The Company adopted the Omnibus Equity Incentive Plan dated June 26, 2019 (the “Omnibus Plan”), which was approved by the shareholders on August 16, 2019. The Omnibus Plan was subsequently updated and approved by the shareholders on February 27, 2025.

The purposes of the Omnibus Plan are: (a) to advance the interests of the Company by enhancing the ability of the Company and its subsidiaries to attract, motivate and retain employees, officers, directors, and consultants, which either of directors or officers may be consultants or employees; (b) to reward such persons for their sustained contributions; and (c) to encourage such persons to take into account the long-term corporate performance of the Company.

The Omnibus Plan provides for the grant of options, restricted share units, deferred share units and performance share units (collectively, the “Omnibus Plan Awards”).

The Omnibus Plan provides for the grant of other share-based awards to participants (“Other Share-Based Awards”), which awards would include the grant of common shares. All Other Share-Based Awards will be granted by an agreement evidencing the Other Share-Based Awards granted under the Omnibus Plan. Subject to adjustments as provided for under the Omnibus Plan, the maximum number of shares issuable pursuant to Omnibus Plan Awards outstanding at any time under the Omnibus Plan shall not exceed 10% of the aggregate number of common shares outstanding from time to time on a non-diluted basis; provided that the acquisition of common shares by the Company for cancellation shall not constitute non-compliance with the Omnibus Plan for any Omnibus Plan Awards outstanding prior to such purchase of common shares for cancellation.

Share-based compensation expense including withholding tax paid for the three and nine months ended May 31, 2026 totaled $2.3 million and $4.5 million, respectively (May 31, 2025 – $0.5 million and $2.0 million, respectively).

For the three and nine months ended May 31, 2026, the Company issued 1,740,966 and 4,360,778 common shares, respectively (2025 – 782,758 and 2,692,686, respectively) relating to shares issued for services, contract share awards and exercise of RSUs. Upon issuance, $0.8 million and $2.0 million, respectively (2025 – $0.3 million and $1.1 million, respectively) was recognized in share capital for the three and nine months ended May 31, 2026.

As at May 31, 2026, the Company had 16,020,143 (August 31, 2025 – 6,742,580) share awards available for issuance under the Omnibus Equity Incentive Plan.

Canadian Dollars denominated stock options

Options to purchase common shares carry exercise prices and terms to maturity as follows:

US Dollars denominated stock options

Options to purchase common shares carry exercise prices and terms to maturity as follows:

For the three and nine months ended May 31, 2026, share-based compensation expense related to stock options totaled $0.2 million and $0.5 million, respectively (2025 – $0.1 million and $0.4 million, respectively).

During the nine months ended May 31, 2026, share-compensation reserves of $0.02 million related to vested stock options that expired unexercised were reclassified from share-based compensation reserves to contributed surplus.

The following table sets out activity with respect to outstanding RSUs:

For the three and nine months ended May 31, 2026, share-based payment expenses related to RSUs totaled $0.5 million and $1.2 million, respectively (2025 – $0.2 million and $1.3 million, respectively).