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Share capital

9 Months Ended

Jun. 30, 2025

Share capital

6.	Share capital

Authorized share capital

The Company is authorized to issue an unlimited number of common shares, an unlimited number of first preferred shares without par value, and an unlimited number of second preferred shares without par value.

Issued share capital

As of the date hereof, the only class of shares outstanding are common shares. Common shares are classified as equity, and costs related to the issuance of shares are recognized as a reduction of equity.

Repurchase of share capital

On May 6, 2024, the Company implemented a share repurchase program pursuant to which the Company was authorized to purchase for cancellation up to 3,626,845 common shares from time to time in accordance with applicable securities laws, ‎representing approximately 10% of the Company’s public float (as defined by the TSX) as of such date. The repurchase program did not obligate the Company to acquire a specified number of shares and automatically terminated on April 30, 2025. During the three and nine months ended June 30, 2025, the Company repurchased 62,800 shares under the repurchase program for approximately $129,000.

Share-based long-term incentives

In February 2024, the Board approved the 2024 Equity Incentive Plan (the “2024 EIP”) which became effective on March 27, 2024 upon shareholder approval, pursuant to which the Company is able to issue share-based long-term incentives. Awards include common share purchase options, stock appreciation rights, restricted share awards, restricted share bonuses, restricted share units, performance shares, performance units, cash-based awards and other share-based awards, under the 2024 EIP. All directors, officers, employees and service providers of the Company and/or its affiliates are eligible to receive awards under the 2024 EIP, subject to the terms of the 2024 EIP. Options granted under the plan are non-assignable and may be granted for a term not exceeding ten years. Stock options have varying vesting periods. Each restricted share unit represents the right to ‎receive one common share, vests quarterly over two years from the grant date and is settled in the calendar year after vesting. In March 2025, the Company granted 425,000 options and 2,478,753 restricted share units.

A summary of stock options is provided below:


				Weighted average
				exercise price per share
		Number of options		in Canadian dollars (C$)
Balance September 30, 2023		3,957		C$	4.49
Exercised		(519)			1.50
Expired		(15)			7.76
Forfeited		(3)			8.48
Balance June 30, 2024		3,420		C$	4.92

Balance September 30, 2024		3,402		C$	4.91
Granted		425			3.40
Expired		(49)			6.98
Balance June 30, 2025		3,778		C$	4.70

On June 30, 2025, the Company had approximately 3,280,000 vested stock options with a weighted average exercise price of C$4.74.

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


		Nine months
		ended June 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

A summary of restricted share units is provided below:


				Weighted average
				grant-date price
		Number		per share in
		of units		Canadian dollars (C$)
Balance September 30, 2023		1,034		C$	8.34
Settled		(515)			8.38
Balance June 30, 2024		519		C$	8.30

Balance September 30, 2024		519		C$	8.30
Granted		2,479			3.40
Settled		(415)			8.30
Balance June 30, 2025		2,583		C$	3.60

Stock-based compensation

For the three and nine months ended June 30, 2025 and 2024, the Company recorded stock-based compensation expense as follows:


		Three Months			Three Months			Nine months			Nine months
		Ended June 30,			Ended June 30,			Ended June 30,			Ended June 30,
		2025			2024			2025			2024
Restricted share units		$	1,809		$	322		$	2,141		$	1,423
Stock options			311			161			484			731
Stock-based compensation expense		$	2,120		$	483		$	2,625		$	2,154

Unrecognized compensation expense related to nonvested shares of stock options and restricted share units was $4,490,000 as of June 30, 2025 and will be recognized over a weighted average vesting period of 0.6 years.