their chronic disease. On average, 31 percent received a new chronic medication,
                                            28 percent required a change in their current medication, and 235 patients were newly identified
                                            as diabetic. Patients also reported in post surveys that they valued receiving this information
                                            from their pharmacists, and those pharmacists indicated that HealthTab&#8482; enabled an
                                            increase in the value of services they were able to provide to their patients.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed
                                            a unique quality assurance program with a third-part reference laboratory to offer HealthTab&#8482;
                                            pharmacies industry leading validation for point-of-care instruments and test consumables.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 17.85pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signing
                                            of a non-exclusive, pilot supplier distribution agreement in Canada between HealthTab&#8482;
                                            Inc., and Abbott, with respect to the handheld blood chemistry analyzer, i-STAT Alinity.
                                            The agreement allows HealthTab&#8482; to distribute Abbott&#8217;s point-of-care i-STAT Alinity
                                            and its associated tests for creatinine in Canadian pharmacies to better support patients
                                            with important information about their renal function.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
                                            to the Distribution Agreement adds Abbott&#8217;s popular ID NOW&#8482; molecular testing
                                            device which will add onsite testing and reporting capabilities for SARS-CoV-2 as well as
                                            Respiratory Syncytial Virus (RSV), Influenza A &amp; B and Streptococcus &#8211; a powerful
                                            combination for detecting infections before they spread.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partnered
                                            with Ellerca Health Inc. to offer joint diabetes screening and management support.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signing
                                            of a Distribution Agreement with Abbott Rapid Diagnostics, to integrate new devices into
                                            Avricore&#8217;s HealthTab&#8482; to expand its real-time data reporting system capabilities.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developing
                                            new pilot programs with national pharmacy chains,</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing
                                            to negotiate new POC diagnostic device integrations to expand the HealthTab&#8482; testing
                                            menu.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refining
                                            HealthTab&#8482;&#8217;s de-centralized clinical trials capabilities to monetize de-identified
                                            data associated with high-value Real-World Evaluation (RWE).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moving
                                            forward with negotiations across several target demographics, domestically and internationally,
                                            with life-science companies, host-locations and Clinical Research Organizations (CRO).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
developments subsequent to December 31, 2022 have included:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            of the date of this report 532 participating Shoppers Drug Mart&#174; pharmacies and Loblaw
                                            family stores are offering screening tests to patients via HealthTab&#8482; systems. This
                                            innovative practice in healthcare delivery is expected to expand, as provinces struggle to
                                            recruit more family physicians. The program&#8217;s primary focus is to screen patients at-risk
                                            for diabetes and cardiovascular disease. In-store signage and print material will let customers
                                            know they are able to request HealthTab&#8482; tests, and existing patients will be made
                                            aware through direct outreach from their Shoppers Drug Mart&#174; or Real Canadian Superstore&#174;
                                            pharmacist based on their health profile.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signed
                                            a new Master Service Agreement and Statement of Work with Shoppers Drug Mart pharmacies to
                                            significantly expand the HealthTab point-of-care testing platform to up to 450 locations
                                            nation-wide, with affiliated locations under the Loblaw family of brands being included.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            March 28<sup>th</sup>, 2023 the Government of Canada tabled it&#8217;s budget for the year
                                            ahead, including a 10-year funding agreement with the Nation&#8217;s provinces to increase
                                            healthcare funding. This new funding approach is novel for the fact that each province will
                                            have specific agreements, opposed to the more traditional generalized formula. This approach
                                            is expected to bring substantial innovations related to healthcare data and new healthcare
                                            service delivery, as the provinces agreed to make changes to rules and practices which have
                                            limited data-flow optimization and healthcare access.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Canadian Medical Association expressed support for many of the initiatives on March 30th,
                                            2023 in relation to the healthcare agreement and encouraged government to institute recommendations
                                            from the Addressing Canada&#8217;s Health Workforce Crisis report from the Standing Committee
                                            on Health. One of the key items they pointed to was &#8220;&#8230;optimizing scopes of practice
                                            for health professionals&#8230;&#8221;.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
                                            provinces have already begun expanding the scope of practice of their pharmacists, with 7
                                            provinces allowing these healthcare professionals to prescribe for minor ailments and 8 provinces
                                            either allowing or will soon allow them to order and interpret lab results.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry
Trends</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HealthTab&#8482;
is a cloud-based network technology that enables the world&#8217;s first harmonized, real-time response system where consumers receive
a finger-stick blood test at their local pharmacy via a web-enabled clinical grade blood chemistry analyzer. These results are available
in 12 minutes. Consumers&#8217; bio-markers, which include key results related to heart, liver and kidney function, are received via
secure login which they can then use to better understand their health performance and share with their healthcare team for evidence-based
decision making. This one-of-a-kind real-time reporting system opens the door to improved preventative healthcare in public and private
health systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">De-identified
data collected, with consumer consent across the HealthTab&#8482; network of analyzers, can be shared with life-science companies and
other research entities including the clinical research industry. The traditional clinical trial approach can be limited in the scope
of time, demographical outreach, and other inherent exclusionary attributes. HealthTab&#8482; presents a revolutionary model for utilizing
the system&#8217;s unique ability to offer real-time evaluations of treated populations and real-world evaluation clinical trials. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
January and February 2020, the Deloitte Center for Health Solutions surveyed multiple leaders from 17 pharmaceutical companies on their
organizations&#8217; RWE capabilities. Survey questions revolved around current and future applications for RWE, areas of investment,
strategic partnerships, and use of Real World Data (RWD) and RWE in R&amp;D.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ninety-four
                                            percent of survey respondents believe using RWE in R&amp;D will become important or very
                                            important to their organizations by 2022.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Almost
                                            all companies expect to increase investments in talent, technology, and external partnerships
                                            to strengthen their RWE capabilities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduced
                                            clinical trial costs and trial failure rates using RWE in R&amp;D</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entered
                                            strategic partnerships to access new sources of RWD (in fact, all have taken this step)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes it is very well positioned as a strategic partner and lead in this exciting growth sector. In addition, HealthTab&#8482;
is ideally situated to provide Real Time Real World Data (RTRWD). This is an important distinction from RWD because HealthTab&#8482;&#8217;s
anonymized data can be transmitted in real time versus the lag that is accompanied with RWD that is gathered from clinical reporting
systems, insurance claims and adverse event reporting systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
HealthTab&#8482; is available in certain Shoppers Drug Marts in several Canadian provinces. The Company has secured commitments with
other pharmacies in Canada to place additional HealthTab&#8482; systems and is in negotiations with corporate chains. Furthermore, the
Company expanded a partnership agreement with the Ontario Pharmacists Association (OPA) to endorse HealthTab&#8482; to pharmacies conducting
COVID-19 testing and government for real-time reporting of test results. The OPA is the largest pharmacists&#8217; association in the
country, with over 10,000 members and over 4,600 community pharmacy locations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HealthTab&#8482;
is being embraced as it is the most credible way to deploy point-of-care testing in the pharmacy and community setting where it offers
the reliability, accuracy and flexibility the sector needs. Avricore has enjoyed a robust response from a variety of key industry players
including, CROs, labs, pharmacies and researchers and has been engaging in a variety of technical discussions which are anticipated to
lead to business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
conversations progress, the Company will be making announcements in due course.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fully
Integrated Patient Health Records </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has been in technical discussions on the integration of HealthTab&#8482; into the electronic medical records and pharmacy management
systems with a Canadian market leader in the provision of these systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HealthTab&#8482;&#8217;s
API integration capabilities make it ideal to achieve an industry first, where a consumer&#8217;s test results can be directly linked
to an electronic medical record as well as a patient&#8217;s personal health record, for real-time responses and smooth integration across
the multiple platforms a health provider will use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Connected
Medical Devices</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
greater utilization of integrated devices in almost all other sectors of daily life, the seamless connection of medical devices has been
slow to catch up. That is changing, as Electronic Health Records (EHS) are becoming increasingly important to patients, providers, and
researchers. Having quick, reliable access to critical information means better healthcare outcomes and by the end of 2023, the connected
medical device market is expected to reach over $23 billion US. This sector includes near-to-patient devices like wearables, screening
and diagnostic tools and even hospital-based systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Community
Pharmacy Sector</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
an era of rapid change in health care delivery, community pharmacy practice models and community pharmacy business models are both experiencing
significant evolution in focus and daunting challenges to be met. We strongly believe that Avricore is a game-changing catalyst for community
pharmacy to meet their practice and business challenges and increasingly focus on patient-centred cognitive services with attendant point-of-care
testing in the future. Avricore is focused on expanding and further deploying its HealthTab&#8482; and to best meet the current community
pharmacy sector&#8217;s needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HealthTab
Market Fast Facts</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Point
                                            of Care Testing Market to reach $93.21 Billion USD in 2030 (Source)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nearly
                                            13.6 Million Canadians expected to be diabetic or prediabetic by 2030, with many undiagnosed
                                            (Source) </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
                                            1 in 3 Americans, approximately 88 million people, have pre-diabetes (Source)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Close
                                            to 160,000 Canadians 20 years and older are diagnosed with heart disease each year, often
                                            it&#8217;s only after a heart attack they are diagnosed (Source)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                            are more than 10,000 pharmacies in Canada, 88,000 pharmacies in the US, nearly 12,000 in
                                            the UK.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to PWC Canada&#8217;s most recent consumer <span style="text-decoration: underline">survey</span>, Canadians consumers have been utilizing technology to take better control of
their health and 75% of them have as many as three health related apps installed on their mobile device.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">They
also state: &#8220;<i>Many Canadians are willing to share their personal information to facilitate ease of access to personal health
information through digital channels. Think of accessing lab or diagnostic test results online days after getting the test, instead of
having to wait for results and visiting the doctor, or waiting for a phone call</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
internet of things has hit healthcare consumer trends in a large way and consumers are benefitting from faster, lower cost analysis direct
to their device. The Global Consumer Insights Survey (GCIS) demonstrated the rapid shift with more than two-thirds of those surveyed
stating they trusted tech companies - not known to be in healthcare, but in hardware, software and online shopping - to access healthcare
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67%
of consumers stated they were either &#8220;somewhat comfortable or very comfortable&#8221; with accessing healthcare products and services
from a company with all their information collated in one place. This means companies offering health insurance, over-the-counter medications,
or digital diagnostics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Healthcare
data, its capture, analysis and delivery to the consumer is a top market priority as consumers are looking to take greater control, however;
those same consumers are looking to companies to manage the security of that data well and use it ethically.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MIT Technology Review has looked at consumer pay genomic services, largely offered online, and have found that <span style="text-decoration: underline">26 Million</span> people
have taken one of these tests. &#8220;You may discover unexpected facts about yourself or your family when using our services,&#8221;
warns the most popular company&#8217;s <span style="text-decoration: underline">privacy statement</span>. &#8220;Once discoveries are made, we can&#8217;t undo them.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the shift in direct access healthcare technology is offering, policy changes toward healthcare policy is also creating dynamics
within the market. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ontario Pharmacy Evidence Network&#8217;s most recent <span style="text-decoration: underline">paper</span> looked at a wide ranging of policy changes affecting Ontario alone.
They found an industry going through &#8220;significant changes&#8221; thanks to the <i>Patients First Action Plan</i> and the <i>Proposal
to Strengthen Patient-Centered Health Care in Ontario</i> are driving a more date-driven and patient centered approach. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
has also meant that pharmacy has had to contend with offering greater service innovation with less revenues, as controls placed on generic
drug pricing and limits on certain revenue streams, like manufacture rebates, have come into effect. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;As
pharmacies develop their own technology,&#8221; the authors state &#8220;the integration of health care provider records and the emergence
of patient-controlled or viewable health records are important areas of health care transformation.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
means consumers want better data control about their health and the market will need to deliver. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Manufacturing
- </b>The Company has discontinued the manufacturing of OTC and generic drugs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.C.
Organization structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is not part of a group and has one wholly-owned subsidiaries, HealthTab Inc., which is incorporated in British Columbia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.D.
Equipment </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s property, plant and equipment is HealthTab<sup>TM</sup> systems deployed at pharmacy locations, comprised of system analyzers,
system computer hardware and systems software.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ED_006"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Item
4A Unresolved Staff Comments</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ED_007"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion and analysis of the financial condition and operational performance should be read in conjunction with the audited
consolidated financial statements of the Company and the notes thereto prepared in accordance with IFRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
A. Operating Results of the Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the last several years, the Company&#8217;s primary focus was on expanding its HealthTab&#8482; point-of-care testing platform in pharmacies
across Canada and beyond and begin to generate more substantial revenues. The pilot project announced with Shoppers Drug Mart&#174; was
successfully executed, despite operating under the extraordinary impacts of the COVID-19 pandemic. Currently the Company has completed
the rollout of 532 HealthTab&#8482; point-of-care testing platform Shoppers Drug Mart and affiliated Loblaws locations nation-wide.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is in discussions with multiple pharmacy groups to expand the Canadian and international HealthTab&#8482; network.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
most recent financials demonstrated that fiscal 2022 saw a year-over-year 1,340% increase in revenues and the Company has maintained
strong fiscal discipline, maintaining a moderate operating cost model, conserving cash, and limiting exposure to further equity dilution
while executing on the build out of HealthTab&#8482;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s
focus is on expansion of the business to new markets, locations and jurisdictions; cost control and positive cash flows to ensure sustainable
operations of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations for the years ended December 31, 2022, 2021 and 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from the continuing operations was $1,768,374 for the year ended December 31, 2022 (2021 - $122,808; 2020 - $33,030). This represents
the revenue earned by the POTC HealthTab&#8482; business acquired in 2018.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Marketing
and Communication expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2021</p></td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5,312</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share-based
compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation for the year ended December 31, 2022 of $331,522 (2021: $495,791; 2020: $130,219) is a non-cash item that represents the
allocation of the fair value of options over the vesting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
B. Liquidity and capital resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operations have been financed through the issuance of common shares. Management anticipates that additional financings
or capital requirements to fund the current commercial operations and working capital will be required to grow the business to the sustainable
level.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
flows </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sources
and Uses of Cash:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">Year ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2021</p></td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Cash used in investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,208,516</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">253,880</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,392,468</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
devotes financial resources to the Company&#8217;s operations, sales and commercialization efforts, and business development. The Company
will require cash to support working capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022, the Company had a working capital of $826,238, compared to $2,074,533 at December 31, 2021. The Company believes that
its cash on hand, the expected future cash inflows from the sale of its products, net proceeds from the closing of private placements
and proceeds from loans, stock options and warrants exercised, if any, will be sufficient to finance the Company&#8217;s working capital
and operational needs for at least the next 6 months. If the Company&#8217;s existing cash resources together with the cash the Company
generates from the sales of its products are insufficient to fund its working capital and operational needs, the Company may need to
sell additional equity or debt securities or seek additional financing through other arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended year December 31, 2020, the Company entered into a loan agreement with a third party for a secured loan in the amount
of $1,000,000. The Loan was for a term of one year from the date of receipt of the funds, bore interest at a rate of 10% per annum and
was secured with all of the present and after-acquired property of the Company. In 2021, the Company repaid the $1,000,000 loan at its
maturity. The Company does not have any off-balance sheet arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.C.
Research and development, patents and licenses etc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will not be devoting resources to research, development and patents going forward. The Company is now focused on the growth of
the POTC segment HealthTab&#8482;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.D.
Trend information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a significant trend toward consumer point of care testing. Healthcare data, its capture, analysis and delivery to the consumer is
a top market priority as consumers are looking to take greater control, however; those same consumers are looking to companies to manage
the security of that data well and use it ethically.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.G.
Safe Harbor</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report on Form 20-F contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995, principally in ITEM #4, &#8220;Information on the Company&#8221; and ITEM #5, &#8220;Operating and Financial Review and Prospects&#8221;.
These statements may be identified by the use of words like &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;aim,&#8221; &#8220;believe,&#8221;
&#8220;project,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;will,&#8221; &#8220;should,&#8221;
&#8220;could&#8221; and similar expressions in connection with any discussion, expectation, or projection of future operating or financial
performance, events or trends. In particular, these include statements about the Company&#8217;s strategy for growth, future performance
or results of current sales and production, interest rates, foreign exchange rates, and the outcome of contingencies, such as acquisitions
and/or legal proceedings and intellectual property issues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual future
results and trends may differ materially from historical results or those projected in any such forward-looking statements depending
on a variety of factors, including, among other things, the factors discussed in this Annual Report under ITEM #3, &#8220;Key Information,
Risk Factors&#8221; and factors described in documents that the Company may furnish from time to time to the Securities and Exchange
Commission. The Company undertakes no obligation to update publicly or revise any forward-looking statements because of new information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ED_008"></span>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Directors and Senior Management </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information as of December 31, 2022 and as of the date of this report about the Company&#8217;s current
directors and senior management. There have been no subsequent changes to the Company&#8217;s current directors and senior management,
except as footnoted below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
No. 6</b>:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
and Senior Management:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
                                            Reporting Companies in Canada</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>or
                                            the United States</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hector
    Bremner</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO,
    Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kiki
    Smith </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO
    &amp; Corporate Secretary</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.I.S.
                                            Resources Limited</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ultra
    Lithium Inc.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goldex
    Resources Corp.</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Officer</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Officer</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rodger
    Seccombe</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTO,
    Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Hall</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RepliCel
    Life Sciences Inc.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan
    Arnstein</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert
    Sindelar </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Farnfield</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Bremner, CEO and Director</i></b>, has an extensive branding and business development experience. He joined Avricore in January 2019
as an advisor, and then as Executive Vice- President in June, providing strategic guidance on product offering, market development and
communications. In April 2020, he was appointed Director of the Company. Mr. Bremner founded Vancouver based TOUCH Marketing in 2007,
whose innovative marketing, communications and project management strategies earned him a strong reputation for delivering results. He
previously served as a key advisor in the offices of BC&#8217;s Minister of International Trade, the Minister of Tourism and Small Business,
as well as the Ministry of Natural Gas Development and Deputy Premier. After leaving the BC Government, Mr. Bremner joined Vancouver
based communications firm Pace Group as Vice President of Public Affairs. In 2017, Mr. Bremner was elected to Vancouver City Council
in a rare by-election, having a dramatic impact on the city&#8217;s political culture and policy approaches related to the ongoing housing
crisis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ms.
Kiki Smith CPA, CGA, CFO and Corporate Secretary,</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Smith brings more than two decades of experience in managing and financing junior listed companies in the technology, mining exploration
and food production sectors, including debt and equity financings, corporate structure design and management, cash flow management and
forecasting, legal and regulatory compliance, investor communications, stakeholder engagement and risk management. She holds a BA in
Economics from the University of British Columbia and a Certified Professional Accountant designation from the Certified Professional
Accountants Association of British Columbia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Rodger Seccombe, Chief Technology Officer and Director,</i></b> is a co-founder of HealthTab Inc. He has over 20 years of experience
launching and running companies in software, healthcare technology, and clean energy. Mr. Seccombe earned a B.Com (hons) from UBC&#8217;s
Sauder School of Business and is a Chartered Professional Accountant (CPA-CMA). Prior to HealthTab, he designed and developed cloud-based
informatics system currently in use by world&#8217;s leading medical laboratories and instrument manufacturers. In 2006, he joined the
start-up team at Canadian Bioenergy Corporation and helped pioneer the development of the renewable fuel industry in Canada.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
David Hall, Director</i></b> is currently Chairman of RepliCel Life Sciences (&#8220;RepliCel&#8221;) and a consultant to the life sciences
industry. Mr. Hall served as CEO and President of RepliCel from 2012 through 2015. Prior to RepliCel, Mr. Hall acted as a consultant
to the government, pharma industry, biotech, eHealth and NGO&#8217;s for two years. For the prior 15 years, Mr. Hall was a business founder,
CFO, CCO, Treasurer and Secretary of Angiotech Pharmaceuticals Inc. Mr. Hall is a Past Chair and board member of Life Sciences BC and
current Chairman of Providence Health Care Research Institute. He is the author of Life Sciences BC&#8217;s position papers for the Premier&#8217;s
Competition Council Report and Conversation on Health. Mr. Hall was also a member of the BC Task Force on PharmaCare and serves on the
board of directors of the Advantage BC. Mr. Hall holds an Honours degree in Economics and an Honours degree in Finance from the University
of Manitoba.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Alan Arnstein, Director </i></b>previously worked for the Katz Group Canada where he oversaw the development of the Medicine Shoppe from
28 stores to 175 stores (corporate and franchised) before the successful sale to McKesson Canada. Mr. Arnstein also was very involved
in expanding the Rexall pharmacy brand across Canada including responsibility for acquiring and consolidating independent pharmacies
under the Rexall banner. Mr. Arnstein has played and continues to play an active role in real estate projects including the leasing of
the Ice District next to Rogers Place in downtown Edmonton, an estimated $5.5B project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Robert Sindelar, Director </i></b>is a Professor in the Faculty of Pharmaceutical Sciences at the University of British Columbia (UBC)
and an Advisor, External Relations to the Centre for Health Evaluation &amp; Outcomes Sciences, Providence Health Care Research Institute
and UBC. Dr. Sindelar is also an elected fellow International Pharmaceutical Federation, Chair of the Global Pharmacy Observatory Advisory
Board of the International Pharmaceutical Federation, Member of the External Advisory Board, Trinity College Dublin, School of Pharmacy
and Pharmaceutical Sciences. Dr. Sindelar is also a past Dean of the Faculty of Pharmaceutical Sciences, UBC, President Providence Health
Care Research Institute and VP Research and Academic Affairs, Providence Health Care. Dr. Sindelar earned a B.A., Chemistry from Millikin
University, a M.S. and Ph.D. in Medicinal Chemistry and Natural Products from the University of Iowa, College of Pharmacy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
David Farnfield, Director,</i></b> is a Yale School of Economics graduate who brings 35 years of experience in commodity, currency and
financial futures markets. While serving as Vice President at George Weston Limited, a large food manufacturer and distributor, David
oversaw $1B+ in commodity and currency risk while overseeing their commodity division. He has led key negotiations between industry stakeholders
on commodity supply agreements and is intimately familiar with product supply agreements. Mr. Farnfield is also a Board member of the
Canadian Oilseed Industry Association (Oilseed Innovation Partners) &#8211; a non-government agency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Directors have served in their respective capacities since their election and/or appointment and will serve until the next Annual General
Meeting or until a successor is duly elected, unless the office is vacated in accordance with the Articles of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Director and/or member of senior management had been the subject of any order, judgment, or decree of any governmental agency or administrator
or of any court or competent jurisdiction, revoking or suspending for cause any license, permit or other authority of such person or
of any corporation of which he is a Director and/or member of senior management, to engage in the securities business or in the sale
of a particular security or temporarily or permanently restraining or enjoining any such person or any corporation of which he is an
officer or director from engaging in or continuing any conduct/practice/employment in connection with the purchase or sale of securities,
or convicting such person of any felony or misdemeanor involving a security or any aspect of the securities business or of theft or of
any felony.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships between any two or more Directors or members of senior management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no arrangements or understandings with major shareholders, customers, suppliers or others, pursuant to which any person referred
to above was selected as a Director or member of senior management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.B.
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
compensation accrued and/or paid (directly and/or indirectly) to all Directors/Senior Management during the year ended December 31, 2022
and two previous years are detailed in Table No. 7 below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
No. 7</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual
Compensation of Senior Management</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  </table>








<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consulting/management fees were paid to a consulting company
owned by senior management;</span></td></tr>

<tr style="vertical-align: top">
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based payments for options granted were measured using
the Black-Sholes option pricing model.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
No. 8</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
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  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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the Black-Sholes option pricing model.</span></td></tr>

