v3.25.4

Stock-based Compensation | 9 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation [Text Block] | 18. Stock-based Compensation Stock-based compensation expense was comprised of the following for the period ended:
|  | Three months ended December 31, |  |  | Nine months ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Stock options | $ | 22 |  | $ | 52 |  | $ | 86 |  | $ | 226 |
RSUs |  | 6,976 |  |  | 3,474 |  |  | 18,134 |  |  | 6,023 |
Total | $ | 6,998 |  | $ | 3,526 |  | $ | 18,220 |  | $ | 6,249 |
(a) Stock options The Company has established a rolling Stock Option Plan (the "Plan"). Under the Plan, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis. The maximum term of each option shall not be greater than 10 years. The exercise price of each option shall not be less than the market price of the Company's shares at the date of grant. Options granted to consultants performing investor relations activities shall vest over a minimum of 12 months with no more than a quarter of such options vesting in any 3 month period. All other options vest at the discretion of the Board of Directors. On April 1, 2024, the Company modified the exercise price from Canadian dollars to United States dollars of stock options that were held by employees in the United States of America and in Europe. The modification resulted in $nil additional stock-based compensation expense. Following is a summary of changes in stock options outstanding for stock options with a CAD exercise price:
|  | Outstanding |  |  | Weighted average exercise price - CAD |
Balance, March 31, 2024 |  | 3,465,915 |  | $ | 5.24 |
Change in exercise price |  | (1,605,015 | ) |  | (3.32 | )
Balance, March 31, 2025 |  | 1,860,900 |  | $ | 6.89 |
Exercised |  | (75,100 | ) |  | (5.98 | )
Balance, December 31, 2025 |  | 1,785,800 |  | $ | 6.93 |
Following is a summary of changes in stock options outstanding for stock options with a USD exercise price:
|  | Outstanding |  |  | Weighted average exercise price - USD |
Balance, March 31, 2024 |  | - |  | $ | - |
Change in exercise price |  | 1,605,015 |  |  | 2.62 |
Expired |  | (54,615 | ) |  | (7.75 | )
Exercised |  | (100,000 | ) |  | (1.09 | )
Balance, March 31, 2025 |  | 1,450,400 |  | $ | 2.53 |
Exercised |  | (600,000 | ) |  | (1.21 | )
Balance, December 31, 2025 |  | 850,400 |  | $ | 3.47 |
The stock options outstanding and exercisable with CAD exercise price as at December 31, 2025, are as follows:
| Outstanding |  |  | Exercisable |  |  | Exercise price - CAD |  |  | Expiry date |
| 2,000 |  |  | 2,000 |  | $ | 15.70 |  |  | February 11. 2026 |
| 282,400 |  |  | 282,400 |  |  | 5.66 |  |  | August 26, 2027 |
| 50,000 |  |  | 50,000 |  |  | 10.00 |  |  | March 26, 2028 |
| 470,000 |  |  | 470,000 |  |  | 6.86 |  |  | July 6, 2028 |
| 400,000 |  |  | 400,000 |  |  | 3.10 |  |  | September 18, 2028 |
| 100,000 |  |  | 100,000 |  |  | 1.35 |  |  | December 21, 2028 |
| 200,000 |  |  | 200,000 |  |  | 1.45 |  |  | February 10, 2030 |
| 20,000 |  |  | 20,000 |  |  | 1.90 |  |  | May 29, 2030 |
| 1,400 |  |  | 1,400 |  |  | 10.80 |  |  | December 24, 2030 |
| 60,000 |  |  | 60,000 |  |  | 18.35 |  |  | April 29, 2031 |
| 180,000 |  |  | 153,000 |  |  | 18.50 |  |  | October 7, 2031 |
| 40,000 |  |  | 40,000 |  |  | 25.35 |  |  | November 10, 2031 |
| 1,785,800 |  |  | 1,758,800 |  |  |  |  |  |  |
The stock options outstanding and exercisable with USD exercise price as at December 31, 2025, are as follows:
| Outstanding |  |  | Exercisable |  |  | Exercise price - USD |  |  | Expiry date |
| 50,400 |  |  | 50,400 |  | $ | 4.36 |  |  | August 26, 2027 |
| 500,000 |  |  | 500,000 |  |  | 1.23 |  |  | September 14, 2027 |
| 130,000 |  |  | 130,000 |  |  | 5.14 |  |  | July 6, 2028 |
| 100,000 |  |  | 100,000 |  |  | 1.09 |  |  | February 10, 2030 |
| 30,000 |  |  | 30,000 |  |  | 20.03 |  |  | April 6, 2031 |
| 20,000 |  |  | - |  |  | 20.36 |  |  | November 10, 2031 |
| 20,000 |  |  | 20,000 |  |  | 16.61 |  |  | December 9, 2031 |
| 850,400 |  |  | 830,400 |  |  |  |  |  |  |
(b) Restricted share-units The Company has established a Restricted Share Unit Plan (the “RSU Plan”). Under the RSU Plan, together with any other share compensation arrangement, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis. The Board may in its own discretion, at any time, and from time to time, grant RSUs to any employee, director or consultant of the Company or its subsidiaries (collectively, "Eligible Person"), other than persons conducting investor relations activities, from time to time by the Board, subject to the limitations set forth in the RSU Plan. The Board may designate one or more performance periods under the RSU Plan. In respect of each designated performance period and subject to the terms of the RSU Plan, the Board may from time to time establish the grant date and grant to any Eligible Person one or more RSUs as the Board deems appropriate. The fair value of restricted shares units (RSUs) is generally measured as the grant date price of the Company's share. On April 17, 2025, the Company granted 2,797,000 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$2.05 per share. From this RSU grant, 2,597,000 vest over a twelve month period and 200,000 RSU vest over a three year period. On July 8, 2025, the Company granted 2,809,000 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$3.03 per share and vesting on July 8, 2026. On October 31, 2025, the Company granted 2,720,900 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$7.30 per share and vesting on October 31, 2026. Following is a summary of changes in restricted share units outstanding as of December 31, 2025:
|  | Outstanding |
Balance, March 31, 2024 |  | 1,379,056 |
Granted |  | 6,050,000 |
Exercised |  | (326,644 | )
Balance, March 31, 2025 |  | 7,102,412 |
Granted |  | 8,326,900 |
Exercised |  | (1,846,882 | )
Balance, December 31, 2025 |  | 13,582,430 |

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