During the three and nine months ended May 31, 2026, the Company recognized a loss on fair value remeasurement of derivative warrant liabilities of $nil and $30.5 million, respectively (2025 – loss of $0.2 million and a gain of $1.5 million, respectively), which has been recorded in the consolidated statements of income (loss).

During the period, derivative warrant liabilities were fully extinguished as a result of:

Upon exercise, the carrying value of the related derivative warrant liabilities was reclassified to share capital together with the cash proceeds received. Upon expiry, the carrying value of the derivative warrant liabilities was derecognized in accordance with the Company’s accounting policy in the consolidated statements of income (loss).

As at May 31, 2026, the Company had no outstanding derivative warrant liabilities (August 31, 2025 – $1.0 million).