<tr style="vertical-align: top">
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December 31, 2020.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table gives certain information concerning stock option exercises during Fiscal 2022 by the Company&#8217;s Senior Management
and Directors. It also gives information concerning stock option values.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
No. 9</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregated
Stock Options Exercises in the year ended December 31, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal
Year-end Unexercised Stock Options</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal
Year-end Stock Option Values</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Senior
Management/Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Compensation</b>: The Company has no formal plan for compensating its Directors for their service in their capacity as Directors. Directors
are entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings
of the Board of Directors. The Board of Directors may award special remuneration to any Director undertaking any special services on
behalf of the Company other than services ordinarily required of a Director. Other than indicated below no Director received any compensation
for his services as a Director, including committee participation and/or special assignments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Options</b>: The Company may grant stock options to Directors, Senior Management and employees. Refer to ITEM #6.E., &#8220;Share Ownership&#8221;
and Table No. 8 for information about stock option grants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Compensation:</b> No Senior Manager or Director received &#8220;other compensation&#8221; in excess of the lesser of US$25,000 or 10%
of such officer&#8217;s cash compensation, and all Senior Managers or Directors as a group did not receive other compensation which exceeded
US$25,000 times the number of persons in the group or 10% of the compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bonus/Profit
Sharing/Non-Cash Compensation:</b> Except for the stock option program discussed in ITEM #6.E., the Company had no material bonus or
profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to the Company&#8217;s Directors or Senior Management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pension/Retirement
Benefits: </b>No funds were set aside or accrued by the Company during the year ended December 31, 2022 to provide pension, retirement
or similar benefits for Directors or Senior Management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.C.
Board Practices</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.C.1.
Terms of Office. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
every Annual General Meeting of the Company, the Directors are elected by the shareholders and serve as Directors until the next Annual
General Meeting is held.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.C.2.
Directors&#8217; Service Contracts. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company retains its Officers as independent consultants. The Company will not be required to make contributions for employment insurance,
Canada Pension, workers&#8217; compensation or other similar levies in respect of the fee for services to be paid to the Officers. Each
Officer agrees to pay all required contributions and deductions for income taxes, workers&#8217; compensation and employment insurance
and shall indemnify and save the Company harmless from and against all claims, actions, losses, expenses, costs or damages which the
Company or its officers, employees or agents may suffer as a result of the Officer&#8217;s non-compliance with this requirement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Officer agrees to provide sufficient time and attention to the business and affairs of the Company, to advise and counsel the Board of
Directors of the Company and to channel to the Company all knowledge, business and customer contacts and any other information that could
concern or be in any way beneficial to the Company. All information communicated to the Company will be the property of the Company.
The Officers acknowledge that each is a &#8220;person in a special relationship&#8221;, as that expression is defined in the securities
laws of various provinces of Canada, and may receive material information concerning the business and affairs of the Company that has
not been generally disclosed, and covenant and agree that they will not purchase or sell any securities of the Company until such information
has been generally disclosed. The Company is aware that the Officers may provide services to certain other companies from time to time
as disclosed above. The Officers agree that they will not provide services to any other companies without the written approval of the
Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will pay a consulting fee in the amount of (Cdn) $18,000 per month to Hector Bremner for CEO services through a consulting agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will pay a consulting fee in the amount of (Cdn) $10,700 per month to a company controlled by Kiki Smith for CFO and Corporate
Secretarial services through a consulting agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will pay a consulting fee in the amount of (Cdn) $18,000 per month to Rodger Seccombe for CTO services through a consulting agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fees payable will be reviewed annually, and may be adjusted by the Company in consultation with the Officers to reflect general economic
conditions, changes in the duties provided under this Agreement or performance by the Officers. The Officers are entitled to participate
in the Company&#8217;s incentive stock option plan (Exhibit 4.m)<b>. </b>The Company will reimburse the Officers for all reasonable travelling
and other out-of-pocket expenses incurred in connection with services provided to the Company. The Officers will be entitled to participate
in any benefit programs established by the Company. To date, no such plans are in place.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventions
of any type made by the Officers become the sole property of the Company which will hold all intellectual property rights for such inventions.
If the Company chooses to patent, copyright, trademark or otherwise protect the inventions, the Officers will assign their rights to
the Company. The Officers will treat all information of the company as confidential except any information that is presently in the public
domain, any information that subsequently becomes part of the public domain, any information obtained by the Officers from a third party
with a valid right to disclose it or any information that was independently developed by the Officers or was in their possession prior
to receipt from the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Officers agree that they shall not engage in any activity that is contrary to or detracts from the performance of the business of the
Company, will not receive any personal benefit from any party having business with the Company without the approval of the Board of Directors
of the Company and, during the term of the agreement and for a period of one year afterwards, will not compete with the Company or solicit
customers or employees of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Officers may terminate their respective agreements with the Company by giving thirty (30) days written notice to the Company. The Company
may waive such notice and, if it does so, such agreements will cease on the date the Company waives such notice. The Company may terminate
the agreements without notice or payment in lieu of notice for breach of the agreement. The Company may terminate any agreement at its
sole discretion and for any reason upon giving the Officer written notice of termination provided that the Company pays, in lieu of notice,
three (3) months fee severance. The Company may terminate any agreement without notice or payment in lieu of notice upon a change of
control of the holding company of the Officer or the death or permanent disability of the Officer. Upon termination of an agreement,
the Officer will promptly return all property. Each agreement may be subject to the acceptance by TSX Venture Exchange and a refusal
to do so shall not constitute a default of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.C.3.
Board of Director Committees.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has an Audit Committee, which is governed by an Audit Committee Charter (filed as Exhibit hereto) and recommends to the Board
of Directors the engagement of the independent auditors of the Company and reviews with the independent auditors the scope and results
of the Company&#8217;s audits, the Company&#8217;s internal accounting controls, and the professional services furnished by the independent
auditors to the Company. The current members of the Audit Committee are: David Hall (Chairman), Robert Sindelar (Director) and Alan Arnstein
(Director). The Audit Committee met once during the year ended December 31, 2022 to discuss and recommend approval by the Board of the
Company&#8217;s audited financial statements. The interim financial statements and related Management Discussion and Analysis were approved
by joint consent resolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.D.
Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, the Company employed 1 employee. The Company engaged the services of President, Chief Executive Officer, Chief
Financial Officer and Corporate Secretary, and Head of HealthTab Division through consulting service contracts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.E.
Share Ownership</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table
No. 10 lists, as of the date of this report, Directors and Senior Management who beneficially own the Company&#8217;s voting securities,
consisting solely of common shares, and the amount of the Company&#8217;s voting securities owned by the Directors and Senior Management
as a group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
No. 10</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholdings
of Directors and Senior Management</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-weight: bold">Title of Class</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold">Name of Beneficial Owner</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percent of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class *</b></span></p></td><td style="padding-bottom: 1pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 20%">Common</td><td style="width: 2%">&#160;</td>
    <td style="width: 23%; text-align: left">Hector Bremner</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 15%; text-align: right">1,350,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">3.48</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Common</td><td>&#160;</td>
    <td style="text-align: left">Kiki Smith</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">916,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">720,300 options</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.64</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Common</td><td>&#160;</td>
    <td style="text-align: left">Rodger Seccombe</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,461,111</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,975,000 options</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.46</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Common</td><td>&#160;</td>
    <td style="text-align: left">Robert Sindelar</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">760,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">525,000 options</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.29</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Common</td><td>&#160;</td>
    <td style="text-align: left">Alan Arnstein</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">400,000 options</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.43</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Common</td><td>&#160;</td>
    <td style="text-align: left">David Farnfield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">620,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">700,000 options</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.32</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">Common</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1pt">David Hall</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,367,618</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">890,000 options</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2.27</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Directors/Management</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">9,499,729</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nil
                                                                                                                                          warrants </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,325,300 options</b></span></p></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16.89</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Based on 99,644,664 shares outstanding as at June 14, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Options:</b> The terms of incentive options grantable by the Company are done in accordance with the rules and policies of the TSX Venture
Exchange and the British Columbia Securities Commission, including the number of common shares under option, the exercise price and expiry
date of such options and any amendments thereto. The Company adopted a formal written stock option plan (the &#8220;Plan&#8221;) on December
13, 2005. At each Annual General Meeting of the Company, the Plan is presented to and voted on by the shareholders of the Company. If
approved, the terms and conditions of the Plan remain in force for the subsequent year. The Stock Option Plan was amended and passed
by a majority of shareholders at the Annual General Meeting held on September 15, 2017 and most recently reapproved on April 16, 2021.
A copy of the Stock Option Plan is provided as Exhibit 15(b) attached hereto. It will remain in effect until the next Annual General
Meeting of Shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
&#8220;terms and conditions&#8221;, including the pricing of the options, expiry and the eligibility of personnel for such stock options,
are described below. The terms of the original Stock Option Plan and the major changes in the Stock Option Plan (the &#8220;Plan&#8221;)
are described below and provided as Exhibit 15(b) attached hereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal purposes of the Company&#8217;s stock option program are to (a) assist the Company in attracting, retaining, and motivating
directors, officers and employees of the Company and, (b) to closely align the personal interests of such directors, officers and employees
with the interests of the Company and its shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Plan provides that stock options may be granted to service providers for the Company. The term &#8220;service providers&#8221; means:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Any full or part-time employee or Officer, or insider of the Company or any of its subsidiaries;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Any other person employed by a company or individual providing management services to the Company;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Any other person or company engaged to provide ongoing consulting services for the Company
or any entity controlled by the Company or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) Any individual engaged to provide services that promote the purchase or sale of the issued
securities (any person in (a), (b), (c) or (d) hereinafter referred to as an &#8220;Eligible Person&#8221;); and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <span style="text-transform: uppercase">A</span>ny registered retirement savings plan established
by such Eligible Person, or any corporation controlled by such Eligible Person, the issued and outstanding voting shares of which are,
and will continue to be, beneficially owned, directly or indirectly, by such Eligible Person and/or spouse, children and/or grandchildren
of such Eligible Person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
stock options to Employees, Consultants or Management Company Employees, the Company must represent that the optionee is a bona fide
Employee, Consultant or Management Company Employee as the case may be. The terms &#8220;insider&#8221; &#8220;Controlled&#8221; and
&#8220;subsidiary&#8221; shall have the meanings ascribed thereto in the Securities Act (Ontario) from time to time. Subject to the foregoing,
the board of directors or Committee, as applicable, shall have full and final authority to determine the persons who are to be granted
options under the Plan and the number of shares subject to each option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Plan shall be administered by the Board of Directors of the Company or a committee established by the Board of Directors for that purpose.
Subject to approval of the granting of options by the Board of Directors or Committee, as applicable, the Company shall grant options
under the Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Plan provides that the aggregate number of shares of the Company, which may be issued and sold under the Plan, will not exceed 10% of
the issued shares of the Company. The Company shall not, upon the exercise of any option, be required to issue or deliver any shares
prior to (a) the admission of such shares to listing on any stock exchange on which the Company&#8217;s shares may them be listed, and
(b) the completion of such registration or other qualification of such shares under any law, rules or regulation as the Company shall
determine to be necessary or advisable. If any shares cannot be issued to any optionee for whatever reason, the obligation of the Company
to issue such shares shall terminate and any option exercise price paid to the Company shall be returned to the optionee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a stock option expires or otherwise terminates for any reason without having been exercised in full, the number of common shares reserved
for issuance under that expired or terminated stock option shall again be available for the purposes of the Plan. Any stock option outstanding
when the Plan is terminated will remain in effect until it is exercised or it expires. The Plan provides that it is solely within the
discretion of the Board to determine who should receive stock options and in what amounts, subject to the following conditions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options will be non-assignable and non-transferable except that they will be exercisable by the personal representative of the option holder in the event of the option holder&#8217;s death;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) Under
the Plan, options may be exercisable for a maximum of ten years from grant date;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) Under
the Plan, options to acquire more than 5% of the issued shares of the Company may be granted to any one individual in any 12-month period
the approval of the disinterested shareholders of the Company;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) Options to acquire no more than 2% of the issued shares of the Company may be granted to any
one consultant in any 12-month period;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) Options
to acquire no more than an aggregate of 2% of the issued shares of the Company may be granted to an employee conducting investor relations
activities (as defined in TSX Venture Exchange Policy 1.1), in any 12 month period;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) Options
to acquire no more than 10% of the issued shares of the Company may be granted to any insiders in any 12-month period;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) Under
the Plan, options held by an option holder who is a director, employee, consultant or management company employee are no longer required
to expire within 90 days after the option holder ceases to be a director, employee, consultant or management company employee;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) Under the Plan, options held by an option holder who is engaged in investor relations activities
are no longer required expire within 30 days after the option holder ceases to be employed by the Company to provide investor relations
activities; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) In the event of an option holder&#8217;s death, the option holder&#8217;s personal representative
may exercise any portion of the option holder&#8217;s vested outstanding options for a period of one year following the option holder&#8217;s
death.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Plan provides that other terms and conditions may be attached to a particular stock option, such terms and conditions to be referred
to in a schedule attached to the option certificate. Stock options granted to directors, senior officers, employees or consultants will
vest when granted unless otherwise determined by the Board of Directors on a case by case basis, other than stock options granted to
consultants performing investor relations activities, which will vest in stages over 12 months with no more than one-fourth of the options
vesting in any three month period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price at which an option holder may purchase a common share upon the exercise of a stock option will be as set forth in the option certificate
issued in respect of such option and in any event will not be less than the discounted market price of the Company&#8217;s common shares
as of the date of the grant of the stock option (the &#8220;Award Date&#8221;). The market price of the Company&#8217;s common shares
for a particular Award Date will typically be the closing trading price of the Company&#8217;s common shares on the day immediately preceding
the Award Date, or otherwise in accordance with the terms of the Plan. Where there is no such closing price or trade on the prior trading
day &#8220;market price&#8221; shall mean the average of the most recent bid and ask of the shares of the Company on any stock exchange
on which the shares are listed or dealing network on which the shares of the Company trade.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
no case will a stock option be exercisable at a price less than the minimum prescribed by each of the organized trading facilities or
the applicable regulatory authorities that would apply to the award of the stock option in question.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
shares will not be issued pursuant to stock options granted under the Plan until they have been fully paid for by the option holder.
The Company will not provide financial assistance or loans to option holders to assist them in exercising their stock options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ED_009"></span>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.A.
Major Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, all shareholders have the same voting rights attached thereto as all other common shares of the Company. As of
December 31, 2022, the Company is not aware of any companies or individuals that hold more than 5% of the Issued and Outstanding Common
Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.A.1.a.
Holdings By Major Shareholders. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
to ITEM #6.E and Table No. 10.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.A.1.b.
Significant Changes in Major Shareholders&#8217; Holdings.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Required&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.A.1.c.
Different Voting Rights. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s major shareholders do not have different voting rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.A.2.
Canadian Share Ownership.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2022, the Company&#8217;s shareholders&#8217; list showed 99,244,664 common shares outstanding, an estimated 53 registered
shareholders. The Company&#8217;s transfer agent provides that there are 53 registered shareholders with Canadian addresses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.A.3.
Control of the Company </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a publicly owned Canadian corporation, the shares of which are owned primarily by Canadian residents and other foreign residents.
The Company is not controlled by any foreign government or other person(s) except as described in ITEM #4.A., &#8220;History and Development
of the Company&#8221;, and ITEM #6.E., &#8220;Share Ownership&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.A.4.
Change of Control of Company Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Necessary&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.B.
Related Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
party transactions are described in Note 18 to the consolidated financial statements and are shown below. The remuneration of the Company&#8217;s
directors and other members of key management, being the President, Chief Executive Officer and Chief Financial Officer, who have the
authority and responsibility for planning, directing and controlling the activities of the Company, consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">Year Ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">Year Ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">Year Ended</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2021</p></td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2020</p></td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: right">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">$</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">$</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accounts payable and accrued liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">120,000</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation relates to stock options granted and vested to management and directors of the Company during the twelve months ended December
31, 2022. All related party transactions were in the normal course of business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Fees</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, the Company expects to pay Manning Elliot LLP audit fees of $65,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect
Payments</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Required&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shareholder
Loans</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Required&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amounts
Owing to Senior Management/Directors</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Required&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.C.
Interests of Experts and Counsel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Required&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ED_010"></span>ITEM
8. FINANCIAL INFORMATION</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.A.
Consolidated Statements and Other Financial Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Company comply with International Financial Reporting Standards (&#8220;IFRS&#8221;), as issued
by the International Accounting Standards Board (&#8220;IASB&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
of preparation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, modified where
applicable. The consolidated financial statements are presented in Canadian dollars unless otherwise noted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
estimates and judgments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in accordance with IFRS requires the Company&#8217;s management to make estimates, judgments
and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes to the consolidated financial
statements. The Company&#8217;s management reviews these estimates and underlying judgments on an ongoing basis, based on experience
and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates
are adjusted for prospectively in the year in which the estimates are revised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.A.7.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no legal proceedings against the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.B.
Significant Changes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no significant changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ED_011"></span>ITEM
9. THE OFFER AND LISTING</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.A.
Common Share Trading Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s common shares trade on the TSX Venture Exchange in Toronto, Ontario, Canada, under the symbol &#8220;AVCR&#8221;. The
Company also trades on the Pink Sheets under the symbol &#8220;AVCRF&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table
No. 11 lists the high, low and closing sales prices on the TSX Venture Exchange for the last twelve fiscal quarters, and last five fiscal
years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TSX
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Canadian
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 29; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.A.5.
Common Share Description</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrar/Common
Shares Outstanding/Shareholders</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
August 19, 2005, the authorized share capital of the Company was increased to an unlimited number of common shares without par value
due to changes in the British Columbia Company Act which permitted this action.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no Indentures or Agreements limiting the payment of dividends and there are no conversion rights, special liquidation rights, pre-emptive
rights or subscription rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computershare
Trust Company of Canada (located at 2nd Floor, 510 Burrard Street, Vancouver, British Columbia Canada V6C 3B9) is the registrar and transfer
agent for the common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Options</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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changes in share options including those granted to directors, officers, employees and consultants during the years ended December 31,
2022, 2021 and 2020 are summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.14</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">7,880,052</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.13</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6,706,072</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.08</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">Exercisable</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6,216,250</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.14</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">7,692,552</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.13</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6,706,072</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.08</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes information about share options outstanding and exercisable as at December 31, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expiry
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.075</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Options repriced from $0.24 to $0.10 during the year ended December 31, 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)
</sup>Options repriced from $0.21 to $0.10 during the year ended December 31, 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted average remaining life of the stock options outstanding at December 31, 2022 is 3.17 years (2021: 2.73 years). </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table
No. 12 lists, as of December 31, 2022, share purchase warrants (options to purchase common shares) outstanding, the date the share purchase
warrants were issued, the exercise price, and the expiration date of the share purchase warrants. These warrants were issued in conjunction
with private placements of the Company&#8217;s securities and all holders of the Company&#8217;s warrants are resident in Canada.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
No. 12</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
Purchase Warrants Outstanding</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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                                                                              <p style="margin-top: 0; margin-bottom: 0">Exercise</p>
                                                                              <p style="margin-top: 0; margin-bottom: 0">Price</p></td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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                                                                              <p style="margin-top: 0; margin-bottom: 0">Exercise</p>
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                                                                              <p style="margin-top: 0; margin-bottom: 0">Exercise</p>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">0.15</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(909,400</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,058,660</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.16</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Warrants expired</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(17,871,666</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.22</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(6,177,500</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.15</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(8,446,438</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.33</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Issued and exercisable</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">18,781,066</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.21</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">18,743,226</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.16</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.A.6.
Differing Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Necessary&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.A.7.a.
Subscription Warrants/Right</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Necessary&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.A.7.b.
Convertible Securities/Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Necessary&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.C.
Stock Exchanges Identified</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
common shares of the Company are listed on the TSX Venture Exchange which is headquartered in Toronto, Ontario under the symbol &#8220;AVCR&#8221;
and in United States quoted on the Pink Sheets under the symbol &#8220;AVCRF&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
to ITEM #9.A.4 for trading information and history. At this time, the Company is not seeking a listing on any other stock exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ED_012"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
10. ADDITIONAL INFORMATION</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.
Share Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.1.
Authorized/Issued Capital. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022, there were an unlimited number of common shares authorized and 99,244,664 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, there were an unlimited number of common shares authorized and 97,535,264 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2020, there were an unlimited number of common shares authorized and 69,795,584 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2019, there were an unlimited number of common shares authorized and 52,472,619 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2018, there were an unlimited number of common shares authorized and 40,103,665 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2017, there were an unlimited number of common shares authorized and 27,860,623 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2016, there were an unlimited number of common shares authorized and 15,001,297 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2015, there were an unlimited number of common shares authorized and 14,276,297 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2015, there were an unlimited number of common shares authorized and 13,804,770 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2014, there were an unlimited number of common shares authorized and 9,191,768 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2013, there were an unlimited number of common shares authorized and 5,404,268 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2012, there were an unlimited number of common shares authorized and 1,739,920 common shares issued and outstanding. On March
08, 2012 the Company consolidated its shares on a 10 to 1 basis</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2011, there were an unlimited number of common shares authorized and 15,999,200 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2010, there were an unlimited number of common shares authorized and 14,680,449 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2009, there were an unlimited number of common shares authorized and 12,835,449 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2008, there were an unlimited number of common shares authorized and there were 12,377,949 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2007, there were an unlimited number of common shares authorized and there were 8,048,101 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2006, there were an unlimited number of common shares authorized and there were 5,200,101 common shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
August 19, 2005, the authorized share capital of the Company was increased to an unlimited number of common shares without par value
due to changes in the British Columbia Company Act which permitted this action.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2005, there were 25,000,000 common shares authorized and 3,946,101 common shares issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2004, there were 25,000,000 common shares authorized and 3,196,101 common shares issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2003, there were 25,000,000 common shares authorized and 612,868 common shares issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2002, there were 25,000,000 common shares authorized and 594,118 common shares issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2001, there were 25,000,000 common shares authorized and 294,118 common shares issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the last five years, less than 10% of the capital has been &#8220;paid for&#8221; with assets other than cash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.2.
Shares Not Representing Capital.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Necessary&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.3.
Shares Held By Company.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Necessary&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.4.
Stock Options/Share Purchase Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;Refer
to Tables No. 8, No. 11 No. 13.&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.5.
Stock Options/Share Purchase Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;Refer
to Tables No. 8, No. 11 No. 13.&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.6.
History of Share Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has financed its operations through funds raised in public and private placements of common shares and warrants and from revenues
from the sale of its products. There is one class of shares with one vote per common share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Share Capital</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font-weight: bold">Balance, December 31, 2019</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 14%; font-weight: bold; text-align: right">52,472,619</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 14%; font-weight: bold; text-align: right">21,400,106</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Shares issued for cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,260,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">626,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercise of options</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">105,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,672</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Shares issued for services (b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,480,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">52,200</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Acquisition of HealthTab&#8482; Inc. (a)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Shares issued for debt (c)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,477,965</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">136,949</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">Share issue cost</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(35,075</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 1pt">Balance, December 31, 2020</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">69,795,584</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">22,286,852</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Shares issued for cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,740,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,414,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Exercise of warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,058,660</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,805,132</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercise of stock options</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,666,020</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">312,052</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Share issued for services (d)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">275,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">38,500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">Share issuance costs</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(238,221</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 1pt">Balance, December 31, 2021</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">97,535,264</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">26,618,315</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercise of warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">909,400</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">175,412</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">Exercise of stock options</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">800,000</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">271,000</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1pt">Balance, December 31, 2022</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">99,244,664</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">27,064,727</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
On December 28, 2017, the Company completed the acquisition of all the common shares of HealthTab Inc. Under the share purchase agreement,
the consideration paid by the Company included staged cash payment of $200,000 (paid in the fiscal year 2018), issuance of 2,666, 667
common shares (issued in the fiscal year 2018). In addition, in the years ended December 31, 2019 and 2020, common shares with an aggregate
value of $200,000 were issued at the deemed price determined based on the market price of the shares at the time of issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Company issued 3,480,000 common shares valued at $52,200 as bonus shares pursuant to a loan agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The Company issued 5,477,965 common shares in exchange for services received and to settle accounts payables of $136,949. An aggregate
of 1,900,000 shares were issued in settlement of $47,500 in amounts owing to certain directors and officers of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
The Company issued 275,000 common shares valued at $38,500 to a consultant in exchange for services received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed above, no other shares were issued with a consideration other than cash during the years ended December 2020, 2021 and 2022.
There were no changes in classes of shares or voting rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.7.
Resolutions/Authorizations/Approvals</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;No
Disclosure Necessary&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.B.
Memorandum and Articles of Association </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s corporate constituting documents comprising the Notice of Articles and Articles are registered with the British Columbia
Registrar of Companies under Incorporation No. BC0607937. A copy of the Articles was filed as an Exhibit 1 with the Company&#8217;s initial
registration statement on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of certain provisions of the Company&#8217;s Notice of Articles and Articles and certain provisions of the British
Columbia Business Corporations Act (the &#8220;BCA&#8221;), applicable to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Objects
and Purposes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Articles do not specify objects or purposes. Under both the BCA, a British Columbia corporation generally has all the legal powers of
a natural person. British Columbia corporations may not undertake certain limited business activities such as operating as a trust company
or railroad without alterations to its form of articles and specific government consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
authorized capital of the Company consists of an unlimited number of common shares without par value. All of the common shares must be
fully paid and are not subject to any future call or assessment. All of the common shares of the Company rank equally as to voting rights,
participation in a distribution of the assets of the Company on a liquidation, dissolution or winding-up of the Company and the entitlement
to dividends. The holders of the common shares are entitled to receive notice of all shareholder meetings and to attend and vote at such
meetings. Shareholders are not entitled to cumulative voting. Each common share carries with it the right to one vote. The common shares
do not have pre-emptive or conversion rights. In addition, there are no sinking fund or redemption provisions applicable to the common
shares or any provisions discriminating against any existing or prospective holders of such securities as a result of a shareholder owning
a substantial number of shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
Certificates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Articles, a shareholder is entitled to a share certificate representing the number of shares of the Company held or a written acknowledgement
of the shareholder&#8217;s right to obtain such a share certificate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No
Limitation on Foreign Ownership</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no limitations under the Company&#8217;s Articles or in the BCA on the right of persons who are not citizens of Canada to hold or
vote common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
may be declared by the Board out of available assets and are paid rateably to holders of common shares. No dividend may be paid if the
Company is, or would thereby become, insolvent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Voting
Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Company&#8217;s common share is entitled to one vote on matters to which common shares ordinarily vote including the annual election
of directors, appointment of auditors and approval of corporate changes. There are no cumulative voting rights applicable to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Borrowing
Powers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, if authorized by the directors, may: (a) borrow money in the manner and amount, on the security, from the sources and on the
terms and conditions that they consider appropriate; (b) issue bonds, debentures and other debt obligations either outright or as security
for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as they
consider appropriate; (c) guarantee the repayment of money by any other person or the performance of any obligation of any other person;
and (d) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the
whole or any part of the present and future assets and undertaking of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indemnity
Provisions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Articles and the BCA, the Company is now permitted (and is, in some circumstances, required) to indemnify a past or present director
or officer of the Company or an associated corporation without obtaining prior court approval in respect of an &#8220;eligible proceeding&#8221;.
An &#8220;eligible proceeding&#8221; includes any legal proceeding relating to the activities of the individual as a director or officer
of the Company. However, under the BCA, the Company will be prohibited from paying an indemnity if: (a) the party did not act honestly
and in good faith with a view to the best interests of the Company; (b) the proceeding was not a civil proceeding and the party did not
have reasonable grounds for believing that his or her conduct was lawful; and (c) the proceeding is brought against the party by the
Company or an associated corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
&#8211; Number and Qualification</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Articles do not specify a maximum number of directors. The minimum under British Columbia law for a public company is
three. The number of directors shall be the number of directors fixed by the directors annually or the number that are actually elected
at a general shareholders meeting under the Existing Articles. The number of directors is determined, annually, by shareholders at the
annual shareholders meeting and all directors are elected at that time. Under the Articles the directors are entitled between successive
annual general meetings to appoint one or more additional directors but not more than one-third of the number of directors fixed at a
shareholders&#8217; or actually elected at the preceding annual shareholders&#8217; meeting. Directors automatically retire at the commencement
of each annual meeting but may be re-elected thereat.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
must be of the age of majority (18), and meet eligibility criteria including being mentally competent, not an un-discharged bankrupt,
no fraud related convictions in the previous five years. There are residency requirements and there is no mandatory retirement age either
under the Articles or under the BCA. Directors need not own any shares of the Company in order to qualify as directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
- Powers and Limitations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
must manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers
which are not required to be exercised by the shareholders as governed by the BCA. Directors may, by resolution, create and appoint an
executive committee consisting of the director or directors that they deem appropriate. This executive committee has, during the intervals
between meetings of the Board, all of the directors&#8217; powers, except the power to fill vacancies in the Board, the power to remove
a Director, the power to change the membership of, or fill vacancies in, any committee of the Board and any such other powers as may
be set out in the resolution or any subsequent directors&#8217; resolution. Directors may also by resolution appoint one or more committees
other than the executive committee. These committees may be delegated any of the directors&#8217; powers except the power to fill vacancies
on the board of directors, the power to remove a director, the power to change the membership or fill vacancies on any committee of the
directors, and the power to appoint or remove officers appointed by the directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the BCA, directors are obligated to abstain from voting on matters in which they may be financially interested after disclosing in writing
such interest. Directors&#8217; compensation is not a matter on which they must abstain. Directors&#8217; borrowing powers are not generally
restricted where the borrowing is in the Company&#8217;s best interests, but the directors may not authorize the Company to provide financial
assistance for any reason where the Company is insolvent or the providing of the guarantee would render it insolvent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendment
of Articles and Notice of Articles; Special Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Articles provide that the general authority required to amend all provisions of the Company&#8217;s Articles and the Notice of Articles
relating to the authorized share structure is a resolution of the directors and the attachment of special rights and restrictions thereto,
including any changes therein, an ordinary resolution. If the amendment prejudices or interferes with the rights or special rights attached
to any class of issued shares, by the provisions of the BCA, the consent of the holders of that class of shares by a special separate
resolution is also required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate changes or proposed transactions including amalgamation with another company, sale of substantially all of the Company&#8217;s
assets, re-domiciling out of the jurisdiction of British Columbia, creation of new classes of shares not only require the consent of
the holders of common shares by a special separate resolution but generally also give rise to a dissent right which is the right to be
paid the fair value of the stockholder&#8217;s shares in cash if the required special resolution is actually passed and the Company elects
to proceed with the matter notwithstanding receipt of dissent notices. A notice of a shareholders meeting at which such a change or proposed
transaction is intended to be considered must include a prominent notice of the dissent right. Dissent provisions are governed by the
BCA and not by the Articles of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Articles, a special separate resolution requires a majority of three-quarters of the votes cast.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholders&#8217;
Meetings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to reflecting the present notice and other provisions of the BCA relating to shareholders&#8217; meetings, the Articles provide
that shareholders&#8217; meetings may be held at such place as is determined by the directors. Shareholders meetings are governed by
the Articles of the Company but many important protections and procedures are contained within the BCA and the Securities Act (British
Columbia) and the Securities Act (Alberta) and the respective regulations and rules thereto and the policy statements, notices and blanket
orders of the respective commissions of each of British Columbia and Alberta, together with the national policy statements, and national
instruments applied by the such commissions (collectively, &#8220;Applicable Canadian Securities Law&#8221;). The Articles provide that
the Company will hold an annual shareholders&#8217; meeting, will provide at least 21 days&#8217; notice and will provide for certain
procedural matters and rules of order with respect to conduct of the meeting. The BCA and Applicable Canadian Securities Law superimpose
requirements that generally provide that shareholders meetings require not less than a 60 day notice period from initial public notice
and that the Company makes a thorough advanced search of intermediary and brokerage registered shareholdings to facilitate communication
with beneficial shareholders so that meeting proxy and information materials can be sent via the brokerages to unregistered but beneficial
shareholders. The form and content of information circulars and proxies and like matters are governed by Applicable Canadian Securities
Law and includes the specifics relating to disclosure requirements for the proxy materials and various corporate actions, background
information on the nominees for election for director, executive compensation paid in the previous year and full details of any unusual
matters or related party transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company must hold an annual shareholders meeting open to all shareholders for personal attendance or by proxy at each shareholder&#8217;s
determination. The meeting must be held within 15 months of the previous annual shareholders meeting and must present audited statements
which are dated no more than six months prior to such meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Change
in Control</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not implemented any shareholders&#8217; rights or other &#8220;poison pill&#8221; protection against possible take-overs.
The Company does not have any agreements which are triggered by a take-over or other change of control. There are no provisions in its
articles triggered by or affected by a change in outstanding shares which gives rise to a change in control. There are no provisions
in the Company&#8217;s material agreements giving special rights to any person on a change in control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Insider
Share Ownership Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Articles of the Company do not require disclosure of share ownership. Share ownership of director nominees must be reported annually
in proxy materials sent to the Company&#8217;s shareholders. There are no requirements under the BCA to report ownership of shares of
the Company but Applicable Canadian Securities Law requires disclosure of trading by insiders (generally officers, directors and holders
of 10% of voting shares) within 5 days of the trade. Controlling shareholders (generally those in excess of 20% of outstanding shares)
must provide seven days advance notice of share sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Applicable
Canadian Securities Law</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable
Canadian Securities Law governs matters typically pertaining to public companies such as continuous quarterly financial reporting, immediate
disclosure of material changes, insider trade reporting, take-over protections to ensure fair and equal treatment of all shareholders,
exemption and resale rules pertaining to non-prospectus securities issuances as well as civil liability for certain misrepresentations,
disciplinary, appeal and discretionary ruling matters. All of the Company&#8217;s shareholders regardless of residence have equal rights
under this legislation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.C.
Material Contracts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are currently no material contracts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.D.
Exchange Controls</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canada
has no system of exchange controls. There are no Canadian restrictions on the repatriation of capital or earnings of a Canadian public
company to non-resident investors. There are no laws in Canada or exchange restrictions affecting the remittance of dividends, profits,
interest, royalties and other payments to non-resident holders of the Company&#8217;s securities, except as discussed in ITEM 10, &#8220;Taxation&#8221;
below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restrictions
on Share Ownership by Non-Canadians: There are no limitations under the laws of Canada or in the organizing documents of the Company
on the right of foreigners to hold or vote securities of the Company, except that the Investment Canada Act may require review and approval
by the Minister of Industry (Canada) of certain acquisitions of &#8220;control&#8221; of the Company by a &#8220;non-Canadian&#8221;.
The threshold for acquisitions of control is generally defined as being one-third or more of the voting shares of the Company. &#8220;Non-Canadian&#8221;
generally means an individual who is not a Canadian citizen, or a corporation, partnership, trust or joint venture that is ultimately
controlled by non-Canadians. If a &#8220;non-Canadian&#8221; (for example, a US resident acquirer) were to acquire such a control position,
they would not be required to do any filings or provide any notices to the Ministry of Industry (Canada) unless notified first by that
Ministry that their acquisition of control was under review.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canada
has, as does the United States, competition laws designed to promote competition in industry and markets. The Competition Act (Canada)
provides Canada&#8217;s federal government with the power to review or prevent business transactions, such as acquiring a controlling
interest in a company similar to the Company , if it is found that the acquisition of control would reduce competition in a given market
or industry. Since the market that the Company competes in is extremely competitive, no single company, including the Company, seems
to have significant market power. Acquisition of the Company, therefore, would not lead to reduced competition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.E.
Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Canadian
Federal Income Tax Considerations:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a brief summary of some of the principal Canadian federal income tax consequences to a holder of common shares of the Company
(a &#8220;U.S. Holder&#8221;) who deals at arm&#8217;s length with the Company, holds the shares as capital property and who, for the
purposes of the Income Tax Act (Canada) (the &#8220;Act&#8221;) and the Canada &#8211; United States Income Tax Convention (the &#8220;Treaty&#8221;),
is at all relevant times resident in the United States, is not and is not deemed to be resident in Canada and does not use or hold and
is not deemed to use or hold the shares in carrying on a business in Canada. Special rules, which are not discussed below, may apply
to a U.S. Holder that is an insurer that carries on business in Canada and elsewhere.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Act and the Treaty, a U.S. Holder of common shares will generally be subject to a 5% withholding tax on dividends paid or credited
or deemed by the Act to have been paid or credited on such shares. The withholding tax rate is 5% where the U.S. Holder is a corporation
that beneficially owns at least 10% of the voting shares of the Company and the dividends may be exempt from such withholding in the
case of some U.S. Holders such as qualifying pension funds and charities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, a U.S. Holder will not be subject to Canadian income tax on capital gains arising on the disposition of shares of the Company
unless (i) at any time in the five-year period immediately preceding the disposition, 25% or more of the shares of any class or series
of the capital stock of the Company was owned by (or was under option of or subject to an interest of) the U.S. holder or persons with
whom the U.S. holder did not deal at arm&#8217;s length, and (ii) the value of the common shares of the Company at the time of the disposition
derives principally from real property (as defined in the Treaty) situated in Canada. For this purpose, the Treaty defines real property
situated in Canada to include rights to explore for or exploit mineral deposits and other natural resources situated in Canada, rights
to amounts computed by reference to the amount or value of production from such resources, certain other rights in respect of natural
resources situated in Canada and shares of a corporation the value of whose shares is derived principally from real property situated
in Canada.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
US Internal Revenue Code provides special anti-deferral rules regarding certain distributions received by US persons with respect to,
and sales and other dispositions (including pledges) of stock of, a passive foreign investment company. A foreign corporation, such as
the Company, will be treated as a passive foreign investment company if 75% or more of its gross income is passive income for a taxable
year or if the average percentage of its assets (by value) that produce, or are held for the production of, passive income is at least
50% for a taxable year. The Company believes that it was not a passive foreign investment company for the taxable year ended December
31, 2019 and, furthermore, expects to conduct its affairs in such a manner so that it will not meet the criteria to be considered passive
foreign investment company in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividends:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Holder will be subject to Canadian withholding tax (&#8220;Part XIII Tax&#8221;) equal to 25%, or such lower rate as may be available
under an applicable tax treaty, of the gross amount of any dividend paid or deemed to be paid on common shares. Under the Canada-U.S.
Income Tax Convention (1980) as amended by the Protocols signed on 6/14/1983, 3/28/1984, 3/17/1995, and 7/29/1997 (the &#8220;Treaty&#8221;),
the rate of Part XIII Tax applicable to a dividend on common shares paid to a Holder who is a resident of the United States and who is
the beneficial owner of the dividend, is 5%. If the Holder is a company that owns at least 10% of the voting stock of the Company paying
the dividend, and, in all other cases, the tax rate is 15% of the gross amount of the dividend. The Company will be required to withhold
the applicable amount of Part XIII Tax from each dividend so paid and remit the withheld amount directly to the Receiver General for
Canada for the account of the Holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Disposition
of Common Shares:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Holder who disposes of a common share, including by deemed disposition on death, will not normally be subject to Canadian tax on any
capital gain (or capital loss) thereby realized unless the common share constituted &#8220;taxable Canadian property&#8221; as defined
by the <i>Act</i>. Generally, a common share of a public corporation will not constitute taxable Canadian property of a Holder if the
share is listed on a prescribed stock exchange unless the Holder or persons with whom the Holder did not deal at arm&#8217;s length alone
or together held or held options to acquire, at any time within the five years preceding the disposition, 25% or more of the shares of
any class of the capital stock of the Company. The TSX Venture Exchange is a prescribed stock exchange under the <i>Act</i>. A Holder
who is a resident of the United States and realizes a capital gain on a disposition of a common share that was taxable Canadian property
will nevertheless, by virtue of the Treaty, generally be exempt from Canadian tax thereon unless:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
More than 50% of the value of the common shares is derived from, or from an interest in, Canadian real estate, including Canadian mineral
resource properties,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) The
common share formed part of the business property of a permanent establishment that the Holder has or had in Canada within the 12 month
period preceding the disposition, or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) The
Holder is an individual who (i) was a resident of Canada at any time during the 10 years immediately preceding the disposition, and for
a total of 120 months during any period of 20 consecutive years, preceding the disposition, and (ii) owned the common share when he ceased
to be resident in Canada.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Holder who is subject to Canadian tax in respect of a capital gain realized on a disposition of a common share must include half of the
capital gain (taxable capital gain) in computing the Holder&#8217;s taxable income earned in Canada. The Holder may, subject to certain
limitations, deduct half of any capital loss (allowable capital loss) arising on a disposition of taxable Canadian property from taxable
capital gains realized in the year of disposition in respect to taxable Canadian property and, to the extent not so deductible, from
such taxable capital gains realized in any of the three preceding years or any subsequent year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>United
States Taxation:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
federal income tax purposes, an individual who is a citizen or resident of the United States or a domestic corporation (&#8220;U.S. Taxpayer&#8221;)
will recognize a gain or loss on the sale of the Company&#8217;s common shares equal to the difference between the proceeds from such
sale and the adjusted tax basis of the common shares. The gain or loss will be a capital gain or capital loss if the Company&#8217;s
common shares are a capital asset in U.S. Taxpayer&#8217;s hands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
federal income tax purposes, a U.S. Taxpayer will be required to include in gross income dividends received on the Company&#8217;s common
shares. A U.S. Taxpayer who pays Canadian tax on a dividend on common shares will be entitled, subject to certain limitations, to a credit
(or alternatively, a deduction) against federal income tax liability. A domestic corporation that owns at least 10% of the voting shares
should consult its tax advisor as to applicability of the deemed paid foreign tax credit with respect to dividends paid on the Company&#8217;s
common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
a number of circumstances, United States Investor acquiring shares of the Company may be required to file an information return with
the Internal Revenue Service Center where they are required to file their tax returns with a duplicate copy to the Internal Revenue Service
Center, Philadelphia, PA 19255. In particular, any United States Investor who becomes the owner, directly or indirectly, of 10% or more
of the shares of the Company will be required to file such a return. Other filing requirements may apply. United States Investors should
consult their own tax advisors concerning these requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
US Internal Revenue Code provides special anti-deferral rules regarding certain distributions received by US persons with respect to,
and sales and other dispositions (including pledges) of stock of, a passive foreign investment company. A foreign corporation, such as
the Company, will be treated as a passive foreign investment company if 75% or more of its gross income is passive income for a taxable
year or if the average percentage of its assets (by value) that produce, or are held for the production of, passive income is at least
50% for a taxable year. The Company believes that it was not a passive foreign investment company for the taxable year ended December
31, 2019 and, furthermore, expects to conduct its affairs in such a manner so that it will not meet the criteria to be considered passive
foreign investment company in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.F.
Dividends and Paying Agents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not declared any dividends on its common shares for the last five years and does not anticipate that it will do so in the
foreseeable future. The present policy of the Company is to retain future earnings for use in its operations and the expansion of its
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the aforementioned: the Company is unaware of any dividend restrictions; has no specific procedure for the setting of the date of dividend
entitlement; but might expect to set a record date for stock ownership to determine entitlement; has no specific procedures for non-resident
holders to claim dividends, but might expect to mail their dividends in the same manner as resident holders. The Company has not nominated
any financial institutions to be the potential paying agents for dividends in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.G.
Statement by Experts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s auditor for its consolidated financial statements was Manning Elliot for the years ended December 31, 2022, 2021 &amp;
2020. Their audit reports for the years ended December 31, 2022, 2021, and 2020 are included with the related consolidated financial
statements in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.H.
Document on Display</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;
No Disclosure Necessary &#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ED_013"></span>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;
No Disclosure Necessary &#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ED_014"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.A.
Debt Securities </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;
No Disclosure Necessary &#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.B.
Warrants and Rights </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;
No Disclosure Necessary &#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.C.
Other Securities </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;
No Disclosure Necessary &#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.D.
American Depository Shares </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;
No Disclosure Necessary &#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="ED_015"></span><span style="font: normal 10pt Times New Roman, Times, Serif">PART
II</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_016"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;
No Disclosure Necessary &#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_017"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;
No Disclosure Necessary &#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_018"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
15. CONTROLS AND PROCEDURES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management is responsible for establishing and maintaining disclosure controls and procedures to provide reasonable assurance
that material information related to the Company, including its consolidated subsidiaries, is made known to senior management, including
Chief Executive Officer (&#8220;CEO&#8221;) and the Chief Financial Officer (&#8220;CFO&#8221;), by others within those entities on a
timely basis so that appropriate decisions can be made regarding public disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
carried out an evaluation, under the supervision and with the participation of our management, including our Principal Executive Officer
and our Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e)) under the Securities and Exchange Act of 1934, as amended) as of December 31, 2022. The Chief Executive
Officer and Chief Financial Officer concluded that the disclosure controls and procedures as of December 31, 2022, were effective to
give reasonable assurance that the information required to be disclosed by the Company in reports that it files or submits under the
Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the SEC&#8217;s rules and forms,
and (ii) accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate
to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
Annual Report on Internal Control over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management is responsible for designing, establishing and maintaining a system of internal controls over financial reporting
(as defined in Exchange Act Rule 13a-15(f)) to provide reasonable assurance that the financial information prepared by the Company for
external purposes is reliable and has been recorded, processed and reported in an accurate and timely manner in accordance with IFRS
as issued by IASB. The Board of Directors is responsible for ensuring that management fulfills its responsibilities. The Audit Committee
fulfills its role of ensuring the integrity of the reported information through its review of the interim and annual financial statements.
Management reviewed the results of their assessment with the Company&#8217;s Audit Committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, the Company&#8217;s internal control over financial reporting may not prevent or detect all possible misstatements
or frauds. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
evaluate the effectiveness of the Company&#8217;s internal control over financial reporting, Management has used the Internal Control
&#8211; Integrated Framework (2013), which is a suitable, recognized control framework established by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). Management has assessed the effectiveness of the Company&#8217;s internal control over financial reporting
and concluded that such internal control over financial reporting is effective as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitations
on the Effectiveness of Controls</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management, including the CEO and CFO, does not expect that our Disclosure Controls or our Internal Controls will prevent
all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the
Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that
breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons,
by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part
upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed achieving
its stated goals under all potential future conditions; over time, control may become inadequate because of changes in conditions, or
the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control
system, misstatements due to error or fraud may occur and not be detected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attestation
Report of the Registered Accounting Firm.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report does not include an attestation report of the Company&#8217;s registered public accounting firm regarding internal control
over financial reporting. Management&#8217;s report was not subject to attestation by the Company&#8217;s registered public accounting
firm pursuant to the rules of the Securities and Exchange Commission that permit the Company to provide only management&#8217;s report
in this Form 20-F Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in Internal Control over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no changes in the Company&#8217;s internal control over financial reporting that occurred during the period covered by this report
that have materially affected, or are reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been no changes in the Company&#8217;s internal controls over financial reporting during the period covered by this annual report
that have materially affected or are reasonably likely to materially affect the Company&#8217;s internal control over financial reporting
with regard to deficiencies or material weaknesses other than the corrective actions to ensure proper disclosure is included in the Company&#8217;s
filings under the Exchange Act, including the Form 20-F Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ED_019"></span>ITEM
16. RESERVED</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_020"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
David Hall is a financially literate member of the Company&#8217;s Audit Committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_021"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
16B. CODE OF ETHICS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not adopted a formal code of ethics because, as a TSX Venture Exchange issuer, the Company is only required have an audit
committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
lieu of a code of ethics, the Company has adopted the following methodology with respect to corporate governance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management of the Company is responsible for establishing and maintaining disclosure controls and procedures for information relating
to the Company, including its consolidated subsidiaries. The Company&#8217;s management is also responsible for establishing and maintaining
adequate internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Board of Directors facilitates its exercise of independent supervision over management by ensuring that the Board of
Directors is composed of a majority of independent directors. The Board of Directors, at present, is composed of six directors, four
of which are considered to be independent. Two directors, Mr. Hector Bremner and Mr. Rodger Seccombe are also senior officers. In determining
whether a director is independent, the Board considers, for example, whether the director has a relationship, which could, or could be
perceived to, interfere with the director&#8217;s ability to objectively assess the performance of management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors monitors the ethical conduct of Avricore Health and its management and ensures that it complies with applicable legal
and regulatory requirements, such as those of relevant securities commissions and stock exchanges. The Board of Directors has found that
the fiduciary duties placed on individual directors by the Company&#8217;s governing corporate legislation and the common law, as well
as the restrictions placed by applicable corporate legislation on the individual director&#8217;s participation in decisions of the Board
of Directors in which the director has an interest, have been sufficient to ensure that the Board of Directors operates independently
of management and in the best interests of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors is specifically responsible for approving long-term strategic plans and annual operating plans and budgets recommended
by management. Board consideration and approval is also required for all material contracts, business transactions and all debt and equity
financing proposals. The independent directors on the Board of Directors are also responsible for approving senior executive compensation
and retirement plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors delegates to management, through the offices of Chief Executive Officer and Chief Financial Officer, responsibility
for meeting defined corporate objectives, implementing approved strategic and operating plans, carrying on the Company&#8217;s business
in the ordinary course, managing the Company&#8217;s cash flow, evaluating new business opportunities, recruiting staff and complying
with applicable regulatory requirements. The Board of Directors also looks to management to furnish recommendations respecting corporate
objectives, long-term strategic plans and annual operating plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the relatively small composition of the Board of Directors and the Company&#8217;s management over the last several years, the Board
of Directors has not appointed a corporate governance committee and these functions are currently performed by the Board of Directors
as a whole.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ED_022"></span>ITEM
16C. PRINCIPAL ACCOUNTING FEES AND SERVICES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>External
Auditor Service Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s auditors were Manning Elliot LLP for the years ended December 31, 2020-2022. The following table sets out the aggregate
fees billed by Manning Elliot LLP over their engagement with the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Year ended</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Audit
    Fees</span></td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
    Related Fees<sup>(1)</sup></b></span></td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
    Fees<sup>(2)</sup></b></span></td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>All
    Other Fees<sup>(3)</sup></b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 37%"><span style="font-family: Times New Roman, Times, Serif">December 31, 2022</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">65,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,500</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500
                                            (0</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">December 31, 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">29,500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil
                                            (0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">December 31, 2020</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil
                                            (0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
                                            to assurance and related services that are reasonably related to the performance of the audit
                                            and review of the Company&#8217;s financial statements and not included in the amounts noted
                                            under <i>Audit Fees</i>.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
                                            to fees billed by the Company&#8217;s external auditor for professional services rendered
                                            for tax compliance, tax advice and tax planning.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
                                            to other accounting services that is excluded from the <i>Audit Fees</i>.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pre-Approval
Policies and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee has adopted an Audit Committee Charter (see &#8220;Exhibit&#8221;) governing the provision of audit and non-audit services
by the external auditor. This charter requires the Audit Committee to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommend
                                            to the Board of Directors the external auditor to be nominated by the Board of Directors
                                            and the compensation of the external auditor, and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            pre-approve all non-audit services provided by the external auditor.</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ED_023"></span>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;Not
applicable&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_024"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE COMPANY/AFFILIATED PURCHASERS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;Not
applicable&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_025"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;Not
applicable&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_026"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
16G. CORPORATE GOVERNANCE</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;Not
applicable&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_027"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
16H. MINE SAFETY DISCLOSURE</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;Not
applicable&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_028"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PRESEVNT INSPECTIONS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;Not
applicable&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><span id="ED_029"></span>PART
III</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_030"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
17. FINANCIAL STATEMENTS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial statements are stated in Canadian Dollars (CDN$) and are prepared in accordance with International Financial
Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and interpretations
of the International Financial Reporting Interpretations Committee (&#8220;IFRIC&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements as required under ITEM #17 are attached hereto and found immediately following the text of this Annual Report. The
audit reports of Manning Elliott LLP, Chartered Professional Accountants, are included herein immediately preceding the audited financial
statements. (Manning Elliot LLP, Vancouver, British Columbia; PCAOB ID # 1524).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audited
Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;
included after exhibit list</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_031"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
18. FINANCIAL STATEMENTS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to provide financial statements pursuant to ITEM #17.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="ED_032"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
19. EXHIBITS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements thereto as required under ITEM #17 are attached hereto and found immediately following the text of this Annual Report.
The report of the Company&#8217;s independent auditors for the audited financial statements are included herein immediately preceding
the audited financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)
Financial information</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audited
                                            Consolidated Financial Statements for the year ended December 31, 2022.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
  <td><a href="#ED_040"><span style="font-family: Times New Roman, Times, Serif">Auditor&#8217;s <span style="font-size: 10pt">Reports, dated May 1, 2023, April 22, 2022 and April 28, 2021.</span></span></a></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ED_034"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Financial Position at December 31, 2022 and 2021.</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ED_035"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Comprehensive Loss for the years ended December 31, 2022, 2021, and 2020.</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ED_037"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Changes in Equity (Deficiency) for the years ended December 31, 2022, 2021, and 2020.</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><a href="#ED_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021, and 2020.</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><a href="#ED_039"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements.</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)
Index to Exhibits:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    of Incorporation &#8211;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1355736/000105291814000460/f991.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Amendment
                                            to Articles of Incorporation, Name Change, July 28, 2014, filed with Form 6-K, November 18,
                                            2014</span></a></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: -27.35pt"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1355736/000105291819000192/ex99-4.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Amendment
                                            to Articles of Incorporation, Name Change, November 5, 2018, filed with Form 6-K, June 17,
                                            2019</span></a></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: -27.35pt"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Instruments
    defining the rights of holders &#8211; N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intentionally
    deleted.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material
    contracts &#8211; N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation
    of earnings per share &#8211; N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Explanation
    of calculation of ratios &#8211; N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries
    - N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    pursuant to the instructions to Item 8.A.4, regarding the financial statements filed in registration statements for initial public
    offerings of securities &#8211; N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    required by Rule 104 of Regulation BTR &#8211; N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code
    of Ethics &#8211; N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="ex12-1.htm"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt">Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes&#8211;Oxley Act of 2002</span></span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="ex12-2.htm"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt">Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes&#8211;Oxley Act of 2002</span></span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="ex13-1.htm"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt">Certification of Chief Executive Officer pursuant to Section 906 of Sarbanes&#8211;Oxley Act of 2002</span></span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="ex13-2.htm"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt">Certification of Chief Financial Officer pursuant to Section 906 of Sarbanes&#8211;Oxley Act of 2002</span></span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    opinion &#8211; N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="ex-15.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional exhibits:</span></a></td></tr>
</table>

<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="ex-15.htm"><span style="font-family: Times New Roman, Times, Serif">Audit Committee Charter</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="ex-15.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Option Plan</span></a></td></tr>
</table>

<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mine
    Safety Disclosures &#8211; N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INS*
    XBRL Instance Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCH*
    XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAL*
    XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEF*
    XBRL Taxonomy Extension Definitions Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LAB*
    XBRL Taxonomy Extension Label Linkbase Document </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.PRE*XBRL
    Taxonomy Extension Presentation Linkbase Document.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Filed herewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><img src="form20-f_001.jpg" alt="" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Avricore
Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ED_040"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><img src="form20-f_002.jpg" alt="" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and the Board of Directors of Avricore Health Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statements of financial position of Avricore Health Inc. and its subsidiaries (the &#8220;Company&#8221;)
as of December 31, 2022 and 2021, the related consolidated statements of operations and comprehensive loss, changes in equity and cash
flows for the years ended December 31, 2022, 2021 and 2020, and the related notes (collectively referred to as the &#8220;consolidated
financial statements&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as
of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years ended December 31, 2022, 2021 and 2020,
in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Explanatory
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described
in Note 1, the Company has negative operating cash flows and has accumulated losses since inception. These factors raise substantial
doubt about the Company&#8217;s ability to continue as a going concern. Management&#8217;s evaluation of the events and conditions and
plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Audit Matters</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical
audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
<span id="xdx_90E_edei--AuditorName_c20220101__20221231_z5D8oB2f4vee"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorName">Manning Elliott LLP</ix:nonNumeric></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHARTERED
PROFESSIONAL ACCOUNTANTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--AuditorLocation_c20220101__20221231_zVu9XDNbsMl8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorLocation">Vancouver,
Canada</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
1, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCAOB
ID: <span id="xdx_90C_edei--AuditorFirmId_c20220101__20221231_zuqVBs5YLWK6"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorFirmId">1524</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><span id="ED_034"></span>Avricore
Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Consolidated
Statements of Financial Position</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approved
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif"><br /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ED_035"></span>Avricore
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segmented
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Consolidated Statements of Changes
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<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">For the years ended December 31,
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  <tr id="xdx_404_ecustom--StockIssuedDuringPeriodValueIssuedForService_zmRxJRvWBlK9" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0245">-</span></td>
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    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0247">-</span></td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0248">-</span></td>
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  <tr id="xdx_408_ecustom--StockIssuedDuringPeriodValueIssuedForAcquisition_zzQ7TM3PCOvj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0256">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0257">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0258">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0259">-</span></td>
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  <tr id="xdx_400_ecustom--StockIssuedDuringPeriodValueIssuedForDebt_z7iXHvVnWbtg" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0264">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0266">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0267">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0268">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="padding-left: 10pt">Share issue cost</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0274">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0275">-</span></td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0277">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0278">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_40D_eifrs-full--SubscriptionCirculationRevenue_z1D5zlzchduj" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0281">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0282">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0284">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0285">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0286">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_40A_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_zrfdlrbdXeoh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Share-based compensation</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0289">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0290">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td>
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    <td style="font-size: 11pt; text-align: left">&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_406_eifrs-full--ProfitLoss_zS3s0Vbjw5gc" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
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    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
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    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0299">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0300">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0301">-</span></td>
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  <tr id="xdx_43A_c20210101__20211231_eifrs-full--Equity_iS_zYAzhWsOyHyj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td>
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    <td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0306">-</span></td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td>
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    <td style="font-weight: bold">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td>
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  <tr id="xdx_407_eifrs-full--IssueOfEquity_zWxhSJZfoGeb" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0316">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0318">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0319">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0320">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_zH7eT4HH3OJ1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Exercise of warrants</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0326">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0327">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2021-01-012021-12-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="CAD">151,395</ix:nonFraction></td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0329">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0330">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,653,737</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--IncreaseDecreaseThroughExerciseOfOptions_zJLCmWClviyj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Exercise of stock options</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfOptions" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">312,052</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0336">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0337">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0338">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfOptions" contextRef="From2021-01-012021-12-31_custom_OptionReserveMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="CAD">186,395</ix:nonFraction></td>
    <td style="text-align: left">)</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0340">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfOptions" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">125,657</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--StockIssuedDuringPeriodValueIssuedForService_zXxrfPtB84wi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Share issued for services</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0346">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0347">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0348">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0349">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0350">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--StockIssuedDuringPeriodShareIssuanceCost_zBHo0zaililk" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Share issuance costs</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="AVCRF:StockIssuedDuringPeriodShareIssuanceCost" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="CAD">238,221</ix:nonFraction></td>
    <td style="text-align: left">)</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0356">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0357">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="AVCRF:StockIssuedDuringPeriodShareIssuanceCost" contextRef="From2021-01-012021-12-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">139,625</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0359">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0360">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_z5IG6Bk8gB23" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Share-based compensation</td>
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<p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">The accompanying
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ED_037"></span>Avricore
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ED_038"></span>Avricore
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Expressed
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--ProceedsFromIssuingShares_i01_maCFFUIz1xh_zaasGdY2UScc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eifrs-full--CashAndCashEquivalents_iS_z6Zy8lIFYCYg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eifrs-full--CashAndCashEquivalents_iE_z4l4UDlARWpb" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_eifrs-full--CashAndCashEquivalentsAbstract_iB_zZNpSRFDCF6c" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--Cash_i01E_zpbZyKWOBd88" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eifrs-full--ShorttermDepositsClassifiedAsCashEquivalents_i01E_zY7Z9g5YeYlj" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eifrs-full--CashAndCashEquivalents_i01E_z8QJoPgTlIK2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Cash and Cash Equivalents</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
cash flow information (Note 15)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><span id="ED_039"></span>Avricore
Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>




