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Z4 Suite 1723, 595 Burrard Street Vancouver BC V7X 1J1 604 364-2215 Cogency Global Inc. 122 East 42nd Street 18th Floor New York NY 10168 800 221-0102 Common Shares VZLA NYSEAMER true true 351018130 Yes Yes false true false Deloitte LLP 1208 Vancouver, Canada <div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>We have audited, before the effects of the adjustments to retrospectively apply the change in presentation currency described in note 3 to the 2026 consolidated financial statements, the consolidated financial statements of Vizsla Silver Corp. and its subsidiaries (the "Company"), which comprise the consolidated statement of financial position as at April 30, 2025, and the consolidated statements of loss and comprehensive loss, changes in equity and cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information (the 2025 consolidated financial statements before the effects of the adjustments described in note 3 are not presented herein).</span></span></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>In our opinion, the accompanying consolidated financial statements, before the effects of the adjustments to retrospectively apply the change in presentation currency described in note 3 to the 2026 consolidated financial statements, present fairly, in all material respects, the consolidated financial position of the Company as at April 30, 2025, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board.</span></span></span></span></p> </div> 427310000 96016000 27316000 0 8620000 0 0 11074000 11178000 1514000 634000 464000 1037000 1674000 1614000 429861000 118018000 40572000 244208000 174869000 151933000 472000 503000 428000 7371000 5361000 0 3668000 240000 440000 1138000 0 0 17765000 1420000 4256000 27016000 0 0 0 12000 930000 301638000 182405000 157987000 731499000 300423000 198559000 6154000 3179000 1840000 6558000 0 0 482000 285000 836000 107000 0 0 13301000 3464000 2676000 237355000 0 0 49482000 0 0 0 1164000 0 300138000 4628000 2676000 456910000 320764000 211498000 8954000 5813000 654000 45462000 34998000 28647000 16779000 -7693000 2567000 -96744000 -58087000 -47483000 431361000 295795000 195883000 731499000 300423000 198559000 26000 0 2714000 1458000 11512000 3967000 1542000 4474000 463000 413000 10878000 6943000 5148000 0 125000 179000 32382000 17434000 11338000 2260000 27224000 0 5010000 -872000 2783000 -331000 0 231000 0 9868000 1936000 354000 642000 0 955000 104000 -38252000 -5820000 433000 0 -38685000 -5820000 24472000 -10260000 -14213000 -16080000 -0.11 -0.11 -0.02 -0.02 338886497 338886497 267326705 267326705 -38685000 -5820000 125000 179000 10878000 6943000 2783000 -331000 1936000 354000 0 231000 -433000 0 0 9868000 20455000 0 -4175000 0 6545000 0 4399000 0 6454000 -3621000 -11198000 -5199000 32752000 19842000 216000 356000 47490000 0 111000 0 1064000 134000 826000 0 -8670000 8545000 -73567000 -28877000 117508000 77595000 0 20775000 9180000 6261000 286613000 0 413301000 104631000 2758000 -1855000 331294000 68700000 96016000 27316000 427310000 96016000 232642035 211498000 28647000 654000 2567000 -47483000 195883000 1717978 2823000 5159000 7982000 42455156 78735000 78735000 21559291 27708000 -560000 27148000 6911000 6911000 4784000 4784000 -10260000 -5820000 -16080000 298374460 320764000 34998000 5813000 -7693000 -58087000 295795000 3949935 9045000 3141000 12186000 41434100 117508000 117508000 7259635 9593000 -414000 9179000 10878000 10878000 28000 28000 24472000 -38685000 -14213000 351018130 456910000 45462000 8954000 16779000 -96744000 431361000 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;border-bottom:1pt solid rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.<span style="display:inline-block;width:10.5pt"> </span></strong><strong>Corporate Information and Nature of Operations</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company was incorporated on September 26, 2017, under the Business Corporations Act (British Columbia) under the name Vizsla Capital Corp. On March 8, 2018, the Company changed its name to Vizsla Resources Corp. On February 5, 2021, the Company changed its name to Vizsla Silver Corp. (the "Company", "Vizsla Silver"). On January 21, 2022, Vizsla Silver Corp. was listed on the NYSE American and commenced trading under the symbol "VZLA". Effective November 7, 2024, the common shares of the Company were uplisted to the TSX under the symbol VZLA. The Company's principal business activity is the exploration of mineral properties. The Company currently conducts substantially all its operations in Canada and Mexico in one reportable segment.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The head office and principal address of the Company is 595 Burrard Street, Suite 1723 Vancouver, BC V7X 1J1.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements have been prepared using accounting principles applicable to a going concern which assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business.</span></span></p> </div> <div> <div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;border-bottom:1pt solid rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.</strong><span style="width:10.46pt;text-indent:0pt;display:inline-block"> </span><strong>Basis of Presentation </strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Statement of Compliance</span></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The consolidated financial statements have been prepared in accordance with IFRS® Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's consolidated financial statements are presented in US dollars, which is the Company's and its subsidiaries' functional currency effective November 1, 2025 and treated for prospectively under IAS 21. All values are rounded to the nearest thousand ($000) except where otherwise indicated. The Company also changed its presentation currency to US dollars effective in the current year, with the change in presentation currency being applied retrospectively. Management has disclosed the key factors considered in determining the change in functional currency in Note 5 -Significant judgements and estimates, as well as Note 3 - Change in reporting and functional currency. </span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements were approved by the Board of Directors of the Company on July 17, 2026.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">New IFRS Accounting Standards Issued but not yet Effective</span></span></span></p> <p style="margin-left:18pt;margin-bottom:0pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it may change what an entity reports as its 'operating profit or loss'. Key new concepts introduced in IFRS 18 relate to: (i) the structure of the statement of profit or loss; (ii) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and (iii) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. The Company is currently assessing the effects of IFRS 18 on the consolidated financial statements.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">New IFRS Accounting Standards Adopted During the Period</span></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The IASB has also issued amendments to IFRS Accounting Standards 9 and IFRS Accounting Standards 7 on classification and measurement of financial instruments, effective for annual periods beginning on or after January 1, 2026. The amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company has assessed the potential impact of this amendment as not having a material impact on the Company's consolidated financial statements.</span></span></p> </div> </div> </div> </div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;border-bottom:1pt solid rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3.</strong><span style="width:10.46pt;text-indent:0pt;display:inline-block"> </span><strong>Change in reporting and functional currency</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Presentation currency</strong></span></span></p> <p style="margin-left:18pt;margin-bottom:0pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company changed its presentation currency from Canadian dollars ("CAD") to United States dollars ("USD") for the year ended April 30, 2026. The change better aligns the presentation of the Company's financial results with its primary capital markets and the currency in which financing activities are predominantly denominated, and improves comparability with peers.</span></span></p> <p style="margin-top:0pt;margin-left:18pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">This represents a voluntary change in accounting policy and has been applied retrospectively, with comparative information restated for all periods presented as if the new presentation currency had always been applied, in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IAS 21 The Effects of Changes in Foreign Exchange Rates.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Restatement of previously reported financial information due to change in presentation currency</span></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For comparative purposes, the consolidated statement of financial position and the Statements of profit or loss and other comprehensive income was performed as follows:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assets and liabilities were translated at the closing exchange rates at each reporting date.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The opening statement of financial position as at  May 1, 2024 (beginning of the comparative period) was translated using the exchange rate at that date.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The statement of financial position as at  April 30, 2025 (comparative reporting date) was translated using the exchange rate at that date.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Equity components were translated using historical exchange rates.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income and expenses for the comparative year ended April 30, were translated using average exchange rates for the respective periods.</span></span></li> </ul> <p style="margin-left:21.3pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Resulting foreign currency translation differences were recognized in other comprehensive income and accumulated in the foreign currency translation reserve.</span></span></p> <p style="margin-left:21.3pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As a result of the retrospective application of the change in presentation currency, the Company presents an additional statement of financial position as at May 1, 2024.</span></span></p> <p style="margin-left:21.3pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Functional currency</strong></span></span></p> <p style="margin-left:21.3pt;margin-bottom:0pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Prior to November 1, 2025, the Company and its subsidiaries had functional currencies of CAD and Mexican pesos ("MXN") depending on where they were located. Effective November 1, 2025, the functional currency of the Company and its subsidiaries changed to USD.</span></span></p> <p style="margin-top:0pt;margin-left:21.3pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">This change was determined in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates and has been accounted for prospectively from the date of change.</span></span></p> <p style="margin-left:21.3pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company elected not to change the classification of outstanding warrants as a result of a change in the Company's functional currency.</span></span></p> <div></div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>C<span><span>onsolidated Statements of Financial Position</span></span></strong></span></span></p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td colspan="4" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">May 1, 2024</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">previously</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">reported,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">CAD$000</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As restated,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">USD$000</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">previously</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">reported,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">CAD$000</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As restated,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">USD$000</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">132,617</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">96,016</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">37,548</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">27,316</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other current assets</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">30,390</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">22,002</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,210</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,256</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;border-bottom:0.75pt solid #000000;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-current assets</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">251,936</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">182,405</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">217,024</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">157,987</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total assets</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>414,943</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>300,423</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>272,782</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>198,559</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current liabilities</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,785</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,464</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,676</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,676</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-current liabilities</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,607</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,164</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total liabilities</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,392</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,628</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,676</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,676</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share capital</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">421,293</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">320,764</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">270,775</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">211,498</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Shares to be issued</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,459</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,813</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">883</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">654</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Reserves</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">45,457</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">34,998</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">36,573</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">28,647</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accumulated other comprehensive income</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,913</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7,693</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">21,927</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,567</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-left:10pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deficit</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(75,571</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(58,087</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(61,051</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(47,483</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total shareholders' equity </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>408,551</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>295,795</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>269,107</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>195,883</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div>   <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Consolidated Statements of Loss and Comprehensive Loss</strong></span></span></p> <div style="margin-left:0px"> <table cellpadding="0" cellspacing="0" style="width:80%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td rowspan="2" style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td colspan="4" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As previously</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">reported, CAD$000</span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As restated,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">USD$000</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:3.6pt;padding-left:3.6pt;border-top:0.75pt solid #000000;text-indent:9.5pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net loss for the year</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7,851</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5,820</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:3.6pt;padding-left:3.6pt;border-top:0.75pt solid #000000;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other comprehensive loss</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(13,014</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,260</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:3.6pt;padding-left:3.6pt;border-top:0.75pt solid #000000;text-indent:9.5pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total comprehensive loss</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(20,865</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(16,080</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:3.6pt;padding-left:3.6pt;border-top:0.75pt solid #000000;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Basic and diluted loss per share</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(0.03</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(0.02</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> </table> </div> </div> </div> </div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>C<span><span>onsolidated Statements of Financial Position</span></span></strong></span></span></p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td colspan="4" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">May 1, 2024</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">previously</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">reported,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">CAD$000</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As restated,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">USD$000</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">previously</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">reported,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">CAD$000</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As restated,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">USD$000</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">132,617</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">96,016</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">37,548</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">27,316</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other current assets</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">30,390</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">22,002</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,210</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,256</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;border-bottom:0.75pt solid #000000;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-current assets</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">251,936</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">182,405</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">217,024</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">157,987</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total assets</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>414,943</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>300,423</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>272,782</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>198,559</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current liabilities</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,785</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,464</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,676</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,676</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-current liabilities</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,607</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,164</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total liabilities</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,392</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,628</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,676</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,676</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share capital</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">421,293</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">320,764</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">270,775</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">211,498</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Shares to be issued</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,459</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,813</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">883</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">654</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Reserves</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">45,457</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">34,998</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">36,573</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">28,647</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accumulated other comprehensive income</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,913</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7,693</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">21,927</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,567</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-left:10pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deficit</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(75,571</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(58,087</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(61,051</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(47,483</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total shareholders' equity </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>408,551</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>295,795</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>269,107</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>195,883</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> 132617000 96016000 37548000 27316000 30390000 22002000 18210000 13256000 251936000 182405000 217024000 157987000 414943000 300423000 272782000 198559000 4785000 3464000 3676000 2676000 1607000 1164000 0 0 6392000 4628000 3676000 2676000 421293000 320764000 270775000 211498000 8459000 5813000 883000 654000 45457000 34998000 36573000 28647000 8913000 -7693000 21927000 2567000 -75571000 -58087000 -61051000 -47483000 408551000 295795000 269107000 195883000 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Consolidated Statements of Loss and Comprehensive Loss</strong></span></span></p> <div style="margin-left:0px"> <table cellpadding="0" cellspacing="0" style="width:80%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td rowspan="2" style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td colspan="4" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As previously</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">reported, CAD$000</span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">As restated,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">USD$000</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:3.6pt;padding-left:3.6pt;border-top:0.75pt solid #000000;text-indent:9.5pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net loss for the year</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7,851</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5,820</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:3.6pt;padding-left:3.6pt;border-top:0.75pt solid #000000;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other comprehensive loss</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(13,014</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,260</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:3.6pt;padding-left:3.6pt;border-top:0.75pt solid #000000;text-indent:9.5pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total comprehensive loss</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(20,865</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(16,080</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:3.6pt;padding-left:3.6pt;border-top:0.75pt solid #000000;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Basic and diluted loss per share</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(0.03</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(0.02</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> </table> </div> </div> -7851000 -5820000 -13014000 -10260000 -20865000 -16080000 -0.03 -0.03 -0.02 -0.02 <div> <div> <div style="clear:both;border-bottom:0.75pt solid #000000"> <p style="margin-left:21pt;text-indent:-21.3pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4.</strong><span style="width:10.46pt;text-indent:0pt;display:inline-block"> </span><strong>Material Accounting Policies</strong></span></span></p> </div> <div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>a)</strong></i><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><i><strong>Basis of measurement</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments measured at fair value.</span></span></p> </div> <div> <div></div> </div> <div> <p style="margin-left:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>b)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Basis of consolidation</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The principal subsidiaries of the Company, which are accounted for under the consolidation method, are as follows:</span></span></p> <div> <table cellpadding="0" cellspacing="0" style="width:99.96%;margin-right:auto;margin-left:auto;border-collapse:collapse;font-size:10pt"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:middle;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Entity</strong></span></span></td> <td style="width:18%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Principal activities</strong></span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Country of</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">incorporation</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">and operation</strong></span></span></span></span></p> </td> <td style="width:10%;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Functional</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">currency</strong></span></span></span></span></p> </td> <td style="width:11%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Ownership</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">interest as at</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">April 30,</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">2026</strong></span></span></span></span></p> </td> <td style="width:15%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid #000000;white-space:nowrap;text-align:center"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Ownership</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">interest as at</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">April 30, 2025</strong><sup style="margin-top:0pt;margin-bottom:0pt">(</sup><sup style="margin-top:0pt;margin-bottom:0pt">3</sup><sup style="margin-top:0pt;margin-bottom:0pt">)</sup></span></span></p> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Minera Canam S.A. de C.V.</span></span></td> <td style="width:18%;vertical-align:top;border-top:0.75pt solid #000000;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Goanna Resources, S.A.P.I. de C.V. ⁽¹⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Sinaloa Minerals Explorations S.A. de C.V.⁽²⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Panuco Silver Resources S.A. de C.V. ⁽²⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid #000000;vertical-align:top;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Plata Fuerte S.A. de C.V.⁽²⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid #000000;vertical-align:top;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> </tr> </table> </div> <p style="margin-left:18pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">₍₁₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_{On October 7, 2024, the Company acquired Goanna Resources, S.A.P.I. de C.M. See Note 9 a).}</span></span></p> <p style="margin-top:0pt;margin-left:18pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">₍₂₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_{During 202}₆_{, the Company incorporated} _three _{new subsidiaries}_.