v3.26.3
Equity
6 Months Ended
Sep. 30, 2026
Equity, Attributable to Parent [Abstract]  
Equity [Text Block]

18. Equity

(a)   Authorized

Unlimited common shares without par value

Unlimited preferred shares without par value

(b)   Issued and fully paid common shares

During the period ended September 30, 2026:

  • On November 25, 2025, the Company entered into an equity distribution agreement ("November 2025 Equity Distribution Agreement"). Under the November 2025 Equity Distribution Agreement, the Company may, from time to time, sell up to $300 million of common shares in the capital of the Company (the "November 2025 ATM Equity Program"). The Company issued 13,698,085 common shares (the "November 2025 ATM Shares") pursuant to the November 2025 ATM Equity Program for gross proceeds of $43.2 million. The November 2025 ATM shares were sold at prevailing market prices, for an average price per November 2025 ATM Share of $3.15 (C$4.38). Pursuant to the November 2025 Equity Distribution Agreement, a cash commission of $1.30 million on the aggregate gross proceeds raised was paid to the Agents in connection with its services under the November 2025 Equity Distribution Agreement. In addition, the Company incurred $215 thousand in fees related to its November 2025 ATM Equity Program.
  • Issued 3,177,875 common shares upon the vesting of restricted share units (Note 19 (b)).

During the period ended September 30, 2025:

  • On October 3, 2024, the Company entered into an equity distribution agreement ("October 2024 Equity Distribution Agreement"). Under the October 2024 Equity Distribution Agreement, the Company may, from time to time, sell up to $200 million of common shares in the capital of the Company (the "October 2024 ATM Equity Program").

On May 14, 2025, the Company entered into an amended and restated equity distribution agreement (the "Amended October 2024 Equity Distribution Agreement"). Under the Amended October 2024 Equity Distribution Agreement, the Company may, from time to time, sell up to $119.2 million of common shares in the capital of the Company (the "Amended October 2024 ATM Equity Program").

The Amended October 2024 Equity Distribution Agreement restates and supersedes the previous October 2024 Equity Distribution Agreement, dated October 3, 2024, among the Company and the Agents, pursuant to which the Company sold common shares of the Company for aggregate proceeds of US$180.8 million.

The Company issued 15,266,061 October 2024 ATM Shares pursuant to the October 2024 ATM Equity Program for gross proceeds of $25.9 million.  The October 2024 ATM shares were sold at prevailing market prices, for an average price per October 2024 ATM Share of $1.70 (C$2.37). Pursuant to the October 2024 Equity Distribution Agreement, a cash commission of $0.7 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the October 2024 Equity Distribution Agreement. The October 2024 ATM Equity Distribution Agreement was terminated as of May 15, 2025 and replaced with the Amended October 2024 ATM Equity Distribution Agreement.

The Company issued 53,017,807 Amended October 2024 ATM Shares pursuant to the Amended October 2024 ATM Equity Program for gross proceeds of $117.2 million.  The Amended October 2024 ATM shares were sold at prevailing market prices, for an average price per Amended October 2024 ATM Share of $2.21 (C$3.03). Pursuant to the Amended October 2024 Equity Distribution Agreement, a cash commission of $3 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the Amended October 2024 Equity Distribution Agreement. In addition, the Company incurred $199 thousand in fees related to its Amended October 2024 ATM Equity Program. 

  • The Company issued 600,000 common shares for total proceeds of $738 pursuant to the exercise of 600,000 options at exercise prices ranging from $1.10 to $1.25 per stock option.
  • Issued 1,318,441 common shares upon the exercise of restricted share units (Note 19(b)).
  • Issued 1,000,000 common shares as part of consideration for an asset acquisition (Note 3).

(c) Warrants

Following is a summary of changes in warrants outstanding for the period ended September 30, 2026:

    Warrants outstanding    

Weighted average

exercise price

 
             
Balance, March 31, 2024   5,243,727   $ 15.20  
Reclassified to warrant liability   (4,898,727 )   (15.91 )
Balance, March 31, 2025   345,000   $ 5.00  
Exercised   (215,625 )   (5.00 )
Balance, March 31, 2026   129,375   $ 5.00  
Exercised   -     -  
Balance, September 30, 2026   129,375   $ 5.00