v3.26.1
Consolidated Statements of Cash Flows
$ in Thousands, $ in Thousands
 12 Months Ended
Apr. 30, 2026
USD ($)
Apr. 30, 2025
USD ($)
Operating activities    
Net loss for the year $ (38,685) $ (5,820)
Items not affecting cash:    
Depreciation 125 179
Share-based compensation 10,878 6,943
Unrealized gain (loss) on investments at FVTPL (2,783) 331
Share of income of Vizsla Royalties Corp. (1,936) (354)
Gain on debt settlement from Vizsla Royalties Corp. 0 (231)
Income taxes 433 0
Gain on spin out of royalty interest 0 (9,868)
Loss on Capped Call Options 20,455 0
Revaluation gain on Derivative Liabilities (4,175) 0
Interest expense on Convertible Note 6,545 0
Accretion expense on Convertible Note 4,399 0
Changes in working capital items (6,454) 3,621
Net cash flows used in operating activities (11,198) (5,199)
Investing activities    
Payments for exploration and evaluation assets (32,752) (19,842)
Payments for property plant and equipment (216) (356)
Purchase of capped call derivative options (47,490) 0
Proceeds from disposals of investments 111 0
Purchase of investments in equity instruments (1,064) (134)
Purchase of investments in warrants investments (826) 0
Short-term investments in Guaranteed Investment Certificate (“GIC”) 8,670 (8,545)
Net cash flows used in investing activities (73,567) (28,877)
Financing activities    
Common shares proceeds - net of share issuance 117,508 77,595
Proceeds from exercise warrants 0 20,775
Proceeds from exercise of stock options 9,180 6,261
Proceeds from convertible notes, net of transaction costs 286,613 0
Net cash flows provided by financing activities 413,301 104,631
Effects of exchange rate changes on cash and cash equivalents 2,758 (1,855)
Increase in cash and cash equivalents 331,294 68,700
Cash and cash equivalents, beginning of year 96,016 27,316
Cash and cash equivalents, end of year $ 427,310 $ 96,016