</span></span></p> <p style="margin-top:0pt;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">₍₃₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_{On April 25, 2025 the Company disposed of its entire equity interest in Operaciones Canam Alpine S.A. de C.V. ("OCA"), a services company. The consideration received for the disposal was $3,500. OCA did not have any assets at the date of disposal. As a result of this disposal, the Company recognized a gain of $3,500 in the consolidated statement of loss and comprehensive loss under "Other income".}</span></span></p> <p style="margin-left:18pt;text-indent:0.3pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Subsidiaries are all entities over which the Company has control. The Company controls an entity when it is exposed to or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. All significant intercompany transactions and balances have been eliminated.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">When losing control of a subsidiary, the Company derecognizes the assets and liabilities of the subsidiary at their carrying amounts, including any non-controlling interests in the former subsidiary. Consideration received and any investment retained in the former subsidiary are recognized at its fair value. If the transaction, event or circumstances that resulted in the loss of control involves a distribution of shares of the subsidiary to owners in their capacity as owners, that distribution is recognized at its fair value in accordance with IFRIC 17 - distribution of non-cash assets to owners, as a reduction in deficit from the Company. Any gain or loss is recognized in profit or loss attributable to the Company.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>c)</strong></i><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><i><strong>Foreign currencies</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The functional currency for each of the Company's subsidiaries is the currency of the primary economic environment in which the entity operates.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Foreign currency transactions</i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign currency balances and transactions are translated into the respective functional currencies of each entity as follows:</span></span></p> <ul style="padding-left:0pt;list-style-type:disc;margin-bottom:0pt"> <li style="margin-left:44.68pt;text-align:justify;padding-left:9.32pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Monetary assets and liabilities are translated at period end exchange rates;</span></span></li> <li style="margin-left:44.68pt;text-align:justify;padding-left:9.32pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-monetary assets and liabilities are translated at historical exchange rates in effect on the date transactions occurred;</span></span></li> <li style="margin-left:44.68pt;text-align:justify;padding-left:9.32pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expenses are translated using exchange rates approximating those in effect on the date transactions occurred; and</span></span></li> <li style="margin-left:44.68pt;text-align:justify;padding-left:9.32pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exchange gains and losses are included in profit or loss.</span></span></li> </ul> </div> <p style="margin:0pt"> </p> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>d)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Convertible debt </strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The convertible senior unsecured notes (the "Notes") are an interest-bearing debt instrument, under the terms of which the Company has the right to settle all or part of the instrument in cash on the conversion date. As the Notes contain a conversion and redemption feature that give the holder and Company the right to convert before maturity, under certain circumstances, the Notes are classified as a financial liability with embedded derivatives. Under IFRS 9, Financial Instruments, the Company has the option to elect for the entire Note to be measured at fair value through profit and loss ("FVTPL"), or to bifurcate the host liability from the embedded feature. The Company has elected to account for the Notes as a hybrid instrument, with the embedded derivatives at FVTPL and the host debt at amortized cost. The debt component of the Notes is (i) initially recognized as the difference between the fair value of the financial instrument as a whole and the fair value of the embedded derivatives and (ii) is subsequently recognized at amortized cost using the effective interest rate method. The embedded derivatives represent the conversion and redemption features of the Notes and are (i) initially classified as a financial liability measured at fair value through profit or loss; and (ii) subsequently recognized at fair value with changes in fair value recognized in net earnings or loss. If the conversion feature is accounted for as a derivative liability, such derivative is considered when determining the classification of the entire instrument as current versus non-current.</span></span></p> <div> <div></div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transaction costs directly attributable to issuing the Notes are allocated to the host liability and included in its initial carrying amount and are amortized using the effective interest method. For the Notes transaction, the Company allocated all transaction costs to the host liability, with none allocated to the derivative liabilities.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>e)</strong></i><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><i><strong>Capped call</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company issued the Notes and simultaneously entered into capped call option transactions with certain financial institutions. The capped call options are separate transactions and do not affect the accounting for the liability and equity components of the Notes.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Capped Call is a derivative asset that is measured at fair value, with subsequent changes in fair value recognized through profit or loss.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>f)</strong><span style="width:11.34pt;text-indent:0pt;display:inline-block"> </span><i><strong>Short-term investments</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The short-term investments consist of term deposits with original maturities more than 90 days that are not readily redeemable.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>g)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Exploration and evaluation assets</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company is in the exploration stage with respect to its investment in mineral properties.</span></span></p> <p style="text-indent:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Exploration and evaluation assets - acquisition costs</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploration expenditures incurred on properties for which the Company does not have title or legal rights are expensed as incurred. Once a legal right to explore a property has been obtained, the Company capitalizes costs incurred to acquire exploration properties, including transaction costs. Payments to acquire land and mineral rights, as well as costs incurred to perform preliminary evaluations of a property's potential to contain an economically recoverable ore body, are capitalized as incurred. The assessment period between initial acquisition and a full evaluation of a property's potential is dependent on various factors including, but not limited to, location, availability of infrastructure, stage of development, geological characteristics and commodity prices.</span></span></p> <p style="text-indent:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Exploration and evaluation expenditures</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company capitalizes costs related to acquiring, maintaining and exploring mineral properties as exploration and evaluation assets. These costs include, but are not limited to, geological and geophysical studies, exploratory drilling, and sampling. Costs are carried forward until the related property is placed into development, abandoned, sold, or determined to be impaired. Project cost that do not directly contribute to advancement of the properties are expensed consistent with IFRS 6.</span></span></p> </div> <div> <div></div> </div> <div> <p style="text-indent:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Property, plant and equipment</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Property, plant, and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The major categories of property, plant, and equipment are depreciated consistently as follows:</span></span></p> <div> <p style="text-align:justify;margin-bottom:0pt;margin-left:18pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Computer equipment<span style="display:inline-block;width:83.12pt"> </span>3-4 years</span></span></p> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mining equipment<span style="display:inline-block;width:93.56pt"> </span>5-15 years</span></span></p> <p style="text-align:justify;margin-top:0pt;margin-left:18pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vehicles<span style="display:inline-block;width:134.2pt"> </span>4 years</span></span></p> </div> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Impairment losses, when applicable, are included as part of other gains and losses on the consolidated statements of loss and comprehensive loss.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>h)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Share-based compensation and payments</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company grants share-based compensation to directors, officers, employees and service providers. Each tranche in an award is considered a separate award with its own vesting period.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company applies the fair value method of accounting for share-based payments and the fair value is calculated using the Black-Scholes option pricing model.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share-based payments for employees and others providing similar services are determined based on the grant date fair value. Share-based payments for non-employees are determined based on the fair value of the goods/services received or fair value of the share-based payment measured at the date on which the Company obtains such goods/services. Compensation expense is recognized over each tranche's vesting period, in earnings or capitalized as appropriate, based on the number of awards expected to vest.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company estimates a forfeiture rate based on historical data and expectations of future forfeitures. The forfeiture rate is reviewed and adjusted, if necessary, at each reporting date. The impact of any changes to the forfeiture rate is recognized in the statement of loss and comprehensive loss with a corresponding adjustment to equity.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>i)</strong></i><span style="width:11.89pt;text-indent:0pt;display:inline-block"> </span><i><strong>Related party transactions</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, and related parties may be individuals, such as key management personnel, including immediate family members of the individual, or corporate entities, including the Company's wholly owned subsidiaries.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A transaction is a related party transaction when there is a transfer of resources or obligations between related parties.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>j)</strong><span style="width:11.89pt;text-indent:0pt;display:inline-block"> </span><i><strong>Equity</strong></i></span></span></p> <div> <p style="text-indent:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Share capital</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share purchase warrants are recognized as a deduction from equity, net of any tax effects.</span></span></p> </div> </div> <p style="margin:0pt"> </p> <div> <div></div> </div> <div> <p style="text-align:justify;margin-left:18pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Share issue costs</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Professional, consulting, regulatory and other costs directly attributable to equity financing transactions are recorded as share issue costs when the financing transactions are completed if the completion of the transaction is considered likely. Otherwise, they are expensed as incurred. Share issue costs are charged to share capital when the related shares are issued. Deferred share issue costs related to financing transactions that are not completed are charged to expenses.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="text-indent:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Warrants</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Proceeds from issuances by the Company of units consisting of shares and warrants are allocated based on the residual method, whereby the carrying amount of the warrants is determined based on any difference between gross proceeds and the fair market value of the shares.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>k)</strong></i><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><i><strong>Basic and diluted loss per share</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Basic losses per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share is computed similarly to basic earnings per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options, restricted share units ("RSUs"), deferred share units ("DSUs") and performance restricted shares units ("PRSUs") if dilutive.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The number of additional shares is calculated by assuming that outstanding stock options were exercised and that the proceeds from such exercises were used to acquire common stock at the average market price during the reporting periods.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>l)</strong></i><span style="width:11.89pt;text-indent:0pt;display:inline-block"> </span><i><strong>Investment in Associates</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company accounts for investments in associates in which it has the ability to exercise significant influence, but does not control, using the equity method in accordance with IAS 28 -Investments in Associates and Joint Ventures.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Under the equity method, the investment is initially measured at cost and subsequently adjusted to recognize the Company's share of the associate's net income or loss, as well as other comprehensive loss, from the date significant influence is obtained. Dividends distributed by the associate reduce the carrying amount of the investment.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company evaluates its investment in associates for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment losses, if any, are recognized in net loss and comprehensive loss.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">If the Company's share of losses exceeds the carrying amount of the investment, further losses are not recognized unless it has incurred obligations in respect of the associate.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>m)</strong></i><span style="width:5.78pt;text-indent:0pt;display:inline-block"> </span><i><strong>Taxation</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income tax expense comprises current and deferred tax. Income tax is recognized in the statement of loss and comprehensive loss, except to the extent it relates to items recognized directly in equity.</span></span></p> <div> <div></div> </div> <p style="text-align:justify;margin-left:18pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax is recognized using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and does not give rise to equal taxable and deductible temporary differences. In addition, deferred tax is not recognized for taxable temporary differences rising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realized simultaneously.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>n)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Financial instruments</strong></i></span></span></p> <p style="text-indent:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Financial assets</i></span></span></p> <p style="text-indent:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company classifies its financial assets in the following categories:</span></span></p> <p style="text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-left:36pt;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-<span style="display:inline-block;width:16.7pt"> </span>Fair value through profit or loss (FVTPL)</span></span></p> <p style="text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:36pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-<span style="display:inline-block;width:16.7pt"> </span>Fair value through other comprehensive income (FVTOCI)</span></span></p> <p style="text-indent:-18pt;text-align:justify;margin-top:0pt;margin-left:36pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-<span style="display:inline-block;width:16.7pt"> </span>Amortized cost</span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The determination of the classification of financial assets is made at initial recognition. The Company's accounting policy for each of the categories is as follows:</span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Financial assets at FVTPL</strong></span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of financial assets held at FVTPL are included in the consolidated statements of loss and comprehensive loss.</span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Financial liabilities</i></span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was incurred. The Company's accounting policy for each category is as follows:</span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Financial liabilities at FVTPL</strong></span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">This category comprises derivatives or liabilities acquired or incurred principally for the purpose of selling or repurchasing in the near term. They are carried in the statement of financial position at fair value with changes in fair value recognized in the statements of loss and comprehensive loss.</span></span></p> <div> <div></div> </div> <p style="text-align:justify;margin-left:18pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Financial instruments at amortized cost</strong></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial assets and financial liabilities are measured at amortized cost when they meet the related classification criteria.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A financial asset is measured at amortized cost if the objective is to hold the financial asset for the collection on contractual cash flows and the asset's contractual cash flows are comprised solely of payments of principal and interest. The financial asset is classified as current or non-current based on its maturity date and is initially recognized at fair value and subsequently carried at amortized cost, using the effective interest method, less any impairment.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial liabilities are measured at amortized cost. They are initially recognized at fair value, net of directly attributable transaction costs and subsequently measured at amortized cost using the effective interest method.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The effective interest method calculates the amortized cost of a financial instrument and allocates interest income or expense over the corresponding period. The effective interest rate is the rate that discounts estimated future cash receipts or payments over the expected life of the financial liability, or, where appropriate, over a shorter period. Transaction costs related to financial instruments measured at amortized cost are included in the initial measurement of the instrument. </span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Impairment of financial assets at amortized cost</strong></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost.</span></span></p> </div> <p style="margin:0pt"> </p> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>o)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Business combinations</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Acquisitions of businesses are accounted for using the acquisition method under IFRS 3 - Business Combinations. A business combination requires the assets acquired and liabilities assumed constitute a business.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities. For the assets acquired and liabilities assumed not constituting a business, it is accounted as an asset acquisition. Consideration is measured at the date of the exchange which includes equity instruments issued. Acquisition related costs incurred for the business combination are expensed and included in purchase costs for asset acquisition date. No goodwill is recognized in an asset acquisition transaction.</span></span></p> </div> </div> </div> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>a)</strong></i><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><i><strong>Basis of measurement</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments measured at fair value.</span></span></p> </div> <div> <p style="margin-left:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>b)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Basis of consolidation</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The principal subsidiaries of the Company, which are accounted for under the consolidation method, are as follows:</span></span></p> <div> <table cellpadding="0" cellspacing="0" style="width:99.96%;margin-right:auto;margin-left:auto;border-collapse:collapse;font-size:10pt"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:middle;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Entity</strong></span></span></td> <td style="width:18%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Principal activities</strong></span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Country of</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">incorporation</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">and operation</strong></span></span></span></span></p> </td> <td style="width:10%;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Functional</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">currency</strong></span></span></span></span></p> </td> <td style="width:11%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Ownership</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">interest as at</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">April 30,</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">2026</strong></span></span></span></span></p> </td> <td style="width:15%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid #000000;white-space:nowrap;text-align:center"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Ownership</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">interest as at</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">April 30, 2025</strong><sup style="margin-top:0pt;margin-bottom:0pt">(</sup><sup style="margin-top:0pt;margin-bottom:0pt">3</sup><sup style="margin-top:0pt;margin-bottom:0pt">)</sup></span></span></p> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Minera Canam S.A. de C.V.</span></span></td> <td style="width:18%;vertical-align:top;border-top:0.75pt solid #000000;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Goanna Resources, S.A.P.I. de C.V. ⁽¹⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Sinaloa Minerals Explorations S.A. de C.V.⁽²⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Panuco Silver Resources S.A. de C.V. ⁽²⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid #000000;vertical-align:top;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Plata Fuerte S.A. de C.V.⁽²⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid #000000;vertical-align:top;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> </tr> </table> </div> <p style="margin-left:18pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">₍₁₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_{On October 7, 2024, the Company acquired Goanna Resources, S.A.P.I. de C.M. See Note 9 a).}</span></span></p> <p style="margin-top:0pt;margin-left:18pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">₍₂₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_{During 202}₆_{, the Company incorporated} _three _{new subsidiaries}_.</span></span></p> <p style="margin-top:0pt;margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">₍₃₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_{On April 25, 2025 the Company disposed of its entire equity interest in Operaciones Canam Alpine S.A. de C.V. ("OCA"), a services company. The consideration received for the disposal was $3,500. OCA did not have any assets at the date of disposal. As a result of this disposal, the Company recognized a gain of $3,500 in the consolidated statement of loss and comprehensive loss under "Other income".}</span></span></p> <p style="margin-left:18pt;text-indent:0.3pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Subsidiaries are all entities over which the Company has control. The Company controls an entity when it is exposed to or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. All significant intercompany transactions and balances have been eliminated.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">When losing control of a subsidiary, the Company derecognizes the assets and liabilities of the subsidiary at their carrying amounts, including any non-controlling interests in the former subsidiary. Consideration received and any investment retained in the former subsidiary are recognized at its fair value. If the transaction, event or circumstances that resulted in the loss of control involves a distribution of shares of the subsidiary to owners in their capacity as owners, that distribution is recognized at its fair value in accordance with IFRIC 17 - distribution of non-cash assets to owners, as a reduction in deficit from the Company. Any gain or loss is recognized in profit or loss attributable to the Company.</span></span></p> </div> <div> <table cellpadding="0" cellspacing="0" style="width:99.96%;margin-right:auto;margin-left:auto;border-collapse:collapse;font-size:10pt"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:middle;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Entity</strong></span></span></td> <td style="width:18%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Principal activities</strong></span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Country of</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">incorporation</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">and operation</strong></span></span></span></span></p> </td> <td style="width:10%;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Functional</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">currency</strong></span></span></span></span></p> </td> <td style="width:11%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Ownership</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">interest as at</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">April 30,</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">2026</strong></span></span></span></span></p> </td> <td style="width:15%;padding-left:3.6pt;vertical-align:middle;border-top:0.75pt solid #000000;white-space:nowrap;text-align:center"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Ownership</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">interest as at</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">April 30, 2025</strong><sup style="margin-top:0pt;margin-bottom:0pt">(</sup><sup style="margin-top:0pt;margin-bottom:0pt">3</sup><sup style="margin-top:0pt;margin-bottom:0pt">)</sup></span></span></p> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Minera Canam S.A. de C.V.</span></span></td> <td style="width:18%;vertical-align:top;border-top:0.75pt solid #000000;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Goanna Resources, S.A.P.I. de C.V. ⁽¹⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Sinaloa Minerals Explorations S.A. de C.V.⁽²⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Panuco Silver Resources S.A. de C.V. ⁽²⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid #000000;vertical-align:top;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Plata Fuerte S.A. de C.V.⁽²⁾</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid #000000;vertical-align:top;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploring evaluating mineral properties</span></span></td> <td style="width:13%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="width:10%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">USD</span></span></td> <td style="width:11%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> <td style="width:15%;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000;text-align:center;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> </tr> </table> </div> Mexico USD 1 1 Mexico USD 1 1 Mexico USD 1 0 Mexico USD 1 0 Mexico USD 1 0 3500000 3500000 <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>c)</strong></i><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><i><strong>Foreign currencies</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The functional currency for each of the Company's subsidiaries is the currency of the primary economic environment in which the entity operates.