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Note 10 - Share Capital | 12 Months Ended
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Nov. 30, 2024
Statement Line Items [Line Items] |
Disclosure of share capital, reserves and other equity interest [text block] |
10. | Share Capital
10.1 Authorized The authorized share capital of the Company is comprised of an unlimited number of common shares without par value. At-the-Market Equity Program On December 30, 2022, the Company entered into an equity distribution agreement with a syndicate of agents for an at-the-market equity distribution program (the "2022 ATM Program"). The 2022 ATM Program replaced the previous ATM program which expired on January 1, 2023 in accordance with its terms. Pursuant to the 2022 ATM Program, the Company could distribute up to US$50 million (or the equivalent in Canadian dollars) of ATM Shares. The ATM Shares sold under the 2022 ATM Program were sold at the prevailing market price on the TSX or the NYSE, as applicable, at the time of sale. Sales of ATM Shares were made pursuant to the terms of an equity distribution agreement dated December 30, 2022 (the "2022 Distribution Agreement"). Unless earlier terminated by the Company or the agents as permitted therein, the 2022 ATM Program was to terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the ATM Shares sold under the 2022 ATM Program reached the aggregate amount of US$50 million (or the equivalent in Canadian dollars); or (b) November 27, 2023. On November 24, 2023, the Company entered into a new ATM Program (the "2023 ATM Program") which replaced the 2022 ATM program which expired on November 27, 2023 in accordance with its terms. Pursuant to the 2023 ATM Program, the Company could distribute up to US$50 million (or the equivalent in Canadian dollars) of ATM Shares. The ATM Shares sold under the 2023 ATM Program were sold at the prevailing market price on the TSX or the NYSE, as applicable, at the time of sale. Sales of ATM Shares were made pursuant to the terms of an equity distribution agreement dated November 24, 2023. Unless earlier terminated by the Company or the agents as permitted therein, the 2023 ATM Program was to terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the ATM Shares sold under the 2023 ATM Program reaches the aggregate amount of US$50 million (or the equivalent in Canadian dollars); or (b) December 31, 2024. On December 20, 2024, the Company entered into a new ATM Program (the "2024 ATM Program") which replaced the 2023 ATM program which expired on December 31, 2024 in accordance with its terms. Pursuant to the 2024 ATM Program, the Company may distribute up to US$50 million (or the equivalent in Canadian dollars) of ATM Shares. The ATM Shares sold under the 2024 ATM Program, if any, will be sold at the prevailing market price on the TSX or the NYSE, as applicable, at the time of sale. Sales of ATM Shares will be made pursuant to the terms of an equity distribution agreement dated December 20, 2024. Unless earlier terminated by the Company or the agents as permitted therein, the 2024 ATM Program will terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the ATM Shares sold under the 2024 ATM Program reaches the aggregate amount of US$50 million (or the equivalent in Canadian dollars); or (b) December 24, 2025. During the year ended November 30, 2024, the Company issued 10,873,320 (2023: 16,950,153) common shares under the 2023 ATM Program for gross proceeds of $13,114 (2023: $22,769), with aggregate commissions paid to agents of $328 (2023: 570).
10.2 | Reserves
|  | Restricted Share Rights ($) |  |  | Share Options ($) |  |  | Warrants ($) |  |  | Total ($) |
Balance at November 30, 2022 |  |  | 35 |  |  |  | 8,354 |  |  |  | 3,541 |  |  |  | 11,930 |
Options exercised |  |  | - |  |  |  | (805 | ) |  |  | - |  |  |  | (805 | )
Restricted share rights vested |  |  | (416 | ) |  |  | - |  |  |  | - |  |  |  | (416 | )
Share-based compensation |  |  | 381 |  |  |  | 2,403 |  |  |  | - |  |  |  | 2,784 |
Balance at November 30, 2023 |  |  | - |  |  |  | 9,952 |  |  |  | 3,541 |  |  |  | 13,493 |
Options exercised |  |  | - |  |  |  | (967 | ) |  |  | - |  |  |  | (967 | )
Restricted share rights vested |  |  | (505 | ) |  |  | - |  |  |  | - |  |  |  | (505 | )
Share-based compensation |  |  | 523 |  |  |  | 1,506 |  |  |  | - |  |  |  | 2,029 |
Balance at November 30, 2024 |  |  | 18 |  |  |  | 10,491 |  |  |  | 3,541 |  |  |  | 14,050 |
10.3 Share Options The Company's share option plan (the "Option Plan") was approved by the Board of Directors of the Company (the "Board") on January 28, 2011, and amended and restated on October 30, 2012, October 11, 2013, October 18, 2016, April 5, 2019 and March 14, 2022. The Option Plan, as amended and restated, was affirmed, ratified and approved by the Company's shareholders in accordance with its terms at the Annual General and Special Meeting held on May 19, 2022. The following outlines movements of the Company's Options:
|  | Number of Options |  |  | Weighted Average Exercise Price ($) |
Balance at November 30, 2022 |  |  | 14,003,075 |  |  |  | 1.61 |
Granted |  |  | 3,700,000 |  |  |  | 1.10 |
Exercised(1) |  |  | (2,377,000 | ) |  |  | 0.92 |
Cancelled/Forfeited |  |  | (17,500 | ) |  |  | 1.83 |
Expired |  |  | (363,380 | ) |  |  | 1.45 |
Balance at November 30, 2023 |  |  | 14,945,195 |  |  |  | 1.60 |
Granted |  |  | 2,763,234 |  |  |  | 1.19 |
Exercised(2) |  |  | (2,029,500 | ) |  |  | 1.05 |
Expired |  |  | (197,500 | ) |  |  | 1.02 |
Balance at November 30, 2024 |  |  | 15,481,429 |  |  |  | 1.61 |
| (1) | During the year ended November 30, 2023, the Company issued 2,371,493 common shares at weighted average trading prices of $1.22. The common shares were issued pursuant to the exercise of 2,377,000 share options, of which 1,993 common shares were issued pursuant to the exercise of 7,500 share options on a net exercise basis.
