CONVERTIBLE DEBENTURES (Tables)
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3 Months Ended |
Dec. 31, 2025 |
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| CONVERTIBLE DEBENTURES |
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| Schedule of allocation of liability and equity component of First and Second Private Placement |
| | | | | | | | | | | | First | | Second | | | | | | Private | | Private | | | | | | Placement | | Placement | | Total | Closing date | | | January 16, 2025 | | | January 21, 2025 | | | | Principal | | $ | 27,500,000 | | $ | 2,500,000 | | $ | 30,000,000 | Interest rate | | | 2.5 | % | | 2.5 | % | | — | Interest payments | | | Semi-annual | | | Semi-annual | | | — | Market rate, unsecured debt(1) | | | 11.48 | % | | 11.30 | % | | — | Conversion price of debenture | | $ | 20.00 | | $ | 37.28 | | | — | Warrants | | | 11,000,000 | | | 535,000 | | | 11,535,000 | Warrant price | | $ | 20.00 | | $ | 37.28 | | | — | Underlying price, commn shares | | $ | 37.28 | | $ | 47.20 | | | — | Risk free rate(2) | | | 3.05 | % | | 3.05 | % | | — | Volatility | | | 134.16 | % | | 134.24 | % | | — | Allocation at closing | | | | | | | | | | Liability component | | | 18,134,195 | | | 1,648,150 | | | 19,782,345 | Deferred tax liability | | | 2,760,664 | | | 251,383 | | | 3,012,047 | Equity component, warrants(3),(4) | | | 6,605,141 | | | 600,467 | | | 7,205,608 | Equity component, conversion feature(4) | | | nil | | | nil | | | nil | | | $ | 27,500,000 | | $ | 2,500,000 | | $ | 30,000,000 |
| 1) | Source Federal Reserve Economic Data, ICE BofA CCC & Lower US High Yield Index Effective Yield. |
| 2) | Sources: Bank of Canada 5-year benchmark rate. |
| 3) | Valued using the Black-Scholes option pricing model. |
| 4) | Pursuant to IFRS Standard IAS 32, where an instrument contains a liability and equity component, the liability component should be determined first, and the residual amount is equity. The Company allocated the residual equity component to the warrants, and no additional amount was allocated to the conversion option. |
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| Schedule of ATW financing |
| | | | | | | | | | | Amount | | Average Exchange | | Amount | ATW Notes | | US$ | | Rate | | CAD$ | Initial Tranche, May 1, 2025 | | | 20,000,000 | | 1.36 | | | 27,200,000 | Conversions into common shares | | | (9,600,000) | | 1.38 | | | (13,247,404) | Revaluation | | | — | | — | | | 525,245 | Balance, September 30, 2025 | | $ | 10,400,000 | | 1.39 | | $ | 14,477,841 | Conversions | | | (900,000) | | 1.40 | | | (1,259,276) | Revaluation | | | — | | — | | | (197,633) | Balance, December 31, 2025 | | $ | 9,500,000 | | 1.37 | | $ | 13,020,932 |
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| Schedule of liability component of convertible debentures |
| | | | | | | | | | | | | | | First Private | | Second Private | | | | | Convertible debentures | | Placement | | Placement | | ATW | | Total | Balance, September 30, 2024 | | | — | | | — | | | — | | | — | Liability component | | | 18,034,396 | | | 1,747,949 | | | 27,200,000 | | | 46,982,345 | Accretion | | | 1,364,184 | | | 125,287 | | | — | | | 1,489,471 | Conversions | | | — | | | — | | | (13,247,404) | | | (13,247,404) | Revaluation | | | — | | | — | | | 525,245 | | | 525,245 | Balance, September 30, 2025 | | $ | 19,398,580 | | $ | 1,873,236 | | $ | 14,477,841 | | $ | 35,749,657 | Accretion | | | 560,724 | | | 50,450 | | | — | | | 611,174 | Conversions | | | — | | | — | | | (1,259,276) | | | (1,259,276) | Revaluation | | | — | | | — | | | (197,633) | | | (197,633) | Balance, December 31, 2025 | | $ | 19,959,304 | | $ | 1,923,686 | | $ | 13,020,932 | | $ | 34,903,922 |
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