<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DisclosureOfNatureOfOperationsAndGoingConcernExplanatory"><p id="xdx_808_ecustom--DisclosureOfNatureOfOperationsAndGoingConcernExplanatory_zXUf3BfpGbz4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zNYSJtzZnwp3">NATURE OF OPERATIONS AND GOING CONCERN</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Avricore
Health Inc. (the &#8220;Company&#8221;) was incorporated under the <i>Company Act</i> of British Columbia on May 30, 2000. The Company&#8217;s
common shares trade on the TSX Venture Exchange (the &#8220;Exchange&#8221;) under the symbol &#8220;AVCR&#8221; and are quoted on the
OTCIQ Market as &#8220;NUVPF&#8221;. The Company&#8217;s registered office is at 700 &#8211; 1199 West Hastings Street, Vancouver, British
Columbia, V6E 3T5.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is involved in the business of health data and point-of-care technologies (&#8220;POCT&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes
that the Company will continue in operations for the foreseeable future and be able to realize assets and satisfy liabilities in the
normal course of business. The Company has always experienced operating losses and negative operating cash flows. Operations have historically
been funded by the issuance of share capital but there is no guarantee that such funding will be available in the future. These conditions
indicate the existence of material uncertainty that may cast substantial doubt on the Company&#8217;s ability to continue as a going
concern</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
continuation of the Company as a going concern is dependent upon its ability to generate revenue from its operations, or raise additional
financing to cover ongoing cash requirements. The consolidated financial statements do not reflect any adjustments, which could be material,
to the carrying values of assets and liabilities, which may be required should the Company be unable to continue as a going concern.</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DisclosureOfDeficitExplanatory"><p id="xdx_89D_ecustom--DisclosureOfDeficitExplanatory_zH5QX5gIErx7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zDlPDJapkWB4" style="display: none">SCHEDULE
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  <tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A0_zK1p8J6gLDIc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_z3TD2JivzE2k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zSBneCnXzxjk">BASIS OF PRESENTATION</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement of Compliance</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements for the year ended December 31, 2022 have been prepared in accordance with International Financial
Reporting Standards (&#8220;IFRS&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of preparation</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, modified where
applicable. The significant accounting policies are presented in Note 3 and have been consistently applied in each of the periods presented.
The consolidated financial statements are presented in Canadian dollars, which is also the Company&#8217;s and its subsidiary&#8217;s
functional currency, unless other indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in accordance with IFRS requires the Company&#8217;s management to make estimates, judgments
and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. The areas involving a higher
degree of judgment and complexity, or areas where assumptions and estimates are significant to the consolidated financial statements
are disclosed below. Actual results might differ from these estimates. The Company&#8217;s management reviews these estimates and underlying
judgments on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the year in which the estimates are revised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BASIS
                                            OF PRESENTATION </b>(continued)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of consolidation</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
financial statements include the assets, liabilities and results of operations of all entities controlled by the Company. Inter-company
balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing
the Company&#8217;s the consolidated financial statements. Where control of an entity is obtained during a financial year, its results
are included in the consolidated statements of operations and comprehensive loss from the date on which control commences. Where control
of an entity ceases during a financial year, its results are included for that part of the year during which control exists.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements include the accounts of the Company and its controlled wholly owned Canadian subsidiary HealthTab&#8482;
Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory_zYA2NmimWWJa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_828_z0tF96wdhf19">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zI7UxitoHHve" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zYZpwAKzLkNh">Revenue recognition</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s revenues are generated from operating leases of the POCT system and sale of testing panels. Revenue comprises the fair
value of the consideration received or receivable and it is shown net of tax and discounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue to depict the transfer of goods and services to clients in an amount that reflects the consideration to which
the Company expects to be entitled in exchange for those goods and services by applying the following steps:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identify the contract with
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<tr style="vertical-align: top">
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  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identify the performance
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocate the transaction
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<tr style="vertical-align: top">
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  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize revenue when, or
  as, the Company satisfies a performance obligation.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
may be earned over time as the performance obligations are satisfied or at a point in time which is when the entity has earned a right
to payment, the customer has possession of the asset and the related significant risks and rewards of ownership, and the customer has
accepted the asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s arrangements with customers can include multiple performance obligations. When contracts involve various performance
obligations, the Company evaluates whether each performance obligation is distinct and should be accounted for as a separate unit of
accounting under IFRS 15, Revenue from Contracts with Customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company determines the standalone selling price by considering its overall pricing objectives and market conditions. Significant pricing
practices taken into consideration include discounting practices, the size and volume of our transactions, our marketing strategy, historical
sales and contract prices. The determination of standalone selling prices is made through consultation with and approval by management,
taking into consideration our go-to-market strategy. As the Company&#8217;s go-to-market strategies evolve, the Company may modify its
pricing practices in the future, which could result in changes in relative standalone selling prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company generally receives payment from its customers after invoicing within the normal 28-day commercial terms. If a customer is specifically
identified as a credit risk, recognition of revenue is stopped except to the extent of fees that have already been collected</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
                                            OF SIGNIFICANT ACCOUNTING POLICIES</b> (continued)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForLeasesExplanatory_zb9C2TfnULNi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zfeREipjobUd">Leases</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
contract is, or contains, a lease if the contract conveys a lessee the right to control the use of lessor&#8217;s identified asset for
a period of time in exchange for consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company as a lessee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 113.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
lease liability is recognized at the commencement of the lease term at the present value of the lease payments that are not paid at that
date. At the commencement date, a corresponding right-of-use asset is recognized at the amount of the lease liability, adjusted for lease
incentives received, retirement costs and initial direct costs. Depreciation is recognized on the right-of-use asset over the lease term.
Interest expense is recognized on the lease liabilities using the effective interest rate method and payments are applied against the
lease liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
areas where management has made judgments, estimates, and assumptions related to the application of IFRS 16 include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            incremental borrowing rates are based on judgments including economic environment, term,
                                            currency, and the underlying risk inherent to the asset. The carrying balance of the right-of-use
                                            assets, lease liabilities, and the resulting interest expense and depreciation expense, may
                                            differ due to changes in the market conditions and lease term.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
                                            terms are based on assumptions regarding extension terms that allow for operational flexibility
                                            and future market conditions.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company as a lessor</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of
an underlying asset. All other leases are classified as finance leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
of the Company&#8217;s POCT systems to customers are classified as operating leases. Lease payments from operating leases are recognized
as income on a straight-line basis. All costs, including depreciation, incurred in earning the operating lease income are recognized
as cost of sales. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset
and recognized as an expense over the lease term on the same basis as the lease income. The depreciation for depreciable underlying assets
subject to operating leases is in accordance with depreciation policy for the Company&#8217;s equipment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zjCpmuwojC1d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zkwDpO1mgbch">Foreign currency</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency transactions are translated into the functional currency of the respective entity, using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement
of monetary items at year-end exchange rates are recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-monetary
items measured at historical cost are translated using the exchange rates at the date of the transaction and are not retranslated. Non-monetary
items measured at fair value are translated using the exchange rates at the date when fair value was determined.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_zvaPWkfDaquk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zfcyiAlmv2hk">Cash and cash equivalents</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
equivalents include short-term guaranteed investment certificates readily convertible into a known amount of cash, which is subject to
insignificant change in value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> (continued)</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory"><p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_zkOHiFtUCYTc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>e)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zowcU9NsLC53">Intangible assets</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
intangible assets acquired separately by the Company are recorded at cost on the date of acquisition. Intangible assets that have indefinite
lives are measured at cost less accumulated impairment losses. Intangible assets that have finite useful lives are measured at cost less
accumulated amortization and accumulated impairment losses. <span id="xdx_907_eifrs-full--DescriptionAndCarryingAmountOfIntangibleAssetsWithIndefiniteUsefulLife_c20220101__20221231_zJW2gfaiCHk5" title="Description of intangible assets useful lives"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="ifrs-full:DescriptionAndCarryingAmountOfIntangibleAssetsWithIndefiniteUsefulLife">Intangible assets comprise of software, intellectual property, trademarks
and web domains and distribution rights, which are amortized on a straight-line basis over 3 years.</ix:nonNumeric></span> Amortization rates are reviewed annually
to ensure they are aligned with estimates of remaining economic useful lives of the associated intangible assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zGualrbuMKR7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>f)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zaOcrnro2nol">Equipment</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment
acquired by the Company is recorded at cost on the date of acquisition. Equipment is stated at historical cost less accumulated amortization
and accumulated impairment losses. Amortization is calculated on a declining balance method over their estimated useful lives. The Company&#8217;s
system hardware is amortized at <span id="xdx_902_ecustom--AmortizationPercentageOfEquipment_dp_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SystemhardwareMember_zyRyInumozWf" title="Amortization percentage of equipment"><ix:nonFraction name="AVCRF:AmortizationPercentageOfEquipment" contextRef="From2022-01-012022-12-31_custom_SystemhardwareMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">55</ix:nonFraction>%</span> and system analyzers and software at <span id="xdx_90D_ecustom--AmortizationPercentageOfEquipment_dp_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SystemAnalyzersAndSoftwareMember_zL2MyeDAXGEa" title="Amortization percentage of equipment"><ix:nonFraction name="AVCRF:AmortizationPercentageOfEquipment" contextRef="From2022-01-012022-12-31_custom_SystemAnalyzersAndSoftwareMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction>%</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_zEpC6zLLf175" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>g)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_ztpZ54rAn6Z5">Share-based payments</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates an incentive share purchase option plan. Share-based payments to employees are measured at the fair value of the instruments
issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services
received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably
measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the option reserve.
The fair value of options is determined using the Black-Scholes option pricing model, which incorporates all market vesting conditions.
The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized
for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually
vest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DescriptionOfAccountingPolicyForShareCapitalExplanatory"><p id="xdx_84F_ecustom--DescriptionOfAccountingPolicyForShareCapitalExplanatory_zxkqEBEHKoog" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>h)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zRgvcRG6R75c">Share capital</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
from the exercise of stock options and warrants are recorded as share capital in the amount for which the option or warrant enabled the
holder to purchase a share in the Company. Any previously recorded share-based payment included in the reserves account is transferred
to share capital on exercise of options. Share capital issued for non-monetary consideration is valued at the closing market price at
the date of issuance. The proceeds from issuance of units are allocated between common shares and warrants based on the residual method.
Under this method, the proceeds are allocated first to share capital based on the fair value of the common shares at the time the units
are priced and any residual value is allocated to the warrants reserve. Consideration received for the exercise of warrants is recorded
in share capital, and any related amount recorded in warrants reserve is transferred to share capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"><p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_zmi9cHUyySfd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>i)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zSrzatkZbsk1">Loss per share</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share is calculated by dividing the net loss available to common shareholders by the weighted average number of shares outstanding
during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In
a loss year, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be anti-dilutive.
Basic and diluted loss per share are the same for the periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> (continued)</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForIncomeTaxExplanatory_z4McAXseOIf9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>j)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zzGxkNSxQlqe">Income taxes</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
tax expense, consisting of current and deferred tax expense, is recognized in the statements of operations. Current tax expense is the
expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period-end, adjusted for
amendments to tax payable with regard to previous years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities and the related deferred income tax expense or recovery are recognized for deferred tax consequences attributable
to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred
tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized
or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in
the period that substantive enactment occurs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset
can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred
tax asset is reduced. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends
to settle its current tax assets and liabilities on a net basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_zjY78FgPYRia" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>k)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zY58IoNyI6f8">Financial Instruments</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classification</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company classifies its financial instruments in the following categories: at fair value through profit and loss (&#8220;FVTPL&#8221;),
at fair value through other comprehensive income (loss) (&#8220;FVTOCI&#8221;), or at amortized cost. The Company determines the classification
of financial assets at initial recognition. The classification of debt instruments is driven by the Company&#8217;s business model for
managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified
as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument
basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured
at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has classified its cash and cash equivalents as FVTPL and term deposit, accounts receivable, accounts payable and loans payable
as amortized cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Measurement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
assets and liabilities at amortized cost</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently
carried at amortized cost less any impairment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
assets and liabilities at FVTPL</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized
and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included
in the profit or loss in the period in which they arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> (continued)</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>k)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Instruments </b>(continued)</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
assets at FVTOCI</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair
value, with gains and losses arising from changes in fair value recognized in other comprehensive income (loss) as they arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Impairment
of financial assets at amortized cost</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
&#8216;expected credit loss&#8217; impairment model applies which requires a loss allowance to be recognized based on expected credit
losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized
for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present
value of the future cash flows associated with the asset, discounted at the financial asset&#8217;s original effective interest rate,
either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In
a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously
recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the
impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derecognition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
assets</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers
the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition
are generally recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides information about its financial instruments measured at fair value at one of three levels according to the relative
reliability of the inputs used to estimate the fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 &#8211; quoted prices (unadjusted) in active markets for identical assets or liabilities;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 &#8211; inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e.,
as prices) or indirectly (i.e., derived from prices); and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 &#8211; inputs for the asset or liability that are not based on observable market data (unobservable inputs)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_zjlgMlYcgur6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>l)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zXvl7O2A6eE">Impairment of equipment and intangible assets</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the end of each reporting period, if there are indicators of impairment, the Company reviews the carrying amounts of its equipment and
intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Individual assets
are grouped together as a cash generating unit for impairment assessment purposes at the lowest level at which there are identifiable
cash flows that are independent from other group assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any such indication of impairment exists, the Company makes an estimate of its recoverable amount. The recoverable amount is the higher
of fair value less costs to sell and value in use. Where the carrying amount of a cash generating unit exceeds its recoverable amount,
the cash generating unit is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated
future cash flows are adjusted for the risks specific to the cash generating unit and are discounted to their present value with a discount
rate that reflects the current market indicators. The recoverable amount of intangible assets with an indefinite useful life, intangible
assets not available for use, or goodwill acquired in a business combination are measured annually whether or not there are any indications
that impairment exists.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> (continued)</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impairment of equipment and intangible assets </b>(continued)</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of its
recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined
had no impairment loss been recognized for the cash generating unit in prior years. A reversal of an impairment loss is recognized as
income immediately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zskJHk8a69i6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>m)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zfnQrBtcEmMc">Significant accounting estimates and judgments</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
estimates used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Share-based
payments</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company grants share-based awards to certain directors, officers, employees, consultants and other eligible persons. For equity-settled
awards, the fair value is charged to the statement of operations and comprehensive loss and credited to the reserves over the vesting
period using the graded vesting method, after adjusting for the estimated number of awards that are expected to vest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of equity-settled awards is determined at the date of the grant using the Black-Scholes option pricing model. For equity-settled
awards to non-employees, the fair value is measured at each vesting date. The estimate of warrant and option valuation also requires
determining the most appropriate inputs to the valuation model, including the volatility, expected life of warrants and options, risk
free interest rate and dividend yield. Changes in these assumptions can materially affect the fair value estimate, and therefore the
existing models do not necessarily provide a reliable measure of the fair value of the Company&#8217;s options and warrants issued. Management
must also make significant judgments or assessments as to how financial assets and liabilities are categorized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Estimation
of useful lives of equipment and software</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
of equipment and software is dependent upon estimates of their useful lives. The actual lives of the assets are assessed annually and
may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product lifecycles,
and maintenance are taken into account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Judgements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
judgments used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Revenue
recognition</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is recognized when the revenue recognition criteria expressed in the accounting policy stated above for Revenue Recognition have been
met. Judgment may be required when allocating revenue or discounts on sales amongst the various elements in a sale involving multiple
deliverables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> (continued)</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>m)
Significant accounting estimates and judgments </b>(continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Deferred
income taxes</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. The determination
of income tax expense and deferred tax involves judgment and estimates as to the future taxable earnings, expected timing of reversals
of deferred tax assets and liabilities, and interpretations of laws in the countries in which the Company operates. The Company is subject
to assessments by tax authorities who may interpret the tax law differently. Changes in these estimates may materially affect the final
amount of deferred taxes or the timing of tax payments. If a positive forecast of taxable income indicates the probable use of a deferred
tax asset, especially when it can be utilized without a time limit, that deferred tax asset is usually recognized in full.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Going
concern</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has applied judgements in the assessment of the Company&#8217;s ability to continue as a going concern when preparing its financial statements
for the year ended December 31, 2022. In assessing whether the going concern assumption is appropriate, management takes into account
all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period.
The factors considered by management are disclosed in Note 1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DescriptionOfAccountingPolicyForAccountingStandardsIssuedButNotYetEffectiveExplanatory"><p id="xdx_84E_ecustom--DescriptionOfAccountingPolicyForAccountingStandardsIssuedButNotYetEffectiveExplanatory_zZ8kD81YeHY6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>n)</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zaA9blOaUqxk">Accounting standards issued but not yet effective</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no accounting pronouncements with future effective dates that are applicable or are expected to have a material impact on the Company&#8217;s
consolidated financial statements.</span></p>

</ix:nonNumeric><p id="xdx_85C_zyYbGL2768dk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfTradeAndOtherReceivablesExplanatory_zcDj8ZU9itp8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_zUpYNMbbB8L">ACCOUNTS RECEIVABLE</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:ScheduleOfAccountsReceivableTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfAccountsReceivableTableTextBlock_zVRQ4d9Vj9Yh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s accounts receivable consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zvuvn4dz1yqb" style="display: none">SCHEDULE
OF ACCOUNTS RECEIVABLE</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--CurrentTradeReceivables_iI_maTRzvq5_zLjhB1dbmuq4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eifrs-full--OtherReceivables_iI_maTRzvq5_zWvOmVSSzJv" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eifrs-full--TradeReceivables_iTI_mtTRzvq5_zBFxVaDxn725" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right; padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    trade receivables</span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A3_z6EF3vrwKt9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfPrepaymentsAndOtherAssetsExplanatory_zyPXn6lao9cc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82D_zw3cKwzGkUs5">PREPAID EXPENSES AND DEPOSITS</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zlScO8FoJ93k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_z6Vp1zHU8388">EQUIPMENT</span></b></span></p>



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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_431_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_ecustom--PropertyPlantAndEquipmentAccumulatedAmortizationGross_iNS_di_zEQZ9SOxifBj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>Beginning balance</td><td>&#160;</td>
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  <tr id="xdx_437_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_ecustom--PropertyPlantAndEquipmentAccumulatedAmortizationGross_iNE_di_zYXcUTU3tIN4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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</table>



</ix:nonNumeric><p id="xdx_8A2_zs5g5gqlNczf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment
is comprised primarily of assets deployed to earn revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfIntangibleAssetsExplanatory_z7ocMd0OwJhj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zvPe9Q1yBHm6">INTANGIBLE ASSETS</span></b></span></p>



<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory"><p id="xdx_89B_eifrs-full--DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory_zqnRtGDQ22Ak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8BF_zPYOewosLKU7" style="display: none">SCHEDULE
OF INTANGIBLE ASSETS</span></b></span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 62; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
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<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zvDMY5sP64x9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_zae6oHK567Ba">ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DisclosureOfTraderPayablesAndAccruedLiabilitiesExplanatory"><p id="xdx_894_ecustom--DisclosureOfTraderPayablesAndAccruedLiabilitiesExplanatory_z5nq1IGKm9K1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s accounts payable and accrued costs consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_z3RGgj7oA158" style="display: none">SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED COSTS</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_499_20221231_z5MTljcZx272" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20211231_zGVt9JJ7Qic2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_maTAOCPz3Ov_zu2b2YjPaczb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 62%; text-align: left">Trade accounts payable</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 15%; text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">261,493</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 15%; text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">44,477</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--OtherCurrentLiabilities_iI_maTAOCPz3Ov_zJmKMU5vpnU1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">GST payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherCurrentLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">51,400</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0842">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--TradeAndOtherCurrentPayables_iTI_mtTAOCPz3Ov_z77ZVvLmujj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right; padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable and accrued liabilities</span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">312,893</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">44,477</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A3_zcDA7Gk1Acz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfDebtSecuritiesExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfDebtSecuritiesExplanatory_zru49l9kBam1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_828_zjjHr8fgNaXj">LOANS PAYABLE</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company entered into a loan agreement with a third party for a secured loan in the amount of $<span id="xdx_90E_eifrs-full--SecuredBankLoansReceived_iI_c20201231_zWtI7YT10KEl" title="Secured loan"><ix:nonFraction name="ifrs-full:SecuredBankLoansReceived" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,000,000</ix:nonFraction></span>
(the &#8220;Loan&#8221;). The Loan was for a term of one year from the date of receipt of the funds, bore interest at a rate of <span id="xdx_908_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20201231_z429CahxaXh3" title="Borrowing interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span> per
annum and was secured with all of the present and after-acquired property of the Company. The loan was subject to an interest reserve
of $<span id="xdx_900_ecustom--InterestReserveFromLoanAdvance_iI_c20201231_zuIMp7gOdfc6" title="Interest reserve from loan advances"><ix:nonFraction name="AVCRF:InterestReserveFromLoanAdvance" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">100,000</ix:nonFraction></span> held back from the loan advance. The Company paid a loan application fee in the amount of $<span id="xdx_905_eifrs-full--PaymentsForDebtIssueCosts_c20200101__20201231_zpy4iD1w4Imh" title="Loan application fee amount"><ix:nonFraction name="ifrs-full:PaymentsForDebtIssueCosts" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">30,000</ix:nonFraction></span> and issued <span id="xdx_906_eifrs-full--NumberOfSharesIssued_iI_c20201231_zAjGbI5w8FF9" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,480,000</ix:nonFraction></span> bonus
shares with a fair value of $<span id="xdx_90F_eifrs-full--IssuesFairValueMeasurementLiabilities_c20200101__20201231_zKiyVPTe5iu5" title="Fair value"><ix:nonFraction name="ifrs-full:IssuesFairValueMeasurementLiabilities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">52,500</ix:nonFraction></span>, which was recorded against the carrying value of the Loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, the Company recorded $<span id="xdx_904_eifrs-full--InterestExpenseOnBorrowings_dxL_c20220101__20221231_zMrWzRgI8Te5" title="Interest expense::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0861">Nil</span></span> (2021 - $<span id="xdx_908_eifrs-full--InterestExpenseOnBorrowings_c20210101__20211231_zrh32Ujggphc" title="Interest expense"><ix:nonFraction name="ifrs-full:InterestExpenseOnBorrowings" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">21,096</ix:nonFraction></span>) as interest expense and recorded $<span id="xdx_909_eifrs-full--AdjustmentsForInterestExpense_dxL_c20220101__20221231_zVOYFs3t7i2" title="Accretion expense::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0865">Nil</span></span> (2021 - $<span id="xdx_900_eifrs-full--AdjustmentsForInterestExpense_c20210101__20211231_zEJTNFUKrer8" title="Accretion expense"><ix:nonFraction name="ifrs-full:AdjustmentsForInterestExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">17,342</ix:nonFraction></span>) as
accretion expense on the loan which was been included in finance cost in the consolidated statements of operations and comprehensive
loss. During the year ended December 31, 2021, the Company repaid the outstanding loan balance of $<span id="xdx_904_eifrs-full--DebtSecurities_iI_c20211231_zchRMgv3XbT1" title="Outstanding debt"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,000,000</ix:nonFraction></span> at the end of the term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company received a Canada Emergency Business Account loan of $<span id="xdx_907_eifrs-full--RepaymentsOfBorrowingsClassifiedAsFinancingActivities_c20200101__20201231__ifrs-full--CreationDateAxis__custom--DecemberThirtyOneTwoThousandTwentyFiveMember_zuYMRIFjACp1" title="Repayment of loan"><ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2020-01-012020-12-31_custom_DecemberThirtyOneTwoThousandTwentyFiveMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">40,000</ix:nonFraction></span> to be repaid on or before
December 31, 2025. The loan is interest-free until December 31, 2023. Thereafter, the outstanding loan balance will bear interest at
the rate of <span id="xdx_906_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20201231__ifrs-full--CreationDateAxis__custom--DecemberThirtyOneTwoThousandTwentyFiveMember_zPHrVPkus5D6" title="Borrowing interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2020-12-31_custom_DecemberThirtyOneTwoThousandTwentyFiveMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction>%</span> per annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementOfEquityExplanatory"><p id="xdx_802_eifrs-full--DisclosureOfFairValueMeasurementOfEquityExplanatory_zWruVteBVKh2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_zHI4UCQ077E4">SHARE CAPITAL</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized
share capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized:
Unlimited number of common shares without par value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issued
share capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>During
the year ended December 31, 2022:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialOneMember_zbqbFhimLTk3" title="Number of shares, exercise of warrants"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_IssuedShareCaptialOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">909,400</ix:nonFraction></span> common shares upon exercise of warrants for gross proceeds of $<span id="xdx_90A_eifrs-full--ProceedsFromExerciseOfWarrants_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialOneMember_zizqauvsfaIj" title="Proceeds from exercise of warrants"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfWarrants" contextRef="From2022-01-012022-12-31_custom_IssuedShareCaptialOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">173,880</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialTwoMember_zbPIwSkLHuud" title="Number of shares, exercise of stock option"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_IssuedShareCaptialTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">800,000</ix:nonFraction></span> common shares upon exercise of stock options for gross proceeds of $<span id="xdx_902_eifrs-full--ProceedsFromExerciseOfOptions_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialTwoMember_zwOAtoEQTsX9" title="Proceeds from exercise of options"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2022-01-012022-12-31_custom_IssuedShareCaptialTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">80,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>During
the year ended December 31, 2021:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialOneMember_zpuQjOIu48B3" title="Number of shares, exercise of warrants"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2021-12-31_custom_IssuedShareCaptialOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,058,660</ix:nonFraction></span> common shares upon exercise of warrants for gross proceeds of $<span id="xdx_903_eifrs-full--ProceedsFromExerciseOfWarrants_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialOneMember_zKh8Z7oUnc8b" title="Proceeds from exercise of warrants"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfWarrants" contextRef="From2021-01-012021-12-31_custom_IssuedShareCaptialOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,653,737</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_90D_eifrs-full--NumberOfSharesIssued_iI_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialTwoMember_zBb8Nt5kCLk1" title="Number of shares, exercise of stock option"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2021-12-31_custom_IssuedShareCaptialTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,666,020</ix:nonFraction></span> common shares upon exercise of stock options for gross proceeds of $<span id="xdx_90B_eifrs-full--ProceedsFromExerciseOfOptions_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialTwoMember_zUwph9mGtUa6" title="Proceeds from exercise of options"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2021-01-012021-12-31_custom_IssuedShareCaptialTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">125,657</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialThreeMember_zv8ncFb5gsag" title="Number of shares, exchange for services"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2021-12-31_custom_IssuedShareCaptialThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">275,000</ix:nonFraction></span> common shares valued at $<span id="xdx_90A_eifrs-full--ProceedsFromIssuingShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialThreeMember_zKrPRgRwqL7c" title="Proceeds from exchange for services"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2021-01-012021-12-31_custom_IssuedShareCaptialThreeMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">38,500</ix:nonFraction></span> to a consultant in exchange for services received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 63; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>SHARE <span style="font-size: 10pt">CAPITAL
  </span></b><span style="font-size: 10pt">(continued)</span></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 12, 2021, the Company completed a non-brokered private placement and issued <span id="xdx_90B_eifrs-full--NumberOfSharesIssued_iI_c20210212__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFourMember_z5Yi1PLDVoyf" title="Number of shares, private placement and issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2021-02-12_custom_IssuedShareCaptialFourMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,000,000</ix:nonFraction></span> units at a price of $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_c20210212__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFourMember_zrg5HkTDLQW3" title="Issue price"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-02-12_custom_IssuedShareCaptialFourMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.22</ix:nonFraction></span> per unit for
gross proceeds of $<span id="xdx_901_eifrs-full--ProceedsFromIssuingShares_c20210212__20210212__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFourMember_zn2gxCqjOvXj" title="Proceeds from private placement and issued"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2021-02-122021-02-12_custom_IssuedShareCaptialFourMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,540,000</ix:nonFraction></span>. Each unit consisted of one common share and one share purchase warrant entitling the holder thereof to
acquire an additional common share of the Company at a price of $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_c20210212__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFourMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_ze5yQ7grMV98" title="Fair value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-02-12_custom_IssuedShareCaptialFourMember_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.30</ix:nonFraction></span> per share for a period of 12 months from the date of closing subject
to an accelerated expiry condition. The Company&#8217;s directors and officers participated in the private placement. The Company paid
finder&#8217;s fee totaling $<span id="xdx_908_ecustom--FindersFee_c20210212__20210212__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFourMember_z56okfiKoU0j" title="Finders fee"><ix:nonFraction name="AVCRF:FindersFee" contextRef="From2021-02-122021-02-12_custom_IssuedShareCaptialFourMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">56,320</ix:nonFraction></span> and issued <span id="xdx_905_ecustom--WarrantIssued_iI_c20210212__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFourMember_z4Eadglqta04" title="Finders warrant issued"><ix:nonFraction name="AVCRF:WarrantIssued" contextRef="AsOf2021-02-12_custom_IssuedShareCaptialFourMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">256,000</ix:nonFraction></span> finder&#8217;s warrants valued at $<span id="xdx_902_eifrs-full--ProceedsFromExerciseOfWarrants_c20210212__20210212__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFourMember_zGqYpOE11PVh" title="Warrants issued, fair value"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfWarrants" contextRef="From2021-02-122021-02-12_custom_IssuedShareCaptialFourMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">39,206</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 28, 2021, the Company closed the final tranche of a non-brokered private placement and issued <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_c20210128__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFiveMember_z06KGL4CtGJb" title="Number of shares, private placement and issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2021-01-28_custom_IssuedShareCaptialFiveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,740,000</ix:nonFraction></span> units at a price of $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_c20210128__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFiveMember_zcNJzhIxFyhd" title="Issue price"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-01-28_custom_IssuedShareCaptialFiveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.10</ix:nonFraction></span>
per unit for gross proceeds of $<span id="xdx_904_eifrs-full--ProceedsFromIssuingShares_c20210128__20210128__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFiveMember_zMAEzm6DjXmk" title="Proceeds from private placement and issued"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2021-01-282021-01-28_custom_IssuedShareCaptialFiveMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">874,000</ix:nonFraction></span>. Each unit consisted of one common share and one share purchase warrant entitling the holder
thereof to acquire an additional common share of the Company at a price of $<span id="xdx_90F_eifrs-full--ParValuePerShare_iI_c20210128__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFiveMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_ztAovIK6vQOd" title="Fair value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-01-28_custom_IssuedShareCaptialFiveMember_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.15</ix:nonFraction></span> per share for a period of 12 months from the date of
closing subject to an accelerated expiry condition. The Company&#8217;s directors and officers participated in the private placement.
The Company paid finder&#8217;s fee totaling $<span id="xdx_90A_ecustom--FindersFee_c20210128__20210128__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFiveMember_zNzm25WyLRqh" title="Finders fee"><ix:nonFraction name="AVCRF:FindersFee" contextRef="From2021-01-282021-01-28_custom_IssuedShareCaptialFiveMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">27,800</ix:nonFraction></span> and issued <span id="xdx_908_ecustom--WarrantIssued_iI_c20210128__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFiveMember_zL12vtDCatRf" title="Finders warrant issued"><ix:nonFraction name="AVCRF:WarrantIssued" contextRef="AsOf2021-01-28_custom_IssuedShareCaptialFiveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">278,000</ix:nonFraction></span> finder&#8217;s warrants valued at $<span id="xdx_909_eifrs-full--ProceedsFromExerciseOfWarrants_c20210128__20210128__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialFiveMember_zDHwx8SDcpRk" title="Warrants issued, fair value"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfWarrants" contextRef="From2021-01-282021-01-28_custom_IssuedShareCaptialFiveMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">100,419</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>During
the year ended December 31, 2020:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company closed a tranche of a non-brokered private placement and issued <span id="xdx_908_eifrs-full--NumberOfSharesIssued_iI_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSixMember_zpc1R9Wyd1B7" title="Number of shares, private placement and issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_IssuedShareCaptialSixMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,260,000</ix:nonFraction></span> units at a price of $<span id="xdx_901_eifrs-full--ParValuePerShare_iI_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSixMember_zmXFGrDSIUZb" title="Issue price"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-31_custom_IssuedShareCaptialSixMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.10</ix:nonFraction></span> per unit for gross proceeds
of $<span id="xdx_90F_eifrs-full--ProceedsFromIssuingShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSixMember_zx45MFqiwB47" title="Proceeds from private placement and issued"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2020-01-012020-12-31_custom_IssuedShareCaptialSixMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">626,000</ix:nonFraction></span>. Each unit consisted of one common share and one share purchase warrant entitling the holder thereof to acquire an additional
common share of the Company at a price of $<span id="xdx_90B_eifrs-full--ParValuePerShare_iI_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSixMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zLazqFu9RkNi" title="Fair value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-31_custom_IssuedShareCaptialSixMember_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.15</ix:nonFraction></span> per share for a period of 12 months from the date of closing subject to an accelerated
expiry condition. The Company paid finder&#8217;s fee totaling $<span id="xdx_904_ecustom--FindersFee_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSixMember_zAQhx5icGuMl" title="Finders fee"><ix:nonFraction name="AVCRF:FindersFee" contextRef="From2020-01-012020-12-31_custom_IssuedShareCaptialSixMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">22,500</ix:nonFraction></span> and issued <span id="xdx_905_ecustom--WarrantIssued_iI_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSixMember_zBq33Jo2cCa3" title="Finders warrant issued"><ix:nonFraction name="AVCRF:WarrantIssued" contextRef="AsOf2020-12-31_custom_IssuedShareCaptialSixMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">225,000</ix:nonFraction></span> finder&#8217;s warrants valued at $<span id="xdx_901_eifrs-full--ProceedsFromExerciseOfWarrants_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSixMember_zy32RnzkXYzc" title="Warrants issued, fair value"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfWarrants" contextRef="From2020-01-012020-12-31_custom_IssuedShareCaptialSixMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">9,833</ix:nonFraction></span>. The
Company&#8217;s directors and officers participated in the private placement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_90E_eifrs-full--NumberOfSharesIssued_iI_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSevenMember_zqWQf5yj4aB1" title="Number of shares, exchange for services"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_IssuedShareCaptialSevenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,477,965</ix:nonFraction></span> common shares in exchange for services received and to settle accounts payables of $<span id="xdx_906_eifrs-full--ProceedsFromIssuingShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSevenMember_ze2gnq12s7Wf" title="Proceeds from exchange for services"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2020-01-012020-12-31_custom_IssuedShareCaptialSevenMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">136,949</ix:nonFraction></span>. An aggregate of
<span id="xdx_90A_eifrs-full--NumberOfSharesIssued_iI_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSevenMember__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_zm5CZcUKh493" title="Number of shares, exchange for services"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_IssuedShareCaptialSevenMember_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,900,000</ix:nonFraction></span> shares were issued in settlement of $<span id="xdx_903_eifrs-full--ProceedsFromIssuingShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialSevenMember__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_zOS7AifWo4Wf" title="Proceeds from exchange for services"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2020-01-012020-12-31_custom_IssuedShareCaptialSevenMember_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">47,500</ix:nonFraction></span> in amounts owing to certain directors and officers of the Company. The common shares
issued to the related parties are subject to a four month plus one day hold period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialEightMember_zwlUkYEtOHJj" title="Number of shares, exercise of stock option"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_IssuedShareCaptialEightMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">105,000</ix:nonFraction></span> common shares pursuant to the exercise of stock options for gross proceeds of $<span id="xdx_90F_eifrs-full--ProceedsFromExerciseOfOptions_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialEightMember_zznqSVhRqm64" title="Proceeds from exercise of options"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2020-01-012020-12-31_custom_IssuedShareCaptialEightMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">5,250</ix:nonFraction></span>. $<span id="xdx_904_eifrs-full--ProceedsFromExerciseOfOptions_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialEightMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--ClassesOfShareCapitalMember_zrPJETeWIdnf" title="Proceeds from exercise of options"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2020-01-012020-12-31_custom_IssuedShareCaptialEightMember_ifrs-full_ClassesOfShareCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,422</ix:nonFraction></span> was reclassified
from reserves to share capital on exercise of the options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialNineMember__dei--LegalEntityAxis__custom--HealthTabMember_zEPg6MB8zE23" title="Number of shares, issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_IssuedShareCaptialNineMember_custom_HealthTabMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,000,000</ix:nonFraction></span> common shares valued at $<span id="xdx_90B_eifrs-full--ProceedsFromIssuingShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialNineMember__dei--LegalEntityAxis__custom--HealthTabMember_z6X4vUPBYH3k" title="Proceeds from issuance of shares"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2020-01-012020-12-31_custom_IssuedShareCaptialNineMember_custom_HealthTabMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">100,000</ix:nonFraction></span> related to the acquisition of HealthTab&#8482;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialTenMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--LoanAgreementMember_zLZqcc4XUSg9" title="Number of shares, issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_IssuedShareCaptialTenMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,480,000</ix:nonFraction></span> common shares valued at $<span id="xdx_908_eifrs-full--ProceedsFromIssuingShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--IssuedShareCaptialTenMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--LoanAgreementMember_z20EkI26zj9l" title="Proceeds from issuance of shares"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2020-01-012020-12-31_custom_IssuedShareCaptialTenMember_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">52,200</ix:nonFraction></span> as bonus shares pursuant to a loan agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
options</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted an incentive share purchase option plan under the rules of the Exchange pursuant to which it is authorized to grant
options to executive officers, directors, employees and consultants, enabling them to acquire up to <span id="xdx_900_ecustom--PrecentageOfStockOptions_dp_uPure_c20220101__20221231__ifrs-full--ClassesOfEntitysOwnEquityInstrumentsAxis__custom--IncentiveSharePurchaseOptionPlanMember_zj0ACAnNzVbl" title="Precentage of stock options"><ix:nonFraction name="AVCRF:PrecentageOfStockOptions" contextRef="From2022-01-012022-12-31_custom_IncentiveSharePurchaseOptionPlanMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span> of the issued and outstanding
common shares of the Company. The options can be granted for a maximum term of <span id="xdx_90E_ecustom--StockOptionVestTerm_dc_c20220101__20221231__ifrs-full--ClassesOfEntitysOwnEquityInstrumentsAxis__custom--IncentiveSharePurchaseOptionPlanMember_zmD8j7rx7uMk" title="Stock option vest term"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_IncentiveSharePurchaseOptionPlanMember" format="ixt-sec:durwordsen" name="AVCRF:StockOptionVestTerm">ten years</ix:nonNumeric></span> and generally vest either immediately or in
specified increments of up to <span id="xdx_905_ecustom--PrecentageOfStockOptions_dp_uPure_c20220101__20221231__ifrs-full--ClassesOfEntitysOwnEquityInstrumentsAxis__custom--IncentiveSharePurchaseOptionPlanMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zx0d1U1Vh2mj" title="Precentage of stock options"><ix:nonFraction name="AVCRF:PrecentageOfStockOptions" contextRef="From2022-01-012022-12-31_custom_IncentiveSharePurchaseOptionPlanMember_ifrs-full_TopOfRangeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction>%</span> in any three-month period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 64; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>SHARE <span style="font-size: 10pt">CAPITAL
  (continued)</span></b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><p id="xdx_895_eifrs-full--DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory_ztg1Mcb9rMN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
changes in stock options including those granted to directors, officers, employees and consultants are summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zTIT408pH4qc" style="display: none">SCHEDULE OF SUMMARIZES THE SHARE OPTION ACTIVITY</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2022</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Options granted</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Expired/Cancelled</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_iN_pid_di_uShares_c20220101__20221231_z95aeEKoJxT2" title="Number of options, Expired/Cancelled" style="text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,570,052</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Exercised</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20220101__20221231_z7KezykqyQT8" title="Number of options, Exercised" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">800,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Exercisable</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table>


