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Share capital warrants and subscription receipts (Tables) | 12 Months Ended
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Nov. 30, 2023
Share Capital [Line Items] |
Summary of measurement of fair value of warrant liabilities |
|  | Measurement date as at November 30, 2023 |  |  | Issuance date measurement |
Risk-free interest rate |  |  | 4.326% |  |  |  | 3.92% |
Expected volatility |  |  | 88.568% |  |  |  | 61.985% |
Average option life in years |  |  | 6.25 years |  |  |  | 7 years |
Share price |  | $ | 1.63 |  |  | $ | 3.80 |
Exercise price |  | $ | 2.30 |  |  | $ | 5.80 |
Summary of changes in the number of options outstanding | Changes in the number of Options outstanding during the past two years were as follows:
|  |  |  |  |  |  |  | Weighted average exercise price per option |  |
|  | Number of Options |  |  |  |  |  | CA$ |  |  |  |  |  | US$ |  |
O ptions outstanding in CA $ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options outstanding as at November 30, 2021 |  |  | 797,583 |  |  |  |  |  |  | $ | 15.32 |  |  |  |  |  |  | $ | 12.00 |  |
Granted – CA$ |  |  | 547,847 |  |  |  |  |  |  |  | 16.68 |  |  |  |  |  |  |  | 13.00 |  |
Forfeited and expired – CA$ |  |  | (144,213) |  |  |  |  |  |  |  | 17.80 |  |  |  |  |  |  |  | 13.52 |  |
Exercised (share price: CA$11.12 (US$8.24)) |  |  | (21,165) |  |  |  |  |  |  |  | 1.24 |  |  |  |  |  |  |  | 0.92 |  |
Options outstanding as at November 30, 2022 |  |  | 1,180,052 |  |  |  |  |  |  | $ | 15,92 |  |  |  |  |  |  | $ | 11,84 |  |
Granted – CA$ |  |  | 792,193 |  |  |  |  |  |  |  | 5.16 |  |  |  |  |  |  |  | 3.80 |  |
Forfeited and expired – CA$ |  |  | (197,686) |  |  |  |  |  |  |  | 12.34 |  |  |  |  |  |  |  | 9.10 |  |
Options outstanding as at November 30, 2023 – CA$ |  |  | 1,774,559 |  |  |  |  |  |  | $ | 11.51 |  |  |  |  |  |  | $ | 8.48 |  |
Options exercisable as at November 30, 2023 – CA$ |  |  | 926,539 |  |  |  |  |  |  | $ | 15.19 |  |  |  |  |  |  | $ | 11.19 |  |
Options exercisable as at November 30, 2022 – CA$ |  |  | 554,354 |  |  |  |  |  |  | $ | 16.32 |  |  |  |  |  |  | $ | 12.12 |  |
Options outstanding in US$ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options as at November 30, 2021 – US$ |  |  | 20,183 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | 12.36 |  |
Granted – US$ |  |  | 96,668 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | 12.08 |  |
Forfeited – US$ |  |  | (10,208) |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | 12.52 |  |
Options outstanding as at November 30, 2022 – US$ |  |  | 106,643 |  |  |  |  |  |  | $ | - |  |  |  |  |  |  | $ | 10.00 |  |
Granted – US$ |  |  | 203,935 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | 3.80 |  |
Forfeited – US$ |  |  | (31,209) |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | 5.01 |  |
Options outstanding as at November 30, 2023 – US$ |  |  | 279,369 |  |  |  |  |  |  | $ | - |  |  |  |  |  |  | $ | 6.02 |  |
Options exercisable as at November 30, 2023 – US$ |  |  | 65,692 |  |  |  |  |  |  | $ | - |  |  |  |  |  |  | $ | 9.48 |  |
Options exercisable as at November 30, 2022 – US$ |  |  | 7,769 |  |  |  |  |  |  | $ | - |  |  |  |  |  |  | $ | 11.96 |  |
Summary of the model used to determine fiar value of stock appreciation rights | the fair value of SARs granted is estimated at each reporting period using the Black-Scholes model and the following weighted average assumptions. The liability is recorded in other liabilities on the statement of financial position.
Granted in 2019 and 2021 |  | Measurement date as at November 30, 2023 |  |  | Measurement date as at November 30, 2022 |
Risk-free interest rate |  |  | 3.55% |  |  |  | 3.50% |
Expected volatility |  |  | 89.51% |  |  |  | 58.4% |
Average option life in years |  |  | 6.8 years |  |  |  | 7.8 years |
Share price |  |  | $ 1.58 (CA$2.15) |  |  |  | $ 8.72 (CA$11.72) |
Option exercise price |  |  | $ 16.99 (CA$23.07) |  |  |  | $ 17.16 (CA$23.07) |
Summary of the following table provides stock option information | The following table provides Option information as at November 30, 2023 (Options outstanding in CA$).
