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Share capital warrants and subscription receipts (Tables)

12 Months Ended

Nov. 30, 2023

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

and 202

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