</ix:nonNumeric><p id="xdx_8AD_znpZnE0760yg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory"><p id="xdx_89E_eifrs-full--DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory_z66j70L5nyUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes information about stock options outstanding and exercisable as at December 31, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_ziVGfC5YP7E7" style="display: none">SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Expiry date</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Outstanding</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Exercisable</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionOneMember_z39ElsohSl4i" title="Options, exercise price" style="width: 13%; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31_custom_OptionOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.17</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 49%"><span id="xdx_90B_ecustom--OptionsExpirationDate_dd_c20220101__20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionOneMember_zx3WTZYXqKq7" title="Options, expiry date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_OptionOneMember" format="ixt:datemonthdayyearen" name="AVCRF:OptionsExpirationDate">March 13, 2023</ix:nonNumeric></span></td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td><span id="xdx_90C_ecustom--OptionsExpirationDate_dd_c20220101__20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTwoMember_zhws19zlh8z3" title="Options, expiry date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_OptionTwoMember" format="ixt:datemonthdayyearen" name="AVCRF:OptionsExpirationDate">March 27, 2023</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--NumberOfOutstandingShareOptions_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTwoMember_z6FvG8GIW2V3" title="Options, outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">200,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTwoMember_zYRUPOYclEjk" title="Options, exercisable" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_OptionTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">200,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">$</td><td id="xdx_98B_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionThreeMember_fKDIp_zY9pogdE4Vj6" title="Options, exercise price" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31_custom_OptionThreeMember" id="Fact001059" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.10</ix:nonFraction></td><td style="text-align: left"><sup>(2)</sup></td><td>&#160;</td>
    <td><span id="xdx_90C_ecustom--OptionsExpirationDate_dd_c20220101__20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionThreeMember_zC6PelkV5JCf" title="Options, expiry date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_OptionThreeMember" format="ixt:datemonthdayyearen" name="AVCRF:OptionsExpirationDate">April 11, 2023</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionThreeMember_zysTQEEnMrm5" title="Options, outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">150,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionThreeMember_zJ68lQTfONjb" title="Options, exercisable" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_OptionThreeMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">150,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td><span id="xdx_904_ecustom--OptionsExpirationDate_dd_c20220101__20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionFourMember_zDz4v6XnloE5" title="Options, expiry date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_OptionFourMember" format="ixt:datemonthdayyearen" name="AVCRF:OptionsExpirationDate">January 24, 2024</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionFourMember_zvE0LXJ1wkU" title="Options, outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionFourMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">140,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionFourMember_z9GauS3uNFz5" title="Options, exercisable" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_OptionFourMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">140,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">$</td><td id="xdx_987_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionFiveMember_zQ4Cu9mFGtFf" title="Options, exercise price" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31_custom_OptionFiveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.06</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td><span id="xdx_907_ecustom--OptionsExpirationDate_dd_c20220101__20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionFiveMember_zcC3zd2u2Zsk" title="Options, expiry date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_OptionFiveMember" format="ixt:datemonthdayyearen" name="AVCRF:OptionsExpirationDate">April 1, 2024</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionFiveMember_zUsGO2Shp7p5" title="Options, outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionFiveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">140,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionFiveMember_zz2Io1ra0MZi" title="Options, exercisable" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_OptionFiveMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">140,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionSevenMember_zaHX9Cc2zkm8" title="Options, outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionSevenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionEightMember_zk8b9iO4Vlgc" title="Options, outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionEightMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">710,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionEightMember_zEFrI3Apjwjf" title="Options, exercisable" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_OptionEightMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">710,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionNineMember_zXPA6k3QU2Hg" title="Options, outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionNineMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">150,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionNineMember_z6lmMXRCIWcf" title="Options, exercisable" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_OptionNineMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">150,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td><span id="xdx_90E_ecustom--OptionsExpirationDate_dd_c20220101__20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTenMember_zOg2Hssgm0I3" title="Options, expiry date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_OptionTenMember" format="ixt:datemonthdayyearen" name="AVCRF:OptionsExpirationDate">March 22, 2026</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTenMember_zkslOwglSqq8" title="Options, outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionTenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,800,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTenMember_zGmON3OAtEjl" title="Options, exercisable" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_OptionTenMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">1,800,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">$</td><td id="xdx_98E_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionElevenMember_zoOuuKbbuWgc" title="Options, exercise price" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31_custom_OptionElevenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.15</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td><span id="xdx_90F_ecustom--OptionsExpirationDate_dd_c20220101__20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionElevenMember_zyh6YYhATXYf" title="Options, expiry date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_OptionElevenMember" format="ixt:datemonthdayyearen" name="AVCRF:OptionsExpirationDate">August 10, 2027</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionElevenMember_zSEH82ktbuqi" title="Options, outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionElevenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,725,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionElevenMember_zEIUdaqxPxQ" title="Options, exercisable" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_OptionElevenMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">681,250</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">$</td><td id="xdx_989_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTwelveMember_zpT2C6KCuywc" title="Options, exercise price" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31_custom_OptionTwelveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.15</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td><span id="xdx_90E_ecustom--OptionsExpirationDate_dd_c20220101__20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTwelveMember_zgyee7JijHt6" title="Options, expiry date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_OptionTwelveMember" format="ixt:datemonthdayyearen" name="AVCRF:OptionsExpirationDate">August 12, 2027</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTwelveMember_z7yhuSbepSMh" title="Options, outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionTwelveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTwelveMember_zCHvKNHuRf4d" title="Options, exercisable" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_OptionTwelveMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">25,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_980_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionThirteenMember_zsazu2Zwa8I2" title="Options, exercise price" style="padding-bottom: 1.5pt; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31_custom_OptionThirteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.16</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt"><span id="xdx_905_ecustom--OptionsExpirationDate_dd_c20220101__20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionThirteenMember_zwwLz68FCdnh" title="Options, expiry date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_OptionThirteenMember" format="ixt:datemonthdayyearen" name="AVCRF:OptionsExpirationDate">October 12, 2027</ix:nonNumeric></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionThirteenMember_z7PaaWFyPbo7" title="Options, outstanding" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_OptionThirteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionThirteenMember_zFPtOP8ZpsK8" title="Options, exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1145">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231_zqxOJEDilbJd" title="Options, outstanding" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,635,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iI_pp0d_uShares_c20221231_z1stkReVNuA2" title="Options, exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">6,216,250</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F08_zTmqDMNPT3Dc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1F_zk91wmfWHvc4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001150" xml:lang="en-US">Options repriced
from $<span id="xdx_900_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_c20201231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTwoMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zVfYgP88VhMi" title="Options, exercise price" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUT0NLIE9QVElPTiBPVVRTVEFORElORyBBTkQgRVhFUkNJU0FCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2020-12-31_custom_OptionTwoMember_ifrs-full_TopOfRangeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.24</ix:nonFraction></span> to $<span id="xdx_905_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_c20201231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionTwoMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zb8z9aYtRIS6" title="Options, exercise price" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUT0NLIE9QVElPTiBPVVRTVEFORElORyBBTkQgRVhFUkNJU0FCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2020-12-31_custom_OptionTwoMember_ifrs-full_BottomOfRangeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.10</ix:nonFraction></span> during the year ended December 31, 2020</ix:footnote></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F01_zhErg5NQFvl3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F16_zb2SXoSQJ0Ii" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001155" xml:lang="en-US">Options repriced
from $<span id="xdx_90B_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_c20201231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionThreeMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zcxcJzH5aPKc" title="Options, exercise price" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUT0NLIE9QVElPTiBPVVRTVEFORElORyBBTkQgRVhFUkNJU0FCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2020-12-31_custom_OptionThreeMember_ifrs-full_TopOfRangeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.21</ix:nonFraction></span> to $<span id="xdx_901_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_c20201231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--OptionThreeMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zsDkCidJLgJi" title="Options, exercise price" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUT0NLIE9QVElPTiBPVVRTVEFORElORyBBTkQgRVhFUkNJU0FCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2020-12-31_custom_OptionThreeMember_ifrs-full_BottomOfRangeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.10</ix:nonFraction></span> during the year ended December 31, 2020</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A3_zNsHUMBqjKM2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted average remaining life of the stock options outstanding at December 31, 2022 is <span id="xdx_906_eifrs-full--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_dtY_c20220101__20221231_zLMQRFiWdWF8" title="Weighted average remaining life of stock options outstanding"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:duryear" name="ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">3.17</ix:nonNumeric></span> years. The weighted average fair value
of options granted during the year ended December 31, 2022 is $<span id="xdx_90F_eifrs-full--WeightedAverageSharePriceShareOptionsGranted2019_pid_uUSDPShares_c20220101__20221231_zECjRukiaX3d" title="Weighted average remaining life of stock options outstanding"><ix:nonFraction name="ifrs-full:WeightedAverageSharePriceShareOptionsGranted2019" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.13</ix:nonFraction></span> per option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share-based
compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation of $<span id="xdx_909_eifrs-full--ExpenseFromSharebasedPaymentTransactionsWithEmployees_c20220101__20221231_zF3dgcAn4rAe" title="Share based compensation"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">331,522</ix:nonFraction></span> was recognized during the year ended December 31, 2022 (2021 - $<span id="xdx_90B_eifrs-full--ExpenseFromSharebasedPaymentTransactionsWithEmployees_c20210101__20211231_zW7uGbYWNvob" title="Share based compensation"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">495,791</ix:nonFraction></span>) respectively, for stock options granted,
and vested during the year. Options issued to directors and officers of the Company vested immediately, while those issued to consultants
vest over one year, however, the Board may change such provisions at its discretion or as required on a grant-by-grant basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 65; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>SHARE <span style="font-size: 10pt">CAPITAL
  (continued)</span></b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DisclosureOfShareBasedPaymentsOptionsGrantedExplanatory"><p id="xdx_894_ecustom--DisclosureOfShareBasedPaymentsOptionsGrantedExplanatory_z9eu4LzLQsJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
payments for options granted and repriced was measured using the Black-Scholes option pricing model with the following assumptions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zwB3DmPz7hza" style="display: none">SCHEDULE OF SHARE BASED COMPENSATION FOR OPTIONS GRANTED</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected life</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eifrs-full--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_pp0d_dtY_c20220101__20221231__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zSidTWMBbIB5" title="Expected life"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_BottomOfRangeMember" format="ixt-sec:duryear" name="ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">0.8</ix:nonNumeric></span> &#8211; <span id="xdx_906_eifrs-full--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_pp0d_dtY_c20220101__20221231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zKA2UXjHI4Q4" title="Expected life"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" name="ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">2.65</ix:nonNumeric></span> years</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Volatility</td><td>&#160;</td>
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- <span id="xdx_909_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pp4d_dp_uPure_c20200101__20201231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zHJLE3irLGLh" title="Expected volatility"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2020-01-012020-12-31_ifrs-full_TopOfRangeMember" format="ixt:numdotdecimal" decimals="4" scale="-2" unitRef="Pure">180</ix:nonFraction></span></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 49%; text-align: left">Dividend yield</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 13%; text-align: right"><span id="xdx_903_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_dp_uPure_c20220101__20221231_zVeGZNwSbBTk" title="Dividend yield"><ix:nonFraction name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 13%; text-align: right"><span id="xdx_908_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_dp_uPure_c20210101__20211231_z3nKi3jG9Jwb" title="Dividend yield"><ix:nonFraction name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 13%; text-align: right"><span id="xdx_90F_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_dp_uPure_c20200101__20201231_zhLroFXvZ2c9" title="Dividend yield"><ix:nonFraction name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Risk-free interest rate</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_dp_uPure_c20210101__20211231__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zMmhYILniygc" title="Risk-free interest rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2021-01-012021-12-31_ifrs-full_BottomOfRangeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.32</ix:nonFraction>%</span>
- <span id="xdx_903_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_dp_uPure_c20210101__20211231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zioWmBHi90v" title="Risk-free interest rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2021-01-012021-12-31_ifrs-full_TopOfRangeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.99</ix:nonFraction></span></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_dp_uPure_c20200101__20201231__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zUo3Nu9ubdE8" title="Risk-free interest rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2020-01-012020-12-31_ifrs-full_BottomOfRangeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.23</ix:nonFraction>%</span>
- <span id="xdx_90A_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_dp_uPure_c20200101__20201231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zje0URqYts67" title="Risk-free interest rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2020-01-012020-12-31_ifrs-full_TopOfRangeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.47</ix:nonFraction></span></span></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_z0oVxkcGN6gf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Option
pricing models require the use of highly subjective estimates and assumptions, including the expected stock price volatility. Changes
in the underlying assumptions can materially affect the fair value estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DisclosureOfDetailedInformationAboutChangesInWarrantsExplanatory"><p id="xdx_893_ecustom--DisclosureOfDetailedInformationAboutChangesInWarrantsExplanatory_z4TshgBxXTLl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has issued warrants entitling the holders to acquire common shares of the Company. The summary of changes in warrants is presented
below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zHI3iY9nK192" style="display: none">SUMMARY
OF CHANGES IN WARRANTS</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended <br />
December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended <br />
December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended <br />
December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Beginning Balance</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_984_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iS_pid_uShares_c20220101__20221231_zm5GsWfB569k" title="Number of warrants beginning balance" style="width: 6%; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,781,066</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_iS_c20220101__20221231_zTkBlkUl3IY6" title="Weighted average exercise price, warrants beginning balance" style="width: 6%; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.21</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_982_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iS_pid_uShares_c20210101__20211231_z60USl84c8ih" title="Number of warrants beginning balance" style="width: 6%; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,743,226</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_iS_c20210101__20211231_zPXNTnggD75a" title="Weighted average exercise price, warrants beginning balance" style="width: 6%; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.16</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_987_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iS_pid_uShares_c20200101__20201231_zb2yNCCRUde" title="Number of warrants beginning balance" style="width: 6%; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,704,664</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_iS_c20200101__20201231_zD2s1c2hhBe4" title="Weighted average exercise price, warrants beginning balance" style="width: 6%; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.24</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Warrants issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_pid_uShares_c20220101__20221231_zZ3aKrzLGlI5" title="Number of warrants issued" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1227">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20220101__20221231_zPeu2BaJiT2l" title="Weighted average exercise price, warrants issued" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1229">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_pid_uShares_c20210101__20211231_z8syq0DNBMDf" title="Number of warrants issued" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,274,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_983_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20210101__20211231_zQUQA1gbqXJb" title="Weighted average exercise price, warrants issued" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.22</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_pid_uShares_c20200101__20201231_zjmZi5aOhMBi" title="Number of warrants issued" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,485,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_981_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20200101__20201231_z6mXV3idkcte" title="Weighted average exercise price, warrants issued" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.15</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Warrants exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20220101__20221231_zRqjt75Q4mY7" title="Number of warrants exercised" style="text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">909,400</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98E_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019_c20220101__20221231_zh6IgI1J3Bhb" title="Weighted average exercise price, warrants exercised" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.19</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20210101__20211231_zTQ1nOMeEVWh" title="Number of warrants exercised" style="text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,058,660</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_985_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019_c20210101__20211231_zcvpW2idraCd" title="Weighted average exercise price, warrants exercised" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.16</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20200101__20201231_zsPDDis9YtR9" title="Number of warrants exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1247">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019_c20200101__20201231_zJHHMks2j8Cb" title="Weighted average exercise price, warrants exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1249">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Warrants expired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eifrs-full--NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement_iN_pid_di_uShares_c20220101__20221231_z0RCFC5wMYE5" title="Number of warrants expired" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,871,666</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_983_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019_c20220101__20221231_zXZHTLrouSV" title="Weighted average exercise price, warrants expired" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.22</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eifrs-full--NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement_iN_pid_di_uShares_c20210101__20211231_zGIqBeI7BCD7" title="Number of warrants expired" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,177,500</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_988_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019_c20210101__20211231_zvUnDnUQs1T9" title="Weighted average exercise price, warrants expired" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.15</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eifrs-full--NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement_iN_pid_di_uShares_c20200101__20201231_z3vx4YDdvmEk" title="Number of warrants expired" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,446,438</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_988_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019_c20200101__20201231_zJepawhH34C2" title="Weighted average exercise price, warrants expired" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.33</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Outstanding</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iE_pid_uShares_c20220101__20221231_zeadEUmSpPZa" title="Number of warrants ending balance" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1263">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_iE_c20220101__20221231_zJWGyGJ932f1" title="Weighted average exercise price, warrants ending balance" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1265">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iE_pid_uShares_c20210101__20211231_zYfHVPsCcCC1" title="Number of warrants ending balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,781,066</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_98A_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_iE_c20210101__20211231_zEm9nTYylx0l" title="Weighted average exercise price, warrants ending balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.21</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iE_pid_uShares_c20200101__20201231_zsF0ZEn8a7f5" title="Number of warrants ending balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,743,226</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_980_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_iE_c20200101__20201231_zjex9oHJSmO6" title="Weighted average exercise price, warrants ending balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.16</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A1_zeO6zqUftA76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DisclosureOfDetailedInformationAboutFairValueOfWarrantsGrantedExplanatory"><p id="xdx_895_ecustom--DisclosureOfDetailedInformationAboutFairValueOfWarrantsGrantedExplanatory_zWd1VzeJvsQc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value of the finder&#8217;s warrants granted was measured using the Black-Scholes pricing model with the following assumptions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zu4Too8poAei" style="display: none">SUMMARY
OF FAIR VALUE OF WARRANTS GRANTED</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Dividend yield</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_901_ecustom--DividendYieldAsPercentageWarrantsGranted_dp_c20210101__20211231_zeDVoMVyvhii" title="Dividend yield"><ix:nonFraction name="AVCRF:DividendYieldAsPercentageWarrantsGranted" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_903_ecustom--DividendYieldAsPercentageWarrantsGranted_dp_c20200101__20201231_zwJs0xnJhAAe" title="Dividend yield"><ix:nonFraction name="AVCRF:DividendYieldAsPercentageWarrantsGranted" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Risk-free interest rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_905_ecustom--DescriptionOfRiskFreeInterestRateWarrantsGranted_dp_c20220101__20221231_zMIwt9jgF0Fj" title="Risk-free interest rate"><span style="-sec-ix-hidden: xdx2ixbrl1297">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8AA_zIokDE9BNYvh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Black-Scholes
pricing models require the use of highly subjective estimates and assumptions, including the expected stock price volatility. Changes
in the underlying assumptions can materially affect the fair value estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 66; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory"><p id="xdx_809_eifrs-full--DisclosureOfGeneralAndAdministrativeExpenseExplanatory_zy5JJOI4TGq2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zCMibNvrw7K">GENERAL AND ADMINISTRATIVE EXPENSES</span></b></span></p>



<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DisclosureOfDetailedInformationAboutGeneralAndAdministrativeExpensesExplanatory"><p id="xdx_89F_ecustom--DisclosureOfDetailedInformationAboutGeneralAndAdministrativeExpensesExplanatory_zQezql7DAdba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zXinFrHKvCOf" style="display: none">SUMMARY OF GENERAL AND ADMINISTRATIVE EXPENSES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20220101__20221231_zL87PaHwxu7a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_402_ecustom--BadDebt_maGAAEzYbT_zg8DYLuuAME7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Bad debt</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1309">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40F_ecustom--BankServiceCharges_maGAAEzYbT_z7uIRNsN1UW6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Bank service charges</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="AVCRF:BankServiceCharges" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">5,421</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1334">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1335">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--Regulatory_maGAAEzYbT_zLb48amCqjLg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Regulatory fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="AVCRF:Regulatory" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">5,238</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="AVCRF:Regulatory" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">8,380</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1339">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--Rent_maGAAEzYbT_zrg6cgNbi2ge" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Rent</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="AVCRF:Rent" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">16,800</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="AVCRF:Rent" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">12,810</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="AVCRF:Rent" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">5,268</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--TravelExpense_maGAAEzYbT_zUMAdCiQV3Nd" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Travel</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:TravelExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">55,170</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:TravelExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">14,382</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:TravelExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">5,259</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--GeneralAndAdministrativeExpense_iT_mtGAAEzYbT_zIfI2bf7lrnj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right; padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative expenses</span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:GeneralAndAdministrativeExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">250,144</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:GeneralAndAdministrativeExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">182,847</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:GeneralAndAdministrativeExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">114,227</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfRelatedPartyExplanatory_zgdstN1jsHqc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zCMxZ6lxQ5ej">RELATED PARTY TRANSACTIONS</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2022, 2021 and 2020, the Company recorded the following transactions with related parties:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_903_ecustom--ManagementFees_c20220101__20221231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zvNiOYZgdL94" title="Management fees"><ix:nonFraction name="AVCRF:ManagementFees" contextRef="From2022-01-012022-12-31_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">168,000</ix:nonFraction></span>
                                            in management fees (2021 - $<span id="xdx_908_ecustom--ManagementFees_c20210101__20211231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zH1AWryBNrcc" title="Management fees"><ix:nonFraction name="AVCRF:ManagementFees" contextRef="From2021-01-012021-12-31_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">150,000</ix:nonFraction></span>; 2020 - $<span id="xdx_90A_ecustom--ManagementFees_c20200101__20201231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zaPW8GH76j2" title="Management fees"><ix:nonFraction name="AVCRF:ManagementFees" contextRef="From2020-01-012020-12-31_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">150,000</ix:nonFraction></span>) to the Chief Executive Officer of the
                                            Company along with a bonus award of $<span id="xdx_90D_ecustom--BonusAward_dxL_c20220101__20221231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zNBRWS6iOOb" title="Bonus award::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1361">nil</span></span> (2021 - $<span id="xdx_90E_ecustom--BonusAward_c20210101__20211231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zcU5Nj4yY0Mj" title="Bonus award"><ix:nonFraction name="AVCRF:BonusAward" contextRef="From2021-01-012021-12-31_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">35,000</ix:nonFraction></span>, 2020 - $<span id="xdx_909_ecustom--BonusAward_dxL_c20200101__20201231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zUOcRAH52oti" title="Bonus award::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1365">nil</span></span>).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90B_ecustom--ManagementFees_dxL_c20220101__20221231__srt--TitleOfIndividualAxis__custom--FormerPresidentAndChiefExecutiveOfficerMember_zWw0OXelSCP4" title="Management fees::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1367">nil</span></span>
                                            in management fees to the former President and Chief Executive Officer of the Company (2021
                                            - $<span id="xdx_906_ecustom--ManagementFees_c20210101__20211231__srt--TitleOfIndividualAxis__custom--FormerPresidentAndChiefExecutiveOfficerMember_zXuKR50fsbg9" title="Management fees"><ix:nonFraction name="AVCRF:ManagementFees" contextRef="From2021-01-012021-12-31_custom_FormerPresidentAndChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">20,000</ix:nonFraction></span>, 2020 - $<span id="xdx_900_ecustom--ManagementFees_c20200101__20201231__srt--TitleOfIndividualAxis__custom--FormerPresidentAndChiefExecutiveOfficerMember_zZBnkbso8Js3" title="Management fees"><ix:nonFraction name="AVCRF:ManagementFees" contextRef="From2020-01-012020-12-31_custom_FormerPresidentAndChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">120,000</ix:nonFraction></span>).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_901_eifrs-full--ProfessionalFeesExpense_c20220101__20221231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zzpKxPNuivzi" title="Professional fees"><ix:nonFraction name="ifrs-full:ProfessionalFeesExpense" contextRef="From2022-01-012022-12-31_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">124,200</ix:nonFraction></span>
                                            in professional fees (2021 - $<span id="xdx_904_eifrs-full--ProfessionalFeesExpense_c20210101__20211231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zK6mPF3qpLUh" title="Professional fees"><ix:nonFraction name="ifrs-full:ProfessionalFeesExpense" contextRef="From2021-01-012021-12-31_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">120,000</ix:nonFraction></span>; 2020 - $<span id="xdx_90B_eifrs-full--ProfessionalFeesExpense_c20200101__20201231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zjkAzUsULn0a" title="Professional fees"><ix:nonFraction name="ifrs-full:ProfessionalFeesExpense" contextRef="From2020-01-012020-12-31_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">120,000</ix:nonFraction></span>) to a company controlled by the Chief
                                            Financial Officer of the Company along with a bonus award of $<span id="xdx_908_ecustom--BonusAward_dxL_c20220101__20221231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zdr6VZ0XzStg" title="Bonus award::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1379">nil</span></span> (2021 - $<span id="xdx_90F_ecustom--BonusAward_c20210101__20211231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zw9J5TbUtUTg" title="Bonus award"><ix:nonFraction name="AVCRF:BonusAward" contextRef="From2021-01-012021-12-31_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">30,000</ix:nonFraction></span>, 2020 -
                                            $<span id="xdx_900_ecustom--BonusAward_dxL_c20200101__20201231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zNc8BfIyoGEk" title="Bonus award::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1383">nil</span></span>).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90F_ecustom--ConsultingFees_c20220101__20221231__srt--TitleOfIndividualAxis__custom--ChiefTechnologyOfficerMember_zGV4erHjajZh" title="Consulting fees"><ix:nonFraction name="AVCRF:ConsultingFees" contextRef="From2022-01-012022-12-31_custom_ChiefTechnologyOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">168,000</ix:nonFraction></span>
                                            in consulting fees (2021 - $<span id="xdx_90E_ecustom--ConsultingFees_c20210101__20211231__srt--TitleOfIndividualAxis__custom--ChiefTechnologyOfficerMember_zVgh0Nv37QYf" title="Consulting fees"><ix:nonFraction name="AVCRF:ConsultingFees" contextRef="From2021-01-012021-12-31_custom_ChiefTechnologyOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">127,500</ix:nonFraction></span>; 2020 - $<span id="xdx_90A_ecustom--ConsultingFees_c20200101__20201231__srt--TitleOfIndividualAxis__custom--ChiefTechnologyOfficerMember_zoIADbsnkPa6" title="Consulting fees"><ix:nonFraction name="AVCRF:ConsultingFees" contextRef="From2020-01-012020-12-31_custom_ChiefTechnologyOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">120,000</ix:nonFraction></span>) to the Chief Technology Officer of
                                            the Company along with a bonus award $<span id="xdx_907_ecustom--BonusAward_dxL_c20220101__20221231__srt--TitleOfIndividualAxis__custom--ChiefTechnologyOfficerMember_z70l9Ij9DKq7" title="Bonus award::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1391">nil</span></span> (2021 - $<span id="xdx_90B_ecustom--BonusAward_c20210101__20211231__srt--TitleOfIndividualAxis__custom--ChiefTechnologyOfficerMember_zfsXre8Yba54" title="Bonus award"><ix:nonFraction name="AVCRF:BonusAward" contextRef="From2021-01-012021-12-31_custom_ChiefTechnologyOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">35,000</ix:nonFraction></span> and 2020 - $<span id="xdx_907_ecustom--BonusAward_dxL_c20200101__20201231__srt--TitleOfIndividualAxis__custom--ChiefTechnologyOfficerMember_zyg5K7osWTIa" title="Bonus award::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1395">nil</span></span>).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            2020 the Company issued an aggregate of <span id="xdx_903_eifrs-full--NumberOfSharesIssued_iI_c20201231__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_zebMADW7cF0l" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,900,000</ix:nonFraction></span> shares in settlement of $<span id="xdx_901_eifrs-full--ProceedsFromIssuingShares_c20200101__20201231__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_zwxorWAoesZj" title="Number of shares issued, value"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2020-01-012020-12-31_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">47,500</ix:nonFraction></span> in amounts
                                            owing to certain directors and officers of the Company for services received in 2019. The
                                            shares issued to the related parties are subject to a four month plus one day hold period.
                                            There was no gain or loss on settlement.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
party transactions not otherwise described in the consolidated financial statements are shown below. The remuneration of the Company&#8217;s
directors and other members of key management, who have the authority and responsibility for planning, directing and controlling the
activities of the Company directly or indirectly, consist of the following:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DisclosureOfRelatedPartyTransactionExplanatory"><p id="xdx_893_ecustom--DisclosureOfRelatedPartyTransactionExplanatory_zC0CEU0vxv32" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_8B6_zDpY7t1Nm2Cd" style="display: none">SCHEDULE OF RELATED PARTY TRANSACTIONS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20220101__20221231__srt--TitleOfIndividualAxis__custom--DirectorsAndOtherMembersMember_zQ6ynvEav414" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_498_20210101__20211231__srt--TitleOfIndividualAxis__custom--DirectorsAndOtherMembersMember_zWKtLvEh9KO7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20200101__20201231__srt--TitleOfIndividualAxis__custom--DirectorsAndOtherMembersMember_z9MPWg8kjIif" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Years ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
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</ix:nonNumeric><p id="xdx_8A7_zHYNz7aIHZJ6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were <span id="xdx_90F_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_do_c20221231_zKPS3zevTTx3" title="Due to related parties"><span id="xdx_90E_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_do_c20211231_zcKnSWHGQyxa" title="Due to related parties"><span id="xdx_904_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_do_c20201231_zFWZwChhQpej" title="Due to related parties"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="CAD"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="CAD"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="CAD">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> amounts due to related parties as at December 31, 2022, 2021 and 2020.</span></p>

</ix:nonNumeric><p id="xdx_81E_zD5JSJejhUak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zEJlFFTvb3n6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_zlX4cK1IO5s4">CAPITAL DISCLOSURES</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company includes shareholders&#8217; equity in the definition of capital. The Company&#8217;s objective when managing capital is to maintain
sufficient cash resources to support its day-to-day operations. The availability of capital is solely through the issuance of the Company&#8217;s
common shares. The Company will not issue additional equity until such time when funds are needed and the market conditions become favorable
to the Company. There are no assurances that funds will be made available to the Company when required. The Company makes every effort
to safeguard its capital and minimize its dilution to its shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is not subject to any externally imposed capital requirements. There were no changes in the Company&#8217;s approach to capital
management during the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory"><p id="xdx_809_eifrs-full--DisclosureOfEntitysReportableSegmentsExplanatory_zSZwyLcjWHP5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zqs9Fq9nzgzb">SEGMENTED INFORMATION</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022 2021 and 2020, <span id="xdx_90B_eifrs-full--DescriptionOfReportableSegmentToWhichIndividualAssetBelongs_c20220101__20221231_zlGoNu2pnfG1" title="Description of reportable segment"><span id="xdx_906_eifrs-full--DescriptionOfReportableSegmentToWhichIndividualAssetBelongs_c20210101__20211231_zyo0jvr32vrg" title="Description of reportable segment"><span id="xdx_900_eifrs-full--DescriptionOfReportableSegmentToWhichIndividualAssetBelongs_c20200101__20201231_zoztNWEjEyb3" title="Description of reportable segment"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="ifrs-full:DescriptionOfReportableSegmentToWhichIndividualAssetBelongs"><ix:nonNumeric contextRef="From2021-01-012021-12-31" name="ifrs-full:DescriptionOfReportableSegmentToWhichIndividualAssetBelongs"><ix:nonNumeric contextRef="From2020-01-012020-12-31" name="ifrs-full:DescriptionOfReportableSegmentToWhichIndividualAssetBelongs">the Company has only one segment, being the HealthTab&#8482; - Point of Care Business in Canada.</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></span></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DisclosureOfSupplementalCashFlowInformationExplanatory"><p id="xdx_80D_ecustom--DisclosureOfSupplementalCashFlowInformationExplanatory_zUrk1x32AWz7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_ztLIK1epeKK8">SUPPLEMENTAL CASH FLOW INFORMATION</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no non-cash transactions during the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Issued common shares against subscriptions of $<span id="xdx_90B_eifrs-full--ProceedsFromChangesInOwnershipInterestsInSubsidiaries_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zuXWwyuOGDs5" title="Issuance of common shares against subscriptions"><ix:nonFraction name="ifrs-full:ProceedsFromChangesInOwnershipInterestsInSubsidiaries" contextRef="From2021-01-012021-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">10,000</ix:nonFraction></span> received in prior year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.1pt; text-align: justify; text-indent: -7.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Issued in total <span id="xdx_903_eifrs-full--NumberOfSharesIssued_iI_c20201231__ifrs-full--BusinessCombinationsAxis__custom--HealthTabMember_zKPZROPXceyl" title="Issuance of shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_HealthTabMember80421343" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,000,000</ix:nonFraction></span> common shares valued at $<span id="xdx_905_eifrs-full--CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pp0p0_c20200101__20201231__ifrs-full--BusinessCombinationsAxis__custom--HealthTabMember_zptJvpos2k8k" title="Value for acquisition"><ix:nonFraction name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" contextRef="From2020-01-012020-12-31_custom_HealthTabMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">100,000</ix:nonFraction></span> related to the acquisition of HealthTab&#8482;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.1pt; text-align: justify; text-indent: -7.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Issued in total <span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_c20201231__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember_zcHq88hZHOyc" title="Issuance of shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,480,000</ix:nonFraction></span> common shares valued at $<span id="xdx_90D_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pp0p0_c20200101__20201231__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember_zRb9r5hMr8O5" title="Value for bonus shares"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2020-01-012020-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">52,200</ix:nonFraction></span> as bonus shares under a loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.1pt; text-align: justify; text-indent: -7.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Issued <span id="xdx_908_eifrs-full--NumberOfSharesIssued_iI_c20201231__ifrs-full--TypesOfContractsAxis__custom--OutstandingDebtMember_zhUUyWXQqcM3" title="Issuance of shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_OutstandingDebtMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,477,965</ix:nonFraction></span> common shares at a price of $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_c20201231__ifrs-full--TypesOfContractsAxis__custom--OutstandingDebtMember_zBmcwTNnHkJl" title="Share price"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-31_custom_OutstandingDebtMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.025</ix:nonFraction></span> per share to settle an outstanding debt of $<span id="xdx_908_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_c20200101__20201231__ifrs-full--TypesOfContractsAxis__custom--OutstandingDebtMember_znlxqMFDSGZb" title="Value for bonus shares"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2020-01-012020-12-31_custom_OutstandingDebtMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">136,949</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfIncomeTaxExplanatory_zZZmAE2427o8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zGrMJbKpItI">INCOME TAXES</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:DisclosureOfEffectiveIncomeTaxRateReconciliationsExplanatory"><p id="xdx_898_ecustom--DisclosureOfEffectiveIncomeTaxRateReconciliationsExplanatory_zdl9zoKvxyBd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reconciles the expected income tax expense (recovery) at the Canadian statutory income tax rates to the amounts recognized
in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2022, 2021 and 2020:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_z5AfK9k6DyG5" style="display: none">SCHEDULE OF RECONCILIATION OF EXPECTED INCOME TAX EXPENSES (RECOVERY)</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_499_20220101__20221231_zWjZF0k8oqc7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--ProfitLoss_zuZdbASqHdRe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left; padding-bottom: 1.5pt">Loss for the year</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="CAD">818,228</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="CAD">1,708,132</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_408_eifrs-full--TaxEffectOfForeignTaxRates_zACEg8EFDTo" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Change in statutory, foreign tax, foreign exchange rates and other</td><td>&#160;</td>
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  <tr id="xdx_403_ecustom--TaxEffectOfPermanentDifferencesAndOther_zCiuIUc4gPe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Permanent differences and other</td><td>&#160;</td>
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  <tr id="xdx_407_ecustom--TaxEffectOfShareIssueCost_zjrB8G94hCng" style="vertical-align: bottom; background-color: White">
    <td>Share issue cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="AVCRF:TaxEffectOfShareIssueCost" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="CAD">5,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_40F_eifrs-full--AdjustmentsForDeferredTaxOfPriorPeriods_ztRDUzzqLq5d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1491">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1492">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_eifrs-full--TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_z9CN3oCWO12" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Change in unrecognized deductible temporary differences</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">137,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_402_eifrs-full--IncomeTaxExpenseContinuingOperations_zp3hdNFXs3Vh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total income tax expense (recovery)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1499">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1500">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1501">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A4_zE1kI8fTsEBj" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 68; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INCOME
                                            TAXES </b>(continued)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory"><p id="xdx_89D_eifrs-full--DisclosureOfDeferredTaxesExplanatory_zlErK5gB9fSf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
significant components of the Company&#8217;s deferred tax assets and liabilities are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zbJ40QlJFd5k" style="display: none">SCHEDULE OF SIGNIFICANT COMPONENTS OF DEFERRED TAX ASSET AND LIABILITIES</span></span></p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20221231_z60vkTPEBsKd" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_498_20211231_zgJJd0jZWHcl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_40E_ecustom--DeferredTaxAssetsShareIssueCosts_iI_pp0p0_maDTAzpn5_z1w2IdXcN452" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 62%; padding-left: 10pt">Share issue costs</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 15%; text-align: right"><ix:nonFraction name="AVCRF:DeferredTaxAssetsShareIssueCosts" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">26,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_404_ecustom--DeferredTaxAssetsPropertyAndEquipment_iI_pp0p0_maDTAzpn5_zAEKMvLoBHDk" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Non-capital losses</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_402_ecustom--UnrecognizedDeferredTaxAssets_iNI_pp0p0_zTpfYfrds9I4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Unrecognized deferred tax assets</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="AVCRF:UnrecognizedDeferredTaxAssets" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="CAD">6,121,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="AVCRF:UnrecognizedDeferredTaxAssets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="CAD">5,986,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_40E_eifrs-full--NetDeferredTaxAssets_iTI_pp0p0_z7SZdcHrcqM9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Deferred income tax asset (liability)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1523">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1524">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>



</ix:nonNumeric><p id="xdx_8A4_zD1BpiHnH9p2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has approximately $<span id="xdx_902_ecustom--NonCapitalLosses_c20220101__20221231_zYqajLKNTw5h" title="Non capital losses"><ix:nonFraction name="AVCRF:NonCapitalLosses" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">21,261,000</ix:nonFraction></span> in non-capital losses for Canadian tax purposes which <span id="xdx_902_ecustom--NonCapitalLossesExpirationDescription_c20220101__20221231_zvi6Rk8UXQr6" title="Non capital losses expiration description"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="AVCRF:NonCapitalLossesExpirationDescription">begin expiring in 2026.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfFinancialInstrumentsExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfFinancialInstrumentsExplanatory_zoaAiddbGaA9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_zPiKQ3PuzMH2">FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and loans payable. The
Company&#8217;s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk
limits and controls, and to monitor risks and adherence to market conditions and the Company&#8217;s activities. The Company has exposure
to credit risk, liquidity risk and market risk as a result of its use of financial instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
note presents information about the Company&#8217;s exposure to each of the above risks and the Company&#8217;s objectives, policies
and processes for measuring and managing these risks. Further quantitative disclosures are included throughout the consolidated financial
statements. The Board of Directors has overall responsibility for the establishment and oversight of the Company&#8217;s risk management
framework. The Board has implemented and monitors compliance with risk management policies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
                                            risk</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations and arises primarily from the Company&#8217;s cash and cash equivalents and accounts receivable. The Company&#8217;s cash
and cash equivalents are held through a large Canadian financial institution. The cash equivalent is composed of a guaranteed investment
certificate and is issued by a Canadian bank with high investment-grade ratings. The Company does not have financial assets that are
invested in asset-backed commercial paper.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company performs ongoing credit evaluations of its accounts receivable but does not require collateral. The Company establishes an allowance
for doubtful accounts based on the credit risk applicable to particular customers and historical data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
<span id="xdx_900_eifrs-full--PercentageOfEntitysRevenue_pid_dp_uPure_c20220101__20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--TradeReceivablesMember__ifrs-full--TypesOfRisksAxis__ifrs-full--CreditRiskMember__ifrs-full--MajorCustomersAxis__custom--OneCustomerMember_zpqOya1thqv3" title="Credit risk percentage"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_ifrs-full_TradeReceivablesMember_ifrs-full_CreditRiskMember_custom_OneCustomerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">99</ix:nonFraction></span>% of trade receivables are due from one customer at December 31, 2022 (2021 &#8211; <span id="xdx_908_eifrs-full--PercentageOfEntitysRevenue_pid_dp_uPure_c20210101__20211231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--TradeReceivablesMember__ifrs-full--TypesOfRisksAxis__ifrs-full--CreditRiskMember__ifrs-full--MajorCustomersAxis__custom--OneCustomerMember_zs73si8qWM4b" title="Credit risk percentage"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_ifrs-full_TradeReceivablesMember_ifrs-full_CreditRiskMember_custom_OneCustomerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">76</ix:nonFraction></span>% from one customer).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 69; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
                                            INSTRUMENTS AND FINANCIAL RISK MANAGEMENT</b> (continued)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
                                            risk</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that the Company will incur difficulties meeting its financial obligations as they are due. The Company&#8217;s approach
to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under
both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company&#8217;s reputation. Due to the
ongoing COVID-19 pandemic, liquidity risk has been assessed as high.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company monitors its spending plans, repayment obligations and cash resources, and takes actions with the objective of ensuring that
there is sufficient capital in order to meet short-term business requirements. To facilitate its expenditure program, the Company raises
funds primarily through public equity financing. The Company anticipates it will have adequate liquidity to fund its financial liabilities
through future equity contributions, however, there can be no guarantees that sufficient funds will be raised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="AVCRF:SummaryOfContractualUndiscountedCashFlowFinancialLiabilitiesExplanatory"><p id="xdx_89D_ecustom--SummaryOfContractualUndiscountedCashFlowFinancialLiabilitiesExplanatory_zPJdpBWbFkKd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual
undiscounted cash flow requirements for financial liabilities as at December 31, 2022 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zNLIXKrAt1ui" style="display: none">SUMMARY
OF CONTRACTUAL UNDISCOUNTED CASH FLOW FINANCIAL LIABILITIES</span></span></p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: right">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Carrying value</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Contractual Cash flows</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Within 1 year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_zMkpq1Dw9FNf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
                                            risk</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
risk for the Company consists of currency risk and interest rate risk. The objective of market risk management is to manage and control
market risk exposure within acceptable limits, while maximizing returns.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Currency
risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. As
all of the Company&#8217;s purchases and sales are denominated in Canadian dollars, and it has no significant cash balances denominated
in foreign currencies, the Company is not exposed to foreign currency risk at this time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
rate risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
rate risk is the risk that fair values or future cash flows will fluctuate as a result of changes in market interest rates. In respect
of financial assets, the Company&#8217;s policy is to invest cash at floating interest rates and cash reserves are to be maintained in
cash equivalents in order to maintain liquidity, while achieving a satisfactory return for shareholders. The Company is not exposed to
significant interest rate risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
                                            values of financial instruments</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair values of financial assets and financial liabilities are determined as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents are measured at fair value. For accounts receivable, accounts payable, and loans payable carrying amounts approximate
fair value due to their short-term maturity;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 70; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Avricore
                                            Health Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes
to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</span></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(Expressed
in Canadian Dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
                                            INSTRUMENTS AND FINANCIAL RISK MANAGEMENT</b> (continued)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 21.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
                                            values of financial instruments </b>(continued)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. The three levels
of the fair value hierarchy are described below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities and amounts
resulting from direct arm&#8217;s length transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents are valued using quoted market prices or from amounts resulting from direct arm&#8217;s length transactions. As
a result, these financial assets have been included in Level 1 of the fair value hierarchy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly,
for substantially the full contractual term. Derivatives are included in Level 2 of the fair value hierarchy as they are valued using
price models. These models require a variety of inputs, including, but not limited to, contractual terms, market prices, forward price
curves, yield curves and credit spreads.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Inputs for the asset or liability are not based on observable market data. Currently, the Company has no financial instruments at
this level.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfRevenueFromContractsWithCustomersExplanatory_zEUtRhIhKLoh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82B_zbcnGWWcHVq1">REVENUE</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
earned comprise lease and service $<span id="xdx_909_eifrs-full--RevenueFromContractsWithCustomers_c20220101__20221231__ifrs-full--ProductsAndServicesAxis__custom--LeaseAndServiceMember_zSe6YafnCOu4" title="Revenues"><ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-01-012022-12-31_custom_LeaseAndServiceMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">222,406</ix:nonFraction></span> (2021 &#8211; $<span id="xdx_909_eifrs-full--RevenueFromContractsWithCustomers_dxL_c20210101__20211231__ifrs-full--ProductsAndServicesAxis__custom--LeaseAndServiceMember_zUtqdSvHpXik" title="Revenues::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1574">nil</span></span>, 2020 &#8211; $<span id="xdx_903_eifrs-full--RevenueFromContractsWithCustomers_dxL_c20200101__20201231__ifrs-full--ProductsAndServicesAxis__custom--LeaseAndServiceMember_z3V9y9WHUeYa" title="Revenues::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1576">nil</span></span>) and sale of products $<span id="xdx_904_eifrs-full--RevenueFromContractsWithCustomers_c20220101__20221231__ifrs-full--ProductsAndServicesAxis__custom--SaleOfProductsMember_zlp9f95Z6cVd" title="Revenues"><ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-01-012022-12-31_custom_SaleOfProductsMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,545,968</ix:nonFraction></span> (2021 &#8211; $<span id="xdx_90C_eifrs-full--RevenueFromContractsWithCustomers_c20210101__20211231__ifrs-full--ProductsAndServicesAxis__custom--SaleOfProductsMember_zvEDCAztvzb3" title="Revenues"><ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2021-01-012021-12-31_custom_SaleOfProductsMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">122,808</ix:nonFraction></span>,
2020 - $<span id="xdx_905_eifrs-full--RevenueFromContractsWithCustomers_c20200101__20201231__ifrs-full--ProductsAndServicesAxis__custom--SaleOfProductsMember_z5nPpC1QmYXf" title="Revenues"><ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2020-01-012020-12-31_custom_SaleOfProductsMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">33,030</ix:nonFraction></span>). For the years ended December 31, 2022, 2021 and 2020, the Company had one major customer from whom revenues are earned.
The loss of this major customer would have an adverse effect on the overall operations of the company. Revenue from the major customer
was $<span id="xdx_906_eifrs-full--RevenueFromContractsWithCustomers_c20220101__20221231_zlctv9rzjnta" title="Revenues"><ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,768,374</ix:nonFraction></span> for the year ended December 31, 2022 (2021 &#8211; $<span id="xdx_900_eifrs-full--RevenueFromContractsWithCustomers_c20210101__20211231_zwH6oHs2T8Gd" title="Revenues"><ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">122,808</ix:nonFraction></span>, 2020 - $<span id="xdx_901_eifrs-full--RevenueFromContractsWithCustomers_c20200101__20201231_z3k76XHG1YNk" title="Revenues"><ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">33,030</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zzD7tp4vGhK1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82D_zLLSG20c8ual">SUBSEQUENT EVENTS</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_90C_eifrs-full--NumberOfSharesIssued_iI_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_z600U0VVFOPi" title="Issuance of shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_StockOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> common shares upon exercise of stock options for gross proceeds of $<span id="xdx_90C_eifrs-full--ProceedsFromExerciseOfOptions_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zwkuOG5hoVLe" title="Proceeds from exercise of options"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2022-01-012022-12-31_custom_StockOptionsMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">42,500</ix:nonFraction></span>.</span></p>