Price range |  |  |  |  |  |  | Number of options outstanding |  |  | Weighted average remaining life |  |  |  |  |  |  |  | Weighted average exercise price |
CA$ |  | US$ |  |  |  |  |  |  |  | (years) |  |  |  |  | CA$ |  |  | US$ |
1.00 – 4.76 |  |  | 0.74 – 3.50 |  |  |  |  |  | 57,500 |  |  |  | 0.03 |  |  |  |  |  | 1.52 |  |  |  | 1.12 |
4.77 – 8.00 |  |  | 3.51 – 5.89 |  |  |  |  |  | 707,695 |  |  |  | 9.25 |  |  |  |  |  | 5.16 |  |  |  | 3.80 |
8.01 – 15.00 |  |  | 5.90 – 11.04 |  |  |  |  |  | 308,196 |  |  |  | 5.43 |  |  |  |  |  | 11.10 |  |  |  | 8.17 |
15.01 – 24.00 |  |  | 11.05 – 17.67 |  |  |  |  |  | 621,167 |  |  |  | 7.55 |  |  |  |  |  | 16.85 |  |  |  | 12.40 |
24.01 – 36.00 |  |  | 17.68 – 26.51 |  |  |  |  |  | 51,575 |  |  |  | 4.86 |  |  |  |  |  | 33.27 |  |  |  | 24.50 |
36.01 – 40.00 |  |  | 26.51 – 29.45 |  |  |  |  |  | 28,426 |  |  |  | 4.35 |  |  |  |  |  | 38.24 |  |  |  | 28.16 |
|  |  |  |  |  |  |  |  | 1,774,559 |  |  |  | 7.49 |  |  |  |  |  | 11.51 |  |  |  | 8.48 |
The following table provides Option information as at November 30, 2023 (Options outstanding in US$). |
Price range |  |  |  |  |  |  | Number of Options outstanding |  |  | Weighted average remaining life |  |  |  |  |  |  |  | Weighted average exercise price |
|  | US$ |  |  |  |  |  |  |  | (years) |  |  |  |  |  |  |  | US$ |
|  |  | 1.00 – 4.76 |  |  |  |  |  | 179,185 |  |  |  | 9.25 |  |  |  |  |  |  |  |  |  | 3.80 |
|  |  | 4.77 – 15.00 |  |  |  |  |  | 100,184 |  |  |  | 8.03 |  |  |  |  |  |  |  |  |  | 10.00 |
|  |  |  |  |  |  |  |  | 279,369 |  |  |  | 8.81 |  |  |  |  |  |  |  |  |  | 6.02 |
Summary of Accumulated other comprehensive income (loss) (Detail) | Accumulated other comprehensive income (loss)
|  | 2023 |  |  | 2022 |  |  | 2021 |
Unrealized losses on FVOCI financial assets, net of tax |  | $ | (256) |  |  | $ | (555) |  |  | $ | (195) |
Cumulative exchange difference on translation of foreign operations |  |  | 940 |  |  |  | 940 |  |  |  | 151 |
|  | $ | 684 |  |  | $ | 385 |  |  | $ | (44) |
Summary of the measurement date weighted average fair value of stock options granted | The following table summarizes the measurement date weighted average fair value of Options granted during the years ended November 30, 2023 and 2022.
Options granted in CA$ |  | Number of Options granted |  |  |  |  |  | Weighted average grant date fair value |
2023 |  |  | 792,193 |  |  |  |  |  |  | $ | 2.77 (CA$3.76 | )
2022 |  |  | 547,847 |  |  |  |  |  |  | $ | 8.64 (CA$11.64 | )
Options granted in US$ |  |  | Number of Options granted |  |  |  |  |  |  |  | Weighted average grant date fair value |
2023 |  |  | 203,935 |  |  |  |  |  |  | $ | 2.72 |
2022 |  |  | 96,668 |  |  |  |  |  |  | $ | 8.36 |
Summary of earnings per share calculation | The calculation of basic loss per common share was based on the net loss attributable to common shareholders of the Company of $23,957 (2022 – 47,237, 2021 – $31,725) and a weighted average number of common shares outstanding calculated as follows.
|  | 2023 |  |  | 2022 |  |  | 2021 |
Issued common shares as at December 1 |  |  | 24,201,582 |  |  |  | 23,780,417 |  |  |  | 19,253,360 |
Effect of share options exercised |  |  | - |  |  |  | 3,338 |  |  |  | 93,562 |
Effect of public issue common shares |  |  | 1,843,517 |  |  |  | - |  |  |  | 3,704,071 |
Impact on conversion of convertible unsecured senior notes |  |  | 107 |  |  |  | - |  |  |  | - |
Effect of share issue - ATM program |  |  | - |  |  |  | 29,589 |  |  |  | - |
Effect of subscription receipts issue |  |  | 287,223 |  |  |  | - |  |  |  | - |
Effect of broker warrants exercised |  |  | - |  |  |  | - |  |  |  | 36,564 |
Weighted average number of common shares, basic and diluted |  |  | 26,332,429 |  |  |  | 23,813,344 |  |  |  | 23,087,557 |
Summary of the share-based compensation expense for the stock option plan | The fair value of Options granted in 202 3 and 202 2 was estimated on the grant date using the Black-Scholes model and the following weighted average assumptions.
Options granted in CA$ |  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 3.33% |  |  |  | 1.62% |
Expected volatility |  |  | 64.3% |  |  |  | 65.5% |
Average option life in years |  |  | 9.5 years |  |  |  | 9 years |
Grant-date share price |  |  | $  3.80 (CA$5.16) |  |  |  | 13.00 (CA$16.68) |
Option exercise price |  |  | $ 3.80 (CA$5.16) |  |  |  | 13.00 (CA$16.68) |
Options granted in US$ |  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 3.92% |  |  |  | 1.95% |
Expected volatility |  |  | 62% |  |  |  | 64% |
Average option life in years |  |  | 9.5 years |  |  |  | 9 years |
Grant-date share price |  | $ | 3.80 |  |  |  | 12.08 |
Option exercise price |  | $ | 3.80 |  |  |  | 12.08 |

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