Note 13 - Share-based Compensation

6 Months Ended

May 31, 2026

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 13 – SHARE-BASED COMPENSATION

The following table shows the recognized share-based compensation expense by award type:

		Three months ended May 31,								Six months ended May 31,
		2026				2025				2026				2025
Stock options		$	1,570			$	780			$	2,809			$	1,239
Performance share unit plan			618				560				1,192				1,015
Deferred share unit plan			80				70				150				139
		$	2,268			$	1,410			$	4,151			$	2,393

Stock options

A summary of stock options outstanding and activity during the six months ended May 31, 2026 are as follows:

		Number of stock options				Weighted- average exercise price per share				Weighted- average remaining contractual term (years)				Aggregate intrinsic value
November 30, 2025			9,663,767			$	5.32
Granted			1,232,200				8.73
Exercised – shares issued			(259,177	)			6.35
Cashless exercise – options cancelled			(336,757	)			6.35
Expired			(674,300	)			9.91
Forfeited			(78,699	)			4.20
May 31, 2026			9,547,034			$	5.39				2.82			$	30,541
Vested and exercisable as of May 31, 2026			5,502,548			$	5.19				2.03			$	18,591

The following table summarizes key stock option valuation inputs and other information regarding the option grants:

		Six months ended May 31,
		2026				2025
Weighted-average assumptions used to value stock option awards:
Expected volatility			57.1	%			52.8	%
Risk-free interest rate			3.57	%			3.63	%
Expected forfeiture rate			3.2	%			3.3	%
Expected dividend rate			—	%			—	%
Expected term of options (years)			4				4

Weighted-average grant-date fair value		$	4.13			$	1.94
Intrinsic value of options exercised		$	3,066			$	—
Cash received from options exercised		$	—			$	—

As of May 31, 2026, the Company had $6,484 of unrecognized compensation cost related to 4,044,486 non-vested stock options expected to be recognized and vest over a period of approximately 2.68 years.

Performance share units

The Company has granted PSUs under the May 26, 2009 PSU Plan to all employees of the Company that represent shares potentially issuable in the future. PSUs granted pursuant to the PSU Plan have a three-year performance period between the grant date and the maturity date, when a vesting determination is made. The number of PSUs vesting is based on the Company’s common share price performance relative to the performance of the S&P/TSX Global Gold Index between the PSU grant date and the maturity date. This relative performance is converted to a percentage which translates to an adjustment factor used to determine the number of PSUs that will vest on or shortly after the maturity date. PSUs can vest anywhere from 0% to 150% of the PSU grant amount depending upon the relative share price performance.

A summary of PSU awards outstanding and activity during the six months ended May 31, 2026 are as follows:

		Number of PSU awards				Weighted- average exercise price per award				Aggregate intrinsic value
November 30, 2025			2,074,300			$	4.65
Expired			(495,500	)			5.78
Forfeited			(102,300	)			4.14
Granted			425,900				9.11
May 31, 2026			1,902,400			$	5.38			$	11,820

The following table summarizes key PSU valuation inputs and other information regarding the PSU grants:

		Six months ended
		May 31,				May 31,
		2026				2025
Weighted-average assumptions used to value PSU awards:
Expected volatility of Company shares			59.3	%			54.8	%
Expected volatility of TSX index			31.4	%			29.7	%
Expected correlation between Company shares and TSX			59.0	%			63.2	%
Risk-free interest rate			2.47	%			2.60	%
Expected term of PSUs (years)			3				3

Number of PSUs granted			425,900				849,200
Weighted-average grant-date fair value		$	9.11			$	4.41

As of May 31, 2026, the Company had $6,275 of unrecognized compensation cost related to 1,902,400 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.68 years.