v3.26.1
Stockholders' Equity
 12 Months Ended
Apr. 30, 2026
Equity [Abstract]  
Stockholders' Equity

8. Stockholders’ Equity

 

Common Stock

 

The authorized share capital of the Company is comprised of an unlimited number of common shares and an unlimited number of preferred shares issuable in series without par value.

 

Public Offerings

 

During the year ended April 30, 2026, the Company issued 12,644,524 common shares (2025: nil; 2024: 870,910) under an at-the-market equity program (“ATM Program”) for gross proceeds of $54,000 (2025: nil; 2024: $2,596) with aggregate commissions paid or payable to the agents and other share issue costs of $1,080 (2025: nil; 2024: $69), net of tax benefits of $291 (2025: nil; 2024: nil). Pursuant to the equity distribution agreement dated August 20, 2025 (the “Distribution Agreement”), the offering has been terminated upon the issuance and sale of all of the offered shares subject to the Distribution Agreement. ATM Programs initiated by the Company from time to time allow the Company to distribute common shares of the Company (the “ATM Shares”) to the public from time to time, through the agents, at the Company’s discretion. The ATM Shares sold under the ATM Programs are sold at the prevailing market price at the time of sale. No ATM Shares were distributed by the Company during the year ended April 30, 2025.

During the year ended April 30, 2024, the Company issued 16,929,600 common shares by way of short form prospectus for gross proceeds of $52,866. Total share issuance costs incurred for both public offerings were $3,456, which was recorded net of tax benefits of $956.

 

During the year ended April 30, 2024, the Company recorded $903 of tax benefits as a result of the initial recognition of tax benefits associated with previously recognized share issue costs, upon the release of the valuation allowance established when the costs were incurred.

 

Additional Paid-in Capital

 

Common Stock Purchase Warrants

 

No warrants were outstanding, issued, expired or exercised during the year ended April 30, 2026.

Stock Options

 

The following outlines movements of the Company’s stock options:

 

 

 

Number of
options

 

 

Weighted Average
 Exercise Price
 ($CAD)

 

Balance at April 30, 2025

 

 

2,018,300

 

 

 

3.48

 

     Granted

 

 

381,788

 

 

 

5.66

 

     Forfeited

 

 

(117,574

)

 

 

3.22

 

     Exercised

 

 

(311,864

)

 

 

3.65

 

Balance at April 30, 2026

 

 

1,970,650

 

 

 

3.90

 

The total intrinsic value of options exercised during the years ended April 30, 2026, 2025, and 2024 was $472, $8, and nil respectively.

On August 12, 2025 and October 3, 2025, the Company granted 33,588 and 348,200 stock options at an exercise price of CAD$3.55 per share and CAD$5.86 per share to certain directors, officers, employees and consultants of the Company, respectively. These options are valid for a period of five years. The options will vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter.

The fair value of these stock options was estimated at the date of grants, using the Black-Scholes option pricing model with the following weighted average assumptions:

 

 

For the year ended April 30,

 

 

2026

 

 

2025

 

 

2024

 

Risk-free interest rate

 

2.59

%

 

 

2.94

%

 

 

4.28

%

Expected life (years)

 

4.00

 

 

 

4.00

 

 

 

3.90

 

Expected volatility

 

65.90

%

 

 

69.19

%

 

 

71.46

%

Expected dividend yield

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Grant date weighted average fair value

CAD$3.02

 

 

CAD$2.12

 

 

CAD$1.69

 

 

The following outlines movements of the Company’s outstanding unvested stock options:

 

 

 

Number of
options

 

 

Weighted Average
 Exercise Price
 ($CAD)

 

Balance at April 30, 2025

 

 

195,750

 

 

 

3.92

 

     Granted

 

 

381,788

 

 

 

5.66

 

     Forfeited

 

 

(5,188

)

 

 

5.39

 

     Vested

 

 

(384,082

)

 

 

4.71

 

Balance at April 30, 2026

 

 

188,268

 

 

 

5.66

 

 

A summary of stock options outstanding and exercisable at April 30, 2026, are as follows:

 

 

Options Outstanding

 

 

Options Exercisable

 

Exercise Price
($CAD)

 

Number of Options
Outstanding

 

 

Weighted Average Exercise Price
($ CAD)

 

 

Weighted Average Remaining Contractual Life
(years)

 

 

Number of Options Exercisable

 

 

Weighted Average Exercise Price
($ CAD)

 

 

