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Share capital | 6 Months Ended
--- | ---
May 31, 2026
Share capital |
Share capital | 6) Share capital Authorized: unlimited common shares, no par value ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | in thousands of dollars, except share amounts | ​
​ | ​ ​ ​ | Number of shares | ​ | ​ | $ | ​
November 30, 2025 |  | 171,069,888 | ​ | ​ | 225,241 | ​
At-the-market offering, net of share issue costs | ​ | 174,410 | ​ | ​ | 1,164 | ​
Exercise of options | ​ | 253,334 | ​ | ​ | 404 | ​
Shares issued from restricted share units | ​ | 1,248,007 | ​ | ​ | 1,210 | ​
May 31, 2026, issued and outstanding | ​ | 172,745,639 | ​ | ​ | 228,019 | ​
​ On November 7, 2025, the Company entered into an equity distribution agreement with Cantor Fitzgerald & Co. and BMO Capital Markets Corp., as lead agents (the “Lead Agents”), and Canaccord Genuity LLC, National Bank of Canada Financial Inc. and Raymond James (USA) Ltd. (together with the Lead Agents, the “Agents”), for an at-the-market equity program pursuant to which the Company may offer and issue up to $200 million of common shares of the Company from time to time through the Agents (the “Nov ATM Program”). The offering is being made in the United States under the terms of the Company’s registration statement on Form S-3 filed with the SEC (“November Prospectus Supplement”). No sales of common shares under this November Prospectus Supplement will be made in Canada, to anyone known by the Agents to be a resident of Canada or over or through the facilities of the TSX or any other exchange or market in Canada. During the three-month period ended February 28, 2026, the Company issued 174,410 common shares under its Nov ATM Program, resulting in gross proceeds of $1.19 million at an average price of $6.83 per share. After deducting commissions, the Company received net proceeds of $1.16 million. No shares were issued under its Nov ATM Program during the three-month ended May 31, 2026.
(a) | Stock options
During the three-month period ended February 28, 2026, the Company granted 1,655,000 stock options (2025 - 2,125,000 stock options) at a weighted exercise price of CDN$6.53 (2025 - CDN$1.52) to employees, consultants and directors exercisable for a period of five years with various vesting terms from immediate vesting to vesting over a two-year period. The fair value attributable to option grants was $2.49 (2025 - $0.59). No grants were made during the three-month periods ended May 31, 2026 and 2025. The fair value of the stock options recognized in the period has been estimated using the Black-Scholes option pricing model. Assumptions used in the pricing model for stock options granted in the six-month period ended May 31, 2026 are as provided below. ​
​ | ​ | ​
​ | ​ ​ ​ | Weighted average
Risk-free interest rates |  | 2.58%
Exercise price |  | CDN$6.53
Expected life |  | 3 years
Expected volatility |  | 79.1%
Expected dividends |  | Nil
​ The Company recognized a stock option expense of $0.5 million for the three-month period ended May 31, 2026 (2025 - $0.1 million) and $2.7 million for the six-month period ended May 31, 2026 (2025 - $0.9 million), net of forfeitures. As at May 31, 2026, there were 1,435,005 unvested stock options outstanding with a weighted average exercise price of CDN$4.67. The unvested stock option expense not yet recognized was $1.6 million. This expense is expected to be recognized over the next nineteen months. A summary of the Company’s stock options outstanding and changes during the six-month period ended May 31, 2026 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Weighted average | ​
​ | ​ | ​ | ​ | ​ | exercise price | ​
