Convertible Debt (Tables)

12 Months Ended

Oct. 31, 2022


As at October 31,	2022		2021
KSP Note (a)	$	92.4	$	100.9
Glencore Note (b)	196.1		—
Total convertible debt at end of period	$	288.5	$	100.9

(a) KSP Note


As at October 31,	2022		2021
Principal of convertible note at beginning of period	$	100.0	$	—
Issuance of convertible notes	5.9		100.0
Principal of convertible notes at end of period	105.9		100.0

Conversion feature at beginning of period	29.0		—
Conversion feature issued	—		27.7
Fair value (gain) loss on embedded derivative	(19.9)		1.3

Conversion feature at end of period	9.1		29.0

Debt component at beginning of period	71.9		—
Debt component issued	5.9		72.3
Transaction costs	—		(1.6)

Accrued interest paid in kind	(5.9)		—

Accrued interest expense	11.4		1.2
Debt component at end of period	83.3		71.9
Total convertible debt at end of period	$	92.4	$	100.9

The Initial KSP Note and the PIK notes issued thereunder are referred to collectively as the "KSP Convertible Notes”, and as at October 31, 2022, comprised the following:


Note	Date Issued	Amount Issued
KSP Note	September 29, 2021	$	100.0
PIK Note	December 31, 2021	1.8
PIK Note	June 30, 2022	4.1
Total		$	105.9

(b) Glencore Note


As at October 31,	2022		2021
Principal of convertible note at beginning of period	$	—	$	—
Issuance of convertible note	200.0		—
Principal of convertible note at end of period	200.0		—

Conversion feature at beginning of period	—		—
Conversion feature issued	46.2		—
Fair value (gain) loss on embedded derivative	(11.4)		—
Conversion into common shares	—		—
Conversion feature at end of period	34.8		—

Debt component at beginning of period	—		—
Debt component issued	153.8		—
Transaction costs	(1.3)		—

Accrued interest expense	8.8		—
Debt component at end of period	161.3		—
Total convertible debt at end of period	$	196.1	$	—

Summary of assumptions used in stock option pricing

The assumptions used in the model were as follows:


	(Issuance date) September 29, 2021	October 31, 2021	October 31, 2022
Risk free interest rate	1.1%	1.2%	4.4%
Expected life of options	5 years	4.9 years	3.9 years
Expected dividend yield	0.0%	0.0%	0.0%
Expected stock price volatility	66%	62%	63%
Share Price	$12.56	$12.94	$5.96