v3.26.1
Share-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2026
Share-based payment arrangements [Abstract]  
Disclosure of Number and Weighted Average Exercise Prices of Stock Options
A summary of stock options outstanding is as follows:
Stock
options
Weighted average
exercise price
#$
Balance, March 31, 2024
1,186,824 104.90
Granted749,161 7.60
Exercised(111,661)7.60
Expired(20,284)13.12 
Forfeited(43,320)463.14
Balance, March 31, 2025
1,760,720 61.68
Granted435,819 5.90 
Exercised(77,218)7.60 
Forfeited(20,252)7.59 
Expired(106,624)797.55 
Balance, March 31, 2026
1,992,445 12.74
Disclosure of Range of Exercise Prices of Outstanding Stock Options
The following table summarizes the stock options that are outstanding as at March 31, 2026:
Exercise PriceExpiry DateWeighted average remaining lifeOptions outstandingOptions exercisable
$##
5.90 - 7.91
June 23, 2028 - June 24, 20303.231,597,125 498,096 
16.70 - 48.60
February 28, 2027 - September 23, 20271.46302,867 302,867 
82.20 - 112.40
May 18, 2026 - November 30, 20260.4092,453 92,454 
1,992,445 893,417 
Weighted Average Assumptions for Stock Options
Stock options granted during the respective periods presented below were fair valued based on the following weighted average assumptions:

Years ended March 31,
20262025
Risk-free annual interest rate (1)
2.66%3.70%
Expected annual dividend yield—%—%
Expected stock price volatility (2)
91.41%81.19%
Expected life of options (years) (3)
3.062.97
Forfeiture rate8.78%11.20%
Weighted average value$3.50 $4.12 
Weighted average exercise price$5.90 $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 Company’s historical share price over a commensurate period of the expected life.
(3)The expected life in years represents the period of time that options granted are expected to be outstanding, based on historical actuals.
Summary of Other Equity Instruments Outstanding
A summary of the RSUs outstanding are as follows:
RSUs
#
Balance, March 31, 2024797,689 
Issued378,369 
Vested(364,551)
Expired(54,168)
Balance, March 31, 2025757,339 
Issued753,398 
Vested(393,719)
Forfeited(93,272)
Balance, March 31, 20261,023,746 
A summary of the DSUs outstanding are as follows:

DSUs (1)
#
Balance, March 31, 2024277,206 
Issued(1)
160,928 
Exercised(65,532)
Balance, March 31, 2025372,602 
Issued
142,946 
Exercised(192,910)
Balance, March 31, 2026322,638 
(1)Includes DSUs issued under cash settlement plan Note 13(e).
A summary of the PSUs outstanding are as follows:

PSUs(1)
#
Balance, March 31, 2024700,880 
Granted(1)
664,277 
Vested(134,040)
Forfeited(38,876)
Expired(27,767)
Balance, March 31, 20251,164,474 
Granted
803,003 
Vested(12,147)
Forfeited(190,587)
Expired
(113,734)
Balance, March 31, 20261,651,009 
(1)Includes PSUs issued under cash settlement plan Note 13(e).
Weighted Average Assumptions for Other Equity Instruments
Years ended March 31,
20262025
Risk-free annual interest rate (1)
2.75%2.60%
Dividend yield—%—%
Expected stock price volatility (2)
76.38 %84.20%
Expected stock price volatility of peer group (2)
93.02 %83.17%
Expected life of options (years) (3)
3.003.00
Forfeiture rate21.86 %14.94%
Equity correlation against peer group (4)
51.10%44.87%
(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 Company’s historical share price over a commensurate period of the expected life.
(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.