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Foreign currency transactions</i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign currency balances and transactions are translated into the respective functional currencies of each entity as follows:</span></span></p> <ul style="padding-left:0pt;list-style-type:disc;margin-bottom:0pt"> <li style="margin-left:44.68pt;text-align:justify;padding-left:9.32pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Monetary assets and liabilities are translated at period end exchange rates;</span></span></li> <li style="margin-left:44.68pt;text-align:justify;padding-left:9.32pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-monetary assets and liabilities are translated at historical exchange rates in effect on the date transactions occurred;</span></span></li> <li style="margin-left:44.68pt;text-align:justify;padding-left:9.32pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expenses are translated using exchange rates approximating those in effect on the date transactions occurred; and</span></span></li> <li style="margin-left:44.68pt;text-align:justify;padding-left:9.32pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exchange gains and losses are included in profit or loss.</span></span></li> </ul> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>d)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Convertible debt </strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The convertible senior unsecured notes (the "Notes") are an interest-bearing debt instrument, under the terms of which the Company has the right to settle all or part of the instrument in cash on the conversion date. As the Notes contain a conversion and redemption feature that give the holder and Company the right to convert before maturity, under certain circumstances, the Notes are classified as a financial liability with embedded derivatives. Under IFRS 9, Financial Instruments, the Company has the option to elect for the entire Note to be measured at fair value through profit and loss ("FVTPL"), or to bifurcate the host liability from the embedded feature. The Company has elected to account for the Notes as a hybrid instrument, with the embedded derivatives at FVTPL and the host debt at amortized cost. The debt component of the Notes is (i) initially recognized as the difference between the fair value of the financial instrument as a whole and the fair value of the embedded derivatives and (ii) is subsequently recognized at amortized cost using the effective interest rate method. The embedded derivatives represent the conversion and redemption features of the Notes and are (i) initially classified as a financial liability measured at fair value through profit or loss; and (ii) subsequently recognized at fair value with changes in fair value recognized in net earnings or loss. If the conversion feature is accounted for as a derivative liability, such derivative is considered when determining the classification of the entire instrument as current versus non-current.</span></span></p> <div> <div></div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transaction costs directly attributable to issuing the Notes are allocated to the host liability and included in its initial carrying amount and are amortized using the effective interest method. For the Notes transaction, the Company allocated all transaction costs to the host liability, with none allocated to the derivative liabilities.</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>e)</strong></i><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><i><strong>Capped call</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company issued the Notes and simultaneously entered into capped call option transactions with certain financial institutions. The capped call options are separate transactions and do not affect the accounting for the liability and equity components of the Notes.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Capped Call is a derivative asset that is measured at fair value, with subsequent changes in fair value recognized through profit or loss.</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>f)</strong><span style="width:11.34pt;text-indent:0pt;display:inline-block"> </span><i><strong>Short-term investments</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The short-term investments consist of term deposits with original maturities more than 90 days that are not readily redeemable.</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>g)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Exploration and evaluation assets</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company is in the exploration stage with respect to its investment in mineral properties.</span></span></p> <p style="text-indent:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Exploration and evaluation assets - acquisition costs</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploration expenditures incurred on properties for which the Company does not have title or legal rights are expensed as incurred. Once a legal right to explore a property has been obtained, the Company capitalizes costs incurred to acquire exploration properties, including transaction costs. Payments to acquire land and mineral rights, as well as costs incurred to perform preliminary evaluations of a property's potential to contain an economically recoverable ore body, are capitalized as incurred. The assessment period between initial acquisition and a full evaluation of a property's potential is dependent on various factors including, but not limited to, location, availability of infrastructure, stage of development, geological characteristics and commodity prices.</span></span></p> <p style="text-indent:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Exploration and evaluation expenditures</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company capitalizes costs related to acquiring, maintaining and exploring mineral properties as exploration and evaluation assets. These costs include, but are not limited to, geological and geophysical studies, exploratory drilling, and sampling. Costs are carried forward until the related property is placed into development, abandoned, sold, or determined to be impaired. Project cost that do not directly contribute to advancement of the properties are expensed consistent with IFRS 6.</span></span></p> </div> <div> <p style="text-indent:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Property, plant and equipment</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Property, plant, and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The major categories of property, plant, and equipment are depreciated consistently as follows:</span></span></p> <div> <p style="text-align:justify;margin-bottom:0pt;margin-left:18pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Computer equipment<span style="display:inline-block;width:83.12pt"> </span>3-4 years</span></span></p> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mining equipment<span style="display:inline-block;width:93.56pt"> </span>5-15 years</span></span></p> <p style="text-align:justify;margin-top:0pt;margin-left:18pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vehicles<span style="display:inline-block;width:134.2pt"> </span>4 years</span></span></p> </div> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Impairment losses, when applicable, are included as part of other gains and losses on the consolidated statements of loss and comprehensive loss.</span></span></p> </div> <div> <p style="text-align:justify;margin-bottom:0pt;margin-left:18pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Computer equipment<span style="display:inline-block;width:83.12pt"> </span>3-4 years</span></span></p> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mining equipment<span style="display:inline-block;width:93.56pt"> </span>5-15 years</span></span></p> <p style="text-align:justify;margin-top:0pt;margin-left:18pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vehicles<span style="display:inline-block;width:134.2pt"> </span>4 years</span></span></p> </div> 3 4 5 15 4 <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>h)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Share-based compensation and payments</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company grants share-based compensation to directors, officers, employees and service providers. Each tranche in an award is considered a separate award with its own vesting period.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company applies the fair value method of accounting for share-based payments and the fair value is calculated using the Black-Scholes option pricing model.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share-based payments for employees and others providing similar services are determined based on the grant date fair value. Share-based payments for non-employees are determined based on the fair value of the goods/services received or fair value of the share-based payment measured at the date on which the Company obtains such goods/services. Compensation expense is recognized over each tranche's vesting period, in earnings or capitalized as appropriate, based on the number of awards expected to vest.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company estimates a forfeiture rate based on historical data and expectations of future forfeitures. The forfeiture rate is reviewed and adjusted, if necessary, at each reporting date. The impact of any changes to the forfeiture rate is recognized in the statement of loss and comprehensive loss with a corresponding adjustment to equity.</span></span></p> </div> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>i)</strong></i><span style="width:11.89pt;text-indent:0pt;display:inline-block"> </span><i><strong>Related party transactions</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, and related parties may be individuals, such as key management personnel, including immediate family members of the individual, or corporate entities, including the Company's wholly owned subsidiaries.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A transaction is a related party transaction when there is a transfer of resources or obligations between related parties.</span></span></p> </div> <div> <p style="text-indent:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Share capital</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share purchase warrants are recognized as a deduction from equity, net of any tax effects.</span></span></p> </div> <div> <p style="text-align:justify;margin-left:18pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Share issue costs</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Professional, consulting, regulatory and other costs directly attributable to equity financing transactions are recorded as share issue costs when the financing transactions are completed if the completion of the transaction is considered likely. Otherwise, they are expensed as incurred. Share issue costs are charged to share capital when the related shares are issued. Deferred share issue costs related to financing transactions that are not completed are charged to expenses.</span></span></p> </div> <div> <p style="text-indent:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Warrants</i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Proceeds from issuances by the Company of units consisting of shares and warrants are allocated based on the residual method, whereby the carrying amount of the warrants is determined based on any difference between gross proceeds and the fair market value of the shares.</span></span></p> </div> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>k)</strong></i><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><i><strong>Basic and diluted loss per share</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Basic losses per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share is computed similarly to basic earnings per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options, restricted share units ("RSUs"), deferred share units ("DSUs") and performance restricted shares units ("PRSUs") if dilutive.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The number of additional shares is calculated by assuming that outstanding stock options were exercised and that the proceeds from such exercises were used to acquire common stock at the average market price during the reporting periods.</span></span></p> </div> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>l)</strong></i><span style="width:11.89pt;text-indent:0pt;display:inline-block"> </span><i><strong>Investment in Associates</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company accounts for investments in associates in which it has the ability to exercise significant influence, but does not control, using the equity method in accordance with IAS 28 -Investments in Associates and Joint Ventures.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Under the equity method, the investment is initially measured at cost and subsequently adjusted to recognize the Company's share of the associate's net income or loss, as well as other comprehensive loss, from the date significant influence is obtained. Dividends distributed by the associate reduce the carrying amount of the investment.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company evaluates its investment in associates for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment losses, if any, are recognized in net loss and comprehensive loss.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">If the Company's share of losses exceeds the carrying amount of the investment, further losses are not recognized unless it has incurred obligations in respect of the associate.</span></span></p> </div> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>m)</strong></i><span style="width:5.78pt;text-indent:0pt;display:inline-block"> </span><i><strong>Taxation</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income tax expense comprises current and deferred tax. Income tax is recognized in the statement of loss and comprehensive loss, except to the extent it relates to items recognized directly in equity.</span></span></p> <div> <div></div> </div> <p style="text-align:justify;margin-left:18pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax is recognized using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and does not give rise to equal taxable and deductible temporary differences. In addition, deferred tax is not recognized for taxable temporary differences rising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realized simultaneously.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.</span></span></p> </div> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>n)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Financial instruments</strong></i></span></span></p> <p style="text-indent:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Financial assets</i></span></span></p> <p style="text-indent:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company classifies its financial assets in the following categories:</span></span></p> <p style="text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-left:36pt;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-<span style="display:inline-block;width:16.7pt"> </span>Fair value through profit or loss (FVTPL)</span></span></p> <p style="text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:36pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-<span style="display:inline-block;width:16.7pt"> </span>Fair value through other comprehensive income (FVTOCI)</span></span></p> <p style="text-indent:-18pt;text-align:justify;margin-top:0pt;margin-left:36pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-<span style="display:inline-block;width:16.7pt"> </span>Amortized cost</span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The determination of the classification of financial assets is made at initial recognition. The Company's accounting policy for each of the categories is as follows:</span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Financial assets at FVTPL</strong></span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of financial assets held at FVTPL are included in the consolidated statements of loss and comprehensive loss.</span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Financial liabilities</i></span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was incurred. The Company's accounting policy for each category is as follows:</span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Financial liabilities at FVTPL</strong></span></span></p> <p style="text-align:justify;margin-left:21.6pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">This category comprises derivatives or liabilities acquired or incurred principally for the purpose of selling or repurchasing in the near term. They are carried in the statement of financial position at fair value with changes in fair value recognized in the statements of loss and comprehensive loss.</span></span></p> <div> <div></div> </div> <p style="text-align:justify;margin-left:18pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Financial instruments at amortized cost</strong></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial assets and financial liabilities are measured at amortized cost when they meet the related classification criteria.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A financial asset is measured at amortized cost if the objective is to hold the financial asset for the collection on contractual cash flows and the asset's contractual cash flows are comprised solely of payments of principal and interest. The financial asset is classified as current or non-current based on its maturity date and is initially recognized at fair value and subsequently carried at amortized cost, using the effective interest method, less any impairment.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial liabilities are measured at amortized cost. They are initially recognized at fair value, net of directly attributable transaction costs and subsequently measured at amortized cost using the effective interest method.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The effective interest method calculates the amortized cost of a financial instrument and allocates interest income or expense over the corresponding period. The effective interest rate is the rate that discounts estimated future cash receipts or payments over the expected life of the financial liability, or, where appropriate, over a shorter period. Transaction costs related to financial instruments measured at amortized cost are included in the initial measurement of the instrument. </span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Impairment of financial assets at amortized cost</strong></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost.</span></span></p> </div> <div> <p style="text-indent:-18pt;text-align:justify;margin-left:36pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>o)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Business combinations</strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Acquisitions of businesses are accounted for using the acquisition method under IFRS 3 - Business Combinations. A business combination requires the assets acquired and liabilities assumed constitute a business.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities. For the assets acquired and liabilities assumed not constituting a business, it is accounted as an asset acquisition. Consideration is measured at the date of the exchange which includes equity instruments issued. Acquisition related costs incurred for the business combination are expensed and included in purchase costs for asset acquisition date. No goodwill is recognized in an asset acquisition transaction.</span></span></p> </div> <div> <div> <div> <div style="margin-right:0.2pt;padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5.</strong><span style="width:10.66pt;text-indent:0pt;display:inline-block"> </span><strong>Significant Judgments and Estimates </strong></span></span></p> </div> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Preparing the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses, and related disclosure. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Judgment is used mainly in determining how a balance or transaction should be recognized in the financial statements. Estimates and assumptions are used mainly in determining the measurement of recognized transactions and balances. Actual results may differ from these estimates.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Significant areas where management's judgment and estimate have been applied include:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value determination of distributed assets and retained interest on spin-out transaction</span></span></li> </ul> <div> <div></div> </div> <p style="text-align:justify;margin-left:18pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Management assessed the fair value of the distributed assets and retained interest at the transaction day. The shares were valued using market prices, while the warrants were estimated using an option pricing model.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Multiple arrangements accounted for as a single transaction</span></span></li> </ul> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Significant judgement is involved in determining whether multiple arrangements should be accounted for as a single transaction when the Company loses control of a subsidiary in two or more arrangements. As the spin-out arrangement and private placement of Vizsla Royalties are considered entered in contemplation of each other and form a single transaction designed to achieve an overall commercial effect, management assessed the spin-out arrangement and the loss of control in Vizsla Royalties Corp. as one single transaction.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assessment of the transactions as business combinations or asset acquisitions</span></span></li> </ul> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Management has had to apply judgment relating to an acquisition with respect to whether the acquisition is a business combination or an asset acquisition. Management applied a three-element process to determine whether a business or an asset was purchased, considering the inputs, processes, and outputs of the acquisition in order to reach a conclusion. The Company concluded that the acquisitions of La Garra, Santa Fe, and Fresnillo as defined in note 9, do not meet the definition of a business combination and therefore are accounted for as asset acquisitions.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Valuation of net assets acquired in asset acquisitions</span></span></li> </ul> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Estimates were made as to the fair value of assets and liabilities acquired in asset acquisitions.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company measured all assets acquired and liabilities assumed at their acquisition-date fair values. Additionally, the Company measured the fair value of the consideration payable in cash and in shares applying and calculating discount rates reflective of the timing and risks associated to the Company and the industry it operates in.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Management applied judgment in determining the recognition of these values in the financial statements and believes that the assumptions applied appropriately reflect the market participant view, consistent with the objective of IFRS 13- Fair Value Measurement.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Recoverability and classification of value-added tax receivable</span></span></li> </ul> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Value-added tax receivable is collectible from the government of Mexico. The collection of VAT is subject to a complex application and collection process and therefore, there is risk related to the recoverability and timing of payment from the Mexican government. The Company uses its best estimates based on the facts known at the time and its experience to determine its best estimate of  the recoverability and timing of these recoveries. Changes in the assumptions regarding recoverability and the timing of collection could impact the valuation and classification as a current or non-current asset associated with VAT receivable.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Impairment of non-current assets</span></span></li> </ul> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-current assets are tested for impairment when facts and circumstances indicate that their carrying amount may not be recoverable. Where such indicators exist, the Company estimates the recoverable amount of the relevant cash-generating unit ("CGU"), defined as the higher of value in use and fair value less costs of disposal.</span></span></p> <div> <div></div> </div> <p style="text-align:justify;margin-bottom:0pt;margin-left:18pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Determining the recoverable amount requires significant judgment and the use of estimates and assumptions, including forecast commodity prices, estimated mineral resources and reserves, expected development timelines, capital and operating cost estimates, and appropriate discount rates. Changes in these assumptions may result in the recognition of an impairment loss to reduce the carrying value of the assets to their recoverable amount.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible Notes Offering and Capped Call</span></span></li> </ul> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In November 2025, the Company completed the issuance of the Notes and also purchased a series of Capped Call options. The valuation of both the Derivative Liabilities &amp; Capped Call options include the use of judgement and estimates. Refer to Note 11 of these consolidated financial statements for the significant judgements and estimates in determining the fair value of the Notes and Capped Call options.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Functional currency</span></span></li> </ul> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The functional currency of an entity is the currency of the primary economic environment in which it operates. The Company has determined the functional currency of the parent and its subsidiaries to be the USD, reflecting the significance of USD denominated expenditures and financing activities, including the issuance of the Notes. </span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">This assessment requires judgment, particularly where operations are evolving or currency indicators are mixed, and includes consideration of the timing of the change as underlying factors develop over time.</span></span></p> </div> </div> </div> <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6.</strong><span style="width:10.66pt;text-indent:0pt;display:inline-block"> </span><strong>Cash and cash equivalents</strong></span></span></p> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash consists of cash on hand, deposits in banks with no restrictions, and highly liquid savings accounts. Cash equivalents include other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. The Company's cash and cash equivalents are invested with major financial institutions in business accounts.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents of $427,310 (April 30, 2025: $96,016), including $305,434 in term deposits that are cashable within one to three months (April 30, 2025: $61,623). The term deposits earn interest at a range between 2.87%-4.39% (April 30, 2025: 3.14%-3.25%).</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at April 30, 2026, the Company held cash balances of $4,662 (MXN$81,141) (April 30, 2025: $1,567 (MXN$32,254)) denominated in Mexican pesos, and $55,731 (CAD$75,928) (April 30, 2025: $79,288 (CAD$108,679)) denominated in Canadian dollars.</span></span></p> </div> 427310000 96016000 305434000 61623000 0.0287 0.0439 0.0314 0.0325 4662000 81141000 1567000 32254000 55731000 75928000 79288000 108679000 <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7.</strong><span style="width:10.66pt;text-indent:0pt;display:inline-block"> </span><strong>Value-added tax receivable</strong></span></span></p> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Value-added taxes ("VAT") receivables are generated on the purchase of supplies and services and are receivable from the Mexican government. The Company classifies VAT receivables as non-current if it does not expect collection of certain amounts to occur within the next year. The recovery of VAT involves a complex application process, and the timing of collection of VAT receivables is uncertain.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at April 30, 2026, the current VAT receivable is as follows:</span></span></p> <div> <div style="margin-left:21.3pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:24.9pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:24.9pt;vertical-align:bottom;border-top:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:24pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total Value-added tax receivable</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>17,765</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,494</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:24pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Less: non-current portion</span></span></td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;width:12%;text-align:right;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>17,765</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;width:12%;text-align:right;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,420</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:24pt;vertical-align:bottom;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current portion</span></span></td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#f2f2f2;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;width:12%;text-align:right;background-color:#f2f2f2;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#f2f2f2;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;width:12%;text-align:right;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">11,074</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:2.25pt double #000000"> </td> </tr> </table> </div> </div> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;font-family:'Times New Roman', Times, serif"> </p> <div></div> <p style="margin-left:21.3pt;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended April 30, 2026, the Company received a net refund of VAT of approximately $793 (MXN $15,300) (April 30, 2025: $2,693 (MXN $53,688)) from the tax authorities.