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Shareholders' Equity

12 Months Ended

Sep. 30, 2025

Shareholders' Equity

Shareholders' Equity

10.Shareholders’ Equity

Authorized share capital

The Company’s authorized share capital consists of an unlimited number of common shares and an unlimited number of preferred shares issuable in series. The preferred shares issuable in series will have the rights, privileges, restrictions, and conditions assigned to the series upon the Board of Directors approving their issuance.

Issued share capital

The Company has only one class of common shares outstanding. Common shares are classified as equity, and costs related to the issuance of shares are recognized as a reduction of equity.

Employee, director, and consultant options

The Company has a stock option plan, which it uses for grants to directors, officers, employees, and consultants. Options granted under the plan are non-assignable and may be granted for a term not exceeding ten years. Stock options having varying vesting periods, and the options granted during the year ended September 30, 2025 vest quarterly over eight or twelve quarters.

A summary of stock options is provided below:


				Weighted
		Number of options (000’s)		average exercise price
Balance, September 30, 2023		3,957		C$	4.49
Exercised		(520)			1.50
Expired		(31)			7.35
Forfeited		(4)			8.48
Balance, September 30, 2024		3,402		C$	4.91
Issued		425			3.40
Expired		(49)			6.98
Balance, September 30, 2025		3,778		C$	4.70

At September 30, 2025, the Company had 3,351,583 vested stock options with a weighted average exercise price of C$4.76.

The fair value of the stock options granted during the year ended September 30, 2025 was C$3.40. The Company used the Black-Scholes option pricing model calculated using the following assumptions:


		Year Ended
		September 30,
		2025
Share price at grant date			C$3.40
Risk-free interest rate			4.25%
Expected volatility			242.4%
Expected life of option			10 years
Expected dividend yield			Nil

Restricted stock units

The Company also grants restricted stock units to directors, officers, employees, and consultants. Each unit represents the right to ‎receive one common share, and vests over a period of one to two years from the grant date and are generally settled in the calendar year after vesting. The number of shares issued was less than the number of units settled due to the officers’ election to receive a reduced number of shares to satisfy their tax withholding obligations. These tax withholdings resulted in cash outflows of $0 and $213,000 for the years ended September 30, 2025 and 2024, respectively.

The fair values of the restricted stock units on the date of grant are discounted to reflect the difference between the vesting dates and the expected issuance dates, to be expensed over the respective vesting periods with an increase to contributed surplus.

A summary of restricted stock units is provided below:


		Number		Weighted average
		of units (000’s)		grant-date price
Balance, September 30, 2023		1,034		C$	8.34
Settled		(515)			8.38
Balance, September 30, 2024		519		C$	8.30
Granted		2,479			3.40
Settled		(415)			8.30
Balance, September 30, 2025		2,583		C$	3.60

Unrecognized compensation expense related to nonvested shares of stock options and restricted stock was $3,026,000 at September 30, 2025 and will be recognized over the remaining weighted average vesting period of 0.6 years. For the years ended September 30, 2025 and 2024, the Company recorded stock-based compensation expense as follows:


		Year Ended			Year Ended
		September 30,			September 30,
		2025			2024
Restricted stock units		$	3,336		$	1,639
Stock options			699			845
Stock-based compensation expense		$	4,035		$	2,484