​ | ​ ​ ​ | Number of options | ​ | ​ | CDN$ | ​
Balance – beginning of the year |  | 8,433,584 | ​ | ​ | 1.11 | ​
Granted |  | 1,655,000 | ​ | ​ | 6.53 | ​
Exercised |  | (253,334) | ​ | ​ | 1.49 | ​
Balance – end of the period |  | 9,835,250 | ​ | ​ | 2.01 | ​
​ During the six-month period ended May 31, 2026, the Company issued 253,334 common shares (2025 – 350,000) of the Company on the exercise of stock options with a weighted average price of CDN$1.49 per share. Upon exercise of these stock options, $0.1 million was reclassified from additional paid-in capital related to stock-based compensation to common stock. The following table summarizes information about the stock options outstanding at May 31, 2026. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Outstanding | ​ | ​ | Exercisable | ​ | ​ | Unvested |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ |
​ | ​ | Number of | ​ | ​ | Weighted | ​ | ​ | average | ​ | ​ | Number of | ​ | ​ | average | ​ | ​ | Number of |
​ | ​ | outstanding | ​ | ​ | average years | ​ | ​ | exercise price | ​ | ​ | exercisable | ​ | ​ | exercise price | ​ | ​ | unvested | ​
Range of exercise price - CDN | ​ | options | ​ | ​ | to expiry | ​ | ​ | CDN$ | ​ | ​ | options | ​ | ​ | CDN$ | ​ | ​ | options | ​
$0.59 to $1.00 |  | 5,115,000 | ​ | ​ | 2.00 | ​ | ​ | 0.69 | ​ | ​ | 5,115,000 | ​ | ​ | 2.00 | ​ | ​ | — | ​
$1.01 to $2.00 |  | 1,935,000 | ​ | ​ | 3.52 | ​ | ​ | 1.52 | ​ | ​ | 1,393,332 | ​ | ​ | 3.52 | ​ | ​ | 541,668 | ​
$2.01 to $3.00 | ​ | 1,130,250 | ​ | ​ | 0.52 | ​ | ​ | 2.21 | ​ | ​ | 1,130,250 | ​ | ​ | 0.52 | ​ | ​ | — | ​
$3.01 to $7.85 | ​ | 1,655,000 | ​ | ​ | 4.55 | ​ | ​ | 6.53 | ​ | ​ | 761,663 | ​ | ​ | 4.54 | ​ | ​ | 893,337 | ​
​ | ​ | 9,835,250 | ​ | ​ | 2.56 | ​ | ​ | 2.01 | ​ | ​ | 8,400,245 | ​ | ​ | 2.28 | ​ | ​ | 1,435,005 | ​
​ The aggregate intrinsic value of vested stock options (the market value less the exercise price) at May 31, 2026 was $29.6 million (2025 - $4.0 million) and the aggregate intrinsic value of exercised stock options for the six-month period ended May 31, 2026 was $0.9 million (2025 - $0.3 million).
(b) | Restricted Share Units and Deferred Share Units
The Company has a Restricted Share Unit Plan (the “RSU Plan”) to provide long-term incentives to employees and consultants, a Non-Executive Director Deferred Share Unit Plan and a Non-Executive Directors Fixed Deferred Share Unit Plan (together, the “DSU Plans”) to offset cash payments for fees to directors. Awards under the RSU Plan and DSU Plans will be settled in common shares of the Company with each restricted share unit (“RSU”) and deferred share unit (“DSU”) entitling the holder to receive one common share of the Company. All units are accounted for as equity-settled awards. A summary of the Company’s unit plans and changes during the six-month period ended May 31, 2026 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Number of RSUs | ​ | ​ | Number of DSUs | ​
Balance – beginning of the year | ​ | 1,798,338 | ​ |  | 3,560,305 | ​
Granted |  | 301,339 | ​ | ​ | 20,557 | ​
Settled in common shares |  | (1,248,007) | ​ | ​ | — | ​
Balance – end of the period |  | 851,670 | ​ |  | 3,580,862 | ​
​ During the six-month period ended May 31, 2026, the Company issued 1,248,007 common shares to settle previously granted and vested RSUs to employees and consultants. For the three-month period ended May 31, 2026, the Company recognized a combined RSU and DSU stock-based compensation charge of $0.2 million (2025 - $0.2 million) and $1.0 million for the six-month period ended May 31, 2026 (2025 - $1.6 million), net of estimated forfeitures.

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