</span></span></p> </div> <div> <div style="margin-left:21.3pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:24.9pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:24.9pt;vertical-align:bottom;border-top:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:24pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total Value-added tax receivable</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>17,765</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,494</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:24pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Less: non-current portion</span></span></td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;width:12%;text-align:right;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>17,765</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;width:12%;text-align:right;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,420</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:24pt;vertical-align:bottom;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current portion</span></span></td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#f2f2f2;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;width:12%;text-align:right;background-color:#f2f2f2;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#f2f2f2;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;width:12%;text-align:right;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">11,074</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:2.25pt double #000000"> </td> </tr> </table> </div> </div> 17765000 12494000 17765000 1420000 0 11074000 793000 15300000 2693000 53688000 <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>8.</strong><span style="width:10.66pt;text-indent:0pt;display:inline-block"> </span><strong>Investments</strong></span></span></p> </div> <p style="text-indent:-18pt;margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>a)</strong></i><span style="width:5.81pt;text-indent:0pt;display:inline-block"> </span><i><strong>Investment in Vizsla Royalties Corp.</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In June 2024, Vizsla Royalties Corp. ("VROY") became an associate after being spun out of Vizsla, resulting in distributed ownership among shareholders and ending its status as a wholly owned subsidiary. In August 2024, Vizsla Royalties Corp. began trading under the symbol VROY on the TSX Venture Exchange.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On June 12, 2025, VROY completed a bought deal offering of 31,510,000 common shares at a price of CAD$2.00 per common share for aggregate gross proceeds of $46,297 (CAD$63,020), including proceeds raised from the over-allotment option, exercised in full, which the Company was not a part of.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A summary of the company's investment activity in VROY is as follows:</span></span></p> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;width:15%;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Number of</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">shares</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Amount</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">$</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Value of common shares</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">of VROY per quoted</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">market price</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">$</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Addition of an associate </span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">11,518,624</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,960</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,960</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share of loss of an associate</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,002</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deemed disposal gain</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,356</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effect of change in exchange rate</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">47</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of April 30, 2025</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">11,518,624</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,361</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">15,178</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Share of loss of an associate </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(3,221</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Deemed disposal gain</strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,157</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Effect of change in exchange rate</strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>74</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Balance as of April 30, 2026</strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11,518,624</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,371</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>26,209</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of April 30, 2026, the Company held a 17.10% (April 30, 2025: 32.89%) interest in VROY despite the ownership being below 20%, the Company continues to exercise significant influence through its representation of 40% of the board of directors.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Royalty agreement - Net Smelter Royalty ("NSR")</span></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of April 30, 2026, Vizsla Royalties Corp. holds 3.5% NSR on the Silverstone Concessions of which 0.5% was retained from the spin-out from the Company, and 2.0% NSR on multiple properties that are part of the Panuco-district.</span></span></p> <p style="text-indent:-18pt;margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>b)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Investment in equity instruments and warrants </strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has elected to hold certain equity securities consisting of shares and warrants in publicly traded exploration-stage mining companies for strategic partnerships and investment purposes. The investments balance consists of:</span></span></p> <div></div> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Equity investments</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">$</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Warrants Investments</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">$</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">240</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Purchase of investments </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,064</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>826</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Sale of investments</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(111</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Change in fair value</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,471</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>312</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Effect of change in exchange rate</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Balance as of April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,668</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,138</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> </div> 31510000 2 46297000 63020000 <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;width:15%;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Number of</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">shares</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Amount</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">$</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Value of common shares</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">of VROY per quoted</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">market price</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">$</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Addition of an associate </span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">11,518,624</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,960</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,960</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share of loss of an associate</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,002</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deemed disposal gain</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,356</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effect of change in exchange rate</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">47</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of April 30, 2025</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">11,518,624</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,361</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">15,178</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Share of loss of an associate </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(3,221</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Deemed disposal gain</strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,157</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Effect of change in exchange rate</strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>74</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Balance as of April 30, 2026</strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11,518,624</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,371</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>26,209</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> 11518624 4960000 4960000 -1002000 1356000 47000 11518624 5361000 15178000 -3221000 5157000 74000 11518624 7371000 26209000 0.171 0.3289 0.40 0.035 0.005 0.02 <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Equity investments</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">$</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Warrants Investments</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">$</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">240</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Purchase of investments </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,064</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>826</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Sale of investments</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(111</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Change in fair value</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,471</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>312</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Effect of change in exchange rate</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Balance as of April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,668</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,138</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> 240000 0 1064000 826000 111000 0 2471000 312000 4000 0 3668000 1138000 <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9.</strong><span style="width:10.66pt;text-indent:0pt;display:inline-block"> </span><strong>Exploration and Evaluation assets</strong></span></span></p> </div> <div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's Exploration and Evaluation assets consist of the Panuco district, Panuco Central &amp; East, Santa Fe, La Garra, San Enrique. Costs related to the properties can be summarized as follows:</span></span></p> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Panuco -</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">district</strong><sup style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">3</strong></sup></span></span></span></span></p> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Panuco</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Central &amp;</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">East</strong></span></span></span></span></p> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Santa Fe</strong></span></span></td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>La Garra </strong></span></span></td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>San Enrique</strong>^{<strong>2</strong>}</span></span></td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Cost</strong></span></span></td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at April 30, 2024</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">150,922</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,011</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">151,933</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additions</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,950</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,592</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">403</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">32,958</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effect of change in exchange rate</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(9,613</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(306</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(103</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,022</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">160,259</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,286</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,311</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">174,869</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additions</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>45,072</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>93</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>255</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>189</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>45,609</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transfers^{<strong>1</strong>}</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(45,719</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14,564</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10,780</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>20,375</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effect of change in exchange rate</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>22,069</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,646</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>23,730</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>181,681</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14,662</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10,793</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>15,187</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>21,885</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>244,208</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> <p style="margin-left:36pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">₍₁₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_{The Company transferred certain mining concessions from Minera Canam to newly formed entities Panuco Silver Resources S.A de C.V (Panuco Central &amp; East) and Sinaloa Minerals Explorations S.A de C.V (San Enrique). The transfer was performed in accordance with Mexican Income Tax Law and the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations issued by the Organization for Economic Co-operation and Development. The Santa Fe Project is currently held within the Minera Canam legal entity.}</span></span></p> <p style="margin-top:0pt;margin-left:36pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">₍₂₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_{The consideration shares were subject to a four-month hold period pursuant to applicable Canadian securities laws and Inca Azteca Gold has agreed to voluntary resale restrictions, whereby 12.5% of the consideration shares will become free trading on the date that is four months and one day from the effective date and an additional 12.5% will become free trading every three months thereafter.}_{As of April 30, 2026, 56,018 common shares are still under restriction.}</span></span></p> <p style="margin-top:0pt;margin-left:36pt;text-indent:-18pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">₍₃₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_The_{acquisition of the Fresnillo}_{mining concessions}_{are recorded}_{within the Panuco-district}</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>a)</strong></i><span style="width:9.86pt;text-indent:0pt;display:inline-block"> </span><i><strong>Acquisition of Goanna Resources, S.A.P.I. de C.V ("La Garra claims")</strong></i></span></span></p> <p style="margin-left:18pt;margin-bottom:0pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On March 27, 2024, the Company entered into a share purchase agreement with Exploradora Minera La Hacienda S.A. de C.V. and Manuel de Jesus Hernandez Tovar to acquire all of the outstanding shares of Goanna Resources, S.A.P.I. de C.V., which owns the La Garra-Metates District.</span></span></p> <p style="margin-top:0pt;margin-left:18pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total consideration comprises $3,075 in cash and 5,555,555 common shares, payable over 24 months from closing. The shares are subject to a four-month statutory hold period and, as the share consideration is fixed, have been recorded in equity as "shares to be issued." The acquisition was accounted for as an asset acquisition, as Goanna Resources does not meet the definition of a business under IFRS 3.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On October 7, 2024, the parties agreed to an updated payment schedule, with cash payments commencing October 30, 2024.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at April 30, 2026, $1,300 in cash and 1,190,476 shares remain payable, due July 30, 2026.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>b)</strong></i><span style="width:8.81pt;text-indent:0pt;display:inline-block"> </span><i><strong> Acquisition of Santa Fe </strong></i></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Purchase Agreement - Exploration Concessions</span></span></span></p> <div> <div></div> </div> <p style="text-align:justify;margin-left:18pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On May 14, 2025, the Company entered into a purchase agreement with Mr. Eduardo de la Peña Gaitán to acquire exploration concessions comprising the Santa Fe Project. In addition, the Company entered into an option agreement with the Vendor and associated parties to acquire a 100% interest in related production concessions over a five-year period.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Under the purchase agreement, total consideration includes $1,429 in cash (paid on the effective date), 50% of related tenement taxes of $505 (MXN $9,248), and 2,746,780 common shares to be issued in three installments commencing May 14, 2026. The shares are measured at fair value based on the market price on the effective date, are subject to a four-month statutory hold period, and will be issued over a 36-month period.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Option Agreement - Production Concessions</span></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Under the option agreement, the Company may earn a 100% interest in the production concessions by incurring exploration expenditures of $4,000, paying cash consideration of $1,500, and issuing 1,373,390 common shares, each in accordance with specified schedules over a 60-month period from the effective date.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at April 30, 2026, the Company has not made any expenditures or share issuances under the option agreement, other than paying 50% of the related tenement taxes.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>c)</strong></i><span style="width:5.86pt;text-indent:0pt;display:inline-block"> </span><i><strong>Acquisition of Fresnillo</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Terms of the Acquisition</span></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 18, 2025, the Company entered into an asset purchase agreement with Minera Fresnillo, S.A. de C.V. ("Fresnillo") and the Company's wholly owned subsidiary, Minera Canam, S.A. de C.V., pursuant to which the Company agreed to acquire, through Minera Canam, all of Fresnillo's rights, title and interest in and to the claims.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total consideration comprised $2,000 in cash and 854,697 common shares, which are subject to a four-month statutory hold period. As at April 30, 2026, all consideration had been settled.</span></span></p> </div> </div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Panuco -</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">district</strong><sup style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">3</strong></sup></span></span></span></span></p> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Panuco</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Central &amp;</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">East</strong></span></span></span></span></p> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Santa Fe</strong></span></span></td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>La Garra </strong></span></span></td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>San Enrique</strong>^{<strong>2</strong>}</span></span></td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Cost</strong></span></span></td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at April 30, 2024</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">150,922</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,011</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">151,933</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additions</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,950</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,592</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">403</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">32,958</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effect of change in exchange rate</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(9,613</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(306</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(103</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,022</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">160,259</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,286</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,311</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">174,869</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additions</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>45,072</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>93</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>255</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>189</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>45,609</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transfers^{<strong>1</strong>}</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(45,719</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14,564</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10,780</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>20,375</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effect of change in exchange rate</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>22,069</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,646</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>23,730</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>181,681</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14,662</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10,793</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>15,187</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>21,885</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:8%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>244,208</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> 150922000 0 0 0 1011000 151933000 18950000 0 13000 13592000 403000 32958000 -9613000 0 0 -306000 -103000 -10022000 160259000 0 13000 13286000 1311000 174869000 45072000 93000 0 255000 189000 45609000 -45719000 14564000 10780000 0 20375000 0 22069000 5000 0 1646000 10000 23730000 181681000 14662000 10793000 15187000 21885000 244208000 0.125 0.125 56018 3075000 5555555 1300000 1190476 1 1429000 0.50 505000 9248000 2746780 1 4000000 1500000 1373390 0.50 2000000 854697 <div> <div> <div> <div> <div> <div> <div> <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10.</strong><span style="width:5.6pt;text-indent:0pt;display:inline-block"> </span><strong>Related Party Transactions and Key Management Personnel</strong></span></span></p> </div> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, and related parties may be individuals, such as key management personnel, including immediate family members of the individual, or corporate entities, including the Company's wholly owned subsidiaries. A transaction is a related party transaction when there is a transfer of resources or obligations between related parties.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include the Company's executive officers, vice presidents and members of the Board of Directors.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the years ended April 30, 2026 and 2025, the Company had the following related party transactions:</span></span></p> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif"><strong>$</strong></span></p> </td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Salaries, consulting and management fees⁽¹⁾⁽²⁾</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,013</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,335</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Directors' fees⁽¹⁾</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>351</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">300</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">General and administrative expenses</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>843</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">629</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share-based compensation</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,572</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,181</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td colspan="1" style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14,779</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">9,445</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> <div style="margin-left:18pt"> <p style="margin-bottom:0pt;text-indent:18pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">⁽¹⁾ _{Accrued or paid}_{including the executive officers and directors for their services.}</span></span></p> <p style="margin-top:0pt;text-indent:18pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">⁽²⁾_{Includes bonuses.}</span></span></p> </div> <div> <div></div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of April 30, 2026, $482 (April 30, 2025: $285) was payable to Companies with common executive officers and directors.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These transactions are in the normal course of operations and have been valued in these consolidated financial statements at the exchange amount, which is the amount of consideration established and agreed to by the related parties.</span></span></p> </div> </div> </div> </div> </div> </div> </div> </div> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif"><strong>$</strong></span></p> </td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Salaries, consulting and management fees⁽¹⁾⁽²⁾</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,013</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,335</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Directors' fees⁽¹⁾</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>351</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">300</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">General and administrative expenses</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>843</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">629</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share-based compensation</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,572</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,181</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td colspan="1" style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14,779</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">9,445</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> 6013000 3335000 351000 300000 843000 629000 7572000 5181000 14779000 9445000 482000 285000 <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11.