| Share capital |
12. Share capital a. Authorized and issued capital stock | | | | | Common Shares | | | | Note | | | Number | | | Amount | | Balance, September 30, 2024 | | | | | | 34,137,665 | | | $ | 116,408 | | Issuance of shares | | (i) | | | | 5,951,250 | | | | 11,582 | | Exercise of options | | | | | | 18,000 | | | | 72 | | Balance, June 30, 2025 | | | | | | 40,106,915 | | | | 128,062 | | Transfer from contributed surplus | | | | | | - | | | | 2,080 | | Exercise of warrants | | (ii) | | | | 845,000 | | | | 3,249 | | Exercise of options | | | | | | 1,157,005 | | | | 1,475 | | Balance, September 30, 2025 | | | | | | 42,108,920 | | | | 134,866 | | Issuance of shares | | (iii) | | | | 5,405,000 | | | | 25,845 | | Exercise of warrants | | (iv) (v) | | | | 1,487,841 | | | | 1,174 | | Exercise of options | | 12(b) | | | | 997,136 | | | | 3,503 | | Transfer from contributed surplus | | | | | | | - | | | | 6,611 | | Balance, June 30, 2026 | | | | | | | 49,998,897 | | | $ | 171,999 | |
i. | The Company issued 5,951,250 common shares at $2.15 for a total equity raise of $11,789 and share issuance cost of $207. The proceeds were recognized net of legal and consulting fees. | ii. | On August 11, 2025, the warrants classified as derivative warrants were exercised by the investors at the price of CDN 5.30. As a result, the Company received US $3,249 in total proceeds. Fair valuation was done under Black Scholes model and the assumptions on the date of exercise included Risk-free interest rate (based on U.S. government bond yields) of 2.68%, expected volatility of the market price of shares (based on historical volatility of share price) of 65.05%, and the expected warrant life (in years) of 0.24 years. | iii. | The Company issued 5,405,000 common shares at $4.862 for a total equity raise of $26,079 (including fees of $200 paid to underwriters and $234 paid for legal services; 705,000 common shares issued pursuant to the full exercise of the over-allotment option at the offering price). The proceeds were recognised net of the legal and consulting fees. | iv. | On November 07, 2025, the warrants classified as derivative warrants were exercised by the investors at the price of CDN 5.30. As a result, the Company received US $255 in total proceeds. Fair valuation was done under Black Scholes model and the assumptions on the date of exercise included Share price CDN 7.54, Risk-free interest rate (based on U.S. government bond yields) of 2.42%, expected volatility of the market price of shares (based on historical volatility of share price) of 72.30%, and the expected warrant life (in years) of 0 years. A revaluation gain of $35 was recognized in finance cost and $109 were transferred from derivative liability to share capital. | v. | Dr. Sankar Das Gupta, Chairman and a director of the Company, exercised 1,420,000 warrants at an exercise price of Cdn $0.90 per share. As a result, the Company issued 1,420,000 common shares and increased its issued and outstanding share capital accordingly. Accordingly, an amount of $4,725 is reclassed from warrants to share capital as presented in condensed interim consolidated statements of changes in equity. |
b. Stock Options Options to purchase common shares of the Company under its stock option plan may be granted by the Board of Directors of the Company to certain full-time and part-time employees, directors and consultants of the Company and its affiliates. Stock options are non-assignable and may be granted for terms of up to 10 years. Stock options vest at various periods from zero to three years. As a result of the reverse stock split, every five options were consolidated into one option without any action from option holders, reducing the number of outstanding options from approximately 23.5 million to 4.7 million. On February 17, 2021, at a Special Meeting of the Shareholders, a resolution was passed to (i) authorize amendments to the Company’s Stock Option Plan to increase the maximum number of common shares issuable upon the exercise of stock options thereunder from 3,020,000 to 4,600,000. On March 25, 2022, at a Special Meeting of the Shareholders, a resolution was passed to (i) authorize amendments to the Company’s Stock Option Plan to increase the maximum number of common shares issuable upon the exercise of stock options thereunder from 4,600,000 to 6,000,000. | | Number outstanding | | | Weighted average exercise price | | Outstanding, September 30, 2024 | | | 4,880,288 | | | | 2.52 | | Exercised during the period | | | (18,000 | ) | | | 3.25 | | Expired during the period | | | (31,499 | ) | | | 3.42 | | Granted | | | 514,000 | | | | 2.50 | | Outstanding, June 30, 2025 | | | 5,344,789 | | | | 2.58 | | Exercised during the period | | | (1,157,005 | ) | | | 1.31 | | Expired during the period | | | (2,900 | ) | | | 3.34 | | Granted | | | 370,000 | | | | 3.37 | | Outstanding, September 30, 2025 | | | 4,524,884 | | | | 3.44 | | Exercised during the period | | | (997,136 | ) | | | 3.45 | | Expired during the period | | | (10,598 | ) | | | 3.56 | | Granted | | | 1,897,000 | | | | 7.41 | | Outstanding, June 30, 2026 | | | 5,414,150 | | | | 4.76 | |
