Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2025

A summary of stock options outstanding is as follows:


	Stock options (#)	Weighted average exercise price ($)
	#	$
Balance, March 31, 2023	672,150	257.28
Granted	633,485	7.60
Expired	(34,855)	1,033.90
Forfeited	(83,956)	205.10
Balance, March 31, 2024	1,186,824	104.90
Granted	749,161	7.60
Exercised	(111,661)	7.60
Forfeited	(20,284)	13.12
Expired	(43,320)	463.14
Balance, March 31, 2025	1,760,720	61.68

The following table summarizes the stock options that are outstanding as at March 31, 2025:


Exercise Price ($)	Expiry Date	Weighted average remaining life	Options outstanding (#)	Options exercisable (#)
7.59 - 23.80	May 31, 2027 - September 19, 2029	3.57	1,555,974	377,763
48.60 - 224.80	April 6, 2025 - February 28, 2027	1.12	142,365	142,365
1,240.80	March 13, 2026	0.95	62,381	62,381

			1,760,720	582,509

Stock options granted during the respective periods presented below were fair valued based on the following weighted average assumptions:


	Years ended March 31,
		2025			2024
Risk-free annual interest rate (1)		3.70		%	4.34		%
Expected annual dividend yield		—		%	—		%
Expected stock price volatility (2)		81.19		%	85.06		%
Expected life of options (years) (3)		2.97			2.67
Forfeiture rate		11.20		%	19.63		%
Weighted average value		$	4.12		$	4.10
Weighted average exercise price		$	7.60		$	7.60

(1)The risk-free rate is based on Canada government bonds with a remaining term equal to the expected life of the options.

(2)Volatility was estimated by using the average historical volatilities of the Company and certain companies in the same industry.

(3)The expected life in years represents the period of time that options granted are expected to be outstanding.

A summary of the RSUs outstanding are as follows:

The following table summarizes the RSUs that are outstanding as at March 31, 2025:


Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
$6.17 - $18.70	September 23, 2025 - September 19, 2027	753,220	40,701
$19.20 - $46.50	May 17, 2025 - November 15, 2025	4,119	13

		757,339	40,714

(1)Includes DSUs issued under cash settlement plan Note 15(e).

The following table summarizes the DSUs that are outstanding as at March 31, 2025:


Weighted Average Issue Price ($)	Expiry Date	Outstanding and vested (#)
$4.43 - $83.70	N/A	370,447
$100.90 - $217.20	N/A	1,944
$901.20 - $949.20	N/A	211
		372,602

A summary of the PSUs outstanding is as follows:

(1)Includes PSUs issued under cash settlement plan Note 15(e).

The following table summarizes the PSUs that are outstanding as at March 31, 2025:


Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
7.59 - 33.20	May 17, 2025 - September 19, 2027	1,164,474	—

PSUs granted during the respective periods highlighted below were fair valued based on the following weighted average assumptions:


	Years ended March 31,
		2025		2024
Risk-free annual interest rate (1)		2.60	%	4.76	%
Dividend yield		—	%	—	%
Expected stock price volatility (2)		84.20	%	90.65	%
Expected stock price volatility of peer group (2)		83.17	%	91.51	%
Expected life of options (years) (3)		3		3
Forfeiture rate		14.94	%	12.45	%
Equity correlation against peer group (4)		44.87	%	39.14	%

(1)The risk-free rate is based on Canada government bonds with a remaining term equal to the expected life of the PSUs.

(2)Volatility was estimated by using the 20-day VWAP historical volatility of the Company and the peer group of companies.

(3)The expected life in years represents the period of time that the PSUs granted are expected to be outstanding.

(4)The equity correlation is estimated by using 1-year historical equity correlations for the Company and the peer group of companies.