Product Sales Revenue

6 Months Ended

Apr. 30, 2022

14.	Product sales revenue


	Three months ended		Three months ended			Six months ended		Six months ended
	April 30,		April 30,			April 30,		April 30,
	2022		2021			2022		2021
	$		$			$		$
Product revenue recognized in the period		4,319,640		283,637			6,203,617		920,999
Fair value pricing adjustments		3,971,482		(107,535	)		5,709,952		167,969

Total product sales		8,291,122		176,102			11,913,569		1,088,968

The Company estimates the amount of consideration to which it expects to be entitled under provisional pricing arrangements. Product sales and the related trade accounts receivables are measured at fair value at initial recognition and are

re-estimated

at each reporting period end using the market prices of the constituent metals at the respective measurement dates. Changes in fair value are recognized as an adjustment to revenue and the related accounts receivable. The constituent metals that consideration is most sensitive to are Cobalt and Nickel. See note 16 for the impact of movements in the Cobalt and Nickel prices.