</strong><span style="width:6.1pt;text-indent:0pt;display:inline-block"> </span><strong>Convertible Notes Offering and Capped Call </strong></span></span></p> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Convertible Notes &amp; Derivative Liabilities</span></span></span></p> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid #000000;vertical-align:bottom;border-top:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible Notes</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Initial Recognition</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>246,343</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Less: Deferred Transaction Costs</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(13,387</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Accretion Expense</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,399</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Balance as of April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>237,355</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> <p style="margin:0pt"> </p> <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative Liabilities</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Initial Recognition</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>53,657</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Change in fair value</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(4,175</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Balance as of April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>49,482</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In November 2025, the Company issued $300,000 of convertible Notes via private placement. The Company received $286,613 after commissions, fees and transaction costs of $13,387. The transaction costs are included in the amortized value of the host contract and amortized over the life of the Notes using the effective interest method. The Notes pay interest semi-annually at a rate of 5% per annum commencing on July 15, 2026, and mature on January 15, 2031. The holders of the Notes may convert their Notes in shares, cash or a combination thereof at the Company's discretion, under the following circumstances: (1) the closing sale price of the Company's shares exceeds 130% of the conversion price of $5.84 per share for at least 20 trading days in the 30 consecutive trading days ending on the last trading day of the immediately preceding quarter, and only in the following quarter (the "Share Price Threshold"); (2) the trading price per $1 principal amount of the Note is equal to or less than 98% of the product of the closing sale price of the Company's common shares and the applicable conversion rate; (3) the Notes are called for redemption by the Company; or (4) after October 15, 2030. The conversion rate is 171.3062 common shares per $1 principal amount of notes which represents a conversion price of approximately USD$5.84 per share.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Upon conversion the Company may settle the obligation, at its sole discretion, in either common shares, in cash at an equivalent value or in a combination of both.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company may redeem for cash all or any portion of the Notes on or after January 22, 2029, but only if the Vizsla Silver stock price reaches at least 130% of the conversion price for 20 out of the previous 30 consecutive trading days. The Share Price Threshold was not met during the year ended</span></span></p> <div></div> <p style="margin-left:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2026. The redemption price represents 100% of the principal amount of the Notes, plus accrued and unpaid interest. The Notes contain a make-whole provision such that, in the event of a redemption, the conversion price is adjusted to ensure no loss to the Note holders. Upon the occurrence of specified corporate transactions, such as a change of control, major corporate transaction, or liquidation, and the Company must offer to repurchase all or part of the outstanding Notes for cash.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Notes mature on January 15, 2031 and has an effective interest rate of 10.59%. Any Notes not converted, repurchased or redeemed prior to the maturity date will have their principal amount repaid by Vizsla Silver in cash at maturity.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Under IFRS 9, Financial Instruments, the conversion and redemption features ("Derivative Liability") embedded in the Notes are bifurcated from the host debt and recognized as derivative liabilities because they are not closely related to the host and may be settled in cash, shares, or a combination thereof. The derivative liabilities are measured at fair value on initial recognition and at each reporting date, with changes recognized in profit or loss. The host debt is recognized at the residual amount, after allocating fair value to the embedded derivatives and deducting transaction costs and is subsequently measured at amortized cost using the effective interest method.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">At inception, the embedded derivative used a market calibration approach based on the observable traded price of the convertible notes. Under this approach, the fair value of the embedded derivative was determined using a valuation model calibrated to the market price of the instrument. The host debt component was then measured as the residual amount, representing the difference between the observed fair value of the convertible notes and the fair value attributed to the embedded derivative.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Subsequently the approach is to fair value debt using calibrated credit spread and apply residual balance by subtracting the fair value of the debt from the value of the traded hybrid instrument to embedded derivative. The Derivative Liabilities are classified as a Level 3 financial instrument based on the IFRS 13, Fair Value Measurement. The following key assumptions were used in the valuation model:</span></span></p> <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Key Assumption</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Inception</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Key Assumption</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">April 30, 2026</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Debt traded price</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">103.60</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">102.90</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility Rate</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">45%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">63%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share price</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$3.99</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$3.38</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Credit Spread</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.95%</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.74%</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Capped Call Derivative Options</span></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Concurrently with the issuance of the Notes, the Company purchased cash-settled call options (the "Capped Calls") with a strike price equal to initial conversion price of the Notes of $5.84 and with a cap price of $10.51, a term consistent with the term of the Notes. This transaction effectively increased the conversion price of the Notes up to $10.51 per share. The purchase price for the Capped Call transactions was approximately $47,490. The capped call options are separate transactions and do not affect the accounting for the Notes and Derivative Liability.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Capped Calls are accounted for as a derivative asset and are remeasured at fair value through profit and loss at each reporting date. The Capped Calls are classified as a Level 3 of the fair value hierarchy under IFRS 13, Fair Value Measurement. At Inception, the Capped Calls were valued at the premium paid; subsequently they are valued using binomial option-pricing model. The key assumptions used in the valuation model at April 30, 2026, used in valuation of the conversion option are:</span></span></p> <div></div> <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:90%;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Key Assumption April 30, 2026</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Maturity Date</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">January 15, 2031</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Strike Price</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$5.84</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cap</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$10.51</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share price</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$3.38</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility Rate</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">63%</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk free rate</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.00%</span></span></p> </td> </tr> </table> </div> </div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at April 30, 2026, the fair value of the Capped Calls was $27,016, resulting in a fair value loss of $20,455 that has been recognized in Finance Costs (Note 16) for the year ended April 30, 2026.</span></span></p> </div> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid #000000;vertical-align:bottom;border-top:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible Notes</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Initial Recognition</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>246,343</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Less: Deferred Transaction Costs</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(13,387</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Accretion Expense</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,399</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Balance as of April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>237,355</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> 0 246343000 13387000 4399000 237355000 <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative Liabilities</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Initial Recognition</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>53,657</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Change in fair value</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(4,175</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Balance as of April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>49,482</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> </div> 0 53657000 -4175000 49482000 300000000 286613000 13387000 0.05 The holders of the Notes may convert their Notes in shares, cash or a combination thereof at the Company's discretion, under the following circumstances: (1) the closing sale price of the Company's shares exceeds 130% of the conversion price of $5.84 per share for at least 20 trading days in the 30 consecutive trading days ending on the last trading day of the immediately preceding quarter, and only in the following quarter (the "Share Price Threshold"); (2) the trading price per $1 principal amount of the Note is equal to or less than 98% of the product of the closing sale price of the Company's common shares and the applicable conversion rate; (3) the Notes are called for redemption by the Company; or (4) after October 15, 2030. 171.3062 5.84 0.1059 <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Key Assumption</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Inception</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Key Assumption</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">April 30, 2026</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Debt traded price</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">103.60</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">102.90</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility Rate</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">45%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">63%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share price</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$3.99</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$3.38</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Credit Spread</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.95%</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.74%</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> 103.6 102.9 0.45 0.63 3.99 3.38 0.0495 0.0474 5.84 10.51 10.51 47490000 <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:90%;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Key Assumption April 30, 2026</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Maturity Date</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">January 15, 2031</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Strike Price</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$5.84</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cap</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$10.51</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share price</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$3.38</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility Rate</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">63%</span></span></p> </td> </tr> <tr> <td style="width:66%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk free rate</span></span></p> </td> <td style="width:33%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.00%</span></span></p> </td> </tr> </table> </div> </div> </div> 5.84 10.51 3.38 0.63 0.04 27016000 -20455000 <div> <div> <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12.</strong><span style="width:5.6pt;text-indent:0pt;display:inline-block"> </span><strong>Share Capital</strong></span></span></p> </div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>a)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Authorized</strong></i></span></span></p> <p style="margin-left:18pt;text-indent:1.45pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's authorized capital stock consists of an unlimited number of common shares and an unlimited number of preferred shares without nominal or par value.</span></span></p> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>b)</strong></i><span style="width:8.01pt;text-indent:0pt;display:inline-block"> </span><i><strong>Issued and outstanding</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at April 30, 2026, 351,018,130 (April 30, 2025: 298,374,460) common shares with no par value were issued and outstanding.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">During the year ended April 30, 2026, the Company issued common shares as follows:</span></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">233,553 warrants were exercised at a weighted average exercise price of CAD$1.48 for proceeds of $250, and 6,277,000 options were exercised at a weighted average exercise price of CAD$1.81 for proceeds of $8,322. In addition, 749,080 restricted share units ("RSUs") were exercised and converted to common shares with a weighted average price of CAD$1.87.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On July 14, 2025, the Company completed the bought deal public offering of 38,334,100 common shares of the Company at a price of $3.00 per common share for aggregate gross proceeds of approximately $115,002. The Company paid to the underwriters a cash commission of approximately  $6,944 in cash share issue costs and other costs for net proceeds of approximately $108,058.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year, the Company conducted a series of financings through its existing At-the-Market Offerings ("ATM") facility. As a result, a total of 3,100,000 common shares were issued at a weighted average share price of $3.13 per common share for aggregate gross proceeds of approximately $9,692. Cash commissions were paid to the underwriters of the transactions for a total of approximately $242.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On July 16, 2025, the Company issued 595,238 common shares for a total value of $973 to the sellers in relation to the acquisition of Goanna Resources (Note 9(a)). On October 16, 2025, the Company issued 714,286 common shares for a total value of $1,093 to the sellers in relation to the acquisition of Goanna Resources (Note 9(a)). On January 16, 2026, the Company issued 833,333 common shares for a total value of $1,223 to the sellers in relation to the acquisition of Goanna Resources (Note 9(a)). On April 16, 2026, the Company issued 952,381 common shares for a total value of $1,349 to the sellers in relation to the acquisition of Goanna Resources (Note 9(a))</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On January 15, 2026, the Company issued 854,697 common shares for a total value of $4,436 to the sellers in relation to the acquisition of Fresnillo land claims (Note 9(c)).</span></span></p> </div> <div> <div></div> <div> <p style="margin-left:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">During the year ended April 30, 2025, the Company issued common shares as follows:</span></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">15,040,837 warrants were exercised at a weighted average exercise price of CAD$1.90 for proceeds of $21,164, and 6,139,722 options were exercised at a weighted average exercise price of CAD$1.44 for proceeds of $6,362. In addition, 378,732 restricted share units ("RSUs") were exercised and converted to common shares with a weighted average price of CAD$1.69.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On September 19, 2024, the Company completed a bought deal public offering of 25,000,000 common shares of the Company at a price of CAD$2.60 per share for aggregate gross proceeds of CAD$65,000. In addition, the Company granted the underwriters an over-allotment option exercisable at the same price to purchase 3,750,000 which was exercised for gross proceeds of CAD$9,750.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended April 30, 2025, the Company completed numerous ATM for a total of 13,705,156 common shares of the Company at an average price of $2.17 for gross proceeds of approximately $29,738. Cash commissions to the underwriters of the transactions for a total of $7,477.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On May 8, 2024, the Company issued 448,137 shares for a total value of $650 in relation to the acquisition of San Enrique claims.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended April 30, 2025, the Company issued 1,269,841 shares for a total value of $2,181 in relation to the acquisition of Goanna Resources.</span></span></p> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>c)</strong></i><span style="width:8.56pt;text-indent:0pt;display:inline-block"> </span><i><strong>Warrants</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A summary of the Company's warrants activity is as follows:</span></span></p> </div> <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:justify;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;white-space:nowrap;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:rgb(242, 242, 242);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Number of</strong></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">warrants</strong></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:rgb(242, 242, 242);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Weighted</strong></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">average</strong></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">exercise price</strong></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"> Number of</span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">warrants</span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Weighted</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">average</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">exercise price</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>CAD$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">#</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">CAD$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warrants outstanding, beginning of the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>233,553</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.48</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">15,437,163</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.89</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(233,553</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.48</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(15,040,837</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.90</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expired</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(162,773</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.57</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warrants outstanding, end of the year</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">233,553</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.48</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i><strong>d)</strong></i><span style="width:8.01pt;text-indent:0pt;display:inline-block"> </span><i><strong>Options</strong></i></span></span></p> <p style="margin-left:18pt;margin-bottom:0pt;text-align:justify;margin-top:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">The Company has adopted a Stock Option Plan pursuant to which options may be granted to directors, officers, and consultants of the Company. Under the terms of the Plan, the Company can issue a maximum of 10% of the issued and outstanding common shares at the time of the grant, a maximum term of 10 years, and the exercise price of each option is determined by the directors but may not be less than the closing market price of the Common Shares on the day preceding the date of granting of the option less any available discount, in accordance with TSXV Policies. No option may be granted </span></span><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">for a term longer than ten years. Options granted under the Plan including vesting and the term, are determined by, and at the discretion of, the Board of Directors.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">A summary of the Company's stock options activity during the years ended April 30, 2026 and 2025 is as follows:</span></span></p> <div> <div style="margin-left:21.6pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;white-space:nowrap;border-top:0.75pt solid #000000"> </td> <td colspan="4" style="vertical-align:bottom;background-color:#f2f2f2;white-space:nowrap;text-align:center;border-top:0.75pt solid #000000"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;white-space:nowrap;text-align:center;border-top:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;border-top:0.75pt solid #000000"> </td> <td colspan="4" style="vertical-align:bottom;white-space:nowrap;text-align:center;border-top:0.75pt solid #000000"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">April 30, 2025</span></span></td> <td style="vertical-align:bottom;white-space:nowrap;border-top:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Number of<br/>options</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Weighted<br/>average<br/>exercise<br/>price</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Number of<br/>options</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Weighted<br/>average<br/>exercise<br/>price</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>CAD$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">#</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">CAD$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Options outstanding, beginning of the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>18,539,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.91</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">18,803,722</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">1.66</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Issued</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>4,092,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.91</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">6,050,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">2.24</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Cancelled</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>(29,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>4.21</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">(175,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">1.73</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Exercised</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>(6,277,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.81</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">(6,139,722</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">1.44</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Options outstanding, end of the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>16,325,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.20</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">18,539,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">1.91</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Options exercisable, end of the year</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>12,692,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.06</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">14,110,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">1.85</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;font-family:'Times New Roman', Times, serif"> </p> <div></div> <p style="margin-left:21pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">A summary of the Company's stock options outstanding and exercisable as of April 30, 2026, is as follows:</span></span></p> <div> <div style="margin-left:21.3pt"> <table cellpadding="0" cellspacing="0" style="width:80%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:5.4pt;padding-left:5.4pt;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Expiry date</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Exercise price</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Adjusted<br/>exercise<br/>price </strong>^{<strong>(1)</strong>}</span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Number of<br/>Options<br/>outstanding</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Number of<br/>Options </strong><br/><strong>exercisable</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>June 22, 2026</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.31</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.20</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,415,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,415,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>July 27, 2026</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.44</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.32</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>69,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>69,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>September 24, 2026</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.25</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.23</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,165,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,165,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>February 1, 2027</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.45</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.43</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>200,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>200,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>June 2, 2027</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.74</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.72</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>185,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>185,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>February 10, 2028</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.6</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.59</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,048,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,048,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>May 19, 2028</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.6</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.59</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2,124,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2,124,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>November 15, 2028</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.36</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.59</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>200,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>200,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>February 27, 2029</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>0.15</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>0.14</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>480,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>480,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>June 12, 2029</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.26</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.24</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>5,526,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>4,320,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>May 1, 2030</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.90</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.90</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>3,895,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,468,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>July 29, 2030</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>4.33</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>4.33</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>17,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>17,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:5.4pt;padding-left:5.4pt;border-top:0.75pt solid #000000;text-align:right;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>16,325,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>12,692,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">₍₁₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_{According to the Arrangement with Vizsla Royalties on June 24, 2024, each Vizsla Silver Option was exchanged for one Vizsla Silver Replacement Option with the exercise price being adjusted accordingly.