</ix:nonNumeric><p id="xdx_81F_zzzRmIPgSLNl" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><span id="ED_033"></span>SIGNATURES</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this registration report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    June 16, 2023</span></td>
    <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AVRICORE
    HEALTH INC.</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">By:</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Kiki Smith</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kiki
    Smith,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
    Financial Officer</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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{"company-data": {"conformed-name": "Avricore Health Inc.", "cik": "0001355736", "assigned-sic": "2834", "irs-number": "000000000", "state-of-incorporation": "A1", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "000-51848", "film-number": "231019298"}, "business-address": {"street1": "789 WEST PENDER STREET", "street2": "SUITE 810", "city": "VANCOUVER", "state": "A1", "zip": "V6C 1H2", "phone": "604-687-2038"}, "mail-address": {"street1": "789 WEST PENDER STREET", "street2": "SUITE 810", "city": "VANCOUVER", "state": "A1", "zip": "V6C 1H2"}, "former-company": [{"former-conformed-name": "Vanc Pharmaceuticals Inc.", "date-changed": "20140911"}, {"former-conformed-name": "NUVA Pharmaceuticals Inc.", "date-changed": "20140110"}, {"former-conformed-name": "ALDA Pharmaceuticals Corp.", "date-changed": "20060309"}]}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION STATEMENT
  PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT
  TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐
SHELL COMPANY REPORT PURSUANT
  TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of Event requiring this shell company report _____________
For
the transition period from ___________________ to ______________________
Commission
file number:
000-51848
AVRICORE
HEALTH INC.
(Exact
name of Registrant as specified in its charter)
Not
applicable
(Translation
of Company's name into English)
British
Columbia,
Canada
(Jurisdiction
                                            of incorporation or organization)
1120
– 789 West Pender Street
,
Vancouver
British Columbia
,
V6C1H2
Contact
person:
Hector Bremner
, Phone:
(604)
773-8943
Email
hector.bremner@avricorehealth.com
(Address
of principal executive offices)
Securities
registered or to be registered pursuant to Section 12(b) of the Act.
Title
    of each class
Name
    of each exchange on which registered
Not
    Applicable
Not
    Applicable
Securities
registered or to be registered pursuant to Section 12(g) of the Act.
Common
Shares Without Par Value
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report. December 31, 2022 -
99,244,664
.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934 Yes ☐
No
☒
Indicate
by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☐
No
☒
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth
company. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act (check one):
Large
accelerated filer ☐ Accelerated filer ☐
Non-Accelerated filer
☒ Emerging growth company
☐
If
an emerging growth company that prepares its financial statements in accordance with U.S.GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report. ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP ☐
International Financial Reporting Standards
as issued
Other ☐
by the International Accounting
    Standards Board ☒
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.
Item
17 ☐ Item 18 ☐
If
this is an annual report, indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐
No
☒
(APPLICABLE
ONLY TO ISSUES INVOLVED IN BANKRUPTCY PROCEEDING DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the Company has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐
The
information set forth in this Annual Report on Form 20-F is as at December 31, 2022 unless an earlier or later date is indicated.
FORM
20-F ANNUAL REPORT
TABLE
OF CONTENTS
PART
    I
2
ITEM 1. IDENTITY OF DIRECTORS SENIOR MANAGEMENT AND ADVISERS
2
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
2
ITEM 3. KEY INFORMATION
2
ITEM 4. INFORMATION ON THE COMPANY
6
Item
    4A Unresolved Staff Comments
13
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
13
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
16
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
24
ITEM 8. FINANCIAL INFORMATION
26
ITEM 9. THE OFFER AND LISTING
27
ITEM 10. ADDITIONAL INFORMATION
29
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
38
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
38
PART II
39
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
39
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
39
ITEM 15. CONTROLS AND PROCEDURES
39
ITEM 16. RESERVED
40
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
40
ITEM 16B. CODE OF ETHICS
40
ITEM 16C. PRINCIPAL ACCOUNTING FEES AND SERVICES
41
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
42
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE COMPANY/AFFILIATED PURCHASERS
42
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
42
ITEM 16G. CORPORATE GOVERNANCE
42
ITEM 16H. MINE SAFETY DISCLOSURE
42
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PRESENT INSPECTIONS
42
PART III
43
ITEM 17. FINANCIAL STATEMENTS
43
ITEM 18. FINANCIAL STATEMENTS
43
ITEM 19. EXHIBITS
43
SIGNATURES
45
ii
INTRODUCTION
Nomenclature
In
this Annual Report on Form 20-F, which we refer to as the "Annual Report", except as otherwise indicated or as the context
otherwise requires, the terms "Company", "Avricore", "we", "our" or "us"
refers to Avricore Health Inc. and its subsidiaries.
You
should rely only on the information contained in this Annual Report. We have not authorized anyone to provide you with information that
is different. The information in this Annual Report may only be accurate on the date of this Annual Report or on or as at any other date
provided with respect to specific information.
The
Company was incorporated by registration of its Memorandum and Articles under the BC Companies Act on May 30, 2000 under the name "Duft
Biotech Capital Ltd."
On
November 13, 2003, the Company acquired the assets of ALDA Pharmaceuticals Inc. ("API"), a private company founded in 1996.
On
November 26, 2003 the Company changed its name to ALDA Pharmaceuticals Corp. ("the Company"). The Company is still a British
Columbia, Canada, company.
Effective
August 19, 2005, the authorized share capital of the Company was increased to an unlimited number of common shares without par value.
There are no Indentures or Agreements limiting the payment of dividends and there are no conversion rights, special liquidation rights,
pre-emptive rights or subscription rights.
On
July 24, 2013 the Company changed its name to NUVA Pharmaceuticals Inc. ("the Company"). The Company is still a British Columbia,
Canada, company.
On
July 28, 2014 the Company changed its name to VANC Pharmaceuticals Inc. ("the Company"). The Company is still a British Columbia,
Canada, company.
On
December 28, 2017, the Company completed the acquisition of all the common shares of HealthTab Inc. ("HealthTab"), a private
company. HealthTab's primary asset is intellectual property and certain trademarks and web domains related to the design of the
HealthTab
TM
system, being a lab-accurate, point of care testing platform.
On
November 5, 2018 the Company changed its name to Avricore Health Inc. (the "Company"). The Company is still a British Columbia,
Canada, company.
BUSINESS
OF AVRICORE HEALTH INC.
Avricore
Health Inc. (TSXV: AVCR) is a pharmacy service innovator focused on acquiring and developing early-stage technologies aimed at moving
pharmacy forward. Through its flagship offering HealthTab™ (a wholly owned subsidiary), it provides a turnkey point-of-care testing
platform, creating value for stakeholders and better outcomes for patients.
FINANCIAL
AND OTHER INFORMATION
The
Company's reporting currency and domestic currency is Canadian Dollars. In this Annual Report, unless otherwise specified, all
dollar amounts are expressed in Canadian Dollars ("CDN$" or "$"). The Government of Canada permits a floating
exchange rate to determine the value of the Canadian Dollar against the U.S. Dollar (US$).
1
OPERATING
AND FINANCIAL REVIEW AND PROSPECTS
This
Annual Report on Form 20-F contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995, principally in ITEM #4, "Information on the Company" and ITEM #5, "Operating and Financial Review of Prospects".
These statements may be identified by the use of words like "plan," "expect," "aim," "believe,"
"project," "anticipate," "intend," "estimate," "will," "should,"
"could" and similar expressions in connection with any discussion, expectation, or projection of future operating or financial
performance, events or trends. In particular, these include statements about the Company's strategy for growth, future performance
or results of current sales and production, interest rates, foreign exchange rates, and the outcome of contingencies, such as acquisitions
and/or legal proceedings and intellectual property issues.
Forward-looking
statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual future
results and trends may differ materially from historical results or those projected in any such forward-looking statements depending
on a variety of factors, including, among other things, the factors discussed in this Annual Report under ITEM #3, "Key Information,
Risk Factors" and factors described in documents that the Company may furnish from time to time to the Securities and Exchange
Commission. The Company undertakes no obligation to update publicly or revise any forward-looking statements because of new information.
Although
we believe that the expectations conveyed by the forward-looking statements are reasonable based on information available to us on the
date such forward-looking statements were made, no assurances can be given as to future results, levels of activity, achievements or
financial condition.
MEASUREMENT
INFORMATION
Canada
uses the metric measurement system and all of the measures used by the Company adhere to the standards of the metric system.
PART
I
ITEM
1. IDENTITY OF DIRECTORS SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3. KEY INFORMATION
3.A.1.
[Reserved]
3.B.
Capitalization and Indebtedness
Not
applicable.
3.C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
3.D.
Risk Factors
Risks
pertaining to the Company:
The
Company's limited operating history makes it difficult to evaluate the Company's current business and forecast future results.
Since
its inception, the Company has had limited revenues and has experienced significant operating losses each year. These losses are due
to substantial expenditures on intellectual property protection, product development and product testing of commercial and consumer infection
control product and pre-clinical testing for registration of a number of therapeutic products and over-the-counter (OTC) pharmaceutical
products with Health Canada and the FDA. Sales of T
3
6
®
Antiseptic Hand Sanitizer products were discontinued
in the year ended December 31, 2012. During the year ended December 31, 2019, the Company discontinued its over-the-counter (OTC) pharmaceutical
products business. The Company has changed its direction, and its current operations consist of developing and implementing its HealthTab™
point-of-care technology (POCT). Currently the Company is engaged in the rollout of the HealthTab™ point-of-care testing platform
to 532 Shoppers Drug Mart and affiliated Loblaws locations nation-wide. As a result, future sales of the Company's products are
difficult to predict.
2
The
Company has commenced generating operating cash flow, however failure to generate sufficient revenues and cash flow in the future could
cause the Company to go out of business.
The
Company has no history of pre-tax profit and in the previous four years has had only limited annual revenues for each of the years it
has been operating. The Company sustained operating losses for each of its fiscal years and has sustained significant accumulated operating
losses. The continued operation of the Company will be dependent upon its ability to generate operating revenues and to procure additional
financing. Based upon current plans to introduce HealthTab™ into new markets in Canada and internationally, maintain the Company's
public listing on the TSX-Venture Exchange (the "Exchange") and support the continued registration of its securities in the
US, the Company may incur operating losses in future periods. These losses will occur because there are continuing expenses associated
with the roll out of the Company's HealthTab™ network, legal and accounting fees, the maintenance of its public listing and
other expenses associated with running an operating business. Even if the Company becomes operationally profitable, the Company will
need to raise significant amounts of new funding to expand these activities. Also, the Company may not be successful in generating significant
revenues in the future. At the time of this report, the Company has sufficient funds to continue the roll out of its HealthTab™
network but it may be unable to do so without securing further financing. The Company may not be successful in generating revenues or
raising capital in the future. Failure to generate revenues or raise capital could cause the Company to cease operations,
If
the Company raises further funds through equity issuances, the price of its securities could decrease due to the dilution caused by the
sale of additional shares.
Additional
funds raised by the Company through the issuance of equity or convertible debt securities will cause the Company's current shareholders
to experience dilution and possibly lower the trading price of its shares. Such securities may grant rights, preferences or privileges
senior to those of the Company's common shareholders.
The
Company has issued a limited number of shares out of its authorized capital of an unlimited number of common shares, which could be dilutive
and negatively affect the share price.
Having
an unlimited number of authorized but unissued common shares could allow the Company's Directors and Officers to issue a large
number of shares without shareholder approval, leading to significant dilution of current shareholders and possible lowering of the share
price.
The
Company could enter into debt obligations and not have the funds to repay these obligations.
The
Company does not have any contractual restrictions on its ability to incur debt and, accordingly, the Company could incur significant
amounts of indebtedness to finance its operations. Any such indebtedness could contain covenants, which would restrict the Company's
operations. The Company might not be able to repay indebtedness.
The
Company could enter into contractual obligations and not have the funds to pay for these obligations.
The
Company does not have any contractual restrictions on its ability to enter into binding agreements and, accordingly, the Company could
incur significant obligations to third parties including financial obligations. Any such obligations could restrict the Company's
operations and the Company might not be able to pay for its commitments. If the Company cannot meet its commitments, legal action could
be taken against the Company. Any such actions could further restrict the Company's ability to conduct its business or could cause
the Company to go out of business.
3
The
Company's information technology systems are susceptible to certain risks, including cyber security breaches, which could adversely
impact the Company's operations and financial condition.
The
Company's operations involve information technology systems that process, transmit and store information about our suppliers, customers,
employees, and financial information. These systems face threats including telecommunication failures, natural disasters, and cyber security
threats, including computer viruses, unauthorized access to our systems, and other security issues. While the Company has implemented
security measures to protect these systems, such threats change and evolve almost daily. There is no guarantee these actions will secure
the information systems against all threats and vulnerabilities. The compromise or failure of these information systems could have a
negative effect on the Company's operations and financial condition.
As
the Company is a Canadian company, it may be difficult for U.S. shareholders of the Company to effect service on the Company or to realize
on judgments obtained in the United States.
The
Company is a Canadian corporation. All of its directors and officers are residents of Canada and a significant part of its assets are,
or will be, located outside of the United States. As a result, it may be difficult for shareholders resident in the United States to
effect service within the United States upon the Company, directors, officers or experts who are not residents of the United States,
or to realize in the United States judgments of courts of the United States predicated upon civil liability of any of the Company, directors
or officers under the United States federal securities laws. If a judgment is obtained in the U.S. courts based on civil liability provisions
of the U.S. federal securities laws against the Company or its directors or officers, it will be difficult to enforce the judgment in
the Canadian courts against the Company and any of the Company's non-U.S. resident executive officers or directors. Accordingly,
United States shareholders may be forced to bring actions against the Company and its respective directors and officers under Canadian
law and in Canadian courts in order to enforce any claims that they may have against the Company or its directors and officers. Nevertheless,
it may be difficult for United States shareholders to bring an original action in the Canadian courts to enforce liabilities based on
the U.S. federal securities laws against the Company and any of the Company's non-U.S. resident executive officers or directors.
The
Company's future performance is dependent on key personnel. The loss of the services of any of the Company's executives or
Board of Directors could have a material adverse effect on the Company.
The
Company's performance is substantially dependent on the performance and continued efforts of the Company's executives and
its Board of Directors. The loss of the services of any of the Company's executives or Board of Directors could have a material
adverse effect on the Company's business, results of operations and financial condition. There is no assurance that key personnel
can be replaced with people with similar qualifications within a reasonable period of time. If any or all Directors resign, there is
no assurance that new Directors can be found to replace any directors who resign.
The
Company has not declared any dividends since its inception in 2000 and has no present intention of paying any cash dividends on its common
shares in the foreseeable future.
The
Company has not declared any dividends since its inception in 2000 and has no present intention of paying any cash dividends on its common
shares in the foreseeable future. The payment by the Company of dividends, if any, in the future, rests in the discretion of the Company's
Board of Directors and will depend, among other things, upon the Company's earnings, its capital requirements and financial condition,
as well as other relevant factors.
There
is no assurance that the Company will be able to secure the funds needed for future development, and failure to secure such funds could
lead to a lack of opportunities for growth
.
A
lack of funds would also impair the Company's ability to roll out the HealthTab™ network. If adequate financing is not available
when required, the Company may be required to delay, scale back or eliminate various activities and may be unable to continue in operation.
The Company may seek such additional financing through debt or equity offerings, but there can be no assurance that such financing will
be available on terms acceptable to the Company or at all. Any equity offering will result in dilution to the ownership interests of
the Company's shareholders and may result in dilution to the value of such interests.
4
Conflicts
of interest may exist for Directors and Officers which may inhibit their ability to act in the best interests of the Company and its
shareholders leading to possible impairment of the Company's ability to achieve its business objectives.
The
directors and officers of the Company will not be devoting all of their time to the affairs of the Company. Some of the directors and
officers of the Company are directors and officers of other companies. The directors and officers of the Company will be required by
law to act in the best interests of the Company. They will have the same obligations to the other companies in respect of which they
act as directors and officers. Discharge by the directors and officers of their obligations to the Company may result in a breach of
their obligations to the other companies and, in certain circumstances, this could expose the Company to liability to those companies.
Similarly, discharge by the directors and officers of their obligations to the other companies could result in a breach of their obligation
to act in the best interests of the Company. Such conflicting legal obligations may expose the Company to liability to others and impair
its ability to achieve its business objectives.
Management
of the Company can, through their stock ownership in the Company, influence all matters requiring approval by the Company's shareholders.
Management
of the Company at the time of this report, collectively own approximately 10% of the Company's issued and outstanding common shares
at that date. These shareholders, if acting together, could significantly influence all matters requiring approval by the Company's
shareholders, including the election of directors and the approval of mergers or other business combination transactions. Management
may not make decisions that will maximize shareholder value and may make decisions that will contribute to or cause the entrenchment
of management.
The
value and transferability of the Company shares may be adversely impacted by the limited trading market for the Company's common
shares.
The
Company's common shares are currently quoted on the TSX Venture Exchange under the symbol "AVCR" and on the OTCQB under
the symbol "AVCRF". No assurance can be given that a market for the Company's common shares will be quoted on an exchange
in the U.S. or on the Over the Counter Bulletin Board. The Company's common shares may be subject to illiquidity and investors
may not be able to sell their shares in a timely manner.
The
value and transferability of the Company shares may be adversely impacted by the penny stock rules.
The
sale or transfer of the Company common shares by shareholders in the United States may be subject to the so-called "penny stock
rules." Under Rule 15g-9 of the Exchange Act, a broker or dealer may not sell a "penny stock" (as defined in Rule 3a51-1)
or effect the purchase of a penny stock by any person unless:
(a)
Such
                                            sale or purchase is exempt from Rule 15g-9;
(b)
Prior
                                            to the transaction the broker or dealer has (1) approved the person's account for transaction
                                            in penny stocks in accordance with Rule 15g-9, and (2) received from the person a written
                                            agreement to the transaction setting forth the identity and quantity of the penny stock to
                                            be purchased; and
(c)
The
                                            purchaser has been provided an appropriate disclosure statement as to penny stock investment.
The
SEC adopted regulations generally define a penny stock to be any equity security other than a security excluded from such definition
by Rule 3a51-1. Such exemptions include, but are not limited to (1) an equity security issued by an issuer that has (i) net tangible
assets of at least $2,000,000, if such issuer has been in continuous operations for at least three years, (ii) net tangible assets of
at least $5,000,000, if such issuer has been in continuous operation for less than three years, or (iii) average revenue of at least
$6,000,000 for the preceding three years; (2) except for purposes of Section 7(b) of the Exchange Act and Rule 419, any security that
has a price of $5.00 or more; and (3) a security that is authorized or approved for authorization upon notice of issuance for quotation
on the NASDAQ Stock Market, Inc.'s Automated Quotation System. It is likely that the Company's common shares, assuming a
market were to develop in the US, will be subject to the regulations on penny stocks. Consequently, the market liquidity for the common
shares may be adversely affected by such regulations limiting the ability of broker/dealers to sell the Company's common shares
and the ability of shareholders to sell their securities in the secondary market in the US Moreover, the Company shares may only be sold
or transferred by the Company shareholders in those jurisdictions in the US in which an exemption for such "secondary trading"
exists or in which the shares may have been registered.
5
There
is no guarantee that there is a market for the Company's common shares in the United States.
Although
the Company's common shares were added to the OTC Bulletin Board System on April 20, 2009 under the symbol "APCSF",
and the Company's common shares are currently trading on the OTCQB under the symbol "AVCRF", trading of the Company's
shares is very limited. The Company cannot guarantee that there will be a market for the Company's common shares in the United
States or that there will any significant amount trading in the Company's shares for the foreseeable future. The Company cannot
guarantee that it will continue to maintain a listing in the United States or that it will not be found in default of existing regulations
or new regulations and be suspended from trading or delisted.
Risks
Pertaining to the Industry
There
is a risk of competition from alternative POCT platforms
.
Although
competition is currently limited competitors may emerge offering alternative platforms. The Company will be competing with companies
that are potentially already entrenched in some markets or may be better funded than the Company.
There
is a risk that the Company's intellectual property infringes upon the rights of other companies, which could lead to reduced revenues,
reduced margins due to sanctions against the Company, outright withdrawal or prohibition of products or trademarks from the market and
significant costs for legal defense against infringement claims, re-branding of products and revised marketing materials.
The
Company is unaware of any infringement claims being made against the Company or its products or processes at the time of writing. In
the future, there can be no assurances that third parties will not assert infringement claims in the future or require the Company to
obtain a license for the intellectual property rights of such third parties. There can be no assurance that such a license, if required,
will be available on reasonable terms or at all. If the Company does not obtain such a license, it could encounter delays in the roll
out of the Company's HealthTab™ network.
ITEM
4. INFORMATION ON THE COMPANY
4.A.
History and Development of the Company
Capital
Pool Company
The
Company was incorporated by registration of its Memorandum and Articles under the BC Companies Act on May 30, 2000 under the name "Duft
Biotech Capital Ltd." and was classified as a Capital Pool Company ("CPC") on the TSX Venture Exchange. Under the policies
of the TSX Venture Exchange, the principal business of a CPC is to identify and evaluate opportunities for acquisition. The completion
of such an acquisition is referred to as a Qualifying Transaction. A CPC does not carry on any business other than the identification
and evaluation of assets or businesses in connection with potential Qualifying Transactions, does not have business operations or assets
other than seed capital and has no written or oral agreements for the acquisition of an asset or business at the time of formation.
6
A
"Qualifying Transaction", pursuant to the policies of the TSX Venture Exchange, is a transaction whereby a capital pool company:
(a)
Issues
                                            or proposes to issue, in consideration for the acquisition of significant assets or businesses,
                                            common shares or securities convertible, exchangeable or exercisable into common shares,
                                            which, if fully converted, exchanged or exercised would represent more than 25 percent of
                                            its common shares issued and outstanding immediately prior to the issuance;
(b)
Enters
                                            into an arrangement, amalgamation, merger or reorganization with another issuer with significant
                                            assets, whereby the ratio of securities which are distributed to the security holders of
                                            the capital pool company and the other issuer results in the security holders of the other
                                            issuer acquiring control of the resulting entity; or
(c)
Otherwise
                                            acquires significant assets other than cash.
On
November 13, 2003, the Company acquired the assets of ALDA Pharmaceuticals Inc. ("API"), a private company founded in 1996.
Financings
The
Company has financed its operations since inception through funds raised in a series of private placements of common shares:
Fiscal Year Ended
Nature of Share Issuance
Number of Shares
Amount ($)
30-Jun-2001
Private Placement @
$
0.34
294,119
$
100,000
30-Jun-2002
Canadian Prospectus Offering (IPO) @
$
0.68
300,000
$
204,000
30-Jun-2003
Broker's Warrant Shares on Canadian Prospectus Offering (IPO) @
$
0.68
37,500
$
25,500
30-Jun-2004
Private Placement @
$
0.60
86,667
$
52,000
Private Placement @
$
0.80
1,550,000
$
1,240,000
30-Jun-2005
Private Placement @
$
0.40
750,000
$
300,000
30-Jun-2006
Private Placement @
$
0.20
979,000
$
195,800
Private Placement @
$
0.20
275,000
$
55,000
30-Jun-2007
Private Placement @
$
0.20
357,500
$
71,500
Private Placement @
$
0.40
2,000,000
$
800,000
30-Jun-2008
Private Placement @
$
0.48
500,000
$
240,000
Private Placement @
$
0.60
875,000
$
525,000
30-Jun-2009
N/A
N/A
30-Jun-2010
Private Placement @
$
1.00
1,500,000
$
1,500,000
30-Jun-2011
Private Placement @
$
0.40
818,750
$
327,500
Private Placement @
$
0.40
500,000
$
200,000
30-Jun-2012
Private Placement @
$
0.40
140,000
$
56,000
30-Jun-2013
Private Placement @
$
0.40
2,000,000
$
800,000
30-Jun-2014
Private Placement @
$
0.40
937,500
$
375,000
30-Jun-2015
Private Placement @
$
0.60
1,901,833
$
1,141,100
Stub period ended 31-Dec-2015
N/A
N/A
31-Dec-2016
N/A
N/A
31-Dec-2017
Private Placement @
$
0.15
10,585,326
$
1,587,799
31-Dec-2018
Private Placement @
$
0.15
5,327,335
$
799,100
31-Dec-2019
Private Placement @
$
0.05
6,852,400
$
342,620
31-Dec-2019
Private Placement @
$
0.07
4,206,435
$
294,450
31-Dec-2020
Private Placement @
$
0.10
6,260,000
$
626,000
31-Dec-2021
Private Placement @
$
0.10
8,740,000
$
874,000
31-Dec-2021
Private Placement @
$
0.22
7,000,000
$
1,540,000
7
4.B.
Business Overview
Operations
& Principal Activities
Avricore
Health Inc. is a pharmacy service innovator focused on acquiring and developing early-stage technologies aimed at moving pharmacy forward.
Through its flagship offering HealthTab™ (a wholly owned subsidiary), it provides a turnkey point-of-care testing platform, creating
value for stakeholders and better outcomes for patients.
During
the year ended December 31, 2019, the Company discontinued its over-the-counter (OTC) pharmaceutical products business and ceased production
and sales of all generic and over-the-counter pharmaceuticals.
Avricore
sees the community pharmacy as underutilized and is committed to supporting their ability to deliver innovation to modern healthcare
consumers. Pharmacies face reduced revenues as a result of disruptions to the sector and regulatory changes. As a result, pharmacy owners
are actively looking for innovations in service and value-added services, like HealthTab™, to support their business growth beyond
the traditional dispensing model. Community pharmacy is expected to focus increasingly on cognitive services with attendant point of
care testing in the future.
The
Company hopes to improve health outcomes for patients and lower overall healthcare system costs in this way, bridging traditional healthcare
platforms with disruptive innovations and eventually achieving the healthcare cost savings government and private payors are seeking
to achieve.
This
is all possible thanks to the Company's HealthTab™ technology, which provides lab-accurate results for specific blood work
within 12 minutes. Installed at the pharmacy and administered by the attending pharmacist, the patient can quickly access up to 27 bio-markers.
The advantage of this innovation is that a consumer can quickly access data on their health with a simple patient assisted finger prick
to share with their physician and healthcare team, track their health overtime, measure the impacts of therapies they are undertaking
and screen for potential health risks.
HealthTab™
allows for these innovations to be accessed in a low barrier manner at the community pharmacy level for a balanced cost. The pharmacist
is also able to benefit from this new revenue stream, build a deeper relationship with clientele and fully realize their ability to deliver
lower cost healthcare support.
During
the year ended December 31, 2022, the Company completed the rollout of 416 HealthTab™ systems in Shoppers Drug Mart® and Loblaw
family stores including pharmacist walk-in clinics, 378 in Ontario and 23 in British Columbia, 6 in Nova Scotia, 5 in Alberta and 4 in
New Brunswick. The Company was honoured to have HealthTab™ placed in the first pharmacist-led primary healthcare clinic located
in Lethbridge, Alberta. Not only was this the first clinic, it was also the first system placed in a Real Canadian Superstore®, as
well as its first Alberta location.
Avricore
is focused on expanding and further deploying HealthTab™ to best meet the current community pharmacy sector's needs. The
Company is also in late-stage discussions with other Canadian and international major pharmacy chains, and has a strong prospect list
for future expansion.
The
Company promotes a cleaner and greener economy and continues to drive towards sustainability, including regular evaluations of its sourcing
and shipping procedures to ensure they are environmentally friendly.
8
Key
developments in the later quarters of the year ended December 31, 2022 have included:
Key
developments have included:
●
The
                                            Company recognized revenue of $1,768,374. The Company recorded deferred revenue of $252,000,
                                            for which the Company completed delivery in Q1 2023.
●
The
                                            Company significantly expanded the number of Shoppers Drug Mart pharmacies offering its HealthTab™
                                            point-of-care testing platform under a renewed Master Service Agreement (MSA) to 532 locations
                                            nation-wide. In addition to Shoppers Drug Mart pharmacies, this new MSA and corresponding
                                            Statement of Work (SOW) provided for affiliated locations under the Loblaws family of brands,
                                            to utilize HealthTab™ upon request.
●
In
                                            100 of these locations, the Company has deployed Abbott's ID Now™, either in combination
                                            with the Afinion 2™ or standalone, to support virus detection and assess the demand
                                            and effectiveness of infectious disease screening in community pharmacies.
●
416
                                            HealthTab™ systems were operating in Shoppers Drug Mart® and Loblaw family stores
                                            including pharmacist walk-in clinics as of December 31, 2022, 378 in Ontario and 23 in British
                                            Columbia, 6 in Nova Scotia, 5 in Alberta and 4 in New Brunswick. The Company was honoured
                                            to have HealthTab™ placed in the first pharmacist-led primary healthcare clinic located
                                            in Lethbridge, Alberta. Not only was this the first clinic, it was also the first system
                                            placed in a Real Canadian Superstore®, as well as its first Alberta location.
●
As
                                            of July 1
st
, 2022, the Government of Ontario brought into effect an expanded scope
                                            of practice for community pharmacists in the province, joining Alberta in this growing and
                                            popular approach. This includes limited prescribing for minor ailments, as well as the ability
                                            to perform certain point-of-care tests to assist patients with managing chronic disease.
                                            Approved tests include glucose, HbA1c and lipids, all of which HealthTab™ currently
                                            offers with the Abbott Afinion 2™. Also announced as part of this plan in Ontario,
                                            is a second stage of scope modifications, which will begin on January 1, 2023. This stage
                                            allows for limited prescribing for minor ailments and certain prescription renewals, further
                                            enhancing the value of community pharmacy.
●
These
                                            changes, and increasing demand, means Canadian pharmacy business is rapidly changing before
                                            our eyes, from being product focused to service focused. At $51.4 billion, the industry already
                                            represents a significant impact on healthcare, and the anticipated increase in funding and
                                            new service offerings, including point-of-care testing, will mean this practice will play
                                            an even more impactful role going forward.
●
During
                                            the pilot with Shoppers Drug Mart®, over 15,000 HealthTab™ tests were completed
                                            for more than 6,900 patients. The data collected confirmed that the patients tested had a
                                            high prevalence of previously undiagnosed diabetes, pre-diabetes and heart disease and significant
                                            near-term risk for major health events. Almost 60 per cent of patients needed an intervention
                                            to better manage their chronic disease. On average, 31 percent received a new chronic medication,
                                            28 percent required a change in their current medication, and 235 patients were newly identified
                                            as diabetic. Patients also reported in post surveys that they valued receiving this information
                                            from their pharmacists, and those pharmacists indicated that HealthTab™ enabled an
                                            increase in the value of services they were able to provide to their patients.
●
Developed
                                            a unique quality assurance program with a third-part reference laboratory to offer HealthTab™
                                            pharmacies industry leading validation for point-of-care instruments and test consumables.
●
Signing
                                            of a non-exclusive, pilot supplier distribution agreement in Canada between HealthTab™
                                            Inc., and Abbott, with respect to the handheld blood chemistry analyzer, i-STAT Alinity.
                                            The agreement allows HealthTab™ to distribute Abbott's point-of-care i-STAT Alinity
                                            and its associated tests for creatinine in Canadian pharmacies to better support patients
                                            with important information about their renal function.
●
Amendment
                                            to the Distribution Agreement adds Abbott's popular ID NOW™ molecular testing
                                            device which will add onsite testing and reporting capabilities for SARS-CoV-2 as well as
                                            Respiratory Syncytial Virus (RSV), Influenza A & B and Streptococcus – a powerful
                                            combination for detecting infections before they spread.
9
●
Partnered
                                            with Ellerca Health Inc. to offer joint diabetes screening and management support.
●
Signing
                                            of a Distribution Agreement with Abbott Rapid Diagnostics, to integrate new devices into
                                            Avricore's HealthTab™ to expand its real-time data reporting system capabilities.
●
Developing
                                            new pilot programs with national pharmacy chains,
●
Continuing
                                            to negotiate new POC diagnostic device integrations to expand the HealthTab™ testing
                                            menu.
●
Refining
                                            HealthTab™'s de-centralized clinical trials capabilities to monetize de-identified
                                            data associated with high-value Real-World Evaluation (RWE).
●
Moving
                                            forward with negotiations across several target demographics, domestically and internationally,
                                            with life-science companies, host-locations and Clinical Research Organizations (CRO).
Key
developments subsequent to December 31, 2022 have included:
●
As
                                            of the date of this report 532 participating Shoppers Drug Mart® pharmacies and Loblaw
                                            family stores are offering screening tests to patients via HealthTab™ systems. This
                                            innovative practice in healthcare delivery is expected to expand, as provinces struggle to
                                            recruit more family physicians. The program's primary focus is to screen patients at-risk
                                            for diabetes and cardiovascular disease. In-store signage and print material will let customers
                                            know they are able to request HealthTab™ tests, and existing patients will be made
                                            aware through direct outreach from their Shoppers Drug Mart® or Real Canadian Superstore®
                                            pharmacist based on their health profile.
●
Signed
                                            a new Master Service Agreement and Statement of Work with Shoppers Drug Mart pharmacies to
                                            significantly expand the HealthTab point-of-care testing platform to up to 450 locations
                                            nation-wide, with affiliated locations under the Loblaw family of brands being included.
●
On
                                            March 28
th
, 2023 the Government of Canada tabled it's budget for the year
                                            ahead, including a 10-year funding agreement with the Nation's provinces to increase
                                            healthcare funding. This new funding approach is novel for the fact that each province will
                                            have specific agreements, opposed to the more traditional generalized formula. This approach
                                            is expected to bring substantial innovations related to healthcare data and new healthcare
                                            service delivery, as the provinces agreed to make changes to rules and practices which have
                                            limited data-flow optimization and healthcare access.
●
The
                                            Canadian Medical Association expressed support for many of the initiatives on March 30th,
                                            2023 in relation to the healthcare agreement and encouraged government to institute recommendations
                                            from the Addressing Canada's Health Workforce Crisis report from the Standing Committee
                                            on Health. One of the key items they pointed to was "…optimizing scopes of practice
                                            for health professionals…".
●
Most
                                            provinces have already begun expanding the scope of practice of their pharmacists, with 7
                                            provinces allowing these healthcare professionals to prescribe for minor ailments and 8 provinces
                                            either allowing or will soon allow them to order and interpret lab results.
Industry
Trends
HealthTab™
is a cloud-based network technology that enables the world's first harmonized, real-time response system where consumers receive
a finger-stick blood test at their local pharmacy via a web-enabled clinical grade blood chemistry analyzer. These results are available
in 12 minutes. Consumers' bio-markers, which include key results related to heart, liver and kidney function, are received via
secure login which they can then use to better understand their health performance and share with their healthcare team for evidence-based
decision making. This one-of-a-kind real-time reporting system opens the door to improved preventative healthcare in public and private
health systems.
10
De-identified
data collected, with consumer consent across the HealthTab™ network of analyzers, can be shared with life-science companies and
other research entities including the clinical research industry. The traditional clinical trial approach can be limited in the scope
of time, demographical outreach, and other inherent exclusionary attributes. HealthTab™ presents a revolutionary model for utilizing
the system's unique ability to offer real-time evaluations of treated populations and real-world evaluation clinical trials.
Between
January and February 2020, the Deloitte Center for Health Solutions surveyed multiple leaders from 17 pharmaceutical companies on their
organizations' RWE capabilities. Survey questions revolved around current and future applications for RWE, areas of investment,
strategic partnerships, and use of Real World Data (RWD) and RWE in R&D.
●
Ninety-four
                                            percent of survey respondents believe using RWE in R&D will become important or very
                                            important to their organizations by 2022.
●
Almost
                                            all companies expect to increase investments in talent, technology, and external partnerships
                                            to strengthen their RWE capabilities.
●
Reduced
                                            clinical trial costs and trial failure rates using RWE in R&D
●
Entered
                                            strategic partnerships to access new sources of RWD (in fact, all have taken this step)
The
Company believes it is very well positioned as a strategic partner and lead in this exciting growth sector. In addition, HealthTab™
is ideally situated to provide Real Time Real World Data (RTRWD). This is an important distinction from RWD because HealthTab™'s
anonymized data can be transmitted in real time versus the lag that is accompanied with RWD that is gathered from clinical reporting
systems, insurance claims and adverse event reporting systems.
Currently,
HealthTab™ is available in certain Shoppers Drug Marts in several Canadian provinces. The Company has secured commitments with
other pharmacies in Canada to place additional HealthTab™ systems and is in negotiations with corporate chains. Furthermore, the
Company expanded a partnership agreement with the Ontario Pharmacists Association (OPA) to endorse HealthTab™ to pharmacies conducting
COVID-19 testing and government for real-time reporting of test results. The OPA is the largest pharmacists' association in the
country, with over 10,000 members and over 4,600 community pharmacy locations.
HealthTab™
is being embraced as it is the most credible way to deploy point-of-care testing in the pharmacy and community setting where it offers
the reliability, accuracy and flexibility the sector needs. Avricore has enjoyed a robust response from a variety of key industry players
including, CROs, labs, pharmacies and researchers and has been engaging in a variety of technical discussions which are anticipated to
lead to business.
As
conversations progress, the Company will be making announcements in due course.
Fully
Integrated Patient Health Records
The
Company has been in technical discussions on the integration of HealthTab™ into the electronic medical records and pharmacy management
systems with a Canadian market leader in the provision of these systems.
11
HealthTab™'s