As on June 30, 2026 Exercise price | | Number Outstanding | | | Weighted average remaining life (years) | | | Number exercisable | | | Weighted average exercise price | | | $ | 7.41 | | | (Cdn10.53) | | | 1,897,000 | | | | 9.77 | | | | 63,333 | | | | 7.41 | | | $ | 2.39 | | | (Cdn3.4) | | | 504,000 | | | | 8.78 | | | | 270,221 | | | | 2.39 | | | $ | 3.29 | | | (Cdn4.68) | | | 388,332 | | | | 7.76 | | | | 271,682 | | | | 3.29 | | | $ | 3.77 | | | (Cdn5.35) | | | 956,332 | | | | 6.78 | | | | 356,332 | | | | 3.77 | | | $ | 2.01 | | | (Cdn2.85) | | | 215,000 | | | | 5.97 | | | | 215,000 | | | | 2.01 | | | $ | 4.05 | | | (Cdn5.75) | | | 20,000 | | | | 5.42 | | | | 20,000 | | | | 4.05 | | | $ | 3.52 | | | (Cdn5) | | | 1,167,667 | | | | 5.20 | | | | 367,667 | | | | 3.52 | | | $ | 2.32 | | | (Cdn3.3) | | | 98,518 | | | | 4.20 | | | | 98,518 | | | | 2.32 | | | $ | 1.06 | | | (Cdn1.5) | | | 24,000 | | | | 3.09 | | | | 24,000 | | | | 1.06 | | | $ | 0.99 | | | (Cdn1.4) | | | 47,180 | | | | 1.65 | | | | 47,180 | | | | 0.99 | | | $ | 4.29 | | | (Cdn6.1) | | | 5,000 | | | | 1.09 | | | | 5,000 | | | | 4.29 | | | $ | 7.50 | | | (Cdn10.65) | | | 91,121 | | | | 0.50 | | | | 91,121 | | | | 7.50 | | | | | | | | | 5,414,150 | | | | | | | | 1,830,054 | | | | 3.37 | |
As on June 30, 2025 Exercise price | | Number Outstanding | | | Weighted average remaining life (years) | | | Number exercisable | | | Weighted average exercise price | | | $ | 2.50 | | | (Cdn3.4) | | | 484,000 | | | | 9.78 | | | | 133,333 | | | | 2.50 | | | $ | 3.44 | | | (Cdn4.68) | | | 441,000 | | | | 8.76 | | | | 205,007 | | | | 3.44 | | | $ | 3.93 | | | (Cdn5.35) | | | 1,002,000 | | | | 7.78 | | | | 281,676 | | | | 3.93 | | | $ | 2.09 | | | (Cdn2.85) | | | 298,000 | | | | 6.97 | | | | 298,000 | | | | 2.09 | | | $ | 4.22 | | | (Cdn5.75) | | | 20,000 | | | | 6.41 | | | | 20,000 | | | | 4.22 | | | $ | 3.67 | | | (Cdn5) | | | 1,494,667 | | | | 6.20 | | | | 694,667 | | | | 3.67 | | | $ | 2.42 | | | (Cdn3.3) | | | 270,268 | | | | 5.20 | | | | 270,268 | | | | 2.42 | | | $ | 1.10 | | | (Cdn1.5) | | | 1,024,000 | | | | 4.08 | | | | 1,024,000 | | | | 1.10 | | | $ | 1.03 | | | (Cdn1.4) | | | 116,566 | | | | 2.65 | | | | 116,566 | | | | 1.03 | | | $ | 4.48 | | | (Cdn6.1) | | | 10,667 | | | | 2.09 | | | | 10,667 | | | | 4.48 | | | $ | 7.82 | | | (Cdn10.65) | | | 101,121 | | | | 1.50 | | | | 101,121 | | | | 7.82 | | | $ | 2.90 | | | (Cdn3.95) | | | 9,600 | | | | 0.62 | | | | 9,600 | | | | 2.90 | | | $ | 2.53 | | | (Cdn3.45) | | | 72,900 | | | | 0.25 | | | | 72,900 | | | | 2.53 | | | | | | | | | 5,344,789 | | | | | | | | 3,237,805 | | | | 2.58 | |
For the options exercised, the share price at the time of exercise was between CDN $6.02-$17.06. Total stock-based compensation expense recognized during the three and nine months period ended June 30, 2026 was $2,382 and $2,781 (June 30, 2025: $543 and $1,246). The Company amortize the estimated grant date fair value of stock options to expense over the vesting period (generally three years). The grant date fair value of outstanding stock options was determined using the Black-Scholes option pricing model which uses highly subjective and complex assumptions, including the option’s expected term and the price volatility of the underlying stock based on historical stock prices, to determine the fair value of the option. c. Warrants Details of Share Warrants | | Number Outstanding | | | Exercise Price | | Outstanding, September 30, 2024 | | | 1,420,000 | | | $ | 0.63 | | Outstanding, June 30, 2025 | | | 1,420,000 | | | $ | 0.63 | | Outstanding, September 30, 2025 | | | 1,420,000 | | | $ | 0.63 | | Outstanding, June 30, 2026 | | | - | | | | - | |
Additionally, the number of derivative warrants at June 30, 2026 were NIL (September 30, 2025: 67,841). The grant date fair value of outstanding share warrants was determined using the Black-Scholes pricing model using the following assumptions in the year of the grant: Risk-free interest rate (based on U.S. government bond yields) of NIL (June 30, 2025: 2.62%), expected volatility of the market price of our shares (based on historical volatility of our share price) of NIL (June 30, 2025: 53.46%) and the expected warrant life (in years) of NIL (June 30, 2025: 0.36). A 10% change in any assumption would result in the change in derivative warrant liability between NIL (June 30, 2025: ($40)) and NIL (June 30, 2025: $40). Warrant continuity schedule is as follows: | | Units | | | Fair Value | | Closing balance (September 30, 2024) | | | 912,841 | | | $ | 155 | | Warrants exercised as on August 11, 2025 | | | (845,000 | ) | | | (926 | ) | Fair value adjustment | | | - | | | | 915 | | Closing balance (September 30, 2025) | | | 67,841 | | | | 144 | | Warrants exercised on November 30, 2025 | | | (67,841 | ) | | | (109 | ) | Fair value adjustment | | | - | | | | (35 | ) | Closing balance (June 30, 2026) | | | - | | | $ | - | |
|