}</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">A summary of the Company's assumptions used in the Black-Scholes option pricing model to calculate the fair value of the options granted is as follows:</span></span></p> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:96.92%;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:63%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong> </strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>April 30, 2026</strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">April 30, 2025</span></span></p> </td> </tr> <tr> <td style="width:63%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Risk Free Interest Rate</span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.70% - 3.03%</strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">3.41%</span></span></p> </td> </tr> <tr> <td style="width:63%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Expected Dividend Yield</span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;background-color:#f2f2f2"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>-</strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">-</span></span></p> </td> </tr> <tr> <td style="width:63%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Expected Volatility</span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;background-color:#f2f2f2"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>75%</strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">75%</span></span></p> </td> </tr> <tr> <td style="width:63%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Expected Term in Years</span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>5 years</strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">5 years</span></span></p> </td> </tr> </table> </div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">The Company recorded $5,502 as share-based compensation for the year ended April 30, 2026 (April 30, 2025: $5,804) after adjusting for an estimated forfeiture rate of 4% (April 30, 2025: 4%), which resulted in a reduction of the fair value of share-based compensation by $233 for the year ended April 30, 2026 (April 30, 2025: $239).</span></span></p> </div> <div></div> <div> <p style="margin-left:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>e)</strong></i><span style="width:5.26pt;text-indent:0pt;display:inline-block"> </span><i><strong>Restricted shares units ("RSU") </strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A summary of the Company's RSUs activity is as follows:</span></span></p> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000"> </td> <td colspan="1" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30 2026</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:rgb(242, 242, 242);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Number of</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">RSUs</strong></span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:rgb(242, 242, 242);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Weighted</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">average</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">exercise</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">price</strong></span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Number of</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">RSUs</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Weighted</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">average</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">exercise</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">price</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>CAD$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">#</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">CAD$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">RSUs outstanding, beginning of the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,360,868</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.06</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,044,073</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.69</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Issued</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,642,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.51</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">775,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.34</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised and converted to shares</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(749,080</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.87</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(378,732</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.69</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cancelled</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(104,452</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4.17</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(79,473</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.79</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">RSUs outstanding, end of the year</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,149,336</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.33</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,360,868</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.06</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following RSUs were outstanding and exercisable on April 30, 2026:</span></span></p> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:80%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Grant date</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exercise price</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:rgb(242, 242, 242);vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);border-top:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Number of RSUs</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">outstanding</strong></span></span></span></span></p> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>CAD$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>01-Apr-24</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.77</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>106,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12-Jun-24</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.26</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>503,336</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>01-May-25</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.26</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,445,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>29-Jul-25</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4.33</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>35,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>24-Apr-26</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4.60</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>60,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,149,336</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the year ended April 30, 2026, the Company recognized a share-based compensation of $1,786 (April 30, 2025: $1,107) for the RSUs. For year ended April 30, 2026, the Company used an estimated forfeiture rate of 4% (April 30, 2025: 4%), resulting in an impact of $101 (April 30,2025: $47), which reduces the fair value of share-based compensation. As of April 30, 2026, none of the RSUs outstanding are exercisable.</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i><strong>f)</strong></i><span style="width:7.49pt;text-indent:0pt;display:inline-block"> </span><i><strong>Deferred shares units ("DSUs") </strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">On May 1, 2025, the Company granted 850,000 DSUs to independent directors of the Company. The DSUs vest immediately and will be settled for one common share of the Company upon the time that the grantee ceases to hold their position as an independent director.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">During the year ended April 30, 2026, the Company has recognized share-based compensation of $1,685 (April 30, 2025: $nil) for the DSUs. The Company used an estimated forfeiture rate of 4% (April 30, 2025: 4%), resulting in an impact of $71 (April 30,2025: $nil), which reduces the fair value of share-based compensation.</span></span></p> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i><strong>g)</strong></i><span style="width:4.71pt;text-indent:0pt;display:inline-block"> </span><i><strong>Performance restricted shares units ("PRSUs") </strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">On November 12, 2025, the Company granted 1,550,000 PRSUs which will vest one year after the public announcement of the Panuco feasibility Study and will be exchanged for one common share of the Company.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">During the year ended April 30, 2026, the Company recognized share-based compensation of $1,904 (April 30, 2025: $nil) for the PRSUs. The Company used an estimated forfeiture rate of 4% (April 30, 2025: nil), resulting in an impact of $79 (April 30, 2025: $nil), which reduces the fair value of share-based compensation.</span></span></p> <div></div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i><strong>h)</strong></i><span style="width:4.71pt;text-indent:0pt;display:inline-block"> </span><i><strong>Shares to be issued</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span style="text-decoration:underline">During the year ended April 30, 2026:</span></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">In relation to the acquisition of La Garra claims, a total of 1,190,476 remains as shares to be issued with a total value of $1,141. This is recorded pursuant to the agreement (Note 9(a)).</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">In connection with the acquisition of the Santa Fe exploration concessions, a total of 2,746,780 remains as shares to be issued with a total value of $7,813. This is pursuant to the agreement (Note 9(b)).</span></span></p> </div> </div> </div> </div> 351018130 298374460 233553 1.48 250000 6277000 1.81 8322000 749080 1.87 38334100 3 115002000 6944000 108058000 3100000 3.13 9692000 242000 595238 973000 714286 1093000 833333 1223000 952381 1349000 854697 4436000 15040837 1.9 21164000 6139722 1.44 6362000 378732 1.69 25000000 2.6 65000000 3750000 9750000 13705156 2.17 29738000 7477000 448137 650000 1269841 2181000 <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:justify;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;white-space:nowrap;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:rgb(242, 242, 242);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Number of</strong></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">warrants</strong></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:rgb(242, 242, 242);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Weighted</strong></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">average</strong></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">exercise price</strong></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"> Number of</span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">warrants</span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Weighted</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">average</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">exercise price</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>CAD$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">#</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">CAD$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warrants outstanding, beginning of the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>233,553</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.48</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">15,437,163</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.89</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(233,553</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.48</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(15,040,837</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.90</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expired</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(162,773</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.57</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warrants outstanding, end of the year</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">233,553</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.48</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> 233553 1.48 15437163 1.89 233553 1.48 15040837 1.9 0 0 162773 1.57 0 0 233553 1.48 0.10 10 <div> <div style="margin-left:21.6pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;white-space:nowrap;border-top:0.75pt solid #000000"> </td> <td colspan="4" style="vertical-align:bottom;background-color:#f2f2f2;white-space:nowrap;text-align:center;border-top:0.75pt solid #000000"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;white-space:nowrap;text-align:center;border-top:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;border-top:0.75pt solid #000000"> </td> <td colspan="4" style="vertical-align:bottom;white-space:nowrap;text-align:center;border-top:0.75pt solid #000000"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">April 30, 2025</span></span></td> <td style="vertical-align:bottom;white-space:nowrap;border-top:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Number of<br/>options</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Weighted<br/>average<br/>exercise<br/>price</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Number of<br/>options</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Weighted<br/>average<br/>exercise<br/>price</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>CAD$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">#</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">CAD$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Options outstanding, beginning of the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>18,539,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.91</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">18,803,722</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">1.66</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Issued</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>4,092,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.91</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">6,050,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">2.24</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Cancelled</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>(29,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>4.21</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">(175,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">1.73</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Exercised</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>(6,277,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.81</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">(6,139,722</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">1.44</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Options outstanding, end of the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>16,325,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.20</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">18,539,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">1.91</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Options exercisable, end of the year</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>12,692,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.06</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">14,110,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">1.85</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> 18539000 1.91 18803722 1.66 4092500 2.91 6050000 2.24 29500 4.21 175000 1.73 6277000 1.81 6139722 1.44 16325000 2.2 18539000 1.91 12692000 2.06 14110000 1.85 <div> <div style="margin-left:21.3pt"> <table cellpadding="0" cellspacing="0" style="width:80%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:5.4pt;padding-left:5.4pt;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Expiry date</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Exercise price</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Adjusted<br/>exercise<br/>price </strong>^{<strong>(1)</strong>}</span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Number of<br/>Options<br/>outstanding</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Number of<br/>Options </strong><br/><strong>exercisable</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>June 22, 2026</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.31</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.20</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,415,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,415,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>July 27, 2026</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.44</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.32</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>69,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>69,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>September 24, 2026</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.25</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.23</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,165,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,165,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>February 1, 2027</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.45</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.43</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>200,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>200,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>June 2, 2027</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.74</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.72</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>185,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>185,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>February 10, 2028</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.6</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.59</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,048,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,048,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>May 19, 2028</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.6</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.59</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2,124,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2,124,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>November 15, 2028</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.36</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1.59</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>200,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>200,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>February 27, 2029</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>0.15</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>0.14</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>480,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>480,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>June 12, 2029</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.26</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.24</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>5,526,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>4,320,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>May 1, 2030</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.90</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.90</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>3,895,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>1,468,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>July 29, 2030</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>4.33</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>4.33</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>17,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>17,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;padding-right:5.4pt;padding-left:5.4pt;border-top:0.75pt solid #000000;text-align:right;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>16,325,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>12,692,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> 2.31 2.2 1415000 1415000 2.44 2.32 69500 69500 2.25 2.23 1165000 1165000 2.45 2.43 200000 200000 1.74 1.72 185000 185000 1.6 1.59 1048000 1048000 1.6 1.59 2124000 2124000 1.36 1.59 200000 200000 0.15 0.14 480000 480000 2.26 2.24 5526000 4320000 2.9 2.9 3895500 1468500 4.33 4.33 17000 17000 16325000 12692000 <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:96.92%;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:63%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong> </strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>April 30, 2026</strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">April 30, 2025</span></span></p> </td> </tr> <tr> <td style="width:63%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Risk Free Interest Rate</span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>2.70% - 3.03%</strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-top:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">3.41%</span></span></p> </td> </tr> <tr> <td style="width:63%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Expected Dividend Yield</span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;background-color:#f2f2f2"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>-</strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">-</span></span></p> </td> </tr> <tr> <td style="width:63%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Expected Volatility</span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;background-color:#f2f2f2"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>75%</strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">75%</span></span></p> </td> </tr> <tr> <td style="width:63%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Expected Term in Years</span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>5 years</strong></span></span></p> </td> <td style="width:15%;padding-right:3.6pt;padding-left:3.6pt;vertical-align:top;border-bottom:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">5 years</span></span></p> </td> </tr> </table> </div> </div> 0.027 0.0303 0.0341 0 0 0.75 0.75 5 5 5502000 5804000 0.04 0.04 233000 239000 <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000"> </td> <td colspan="1" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30 2026</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:rgb(242, 242, 242);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Number of</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">RSUs</strong></span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:rgb(242, 242, 242);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Weighted</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">average</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">exercise</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">price</strong></span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Number of</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">RSUs</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Weighted</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">average</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">exercise</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">price</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>CAD$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">#</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">CAD$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">RSUs outstanding, beginning of the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,360,868</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.06</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,044,073</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.69</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Issued</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,642,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.51</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">775,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.34</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised and converted to shares</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(749,080</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.87</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(378,732</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.69</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cancelled</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(104,452</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4.17</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(79,473</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.79</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">RSUs outstanding, end of the year</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,149,336</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.33</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,360,868</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.06</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> 1360868 2.06 1044073 1.69 1642000 2.51 775000 2.34 749080 1.87 378732 1.69 104452 4.17 79473 1.79 2149336 2.33 1360868 2.06 <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:80%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Grant date</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exercise price</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="background-color:rgb(242, 242, 242);vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);border-top:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Number of RSUs</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">outstanding</strong></span></span></span></span></p> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>CAD$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>#</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>01-Apr-24</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.77</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>106,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12-Jun-24</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.26</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>503,336</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>01-May-25</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.26</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,445,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>29-Jul-25</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4.33</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>35,000</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>24-Apr-26</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4.60</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>60,000</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,149,336</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> 1.77 106000 2.26 503336 2.26 1445000 4.33 35000 4.6 60000 2149336 1786000 1107000 0.04 0.04 101000 47000 850000 1685000 0 0.04 0.04 71000 0 1550000 1904000 0 0.04 0 79000 0 1190476 1141000 2746780 7813000 <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13.</strong><span style="width:5.6pt;text-indent:0pt;display:inline-block"> </span><strong>Financial Instruments and risks</strong></span></span></p> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Fair value of financial instruments</i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company applied the following fair value hierarchy which prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels:</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The three levels are defined as follows:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 2 - inputs to valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for the full term of the financial instrument.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.</span></span></li> </ul> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The fair value of financial instruments which trade in active markets, such as share and warrant equity instruments, is based on quoted market prices at the balance sheet date. The quoted market price used to value financial assets held by the Company is the current closing price. Warrants that do not trade in active markets have been valued using the Black-Scholes pricing model. Debt instruments have been valued using the effective interest rate for the period that the Company expects to hold the instrument and not the rate to maturity.