API integration capabilities make it ideal to achieve an industry first, where a consumer's test results can be directly linked
to an electronic medical record as well as a patient's personal health record, for real-time responses and smooth integration across
the multiple platforms a health provider will use.
Connected
Medical Devices
With
greater utilization of integrated devices in almost all other sectors of daily life, the seamless connection of medical devices has been
slow to catch up. That is changing, as Electronic Health Records (EHS) are becoming increasingly important to patients, providers, and
researchers. Having quick, reliable access to critical information means better healthcare outcomes and by the end of 2023, the connected
medical device market is expected to reach over $23 billion US. This sector includes near-to-patient devices like wearables, screening
and diagnostic tools and even hospital-based systems.
Community
Pharmacy Sector
In
an era of rapid change in health care delivery, community pharmacy practice models and community pharmacy business models are both experiencing
significant evolution in focus and daunting challenges to be met. We strongly believe that Avricore is a game-changing catalyst for community
pharmacy to meet their practice and business challenges and increasingly focus on patient-centred cognitive services with attendant point-of-care
testing in the future. Avricore is focused on expanding and further deploying its HealthTab™ and to best meet the current community
pharmacy sector's needs.
HealthTab
Market Fast Facts
●
Point
                                            of Care Testing Market to reach $93.21 Billion USD in 2030 (Source)
●
Nearly
                                            13.6 Million Canadians expected to be diabetic or prediabetic by 2030, with many undiagnosed
                                            (Source)
●
Over
                                            1 in 3 Americans, approximately 88 million people, have pre-diabetes (Source)
●
Close
                                            to 160,000 Canadians 20 years and older are diagnosed with heart disease each year, often
                                            it's only after a heart attack they are diagnosed (Source)
●
There
                                            are more than 10,000 pharmacies in Canada, 88,000 pharmacies in the US, nearly 12,000 in
                                            the UK.
According
to PWC Canada's most recent consumer
survey
, Canadians consumers have been utilizing technology to take better control of
their health and 75% of them have as many as three health related apps installed on their mobile device.
They
also state: "
Many Canadians are willing to share their personal information to facilitate ease of access to personal health
information through digital channels. Think of accessing lab or diagnostic test results online days after getting the test, instead of
having to wait for results and visiting the doctor, or waiting for a phone call
."
The
internet of things has hit healthcare consumer trends in a large way and consumers are benefitting from faster, lower cost analysis direct
to their device. The Global Consumer Insights Survey (GCIS) demonstrated the rapid shift with more than two-thirds of those surveyed
stating they trusted tech companies - not known to be in healthcare, but in hardware, software and online shopping - to access healthcare
services.
67%
of consumers stated they were either "somewhat comfortable or very comfortable" with accessing healthcare products and services
from a company with all their information collated in one place. This means companies offering health insurance, over-the-counter medications,
or digital diagnostics.
Healthcare
data, its capture, analysis and delivery to the consumer is a top market priority as consumers are looking to take greater control, however;
those same consumers are looking to companies to manage the security of that data well and use it ethically.
12
The
MIT Technology Review has looked at consumer pay genomic services, largely offered online, and have found that
26 Million
people
have taken one of these tests. "You may discover unexpected facts about yourself or your family when using our services,"
warns the most popular company's
privacy statement
. "Once discoveries are made, we can't undo them."
In
addition to the shift in direct access healthcare technology is offering, policy changes toward healthcare policy is also creating dynamics
within the market.
The
Ontario Pharmacy Evidence Network's most recent
paper
looked at a wide ranging of policy changes affecting Ontario alone.
They found an industry going through "significant changes" thanks to the
Patients First Action Plan
and the
Proposal
to Strengthen Patient-Centered Health Care in Ontario
are driving a more date-driven and patient centered approach.
It
has also meant that pharmacy has had to contend with offering greater service innovation with less revenues, as controls placed on generic
drug pricing and limits on certain revenue streams, like manufacture rebates, have come into effect.
"As
pharmacies develop their own technology," the authors state "the integration of health care provider records and the emergence
of patient-controlled or viewable health records are important areas of health care transformation."
This
means consumers want better data control about their health and the market will need to deliver.
Manufacturing
-
The Company has discontinued the manufacturing of OTC and generic drugs.
4.C.
Organization structure
The
Company is not part of a group and has one wholly-owned subsidiaries, HealthTab Inc., which is incorporated in British Columbia.
4.D.
Equipment
The
Company's property, plant and equipment is HealthTab
TM
systems deployed at pharmacy locations, comprised of system analyzers,
system computer hardware and systems software.
Item
4A Unresolved Staff Comments
Not
applicable.
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The
following discussion and analysis of the financial condition and operational performance should be read in conjunction with the audited
consolidated financial statements of the Company and the notes thereto prepared in accordance with IFRS.
5.
A. Operating Results of the Company
Overview
In
the last several years, the Company's primary focus was on expanding its HealthTab™ point-of-care testing platform in pharmacies
across Canada and beyond and begin to generate more substantial revenues. The pilot project announced with Shoppers Drug Mart® was
successfully executed, despite operating under the extraordinary impacts of the COVID-19 pandemic. Currently the Company has completed
the rollout of 532 HealthTab™ point-of-care testing platform Shoppers Drug Mart and affiliated Loblaws locations nation-wide.
The
Company is in discussions with multiple pharmacy groups to expand the Canadian and international HealthTab™ network.
13
The
most recent financials demonstrated that fiscal 2022 saw a year-over-year 1,340% increase in revenues and the Company has maintained
strong fiscal discipline, maintaining a moderate operating cost model, conserving cash, and limiting exposure to further equity dilution
while executing on the build out of HealthTab™.
Management's
focus is on expansion of the business to new markets, locations and jurisdictions; cost control and positive cash flows to ensure sustainable
operations of the Company.
Results
of Operations for the years ended December 31, 2022, 2021 and 2020
Revenue
from the continuing operations was $1,768,374 for the year ended December 31, 2022 (2021 - $122,808; 2020 - $33,030). This represents
the revenue earned by the POTC HealthTab™ business acquired in 2018.
Marketing
and Communication expenses
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
$
$
$
Marketing
-
-
2,279
Shareholder communications
173,035
329,342
28,972
173,035
329,342
31,251
General
and Administrative expenses
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
$
$
$
Bad debt
-
-
2,977
Bank service charges
5,421
6,806
5,910
Filing and registration fees
40,563
59,635
37,715
Insurance
60,251
44,784
38,283
Investor relations
-
5,312
1,265
Office maintenance
31,888
30,738
17,550
Payroll
34,813
-
-
Regulatory fees
5,238
8,380
-
Rent
16,800
12,810
5,268
Travel
55,170
14,382
5,259
250,144
182,847
114,227
Share-based
compensation
Share-based
compensation for the year ended December 31, 2022 of $331,522 (2021: $495,791; 2020: $130,219) is a non-cash item that represents the
allocation of the fair value of options over the vesting period.
14
5.
B. Liquidity and capital resources
Liquidity
The
Company's operations have been financed through the issuance of common shares. Management anticipates that additional financings
or capital requirements to fund the current commercial operations and working capital will be required to grow the business to the sustainable
level.
Cash
flows
Sources
and Uses of Cash:
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
$
$
$
Cash used in operating activities
(437,832
)
(1,234,154
)
(1,223,396
)
Cash used in investing activities
(1,208,516
)
(140,364
)
-
Cash provided by financing activities
253,880
3,084,798
1,512,312
Net change in cash and cash equivalents
(1,392,468
)
1,710,280
288,916
Cash and Cash Equivalents
620,527
2,012,995
302,715
Capital
resources
Management
devotes financial resources to the Company's operations, sales and commercialization efforts, and business development. The Company
will require cash to support working capital.
At
December 31, 2022, the Company had a working capital of $826,238, compared to $2,074,533 at December 31, 2021. The Company believes that
its cash on hand, the expected future cash inflows from the sale of its products, net proceeds from the closing of private placements
and proceeds from loans, stock options and warrants exercised, if any, will be sufficient to finance the Company's working capital
and operational needs for at least the next 6 months. If the Company's existing cash resources together with the cash the Company
generates from the sales of its products are insufficient to fund its working capital and operational needs, the Company may need to
sell additional equity or debt securities or seek additional financing through other arrangements.
During
the year ended year December 31, 2020, the Company entered into a loan agreement with a third party for a secured loan in the amount
of $1,000,000. The Loan was for a term of one year from the date of receipt of the funds, bore interest at a rate of 10% per annum and
was secured with all of the present and after-acquired property of the Company. In 2021, the Company repaid the $1,000,000 loan at its
maturity. The Company does not have any off-balance sheet arrangements.
5.C.
Research and development, patents and licenses etc.
The
Company will not be devoting resources to research, development and patents going forward. The Company is now focused on the growth of
the POTC segment HealthTab™.
5.D.
Trend information
There
is a significant trend toward consumer point of care testing. Healthcare data, its capture, analysis and delivery to the consumer is
a top market priority as consumers are looking to take greater control, however; those same consumers are looking to companies to manage
the security of that data well and use it ethically.
5.G.
Safe Harbor
This
Annual Report on Form 20-F contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995, principally in ITEM #4, "Information on the Company" and ITEM #5, "Operating and Financial Review and Prospects".
These statements may be identified by the use of words like "plan," "expect," "aim," "believe,"
"project," "anticipate," "intend," "estimate," "will," "should,"
"could" and similar expressions in connection with any discussion, expectation, or projection of future operating or financial
performance, events or trends. In particular, these include statements about the Company's strategy for growth, future performance
or results of current sales and production, interest rates, foreign exchange rates, and the outcome of contingencies, such as acquisitions
and/or legal proceedings and intellectual property issues.
15
Forward-looking
statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual future
results and trends may differ materially from historical results or those projected in any such forward-looking statements depending
on a variety of factors, including, among other things, the factors discussed in this Annual Report under ITEM #3, "Key Information,
Risk Factors" and factors described in documents that the Company may furnish from time to time to the Securities and Exchange
Commission. The Company undertakes no obligation to update publicly or revise any forward-looking statements because of new information.
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management
The
following table sets forth certain information as of December 31, 2022 and as of the date of this report about the Company's current
directors and senior management. There have been no subsequent changes to the Company's current directors and senior management,
except as footnoted below:
Table
No. 6
:
Directors
and Senior Management:
Name
Age
Position
Other
                                            Reporting Companies in Canada
or
                                            the United States
Company
Position
Hector
    Bremner
41
CEO,
    Director
N/A
N/A
Kiki
    Smith
56
CFO
    & Corporate Secretary
A.I.S.
                                            Resources Limited
Ultra
    Lithium Inc.
Goldex
    Resources Corp.
Director
Senior
    Officer
Senior
    Officer
Rodger
    Seccombe
42
CTO,
    Director
N/A
N/A
David
    Hall
68
Director
RepliCel
    Life Sciences Inc.
Director
Alan
    Arnstein
54
Director
N/A
N/A
Robert
    Sindelar
69
Director
N/A
N/A
David
    Farnfield
59
Director
N/A
N/A
Mr.
Bremner, CEO and Director
, has an extensive branding and business development experience. He joined Avricore in January 2019
as an advisor, and then as Executive Vice- President in June, providing strategic guidance on product offering, market development and
communications. In April 2020, he was appointed Director of the Company. Mr. Bremner founded Vancouver based TOUCH Marketing in 2007,
whose innovative marketing, communications and project management strategies earned him a strong reputation for delivering results. He
previously served as a key advisor in the offices of BC's Minister of International Trade, the Minister of Tourism and Small Business,
as well as the Ministry of Natural Gas Development and Deputy Premier. After leaving the BC Government, Mr. Bremner joined Vancouver
based communications firm Pace Group as Vice President of Public Affairs. In 2017, Mr. Bremner was elected to Vancouver City Council
in a rare by-election, having a dramatic impact on the city's political culture and policy approaches related to the ongoing housing
crisis.
16
Ms.
Kiki Smith CPA, CGA, CFO and Corporate Secretary,
Ms.
Smith brings more than two decades of experience in managing and financing junior listed companies in the technology, mining exploration
and food production sectors, including debt and equity financings, corporate structure design and management, cash flow management and
forecasting, legal and regulatory compliance, investor communications, stakeholder engagement and risk management. She holds a BA in
Economics from the University of British Columbia and a Certified Professional Accountant designation from the Certified Professional
Accountants Association of British Columbia.
Mr.
Rodger Seccombe, Chief Technology Officer and Director,
is a co-founder of HealthTab Inc. He has over 20 years of experience
launching and running companies in software, healthcare technology, and clean energy. Mr. Seccombe earned a B.Com (hons) from UBC's
Sauder School of Business and is a Chartered Professional Accountant (CPA-CMA). Prior to HealthTab, he designed and developed cloud-based
informatics system currently in use by world's leading medical laboratories and instrument manufacturers. In 2006, he joined the
start-up team at Canadian Bioenergy Corporation and helped pioneer the development of the renewable fuel industry in Canada.
Mr.
David Hall, Director
is currently Chairman of RepliCel Life Sciences ("RepliCel") and a consultant to the life sciences
industry. Mr. Hall served as CEO and President of RepliCel from 2012 through 2015. Prior to RepliCel, Mr. Hall acted as a consultant
to the government, pharma industry, biotech, eHealth and NGO's for two years. For the prior 15 years, Mr. Hall was a business founder,
CFO, CCO, Treasurer and Secretary of Angiotech Pharmaceuticals Inc. Mr. Hall is a Past Chair and board member of Life Sciences BC and
current Chairman of Providence Health Care Research Institute. He is the author of Life Sciences BC's position papers for the Premier's
Competition Council Report and Conversation on Health. Mr. Hall was also a member of the BC Task Force on PharmaCare and serves on the
board of directors of the Advantage BC. Mr. Hall holds an Honours degree in Economics and an Honours degree in Finance from the University
of Manitoba.
Mr.
Alan Arnstein, Director
previously worked for the Katz Group Canada where he oversaw the development of the Medicine Shoppe from
28 stores to 175 stores (corporate and franchised) before the successful sale to McKesson Canada. Mr. Arnstein also was very involved
in expanding the Rexall pharmacy brand across Canada including responsibility for acquiring and consolidating independent pharmacies
under the Rexall banner. Mr. Arnstein has played and continues to play an active role in real estate projects including the leasing of
the Ice District next to Rogers Place in downtown Edmonton, an estimated $5.5B project.
Mr.
Robert Sindelar, Director
is a Professor in the Faculty of Pharmaceutical Sciences at the University of British Columbia (UBC)
and an Advisor, External Relations to the Centre for Health Evaluation & Outcomes Sciences, Providence Health Care Research Institute
and UBC. Dr. Sindelar is also an elected fellow International Pharmaceutical Federation, Chair of the Global Pharmacy Observatory Advisory
Board of the International Pharmaceutical Federation, Member of the External Advisory Board, Trinity College Dublin, School of Pharmacy
and Pharmaceutical Sciences. Dr. Sindelar is also a past Dean of the Faculty of Pharmaceutical Sciences, UBC, President Providence Health
Care Research Institute and VP Research and Academic Affairs, Providence Health Care. Dr. Sindelar earned a B.A., Chemistry from Millikin
University, a M.S. and Ph.D. in Medicinal Chemistry and Natural Products from the University of Iowa, College of Pharmacy.
Mr.
David Farnfield, Director,
is a Yale School of Economics graduate who brings 35 years of experience in commodity, currency and
financial futures markets. While serving as Vice President at George Weston Limited, a large food manufacturer and distributor, David
oversaw $1B+ in commodity and currency risk while overseeing their commodity division. He has led key negotiations between industry stakeholders
on commodity supply agreements and is intimately familiar with product supply agreements. Mr. Farnfield is also a Board member of the
Canadian Oilseed Industry Association (Oilseed Innovation Partners) – a non-government agency.
The
Directors have served in their respective capacities since their election and/or appointment and will serve until the next Annual General
Meeting or until a successor is duly elected, unless the office is vacated in accordance with the Articles of the Company.
17
No
Director and/or member of senior management had been the subject of any order, judgment, or decree of any governmental agency or administrator
or of any court or competent jurisdiction, revoking or suspending for cause any license, permit or other authority of such person or
of any corporation of which he is a Director and/or member of senior management, to engage in the securities business or in the sale
of a particular security or temporarily or permanently restraining or enjoining any such person or any corporation of which he is an
officer or director from engaging in or continuing any conduct/practice/employment in connection with the purchase or sale of securities,
or convicting such person of any felony or misdemeanor involving a security or any aspect of the securities business or of theft or of
any felony.
There
are no family relationships between any two or more Directors or members of senior management.
There
are no arrangements or understandings with major shareholders, customers, suppliers or others, pursuant to which any person referred
to above was selected as a Director or member of senior management.
6.B.
Compensation
Cash
Compensation
Total
compensation accrued and/or paid (directly and/or indirectly) to all Directors/Senior Management during the year ended December 31, 2022
and two previous years are detailed in Table No. 7 below:
Table
No. 7
Annual
Compensation of Senior Management
Annual Compensation
Long Term Compensation
Awards
Name and
Principal Position
Year
Salary
($)
Bonus
($)
Other
Annual
Compensation ($)
Securities Under
Option/
SAR's Granted
(#)
FMV
(2)
Options
($)
Hector Bremner
2022
Nil
Nil
168,000
700,000
93,222
Chief Executive Officer
2021
Nil
35,000
150,000
325,000
73,130
(Former VP Business Development)
2020
Nil
Nil
150,000
500,000
34,857
Kiki Smith
2022
Nil
Nil
124,200
150,000
19,976
Chief Financial Officer
2021
Nil
30,000
120,000
225,000
50,629
and Corporate Secretary
(1)
2020
Nil
Nil
120,000
210,000
14,640
Rodger Seccombe
2022
Nil
Nil
168,000
700,000
93,222
Chief Technology Officer
2021
Nil
35,000
127,500
325,000
73,130
2020
Nil
Nil
120,000
Nil
Nil
(1)
Consulting/management fees were paid to a consulting company
owned by senior management;
(2)
Share-based payments for options granted were measured using
the Black-Sholes option pricing model.
18
Table
No. 8
Director
Stock Option at December 31, 2022
Grant date
FMV(1) - $
Issued
Vested
Expiry Date
Hector Bremner,
Aug 10, 2022
93,222
700,000 @ 0.15
175,000
Aug 10, 2027
Director
Mar 22, 2021
73,130
325,000 @ 0.25
325,000
Mar 22, 2026
Dec 8, 2020
34,857
500,000 @ 0.08
500,000
Dec 8, 2025
Oct 15, 2019
2,031
150,000 @ $0.05
150,000
Oct 15, 2024
Jan 24, 2019
8,347
140,000 @ $0.075
140,000
Jan 24, 2024
Rodger Seccombe,
Aug 10, 2022
93,222
700,000 @ 0.15
175,000
Aug 10, 2027
Director
Mar 22, 2021
73,130
325,000 @ 0.25
325,000
Mar 22, 2026
Oct 15, 2019
8,802
650,000 @ $0.05
650,000
Oct 15, 2024
April 11, 2018
30,233
150,000 @$0.21
(2)
150,000
Apr 11, 2023
Alan Arnstein, Director
Aug 10, 2022
16,647
125,000 @ 0.15
31,250
Aug 10, 2027
Mar 22, 2021
16,876
75,000 @ 0.25
75,000
Mar 22, 2026
David Farnfield,
Aug 10, 2022
16,647
125,000 @ 0.15
31,250
Aug 10, 2027
Director
Mar 22, 2021
16,876
75,000 @ 0.25
75,000
Mar 22, 2026
Oct 15, 2019
4,062
300,000 @ $0.05
300,000
Oct 15, 2024
David Hall, Director
Aug 10, 2022
59,928
450,000 @ 0.15
112,500
Aug 10, 2027
Mar 22, 2021
16,876
75,000 @ 0.25
75,000
Mar 22, 2026
Oct 15, 2019
812
60,000 @ $0.05
60,000
Oct 15, 2024
Apr 1, 2019
2,914
55,000 @ $0.06
55,000
Apr 1, 2024
Dr. Robert Sindelar,
Aug 10, 2022
16,647
125,000 @ 0.15
31,250
Aug 10, 2027
Director
Mar 22, 2021
16,876
75,000 @ 0.25
75,000
Mar 22, 2026
Oct 15, 2019
1,219
90,000 @ $0.05
90,000
Oct 15, 2024
Apr 1, 2019
1,854
35,000 @ $0.06
35,000
Apr 1, 2024
(1)
Share-based payments for options granted were measured using
the Black-Sholes option pricing model.
(2)
Options repriced from $0.21 to $0.10 during the year ended
December 31, 2020.
The
following table gives certain information concerning stock option exercises during Fiscal 2022 by the Company's Senior Management
and Directors. It also gives information concerning stock option values.
Table
No. 9
Aggregated
Stock Options Exercises in the year ended December 31, 2022
Fiscal
Year-end Unexercised Stock Options
Fiscal
Year-end Stock Option Values
Senior
Management/Directors
Name
Number of Shares Acquired on Exercise
Aggregate Value Realized
Value of Unexercised In-the-Money Options at Fiscal Year-End Exercisable/Un-exercisable
Total
625,000
$
62,500
$
553,013
19
Director
Compensation
: The Company has no formal plan for compensating its Directors for their service in their capacity as Directors. Directors
are entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings
of the Board of Directors. The Board of Directors may award special remuneration to any Director undertaking any special services on
behalf of the Company other than services ordinarily required of a Director. Other than indicated below no Director received any compensation
for his services as a Director, including committee participation and/or special assignments.
Stock
Options
: The Company may grant stock options to Directors, Senior Management and employees. Refer to ITEM #6.E., "Share Ownership"
and Table No. 8 for information about stock option grants.
Other
Compensation:
No Senior Manager or Director received "other compensation" in excess of the lesser of US$25,000 or 10%
of such officer's cash compensation, and all Senior Managers or Directors as a group did not receive other compensation which exceeded
US$25,000 times the number of persons in the group or 10% of the compensation.
Bonus/Profit
Sharing/Non-Cash Compensation:
Except for the stock option program discussed in ITEM #6.E., the Company had no material bonus or
profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to the Company's Directors or Senior Management.
Pension/Retirement
Benefits:
No funds were set aside or accrued by the Company during the year ended December 31, 2022 to provide pension, retirement
or similar benefits for Directors or Senior Management.
6.C.
Board Practices
6.C.1.
Terms of Office.
At
every Annual General Meeting of the Company, the Directors are elected by the shareholders and serve as Directors until the next Annual
General Meeting is held.
6.C.2.
Directors' Service Contracts.
The
Company retains its Officers as independent consultants. The Company will not be required to make contributions for employment insurance,
Canada Pension, workers' compensation or other similar levies in respect of the fee for services to be paid to the Officers. Each
Officer agrees to pay all required contributions and deductions for income taxes, workers' compensation and employment insurance
and shall indemnify and save the Company harmless from and against all claims, actions, losses, expenses, costs or damages which the
Company or its officers, employees or agents may suffer as a result of the Officer's non-compliance with this requirement.
Each
Officer agrees to provide sufficient time and attention to the business and affairs of the Company, to advise and counsel the Board of
Directors of the Company and to channel to the Company all knowledge, business and customer contacts and any other information that could
concern or be in any way beneficial to the Company. All information communicated to the Company will be the property of the Company.
The Officers acknowledge that each is a "person in a special relationship", as that expression is defined in the securities
laws of various provinces of Canada, and may receive material information concerning the business and affairs of the Company that has
not been generally disclosed, and covenant and agree that they will not purchase or sell any securities of the Company until such information
has been generally disclosed. The Company is aware that the Officers may provide services to certain other companies from time to time
as disclosed above. The Officers agree that they will not provide services to any other companies without the written approval of the
Company.
The
Company will pay a consulting fee in the amount of (Cdn) $18,000 per month to Hector Bremner for CEO services through a consulting agreement.
The
Company will pay a consulting fee in the amount of (Cdn) $10,700 per month to a company controlled by Kiki Smith for CFO and Corporate
Secretarial services through a consulting agreement.
The
Company will pay a consulting fee in the amount of (Cdn) $18,000 per month to Rodger Seccombe for CTO services through a consulting agreement.
20
The
fees payable will be reviewed annually, and may be adjusted by the Company in consultation with the Officers to reflect general economic
conditions, changes in the duties provided under this Agreement or performance by the Officers. The Officers are entitled to participate
in the Company's incentive stock option plan (Exhibit 4.m)
.
The Company will reimburse the Officers for all reasonable travelling
and other out-of-pocket expenses incurred in connection with services provided to the Company. The Officers will be entitled to participate
in any benefit programs established by the Company. To date, no such plans are in place.
Inventions
of any type made by the Officers become the sole property of the Company which will hold all intellectual property rights for such inventions.
If the Company chooses to patent, copyright, trademark or otherwise protect the inventions, the Officers will assign their rights to
the Company. The Officers will treat all information of the company as confidential except any information that is presently in the public
domain, any information that subsequently becomes part of the public domain, any information obtained by the Officers from a third party
with a valid right to disclose it or any information that was independently developed by the Officers or was in their possession prior
to receipt from the Company.
The
Officers agree that they shall not engage in any activity that is contrary to or detracts from the performance of the business of the
Company, will not receive any personal benefit from any party having business with the Company without the approval of the Board of Directors
of the Company and, during the term of the agreement and for a period of one year afterwards, will not compete with the Company or solicit
customers or employees of the Company.
The
Officers may terminate their respective agreements with the Company by giving thirty (30) days written notice to the Company. The Company
may waive such notice and, if it does so, such agreements will cease on the date the Company waives such notice. The Company may terminate
the agreements without notice or payment in lieu of notice for breach of the agreement. The Company may terminate any agreement at its
sole discretion and for any reason upon giving the Officer written notice of termination provided that the Company pays, in lieu of notice,
three (3) months fee severance. The Company may terminate any agreement without notice or payment in lieu of notice upon a change of
control of the holding company of the Officer or the death or permanent disability of the Officer. Upon termination of an agreement,
the Officer will promptly return all property. Each agreement may be subject to the acceptance by TSX Venture Exchange and a refusal
to do so shall not constitute a default of the Company.
6.C.3.
Board of Director Committees.
The
Company has an Audit Committee, which is governed by an Audit Committee Charter (filed as Exhibit hereto) and recommends to the Board
of Directors the engagement of the independent auditors of the Company and reviews with the independent auditors the scope and results
of the Company's audits, the Company's internal accounting controls, and the professional services furnished by the independent
auditors to the Company. The current members of the Audit Committee are: David Hall (Chairman), Robert Sindelar (Director) and Alan Arnstein
(Director). The Audit Committee met once during the year ended December 31, 2022 to discuss and recommend approval by the Board of the
Company's audited financial statements. The interim financial statements and related Management Discussion and Analysis were approved
by joint consent resolution.
6.D.
Employees
As
of December 31, 2022, the Company employed 1 employee. The Company engaged the services of President, Chief Executive Officer, Chief
Financial Officer and Corporate Secretary, and Head of HealthTab Division through consulting service contracts.
21
6.E.
Share Ownership
Table
No. 10 lists, as of the date of this report, Directors and Senior Management who beneficially own the Company's voting securities,
consisting solely of common shares, and the amount of the Company's voting securities owned by the Directors and Senior Management
as a group.
Table
No. 10
Shareholdings
of Directors and Senior Management
Title of Class
Name of Beneficial Owner
Number of Shares
Options and
Warrants
Percent of
Class *
Common
Hector Bremner
1,350,000
2,115,000 options
3.48
%
Common
Kiki Smith
916,000
720,300 options
1.64
%
Common
Rodger Seccombe
4,461,111
1,975,000 options
6.46
%
Common
Robert Sindelar
760,000
525,000 options
1.29
%
Common
Alan Arnstein
25,000
400,000 options
0.43
%
Common
David Farnfield
620,000
700,000 options
1.32
%
Common
David Hall
1,367,618
890,000 options
2.27
%
Total Directors/Management
9,499,729
Nil
                                                                                                                                          warrants
7,325,300 options
16.89
%
*
Based on 99,644,664 shares outstanding as at June 14, 2023
Stock
Options:
The terms of incentive options grantable by the Company are done in accordance with the rules and policies of the TSX Venture
Exchange and the British Columbia Securities Commission, including the number of common shares under option, the exercise price and expiry
date of such options and any amendments thereto. The Company adopted a formal written stock option plan (the "Plan") on December
13, 2005. At each Annual General Meeting of the Company, the Plan is presented to and voted on by the shareholders of the Company. If
approved, the terms and conditions of the Plan remain in force for the subsequent year. The Stock Option Plan was amended and passed
by a majority of shareholders at the Annual General Meeting held on September 15, 2017 and most recently reapproved on April 16, 2021.
A copy of the Stock Option Plan is provided as Exhibit 15(b) attached hereto. It will remain in effect until the next Annual General
Meeting of Shareholders.
Such
"terms and conditions", including the pricing of the options, expiry and the eligibility of personnel for such stock options,
are described below. The terms of the original Stock Option Plan and the major changes in the Stock Option Plan (the "Plan")
are described below and provided as Exhibit 15(b) attached hereto.
The
principal purposes of the Company's stock option program are to (a) assist the Company in attracting, retaining, and motivating
directors, officers and employees of the Company and, (b) to closely align the personal interests of such directors, officers and employees
with the interests of the Company and its shareholders.
The
Plan provides that stock options may be granted to service providers for the Company. The term "service providers" means:
(a)
Any full or part-time employee or Officer, or insider of the Company or any of its subsidiaries;
(b)
Any other person employed by a company or individual providing management services to the Company;
(c)
Any other person or company engaged to provide ongoing consulting services for the Company
or any entity controlled by the Company or
22
(d) Any individual engaged to provide services that promote the purchase or sale of the issued
securities (any person in (a), (b), (c) or (d) hereinafter referred to as an "Eligible Person"); and
(e)
A
ny registered retirement savings plan established
by such Eligible Person, or any corporation controlled by such Eligible Person, the issued and outstanding voting shares of which are,
and will continue to be, beneficially owned, directly or indirectly, by such Eligible Person and/or spouse, children and/or grandchildren
of such Eligible Person.
For
stock options to Employees, Consultants or Management Company Employees, the Company must represent that the optionee is a bona fide
Employee, Consultant or Management Company Employee as the case may be. The terms "insider" "Controlled" and
"subsidiary" shall have the meanings ascribed thereto in the Securities Act (Ontario) from time to time. Subject to the foregoing,
the board of directors or Committee, as applicable, shall have full and final authority to determine the persons who are to be granted
options under the Plan and the number of shares subject to each option.
The
Plan shall be administered by the Board of Directors of the Company or a committee established by the Board of Directors for that purpose.
Subject to approval of the granting of options by the Board of Directors or Committee, as applicable, the Company shall grant options
under the Plan.
The
Plan provides that the aggregate number of shares of the Company, which may be issued and sold under the Plan, will not exceed 10% of
the issued shares of the Company. The Company shall not, upon the exercise of any option, be required to issue or deliver any shares
prior to (a) the admission of such shares to listing on any stock exchange on which the Company's shares may them be listed, and
(b) the completion of such registration or other qualification of such shares under any law, rules or regulation as the Company shall
determine to be necessary or advisable. If any shares cannot be issued to any optionee for whatever reason, the obligation of the Company
to issue such shares shall terminate and any option exercise price paid to the Company shall be returned to the optionee.
If
a stock option expires or otherwise terminates for any reason without having been exercised in full, the number of common shares reserved
for issuance under that expired or terminated stock option shall again be available for the purposes of the Plan. Any stock option outstanding
when the Plan is terminated will remain in effect until it is exercised or it expires. The Plan provides that it is solely within the
discretion of the Board to determine who should receive stock options and in what amounts, subject to the following conditions:
(a)
Options will be non-assignable and non-transferable except that they will be exercisable by the personal representative of the option holder in the event of the option holder's death;
(b) Under
the Plan, options may be exercisable for a maximum of ten years from grant date;
(c) Under
the Plan, options to acquire more than 5% of the issued shares of the Company may be granted to any one individual in any 12-month period
the approval of the disinterested shareholders of the Company;
(d) Options to acquire no more than 2% of the issued shares of the Company may be granted to any
one consultant in any 12-month period;
(e) Options
to acquire no more than an aggregate of 2% of the issued shares of the Company may be granted to an employee conducting investor relations
activities (as defined in TSX Venture Exchange Policy 1.1), in any 12 month period;
(f) Options
to acquire no more than 10% of the issued shares of the Company may be granted to any insiders in any 12-month period;
(g) Under
the Plan, options held by an option holder who is a director, employee, consultant or management company employee are no longer required
to expire within 90 days after the option holder ceases to be a director, employee, consultant or management company employee;
(h) Under the Plan, options held by an option holder who is engaged in investor relations activities
are no longer required expire within 30 days after the option holder ceases to be employed by the Company to provide investor relations
activities; and
23
(i) In the event of an option holder's death, the option holder's personal representative
may exercise any portion of the option holder's vested outstanding options for a period of one year following the option holder's
death.
The
Plan provides that other terms and conditions may be attached to a particular stock option, such terms and conditions to be referred
to in a schedule attached to the option certificate. Stock options granted to directors, senior officers, employees or consultants will
vest when granted unless otherwise determined by the Board of Directors on a case by case basis, other than stock options granted to
consultants performing investor relations activities, which will vest in stages over 12 months with no more than one-fourth of the options
vesting in any three month period.
The
price at which an option holder may purchase a common share upon the exercise of a stock option will be as set forth in the option certificate
issued in respect of such option and in any event will not be less than the discounted market price of the Company's common shares
as of the date of the grant of the stock option (the "Award Date"). The market price of the Company's common shares
for a particular Award Date will typically be the closing trading price of the Company's common shares on the day immediately preceding
the Award Date, or otherwise in accordance with the terms of the Plan. Where there is no such closing price or trade on the prior trading
day "market price" shall mean the average of the most recent bid and ask of the shares of the Company on any stock exchange
on which the shares are listed or dealing network on which the shares of the Company trade.
In
no case will a stock option be exercisable at a price less than the minimum prescribed by each of the organized trading facilities or
the applicable regulatory authorities that would apply to the award of the stock option in question.
Common
shares will not be issued pursuant to stock options granted under the Plan until they have been fully paid for by the option holder.
The Company will not provide financial assistance or loans to option holders to assist them in exercising their stock options.
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7.A.
Major Shareholders
As
of December 31, 2022, all shareholders have the same voting rights attached thereto as all other common shares of the Company. As of
December 31, 2022, the Company is not aware of any companies or individuals that hold more than 5% of the Issued and Outstanding Common
Shares.
7.A.1.a.
Holdings By Major Shareholders.
Refer
to ITEM #6.E and Table No. 10.
7.A.1.b.
Significant Changes in Major Shareholders' Holdings.
—No
Disclosure Required—
7.A.1.c.
Different Voting Rights.
The
Company's major shareholders do not have different voting rights.
7.A.2.
Canadian Share Ownership.
On
December 31, 2022, the Company's shareholders' list showed 99,244,664 common shares outstanding, an estimated 53 registered
shareholders. The Company's transfer agent provides that there are 53 registered shareholders with Canadian addresses.
24
7.A.3.
Control of the Company
The
Company is a publicly owned Canadian corporation, the shares of which are owned primarily by Canadian residents and other foreign residents.
The Company is not controlled by any foreign government or other person(s) except as described in ITEM #4.A., "History and Development
of the Company", and ITEM #6.E., "Share Ownership".
7.A.4.
Change of Control of Company Arrangements
—No
Disclosure Necessary—
7.B.
Related Party Transactions
Related
party transactions are described in Note 18 to the consolidated financial statements and are shown below. The remuneration of the Company's
directors and other members of key management, being the President, Chief Executive Officer and Chief Financial Officer, who have the
authority and responsibility for planning, directing and controlling the activities of the Company, consist of the following:
Year Ended
Year Ended
Year Ended
December 31,
2022
December 31,
2021
December 31,
2020
$
$
$
Accounts payable and accrued liabilities
-
-
-
Expenditures:
Management fees
168,000
205,000
270,000
Consulting fees
168,000
162,500
120,000
Share-based compensation
151,088
264,393
58,159
Professional Fees
124,200
150,000
120,000
Share-based
compensation relates to stock options granted and vested to management and directors of the Company during the twelve months ended December
31, 2022. All related party transactions were in the normal course of business operations.
Audit
Fees
For
the year ended December 31, 2022, the Company expects to pay Manning Elliot LLP audit fees of $65,000.
Indirect
Payments
—No
Disclosure Required—
Shareholder
Loans
—No
Disclosure Required—
Amounts
Owing to Senior Management/Directors
—No
Disclosure Required—
7.C.
Interests of Experts and Counsel
—No
Disclosure Required—
25
ITEM
8. FINANCIAL INFORMATION
8.A.
Consolidated Statements and Other Financial Information
The
consolidated financial statements of the Company comply with International Financial Reporting Standards ("IFRS"), as issued
by the International Accounting Standards Board ("IASB").
Basis
of preparation
The
consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, modified where
applicable. The consolidated financial statements are presented in Canadian dollars unless otherwise noted.
Significant
estimates and judgments
The
preparation of consolidated financial statements in accordance with IFRS requires the Company's management to make estimates, judgments
and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes to the consolidated financial
statements. The Company's management reviews these estimates and underlying judgments on an ongoing basis, based on experience
and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates
are adjusted for prospectively in the year in which the estimates are revised.
8.A.7.
Legal/Arbitration Proceedings
There
are no legal proceedings against the Company.
8.B.
Significant Changes
There
are no significant changes.
26
ITEM
9. THE OFFER AND LISTING
9.A.
Common Share Trading Information
The
Company's common shares trade on the TSX Venture Exchange in Toronto, Ontario, Canada, under the symbol "AVCR". The
Company also trades on the Pink Sheets under the symbol "AVCRF".
Table
No. 11 lists the high, low and closing sales prices on the TSX Venture Exchange for the last twelve fiscal quarters, and last five fiscal
years.
Table
No. 11
TSX
Venture Exchange
Common
Shares Trading Activity
Canadian
Dollars
High
Low
Closing
Fiscal Quarter Ended March 31, 2023
0.37
0.275
0.30
Fiscal Quarter Ended December 31, 2022
0.41
0.145
0.315
Fiscal Quarter Ended September 30, 2022
0.19
0.125
0.155
Fiscal Quarter Ended June 30, 2022
0.19
0.08
0.18
Fiscal Quarter Ended March 31, 2022
0.17
0.11
0.13
Fiscal Quarter Ended December 31, 2021
0.175
0.11
0.16
Fiscal Quarter Ended September 30, 2021
0.22
0.15
0.15
Fiscal Quarter Ended June 30, 2021
0.285
0.12
0.17
Fiscal Quarter Ended March 31, 2021
0.69
0.09
0.235
Fiscal Quarter Ended December 31, 2020
0.14
0.08
0.095
Fiscal Quarter Ended September 30, 2020
0.15
0.02
0.15
Fiscal Quarter Ended June 30, 2020
0.07
0.015
0.03
Fiscal Quarter Ended March 31, 2020
0.04
0.01
0.035
Fiscal Quarter Ended December 31, 2019
0.06
0.015
0.03
Fiscal Quarter Ended September 30, 2019
0.07
0.02
0.03
Fiscal Quarter Ended June 30, 2019
0.15
0.05
0.065
Fiscal Quarter Ended March 31, 2019
0.10
0.055
0.06
Fiscal Quarter Ended December 31, 2018
0.225
0.075
0.10
Fiscal Quarter Ended September 30, 2018
0.19
0.1
0.15
Fiscal Year Ended December 31, 2022
0.41
0.08
0.315
Fiscal Year Ended December 31, 2021
0.69
0.09
0.16
Fiscal Year Ended December 31, 2020
0.15
0.01
0.095
Fiscal Year Ended December 31, 2019
0.15
0.015
0.03
Fiscal Year Ended December 31, 2018
0.75
0.075
0.10
27
9.A.5.
Common Share Description
Registrar/Common
Shares Outstanding/Shareholders
Effective
August 19, 2005, the authorized share capital of the Company was increased to an unlimited number of common shares without par value
due to changes in the British Columbia Company Act which permitted this action.
There
are no Indentures or Agreements limiting the payment of dividends and there are no conversion rights, special liquidation rights, pre-emptive
rights or subscription rights.
Computershare
Trust Company of Canada (located at 2nd Floor, 510 Burrard Street, Vancouver, British Columbia Canada V6C 3B9) is the registrar and transfer
agent for the common shares.
Stock
Options
Refer
to ITEM 6.E., Table No. 10 (Aggregate Option Exercises)
The
changes in share options including those granted to directors, officers, employees and consultants during the years ended December 31,
2022, 2021 and 2020 are summarized as follows:
Year ended
December 31, 2022
Year ended
December 31, 2021
Year ended
December 31, 2020
Number of Options
Weighted Average Exercise Price
Number of Options
Weighted Average Exercise Price
Number of Options
Weighted Average Exercise Price
Beginning Balance
7,880,052
$
0.13
6,706,072
$
0.08
5,241,072
$
0.13
Options granted
3,125,000
$
0.15
2,840,000
$
0.22
1,730,000
$
0.08
Expired/Cancelled
(1,570,052
)
$
0.13
-
-
(160,000
)
$
0.07
Exercised
(800,000
)
$
0.10
(1,666,020
)
$
0.08
(105,000
)
$
0.05
Ending Balance
8,635,000
$
0.14
7,880,052
$
0.13
6,706,072
$
0.08
Exercisable
6,216,250
$
0.14
7,692,552
$
0.13
6,706,072
$
0.08
The
following table summarizes information about share options outstanding and exercisable as at December 31, 2022:
Exercise
    Price
Expiry
    date
Options
Outstanding
Exercisable
$
0.17
March 13, 2023
250,000
250,000
$
0.10
(1)
March 27, 2023
200,000
200,000
$
0.10
(2)
April 11, 2023
150,000
150,000
$
0.075
January 24, 2024
140,000
140,000
$
0.06
April 1, 2024
140,000
140,000
$
0.05
October 15, 2024
1,470,000
1,470,000
$
0.08
November 18, 2025
500,000
500,000
$
0.08
December 8, 2025
710,000
710,000
$
0.19
January 28, 2026
150,000
150,000
$
0.25
March 22, 2026
1,800,000
1,800,000
$
0.15
August 10, 2027
2,725,000
681,250
$
0.15
August 12, 2027
100,000
25,000
$
0.16
October 12, 2027
300,000
-
8,635,000
6,216,250
(1)
Options repriced from $0.24 to $0.10 during the year ended December 31, 2020
(2)
Options repriced from $0.21 to $0.10 during the year ended December 31, 2020
28
The
weighted average remaining life of the stock options outstanding at December 31, 2022 is 3.17 years (2021: 2.73 years).
Warrants
Table
No. 12 lists, as of December 31, 2022, share purchase warrants (options to purchase common shares) outstanding, the date the share purchase
warrants were issued, the exercise price, and the expiration date of the share purchase warrants. These warrants were issued in conjunction
with private placements of the Company's securities and all holders of the Company's warrants are resident in Canada.
Table
No. 12
Share
Purchase Warrants Outstanding
Year
Ended
December 31, 2022
Year
Ended
December 31, 2021
Year
Ended
December 31, 2020
Number of
Warrants
Weighted
Average
Exercise
Price
Number of
Warrants
Weighted
Average
Exercise
Price
Number of
