| Share-based payments reserve |
| 14. | Share-based payments reserve |
Share-based compensation expense for the three and nine months ended May
31, 2025 totaled $0.5 million and $2.0 million, respectively (2024 – $0.3 million and $1.7 million, respectively).
As at May 31, 2025, the Company had 5,562,016
(August 31, 2024 - 5,997,632) share awards available for issuance under the Omnibus Equity Incentive Plan.
Canadian Dollars denominated stock options
| Schedule of continuity of outstanding stock options | |
| | | |
| | |
| | |
|
Number of stock
options | | |
|
Weighted average
exercise price per
share | |
| Balance – August 31, 2024 | |
| 4,986,000 | | |
| CAD $0.41 | |
| Options exercised(1) | |
| (562,000 | ) | |
| CAD $0.42 | |
| Balance – May 31, 2025 | |
| 4,424,000 | | |
| CAD $0.41 | |
(1) The weighted average share price at the time of
the option exercise was C$0.53.
Options to purchase common shares carry exercise prices and terms to maturity as follows:
| Schedule of options to purchase common shares carry exercise prices and terms to
maturity | | |
| | | |
| | | |
| | | |
| | |
| | | |
| | |
| | |
|
Remaining | |
| | | |
Number of options | | |
|
Expiry | | |
|
contractual | |
| Exercise price | | |
|
Outstanding | | |
|
Exercisable | | |
|
Date | | |
|
life (years) | |
| C$0.40 | | |
| 2,259,000 | | |
| 2,259,000 | | |
| October 11, 2026 | | |
| 1.4 | |
| C$0.43 | | |
| 2,065,000 | | |
| 2,065,000 | | |
| September 29, 2026 | | |
| 1.3 | |
| C$0.35 | | |
| 100,000 | | |
| 100,000 | | |
| January 2, 2027 | | |
| 1.6 | |
| C$0.41(1) | | |
| 4,424,000 | | |
| 4,424,000 | | |
| | | |
| 1.4(1) | |
(1) Total represents weighted
average.
US Dollars denominated stock options
| Schedule of outstanding stock options | |
| | | |
| | |
| | |
|
Number of stock options | | |
|
Weighted average exercise price per share | |
| Balance – August 31, 2024 | |
| 10,450,000 | | |
$ | 0.49 | |
| Forfeited | |
| (2,550,000 | ) | |
$ | 0.49 | |
| Granted | |
| 2,600,000 | | |
$ | 0.36 | |
| Balance – May 31, 2025 | |
| 10,500,000 | | |
$ | 0.45 | |
Options to purchase common shares carry exercise prices and terms to maturity as follows:
| | Schedule of options to purchase common shares exercise prices | | |
| | | |
| | | |
| | | |
| | |
| | | |
| | |
| | |
|
Remaining | |
| | | |
Number of options | | |
|
Expiry | | |
|
contractual | |
| |
Exercise price | | |
|
Outstanding | | |
|
Exercisable | | |
|
Date | | |
|
life (years) | |
| | USD $0.50 | | |
| 5,500,000 | | |
| 3,300,000 | | |
| August 17, 2027 | | |
| 2.2 | |
| | USD $0.45 | | |
| 2,400,000 | | |
| 960,000 | | |
| August 28, 2028 | | |
| 3.2 | |
| | USD $0.36 | | |
| 2,600,000 | | |
| 520,000 | | |
| December 24, 2029 | | |
| 4.6 | |
| | USD $0.45(1) | | |
| 10,500,000 | | |
| 4,780,000 | | |
| | | |
| 3.0(1) | |
(1) Total
represents weighted average.
For the three and nine months ended May 31, 2025, share-based compensation
expense related to stock options totalled $0.1 million and $0.4 million, respectively (2024 – $0.2 million and $0.5 million, respectively).
The following table sets out activity with respect to outstanding RSUs:
| Schedule of restricted stock outstanding | |
| | |
| | |
|
Number of RSUs | |
| Balance – August 31, 2024 | |
| 1,498,385 | |
| Granted | |
| 6,922,103 | |
| Forfeited | |
| (640,074 | ) |
| Exercised | |
| (2,000,085 | ) |
| Balance – May 31, 2025 | |
| 5,780,329 | |
For the three and nine months ended May 31, 2025, share-based payment expenses
related to RSUs totalled $0.2 million and $1.3 million, respectively (2024 – $0.1 million and $0.8 million, respectively).
|