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended April 30, 2026 there were no transfers between levels 1, 2 and 3 and there were no changes in valuation techniques. The following table illustrates the classification of the Company's financial assets and liabilities within their hierarchy as at April 30, 2026 and April 30, 2025:</span></span></p> <div> <div style="margin-left:14.2pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;width:15%;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Financial</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Instrument</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Category <sup style="margin-top:0pt;margin-bottom:0pt">(1)</sup></span></span></span></span></p> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);width:15%;white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Fair Value</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Hierarchy</span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:rgb(242, 242, 242);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:15%;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">April 30,</span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">2026</span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:15%;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">April 30,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">2025</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial assets</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:right"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"> </td> <td style="vertical-align:bottom;text-align:right"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">B</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>427,310</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">96,016</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other receivables</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">B</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,514</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">634</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Investments</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;text-indent:9.5pt;width:15%"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  Short-term investments</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 1</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,620</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  Investments in equity instruments</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 1</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,668</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">240</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  Warrants investments</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 2</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,138</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  Capped call derivative options</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 3</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>27,016</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>460,646</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">105,510</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:15%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial liabilities</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accounts payable and accrued liabilities</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">C</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,154</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,179</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Due to related parties</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">C</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>482</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">285</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative liabilities</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 3</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>49,482</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible notes</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">C</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>237,355</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>293,473</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,464</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> <div style="margin-left:14.2pt"> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">₍₁₎<span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span>_{Financial instrument designations are as follows: Category A=Financial assets and liabilities at fair value through profit and loss; Category B=Financial assets at amortized cost; and Category C=Financial liabilities at amortized cost.}</span></span></p> </div> </div> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;font-family:'Times New Roman', Times, serif"> </p> <div></div> <p style="margin-left:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The table below shows the effect, at April 30, 2026, on the fair value of the main financial instruments classified as Level 3 of a reasonable change in the assumptions used in the valuation. This effect was determined by a sensitivity analysis under the following scenarios, detailed in the following table.</span></span></p> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:middle;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Instrument Level 3</strong></span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Valuation</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Technique</strong></span></span></span></span></p> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Main</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">unobservable</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">inputs</strong></span></span></span></span></p> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Impacts</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Sens, -5%</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Unfavorable scenario</strong></span></span></span></span></p> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Impacts</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Sens, +5%</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Favourable scenario</strong></span></span></span></span></p> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Capped Call Derivative Options</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Binomial Option-Pricing Model</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(6,777)</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,635</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;border-top:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;border-top:0.75pt solid #000000"> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right"> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Impacts</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Sens, -2.5%</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Unfavorable scenario</strong></span></span></span></span></p> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Impacts</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Sens, +2.5%</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Favourable scenario</strong></span></span></span></span></p> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative Liabilities</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Market calibration  Model</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Credit Spread</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,137)</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,914</span></span></td> </tr> </table> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Risks</i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's financial instruments are exposed to certain financial risks, including liquidity risk, credit risk and interest rate risk.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has exposure to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives for growth and shareholder returns. The principle financial risks to which the Company is exposed to are:</span></span></p> <p style="margin-left:54pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">i.<span style="width:15pt;text-indent:0pt;display:inline-block"> </span>Credit risk</span></span></p> <p style="margin-top:0pt;margin-left:54pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">ii.<span style="width:12.28pt;text-indent:0pt;display:inline-block"> </span>Liquidity risk</span></span></p> <p style="margin-top:0pt;margin-left:54pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">iii.<span style="width:9.56pt;text-indent:0pt;display:inline-block"> </span>Market risk</span></span></p> <p style="margin-top:0pt;margin-left:54pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">iv.<span style="width:10.5pt;text-indent:0pt;display:inline-block"> </span>Foreign Currency risk</span></span></p> <p style="margin-top:0pt;margin-left:54pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">v.<span style="width:13.72pt;text-indent:0pt;display:inline-block"> </span>Interest rate risk</span></span></p> <p style="margin-top:0pt;margin-left:54pt;text-indent:-18pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">vi.<span style="width:10pt;text-indent:0pt;display:inline-block"> </span>Price risk</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework and reviews the Company's policies on an ongoing basis.</span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>i.</strong></i><span style="width:30.44pt;text-indent:0pt;display:inline-block"> </span><i><strong>Credit risk </strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered with the Company. The Company is exposed to credit-related losses in the event of non-performance by the counterparties. The carrying amounts of financial assets best represent the maximum credit risk exposure at the reporting date. Cash and cash equivalents are held with reputable banks in Canada. The long-term credit rating of these banks, as determined by Standard and Poor's, was A+. As at April 30, 2026, the cash on deposit at these institutions was more than federally insured limits. However, management believes credit risk is low given the good credit ratings of the banks.</span></span></p> <div></div> </div> <p style="margin-left:18pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>ii.</strong></i><span style="width:27.67pt;text-indent:0pt;display:inline-block"> </span><i><strong>Liquidity risk </strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Liquidity risk is the risk that the Company will not meet its financial obligations as they become due. The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at April 30, 2026, the Company had a cash and cash equivalents balance of $427,310 (April 30, 2025 - $96,016) to settle current liabilities of $13,301 (April 30, 2025 - $3,464).</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">All of the Company's financial liabilities have contractual maturities of less than 30 days and are subject to normal trade terms. The Company also has a convertible note outstanding with a maturity extending beyond 30 days. Historically, the Company's sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Convertible Senior Notes Offering</i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On November 24, 2025 the Company closed an offering of 5.00% Notes for an aggregate principal amount of $300,000, which includes the exercise in full by the initial purchasers of their option to purchase an additional $50,000 of Notes (see Note 11).</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company undiscounted contractual cash flow related to Convertible Notes amount to $17,078 within one year, $45,000 between two to four years, and $315,000 five years from the reporting date.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>iii.</strong></i><span style="width:24.89pt;text-indent:0pt;display:inline-block"> </span><i><strong>Market risk</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">This risk relates to fluctuations in commodity and equity prices. The Company closely monitors commodity prices of precious and base metals, individual equity movements in investment holdings, and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations in pricing may be significant.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of April 30, 2026, the Company has outstanding convertible senior unsecured notes that may be converted into common shares upon the occurrence of certain conditions.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In connection with the issuance of the Notes, the Company entered into capped call transactions intended to reduce potential dilution and/or offset cash settlement obligations upon conversion of the notes. The capped call transactions are subject to a cap price and will not offset dilution or settlement amounts above such price.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>iv.</strong></i><span style="width:24.88pt;text-indent:0pt;display:inline-block"> </span><i><strong>Foreign currency risk</strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign currency risk is the risk that a variation in exchange rates between the Canadian dollar, United States dollar, and Mexican Peso will affect the Company's operations and financial results. The Company and its subsidiaries are exposed to foreign currency risk to the extent that it has monetary assets and liabilities denominated in foreign currencies.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company measures the effect on total assets or total receipts of reasonably foreseen changes in interest rates and foreign exchange rates. The analysis is used to determine if these risks are material to the financial position of the Company. A 1% change in foreign exchange rate of MXN to USD would increase/decrease the net and comprehensive loss for the year ended April 30, 2026, by approximately $47 (April 30, 2025: $16). A 1% change in foreign exchange rate of CAD to USD would increase/decrease the net and comprehensive loss for the year ended April 30, 2026, by approximately $557 (April 30, 2025: $793). Actual financial results for the coming year will vary since the balances of financial assets are expected to decline as funds are used for Company expenses.</span></span></p> <div></div> <p style="text-align:justify;margin-left:18pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>v.</strong></i><span style="width:27.66pt;text-indent:0pt;display:inline-block"> </span><i><strong>Interest rate risk </strong></i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company is exposed to interest rate risk on its short-term investments and convertible notes. The Company's convertible notes bear interest at a fixed rate.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest rate risk is the risk that the fair value, future cash flows and short-term investments of the Company will fluctuate due to changes in market interest rates. The average interest rate earned by the Company during the year ended April 30, 2026 on its cash and cash equivalents and short-term investments was 3.63% (2025 - 2.19%). A 1% increase or decrease in the interest earned from financial institutions on cash and cash equivalents and short-term investments would result in approximately a $4,273 change in the Company's net and comprehensive loss (April 30, 2025: $960).</span></span></p> <p style="margin-left:18pt;text-indent:0pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>vi.</strong></i><span style="width:24.88pt;text-indent:0pt;display:inline-block"> </span><i><strong>Price risk</strong></i></span></span></p> <p style="margin-left:18pt;text-indent:0pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">This risk relates to fluctuations in commodity and equity prices. The Company closely monitors commodity prices of precious and base metals, individual equity movements in investment holdings, and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations in pricing may be significant.</span></span></p> <div> <div style="margin-left:14.2pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;width:15%;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Financial</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Instrument</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Category <sup style="margin-top:0pt;margin-bottom:0pt">(1)</sup></span></span></span></span></p> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);width:15%;white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Fair Value</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Hierarchy</span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;background-color:rgb(242, 242, 242);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:15%;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">April 30,</span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">2026</span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:15%;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">April 30,</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">2025</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial assets</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:right"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"> </td> <td style="vertical-align:bottom;text-align:right"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">B</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>427,310</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">96,016</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other receivables</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">B</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,514</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">634</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Investments</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;text-indent:9.5pt;width:15%"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  Short-term investments</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 1</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,620</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  Investments in equity instruments</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 1</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,668</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">240</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  Warrants investments</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 2</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,138</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  Capped call derivative options</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 3</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>27,016</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>460,646</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">105,510</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:15%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial liabilities</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accounts payable and accrued liabilities</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">C</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,154</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,179</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Due to related parties</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">C</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>482</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">285</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative liabilities</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 3</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>49,482</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-indent:9.5pt;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible notes</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">C</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center;width:15%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>237,355</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:15%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>293,473</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,464</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> 427310000 96016000 1514000 634000 0 8620000 3668000 240000 1138000 0 27016000 0 460646000 105510000 6154000 3179000 482000 285000 49482000 0 237355000 0 293473000 3464000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:middle;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Instrument Level 3</strong></span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:middle;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Valuation</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Technique</strong></span></span></span></span></p> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Main</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">unobservable</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">inputs</strong></span></span></span></span></p> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Impacts</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Sens, -5%</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Unfavorable scenario</strong></span></span></span></span></p> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Impacts</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Sens, +5%</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Favourable scenario</strong></span></span></span></span></p> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Capped Call Derivative Options</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Binomial Option-Pricing Model</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(6,777)</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,635</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;border-top:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;border-top:0.75pt solid #000000"> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right"> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Impacts</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Sens, -2.5%</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Unfavorable scenario</strong></span></span></span></span></p> </td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Impacts</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Sens, +2.5%</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Favourable scenario</strong></span></span></span></span></p> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative Liabilities</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;width:20%;border-bottom:0.75pt solid #000000;padding-left:6pt;padding-right:6pt;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Market calibration  Model</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Credit Spread</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,137)</span></span></td> <td style="width:20%;padding-right:6pt;padding-left:6pt;vertical-align:top;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,914</span></span></td> </tr> </table> </div> 0.05 0.05 -6777000 6635000 0.025 0.025 -10137000 8914000 427310000 96016000 13301000 3464000 0.05 300000000 50000000 17078000 45000000 315000000 A 1% change in foreign exchange rate of MXN to USD would increase/decrease the net and comprehensive loss for the year ended April 30, 2026 47000 16000 A 1% change in foreign exchange rate of CAD to USD would increase/decrease the net and comprehensive loss for the year ended April 30, 2026 557000 793000 0.0363 0.0219 A 1% increase or decrease in the interest earned from financial institutions on cash and cash equivalents and short-term investments would result in approximately a $4,273 change in the Company's net and comprehensive loss (April 30, 2025: $960). 4273000 960000 <div> <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14.</strong><span style="width:5.6pt;text-indent:0pt;display:inline-block"> </span><strong>Capital Management</strong></span></span></p> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support the acquisition, exploration and development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The mineral properties in which the Company currently has an interest are in the exploration stage, as such the Company has historically relied on the equity markets to fund its activities. In order to carry out the planned exploration and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The capital structure of the Company consists of shareholders' equity, comprising issued capital and deficit. The Company is not exposed to any externally imposed requirements. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.</span></span></p> </div> </div> <div> <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>15.</strong><span style="width:5.6pt;text-indent:0pt;display:inline-block"> </span><strong>Segment Information</strong></span></span></p> </div> <div> <p style="text-indent:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has one reportable segment, mainly mineral exploration, evaluation and development.</span></span></p> <p style="text-indent:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Geographic information</i></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's non-current assets by location of assets are as follows:</span></span></p> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Canada</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>31,821</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,660</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>269,817</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">180,745</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>301,638</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">182,405</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> </div> </div> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Canada</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>31,821</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,660</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mexico</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>269,817</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">180,745</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>301,638</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">182,405</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> 31821000 1660000 269817000 180745000 301638000 182405000 <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>16.