Warrants
Weighted
Average
Exercise
Price
Beginning balance
18,781,066
$
0.21
18,743,226
$
0.16
20,704,664
$
0.24
Warrants issued
-
-
16,274,000
-
6,485,000
$
0.15
Exercised
(909,400
)
$
0.19
(10,058,660
)
$
0.16
-
-
Warrants expired
(17,871,666
)
$
0.22
(6,177,500
)
$
0.15
(8,446,438
)
$
0.33
Issued and exercisable
-
-
18,781,066
$
0.21
18,743,226
$
0.16
9.A.6.
Differing Rights
—No
Disclosure Necessary—
9.A.7.a.
Subscription Warrants/Right
—No
Disclosure Necessary—
9.A.7.b.
Convertible Securities/Warrants
—No
Disclosure Necessary—
9.C.
Stock Exchanges Identified
The
common shares of the Company are listed on the TSX Venture Exchange which is headquartered in Toronto, Ontario under the symbol "AVCR"
and in United States quoted on the Pink Sheets under the symbol "AVCRF".
Refer
to ITEM #9.A.4 for trading information and history. At this time, the Company is not seeking a listing on any other stock exchange.
ITEM
10. ADDITIONAL INFORMATION
10.A.
Share Capital
10.A.1.
Authorized/Issued Capital.
At
December 31, 2022, there were an unlimited number of common shares authorized and 99,244,664 common shares issued and outstanding.
At
December 31, 2021, there were an unlimited number of common shares authorized and 97,535,264 common shares issued and outstanding.
29
At
December 31, 2020, there were an unlimited number of common shares authorized and 69,795,584 common shares issued and outstanding.
At
December 31, 2019, there were an unlimited number of common shares authorized and 52,472,619 common shares issued and outstanding.
At
December 31, 2018, there were an unlimited number of common shares authorized and 40,103,665 common shares issued and outstanding.
At
December 31, 2017, there were an unlimited number of common shares authorized and 27,860,623 common shares issued and outstanding.
At
December 31, 2016, there were an unlimited number of common shares authorized and 15,001,297 common shares issued and outstanding.
At
December 31, 2015, there were an unlimited number of common shares authorized and 14,276,297 common shares issued and outstanding.
At
June 30, 2015, there were an unlimited number of common shares authorized and 13,804,770 common shares issued and outstanding.
At
June 30, 2014, there were an unlimited number of common shares authorized and 9,191,768 common shares issued and outstanding.
At
June 30, 2013, there were an unlimited number of common shares authorized and 5,404,268 common shares issued and outstanding.
At
June 30, 2012, there were an unlimited number of common shares authorized and 1,739,920 common shares issued and outstanding. On March
08, 2012 the Company consolidated its shares on a 10 to 1 basis
At
June 30, 2011, there were an unlimited number of common shares authorized and 15,999,200 common shares issued and outstanding.
At
June 30, 2010, there were an unlimited number of common shares authorized and 14,680,449 common shares issued and outstanding.
At
June 30, 2009, there were an unlimited number of common shares authorized and 12,835,449 common shares issued and outstanding.
At
June 30, 2008, there were an unlimited number of common shares authorized and there were 12,377,949 common shares issued and outstanding.
At
June 30, 2007, there were an unlimited number of common shares authorized and there were 8,048,101 common shares issued and outstanding.
At
June 30, 2006, there were an unlimited number of common shares authorized and there were 5,200,101 common shares issued and outstanding.
Effective
August 19, 2005, the authorized share capital of the Company was increased to an unlimited number of common shares without par value
due to changes in the British Columbia Company Act which permitted this action.
As
of June 30, 2005, there were 25,000,000 common shares authorized and 3,946,101 common shares issued.
As
of June 30, 2004, there were 25,000,000 common shares authorized and 3,196,101 common shares issued.
As
of June 30, 2003, there were 25,000,000 common shares authorized and 612,868 common shares issued.
As
of June 30, 2002, there were 25,000,000 common shares authorized and 594,118 common shares issued.
As
of June 30, 2001, there were 25,000,000 common shares authorized and 294,118 common shares issued.
During
the last five years, less than 10% of the capital has been "paid for" with assets other than cash.
30
10.A.2.
Shares Not Representing Capital.
—No
Disclosure Necessary—
10.A.3.
Shares Held By Company.
—No
Disclosure Necessary—
10.A.4.
Stock Options/Share Purchase Warrants
—Refer
to Tables No. 8, No. 11 No. 13.—
10.A.5.
Stock Options/Share Purchase Warrants
—Refer
to Tables No. 8, No. 11 No. 13.—
10.A.6.
History of Share Capital
The
Company has financed its operations through funds raised in public and private placements of common shares and warrants and from revenues
from the sale of its products. There is one class of shares with one vote per common share.
Number of Shares
Share Capital
Balance, December 31, 2019
52,472,619
21,400,106
Shares issued for cash
6,260,000
626,000
Exercise of options
105,000
6,672
Shares issued for services (b)
3,480,000
52,200
Acquisition of HealthTab™ Inc. (a)
2,000,000
100,000
Shares issued for debt (c)
5,477,965
136,949
Share issue cost
-
(35,075
)
Balance, December 31, 2020
69,795,584
22,286,852
Shares issued for cash
15,740,000
2,414,000
Exercise of warrants
10,058,660
1,805,132
Exercise of stock options
1,666,020
312,052
Share issued for services (d)
275,000
38,500
Share issuance costs
-
(238,221
)
Balance, December 31, 2021
97,535,264
26,618,315
Exercise of warrants
909,400
175,412
Exercise of stock options
800,000
271,000
Balance, December 31, 2022
99,244,664
27,064,727
(a)
On December 28, 2017, the Company completed the acquisition of all the common shares of HealthTab Inc. Under the share purchase agreement,
the consideration paid by the Company included staged cash payment of $200,000 (paid in the fiscal year 2018), issuance of 2,666, 667
common shares (issued in the fiscal year 2018). In addition, in the years ended December 31, 2019 and 2020, common shares with an aggregate
value of $200,000 were issued at the deemed price determined based on the market price of the shares at the time of issuance.
(b)
The Company issued 3,480,000 common shares valued at $52,200 as bonus shares pursuant to a loan agreement.
31
(c)
The Company issued 5,477,965 common shares in exchange for services received and to settle accounts payables of $136,949. An aggregate
of 1,900,000 shares were issued in settlement of $47,500 in amounts owing to certain directors and officers of the Company.
(d)
The Company issued 275,000 common shares valued at $38,500 to a consultant in exchange for services received.
Except
as disclosed above, no other shares were issued with a consideration other than cash during the years ended December 2020, 2021 and 2022.
There were no changes in classes of shares or voting rights.
10.A.7.
Resolutions/Authorizations/Approvals
—No
Disclosure Necessary—
10.B.
Memorandum and Articles of Association
The
Company's corporate constituting documents comprising the Notice of Articles and Articles are registered with the British Columbia
Registrar of Companies under Incorporation No. BC0607937. A copy of the Articles was filed as an Exhibit 1 with the Company's initial
registration statement on Form 20-F.
The
following is a summary of certain provisions of the Company's Notice of Articles and Articles and certain provisions of the British
Columbia Business Corporations Act (the "BCA"), applicable to the Company:
Objects
and Purposes
The
Articles do not specify objects or purposes. Under both the BCA, a British Columbia corporation generally has all the legal powers of
a natural person. British Columbia corporations may not undertake certain limited business activities such as operating as a trust company
or railroad without alterations to its form of articles and specific government consent.
Share
Capital
The
authorized capital of the Company consists of an unlimited number of common shares without par value. All of the common shares must be
fully paid and are not subject to any future call or assessment. All of the common shares of the Company rank equally as to voting rights,
participation in a distribution of the assets of the Company on a liquidation, dissolution or winding-up of the Company and the entitlement
to dividends. The holders of the common shares are entitled to receive notice of all shareholder meetings and to attend and vote at such
meetings. Shareholders are not entitled to cumulative voting. Each common share carries with it the right to one vote. The common shares
do not have pre-emptive or conversion rights. In addition, there are no sinking fund or redemption provisions applicable to the common
shares or any provisions discriminating against any existing or prospective holders of such securities as a result of a shareholder owning
a substantial number of shares.
Share
Certificates
Under
the Articles, a shareholder is entitled to a share certificate representing the number of shares of the Company held or a written acknowledgement
of the shareholder's right to obtain such a share certificate.
No
Limitation on Foreign Ownership
There
are no limitations under the Company's Articles or in the BCA on the right of persons who are not citizens of Canada to hold or
vote common shares.
Dividends
Dividends
may be declared by the Board out of available assets and are paid rateably to holders of common shares. No dividend may be paid if the
Company is, or would thereby become, insolvent.
Voting
Rights
Each
of the Company's common share is entitled to one vote on matters to which common shares ordinarily vote including the annual election
of directors, appointment of auditors and approval of corporate changes. There are no cumulative voting rights applicable to the Company.
32
Borrowing
Powers
The
Company, if authorized by the directors, may: (a) borrow money in the manner and amount, on the security, from the sources and on the
terms and conditions that they consider appropriate; (b) issue bonds, debentures and other debt obligations either outright or as security
for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as they
consider appropriate; (c) guarantee the repayment of money by any other person or the performance of any obligation of any other person;
and (d) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the
whole or any part of the present and future assets and undertaking of the Company.
Indemnity
Provisions
Under
the Articles and the BCA, the Company is now permitted (and is, in some circumstances, required) to indemnify a past or present director
or officer of the Company or an associated corporation without obtaining prior court approval in respect of an "eligible proceeding".
An "eligible proceeding" includes any legal proceeding relating to the activities of the individual as a director or officer
of the Company. However, under the BCA, the Company will be prohibited from paying an indemnity if: (a) the party did not act honestly
and in good faith with a view to the best interests of the Company; (b) the proceeding was not a civil proceeding and the party did not
have reasonable grounds for believing that his or her conduct was lawful; and (c) the proceeding is brought against the party by the
Company or an associated corporation.
Directors
– Number and Qualification
The
Company's Articles do not specify a maximum number of directors. The minimum under British Columbia law for a public company is
three. The number of directors shall be the number of directors fixed by the directors annually or the number that are actually elected
at a general shareholders meeting under the Existing Articles. The number of directors is determined, annually, by shareholders at the
annual shareholders meeting and all directors are elected at that time. Under the Articles the directors are entitled between successive
annual general meetings to appoint one or more additional directors but not more than one-third of the number of directors fixed at a
shareholders' or actually elected at the preceding annual shareholders' meeting. Directors automatically retire at the commencement
of each annual meeting but may be re-elected thereat.
Directors
must be of the age of majority (18), and meet eligibility criteria including being mentally competent, not an un-discharged bankrupt,
no fraud related convictions in the previous five years. There are residency requirements and there is no mandatory retirement age either
under the Articles or under the BCA. Directors need not own any shares of the Company in order to qualify as directors.
Directors
- Powers and Limitations
Directors
must manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers
which are not required to be exercised by the shareholders as governed by the BCA. Directors may, by resolution, create and appoint an
executive committee consisting of the director or directors that they deem appropriate. This executive committee has, during the intervals
between meetings of the Board, all of the directors' powers, except the power to fill vacancies in the Board, the power to remove
a Director, the power to change the membership of, or fill vacancies in, any committee of the Board and any such other powers as may
be set out in the resolution or any subsequent directors' resolution. Directors may also by resolution appoint one or more committees
other than the executive committee. These committees may be delegated any of the directors' powers except the power to fill vacancies
on the board of directors, the power to remove a director, the power to change the membership or fill vacancies on any committee of the
directors, and the power to appoint or remove officers appointed by the directors.
Under
the BCA, directors are obligated to abstain from voting on matters in which they may be financially interested after disclosing in writing
such interest. Directors' compensation is not a matter on which they must abstain. Directors' borrowing powers are not generally
restricted where the borrowing is in the Company's best interests, but the directors may not authorize the Company to provide financial
assistance for any reason where the Company is insolvent or the providing of the guarantee would render it insolvent.
33
Amendment
of Articles and Notice of Articles; Special Transactions
The
Articles provide that the general authority required to amend all provisions of the Company's Articles and the Notice of Articles
relating to the authorized share structure is a resolution of the directors and the attachment of special rights and restrictions thereto,
including any changes therein, an ordinary resolution. If the amendment prejudices or interferes with the rights or special rights attached
to any class of issued shares, by the provisions of the BCA, the consent of the holders of that class of shares by a special separate
resolution is also required.
Certain
corporate changes or proposed transactions including amalgamation with another company, sale of substantially all of the Company's
assets, re-domiciling out of the jurisdiction of British Columbia, creation of new classes of shares not only require the consent of
the holders of common shares by a special separate resolution but generally also give rise to a dissent right which is the right to be
paid the fair value of the stockholder's shares in cash if the required special resolution is actually passed and the Company elects
to proceed with the matter notwithstanding receipt of dissent notices. A notice of a shareholders meeting at which such a change or proposed
transaction is intended to be considered must include a prominent notice of the dissent right. Dissent provisions are governed by the
BCA and not by the Articles of the Company.
Under
the Articles, a special separate resolution requires a majority of three-quarters of the votes cast.
Shareholders'
Meetings
In
addition to reflecting the present notice and other provisions of the BCA relating to shareholders' meetings, the Articles provide
that shareholders' meetings may be held at such place as is determined by the directors. Shareholders meetings are governed by
the Articles of the Company but many important protections and procedures are contained within the BCA and the Securities Act (British
Columbia) and the Securities Act (Alberta) and the respective regulations and rules thereto and the policy statements, notices and blanket
orders of the respective commissions of each of British Columbia and Alberta, together with the national policy statements, and national
instruments applied by the such commissions (collectively, "Applicable Canadian Securities Law"). The Articles provide that
the Company will hold an annual shareholders' meeting, will provide at least 21 days' notice and will provide for certain
procedural matters and rules of order with respect to conduct of the meeting. The BCA and Applicable Canadian Securities Law superimpose
requirements that generally provide that shareholders meetings require not less than a 60 day notice period from initial public notice
and that the Company makes a thorough advanced search of intermediary and brokerage registered shareholdings to facilitate communication
with beneficial shareholders so that meeting proxy and information materials can be sent via the brokerages to unregistered but beneficial
shareholders. The form and content of information circulars and proxies and like matters are governed by Applicable Canadian Securities
Law and includes the specifics relating to disclosure requirements for the proxy materials and various corporate actions, background
information on the nominees for election for director, executive compensation paid in the previous year and full details of any unusual
matters or related party transactions.
The
Company must hold an annual shareholders meeting open to all shareholders for personal attendance or by proxy at each shareholder's
determination. The meeting must be held within 15 months of the previous annual shareholders meeting and must present audited statements
which are dated no more than six months prior to such meeting.
Change
in Control
The
Company has not implemented any shareholders' rights or other "poison pill" protection against possible take-overs.
The Company does not have any agreements which are triggered by a take-over or other change of control. There are no provisions in its
articles triggered by or affected by a change in outstanding shares which gives rise to a change in control. There are no provisions
in the Company's material agreements giving special rights to any person on a change in control.
Insider
Share Ownership Reporting
The
Articles of the Company do not require disclosure of share ownership. Share ownership of director nominees must be reported annually
in proxy materials sent to the Company's shareholders. There are no requirements under the BCA to report ownership of shares of
the Company but Applicable Canadian Securities Law requires disclosure of trading by insiders (generally officers, directors and holders
of 10% of voting shares) within 5 days of the trade. Controlling shareholders (generally those in excess of 20% of outstanding shares)
must provide seven days advance notice of share sales.
34
Applicable
Canadian Securities Law
Applicable
Canadian Securities Law governs matters typically pertaining to public companies such as continuous quarterly financial reporting, immediate
disclosure of material changes, insider trade reporting, take-over protections to ensure fair and equal treatment of all shareholders,
exemption and resale rules pertaining to non-prospectus securities issuances as well as civil liability for certain misrepresentations,
disciplinary, appeal and discretionary ruling matters. All of the Company's shareholders regardless of residence have equal rights
under this legislation.
10.C.
Material Contracts
There
are currently no material contracts.
10.D.
Exchange Controls
Canada
has no system of exchange controls. There are no Canadian restrictions on the repatriation of capital or earnings of a Canadian public
company to non-resident investors. There are no laws in Canada or exchange restrictions affecting the remittance of dividends, profits,
interest, royalties and other payments to non-resident holders of the Company's securities, except as discussed in ITEM 10, "Taxation"
below.
Restrictions
on Share Ownership by Non-Canadians: There are no limitations under the laws of Canada or in the organizing documents of the Company
on the right of foreigners to hold or vote securities of the Company, except that the Investment Canada Act may require review and approval
by the Minister of Industry (Canada) of certain acquisitions of "control" of the Company by a "non-Canadian".
The threshold for acquisitions of control is generally defined as being one-third or more of the voting shares of the Company. "Non-Canadian"
generally means an individual who is not a Canadian citizen, or a corporation, partnership, trust or joint venture that is ultimately
controlled by non-Canadians. If a "non-Canadian" (for example, a US resident acquirer) were to acquire such a control position,
they would not be required to do any filings or provide any notices to the Ministry of Industry (Canada) unless notified first by that
Ministry that their acquisition of control was under review.
Canada
has, as does the United States, competition laws designed to promote competition in industry and markets. The Competition Act (Canada)
provides Canada's federal government with the power to review or prevent business transactions, such as acquiring a controlling
interest in a company similar to the Company , if it is found that the acquisition of control would reduce competition in a given market
or industry. Since the market that the Company competes in is extremely competitive, no single company, including the Company, seems
to have significant market power. Acquisition of the Company, therefore, would not lead to reduced competition.
10.E.
Taxation
Canadian
Federal Income Tax Considerations:
The
following is a brief summary of some of the principal Canadian federal income tax consequences to a holder of common shares of the Company
(a "U.S. Holder") who deals at arm's length with the Company, holds the shares as capital property and who, for the
purposes of the Income Tax Act (Canada) (the "Act") and the Canada – United States Income Tax Convention (the "Treaty"),
is at all relevant times resident in the United States, is not and is not deemed to be resident in Canada and does not use or hold and
is not deemed to use or hold the shares in carrying on a business in Canada. Special rules, which are not discussed below, may apply
to a U.S. Holder that is an insurer that carries on business in Canada and elsewhere.
Under
the Act and the Treaty, a U.S. Holder of common shares will generally be subject to a 5% withholding tax on dividends paid or credited
or deemed by the Act to have been paid or credited on such shares. The withholding tax rate is 5% where the U.S. Holder is a corporation
that beneficially owns at least 10% of the voting shares of the Company and the dividends may be exempt from such withholding in the
case of some U.S. Holders such as qualifying pension funds and charities.
35
In
general, a U.S. Holder will not be subject to Canadian income tax on capital gains arising on the disposition of shares of the Company
unless (i) at any time in the five-year period immediately preceding the disposition, 25% or more of the shares of any class or series
of the capital stock of the Company was owned by (or was under option of or subject to an interest of) the U.S. holder or persons with
whom the U.S. holder did not deal at arm's length, and (ii) the value of the common shares of the Company at the time of the disposition
derives principally from real property (as defined in the Treaty) situated in Canada. For this purpose, the Treaty defines real property
situated in Canada to include rights to explore for or exploit mineral deposits and other natural resources situated in Canada, rights
to amounts computed by reference to the amount or value of production from such resources, certain other rights in respect of natural
resources situated in Canada and shares of a corporation the value of whose shares is derived principally from real property situated
in Canada.
The
US Internal Revenue Code provides special anti-deferral rules regarding certain distributions received by US persons with respect to,
and sales and other dispositions (including pledges) of stock of, a passive foreign investment company. A foreign corporation, such as
the Company, will be treated as a passive foreign investment company if 75% or more of its gross income is passive income for a taxable
year or if the average percentage of its assets (by value) that produce, or are held for the production of, passive income is at least
50% for a taxable year. The Company believes that it was not a passive foreign investment company for the taxable year ended December
31, 2019 and, furthermore, expects to conduct its affairs in such a manner so that it will not meet the criteria to be considered passive
foreign investment company in the foreseeable future.
Dividends:
A
Holder will be subject to Canadian withholding tax ("Part XIII Tax") equal to 25%, or such lower rate as may be available
under an applicable tax treaty, of the gross amount of any dividend paid or deemed to be paid on common shares. Under the Canada-U.S.
Income Tax Convention (1980) as amended by the Protocols signed on 6/14/1983, 3/28/1984, 3/17/1995, and 7/29/1997 (the "Treaty"),
the rate of Part XIII Tax applicable to a dividend on common shares paid to a Holder who is a resident of the United States and who is
the beneficial owner of the dividend, is 5%. If the Holder is a company that owns at least 10% of the voting stock of the Company paying
the dividend, and, in all other cases, the tax rate is 15% of the gross amount of the dividend. The Company will be required to withhold
the applicable amount of Part XIII Tax from each dividend so paid and remit the withheld amount directly to the Receiver General for
Canada for the account of the Holder.
Disposition
of Common Shares:
A
Holder who disposes of a common share, including by deemed disposition on death, will not normally be subject to Canadian tax on any
capital gain (or capital loss) thereby realized unless the common share constituted "taxable Canadian property" as defined
by the
Act
. Generally, a common share of a public corporation will not constitute taxable Canadian property of a Holder if the
share is listed on a prescribed stock exchange unless the Holder or persons with whom the Holder did not deal at arm's length alone
or together held or held options to acquire, at any time within the five years preceding the disposition, 25% or more of the shares of
any class of the capital stock of the Company. The TSX Venture Exchange is a prescribed stock exchange under the
Act
. A Holder
who is a resident of the United States and realizes a capital gain on a disposition of a common share that was taxable Canadian property
will nevertheless, by virtue of the Treaty, generally be exempt from Canadian tax thereon unless:
(a)
More than 50% of the value of the common shares is derived from, or from an interest in, Canadian real estate, including Canadian mineral
resource properties,
(b) The
common share formed part of the business property of a permanent establishment that the Holder has or had in Canada within the 12 month
period preceding the disposition, or
(c) The
Holder is an individual who (i) was a resident of Canada at any time during the 10 years immediately preceding the disposition, and for
a total of 120 months during any period of 20 consecutive years, preceding the disposition, and (ii) owned the common share when he ceased
to be resident in Canada.
36
A
Holder who is subject to Canadian tax in respect of a capital gain realized on a disposition of a common share must include half of the
capital gain (taxable capital gain) in computing the Holder's taxable income earned in Canada. The Holder may, subject to certain
limitations, deduct half of any capital loss (allowable capital loss) arising on a disposition of taxable Canadian property from taxable
capital gains realized in the year of disposition in respect to taxable Canadian property and, to the extent not so deductible, from
such taxable capital gains realized in any of the three preceding years or any subsequent year.
United
States Taxation:
For
federal income tax purposes, an individual who is a citizen or resident of the United States or a domestic corporation ("U.S. Taxpayer")
will recognize a gain or loss on the sale of the Company's common shares equal to the difference between the proceeds from such
sale and the adjusted tax basis of the common shares. The gain or loss will be a capital gain or capital loss if the Company's
common shares are a capital asset in U.S. Taxpayer's hands.
For
federal income tax purposes, a U.S. Taxpayer will be required to include in gross income dividends received on the Company's common
shares. A U.S. Taxpayer who pays Canadian tax on a dividend on common shares will be entitled, subject to certain limitations, to a credit
(or alternatively, a deduction) against federal income tax liability. A domestic corporation that owns at least 10% of the voting shares
should consult its tax advisor as to applicability of the deemed paid foreign tax credit with respect to dividends paid on the Company's
common shares.
Under
a number of circumstances, United States Investor acquiring shares of the Company may be required to file an information return with
the Internal Revenue Service Center where they are required to file their tax returns with a duplicate copy to the Internal Revenue Service
Center, Philadelphia, PA 19255. In particular, any United States Investor who becomes the owner, directly or indirectly, of 10% or more
of the shares of the Company will be required to file such a return. Other filing requirements may apply. United States Investors should
consult their own tax advisors concerning these requirements.
The
US Internal Revenue Code provides special anti-deferral rules regarding certain distributions received by US persons with respect to,
and sales and other dispositions (including pledges) of stock of, a passive foreign investment company. A foreign corporation, such as
the Company, will be treated as a passive foreign investment company if 75% or more of its gross income is passive income for a taxable
year or if the average percentage of its assets (by value) that produce, or are held for the production of, passive income is at least
50% for a taxable year. The Company believes that it was not a passive foreign investment company for the taxable year ended December
31, 2019 and, furthermore, expects to conduct its affairs in such a manner so that it will not meet the criteria to be considered passive
foreign investment company in the foreseeable future.
10.F.
Dividends and Paying Agents
The
Company has not declared any dividends on its common shares for the last five years and does not anticipate that it will do so in the
foreseeable future. The present policy of the Company is to retain future earnings for use in its operations and the expansion of its
business.
Notwithstanding
the aforementioned: the Company is unaware of any dividend restrictions; has no specific procedure for the setting of the date of dividend
entitlement; but might expect to set a record date for stock ownership to determine entitlement; has no specific procedures for non-resident
holders to claim dividends, but might expect to mail their dividends in the same manner as resident holders. The Company has not nominated
any financial institutions to be the potential paying agents for dividends in the United States.
37
10.G.
Statement by Experts
The
Company's auditor for its consolidated financial statements was Manning Elliot for the years ended December 31, 2022, 2021 &
2020. Their audit reports for the years ended December 31, 2022, 2021, and 2020 are included with the related consolidated financial
statements in this Annual Report.
10.H.
Document on Display
—
No Disclosure Necessary —
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
—
No Disclosure Necessary —
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
12.A.
Debt Securities
—
No Disclosure Necessary —
12.B.
Warrants and Rights
—
No Disclosure Necessary —
12.C.
Other Securities
—
No Disclosure Necessary —
12.D.
American Depository Shares
—
No Disclosure Necessary —
38
PART
II
ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
—
No Disclosure Necessary —
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
—
No Disclosure Necessary —
ITEM
15. CONTROLS AND PROCEDURES
The
Company's management is responsible for establishing and maintaining disclosure controls and procedures to provide reasonable assurance
that material information related to the Company, including its consolidated subsidiaries, is made known to senior management, including
Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO"), by others within those entities on a
timely basis so that appropriate decisions can be made regarding public disclosure.
We
carried out an evaluation, under the supervision and with the participation of our management, including our Principal Executive Officer
and our Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e)) under the Securities and Exchange Act of 1934, as amended) as of December 31, 2022. The Chief Executive
Officer and Chief Financial Officer concluded that the disclosure controls and procedures as of December 31, 2022, were effective to
give reasonable assurance that the information required to be disclosed by the Company in reports that it files or submits under the
Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms,
and (ii) accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate
to allow timely decisions regarding required disclosure.
Management's
Annual Report on Internal Control over Financial Reporting
The
Company's management is responsible for designing, establishing and maintaining a system of internal controls over financial reporting
(as defined in Exchange Act Rule 13a-15(f)) to provide reasonable assurance that the financial information prepared by the Company for
external purposes is reliable and has been recorded, processed and reported in an accurate and timely manner in accordance with IFRS
as issued by IASB. The Board of Directors is responsible for ensuring that management fulfills its responsibilities. The Audit Committee
fulfills its role of ensuring the integrity of the reported information through its review of the interim and annual financial statements.
Management reviewed the results of their assessment with the Company's Audit Committee.
Because
of its inherent limitations, the Company's internal control over financial reporting may not prevent or detect all possible misstatements
or frauds. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.
To
evaluate the effectiveness of the Company's internal control over financial reporting, Management has used the Internal Control
– Integrated Framework (2013), which is a suitable, recognized control framework established by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). Management has assessed the effectiveness of the Company's internal control over financial reporting
and concluded that such internal control over financial reporting is effective as of December 31, 2022.
39
Limitations
on the Effectiveness of Controls
The
Company's management, including the CEO and CFO, does not expect that our Disclosure Controls or our Internal Controls will prevent
all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the
Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that
breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons,
by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part
upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed achieving
its stated goals under all potential future conditions; over time, control may become inadequate because of changes in conditions, or
the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control
system, misstatements due to error or fraud may occur and not be detected.
Attestation
Report of the Registered Accounting Firm.
This
annual report does not include an attestation report of the Company's registered public accounting firm regarding internal control
over financial reporting. Management's report was not subject to attestation by the Company's registered public accounting
firm pursuant to the rules of the Securities and Exchange Commission that permit the Company to provide only management's report
in this Form 20-F Annual Report.
Changes
in Internal Control over Financial Reporting
There
were no changes in the Company's internal control over financial reporting that occurred during the period covered by this report
that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
There
have been no changes in the Company's internal controls over financial reporting during the period covered by this annual report
that have materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting
with regard to deficiencies or material weaknesses other than the corrective actions to ensure proper disclosure is included in the Company's
filings under the Exchange Act, including the Form 20-F Annual Report.
ITEM
16. RESERVED
ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT
Mr.
David Hall is a financially literate member of the Company's Audit Committee.
ITEM
16B. CODE OF ETHICS
The
Company has not adopted a formal code of ethics because, as a TSX Venture Exchange issuer, the Company is only required have an audit
committee.
In
lieu of a code of ethics, the Company has adopted the following methodology with respect to corporate governance.
The
management of the Company is responsible for establishing and maintaining disclosure controls and procedures for information relating
to the Company, including its consolidated subsidiaries. The Company's management is also responsible for establishing and maintaining
adequate internal control over financial reporting.
The
Company's Board of Directors facilitates its exercise of independent supervision over management by ensuring that the Board of
Directors is composed of a majority of independent directors. The Board of Directors, at present, is composed of six directors, four
of which are considered to be independent. Two directors, Mr. Hector Bremner and Mr. Rodger Seccombe are also senior officers. In determining
whether a director is independent, the Board considers, for example, whether the director has a relationship, which could, or could be
perceived to, interfere with the director's ability to objectively assess the performance of management.
40
The
Board of Directors monitors the ethical conduct of Avricore Health and its management and ensures that it complies with applicable legal
and regulatory requirements, such as those of relevant securities commissions and stock exchanges. The Board of Directors has found that
the fiduciary duties placed on individual directors by the Company's governing corporate legislation and the common law, as well
as the restrictions placed by applicable corporate legislation on the individual director's participation in decisions of the Board
of Directors in which the director has an interest, have been sufficient to ensure that the Board of Directors operates independently
of management and in the best interests of the Company.
The
Board of Directors is specifically responsible for approving long-term strategic plans and annual operating plans and budgets recommended
by management. Board consideration and approval is also required for all material contracts, business transactions and all debt and equity
financing proposals. The independent directors on the Board of Directors are also responsible for approving senior executive compensation
and retirement plans.
The
Board of Directors delegates to management, through the offices of Chief Executive Officer and Chief Financial Officer, responsibility
for meeting defined corporate objectives, implementing approved strategic and operating plans, carrying on the Company's business
in the ordinary course, managing the Company's cash flow, evaluating new business opportunities, recruiting staff and complying
with applicable regulatory requirements. The Board of Directors also looks to management to furnish recommendations respecting corporate
objectives, long-term strategic plans and annual operating plans.
Given
the relatively small composition of the Board of Directors and the Company's management over the last several years, the Board
of Directors has not appointed a corporate governance committee and these functions are currently performed by the Board of Directors
as a whole.
ITEM
16C. PRINCIPAL ACCOUNTING FEES AND SERVICES
External
Auditor Service Fees
The
Company's auditors were Manning Elliot LLP for the years ended December 31, 2020-2022. The following table sets out the aggregate
fees billed by Manning Elliot LLP over their engagement with the Company.
Year ended
Audit
    Fees
Audit
    Related Fees
(1)
Tax
    Fees
(2)
All
    Other Fees
(3)
December 31, 2022
$
65,000
$
4,500
$
Nil
$
7,500
                                            (0
%)
December 31, 2021
$
29,500
$
Nil
$
Nil
$
Nil
                                            (0
%)
December 31, 2020
$
26,000
$
Nil
$
Nil
$
Nil
                                            (0
%)
(1)
Related
                                            to assurance and related services that are reasonably related to the performance of the audit
                                            and review of the Company's financial statements and not included in the amounts noted
                                            under
Audit Fees
.
(2)
Related
                                            to fees billed by the Company's external auditor for professional services rendered
                                            for tax compliance, tax advice and tax planning.
(3)
Related
                                            to other accounting services that is excluded from the
Audit Fees
.
Pre-Approval
Policies and Procedures
The
Audit Committee has adopted an Audit Committee Charter (see "Exhibit") governing the provision of audit and non-audit services
by the external auditor. This charter requires the Audit Committee to:
1.
recommend
                                            to the Board of Directors the external auditor to be nominated by the Board of Directors
                                            and the compensation of the external auditor, and
2.
to
                                            pre-approve all non-audit services provided by the external auditor.
41
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
—Not
applicable—
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE COMPANY/AFFILIATED PURCHASERS
—Not
applicable—
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
—Not
applicable—
ITEM
16G. CORPORATE GOVERNANCE
—Not
applicable—
ITEM
16H. MINE SAFETY DISCLOSURE
—Not
applicable—
ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PRESEVNT INSPECTIONS
—Not
applicable—
42
PART
III
ITEM
17. FINANCIAL STATEMENTS
The
Company's financial statements are stated in Canadian Dollars (CDN$) and are prepared in accordance with International Financial
Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations
of the International Financial Reporting Interpretations Committee ("IFRIC").
The
financial statements as required under ITEM #17 are attached hereto and found immediately following the text of this Annual Report. The
audit reports of Manning Elliott LLP, Chartered Professional Accountants, are included herein immediately preceding the audited financial
statements. (Manning Elliot LLP, Vancouver, British Columbia; PCAOB ID # 1524).
Audited
Financial Statements
—
included after exhibit list
ITEM
18. FINANCIAL STATEMENTS
The
Company has elected to provide financial statements pursuant to ITEM #17.
ITEM
19. EXHIBITS
The
financial statements thereto as required under ITEM #17 are attached hereto and found immediately following the text of this Annual Report.
The report of the Company's independent auditors for the audited financial statements are included herein immediately preceding
the audited financial statements.
(A)
Financial information
(i)
Audited
                                            Consolidated Financial Statements for the year ended December 31, 2022.
1.
Auditor's
Reports, dated May 1, 2023, April 22, 2022 and April 28, 2021.
2.
Consolidated Statements of Financial Position at December 31, 2022 and 2021.
3.
Consolidated Statements of Comprehensive Loss for the years ended December 31, 2022, 2021, and 2020.
4.
Consolidated Statements of Changes in Equity (Deficiency) for the years ended December 31, 2022, 2021, and 2020.
5.
Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021, and 2020.
6.
Notes to Consolidated Financial Statements.
43
(B)
Index to Exhibits:
1.
Articles
    of Incorporation –
Amendment
                                            to Articles of Incorporation, Name Change, July 28, 2014, filed with Form 6-K, November 18,
                                            2014
Amendment
                                            to Articles of Incorporation, Name Change, November 5, 2018, filed with Form 6-K, June 17,
                                            2019
2.
Instruments
    defining the rights of holders – N/A
3.
Intentionally
    deleted.
4.
Material
    contracts – N/A
5.
N/A
6.
Calculation
    of earnings per share – N/A
7.
Explanation
    of calculation of ratios – N/A
8.
Subsidiaries
    - N/A
9.
Statement
    pursuant to the instructions to Item 8.A.4, regarding the financial statements filed in registration statements for initial public
    offerings of securities – N/A
10.
Notice
    required by Rule 104 of Regulation BTR – N/A
11.
Code
    of Ethics – N/A
12.1*
Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes–Oxley Act of 2002
12.2*
Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes–Oxley Act of 2002
13.1*
Certification of Chief Executive Officer pursuant to Section 906 of Sarbanes–Oxley Act of 2002
13.2*
Certification of Chief Financial Officer pursuant to Section 906 of Sarbanes–Oxley Act of 2002
14.
Legal
    opinion – N/A
15.
Additional exhibits:
a)
Audit Committee Charter
b)
Stock Option Plan
16.
Mine
    Safety Disclosures – N/A
101.
INS*
    XBRL Instance Document
101.
SCH*
    XBRL Taxonomy Extension Schema Document
101.
CAL*
    XBRL Taxonomy Extension Calculation Linkbase Document
101.
DEF*
    XBRL Taxonomy Extension Definitions Linkbase Document
101.
LAB*
    XBRL Taxonomy Extension Label Linkbase Document
101
.PRE*XBRL
    Taxonomy Extension Presentation Linkbase Document.
*
Filed herewith.
44
Avricore
Health Inc.
Consolidated
Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and the Board of Directors of Avricore Health Inc.
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated statements of financial position of Avricore Health Inc. and its subsidiaries (the "Company")
as of December 31, 2022 and 2021, the related consolidated statements of operations and comprehensive loss, changes in equity and cash
flows for the years ended December 31, 2022, 2021 and 2020, and the related notes (collectively referred to as the "consolidated
financial statements").
In
our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as
of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years ended December 31, 2022, 2021 and 2020,
in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Explanatory
Paragraph – Going Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described
in Note 1, the Company has negative operating cash flows and has accumulated losses since inception. These factors raise substantial
doubt about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions and
plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters.
/s/
Manning Elliott LLP
CHARTERED
PROFESSIONAL ACCOUNTANTS
Vancouver,
Canada
May
1, 2023
PCAOB
ID:
1524
We
have served as the Company's auditor since 2020.
F-
2
Avricore
Health Inc.
Consolidated
Statements of Financial Position
As
at December 31, 2022 and 2021
(Expressed
in Canadian Dollars)
Note
2022
2021
$
$
ASSETS
Current Assets
Cash and cash equivalents
620,527
2,012,995
Term deposit
10,000
-
Accounts receivable
4
770,373
91,548
Prepaid expenses and deposits
5
30,231
54,467
1,431,131
2,159,010
Equipment
6
1,107,991
90,875
Intangible assets
7
29,861
31,508
Total Assets
2,568,983
2,281,393
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities
8
312,893
44,477
Deferred revenue
252,000
-
Loans payable
9
40,000
40,000
604,893
84,477
SHAREHOLDERS' EQUITY (DEFICIENCY)
Share capital
10
27,064,727
26,618,315
Reserves
10
5,933,708
5,794,718
Deficit
(
31,034,345
)
(
30,216,117
)
1,964,090
2,196,916
Total Liabilities and Shareholders' Equity (Deficiency)
2,568,983
2,281,393
Nature
of operations and going concern (Note 1)
Subsequent
events (Note 19)
Approved
and authorized on behalf of the Board of Directors on May 1, 2023.
"Hector
  Bremner"
"David
  Hall"
Hector Bremner, Director
David Hall, Chairman
The
accompanying notes are an integral part of these consolidated financial statements
F-
3
Avricore
Health Inc.
Consolidated
Statements of Operations and Comprehensive Loss
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
Note
2022
2021
2020
$
$
Revenue
18
1,768,374
122,808
33,030
Cost of sales
1,311,581
92,287
15,550
Gross profit
456,793
30,521
17,480
Expenses
Advertising and promotion
2,961
-
-
Amortization
6 & 7
631
17,984
-
Consulting
12
197,860
355,350
174,321
General and administrative
11
250,144
182,847
114,227
Management Fees
12
168,000
205,000
270,000
Shareholder communications
173,035
329,342
31,251
Professional fees
12
150,585
189,796
159,593
Share-based compensation
10 & 12
331,522
495,791
130,219
(
1,274,738
)
(
1,776,110
)
(
879,611
)
Other income (expense)
Finance costs
9
-
(
38,438
)
(
158,952
)
Gain on settlement and write-off of liabilities
-
75,467
33,899
Foreign exchange gain (loss)
298
(
153
)
(
6,350
)
Write-down on inventories
-
-
(
180,432
)
Interest income
8,086
581
-
Write-off of accounts receivable
(
8,667
)
-
-
(
283
)
37,457
(
311,835
)
Net loss and comprehensive loss for the year
(
818,228
)
(
1,708,132
)
(
1,173,966
)
Basic and Diluted Loss Per Share
(
0.01
)
(
0.02
)
(
0.02
)
Weighted Average Number of Common Shares Outstanding
97,859,216
92,610,766
60,449,165