Weighted Average Remaining Contractual Life
(years)

 

2.00 to 2.99

 

 

383,300

 

 

 

2.92

 

 

 

2.31

 

 

 

383,300

 

 

 

2.92

 

 

 

2.31

 

3.00 to 3.99

 

 

1,130,088

 

 

 

3.57

 

 

 

1.61

 

 

 

1,113,294

 

 

 

3.57

 

 

 

1.57

 

4.00 to 4.99

 

 

73,000

 

 

 

4.13

 

 

 

0.88

 

 

 

73,000

 

 

 

4.13

 

 

 

0.88

 

5.00 and above

 

 

384,262

 

 

 

5.82

 

 

 

4.01

 

 

 

212,788

 

 

 

5.78

 

 

 

3.67

 

 

 

1,970,650

 

 

 

3.90

 

 

 

2.19

 

 

 

1,782,382

 

 

 

3.72

 

 

 

1.95

 

The amount of share-based compensation expense recognized during the year ended April 30, 2026 was $746 (2025: $561, 2024: $547). As of April 30, 2026, the unrecognized compensation cost related to unvested stock options was $244, which is expected to be recognized over 4.0 years. As of April 30, 2026, the aggregate intrinsic value of all outstanding stock options granted was $2,163 (vested: $2,141 and unvested: $22).

 

Earnings (Loss) Per Share

 

 

For the year ended April 30,

 

 

 

2026

 

2025

 

2024

 

 

($)

 

($)

 

($)

 

Net income (loss) for the year

 

 

40,249

 

 

(4,509

)

 

13,705

 

 

 

 

 

 

 

 

 

Basic weighted average number of shares

 

 

138,950,842

 

 

126,795,491

 

 

108,639,674

 

Basic earnings (loss) per share

 

 

0.29

 

 

(0.04

)

 

0.13

 

 

 

 

 

 

 

 

 

Effect of dilutive securities

 

 

 

 

 

 

 

Warrants

 

 

—

 

 

—

 

 

6,393,228

 

Stock options

 

 

465,771

 

 

—

 

 

122,350

 

Diluted weighted average number of common shares

 

 

139,416,613

 

 

126,795,491

 

 

115,155,252

 

Diluted earnings (loss) per share

 

 

0.29

 

 

(0.04

)

 

0.12

 

 

Long Term Incentive Plan

 

The Company has adopted the long term incentive plan (the “LTIP”) which provides that the Board of Directors may, from time to time, in its discretion, grant awards of restricted share units, performance share units, deferred share units, options and stock appreciation rights to directors, key employees and consultants. The LTIP is available to directors, key employees and consultants of the Company, as determined by the Board of Directors. The aggregate number of common shares issuable under the LTIP in respect of awards shall not exceed 10,775,285 common shares. As of April 30, 2026, 2,699,288 share options were granted and 8,228,635 common shares remain available for issuance under the LTIP.

 

The total number of common shares issuable to any participant under the LTIP, at any time, together with common shares reserved for issuance to such participant under any other security-based compensation arrangements of the Company, shall not exceed 5% of the issued and outstanding common shares. The total number of common shares (i) issued to insiders within any one-year period; and (ii) issuable to insiders at any time, under the LTIP or when combined with shares reserved for issuance to such insiders under all of the Company’s other security-based compensation arrangements, shall not exceed 10% of the issued and outstanding common shares, respectively. The total number of common shares issuable to non-executive directors (excluding the Chair of the Board, if any) under the LTIP shall not exceed 3% of the issued and outstanding common shares. The total number of shares issuable to any consultants or persons performing investor relation shall not exceed 2% of the issued and outstanding common shares in any twelve-month period.

The number of options to be granted, the exercise price(s) and the time(s) at which an option may be exercised shall be determined by the Board, in its sole discretion, provided that the exercise price of options shall not be lower than the closing price of the common shares on the last trading day immediately prior to the date of grant, and further provided that the term of any option shall not exceed ten years. The grant value of common shares issued or reserved for issuance pursuant to options granted under the LTIP to any one non-executive director (excluding the Chair of the Board, if any) plus the number of common shares that are reserved at that time for issue or are issuable to such non-executive director pursuant to any other security-based compensation agreement shall not exceed CAD$100,000 in any fiscal year, calculated by the Company as of the grant date. All options granted under the LTIP to persons providing investor relations activities will vest and become exercisable over a period of not less than twelve months, with no more than one quarter of such options vesting and becoming exercisable in any three-month period.