| (2) | During the year ended November 30, 2024, the Company issued 271,189 common shares at weighted average trading prices of $1.20. The common shares were issued pursuant to the exercise of 2,029,500 share options, of which 237,189 common shares were issued pursuant to the exercise of 1,995,500 share options on a net exercise basis.
The fair value of Options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
|  | Year ended November 30, 2024 |  |  | Year ended November 30, 2023 |
Risk-free interest rate |  |  | 3.18 | % |  |  | 4.18 | %
Expected life (years) |  |  | 2.87 |  |  |  | 2.87 |
Expected volatility |  |  | 46.66 | % |  |  | 52.75 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Estimated forfeiture rate |  |  | 3.69 | % |  |  | 3.00 | %
A summary of Options outstanding and exercisable as of November 30, 2024, are as follows:
|  |  |  |  | Options Outstanding |  |  | Options Exercisable |
Exercise Prices |  |  | Number of Options Outstanding |  |  | Weighted Average Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (years) |  |  | Number of Options Exercisable |  |  | Weighted Average Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (years) |
$1.05 | - | $1.09 |  |  |  | 3,512,500 |  |  |  | 1.09 |  |  |  | 3.93 |  |  |  | 2,618,750 |  |  |  | 1.09 |  |  |  | 3.93 |
$1.10 | - | $1.59 |  |  |  | 3,113,234 |  |  |  | 1.22 |  |  |  | 4.63 |  |  |  | 1,121,617 |  |  |  | 1.26 |  |  |  | 4.12 |
$1.60 | - | $1.82 |  |  |  | 4,083,000 |  |  |  | 1.60 |  |  |  | 2.98 |  |  |  | 4,083,000 |  |  |  | 1.60 |  |  |  | 2.98 |
$1.83 | - | $2.00 |  |  |  | 2,657,695 |  |  |  | 1.83 |  |  |  | 1.95 |  |  |  | 2,657,695 |  |  |  | 1.83 |  |  |  | 1.95 |
$2.01 | - | $3.38 |  |  |  | 2,115,000 |  |  |  | 2.77 |  |  |  | 1.01 |  |  |  | 2,115,000 |  |  |  | 2.77 |  |  |  | 1.01 |
|  |  |  |  |  | 15,481,429 |  |  |  | 1.61 |  |  |  | 3.08 |  |  |  | 12,596,062 |  |  |  | 1.71 |  |  |  | 2.73 |
The fair value of the Options recognized as share-based compensation expense during the year ended November 30, 2024, was $1,506 (2023: $2,403), using the Black-Scholes option pricing model. 10.4 Restricted Share Rights The Company's restricted share plan (the "RSP") was approved by the Board of Directors of the Company (the "Board") on November 27, 2018. Pursuant to the terms of the RSP, the Board may designate directors, senior officers, employees and consultants of the Company, eligible to receive RSRs to acquire such number of GoldMining Shares as the Board may determine, in accordance with the restricted periods schedule during the recipient's continual service with the Company. There are no cash settlement alternatives. The RSP was approved by the Company's shareholders in accordance with its term at the Company's annual general meeting held on May 25, 2019. The RSRs vest in accordance with the vesting schedule during the recipient's continual service with the Company. The Company classifies RSRs as equity instruments since the Company has the ability and intent to settle the awards in common shares. The compensation expense for standard RSRs is calculated based on the fair value of each RSR as determined by the closing value of the Company's common shares at the date of the grant. The Company recognizes compensation expense over the vesting period of the RSR. The Company expects to settle RSRs, upon vesting, through the issuance of common shares from treasury. The following outlines movements of the Company's RSRs:
|  | Number of RSRs |  |  | Weighted Average Value ($) |
Balance at November 30, 2022 |  |  | 229,426 |  |  |  | 1.61 |
Granted |  |  | 403,700 |  |  |  | 1.23 |
Vested |  |  | (266,596 | ) |  |  | 1.56 |
Balance as at November 30, 2023 |  |  | 366,530 |  |  |  | 1.23 |
Granted |  |  | 811,298 |  |  |  | 1.19 |
Vested(1) |  |  | (412,663 | ) |  |  | 1.23 |
Balance at November 30, 2024 |  |  | 765,165 |  |  |  | 1.19 |
| (1) | Common shares pertaining to 74,375 RSRs which vested during the year ended November 30, 2024 were issued on December 2, 2024.
The fair value of the RSRs recognized as share-based compensation expense during the year ended November 30, 2024 was $523 (2023: $381).

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