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Share Capital (Tables)
 9 Months Ended
Jan. 31, 2024
Disclosure of classes of share capital [abstract]  
Summary of Stock Option Awards

The following table summarizes stock option awards during the nine months ended January 31, 2024 and the year ended April 30, 2023, including the grant date fair value determined using the Black-Scholes option pricing model:

 

 

 

 

 

 

 

 

 

 

 

Black-Scholes Option Pricing Model Inputs

 

 

Grant date

 

Stock options granted

 

 

Exercisable price/option
$

 

 

Awarded to

 

Share price on grant date
$

 

Dividend yield

 

 

Expected volatility

 

 

Risk-free rate

 

 

Expected life

 

Fair value

May 15, 2022(1)

 

 

80,000

 

 

 

5.79

 

 

Employees

 

5.79

 

 

0

%

 

 

77

%

 

 

2.73

%

 

5.0 years

 

$0.3 million

February 19, 2023(2)

 

 

29,060

 

 

4.10(5)

 

 

Directors

 

4.10(5)

 

 

0

%

 

 

77

%

 

 

3.57

%

 

4.0 years

 

$0.1 million

February 19, 2023(1)

 

 

609,452

 

 

4.10(5)

 

 

Officers and employees

 

4.10(5)

 

 

0

%

 

 

77

%

 

 

3.57

%

 

5.0 years

 

$2.2 million

January 19, 2024(3)

 

 

160,000

 

 

1.48(5)

 

 

Directors

 

1.48(5)

 

 

0

%

 

 

77

%

 

 

3.64

%

 

5.0 years

 

$0.2 million

January 19, 2024(4)

 

 

80,000

 

 

1.48(5)

 

 

Directors

 

1.48(5)

 

 

0

%

 

 

77

%

 

 

3.64

%

 

5.0 years

 

$0.1 million

 

(1)
Vesting conditions are as follows: one-third 6 months after grant date; one-third 12 months after grant date; and one-third 18 months after grant date.
(2)
Vesting conditions are as follows: one-quarter 3 months after grant date; one-quarter 6 months after grant date; one-quarter 9 months after grant date; and one-quarter 12 months after grant date.
(3)
Vesting conditions are as follows: one-thirty-sixth each month after grant date.
(4)
Vesting conditions are as follows: all vest 10 months after grant date.
(5)
Priced in US dollars
Summary of Changes in Stock Option

The changes in the stock options for the nine months ended January 31, 2024 and the year ended April 30, 2023 are as follows:

 

 

 

Number of
options
#

 

 

Weighted
average
exercise price
$

 

 

Weighted
average life
remaining
(years)

 

Balance, April 30, 2022 (outstanding)

 

 

1,624,150

 

 

 

7.93

 

 

 

3.11

 

Granted

 

 

718,512

 

 

 

7.98

 

 

 

—

 

Exercised

 

 

(318,725

)

 

 

3.26

 

 

 

—

 

Expired

 

 

(115,174

)

 

 

10.75

 

 

 

—

 

Forfeited

 

 

(24,335

)

 

 

20.30

 

 

 

—

 

Balance, April 30, 2023 (outstanding)

 

 

1,884,428

 

 

 

8.29

 

 

 

2.88

 

Granted

 

 

240,000

 

 

 

1.98

 

 

 

—

 

Expired

 

 

(396,332

)

 

 

6.95

 

 

 

—

 

Forfeited

 

 

(105,566

)

 

 

4.15

 

 

 

—

 

Balance, January 31, 2024 (outstanding)

 

 

1,622,530

 

 

 

7.52

 

 

 

3.22

 

Unvested

 

 

(537,444

)

 

 

4.10

 

 

 

4.41

 

Exercisable, January 31, 2024

 

 

1,085,086

 

 

 

9.21

 

 

 

2.63

 
Summary of Options Outstanding

Details of the options outstanding as of January 31, 2024 are as follows:

 

Expiry Date

 

Exercise
price $

 

 

Remaining
life (year)

 

 

Options
outstanding

 

 

Unvested

 

 

Vested

 

September 1, 2025

 

 

8.50

 

 

 

1.59

 

 

 

250,000

 

 

 

—

 

 

 

250,000

 

January 6, 2026

 

 

20.30

 

 

 

1.93

 

 

 

168,000

 

 

 

—

 

 

 

168,000

 

May 9, 2026(1)

 

 

10.32

 

 

 

2.27

 

 

 

10,000

 

 

 

3,333

 

 

 

6,667

 

January 2, 2026

 

 

6.89

 

 

 

1.92

 

 

 

28,250

 

 

 

—

 

 

 

28,250

 

January 7, 2027

 

 

7.94

 

 

 

2.94

 

 

 

276,000

 

 

 

—

 

 

 

276,000

 

January 13, 2027

 

 

8.30

 

 

 

2.95

 

 

 

31,000

 

 

 

—

 

 

 

31,000

 

February 22, 2024

 

 

6.35

 

 

 

0.06

 

 

 

25,000

 

 

 

—

 

 

 

25,000

 

May 15, 2027

 

 

5.79

 

 

 

3.29

 

 

 

80,000

 

 

 

—

 

 

 

80,000

 

February 19, 2027(2)

 

 

5.48

 

 

 

3.05

 

 

 

18,161

 

 

 

—

 

 

 

18,161

 

February 19, 2028(2)

 

 

5.48

 

 

 

4.05

 

 

 

496,119

 

 

 

316,968

 

 

 

179,151

 

January 19, 2029(3)

 

 

1.98

 

 

 

4.97

 

 

 

240,000

 

 

 

217,143

 

 

 

22,857

 

 

 

 

7.52

 

 

 

3.22

 

 

 

1,622,530

 

 

 

537,444

 

 

 

1,085,086

 
(1)
Exercise price of US $7.72. The figure in the table above is translated at the January 31, 2024 rate.
(2)
Exercise price of US $4.10. The figure in the table above is translated at the January 31, 2024 rate.
(3)
Exercise price of US $1.48. The figure in the table above is translated at the January 31, 2024 rate.
Summary of Changes in Finder's Warrants

Details of the finder’s warrants outstanding as of January 31, 2024 are as follows:

 

Expiry Date

 

Exercise price
$

 

 

Remaining life
(year)

 

 

Warrants
outstanding

 

February 3, 2026(1)

 

 

22.53

 

 

 

2.01

 

 

 

130,111

 

December 8, 2028(2)

 

 

1.34

 

 

 

4.86

 

 

 

56,650

 
(1)
Exercise price of US $16.81. The figure in the table above is translated at the January 31, 2024 rate.
(2)
Exercise price of US $1.00. The figure in the table above is translated at the January 31, 2024 rate.