What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2026-04-09 compared with 2025-04-02 · 39 added, 24 removed, 40 unchanged (61% of the section changed)

4 unchanged sentences

The Company had no unregistered sales of equity securities during fiscal 2026 that were not previously reported.

Share Repurchases

The Company did not repurchase any shares during fiscal 2025 and the Company does not currently have a share repurchase program or approvals from the Board to commence a share repurchase program.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Share repurchase activity during the three months ended February 28, 2026 was as follows:

Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs

December 1, 2025 - December 31, 2025 4,062,670 $ 3.94 4,062,670 15,230,865

January 1, 2026 - January 31, 2026 — N/A N/A 15,230,865

February,1 2026 - February, 28 2026 2,925,342 $ 3.42 2,925,342 12,305,523

On May 8, 2025, the Company announced the initiatio n of its normal course issuer bid (“ NCIB”) share buyback program, which was approved by the Toronto Stock Exchange.

The program allows for the repurchase of up to 27,855,153 of the Company’s common shares, representing approximately 4.7% of the outstanding public float as of the close of business on May 5, 2025.

The NCIB share buyback program commenced on May 12, 2025, and will terminate on the earliest of May 11, 2026, such date as the Company may determine, or the date on which the maximum number of common shares that may be purchased under the NCIB share buyback program has been reached.

Purchases under the NCIB share buyback program may be made through the Toronto Stock Exchange, other Canadian stock exchanges, the New York Stock Exchange, and/or alternative trading systems in Canada and the United States.

Subject to regulatory approval, purchases may also be made by the Company by way of private agreements or share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities.

Common shares purchased through the NCIB share buyback program are cancelled as they are purchased.

Stock Performance Graph

12 unchanged sentences

Certain Canadian Federal Income Tax Considerations for U.S.

The following is a summary of the principal Canadian federal income tax considerations generally applicable under the Income Tax Act (Canada) (together with the regulations thereto, the “Tax Act”) to a beneficial holder of the Company’s common shares who, for the purposes of the Tax Act and the Canada-United States Income Tax Convention (1980) (the “Treaty”), and at all relevant times, (i) is not and is not deemed to be a resident in Canada, (ii) is a resident of the United States for the purposes of the Treaty and is entitled to the full benefits thereunder, (iii) holds all common shares as capital property, (iv) deals at arm’s length with and is not affiliated with the Company, and (v) does not use or hold and is not deemed to use or hold the common shares in connection with a business carried on in Canada (each such holder, a “U.S.

The following is a summary of the principal Canadian federal income tax considerations generally applicable under the Income Tax Act (Canada) (together with the regulations thereto, the “Tax Act”) to a beneficial holder of the Company’s common shares who, for the purposes of the Tax Act and the Canada-United States Income Tax Convention (1980) (the “Treaty”), and at all relevant times, (i) is not and is not deemed to be a resident in Canada, (ii) is a resident of the United States for the purposes of the Treaty and is entitled to the full benefits thereunder, (iii) holds all common shares of the Company as capital property, (iv) deals at arm’s length with and is not affiliated with the Company, and (v) does not use or hold and is not deemed to use or hold the Company’s common shares in connection with a business carried on in Canada (each such holder, a “U.S.

Resident Holder”).

This summary is not generally applicable to a U.S.

Resident Holder that is:

(i) an insurer carrying on an insurance business in Canada and elsewhere, or (ii) an “authorized foreign bank,” each as defined in the Tax Act.

Resident Holders should consult their own tax advisors.

Generally, a U.S.

Resident Holder’s common shares will be considered to be capital property of a U.S.

Resident Holder’s common shares of the Company will be considered to be capital property of the U.S.

Resident Holder provided the U.S.

Resident Holder does not hold such shares in the course of carrying on a business of trading or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary is based upon the current provisions of the Tax Act, the current administrative policies and assessing practices of the Canada Revenue Agency published in writing prior to the date hereof, and the Treaty.

This summary is not applicable to a U.S.

Resident Holder that is:

(i) an insurer carrying on an insurance business in Canada and elsewhere, or (ii) an “authorized foreign bank,” (as defined in the Tax Act).

Resident Holders should consult their own tax advisors.

This summary is based upon the provisions of the Tax Act and the Treaty in force on the date hereof, and the current administrative policies and assessing practices of the Canada Revenue Agency published in writing prior to the date hereof.

This summary takes into account all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the “Tax Proposals”) and assumes that all Tax Proposals will be enacted in the form proposed.

1 unchanged sentence

This summary does not otherwise take into account or anticipate any changes in law or administrative policy or assessing practice whether by legislative, administrative or judicial action or decision, nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ from those discussed herein.

This summary is of a general nature only and is not intended to be, and should not be construed to be, legal, business or tax advice to any particular holder or prospective holder of the Company’s common shares, and no opinion or representation with respect to the tax consequences to any holder or prospective holder of the common shares is made.