Segmented
information (Note 14)
The
accompanying notes are an integral part of these consolidated financial statements
F-
4
Avricore Health Inc.
Consolidated Statements of Changes
in Equity (Deficiency)
For the years ended December 31,
2022, 2021 and 2020
(Expressed
in Canadian Dollars)
Number
of Shares
Share Capital
Shares to be Issued
Shares Subscribed
Warrant
Reserve
Option
Reserve
Deficit
Total
$
$
$
$
$
$
$
Balance, December 31, 2019
52,472,619
21,400,106
100,000
10,000
904,698
4,453,764
(
27,334,019
)
(
465,451
)
Shares issued for cash
6,260,000
626,000
-
-
-
-
-
626,000
Exercise of options
105,000
6,672
-
-
-
(
1,422
)
-
5,250
Shares issued for services
3,480,000
52,200
-
-
-
-
-
52,200
Acquisition of HealthTab™ Inc.
2,000,000
100,000
(
100,000
)
-
-
-
-
-
Shares issued for debt
5,477,965
136,949
-
(
10,000
)
-
-
-
126,949
Share issue cost
-
(
35,075
)
-
-
9,833
-
-
(
25,242
)
Share subscriptions received
-
-
-
10,000
-
-
-
10,000
Share-based compensation
-
-
-
-
-
130,219
-
130,219
Net loss for the year
-
-
-
-
-
-
(
1,173,966
)
(
1,173,966
)
Balance, December 31, 2020
69,795,584
22,286,852
-
10,000
914,531
4,582,561
(
28,507,985
)
(
714,041
)
Shares issued for cash
15,740,000
2,414,000
-
(
10,000
)
-
-
-
2,404,000
Exercise of warrants
10,058,660
1,805,132
-
-
(
151,395
)
-
-
1,653,737
Exercise of stock options
1,666,020
312,052
-
-
-
(
186,395
)
-
125,657
Share issued for services
275,000
38,500
-
-
-
-
-
38,500
Share issuance costs
-
(
238,221
)
-
-
139,625
-
-
(
98,596
)
Share-based compensation
-
-
-
-
-
495,791
-
495,791
Net loss for the year
-
-
-
-
-
-
(
1,708,132
)
(
1,708,132
)
Balance, December 31, 2021
97,535,264
26,618,315
-
-
902,761
4,891,957
(
30,216,117
)
2,196,916
The accompanying
notes are an integral part of these consolidated financial statements
F-
5
Avricore
Health Inc.
Consolidated
Statements of Changes in Equity (Deficiency)
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
Number
of Shares
Share
Capital
Shares to be Issued
Shares
Subscribed
Warrant
Reserve
Option
Reserve
Deficit
Total
$
$
$
$
$
$
$
Balance, December 31, 2021
97,535,264
26,618,315
-
-
902,761
4,891,957
(
30,216,117
)
2,196,916
Exercise of warrants
909,400
175,412
-
-
(
1,532
)
-
-
173,880
Exercise of options
800,000
271,000
-
-
-
(
191,000
)
-
80,000
Share-based compensation
-
-
-
-
-
331,522
-
331,522
Net loss for the year
-
-
-
-
-
-
(
818,228
)
(
818,228
)
Balance, December 31, 2022
99,244,664
27,064,727
-
-
901,229
5,032,479
(
31,034,345
)
1,964,090
The
accompanying notes are an integral part of these consolidated financial statements
F-
6
Avricore
Health Inc.
Consolidated
Statements of Cash Flows
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
2022
2021
2020
$
$
Operating Activities
Net loss
(
818,228
)
(
1,708,132
)
(
1,173,966
)
Adjustment for non-cash items:
Amortization
183,047
17,984
-
Finance cost
-
38,438
144,488
Gain on settlement of liabilities
-
-
(
33,899
)
Write-down of inventories
-
-
180,432
Write-off of accounts receivable
8,667
-
-
Share-based payments
331,522
495,791
130,219
Change in working capital items:
Accounts receivable
(
687,492
)
(
79,620
)
3,546
Prepaid expenses and deposits
24,236
70,977
45,259
Deferred revenue
252,000
-
-
Inventories
-
-
(
180,432
)
Accounts payable and accrued liabilities
268,416
(
69,592
)
(
339,043
)
Net cash used in operating activities
(
437,832
)
(
1,234,154
)
(
1,223,396
)
Investing Activities
Intangible assets
(
5,171
)
(
35,006
)
-
Purchase of equipment
(
1,193,345
)
(
105,358
)
-
Term deposit
(
10,000
)
-
-
Net cash used in investing activities
(
1,208,516
)
(
140,364
)
-
Financing Activities
Proceeds from issuance of shares
-
2,404,000
626,000
Proceeds from exercise of warrants
173,880
1,653,737
-
Proceeds from exercise of stock options
80,000
125,657
5,250
Share issuance costs
-
(
98,596
)
(
25,242
)
Share subscription received
-
-
10,000
Loan repaid
-
(
1,000,000
)
-
Loan proceeds
-
-
940,000
Finance cost
-
-
(
30,000
)
Lease payments
-
-
(
13,696
)
Net cash provided by financing activities
253,880
3,084,798
1,512,312
(Decrease) increase in Cash and Cash Equivalents
(
1,392,468
)
1,710,280
288,916
Cash and Cash Equivalents, Beginning of Year
2,012,995
302,715
13,799
Cash and Cash Equivalents, End of Year
620,527
2,012,995
302,715
Cash and Cash Equivalents Consist of:
Cash
620,527
1,702,995
292,715
Guaranteed investment certificates
-
310,000
10,000
Cash and Cash Equivalents
620,527
2,012,995
302,715
Supplemental
cash flow information (Note 15)
The
accompanying notes are an integral part of these consolidated financial statements
F-
7
Avricore
Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
1.
NATURE OF OPERATIONS AND GOING CONCERN
Avricore
Health Inc. (the "Company") was incorporated under the
Company Act
of British Columbia on May 30, 2000. The Company's
common shares trade on the TSX Venture Exchange (the "Exchange") under the symbol "AVCR" and are quoted on the
OTCIQ Market as "NUVPF". The Company's registered office is at 700 – 1199 West Hastings Street, Vancouver, British
Columbia, V6E 3T5.
The
Company is involved in the business of health data and point-of-care technologies ("POCT").
The
consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes
that the Company will continue in operations for the foreseeable future and be able to realize assets and satisfy liabilities in the
normal course of business. The Company has always experienced operating losses and negative operating cash flows. Operations have historically
been funded by the issuance of share capital but there is no guarantee that such funding will be available in the future. These conditions
indicate the existence of material uncertainty that may cast substantial doubt on the Company's ability to continue as a going
concern
The
continuation of the Company as a going concern is dependent upon its ability to generate revenue from its operations, or raise additional
financing to cover ongoing cash requirements. The consolidated financial statements do not reflect any adjustments, which could be material,
to the carrying values of assets and liabilities, which may be required should the Company be unable to continue as a going concern.
December 31, 2022
December 31, 2021
December 31, 2020
$
$
$
Deficit
(
31,034,345
)
(
30,216,117
)
(
28,507,985
)
2.
BASIS OF PRESENTATION
a)
Statement of Compliance
The
consolidated financial statements for the year ended December 31, 2022 have been prepared in accordance with International Financial
Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB").
b)
Basis of preparation
The
consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, modified where
applicable. The significant accounting policies are presented in Note 3 and have been consistently applied in each of the periods presented.
The consolidated financial statements are presented in Canadian dollars, which is also the Company's and its subsidiary's
functional currency, unless other indicated.
The
preparation of consolidated financial statements in accordance with IFRS requires the Company's management to make estimates, judgments
and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. The areas involving a higher
degree of judgment and complexity, or areas where assumptions and estimates are significant to the consolidated financial statements
are disclosed below. Actual results might differ from these estimates. The Company's management reviews these estimates and underlying
judgments on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the year in which the estimates are revised.
F-
8
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
2.
BASIS
                                            OF PRESENTATION
(continued)
c)
Basis of consolidation
Consolidated
financial statements include the assets, liabilities and results of operations of all entities controlled by the Company. Inter-company
balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing
the Company's the consolidated financial statements. Where control of an entity is obtained during a financial year, its results
are included in the consolidated statements of operations and comprehensive loss from the date on which control commences. Where control
of an entity ceases during a financial year, its results are included for that part of the year during which control exists.
These
consolidated financial statements include the accounts of the Company and its controlled wholly owned Canadian subsidiary HealthTab™
Inc.
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a)
Revenue recognition
The
Company's revenues are generated from operating leases of the POCT system and sale of testing panels. Revenue comprises the fair
value of the consideration received or receivable and it is shown net of tax and discounts.
The
Company recognizes revenue to depict the transfer of goods and services to clients in an amount that reflects the consideration to which
the Company expects to be entitled in exchange for those goods and services by applying the following steps:
●
Identify the contract with
  a customer;
●
Identify the performance
  obligations in the contract;
●
Determine the transaction
  price;
●
Allocate the transaction
  price to the performance obligations; and
●
Recognize revenue when, or
  as, the Company satisfies a performance obligation.
Revenue
may be earned over time as the performance obligations are satisfied or at a point in time which is when the entity has earned a right
to payment, the customer has possession of the asset and the related significant risks and rewards of ownership, and the customer has
accepted the asset.
The
Company's arrangements with customers can include multiple performance obligations. When contracts involve various performance
obligations, the Company evaluates whether each performance obligation is distinct and should be accounted for as a separate unit of
accounting under IFRS 15, Revenue from Contracts with Customers.
The
Company determines the standalone selling price by considering its overall pricing objectives and market conditions. Significant pricing
practices taken into consideration include discounting practices, the size and volume of our transactions, our marketing strategy, historical
sales and contract prices. The determination of standalone selling prices is made through consultation with and approval by management,
taking into consideration our go-to-market strategy. As the Company's go-to-market strategies evolve, the Company may modify its
pricing practices in the future, which could result in changes in relative standalone selling prices.
The
Company generally receives payment from its customers after invoicing within the normal 28-day commercial terms. If a customer is specifically
identified as a credit risk, recognition of revenue is stopped except to the extent of fees that have already been collected
F-
9
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
3.
SUMMARY
                                            OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
b)
Leases
A
contract is, or contains, a lease if the contract conveys a lessee the right to control the use of lessor's identified asset for
a period of time in exchange for consideration.
The
Company as a lessee
A
lease liability is recognized at the commencement of the lease term at the present value of the lease payments that are not paid at that
date. At the commencement date, a corresponding right-of-use asset is recognized at the amount of the lease liability, adjusted for lease
incentives received, retirement costs and initial direct costs. Depreciation is recognized on the right-of-use asset over the lease term.
Interest expense is recognized on the lease liabilities using the effective interest rate method and payments are applied against the
lease liability.
Key
areas where management has made judgments, estimates, and assumptions related to the application of IFRS 16 include:
-
The
                                            incremental borrowing rates are based on judgments including economic environment, term,
                                            currency, and the underlying risk inherent to the asset. The carrying balance of the right-of-use
                                            assets, lease liabilities, and the resulting interest expense and depreciation expense, may
                                            differ due to changes in the market conditions and lease term.
-
Lease
                                            terms are based on assumptions regarding extension terms that allow for operational flexibility
                                            and future market conditions.
The
Company as a lessor
A
lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of
an underlying asset. All other leases are classified as finance leases.
Leases
of the Company's POCT systems to customers are classified as operating leases. Lease payments from operating leases are recognized
as income on a straight-line basis. All costs, including depreciation, incurred in earning the operating lease income are recognized
as cost of sales. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset
and recognized as an expense over the lease term on the same basis as the lease income. The depreciation for depreciable underlying assets
subject to operating leases is in accordance with depreciation policy for the Company's equipment.
c)
Foreign currency
Foreign
currency transactions are translated into the functional currency of the respective entity, using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement
of monetary items at year-end exchange rates are recognized in profit or loss.
Non-monetary
items measured at historical cost are translated using the exchange rates at the date of the transaction and are not retranslated. Non-monetary
items measured at fair value are translated using the exchange rates at the date when fair value was determined.
d)
Cash and cash equivalents
Cash
equivalents include short-term guaranteed investment certificates readily convertible into a known amount of cash, which is subject to
insignificant change in value.
F-
10
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
e)
Intangible assets
All
intangible assets acquired separately by the Company are recorded at cost on the date of acquisition. Intangible assets that have indefinite
lives are measured at cost less accumulated impairment losses. Intangible assets that have finite useful lives are measured at cost less
accumulated amortization and accumulated impairment losses.
Intangible assets comprise of software, intellectual property, trademarks
and web domains and distribution rights, which are amortized on a straight-line basis over 3 years.
Amortization rates are reviewed annually
to ensure they are aligned with estimates of remaining economic useful lives of the associated intangible assets.
f)
Equipment
Equipment
acquired by the Company is recorded at cost on the date of acquisition. Equipment is stated at historical cost less accumulated amortization
and accumulated impairment losses. Amortization is calculated on a declining balance method over their estimated useful lives. The Company's
system hardware is amortized at
55
%
and system analyzers and software at
20
%
.
g)
Share-based payments
The
Company operates an incentive share purchase option plan. Share-based payments to employees are measured at the fair value of the instruments
issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services
received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably
measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the option reserve.
The fair value of options is determined using the Black-Scholes option pricing model, which incorporates all market vesting conditions.
The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized
for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually
vest.
h)
Share capital
Proceeds
from the exercise of stock options and warrants are recorded as share capital in the amount for which the option or warrant enabled the
holder to purchase a share in the Company. Any previously recorded share-based payment included in the reserves account is transferred
to share capital on exercise of options. Share capital issued for non-monetary consideration is valued at the closing market price at
the date of issuance. The proceeds from issuance of units are allocated between common shares and warrants based on the residual method.
Under this method, the proceeds are allocated first to share capital based on the fair value of the common shares at the time the units
are priced and any residual value is allocated to the warrants reserve. Consideration received for the exercise of warrants is recorded
in share capital, and any related amount recorded in warrants reserve is transferred to share capital.
i)
Loss per share
Basic
loss per share is calculated by dividing the net loss available to common shareholders by the weighted average number of shares outstanding
during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In
a loss year, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be anti-dilutive.
Basic and diluted loss per share are the same for the periods presented.
F-
11
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
j)
Income taxes
Income
tax expense, consisting of current and deferred tax expense, is recognized in the statements of operations. Current tax expense is the
expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period-end, adjusted for
amendments to tax payable with regard to previous years.
Deferred
tax assets and liabilities and the related deferred income tax expense or recovery are recognized for deferred tax consequences attributable
to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred
tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized
or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in
the period that substantive enactment occurs.
A
deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset
can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred
tax asset is reduced. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends
to settle its current tax assets and liabilities on a net basis.
k)
Financial Instruments
Classification
The
Company classifies its financial instruments in the following categories: at fair value through profit and loss ("FVTPL"),
at fair value through other comprehensive income (loss) ("FVTOCI"), or at amortized cost. The Company determines the classification
of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for
managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified
as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument
basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured
at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL.
The
Company has classified its cash and cash equivalents as FVTPL and term deposit, accounts receivable, accounts payable and loans payable
as amortized cost.
Measurement
Financial
assets and liabilities at amortized cost
Financial
assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently
carried at amortized cost less any impairment.
Financial
assets and liabilities at FVTPL
Financial
assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized
and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included
in the profit or loss in the period in which they arise.
F-
12
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
k)
Financial Instruments
(continued)
Financial
assets at FVTOCI
Investments
in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair
value, with gains and losses arising from changes in fair value recognized in other comprehensive income (loss) as they arise.
Impairment
of financial assets at amortized cost
An
'expected credit loss' impairment model applies which requires a loss allowance to be recognized based on expected credit
losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized
for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present
value of the future cash flows associated with the asset, discounted at the financial asset's original effective interest rate,
either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In
a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously
recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the
impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.
Derecognition
Financial
assets
The
Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers
the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition
are generally recognized in profit or loss.
The
Company provides information about its financial instruments measured at fair value at one of three levels according to the relative
reliability of the inputs used to estimate the fair value:
Level
1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level
2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e.,
as prices) or indirectly (i.e., derived from prices); and
Level
3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs)
l)
Impairment of equipment and intangible assets
At
the end of each reporting period, if there are indicators of impairment, the Company reviews the carrying amounts of its equipment and
intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Individual assets
are grouped together as a cash generating unit for impairment assessment purposes at the lowest level at which there are identifiable
cash flows that are independent from other group assets.
If
any such indication of impairment exists, the Company makes an estimate of its recoverable amount. The recoverable amount is the higher
of fair value less costs to sell and value in use. Where the carrying amount of a cash generating unit exceeds its recoverable amount,
the cash generating unit is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated
future cash flows are adjusted for the risks specific to the cash generating unit and are discounted to their present value with a discount
rate that reflects the current market indicators. The recoverable amount of intangible assets with an indefinite useful life, intangible
assets not available for use, or goodwill acquired in a business combination are measured annually whether or not there are any indications
that impairment exists.
F-
13
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
I)
Impairment of equipment and intangible assets
(continued)
Where
an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of its
recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined
had no impairment loss been recognized for the cash generating unit in prior years. A reversal of an impairment loss is recognized as
income immediately.
m)
Significant accounting estimates and judgments
Estimates
Significant
estimates used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements
are as follows:
Share-based
payments
The
Company grants share-based awards to certain directors, officers, employees, consultants and other eligible persons. For equity-settled
awards, the fair value is charged to the statement of operations and comprehensive loss and credited to the reserves over the vesting
period using the graded vesting method, after adjusting for the estimated number of awards that are expected to vest.
The
fair value of equity-settled awards is determined at the date of the grant using the Black-Scholes option pricing model. For equity-settled
awards to non-employees, the fair value is measured at each vesting date. The estimate of warrant and option valuation also requires
determining the most appropriate inputs to the valuation model, including the volatility, expected life of warrants and options, risk
free interest rate and dividend yield. Changes in these assumptions can materially affect the fair value estimate, and therefore the
existing models do not necessarily provide a reliable measure of the fair value of the Company's options and warrants issued. Management
must also make significant judgments or assessments as to how financial assets and liabilities are categorized.
Estimation
of useful lives of equipment and software
Amortization
of equipment and software is dependent upon estimates of their useful lives. The actual lives of the assets are assessed annually and
may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product lifecycles,
and maintenance are taken into account.
Judgements
Significant
judgments used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements
are as follows:
Revenue
recognition
Revenue
is recognized when the revenue recognition criteria expressed in the accounting policy stated above for Revenue Recognition have been
met. Judgment may be required when allocating revenue or discounts on sales amongst the various elements in a sale involving multiple
deliverables.
F-
14
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
m)
Significant accounting estimates and judgments
(continued)
Deferred
income taxes
Tax
interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. The determination
of income tax expense and deferred tax involves judgment and estimates as to the future taxable earnings, expected timing of reversals
of deferred tax assets and liabilities, and interpretations of laws in the countries in which the Company operates. The Company is subject
to assessments by tax authorities who may interpret the tax law differently. Changes in these estimates may materially affect the final
amount of deferred taxes or the timing of tax payments. If a positive forecast of taxable income indicates the probable use of a deferred
tax asset, especially when it can be utilized without a time limit, that deferred tax asset is usually recognized in full.
Going
concern
Management
has applied judgements in the assessment of the Company's ability to continue as a going concern when preparing its financial statements
for the year ended December 31, 2022. In assessing whether the going concern assumption is appropriate, management takes into account
all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period.
The factors considered by management are disclosed in Note 1.
n)
Accounting standards issued but not yet effective
There
are no accounting pronouncements with future effective dates that are applicable or are expected to have a material impact on the Company's
consolidated financial statements.
4.
ACCOUNTS RECEIVABLE
The
Company's accounts receivable consists of the following:
December 31, 2022
December 31, 2021
$
$
Trade receivables
748,097
83,847
GST receivable
22,276
7,701
770,373
91,548
5.
PREPAID EXPENSES AND DEPOSITS
The
balance consists of prepaid expenses to vendors of $
6,932
(2021 - $
35,949
), prepaid business insurance of $
11,299
(2021 - $
6,518
) and
security deposits of $
12,000
(2021 - $
12,000
).
F-
15
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
6.
EQUIPMENT
Equipment
$
Cost
Balance, December 31, 2020
-
Additions
105,358
Balance, December 31, 2021
105,358
Additions
1,193,345
Balance, December 31, 2022
1,298,703
Accumulated Amortization
Balance, December 31, 2020
-
Amortization
14,483
Balance, December 31, 2021
14,483
Amortization
176,229
Balance, December 31, 2022
190,712
Carrying value
As at December 31, 2021
90,875
As at December 31, 2022
1,107,991
Equipment
is comprised primarily of assets deployed to earn revenues.
7.
INTANGIBLE ASSETS
Software
HealthTab™
Corozon
Emerald
Total
$
$
$
$
$
Cost
Balance, December 31, 2020
-
1
1
1
3
Additions
35,006
-
-
-
35,006
Balance, December 31, 2021
35,006
1
1
1
35,009
Additions
5,171
-
-
-
5,171
Balance, December 31, 2022
40,177
1
1
1
40,180
Accumulated Amortization
Balance, December 31, 2020
-
-
-
-
-
Amortization
3,501
-
-
-
3,501
Balance, December 31, 2021
3,501
-
-
-
3,501
Amortization
6,818
-
-
-
6,818
Balance, December 31, 2022
10,319
-
-
-
10,319
Carrying value
As at December 31, 2021
31,505
1
1
1
31,508
As at December 31, 2022
29,858
1
1
1
29,861
F-
16
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
8.
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
The
Company's accounts payable and accrued costs consist of the following:
December 31, 2022
December 31, 2021
$
$
Trade accounts payable
261,493
44,477
GST payable
51,400
-
312,893
44,477
9.
LOANS PAYABLE
During
the year ended December 31, 2020, the Company entered into a loan agreement with a third party for a secured loan in the amount of $
1,000,000
(the "Loan"). The Loan was for a term of one year from the date of receipt of the funds, bore interest at a rate of
10
%
per
annum and was secured with all of the present and after-acquired property of the Company. The loan was subject to an interest reserve
of $
100,000
held back from the loan advance. The Company paid a loan application fee in the amount of $
30,000
and issued
3,480,000
bonus
shares with a fair value of $
52,500
, which was recorded against the carrying value of the Loan.
During
the year ended December 31, 2022, the Company recorded $
Nil
(2021 - $
21,096
) as interest expense and recorded $
Nil
(2021 - $
17,342
) as
accretion expense on the loan which was been included in finance cost in the consolidated statements of operations and comprehensive
loss. During the year ended December 31, 2021, the Company repaid the outstanding loan balance of $
1,000,000
at the end of the term.
During
the year ended December 31, 2020, the Company received a Canada Emergency Business Account loan of $
40,000
to be repaid on or before
December 31, 2025. The loan is interest-free until December 31, 2023. Thereafter, the outstanding loan balance will bear interest at
the rate of
5
%
per annum.
10.
SHARE CAPITAL
Authorized
share capital
Authorized:
Unlimited number of common shares without par value.
Issued
share capital
During
the year ended December 31, 2022:
The
Company issued
909,400
common shares upon exercise of warrants for gross proceeds of $
173,880
.
The
Company issued
800,000
common shares upon exercise of stock options for gross proceeds of $
80,000
.
During
the year ended December 31, 2021:
The
Company issued
10,058,660
common shares upon exercise of warrants for gross proceeds of $
1,653,737
.
The
Company issued
1,666,020
common shares upon exercise of stock options for gross proceeds of $
125,657
.
The
Company issued
275,000
common shares valued at $
38,500
to a consultant in exchange for services received.
F-
17
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
10.
SHARE
CAPITAL
(continued)
On
February 12, 2021, the Company completed a non-brokered private placement and issued
7,000,000
units at a price of $
0.22
per unit for
gross proceeds of $
1,540,000
. Each unit consisted of one common share and one share purchase warrant entitling the holder thereof to
acquire an additional common share of the Company at a price of $
0.30
per share for a period of 12 months from the date of closing subject
to an accelerated expiry condition. The Company's directors and officers participated in the private placement. The Company paid
finder's fee totaling $
56,320
and issued
256,000
finder's warrants valued at $
39,206
.
On
January 28, 2021, the Company closed the final tranche of a non-brokered private placement and issued
8,740,000
units at a price of $
0.10
per unit for gross proceeds of $
874,000
. Each unit consisted of one common share and one share purchase warrant entitling the holder
thereof to acquire an additional common share of the Company at a price of $
0.15
per share for a period of 12 months from the date of
closing subject to an accelerated expiry condition. The Company's directors and officers participated in the private placement.
The Company paid finder's fee totaling $
27,800
and issued
278,000
finder's warrants valued at $
100,419
.
During
the year ended December 31, 2020:
The
Company closed a tranche of a non-brokered private placement and issued
6,260,000
units at a price of $
0.10
per unit for gross proceeds
of $
626,000
. Each unit consisted of one common share and one share purchase warrant entitling the holder thereof to acquire an additional
common share of the Company at a price of $
0.15
per share for a period of 12 months from the date of closing subject to an accelerated
expiry condition. The Company paid finder's fee totaling $
22,500
and issued
225,000
finder's warrants valued at $
9,833
. The
Company's directors and officers participated in the private placement.
The
Company issued
5,477,965
common shares in exchange for services received and to settle accounts payables of $
136,949
. An aggregate of
1,900,000
shares were issued in settlement of $
47,500
in amounts owing to certain directors and officers of the Company. The common shares
issued to the related parties are subject to a four month plus one day hold period.
The
Company issued
105,000
common shares pursuant to the exercise of stock options for gross proceeds of $
5,250
. $
1,422
was reclassified
from reserves to share capital on exercise of the options.
The
Company issued
2,000,000
common shares valued at $
100,000
related to the acquisition of HealthTab™.
The
Company issued
3,480,000
common shares valued at $
52,200
as bonus shares pursuant to a loan agreement.
Stock
options
The
Company has adopted an incentive share purchase option plan under the rules of the Exchange pursuant to which it is authorized to grant
options to executive officers, directors, employees and consultants, enabling them to acquire up to
10
%
of the issued and outstanding
common shares of the Company. The options can be granted for a maximum term of
ten years
and generally vest either immediately or in
specified increments of up to
25
%
in any three-month period.
F-
18
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
10.
SHARE
CAPITAL
  (continued)
The
changes in stock options including those granted to directors, officers, employees and consultants are summarized as follows:
Year ended
December 31, 2022
Year ended
December 31, 2021
Year ended
December 31, 2020
Number of Options
Weighted Average Exercise Price
Number of Options
Weighted Average Exercise Price
Number of Options
Weighted Average Exercise Price
Beginning Balance
7,880,052
$
0.13
6,706,072
$
0.08
5,241,072
$
0.13
Options granted
3,125,000
$
0.15
2,840,000
$
0.22
1,730,000
$
0.08
Expired/Cancelled
(
1,570,052
)
$
0.13
-
-
(
160,000
)
$
0.07
Exercised
(
800,000
)
$
0.10
(
1,666,020
)
$
0.08
(
105,000
)
$
0.05
Ending Balance
8,635,000
$
0.14
7,880,052
$
0.13
6,706,072
$
0.08
Exercisable
6,216,250
$
0.14
7,692,552
$
0.13
6,706,072
$
0.08
The
following table summarizes information about stock options outstanding and exercisable as at December 31, 2022:
Exercise Price
Expiry date
Options
Outstanding
Exercisable
$
0.17
March 13, 2023
250,000
250,000
$
0.10
(1)
March 27, 2023
200,000
200,000
$
0.10
(2)
April 11, 2023
150,000
150,000
$
0.075
January 24, 2024
140,000
140,000
$
0.06
April 1, 2024
140,000
140,000
$
0.05
October 15, 2024
1,470,000
1,470,000
$
0.08
November 18, 2025
500,000
500,000
$
0.08
December 8, 2025
710,000
710,000
$
0.19
January 28, 2026
150,000
150,000
$
0.25
March 22, 2026
1,800,000
1,800,000
$
0.15
August 10, 2027
2,725,000
681,250
$
0.15
August 12, 2027
100,000
25,000
$
0.16
October 12, 2027
300,000
-
8,635,000
6,216,250
(1)
Options repriced
from $
0.24
to $
0.10
during the year ended December 31, 2020
(2)
Options repriced
from $
0.21
to $
0.10
during the year ended December 31, 2020
The
weighted average remaining life of the stock options outstanding at December 31, 2022 is
3.17
years. The weighted average fair value
of options granted during the year ended December 31, 2022 is $
0.13
per option.
Share-based
compensation
Share-based
compensation of $
331,522
was recognized during the year ended December 31, 2022 (2021 - $
495,791
) respectively, for stock options granted,
and vested during the year. Options issued to directors and officers of the Company vested immediately, while those issued to consultants
vest over one year, however, the Board may change such provisions at its discretion or as required on a grant-by-grant basis.
F-
19
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
10.
SHARE
CAPITAL
  (continued)
Share-based
payments for options granted and repriced was measured using the Black-Scholes option pricing model with the following assumptions:
2022
2021
2020
Expected life
0.8
–
2.65
years
1
–
5
years
2
–
5
years
Volatility
94
%
-
193
%
134
%
-
211
%
141
%
-
180
%
Dividend yield
0
%
0
%
0
%
Risk-free interest rate
1.46
%
-
3.71
%
0.32
%
-
0.99
%
0.23
%
-
0.47
%
Option
pricing models require the use of highly subjective estimates and assumptions, including the expected stock price volatility. Changes
in the underlying assumptions can materially affect the fair value estimates.
Warrants
The
Company has issued warrants entitling the holders to acquire common shares of the Company. The summary of changes in warrants is presented
below.
Year ended
December 31, 2022
Year ended
December 31, 2021
Year ended
December 31, 2020
Number of Warrants
Weighted Average Exercise Price
Number of Warrants
Weighted Average Exercise Price
Number of Warrants
Weighted Average Exercise Price
Beginning Balance
18,781,066
$
0.21
18,743,226
$
0.16
20,704,664
$
0.24
Warrants issued
-
-
16,274,000
$
0.22
6,485,000
$
0.15
Warrants exercised
(
909,400
)
$
0.19
(
10,058,660
)
$
0.16
-
-
Warrants expired
(
17,871,666
)
$
0.22
(
6,177,500
)
$
0.15
(
8,446,438
)
$
0.33
Outstanding
-
-
18,781,066
$
0.21
18,743,226
$
0.16
Fair
value of the finder's warrants granted was measured using the Black-Scholes pricing model with the following assumptions:
2022
2021
2020
Expected life
-
1
year
1
year
Volatility
-
195
%
-
200
%
190
%
Dividend yield
-
0
%
0
%
Risk-free interest rate
-
0.15
%
-
0.17
%
0.26
%
Black-Scholes
pricing models require the use of highly subjective estimates and assumptions, including the expected stock price volatility. Changes
in the underlying assumptions can materially affect the fair value estimates.
F-
20
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
11.
GENERAL AND ADMINISTRATIVE EXPENSES
Years ended December 31,
2022
2021
2020
$
$
$
Bad debt
-
-
2,977
Bank service charges
5,421
6,806
5,910
Filing and registration fees
40,563
59,635
37,715
Insurance
60,251
44,784
38,283
Investor relations
-
5,312
1,265
Office maintenance
31,888
30,738
17,550
Payroll
34,813
-
-
Regulatory fees
5,238
8,380
-
Rent
16,800
12,810
5,268
Travel
55,170
14,382
5,259
250,144
182,847
114,227
12.
RELATED PARTY TRANSACTIONS
For
the years ended December 31, 2022, 2021 and 2020, the Company recorded the following transactions with related parties:
a)
$
168,000
in management fees (2021 - $
150,000
; 2020 - $
150,000
) to the Chief Executive Officer of the
                                            Company along with a bonus award of $
nil
(2021 - $
35,000
, 2020 - $
nil
).
b)
$
nil
in management fees to the former President and Chief Executive Officer of the Company (2021
                                            - $
20,000
, 2020 - $
120,000
).
c)
$
124,200
in professional fees (2021 - $
120,000
; 2020 - $
120,000
) to a company controlled by the Chief
                                            Financial Officer of the Company along with a bonus award of $
nil
(2021 - $
30,000
, 2020 -
                                            $
nil
).
d)
$
168,000
in consulting fees (2021 - $
127,500
; 2020 - $
120,000
) to the Chief Technology Officer of
                                            the Company along with a bonus award $
nil
(2021 - $
35,000
and 2020 - $
nil
).
e)
In
                                            2020 the Company issued an aggregate of
1,900,000
shares in settlement of $
47,500
in amounts
                                            owing to certain directors and officers of the Company for services received in 2019. The
                                            shares issued to the related parties are subject to a four month plus one day hold period.
                                            There was no gain or loss on settlement.
Related
party transactions not otherwise described in the consolidated financial statements are shown below. The remuneration of the Company's
directors and other members of key management, who have the authority and responsibility for planning, directing and controlling the
activities of the Company directly or indirectly, consist of the following:
Years ended December 31,
2022
2021
2020
$
$
$
Consulting fees
168,000
162,500
120,000
Management fees
168,000
205,000
270,000
Professional fees
124,200
150,000
120,000
Share-based compensation
151,088
264,393
58,159
611,288
781,893
568,159
There
were
no
amounts due to related parties as at December 31, 2022, 2021 and 2020.
F-
21
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
13.
CAPITAL DISCLOSURES
The
Company includes shareholders' equity in the definition of capital. The Company's objective when managing capital is to maintain
sufficient cash resources to support its day-to-day operations. The availability of capital is solely through the issuance of the Company's
common shares. The Company will not issue additional equity until such time when funds are needed and the market conditions become favorable
to the Company. There are no assurances that funds will be made available to the Company when required. The Company makes every effort
to safeguard its capital and minimize its dilution to its shareholders.
The
Company is not subject to any externally imposed capital requirements. There were no changes in the Company's approach to capital
management during the year ended December 31, 2022.
14.
SEGMENTED INFORMATION
At
December 31, 2022 2021 and 2020,
the Company has only one segment, being the HealthTab™ - Point of Care Business in Canada.
15.
SUPPLEMENTAL CASH FLOW INFORMATION
There
were no non-cash transactions during the year ended December 31, 2022.
During
the year ended December 31, 2021, the Company:
-
Issued common shares against subscriptions of $
10,000
received in prior year.
-
Issued
275,000
common shares valued at $
38,500
for services received
During
the year ended December 31, 2020, the Company:
-
Issued in total
2,000,000
common shares valued at $
100,000
related to the acquisition of HealthTab™.
-
Issued in total
3,480,000
common shares valued at $
52,200
as bonus shares under a loan.
-
Issued
5,477,965
common shares at a price of $
0.025
per share to settle an outstanding debt of $
136,949
.
16.
INCOME TAXES
The
following table reconciles the expected income tax expense (recovery) at the Canadian statutory income tax rates to the amounts recognized
in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2022, 2021 and 2020:
2022
2021
2020
$
$
$
Loss for the year
$
(
818,228
)
$
(
1,708,132
)
$
(
1,173,966
)
Expected income tax recovery (
27
%
)
(
221,000
)
(
461,000
)
(
317,000
)
Change in statutory, foreign tax, foreign exchange rates and other
(
2,000
)
(
24,000
)
(
3,000
)
Permanent differences and other
91,000
134,000
35,000
Share issue cost
(
5,000
)
(
5,000
)
(
5,000
)
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses
-
-
1,000
Change in unrecognized deductible temporary differences
137,000
356,000
289,000
Total income tax expense (recovery)
-
-
-
F-
22
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
16.
INCOME
                                            TAXES
(continued)
The
significant components of the Company's deferred tax assets and liabilities are as follows:
2022
2021
$
$
Share issue costs
26,000
29,000
Property and equipment
219,000
164,000
Intangible asset
157,000
157,000
Non-capital losses
5,719,000
5,636,000
Total
6,121,000
5,986,000
Unrecognized deferred tax assets
(
6,121,000
)
(
5,986,000
)
Deferred income tax asset (liability)
-
-
The
Company has approximately $
21,261,000
in non-capital losses for Canadian tax purposes which
begin expiring in 2026.
17.
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
The
Company's financial instruments include cash and cash equivalents, accounts receivable, accounts payable and loans payable. The
Company's risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk
limits and controls, and to monitor risks and adherence to market conditions and the Company's activities. The Company has exposure
to credit risk, liquidity risk and market risk as a result of its use of financial instruments.
This
note presents information about the Company's exposure to each of the above risks and the Company's objectives, policies
and processes for measuring and managing these risks. Further quantitative disclosures are included throughout the consolidated financial
statements. The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management
framework. The Board has implemented and monitors compliance with risk management policies.
a)
Credit
                                            risk
Credit
risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations and arises primarily from the Company's cash and cash equivalents and accounts receivable. The Company's cash
and cash equivalents are held through a large Canadian financial institution. The cash equivalent is composed of a guaranteed investment
certificate and is issued by a Canadian bank with high investment-grade ratings. The Company does not have financial assets that are
invested in asset-backed commercial paper.
The
Company performs ongoing credit evaluations of its accounts receivable but does not require collateral. The Company establishes an allowance
for doubtful accounts based on the credit risk applicable to particular customers and historical data.
Approximately
99
% of trade receivables are due from one customer at December 31, 2022 (2021 –
76
% from one customer).
F-
23
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
17.
FINANCIAL
                                            INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
(continued)
b)
Liquidity
                                            risk
Liquidity
risk is the risk that the Company will incur difficulties meeting its financial obligations as they are due. The Company's approach
to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under
both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company's reputation. Due to the
ongoing COVID-19 pandemic, liquidity risk has been assessed as high.
The
Company monitors its spending plans, repayment obligations and cash resources, and takes actions with the objective of ensuring that
there is sufficient capital in order to meet short-term business requirements. To facilitate its expenditure program, the Company raises
funds primarily through public equity financing. The Company anticipates it will have adequate liquidity to fund its financial liabilities
through future equity contributions, however, there can be no guarantees that sufficient funds will be raised.
Contractual
undiscounted cash flow requirements for financial liabilities as at December 31, 2022 are as follows:
Carrying value
Contractual Cash flows
Within 1 year
1 - 5 Years
$
$
$
$
Accounts payable and accrued liabilities
312,893
312,893
312,893
-
Deferred revenue
252,000
252,000
252,000
-
Loan payable
40,000
40,000
-
40,000
604,893
604,893
564,893
40,000
c)
Market
                                            risk
Market
risk for the Company consists of currency risk and interest rate risk. The objective of market risk management is to manage and control
market risk exposure within acceptable limits, while maximizing returns.
Currency
risk
Foreign
currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. As
all of the Company's purchases and sales are denominated in Canadian dollars, and it has no significant cash balances denominated
in foreign currencies, the Company is not exposed to foreign currency risk at this time.
Interest
rate risk
Interest
rate risk is the risk that fair values or future cash flows will fluctuate as a result of changes in market interest rates. In respect
of financial assets, the Company's policy is to invest cash at floating interest rates and cash reserves are to be maintained in
cash equivalents in order to maintain liquidity, while achieving a satisfactory return for shareholders. The Company is not exposed to
significant interest rate risk.
d)
Fair
                                            values of financial instruments
The
fair values of financial assets and financial liabilities are determined as follows:
Cash
and cash equivalents are measured at fair value. For accounts receivable, accounts payable, and loans payable carrying amounts approximate
fair value due to their short-term maturity;
F-
24
Avricore
                                            Health Inc.
Notes
to the Consolidated Financial Statements
For
the years ended December 31, 2022, 2021 and 2020
(Expressed
in Canadian Dollars)
17.
FINANCIAL
                                            INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
(continued)
d)
Fair
                                            values of financial instruments
(continued)
The
fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. The three levels
of the fair value hierarchy are described below:
Level
1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities and amounts
resulting from direct arm's length transactions.
Cash
and cash equivalents are valued using quoted market prices or from amounts resulting from direct arm's length transactions. As
a result, these financial assets have been included in Level 1 of the fair value hierarchy.
Level
2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly,
for substantially the full contractual term. Derivatives are included in Level 2 of the fair value hierarchy as they are valued using
price models. These models require a variety of inputs, including, but not limited to, contractual terms, market prices, forward price
curves, yield curves and credit spreads.
Level
3: Inputs for the asset or liability are not based on observable market data. Currently, the Company has no financial instruments at
this level.
18.
REVENUE
Revenues
earned comprise lease and service $
222,406
(2021 – $
nil
, 2020 – $
nil
) and sale of products $
1,545,968
(2021 – $
122,808
,
2020 - $
33,030
). For the years ended December 31, 2022, 2021 and 2020, the Company had one major customer from whom revenues are earned.
The loss of this major customer would have an adverse effect on the overall operations of the company. Revenue from the major customer
was $
1,768,374
for the year ended December 31, 2022 (2021 – $
122,808
, 2020 - $
33,030
).
19.
SUBSEQUENT EVENTS
The
Company issued
400,000
common shares upon exercise of stock options for gross proceeds of $
42,500
.
F-
25
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this registration report on its behalf.
Dated:
    June 16, 2023
AVRICORE
    HEALTH INC.
By:
/s/
    Kiki Smith
Kiki
    Smith,
Chief
    Financial Officer
45