</strong><span style="width:5.6pt;text-indent:0pt;display:inline-block"> </span><strong>Supplemental Financial Information</strong></span></span></p> </div> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes changes in working capital items in operating activities:</span></span></p> <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:4.27046%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:right;width:0.948992%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:right;white-space:nowrap;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:right;white-space:nowrap;width:2.01661%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;white-space:nowrap;width:0.948992%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;white-space:nowrap;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;white-space:nowrap;width:2.01661%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:4.27046%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:0.948992%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap;width:2.01661%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap;width:0.948992%"> </td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap;width:13.9976%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accounts payable and accrued liabilities</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,130</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Due to related parties</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>201</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(542</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Value-added tax receivable</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(7,259</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,388</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other receivables</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(857</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(173</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Prepaid expenses</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>657</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(62</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income taxes paid</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(326</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(6,454</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2.01661%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,621</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2.01661%"> </td> </tr> </table> </div> </div> </div> <p style="text-indent:0pt;text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes changes in non-cash items in financing activities:</span></span></p> <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Shares issued pursuant to property acquisition</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9,045</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,823</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Shares to be issued pursuant to property acquisition</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,141</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,159</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Shares issued for options/warrants/RSUs/DSUs/PRSUs</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10,877</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">27,708</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The components of Finance costs are as follows:</span></span></p> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td colspan="1" style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;width:66.4294%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:0.948992%"> </td> <td colspan="2" style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:0.948992%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:0.948992%"> </td> <td colspan="2" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:15.4211%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:2.01661%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:0.948992%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accretion expense (Note 11)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,399</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible notes interest expense (Note 11)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,545</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="margin-bottom:0pt;vertical-align:bottom;width:65.2432%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value changes:</span></span><br/> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"> </td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative Liabilities (Note 11)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(4,175</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Capped Call Derivative Options (Note 11)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>20,455</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Finance costs</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>27,224</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2.01661%"> </td> </tr> </table> </div> </div> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;font-family:'Times New Roman', Times, serif"> </p> <div></div> <p style="text-align:justify;margin-left:18pt;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The components of Accounts payable and accrued liabilities are as follows:</span></span></p> <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td colspan="1" style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;width:69.9642%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:0.953516%"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:12.0381%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:2.02622%;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:0.953516%;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12.0381%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:2.02622%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:68.534%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:0.953516%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:12.0381%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:2.02622%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:0.953516%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:12.0381%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:2.02622%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:68.534%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade accounts payable</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.953516%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12.0381%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(2,512</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.02622%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.953516%"> </td> <td style="vertical-align:bottom;text-align:right;width:12.0381%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,247</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.02622%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:68.534%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accrued liabilities</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:0.953516%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12.0381%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(3,642</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2.02622%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:0.953516%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12.0381%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(932</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2.02622%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:68.534%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accounts payable and accrued liabilities</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:0.953516%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12.0381%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(6,154</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2.02622%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:0.953516%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12.0381%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3,179</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2.02622%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> </table> </div> </div> </div> <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:4.27046%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:right;width:0.948992%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:right;white-space:nowrap;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:right;white-space:nowrap;width:2.01661%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;white-space:nowrap;width:0.948992%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;white-space:nowrap;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;white-space:nowrap;width:2.01661%"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:4.27046%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:0.948992%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap;width:2.01661%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap;width:0.948992%"> </td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;white-space:nowrap;width:13.9976%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accounts payable and accrued liabilities</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,130</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Due to related parties</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>201</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(542</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Value-added tax receivable</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(7,259</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,388</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other receivables</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(857</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(173</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Prepaid expenses</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>657</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(62</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income taxes paid</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(326</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:4.27046%;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.7177%;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:11.981%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(6,454</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2.01661%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,621</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2.01661%"> </td> </tr> </table> </div> </div> </div> 1130000 10000 201000 -542000 -7259000 4388000 -857000 -173000 657000 -62000 326000 0 -6454000 3621000 <div> <div style="margin-left:18pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Shares issued pursuant to property acquisition</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9,045</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,823</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Shares to be issued pursuant to property acquisition</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,141</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,159</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Shares issued for options/warrants/RSUs/DSUs/PRSUs</span></span></td> <td style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10,877</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">27,708</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> 9045000 2823000 3141000 5159000 10877000 27708000 <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td colspan="1" style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;width:66.4294%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:0.948992%"> </td> <td colspan="2" style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:0.948992%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:0.948992%"> </td> <td colspan="2" style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:15.4211%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:2.01661%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:0.948992%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accretion expense (Note 11)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,399</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible notes interest expense (Note 11)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,545</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="margin-bottom:0pt;vertical-align:bottom;width:65.2432%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value changes:</span></span><br/> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"> </td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative Liabilities (Note 11)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(4,175</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Capped Call Derivative Options (Note 11)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>20,455</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.01661%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:65.2432%;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Finance costs</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:0.948992%;background-color:#f2f2f2"> </td> <td colspan="2" style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:15.4211%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>27,224</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2.01661%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:0.948992%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:11.981%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2.01661%"> </td> </tr> </table> </div> </div> 4399000 0 6545000 0 -4175000 0 20455000 0 27224000 0 <div> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td colspan="1" style="padding-right:3.6pt;padding-left:3.6pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;width:69.9642%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:0.953516%"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:12.0381%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>April 30, 2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:right;width:2.02622%;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:0.953516%;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12.0381%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 30, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:2.02622%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:68.534%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:0.953516%"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:12.0381%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;border-top:0.75pt solid #000000;text-align:center;width:2.02622%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:0.953516%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:12.0381%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:center;width:2.02622%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:68.534%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade accounts payable</span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.953516%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12.0381%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(2,512</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.02622%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:0.953516%"> </td> <td style="vertical-align:bottom;text-align:right;width:12.0381%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,247</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2.02622%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:68.534%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accrued liabilities</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:0.953516%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12.0381%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(3,642</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2.02622%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:0.953516%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12.0381%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(932</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2.02622%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:68.534%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accounts payable and accrued liabilities</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:0.953516%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12.0381%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(6,154</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2.02622%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:0.953516%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12.0381%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3,179</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2.02622%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> </table> </div> </div> 2512000 2247000 3642000 932000 6154000 3179000 <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>17.</strong><span style="width:5.6pt;text-indent:0pt;display:inline-block"> </span><strong>Income Tax</strong></span></span></p> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table reconciles the expected income taxes expense (recovery) at the Canadian statutory income tax rates to the amounts recognized in the consolidated statements of loss and comprehensive loss for the years ended April 30, 2026, and 2025:</span></span></p> <div> <div style="margin-left:19.6pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net loss before tax</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(38,252</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5,820</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Statutory tax rate</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>27.00%</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">27.00%</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected income recovery</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(10,328</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,571</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in deferred tax assets not recognized</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10,869</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,462</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share issuance costs</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,462</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign exchange</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>887</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">845</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in estimate</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,486</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Gain on spin out arrangement</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,664</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-deductible items and other</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,102</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">876</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Withholding Taxes</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>107</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total income tax expense (recovery)</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>433</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The deferred taxes assets and liabilities reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax values. The recognized deferred tax liability and assets as at April 30, 2026 and 2025 are comprised of the following:</span></span></p> <div> <div style="margin-left:24pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-capital loss carry forwards</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>16,938</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10,806</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Property and equipment</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>123</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">167</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploration and evaluation assets</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(17,061</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,973</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td colspan="1" style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net deferred tax asset (liability)</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The unrecognized deductible temporary differences as at April 30, 2026 and 2025 are comprised of the following:</span></span></p> <div> <div style="margin-left:24pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-capital loss carry forwards</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>88,442</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">51,350</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Property, plant, and equipment</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>623</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">91</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Equity investments</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,283</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,240</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financing costs</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9,415</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,056</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign exchange</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>709</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">192</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Capital Loss</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,138</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,054</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploration and evaluation assets</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>737</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total unrecognized deductible temporary differences</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>111,347</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">66,983</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:2.25pt double #000000"> </td> </tr> </table> </div> </div> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;font-family:'Times New Roman', Times, serif"> </p> <div></div> <p style="margin-left:18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has non-capital loss carry forwards of approximately $88,442 (2025: $51,350) that have not recognized in these financial statements, which may be carried forward to apply against future income for Canadian and Mexican income tax purposes, subject to the final determination by taxation authorities, expiring in the following years:</span></span></p> <div> <table cellpadding="0" cellspacing="0" style="width:50%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expiry</span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;width:25%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2046</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11,798</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2045</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>8,809</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2044</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2043</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,936</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2042</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,890</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2041</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,256</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2040</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2039</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2038</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2037</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11,591</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2036</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>29,404</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2035</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10,254</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>88,442</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> </div> <div> <div style="margin-left:19.6pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net loss before tax</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(38,252</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5,820</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Statutory tax rate</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>27.00%</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">27.00%</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected income recovery</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(10,328</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,571</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in deferred tax assets not recognized</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10,869</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,462</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share issuance costs</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,462</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign exchange</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>887</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">845</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in estimate</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,486</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Gain on spin out arrangement</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,664</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-deductible items and other</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,102</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">876</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Withholding Taxes</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>107</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total income tax expense (recovery)</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>433</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> -38252000 -5820000 0.27 0.27 -10328000 -1571000 10869000 6462000 0 -1462000 887000 845000 0 -2486000 0 -2664000 -1102000 876000 107000 0 433000 0 <div> <div style="margin-left:24pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-capital loss carry forwards</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>16,938</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10,806</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Property and equipment</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>123</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">167</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploration and evaluation assets</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(17,061</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,973</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td colspan="1" style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net deferred tax asset (liability)</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> 16938000 10806000 123000 167000 -17061000 -10973000 0 0 <div> <div style="margin-left:24pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-capital loss carry forwards</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>88,442</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">51,350</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Property, plant, and equipment</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>623</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">91</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Equity investments</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,283</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,240</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financing costs</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9,415</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,056</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign exchange</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>709</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">192</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Capital Loss</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,138</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,054</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exploration and evaluation assets</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>737</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total unrecognized deductible temporary differences</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#f2f2f2;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>111,347</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;border-bottom:2.25pt double #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">66,983</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:2.25pt double #000000"> </td> </tr> </table> </div> </div> 88442000 51350000 623000 91000 5283000 1240000 9415000 8056000 709000 192000 6138000 6054000 737000 0 111347000 66983000 88442000 51350000 <div> <table cellpadding="0" cellspacing="0" style="width:50%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expiry</span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center;width:25%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="background-color:#f2f2f2;vertical-align:bottom;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2046</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11,798</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2045</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>8,809</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2044</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2043</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,936</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2042</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,890</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2041</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,256</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2040</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2039</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2038</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2037</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11,591</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2036</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>29,404</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2035</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10,254</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:72%;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#f2f2f2"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:25%;background-color:#f2f2f2"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>88,442</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#f2f2f2"> </td> </tr> </table> </div> 11798000 8809000 0 7936000 4890000 4256000 0 0 0 11591000 29404000 10254000 88442000 <div> <div style="padding-bottom:1pt;border-bottom:0.75pt solid #000000"> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><strong>18.</strong><span style="width:4.1pt;text-indent:0pt;display:inline-block"> </span><strong>Subsequent events</strong></span></span></span></span></p> </div> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><i>Exercise and grant of options, DSU, RSUs and share issuance subsequently</i></span></span></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>On May 19, 2026, pursuant to the Company's Omnibus Equity Incentive Compensation Plan, Vizsla granted to directors, officers and employees 3,908,000 stock options at an exercise price of CAD$5.16 exercisable for a period of five years and vesting over the next two years, 1,849,000 RSUs vesting in three equal instalments on the first anniversary of the grant date and 300,000 DSUs vesting immediately.</span></span></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>Subsequent to April 30, 2026,  a total of 1,784,000 options were exercised at a weighted average exercise price of  CAD $2.24 for proceeds of CAD $3,996 and 733,304 RSUs were exercised and converted to common shares. Subsequent to April 30, 2026, the Company issued 1,190,272 shares in relation to the Santa Fe purchase and option agreements.</span></span></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><i>Working Capital Facility</i></span></span></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>Subsequent to the year ended April 30, 2026, on May 26, 2026 Vizsla announced that its subsidiary, Minera Canam, entered into an unsecured MXN$173,000 (approximately $10,000) five-year working capital facility with Mexican government-backed Fideicomiso de Fomento Minero ("FIFOMI"), approved on May 4, 2026. The facility, bearing interest at TIIE plus 4.6681% with a two-year principal grace period, is intended to fund operating and working capital requirements at the Panuco project.</span></span></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><i>Investment in VROY</i></span></span></span></span></p> <p style="text-align:justify;margin-left:18pt;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>On May 14, 2026, VROY announced that it entered into a definitive arrangement agreement with Elemental Royalty Corporation ("Elemental"), pursuant to which Elemental will acquire all of the issued and outstanding common shares of VROY for $239M (CAD$327M). The transaction was subsequently approved by shareholders on July 10, 2026. Elemental received court approval on July 14, 2026. Subject to the satisfaction of customary closing conditions, the transaction is expected to close in August 2026. As a result of the transaction, the Company will no longer hold an investment in VROY.</span></span></span></span></p> </div> 3908000 5.16 1849000 300000 1784000 2.24 3996000 733304 1190272 173000000 10000000 0.046681 239000000 327000000