Note 10 - Capital Stock |
9 Months Ended | ||
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Apr. 30, 2026 | |||
| Notes to Financial Statements | |||
| Equity [Text Block] |
At-the-Market Offerings
On November 16, 2022, the Company entered into an at-the-market offering agreement (the “2022 ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain other co-managers (collectively, the “2022 ATM Managers”) as set forth in the 2022 ATM Offering Agreement under which the Company could, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2022 ATM Managers selected by us.
On December 20, 2024, the Company entered into an at-the-market offering agreement (the “2024 ATM Offering Agreement”) with Goldman Sachs & Co. LLC and certain other co-managers (the “2024 ATM Managers”), pursuant to which the Company may sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering (the “2024 ATM Offering”) . Under the 2024 ATM Offering Agreement, the Company could, from time to time, sell shares of our common stock through the 2024 ATM Managers selected by us.
On November 14, 2025, the Company entered into an at-the-market offering agreement (the “2025 ATM Offering Agreement”) with Goldman Sachs & Co. LLC and certain other co-managers (collectively, the “2025 ATM Managers”). Under the 2025 ATM Offering Agreement, the Company may, from time to time, sell shares of our common stock having an aggregate offering price of up to $600 million through the 2025 ATM Managers selected by us.
During the nine months ended April 30, 2025, the Company issued 11,516,375 and 11,888,516 of the Company’s common stock under the 2022 ATM Offering Agreement and the 2024 ATM Offering Agreement for gross cash proceeds of $94.40 million and $75.34 million, respectively. The total issuance costs were $2.15 million and $1.69 million, all of which were related to compensation paid to the 2022 ATM Managers and the 2024 ATM Managers, respectively.
During the nine months ended April 30, 2026, the Company issued 10,077,186 and 9,709,167 of the Company’s common stock under the 2024 ATM Offering Agreement and the 2025 ATM Offering Agreement for gross cash proceeds of $101.97 million and $168.52 million, respectively. The total issuance costs were $2.29 million and $3.37 million, all of which were related to compensation paid to the 2024 ATM Managers and the 2025 ATM Managers, respectively.
Subsequent to April 30, 2026, the Company issued 1,390,880 of the Company’s common stock under the 2025 ATM Offering Agreement for gross cash proceeds of $22.11 million. The total issuance costs were $0.44 million, all of which were related to compensation paid to the 2025 ATM Managers.
Public Offering
On October 6, 2025, the Company completed a public offering of 15,500,000 shares of our common stock at a price of $13.15 per share, resulting in gross proceeds of $203.83 million. On October 9, 2025, the underwriter exercised its over-allotment option to purchase an additional 2,325,000 shares of common stock at the same offering price, providing additional gross proceeds to the Company of $30.57 million. The total issuance costs were $2.79 million pursuant to the public offering and the over-allotment purchase.
Private Placement
On October 2, 2025, the Company completed a private placement offering of 575,000 shares of our common stock issued as “flow-through shares” (the “FT Shares”), as defined in subsection 66(15) of the Income Tax Act (Canada), for gross proceeds of $8.63 million. The proceeds will be applied toward certain qualifying Canadian exploration expenditures (“CEE”), as defined in the Income Tax Act (Canada), at the Company’s Roughrider Project located in Saskatchewan, Canada.
The difference between the Company’s trading price at the time of issuance and the price of the FT Shares is recorded as a flow-through share premium (the “FT Premium Liability”). The FT Premium Liability of $0.75 million is recorded within accrued liabilities on our Consolidated Balance Sheet. The FT Premium Liability will be derecognized in subsequent periods when the Company incurs qualifying CEE and submits the required documentation to renounce the related tax benefits to the FT Share subscriber.
Share Purchase Warrants
No share purchase warrants were outstanding as at April 30, 2026 ( July 31, 2025: 159,091).
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