Accordingly, holders and prospective holders of the Company’s common shares should consult their own tax advisors with respect to the income tax consequences of purchasing, owning and disposing of the common shares in their particular circumstances.

This summary is of a general nature only and is not intended to be, and should not be construed to be, legal, business or tax advice to any particular U.S.

Resident Holder or prospective U.S.

Resident Holder, and no opinion or representation with respect to the tax consequences to any U.S.

Resident Holder or prospective U.S.

Resident Holder is made.

Accordingly, U.S.

Resident Holders and prospective U.S.

Resident Holders should consult their own tax advisors with respect to the income tax consequences of purchasing, owning and disposing of the Company’s common shares in their particular circumstances.

Dividends paid or credited, or deemed to be paid or credited, on the Company’s common shares to a U.S.

Resident Holder will be subject to Canadian withholding tax at the rate of 25% of the gross amount of the dividends, subject to reduction under the provisions of the Treaty.

Resident Holder will be subject to Canadian withholding tax under Part XIII of the Tax Act at the rate of 25% of the gross amount of the dividends, subject to a possible reduction under the provisions of the Treaty.

Under the Treaty, the rate of Canadian withholding tax applicable to a U.S.

Resident Holder that is the beneficial owner of dividends is generally reduced to 15% of the gross amount of the dividends, and, if such U.S.

Resident Holder is a company that owns at least 10% of the Company’s voting shares at the time of the dividends, the rate of Canadian withholding tax is reduced to 5% of the gross amount of the dividends.

Resident Holder is a company that beneficially owns at least 10% of the Company’s voting shares at the time the dividends are paid or credited, or deemed to be paid or credited to such U.S.

Resident Holder, the rate of Canadian withholding tax is reduced to 5% of the gross amount of the dividends.

Resident Holders who may be eligible for a reduced rate of withholding tax on dividends pursuant to the Treaty should consult with their own tax advisors with respect to taking all appropriate steps in this regard.

Disposition of Common Shares

Resident Holder who disposes or is deemed to dispose of a common share will not be subject to tax under the Tax Act on any capital gain realized on such disposition, unless the common share constitutes “taxable Canadian property,” within the meaning of the Tax Act, of the U.S.

Resident Holder at the time of the disposition and the U.S.

Disposition of the Company’s Common Shares

Resident Holder who disposes or is deemed to dispose of a common share of the Company will not be subject to tax under the Tax Act on any capital gain realized on such disposition, unless the common share of the Company constitutes “taxable Canadian property,” within the meaning of the Tax Act, of the U.S.

Resident Holder at the time of the disposition or deemed disposition and the U.S.

Resident Holder is not entitled to relief under the Treaty.

Generally, a common share of a particular U.S.

Resident Holder will not be “taxable Canadian property” of such U.S.

Resident Holder at any time at which such common share is listed on a “designated stock exchange,” within the meaning of the Tax Act (which includes the TSX and NYSE) unless, at any particular time during the 60-month period that ends at that time, both of the

following conditions are met concurrently:

Generally, a common share of the Company will not be “taxable Canadian property” of a U.S.

(a) 25% or more of the issued shares of any class of the capital stock of the Company were owned by or belonged to one or any combination of (i) the U.S.

2 unchanged sentences

Resident Holder or a person described in (ii) holds a membership interest directly or indirectly through one or more partnerships;

and (b) more than 50% of the fair market value of the common share was derived, directly or indirectly, from one or any combination of:

and (b) more than 50% of the fair market value of the Company’s common share was derived, directly or indirectly, from one or any combination of:

(i) real or immovable property situated in Canada, (ii) “Canadian resource properties” (as defined in the Tax Act), (iii) “timber resource properties” (as defined in the Tax Act), and (iv) options in respect of, or interests in, or for civil law rights in, property described in any of (b)(i) to (iii), whether or not the property exists.

A common share may also be deemed to be “taxable Canadian property” in certain circumstances as set out in the Tax Act.

A common share of the Company may also be deemed to be “taxable Canadian property” in certain circumstances as set out in the Tax Act.

In the case of a U.S.

1 unchanged sentence

Resident Holder will generally not be subject to tax under the Tax Act on a capital gain realized on the disposition of such share unless the value of such share is derived principally from real property situated in Canada (within the meaning of the Treaty).

In the event that a common share is “taxable Canadian property,” within the meaning of the Tax Act, to a U.S.

In the event that a common share of the Company is “taxable Canadian property,” within the meaning of the Tax Act, of a U.S.

Resident Holder at the time of disposition, such U.S.

Resident Holder should consult its own tax advisor as to the Canadian federal income tax consequences of the disposition.

Resident Holder should consult its own tax advisor as to the Canadian federal income tax consequences of the disposition, including potential compliance requirements and withholding under section 116 of the Tax Act.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity