10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2019

or

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-33706

URANIUM ENERGY CORP.

(Exact name of registrant as specified in its charter)

Nevada	98-0399476
State or other jurisdiction of incorporation of organization)	(I.R.S. Employer Identification No.)
1030 West Georgia Street, Suite 1830, Vancouver, B.C., Canada	V6E 2Y3
(Address of principal executive offices)	(Zip Code)

(604) 682-9775

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	UEC	NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☐  Large accelerated filer	☒  Accelerated filer
☐  Non-accelerated filer	☐  Smaller reporting company
	☐  Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐   No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 180,684,526 shares of common stock outstanding as of June 6, 2019.

 URANIUM ENERGY CORP.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35
PART II – OTHER INFORMATION		36
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 3.	Defaults Upon Senior Securities	47
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	48
SIGNATURES		49

2

PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements

3

  URANIUM ENERGY CORP.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED APRIL 30, 2019

(Unaudited)

4

URANIUM ENERGY COPR.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	Note(s)		April 30, 2019			July 31, 2018
CURRENT ASSETS
Cash and cash equivalents		6	$	6,093,098		$	6,926,523
Short-term investments				14,858,126			-
Inventories				211,662			211,662
Prepaid expenses and deposits		3		1,609,769			1,023,183
Other current assets				197,042			179,360
				22,969,697			8,340,728
MINERAL RIGHTS AND PROPERTIES		4		63,753,971			71,122,576
PROPERTY, PLANT AND EQUIPMENT		5		7,121,828			7,101,552
RESTRICTED CASH		6		1,812,843			1,789,899
EQUITY-ACCOUNTED INVESTMENT		7		9,058,803			693,502
OTHER LONG-TERM ASSETS				338,770			563,052
			$	105,055,912		$	89,611,309
CURRENT LIABILITIES
Accounts payable and accrued liabilities			$	1,445,201		$	2,314,763
Due to a related party		8		48,545			807
Current portion of long-term debt		9		-			10,000,000
				1,493,746			12,315,570
LONG-TERM DEBT		9		19,185,645			9,534,974
ASSET RETIREMENT OBLIGATIONS		10		4,192,304			4,020,282
DEFERRED TAX LIABILITIES				551,652			564,923
				25,423,347			26,435,749
STOCKHOLDERS' EQUITY
Capital stock
Common stock $0.001 par value: 750,000,000 shares authorized, 180,562,286 shares issued and outstanding (July 31, 2018 - 161,175,764)		11		180,562			161,176
Additional paid-in capital				335,440,377			308,062,379
Accumulated deficit				(255,866,652	)		(245,151,636	)
Accumulated other comprehensive income		1		(121,722	)		103,641
				79,632,565			63,175,560
			$	105,055,912		$	89,611,309
COMMITMENTS AND CONTINGENCIES		16

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

URANIUM ENERGY CORP.

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(Unaudited)

			Three Months Ended April 30,						Nine Months Ended April 30,
	Note(s)		2019			2018			2019			2018
COSTS AND EXPENSES
Mineral property expenditures		4	$	1,453,358		$	981,493		$	3,218,818		$	3,638,408
General and administrative		8,12		1,952,616			2,407,571			6,395,014			7,526,698
Depreciation, amortization and accretion		4,5,10		86,387			88,294			259,970			268,066
				3,492,361			3,477,358			9,873,802			11,433,172
LOSS FROM OPERATIONS				(3,492,361	)		(3,477,358	)		(9,873,802	)		(11,433,172	)
OTHER INCOME (EXPENSES)
Interest income				136,173			38,467			311,155			188,335
Interest expenses and finance costs		9		(815,258	)		(710,000	)		(2,383,916	)		(2,206,585	)
(Loss) income from equity-accounted investment		7		(872,851	)		(10,134	)		(590,819	)		91,099
Other income				17,837			1,649			114,092			37,483
Gain (loss) on disposition of assets		4		7,598			(1,222	)		1,591,362			(1,696	)
				(1,526,501	)		(681,240	)		(958,126	)		(1,891,364	)
LOSS BEFORE INCOME TAXES				(5,018,862	)		(4,158,598	)		(10,831,928	)		(13,324,536	)
DEFERRED TAX BENEFITS				1,305			11,952			13,271			268,237
NET LOSS FOR THE PERIOD				(5,017,557	)		(4,146,646	)		(10,818,657	)		(13,056,299	)
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF INCOME TAXES				(159,954	)		252			(121,722	)		388
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD			$	(5,177,511	)	$	(4,146,394	)	$	(10,940,379	)	$	(13,055,911	)
NET LOSS PER SHARE, BASIC AND DILUTED		13	$	(0.03	)	$	(0.03	)	$	(0.06	)	$	(0.08	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED				179,348,614			157,704,601			174,213,254			155,996,660

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

URANIUM ENERGY CORP.

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

			Nine Months Ended April 30,
	Note(s)		2019			2018
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net loss for the period			$	(10,818,657	)	$	(13,056,299	)
Adjustments to reconcile net loss to cash flows in operating activities
Stock-based compensation		12		2,143,598			2,133,359
Depreciation, amortization and accretion		4,5,10		259,970			268,066
Amortization of long-term debt discount		9		1,050,671			883,333
(Gain) loss on disposition of assets		4		(1,591,362	)		1,696
Deferred tax benefits				(13,271	)		(268,237	)
Loss (income) from equity-accounted investment		7		590,819			(91,099	)
Realized loss on available-for-sale securities				799			-
Reimbursable Expenses for Reno Creek Acquisition				-			483,829
Changes in operating assets and liabilities
Prepaid expenses and deposits				(408,301	)		(265,985	)
Other current assets				(18,481	)		445
Accounts payable and accrued liabilities				(869,562	)		(477,222	)
Due to a related party		8		47,738			167
NET CASH FLOWS USED IN OPERATING ACTIVITIES				(9,626,039	)		(10,387,947	)
FINANCING ACTIVITIES
Proceeds from share issuance, net of issuance costs		11		23,843,995			328,300
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES				23,843,995			328,300
INVESTING ACTIVITIES
Net cash and restricted cash received from asset acquisition				-			289,038
Investment in mineral rights and properties				(105,000	)		(309,120	)
Purchase of property, plant and equipment				(77,809	)		(11,242	)
Increase in other long-term assets				-			(188,400	)
Purchase of short-term investments				(29,858,126	)		(21,771,253	)
Redemption of short-term investments				15,000,000			30,771,253
Proceeds from disposition of assets				12,498			-
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES				(15,028,437	)		8,780,276
NET CASH FLOWS				(810,481	)		(1,279,371	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD				8,716,422			14,282,001
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		6	$	7,905,941		$	13,002,630
SUPPLEMENTAL CASH FLOW INFORMATION		15

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

URANIUM ENERGY CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

	Common Stock				Additional Paid-in			Share Issuance		Accumulated				Accumulated Other Comprehensive		Stockholders'
	Shares		Amount		Capital			Obligation		Deficit				Income (Loss)		Equity
Balance, July 31, 2018		161,175,764	$	161,176	$	308,062,379		$	-	$	(245,151,636	)	$	103,641			63,175,560
Common stock
Issued for equity financing, net of issuance costs		12,613,049		12,613		15,978,349			-		-			-			15,990,962
Issued upon exercise of stock options		118,985		119		72,244			-		-			-			72,363
Issued upon exercise of warrants		3,999,881		4,000		4,818,357			-		-			-			4,822,357
Issued in exchange of warrants pursuant to Securities Exchange Agreement		750,000		750		976,813			-		-			-			977,563
Issued for credit facility		1,180,328		1,180		1,398,820			-		-			-			1,400,000
Stock-based compensation
Common stock issued for consulting services		165,404		163		226,376			-		-			-			226,539
Common stock issued under Stock Incentive Plan		558,875		561		784,556			-		-			-			785,117
Amortization of stock option expenses		-		-		1,141,733			-		-			-			1,141,733
Warrants
Issued for equity financing		-		-		2,978,250			-		-			-			2,978,250
Exchanged for common stock pursuant to Securities Exchange Agreement		-		-		(4,950,000	)		-		-			-			(4,950,000	)
Difference from Securities Exchange Agreement		-		-		3,952,500			-		-			-			3,952,500
Net loss for the period		-		-		-			-		(10,818,657	)		-			(10,818,657	)
Reclassification upon adoption of ASU No. 2016-01		-		-		-			-		103,641			(103,641	)		-
Other comprehensive loss		-		-		-			-		-			(121,722	)		(121,722	)
Balance, April 30, 2019		180,562,286	$	180,562	$	335,440,377		$	-	$	(255,866,652	)	$	(121,722	)	$	79,632,565

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

URANIUM ENERGY CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

	Common Stock				Additional Paid-in		Share Issuance			Accumulated				Accumulated Other Comprehensive		Stockholders'
	Shares		Amount		Capital		Obligation			Deficit				Loss		Equity
Balance, July 31, 2017		139,815,124	$	139,815	$	272,697,152	$	638,142		$	(227,325,002	)	$	(14,702	)	$	46,135,405
Common stock
Issued upon exercise of stock options		908,178		909		327,391		-			-			-			328,300
Issued for credit facility		641,574		641		899,359		-			-			-			900,000
Issued for Reno Creek Acquisition		14,852,450		14,853		20,317,764		-			-			-			20,332,617
Issued for Reimbursable Expenses for Reno Creek Acquisition		353,160		353		483,476		-			-			-			483,829
Issued for Diabase Acquisition		164,767		165		232,156		-			-			-			232,321
Issued for mineral property		46,134		46		61,774		-			-			-			61,820
Issued for settlement of liabilities		469,358		470		698,491		-			-			-			698,961
Stock-based compensation
Common stock issued for consulting services		208,889		208		322,657		-			-			-			322,865
Common stock issued under Stock Incentive Plan		1,023,247		1,023		1,366,763		(638,142	)		-			-			729,644
Amortization of stock option expenses		-		-		1,052,833		-			-			-			1,052,833
Warrants
Issued in connection with Reno Creek Acquisition		-		-		5,088,928		-			-			-			5,088,928
Net loss for the period		-		-		-		-			(13,056,299	)		-			(13,056,299	)
Other comprehensive income		-		-		-		-			-			388			388
Balance, April 30, 2018		158,482,881	$	158,483	$	303,548,744	$	-		$	(240,381,301	)	$	(14,314	)	$	63,311,612

The accompanying notes are an integral part of these condensed consolidated financial statements

9

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

NOTE 1:     NATURE OF OPERATIONS

Uranium Energy Corp. was incorporated in the State of Nevada on May 16, 2003. Uranium Energy Corp. and its subsidiary companies and a controlled partnership (collectively, the “Company” or “we”) are engaged in uranium and titanium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates and titanium minerals, on projects located in the United States, Canada and the Republic of Paraguay.

Although planned principal operations have commenced from which significant revenues from sales of uranium concentrates were realized for the fiscal years ended July 31, 2015 (“Fiscal 2015”), July 31, 2013 (“Fiscal 2013”) and July 31, 2012 (“Fiscal 2012”), we have yet to achieve profitability and have had a history of operating losses resulting in an accumulated deficit balance since inception. No revenue from uranium sales was realized for the nine months ended April 30, 2019, or for the fiscal years ended July 31, 2018 (“Fiscal 2018”), July 31, 2017 (“Fiscal 2017”), July 31, 2016 (“Fiscal 2016”) or July 31, 2014 (“Fiscal 2014”). Historically, we have been reliant primarily on equity financings from the sale of our common stock and, during Fiscal 2014 and Fiscal 2013, on debt financing in order to fund our operations, and this reliance is expected to continue for the foreseeable future.

During the nine months ended April 30, 2019, we completed a public offering of 12,613,049 units at a price of $1.60 per unit for gross proceeds of $20.2 million, and received cash proceeds of $4.9 million from the exercise of stock options and warrants, which substantially increased our cash and cash equivalent and improved our working capital position. At April 30, 2019, we had working capital of $21.5 million including cash and cash equivalents of $6.1 million and short-term investments of $14.9 million. On December 5, 2018, we entered into a third amended and restated credit agreement (the “Third Amended and Restated Credit Agreement”), whereby we and our lenders agreed to certain further amendments to our $20 million senior secured credit facility (the “Credit Facility”), the maturity date was extended from January 1, 2020 to January 31, 2022, and the prior monthly principal payments were deferred until the new maturity date of January 31, 2022. As a result, the $15.0 million principal amounts reported as current-portion of long-term debt at October 31, 2018 was removed from our capital resource requirement for the then next 12 months. As a consequence, our existing cash resources as at April 30, 2019 are expected to provide sufficient funds to carry our planned operations for the next 12 months from the date that our condensed consolidated financial statements are issued.  Our continuation as a going concern for a period beyond 12 months will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial. Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.

NOTE 2:     BASIS OF PRESENTATION

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and are presented in U.S. dollars. Accordingly, they do not include all of the information and footnotes required under U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for Fiscal 2018. In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation have been made. Operating results for the nine months ended April 30, 2019, are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2019 (“Fiscal 2019”).

Exploration Stage

We have established the existence of mineralized materials for certain uranium projects, including for our Palangana Mine. We have not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of our uranium projects, including the Palangana Mine. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that we commenced extraction of mineralized materials at the Palangana Mine in November 2010, we remain in the Exploration Stage as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established.

10

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

Since we commenced the extraction of mineralized materials at the Palangana Mine without having established proven or probable reserves, any mineralized materials established or extracted from the Palangana Mine should not in any way be associated with having established or produced from proven or probable reserves.

In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time we exit the Exploration Stage by establishing proven or probable reserves.  Expenditures relating to exploration activities such as drilling programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities such as the construction of mine wellfields, ion exchange facilities and disposal wells are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

Companies in the Production Stage as defined under Industry Guide 7, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. We are in the Exploration Stage which has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, rather than capitalizing, of expenditures relating to ongoing mill and mine development activities. Additionally, there would be no corresponding amortization allocated to future reporting periods of our Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

Recently Adopted Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, as amended by ASU No. 2016-12, “Revenue from Contracts with Customers” (“Topic 606”), which requires revenue to be recognized based on the amount an entity is expected to be entitled to for promised goods or services provided to customers. The standard also requires expanded disclosures regarding contracts with customers. The guidance in this standard supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition”, and most industry-specific guidance. Adoption of the standard may be applied retrospectively to each prior period presented (the full retrospective method) or retrospectively with the cumulative effect recognized as of the date of initial application (the modified retrospective method). The standard is effective for fiscal periods beginning after December 15, 2017 and early adoption is not permitted. Accordingly, we have adopted this standard effective August 1, 2018 and have elected to apply the modified retrospective method.

We have performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it will not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies. Our revenue was generated from the sale of uranium concentrates to customers. These sales contain a single delivery element and revenue is recognized at a single point in time when ownership, risk and rewards transfer to the buyer.

In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“Topic 825”), which requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Upon adoption, the cumulative effect adjustment should be recorded at the beginning of the fiscal year in which the guidance is adopted. We adopted this standard effective August 1, 2018. Upon adoption, we reclassified $103,641 unrealized gains and losses, net of taxes, related to investments in marketable securities by our Company or through our equity-accounted investee, from accumulated other comprehensive income to accumulative deficit in our consolidated balance sheets.

11

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

In November 2016, the FASB issued ASU 2016-18, “Restricted Cash”, which requires the statement of cash flows present the change in restricted cash and restricted cash equivalents during the period. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. We retrospectively adopted this standard effective August 1, 2018. Upon adoption, we included a reconciliation of cash and cash equivalents and restricted cash (previously “reclamation deposits”) reported within our consolidated balance sheets to the total shown in the consolidated statements of cash flows. Adoption of this guidance had no other impact on our consolidated financial statements or disclosures.

In June 2018, the FASB issued ASU No. 2018-07, “Improvement to Nonemployee Share-Based Payment Accounting”, with amendments to expand the scope of Accounting Standard Codification (“ASC”), Topic 718, “Compensation – Stock Compensation” (“Topic 718”), to include share-based payment transactions for acquiring goods and services from nonemployees, which were previously covered under ASC 505, “Equity-Based Payments to Non-Employees”. According to ASU No. 2018-07, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The amendments in ASU No. 2018-07 are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. We have early adopted this standard effective August 1, 2018, along with the adoption of Topic 606, and early adoption of this standard has not had a significant impact on our condensed consolidated financial statements.

NOTE 3:     PREPAID EXPENSES AND DEPOSITS

At April 30, 2019, prepaid expenses and deposits consisted of the following:

	April 30, 2019		July 31, 2018
Prepaid Property Renewal Fees	$	869,394	$	566,977
Prepaid Insurance		210,085		210,155
Prepaid Listing and Subscriptions		66,288		48,435
Prepaid License Fees		74,211		17,039
Prepaid Surety Bond Premium		57,065		39,192
Deposits and Expense Advances		109,610		87,630
Other Prepaid Expenses		223,116		53,755
	$	1,609,769	$	1,023,183

12

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

NOTE 4:     MINERAL RIGHTS AND PROPERTIES

Mineral Rights

At April 30, 2019, we had mineral rights in the States of Arizona, Colorado, New Mexico, Wyoming and Texas, in Canada and in the Republic of Paraguay. These mineral rights were acquired through staking, purchase or lease agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium and titanium. At April 30, 2019, annual maintenance payments of approximately $2,516,000 will be required to maintain these mineral rights.

Mineral rights and property acquisition costs consisted of the following:

	April 30, 2019			July 31, 2018
Mineral Rights and Properties
Palangana Mine	$	6,285,898		$	6,285,898
Goliad Project		8,689,127			8,689,127
Burke Hollow Project		1,495,750			1,495,750
Longhorn Project		116,870			116,870
Salvo Project		14,905			14,905
Anderson Project		3,470,373			9,154,268
Workman Creek Project		649,854			1,657,500
Los Cuatros Project		257,250			257,250
Slick Rock Project		-			646,650
Reno Creek Project		31,527,870			31,527,870
Diabase Project		546,938			546,938
Yuty Project		11,947,144			11,947,144
Oviedo Project		1,133,412			1,133,412
Alto Paraná Titanium Project		1,433,030			1,433,030
Other Property Acquisitions		91,080			91,080
		67,659,501			74,997,692
Accumulated Depletion		(3,929,884	)		(3,929,884	)
		63,729,617			71,067,808
Databases		2,410,038			2,410,038
Accumulated Amortization		(2,408,939	)		(2,405,192	)
		1,099			4,846
Land Use Agreements		404,310			404,310
Accumulated Amortization		(381,055	)		(354,388	)
		23,255			49,922
	$	63,753,971		$	71,122,576

We have not established proven or probable reserves, as defined by the SEC under Industry Guide 7, for any of our mineral projects. We have established the existence of mineralized materials for certain mineral projects, including the Palangana Mine. Since we commenced uranium extraction at the Palangana Mine without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.

13

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

During the nine months ended April 30, 2019, we completed a royalty purchase agreement (the "Royalty Purchase Agreement") with Uranium Royalty Corp. (“URC”), a private entity investing in the uranium sector, in connection with the purchase by URC from our Company of a one percent (1%) net smelter return royalty (collectively, the "Royalties") for uranium only, on each of our Slick Rock, Workman Creek and Anderson projects. On December 4, 2018, we closed the Royalty Purchase Agreement and received 12,000,000 common shares of URC (the “Consideration Shares”) with a fair value of $9,077,842.

The fair value of the Consideration Shares, net of transaction costs of $55,787, was allocated to the respective underlying projects based on their identified mineral resources as follows:

Fair value of Consideration Shares	$	9,077,842
Transaction costs		55,787
Net consideration	$	9,022,055

Net consideration allocation to:	Allocation %			Net Consideration Allocation
Anderson Project		63	%	$	5,683,895
Workman Creek Project		12	%		1,082,646
Slick Rock Project		25	%		2,255,514
		100	%	$	9,022,055

The net consideration allocation amounts have reduced the carrying value of the Anderson Project by $5,683,895, the Workman Creek Project by $1,082,646 and the Slick Rock Project by $676,650. The net consideration of $2,255,514 allocated to the Slick Rock Project exceeded its carrying value of $676,650 by $1,578,864, which was recorded as a gain on disposition of asset and included in the condensed consolidated statement of operations for the nine months ended April 30, 2019.

During the nine months ended April 30, 2019 and 2018, we continued with reduced operations at the Palangana Mine to capture residual uranium only. As a result, no depletion for the Palangana Mine was recorded on our condensed consolidated financial statements for the three and nine months ended April 30, 2019 and 2018, respectively.

Mineral property expenditures incurred by major projects were as follows:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2019		2018		2019		2018
Mineral Property Expenditures
Palangana Mine	$	248,687	$	264,447	$	775,311	$	740,977
Goliad Project		34,071		28,658		71,949		71,373
Burke Hollow Project		605,025		152,307		880,039		570,099
Longhorn Project		10,157		5,760		35,691		11,832
Salvo Project		6,702		6,702		20,211		20,338
Anderson Project		15,097		15,211		52,367		45,241
Workman Creek Project		7,673		7,673		23,037		23,627
Slick Rock Project		12,206		12,206		41,637		40,012
Reno Creek Project		178,722		158,546		474,015		1,126,918
Yuty Project		8,297		114,481		94,299		339,677
Oviedo Project		105,724		17,982		167,207		99,224
Alto Paraná Titanium Project		78,325		33,312		138,588		147,744
Other Mineral Property Expenditures		142,672		164,208		444,467		401,346
	$	1,453,358	$	981,493	$	3,218,818	$	3,638,408

14

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

During the three and nine months ended April 30, 2018, and in connection with the acquisition of the Reno Creek Project, we issued 353,160 shares as settlement of certain reimbursable expenses totalling $483,829, which was included in the mineral property expenditures on our condensed consolidated statements of operations for the nine months ended April 30, 2018.

NOTE 5:     PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	April 30, 2019							July 31, 2018
	Cost		Accumulated Depreciation			Net Book Value		Cost		Accumulated Depreciation			Net Book Value
Hobson Processing Facility	$	6,819,088	$	(773,933	)	$	6,045,155	$	6,819,088	$	(773,933	)	$	6,045,155
Mining Equipment		2,467,557		(2,396,991	)		70,566		2,438,681		(2,412,277	)		26,404
Logging Equipment and Vehicles		1,851,883		(1,742,816	)		109,067		1,971,742		(1,850,306	)		121,436
Computer Equipment		589,051		(559,229	)		29,822		607,342		(577,584	)		29,758
Furniture and Fixtures		170,701		(169,238	)		1,463		170,701		(168,814	)		1,887
Land and Buildings		889,606		(23,851	)		865,755		889,606		(12,694	)		876,912
	$	12,787,886	$	(5,666,058	)	$	7,121,828	$	12,897,160	$	(5,795,608	)	$	7,101,552

During the nine months ended April 30, 2019 and 2018, no uranium concentrate was processed at our Hobson Processing Facility due to the reduced operations at our Palangana Mine. As a result, no depreciation for the Hobson Processing Facility was recorded on our consolidated financial statements for the three and nine months ended April 30, 2019 and 2018, respectively.

NOTE 6:      RESTRICTED CASH

Restricted cash (previously “reclamation deposits”) includes cash and cash equivalents as collateral for various bonds posted in favor of applicable state regulatory agencies in Arizona, Texas and Wyoming, for estimated reclamation costs associated with our Palangana Mine, Hobson Processing Facility and Reno Creek Project. Restricted cash will be released upon completion of reclamation of a mineral property or restructuring of a surety and collateral arrangement.

	April 30, 2019		July 31, 2018
Restricted cash, beginning of period	$	1,789,899	$	1,706,028
Reclamation deposit received from asset acquisition		-		73,973
Refund of reclamation deposit		-		(819	)
Interest received		22,944		10,717
Restricted cash, end of period	$	1,812,843	$	1,789,899

Cash, cash equivalents and restricted cash are included in the following accounts at April 30, 2019 and 2018:

	April 30, 2019		April 30, 2018
Cash and cash equivalents	$	6,093,098	$	11,223,448
Restricted cash		1,812,843		1,779,182
Total cash, cash equivalents and restricted cash	$	7,905,941	$	13,002,630

15

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

NOTE 7:      EQUITY-ACCOUNTED INVESTMENT

On December 4, 2018, we closed the Royalty Purchase Agreement and received 12,000,000 Consideration Shares of URC with a fair value of $9,077,842. Refer to Note 4: Mineral Rights and Properties. As a result, we own 14,000,000 shares of URC, representing a 33.7% interest in URC as at April 30, 2019. In addition, certain of our officers collectively own an interest in URC and one of our officers is a member of the board of directors of URC. As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three and nine months ended April 30, 2019.

During the nine months ended April 30, 2019, the change in carrying value of the investment in URC is summarized as follows:

Balance, July 31, 2018	$	693,502
Share consideration received from sale of royalty interests		9,077,842
Share of loss from URC		(979,188	)
Gain on ownership interest dilution		388,369
Foreign currency translation		(121,722	)
Balance, April 30, 2019	$	9,058,803

NOTE 8:     RELATED PARTY TRANSACTIONS

During the three months ended April 30, 2019 and 2018, we incurred $39,365 and $36,210 (nine months ended April 30, 2019 and 2018: $117,086 and $112,850), respectively, in general and administrative costs paid to Blender Media Inc. (“Blender”), a company controlled by Arash Adnani, a direct family member of our President and Chief Executive Officer, for various services including information technology, corporate branding, media, website design, maintenance and hosting, provided to the Company.

During the nine months ended April 30, 2018, we issued 104,706 shares to Blender with a fair value of $141,678 as settlement of the equivalent amounts owed to Blender.

At April 30, 2019, the amount owing to Blender was $48,545 (July 31, 2018: $807).

NOTE 9:      LONG-TERM DEBT     

On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement with each of Sprott Resource Lending Partnership, as agent, and our remaining lenders and participants (collectively, the “Lenders”), whereby we and the Lenders agreed to certain further amendments to the $20,000,000 Credit Facility.

The key terms of the Third Amended and Restated Credit Agreement are summarized as follows:

● extension of the maturity date from January 1, 2020 to January 31, 2022;

● deferral of the prior monthly principal payments until the new maturity date of January 31, 2022;

● issuance of third extension fee shares equal to 7% of the principal balance outstanding or $1,400,000 paid to the Lenders by way of the issuance of 1,180,328 shares of the Company; and

● payment of anniversary fees to the Lenders on each of November 30, 2019, 2020 and 2021, of 7%, 6.5% and 6%, respectively, of the principal balance then outstanding, if any, payable at the option of the Company in cash or shares of the Company with a price per share calculated at a 10% discount to the five trading-day volume-weighted average price of the Company’s shares immediately prior to the applicable date.

Under the terms of the Third Amended and Restated Credit Agreement, the Credit Facility remains non-revolving with an amended term of 8.5 years maturing on January 31, 2022, subject to an interest a rate of 8% per annum, compounded and payable on a monthly basis. An underlying effective interest rate of 16.67% has been calculated under the assumption that the Company will carry the full principal balance of $20,000,000 to its contractual maturity on January 31, 2022 without exercising the prepayment feature; and therefore, the anniversary fee payments of $1,400,000, $1,300,000 and $1,200,000, which are calculated on the principal balance, will become due on each of November 30, 2019, 2020 and 2021, respectively.

16

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

The Third Amended and Restated Credit Agreement supersedes, in their entirety, the Second Amended and Restated Credit Agreement dated and effective February 9, 2016, the Amended and Restated Credit Agreement dated and effective March 13, 2014 and the Credit Agreement dated and effective July 30, 2013 with our Lenders.

As at April 30, 2019, our long-term debt consisted of the following:

	April 30, 2019			July 31, 2018
Principal amount	$	20,000,000		$	20,000,000
Unamortized discount		(814,355	)		(465,026	)
Long-term debt, net of unamortized discount		19,185,645			19,534,974
Current portion		-			10,000,000
Long-term debt, net of current portion	$	19,185,645		$	9,534,974

For the three and nine months ended April 30, 2019, the amortization of debt discount totaled $384,551 and $1,050,671 (three and nine months ended April 30, 2018: $277,502 and $883,333), respectively, which was recorded as interest expense and included in our condensed consolidated statements of operations and comprehensive loss.

NOTE 10:     ASSET RETIREMENT OBLIGATIONS

The asset retirement obligations (the “ARO”) relate to future remediation and decommissioning activities at our Palangana Mine, Hobson Processing Facility, Reno Creek Project and Alto Paraná Titanium Project.

Balance, July 31, 2018	$	4,020,282
Accretion		172,022
Balance, April 30, 2019	$	4,192,304

The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:

	April 30, 2019				July 31, 2018
Undiscounted amount of estimated cash flows	$	7,275,504			$	7,275,504
Payable in years		5.0	to	17		5.0	to	17
Inflation rate		1.37%	to	2.14%		1.37%	to	2.14%
Discount rate		5.48%	to	6.40%		5.48%	to	6.40%

The undiscounted amounts of estimated cash flows for the next five fiscal years and beyond are as follows:

Fiscal 2019	$	-
Fiscal 2020		-
Fiscal 2021		-
Fiscal 2022		-
Fiscal 2023		148,391
Remaining balance		7,127,113
	$	7,275,504

17

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

NOTE 11:     CAPITAL STOCK

Equity Financing

On October 3, 2018, we completed a public offering of 12,613,049 units at a price of $1.60 per unit for gross proceeds of $20,180,878 (the “October 2018 Offering”). Each unit was comprised of one share of the Company and one-half of one share purchase warrant. Each whole warrant entitles its holder to acquire one share at an exercise price of $2.05 per share, exercisable immediately upon issuance and expiring 30 months from the date of issuance. In connection with the October 2018 Offering, we also issued compensation share purchase warrants to agents as part of share issuance costs to purchase 756,782 shares of our Company, exercisable at an exercise price of $2.05 per share and expiring 30 months from the date of issuance.

The shares were valued at the Company’s closing price of $1.54 per share at October 3, 2018. The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions:

Expected Risk Free Interest Rate	2.90	%
Expected Annual Volatility	63.30	%
Expected Contractual Life in Years	2.50
Expected Annual Dividend Yield	0.00	%

The net proceeds from the October 2018 Offering were allocated to the fair values of the shares and share purchase warrants as presented below:

Fair Value of Shares	$	19,424,095
Fair Value of Share Purchase Warrants		3,094,693
Total Fair Value Before Allocation to Net Proceeds	$	22,518,788
Gross Proceeds	$	20,180,878
Share Issuance Costs - Cash		(1,211,667	)
Net Cash Proceeds Received	$	18,969,211
Relative Fair Value Allocation to:
Shares	$	16,362,327
Share Purchase Warrants		2,606,884
	$	18,969,211

Share Transactions

During the three months ended April 30, 2019, we entered into a Securities Exchange Agreement (the “Securities Exchange Agreement”) with each of Pacific Road Resources Reno Creek Cayco 1 Ltd. (“Cayco 1”), Pacific Road Resources Reno Creek Cayco 2 Ltd. (“Cayco 2”), Pacific Road Resources Reno Creek Cayco 3 Ltd. (“Cayco 3”), Pacific Road Resources Reno Creek Cayco 4 Ltd. (“Cayco 4”) and Reno Creek Unit Trust (“RCUT”, and together with Cayco 1, Cayco 2, Cayco 3 and Cayco 4, the “Pacific Road Parties”), whereby the Pacific Roads Parties exchanged their collective 11,000,000 outstanding common stock purchase warrants of the Company (the “Warrants”) for an aggregate of 750,000 common shares of the Company (each, a “Share”), with a fair value of $1.33 per Share (collectively, the “Securities Exchange”). The Warrants, with an exercise price of $2.30 and expiry date of August 9, 2022, were valued at $0.45 per share using the Barrier Option Pricing Model at the date of issuance on August 9, 2017 in connection with the acquisition of the Reno Creek Project. The difference between the carrying value of the Warrants of $4,950,000 and fair value of the shares of $997,500 was recorded as additional paid in capital and has had no impact on the Company’s condensed consolidated Statement of operations and comprehensive loss.

18

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

A summary of the share transactions for the nine months ended April 30, 2019 is as follows:

Period / Description	Common		Value per Share				Issuance
	Shares Issued		Low		High		Value
Balance, July 31, 2018		161,175,764
Equity Financing		12,613,049	$	1.60	$	1.60	$	20,180,878
Credit Facility		1,180,328		1.19		1.19		1,400,000
Exchange of Warrants		750,000		1.33		1.33		997,500
Consulting Services		165,404		1.23		1.77		226,539
Warrants Exercised		3,999,881		1.20		1.35		4,822,357
Options Exercised (1)		118,985		0.45		1.32		123,221
Shares Issued Under Stock Incentive Plan		558,875		1.25		1.72		785,117
Balance, April 30, 2019		180,562,286

(1) 151,500 stock options were exercised on a forfeiture basis, resulting in 52,735 net shares being issued.

Share Purchase Warrants

A continuity schedule of outstanding share purchase warrants is as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, July 31, 2018		30,923,489		$	1.97
Issued		7,063,253			2.05
Exercised		(3,999,881	)		1.21
Expired		(3,542,951	)		2.13
Cancelled		(11,000,000	)		2.30
Balance, April 30, 2019		19,443,910		$	1.94

A summary of share purchase warrants outstanding and exercisable at April 30, 2019 is as follows:

Weighted Average Exercise Price		Number of Warrants Outstanding		Expiry Date	Weighted Average Remaining Contractual Life (Years)
$	1.35		2,450,000	January 30, 2020		0.75
	1.64		50,000	May 21, 2023		4.06
	2.00		9,571,929	January 20, 2020		0.73
	2.05		7,063,253	April 3, 2021		1.93
	2.30		308,728	August 9, 2022		3.28
$	1.94		19,443,910			1.21

During the nine months ended April 30, 2019, we received cash proceeds totaling $4,822,357 from the exercise of 3,999,881 share purchase warrants at a weighted average exercise price of $1.21 per share.

19

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

NOTE 12:     STOCK-BASED COMPENSATION

At April 30, 2019, we had one stock option plan, the 2018 Stock Incentive Plan, which superseded and replaced our prior equity compensation plan, being our 2017 Stock Incentive Plan (collectively, the “Stock Incentive Plan”).

Stock Options

During the nine months ended April 30, 2019, we granted stock options under the Stock Incentive Plan to certain employees to purchase a total of 130,000 shares of the Company exercisable at $1.25 to $1.44 per share with a term of five years.

These stock options are subject to a 24-month vesting provision whereby at the end of the first three and six months after the grant date, 12.5% of the total stock options become exercisable, and whereby at the end of each of 12, 18 and 24 months after the grant date, 25% of the total stock options become exercisable.

A summary of stock options granted by the Company during the nine months ended April 30, 2019, including corresponding grant date fair values and assumptions using the Black Scholes option pricing model is as follows:

Date	Options Granted		Exercise Price		Term (Years)		Fair Value		Expected Life (Years)		Risk-Free Interest Rate			Dividend Yield			Expected Volatility
January 3, 2019		40,000	$	1.25		5.00	$	24,164		3.70		2.34	%		0.00	%		63.70	%
April 11, 2019		90,000		1.44		5.00		58,047		3.70		2.29	%		0.00	%		58.06	%
Total		130,000					$	82,211

A continuity schedule of outstanding stock options for the underlying shares for the nine months ended April 30, 2019 is as follows:

	Number of Stock Options			Weighted Average Exercise Price
Balance, July 31, 2018		14,911,625		$	1.41
Granted		130,000			1.38
Exercised		(217,750	)		1.11
Forfeited		(87,500	)		1.42
Balance, April 30, 2019		14,736,375		$	1.41

During the nine months ended April 30, 2019, we issued 118,985 shares upon exercise of stock options, of which 66,250 stock options were exercised in cash for proceeds of $72,363, and 151,500 stock options were exercised on a forfeiture basis resulting in 52,735 net shares issued. The intrinsic value of these exercised options totaled $124,405.

20

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

A continuity schedule of outstanding unvested stock options at April 30, 2019, and the changes during the periods, is as follows:

	Number of Unvested Stock Options			Weighted Average Grant-Date Fair Value
Balance, July 31, 2018		3,479,500		$	0.68
Granted		130,000			0.63
Vested		(1,554,250	)		0.68
Forfeited		(75,000	)		0.67
Balance, April 30, 2019		1,980,250		$	0.67

At April 30, 2019, the aggregate intrinsic value under the provisions of ASC 718 of all outstanding stock options was estimated at $2,066,559 (vested: $2,008,016 and unvested: $58,543).

At April 30, 2019, unrecognized stock-based compensation expense related to the unvested portion of stock options totaled $545,992 to be recognized over the next 0.83 year.

A summary of stock options outstanding and exercisable at April 30, 2019 is as follows:

			Options Outstanding						Options Exercisable
Range of Exercise Prices			Outstanding at April 30, 2019		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Exercisable at April 30, 2019		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
$0.93	to	$1.41		11,384,875	$	1.23		1.33		10,942,625	$	1.23		1.25
$1.42	to	$3.86		3,351,500		2.04		3.23		1,813,500		2.48		2.36
				14,736,375	$	1.41		1.76		12,756,125	$	1.40		1.40

Stock-Based Compensation

A summary of stock-based compensation expense is as follows:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2019		2018		2019		2018
Stock-Based Compensation for Consultants
Common stock issued for consulting services	$	155,813	$	168,107	$	516,423	$	606,885
Amortization of stock option expenses		37,336		43,463		122,056		385,082
		193,149		211,570		638,479		991,967
Stock-Based Compensation for Management
Common stock issued to management		33,126		34,265		104,109		103,509
Amortization of stock option expenses		70,395		45,926		427,099		226,907
		103,521		80,191		531,208		330,416
Stock-Based Compensation for Employees
Common stock issued to employees		132,638		120,711		381,333		497,747
Amortization of stock option expenses		125,424		106,113		592,578		440,844
		258,062		226,824		973,911		938,591
Settlement of share issuance obligation		-		-		-		(127,615	)
	$	554,732	$	518,585	$	2,143,598	$	2,133,359

21

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

NOTE 13:     LOSS PER SHARE

The following table reconciles the weighted average number of shares used in the calculation of the basic and diluted loss per share:

	Three Months Ended April 30,						Nine Months Ended April 30,
	2019			2018			2019			2018
Numerator
Net Loss for the Period	$	(5,017,557	)	$	(4,146,646	)	$	(10,818,657	)	$	(13,056,299	)
Denominator
Basic Weighted Average Number of Shares		179,348,614			157,704,601			174,213,254			155,996,660
Dilutive Stock Options and Warrants		-			-			-			-
Diluted Weighted Average Number of Shares		179,348,614			157,704,601			174,213,254			155,996,660
Net Loss per Share, Basic and Diluted	$	(0.03	)	$	(0.03	)	$	(0.06	)	$	(0.08	)

For the three and nine months ended April 30, 2019 and 2018, all outstanding stock options and share purchase warrants were excluded from the calculation of the diluted loss per share since we reported net losses for those periods and their effects would be anti-dilutive.

NOTE 14:      SEGMENTED INFORMATION

We currently operate in one reportable segment which is focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates.

At April 30, 2019, our long-term assets located in the United States totaled $57,597,112 or 70% of our total long-term assets of $82,086,215.

The table below provides a breakdown of the long-term assets by geographic segments:

	April 30, 2019
Balance Sheet Items	United States
	Texas		Arizona		Wyoming		Other States		Canada		Paraguay		Total
Mineral Rights and Properties	$	12,700,030	$	4,377,477	$	31,527,870	$	88,071	$	546,938	$	14,513,585	$	63,753,971
Property, Plant and Equipment		6,405,816		-		346,235		-		16,813		352,964		7,121,828
Restricted Cash		1,723,870		15,000		73,973		-		-		-		1,812,843
Equity-Accounted Investment		-		-		-		-		9,058,803		-		9,058,803
Other Long-Term Assets		242,042		-		96,728		-		-		-		338,770
Total Long-Term Assets	$	21,071,758	$	4,392,477	$	32,044,806	$	88,071	$	9,622,554	$	14,866,549	$	82,086,215

	July 31, 2018
Balance Sheet Items	United States
	Texas		Arizona		Wyoming		Other States			Canada		Paraguay		Total
Mineral Rights and Properties	$	12,729,697	$	11,069,018	$	31,527,870	$	735,468	$	546,938	$	14,513,585	$	71,122,576
Property, Plant and Equipment		6,362,608		-		357,392		-		25,889		355,663		7,101,552
Restricted Cash		1,700,926		15,000		73,973		-		-		-		1,789,899
Equity-Accounted Investment		-		-		-		-		693,502		-		693,502
Other Long-Term Assets		416,519		-		146,533		-		-		-		563,052
Total Long-Term Assets	$	21,209,750	$	11,084,018	$	32,105,768	$	735,468	$	1,266,329	$	14,869,248	$	81,270,581

22

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

The tables below provide a breakdown of our operating results by geographic segments for the three and nine months ended April 30, 2019 and 2018. All intercompany transactions have been eliminated.

	Three Months Ended April 30, 2019
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	1,042,836		$	22,769		$	179,687		$	15,345		$	375		$	192,346		$	1,453,358
General and administrative		1,391,225			3,779			25,746			1,142			507,728			22,996			1,952,616
Depreciation, amortization and accretion		78,628			-			3,717			249			2,590			1,203			86,387
		2,512,689			26,548			209,150			16,736			510,693			216,545			3,492,361
Loss from operations		(2,512,689	)		(26,548	)		(209,150	)		(16,736	)		(510,693	)		(216,545	)		(3,492,361	)
Other income (expenses)		(659,194	)		(4,611	)		681			-			(872,851	)		9,474			(1,526,501	)
Loss before income taxes	$	(3,171,883	)	$	(31,159	)	$	(208,469	)	$	(16,736	)	$	(1,383,544	)	$	(207,071	)	$	(5,018,862	)

	Three Months Ended April 30, 2018
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	611,170		$	23,136		$	165,566		$	15,846		$	-		$	165,775		$	981,493
General and administrative		1,427,445			3,389			34,533			1,141			794,682			146,381			2,407,571
Depreciation, amortization and accretion		79,903			-			3,716			249			3,600			826			88,294
		2,118,518			26,525			203,815			17,236			798,282			312,982			3,477,358
Loss from operations		(2,118,518	)		(26,525	)		(203,815	)		(17,236	)		(798,282	)		(312,982	)		(3,477,358	)
Other income (expenses)		(677,570	)		(4,611	)		(249	)		-			-			1,190			(681,240	)
Loss before income taxes	$	(2,796,088	)	$	(31,136	)	$	(204,064	)	$	(17,236	)	$	(798,282	)	$	(311,792	)	$	(4,158,598	)

	Nine Months Ended April 30, 2019
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	2,197,324		$	75,756		$	474,981		$	54,565		$	16,098		$	400,094		$	3,218,818
General and administrative		4,461,280			10,650			80,248			3,090			1,732,769			106,977			6,395,014
Depreciation, amortization and accretion		235,040			-			11,156			747			9,077			3,950			259,970
		6,893,644			86,406			566,385			58,402			1,757,944			511,021			9,873,802
Loss from operations		(6,893,644	)		(86,406	)		(566,385	)		(58,402	)		(1,757,944	)		(511,021	)		(9,873,802	)
Other income (expenses)		(1,945,311	)		(14,146	)		1,081			1,578,864			(590,819	)		12,205			(958,126	)
Loss before income taxes	$	(8,838,955	)	$	(100,552	)	$	(565,304	)	$	1,520,462		$	(2,348,763	)	$	(498,816	)	$	(10,831,928	)

	Nine Months Ended April 30, 2018
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	1,795,078		$	69,698		$	1,134,782		$	52,205		$	-		$	586,645		$	3,638,408
General and administrative		4,587,983			10,488			558,326			3,385			2,153,051			213,465			7,526,698
Depreciation, amortization and accretion		247,687			-			9,125			747			7,717			2,790			268,066
		6,630,748			80,186			1,702,233			56,337			2,160,768			802,900			11,433,172
Loss from operations		(6,630,748	)		(80,186	)		(1,702,233	)		(56,337	)		(2,160,768	)		(802,900	)		(11,433,172	)
Other income (expenses)		(1,888,966	)		(14,146	)		1,241			-			-			10,507			(1,891,364	)
Loss before income taxes	$	(8,519,714	)	$	(94,332	)	$	(1,700,992	)	$	(56,337	)	$	(2,160,768	)	$	(792,393	)	$	(13,324,536	)

23

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

NOTE 15:     SUPPLEMENTAL CASH FLOW INFORMATION

During the nine months ended April 30, 2019 and 2018, we issued 165,404 and 208,889 shares with a fair value of $226,539 and $322,865, respectively, for consulting services.

During the nine months ended April 30, 2019 and 2018, we issued 558,875 and 624,408 shares with a fair value of $785,117 and $857,258, respectively, as compensation to certain management, employees and consultants of the Company under the Stock Incentive Plan.

During the nine months ended April 30, 2019, we issued 1,180,328 shares with a fair value of $1,400,000 as third extension fees to the Lenders of the Company.

During the nine months ended April 30, 2019 and 2018, we paid $1,213,333 and $1,213,333, respectively, in cash to the Lenders for interest on the long-term debt.

During the three months ended April 30, 2019, pursuant to the Securities Exchange Agreement, we issued 750,000 shares with a fair value of $997,500 in exchange of 11,000,000 Warrants with an exercise price of $2.30 expiring on August 9, 2022, which were issued in connection with the acquisition of the Reno Creek Project in August 2017.

NOTE 16:     COMMITMENTS AND CONTINGENCIES

We are renting or leasing various office or storage space located in the United States, Canada and Paraguay with approximate monthly payments of $21,000. Office lease agreements for the United States and Canada expire between April 2020 and July 2021.

The aggregate minimum rental and lease payments over the next five fiscal years are as follows:

Fiscal 2019	$	59,351
Fiscal 2020		222,738
Fiscal 2021		177,774
Fiscal 2022		-
Fiscal 2023		-
	$	459,863

We are committed to paying our key executives a total of $703,000 per year for various management services.

We are subject to ordinary routine litigation incidental to our business. Except as disclosed below, we are not aware of any material legal proceedings pending or that have been threatened against the Company.

On or about March 9, 2011, the Texas Commission on Environmental Quality (the “TCEQ”) granted the Company’s applications for a Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption for its Goliad Project.  On or about December 4, 2012, the U.S. Environmental Protection Agency (the “EPA”) concurred with the TCEQ issuance of the Aquifer Exemption permit (the “AE”).  With the receipt of this concurrence, the final authorization required for uranium extraction, the Goliad Project achieved fully-permitted status.  On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250^th District Court in Travis County, Texas.  A motion filed by the Company to intervene in this matter was granted. The petitioners’ appeal lay dormant until on or about June 14, 2013, when the petitioners filed their initial brief in support of their position.  On or about January 18, 2013, a different group of petitioners, exclusive of Goliad County, filed a petition for review with the Court of Appeals for the Fifth Circuit in the United States (the “Fifth Circuit”) to appeal the EPA’s decision.  On or about March 5, 2013, a motion filed by the Company to intervene in this matter was granted.  The parties attempted to resolve both appeals, to facilitate discussions and avoid further legal costs. The parties jointly agreed, through mediation initially conducted through the Fifth Circuit on or about August 8, 2013, to abate the proceedings in the State District Court. On or about August 21, 2013, the State District Court agreed to abate the proceedings.  The EPA subsequently filed a motion to remand without vacatur with the Fifth Circuit wherein the EPA’s stated purpose was to elicit additional public input and further explain its rationale for the approval.  In requesting the remand without vacatur, which would allow the AE to remain in place during the review period, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal of the AE.  The Company and the TCEQ filed a request to the Fifth Circuit for the motion to remand without vacatur, and if granted, to be limited to a 60-day review period.  On December 9, 2013, by way of a procedural order from a three-judge panel of the Fifth Circuit, the Court granted the remand without vacatur and initially limited the review period to 60 days. In March of 2014, at the EPA’s request, the Fifth Circuit extended the EPA’s time period for review and additionally, during that same period, the Company conducted a joint groundwater survey of the site, the result of which reaffirmed the Company’s previously filed groundwater direction studies. On or about June 17, 2014, the EPA reaffirmed its earlier decision to uphold the granting of the Company’s existing AE, with the exception of a northwestern portion containing less than 10% of the uranium resource which was withdrawn, but not denied, from the AE area until additional information is provided in the normal course of mine development. On or about September 9, 2014, the petitioners filed a status report with the State District Court which included a request to remove the stay agreed to in August 2013 and to set a briefing schedule (the “Status Report”). In that Status Report, the petitioners also stated that they had decided not to pursue their appeal at the Fifth Circuit. The Company continues to believe that the pending appeal is without merit and is continuing as planned towards uranium extraction at its fully-permitted Goliad Project.

24

URANIUM ENERGY CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2019

(Unaudited)

On or about October 2, 2015, Marnie W. McMahon filed a stockholder derivative complaint on behalf of the Company against the Company’s Board of Directors, executive management and three of its vice presidents (the “Company parties”) in the District Court of Nevada (the “Nevada Derivative Case”) seeking unspecified damages on behalf of the Company against the Company parties for allegedly breaching their fiduciary duties to the Company with respect to allegations previously made in a prior class action complaint as against the Company and two of its executive officers which was dismissed in September of 2016 (the “Securities Case”). On January 21, 2016, the Court granted the Company’s motion to stay the Nevada Derivative Case pending the outcome of what was then a federal derivative case involving the same Company parties with similar allegations. Following the voluntary dismissal of the federal derivative case in November 2017, Ms. McMahon filed an amended complaint on February 10, 2017, which again asserted that the Company’s directors breached their fiduciary duties relating to the factual allegations in the Securities Case. The Company filed a motion to dismiss and on September 13, 2017, the Court granted the Company’s motion to dismiss the Nevada Derivative Case. On or about October 5, 2017, the plaintiff filed a notice of appeal with the Court. On June 14, 2018, the plaintiff filed the Appellant’s opening brief in the Supreme Court of Nevada. In response on August 2018, we filed our answering brief. On February 22, 2019, the Nevada Supreme Court issued an Order Of Affirmance affirming the Reno, Nevada trial court’s dismissal of the Nevada Derivative Case. The time for the plaintiff to seek reconsideration of the Nevada Supreme Court's decision has expired and the court has closed the case.

The Company has had communications and filings with the Ministry of Public Works and Communications (“MOPC”), the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty and Alto Parana projects are not eligible for extension as to exploration or continuation to exploitation in their current stages. While the Company remains fully committed to its development path forward in Paraguay, it caused its legal counsel to file an appeal in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions. In the interim the Company also continues to conduct its business in a manner to comply with all applicable mining laws in Paraguay.

At any given time, we may enter into negotiations to settle outstanding legal proceedings and any resulting accruals will be estimated based on the relevant facts and circumstances applicable at that time.  We do not expect that such settlements will, individually or in the aggregate, have a material effect on our financial position, results of operations or cash flows.

25

Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following management’s discussion and analysis of the Company’s financial condition and results of operations (the “MD&A”) contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations. In evaluating these statements, you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-Q Quarterly Report for the nine months ended April 30, 2019, and our Form 10-K Annual Report for the fiscal year ended July 31, 2018, including the consolidated financial statements and related notes contained therein. These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this document. Refer to “Cautionary Note Regarding Forward-looking Statements” as disclosed in our Form 10-K Annual Report for the fiscal year ended July 31, 2018, and Item 1A, Risk Factors under Part II - Other Information of this Quarterly Report.

Introduction

This MD&A is focused on material changes in our financial condition from July 31, 2018, our most recently completed year end, to April 30, 2019, and our results of operations for the three and nine months ended April 30, 2019, and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations as contained in our Form 10-K Annual Report for Fiscal 2018.

Business

We are pre-dominantly engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States and Paraguay, as more fully described in our Form 10-K Annual Report for Fiscal 2018.

We utilize in-situ recovery (“ISR”) mining where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment. We have one uranium mine located in the State of Texas, the Palangana Mine, which utilizes ISR mining and commenced extraction of uranium concentrates (“U3O8”), or yellowcake, in November 2010. We have one uranium processing facility located in the State of Texas, the Hobson Processing Facility, which processes material from the Palangana Mine into drums of U3O8, our only sales product and source of revenue, for shipping to a third-party storage and sales facility. At April 30, 2019, we had no uranium supply or off-take agreements in place.

Our fully-licensed and 100%-owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt where we utilize ISR mining. We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility acts as the central processing site (the “hub”) for the Palangana Mine and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”). The Hobson Processing Facility has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U3O8 annually and is licensed to process up to one million pounds of U3O8 annually.

We acquired the fully permitted Reno Creek Project in August 2017 and expanded our operations to the strategic Powder River Basin in Wyoming.

We also hold certain mineral rights in various stages in the States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies. We do not expect, however, to utilize ISR mining for all of the uranium mineral rights in which case we would expect to rely on conventional open pit and/or underground mining techniques.

Since we completed the acquisition of the Alto Paraná Titanium Project located in Paraguay in July 2017, we are also involved in titanium mining and related activities, including exploration, development, extraction and processing of titanium minerals such as ilmenite.

26

Our operating and strategic framework is based on expanding our uranium and titanium extraction activities, which includes advancing certain projects with established mineralized materials towards extraction, and establishing additional mineralized materials on our existing uranium and titanium projects or through the acquisition of additional projects.

During the nine months ended April 30, 2019, we continued our strategic plan for reduced operations implemented in September 2013 to align our operations to a weak uranium market in a challenging post-Fukushima environment. As part of this strategy, we operated the Palangana Mine at a reduced pace to capture residual uranium only, while maintaining the Palangana Mine and Hobson Facility in a state of operational readiness. This strategy also included the deferral of major exploration and pre-extraction expenditures and maintaining our core exploration projects in good standing in anticipation of a recovery in uranium prices.

Mineral Rights and Properties

The following is a summary of significant activities by project for the nine months ended April 30, 2019:

Burke Hollow Project

During the nine months ended April 30, 2019, we received the final Radioactive Material License from the TCEQ after receipt of the Mine Area Permit and Aquifer Exemption in Fiscal 2017 and the two Class I disposal well permits in Fiscal 2016, completing the last permit required for uranium extraction.

During the three months ended April 30, 2019, we started a drilling campaign and drilled 28 exploration holes and five monitor wells totaling 15,180 feet at the Burke Hollow Project.

Yuty Project

During the nine months ended April 30, 2019, we continued detailed resource mapping and modeling of the roll front systems that comprise the deposit at the Yuty Project, which will support a Preliminary Economic Assessment in accordance with the provisions of National Instrument 43-101 for the Yuty Project.

Equity-Accounted Investment

During the nine months ended April 30, 2019, we completed a Royalty Purchase Agreement with URC in connection with the purchase by URC from our Company of a one percent (1%) net smelter return royalty for uranium only on each of our Slick Rock, Workman Creek and Anderson projects.

On December 4, 2018, we closed the Royalty Purchase Agreement and received 12,000,000 Consideration Shares of URC with a fair value of $9,077,842. As a result, we own 14,000,000 shares or a 33.7 % interest in URC as at April 30, 2019.

Results of Operations

For the three months ended April 30, 2019 and 2018, we recorded net losses of $5,017,557 ($0.03 per share) and $4,146,646 ($0.03 per share), respectively. For the nine months ended April 30, 2019 and 2018, we recorded net losses of $10,818,657 ($0.06 per share) and $13,056,299 ($0.08 per share), respectively.

During the nine months ended April 30, 2019, we continued with our strategic plan for reduced operations implemented in September 2013 and continued reduced operations at the Palangana Mine to capture residual pounds of U3O8 only.  As a result, no U3O8 extraction or processing costs were capitalized to inventories during the nine months ended April 30, 2019. At April 30, 2019, the total value of inventories was $211,662 (July 31, 2018: $211,662).

Costs and Expenses

For the three months ended April 30, 2019 and 2018, costs and expenses totaled $3,492,361 and $3,477,358, respectively, which were comprised of mineral property expenditures of $1,453,358 and $981,493, general and administrative expenses of $1,952,616 and $2,407,571, and depreciation, amortization and accretion of $86,387 and $88,294, respectively.

27

For the nine months ended April 30, 2019 and 2018, costs and expenses totaled $9,873,802 and $11,433,172, respectively, which were comprised of mineral property expenditures of $3,218,818 and $3,638,408, general and administrative expenses of $6,395,014 and $7,526,698, and depreciation, amortization and accretion of $259,970 and $268,066, respectively.

Mineral Property Expenditures

Mineral property expenditures were primarily comprised of costs relating to permitting, property maintenance, exploration and pre-extraction activities and other non-extraction related activities on our projects.

During the three months ended April 30, 2019 and 2018, mineral property expenditures totaled $1,453,358 and $981,493, respectively, of which $322,667 and $353,294 were directly related to maintaining operational readiness and permitting compliance for the Palangana Mine and Hobson Processing Facility, respectively. During the nine months ended April 30, 2019 and 2018, mineral property expenditures totaled $3,218,818 and $3,638,408, respectively, of which $924,886 and $992,142 were directly related to maintaining operational readiness and permitting compliance for the Palangana Mine and Hobson Processing Facility respectively.

The following table provides mineral property expenditures on our projects for the periods indicated:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2019		2018		2019		2018
Mineral Property Expenditures
Palangana Mine	$	248,687	$	264,447	$	775,311	$	740,977
Goliad Project		34,071		28,658		71,949		71,373
Burke Hollow Project		605,025		152,307		880,039		570,099
Longhorn Project		10,157		5,760		35,691		11,832
Salvo Project		6,702		6,702		20,211		20,338
Anderson Project		15,097		15,211		52,367		45,241
Workman Creek Project		7,673		7,673		23,037		23,627
Slick Rock Project		12,206		12,206		41,637		40,012
Reno Creek Project		178,722		158,546		474,015		1,126,918
Yuty Project		8,297		114,481		94,299		339,677
Oviedo Project		105,724		17,982		167,207		99,224
Alto Paraná Titanium Project		78,325		33,312		138,588		147,744
Other Mineral Property Expenditures		142,672		164,208		444,467		401,346
	$	1,453,358	$	981,493	$	3,218,818	$	3,638,408

General and Administrative

During the three months ended April 30, 2019, general and administrative expenses totaled $1,952,616, which decreased by $454,955 compared to $2,407,571 for the three months ended April 30, 2018. During the nine months ended April 30, 2019, general and administrative expenses totaled $6,395,014, which decreased by $1,131,684 compared to $7,526,698 for the nine months ended April 30, 2018.

The following summary provides a discussion of the major expense categories, including analyses of the factors that caused significant variances compared to the same periods last year:

● for the three months ended April 30, 2019, salaries, management and consulting fees totaled $468,190, which was consistent with $484,864 for the three months ended April 30, 2018. For the nine months ended April 30, 2019, salaries, management and consulting fees totaled $1,394,655, which decreased by $445,418 compared to $1,840,073 for the nine months ended April 30, 2018. The decrease primarily resulted from severance payments totaling $466,117 to certain employees during the nine months ended April 30, 2018.

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● for the three months ended April 30, 2019 and 2018, office, insurance, filing and listing fees, investor relations, corporate development and travel expenses totaled $804,920, which decreased by $179,300 compared to $984,220 for the three months ended April 30, 2018. For the nine months ended April 30, 2019, office, insurance, filing and listing fees, investor relations, corporate development and travel expenses totaled $2,378,515, which decreased by $198,420 compared to $2,576,935 for the nine months ended April 30, 2018. The decreases were primarily a result of a reduction in consulting, investor relations and corporate development expenses;

● for the three months ended April 30, 2019, professional fees totaled $124,774, which decreased by $295,128 compared to $419,902 for the three months ended April 30, 2018. For the nine months ended April 30, 2019, professional fees totaled $478,246, which decreased by $498,085, compared to $976,331 for the nine months ended April 30, 2018. The decreases in professional fees were primarily the result of the dismissal of legal claims. Professional fees are primarily comprised of legal services related to certain transactional activities, regulatory compliance and ongoing legal claims, in addition to audit and tax services; and

● for the three and nine months ended April 30, 2019, stock-based compensation totaled $554,732 and $2,143,598, respectively, which was consistent with $518,585 and $2,133,359 for the three and nine months ended April 30, 2018. During the nine months ended April 30, 2019, we continued to utilize equity-based payments to compensate certain directors, officers, employees and consultants for services provided as part of our continuing efforts to reduce cash outlays. In July 2018 and August 2017, we granted approximately 2.0 million and 1.8 million stock options, respectively, to our directors, officers, employees and consultants. The fair value of these stock options has been amortized on an accelerated basis over the vesting periods of the options, resulting in a higher stock-based compensation expense being recognized at the beginning of the vesting periods than at the end of the vesting periods.

Depreciation, Amortization and Accretion

During the three and nine months ended April 30, 2019, depreciation, amortization and accretion totaled $86,387 and $259,970, respectively, which were consistent compared to $88,294 and $268,066 for the three and nine months ended April 30, 2018, respectively.

Depreciation, amortization and accretion include depreciation and amortization of long-term assets acquired in the normal course of operations and accretion of asset retirement obligations.

Other Income and Expenses

Interest and Finance Costs

During the three months ended April 30, 2019, interest and finance costs totaled $815,258, which increased by $105,258 compared to $710,000 for the three months ended April 30, 2018. During the nine months ended April 30, 2019, interest and finance costs totaled $2,383,916, which increased by $177,331, compared to $2,206,585 for the nine months ended April 30, 2018. The increases primarily resulted from an increased amortization of debt discount.

For the three months ended April 30, 2019 and 2018, interest and finance costs were primarily comprised of interest paid on long-term debt of $395,555 and $395,555, amortization of debt discount of $384,551 and $277,502, and amortization of annual surety bond premiums of $29,450 and $29,394, respectively. For the nine months ended April 30, 2019 and 2018, interest and finance costs were primarily comprised of interest paid on long-term debt of $1,213,333 and $1,213,333, amortization of debt discount of $1,050,671 and $883,333, and amortization of annual surety bond premiums of $99,925 and $87,941, respectively.

Income or Loss from Equity-Accounted Investment

During the three months ended April 30, 2019, we recorded a loss of $872,851 from an equity-accounted investment compared to a loss of $10,134 for the three months ended April 30, 2018. During the nine months ended April 30, 2019, we recorded a loss of $590,819 from an equity-accounted investment, compared to an income of $91,099 for the nine months ended April 30, 2018. The increases in loss from equity-accounted investment primarily resulted from the Company’s increased ownership interest in URC from 11.3% at July 31, 2018 to 33.7% at April 30, 2019.

29

Gain or Loss on Disposition of Assets

During the three months ended April 30, 2019, we recorded a gain of $7,598 on disposition of assets, compared to a loss of $1,222 for the three months ended April 30, 2018. During the nine months ended April 30, 2019, we recorded a gain of $1,591,362 on disposition of assets, compared to a loss of $1,696 for the nine months ended April 30, 2018. During the nine months ended April 30, 2019, we recorded a gain of $1,578,864 on disposition of assets from the sale of royalty interests to URC. Refer to Note 4: Mineral Rights and Properties to the condensed consolidated financial statements.

Summary of Quarterly Results

	For the Quarters Ended
	April 30, 2019			January 31, 2019			October 31, 2018			July 31, 2018
Net loss	$	(5,017,557	)	$	(2,349,674	)	$	(3,451,426	)	$	(4,770,335	)
Total comprehensive loss		(5,177,511	)		(2,311,442	)		(3,451,426	)		(4,652,380	)
Basic and diluted loss per share		(0.03	)		(0.01	)		(0.02	)		(0.03	)
Total assets		105,055,912			106,958,178			108,046,108			89,611,309

	For the Quarters Ended
	April 30, 2018			January 31, 2018			October 31, 2017			July 31, 2017
Net loss	$	(4,146,646	)	$	(4,353,813	)	$	(4,555,840	)	$	(5,587,130	)
Total comprehensive loss		(4,146,394	)		(4,354,060	)		(4,555,457	)		(5,587,076	)
Basic and diluted loss per share		(0.03	)		(0.03	)		(0.03	)		(0.04	)
Total assets		88,958,320			92,046,979			94,523,947			72,177,234

Liquidity and Capital Resources 

	April 30, 2019		July 31, 2018
Cash and cash equivalents	$	6,093,098	$	6,926,523
Short-term investments		14,858,126		-
Current assets		22,969,697		8,340,728
Current portion of long-term debt		-		10,000,000
Other current liabilities		1,493,746		2,315,570
Working capital (deficit)		21,475,951		(3,974,842	)

During the nine months ended April 30, 2019, we completed the public October 2018 Offering of 12,613,049 units at a price of $1.60 per unit for gross proceeds of $20,180,878, and received cash proceeds of $4,894,720 from the exercise of stock options and warrants, which substantially increased our cash and cash equivalent and improved our working capital positions. At April 30, 2019, we had working capital of $21,475,951, which increased by $25,450,793 from the working capital deficit of $3,974,842 at July 31, 2018.

On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement with our Lenders, whereby we and the Lenders agreed to certain further amendments to our $20,000,000 Credit Facility, the maturity date was extended from January 1, 2020 to January 31, 2022, and the prior monthly principal payments were deferred until the new maturity date of January 31, 2022. As a result, the $15.0 million principal amount reported as current portion of long-term debt at October 31, 2018, representing principal amounts due over the then next 12 months from October 31, 2018, was removed from our capital resource requirement for the then next 12 months. With the October 2018 Offering completed and the Third Amended and Restated Credit Agreement effected, our existing cash resources as at April 30, 2019 are expected to provide sufficient funds to carry our planned operations for the next 12 months from the date that this Quarterly Report is issued.  Our continuation as a going concern for a period beyond 12 months will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial. Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.

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Historically, we have been reliant primarily on equity financings from the sale of our common stock and, during Fiscal 2014 and Fiscal 2013, on debt financing in order to fund our operations. We have also relied, to a limited extent, on cash flows generated from our mining activities during Fiscal 2015, Fiscal 2013 and Fiscal 2012; however, we have yet to achieve profitability or develop positive cash flow from operations and we do not expect to achieve profitability or develop positive cash flow from operations in the near term. Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electrical generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets. We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project. However, there is no assurance that we will be successful in securing any form of additional financing when required and on terms favorable to us.

Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including continuing with our exploration and pre-extraction activities and acquiring additional mineral projects. In the absence of such additional financing, we would not be able to fund our operations, including continuing with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our mineral projects.

Our anticipated operations, including exploration and pre-extraction activities, will be dependent on and may change as a result of our financial position, the market price of uranium and other considerations, and such change may include accelerating the pace or broadening the scope of reducing our operations as originally announced in September 2013.

Our ability to secure adequate funding for these activities will be impacted by our operating performance, other uses of cash, the market price of commodities, the market price of our common stock and other factors which may be beyond our control. Specific examples of such factors include, but are not limited to:

● if the weakness in the market price of uranium experienced in Fiscal 2018 continues or weakens further during Fiscal 2019;

● if the weakness in the market price of our common stock experienced in Fiscal 2018 continues or weakens further during Fiscal 2019;

● if we default on making scheduled payments of fees and complying with the restrictive covenants as required under our Credit Facility, and it results in accelerated repayment of our indebtedness and/or enforcement by the Lenders against our key assets securing our indebtedness; and

● if another nuclear incident, such as the events that occurred at Fukushima in March 2011, were to occur during Fiscal 2019, continuing public support of nuclear power as a viable source of electrical generation may be adversely affected, which may result in significant and adverse effects on both the nuclear and uranium industries.

Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional mineral projects and to continue with exploration and pre-extraction activities and mining activities on our existing mineral projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable mineral and to develop these into profitable mining activities.

Equity Financings

We filed a Form S-3 shelf registration statement under the United States Securities Act of 1933, as amended (the “Securities Act”), which was declared effective on March 10, 2017 (the “2017 Shelf”), providing for the public offer and sale of certain securities of our Company from time to time, at our discretion, of up to an aggregate offering amount of $100 million.

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On October 3, 2018, we completed our October 2018 Offering of 12,613,049 units at a price of $1.60 per unit for gross proceeds of $20,180,878. Each unit was comprised of one share of the Company and one-half of one share purchase warrant. Each whole warrant entitles its holder to acquire one share at an exercise price of $2.05 per share, exercisable immediately upon issuance and expiring 30 months from the date of issuance. In connection with the October 2018 Offering, we also issued compensation share purchase warrants to agents as part of share issuance costs to purchase 756,782 shares of our Company, exercisable at an exercise price of $2.05 per share and expiring 30 months from the date of issuance.

As at April 7, 2019, a total of $68.4 million of the 2017 Shelf was utilized through the registration of our shares of common stock underlying outstanding common share purchase warrants from previous registered offerings with a remaining available balance of $31.6 million under the 2017 Shelf. On April 8, 2019 we filed an additional Form S-3 shelf registration statement pursuant to Rule 462(b) of the Securities Act, which became effective upon filing on April 8, 2019, providing for the public offer and sale of certain additional securities of our Company representing an additional 20%, or $6.3 million, of the then remaining $31.6 million available under the 2017 Shelf, which increased the remaining amount available under the 2017 Shelf to $37.9 million.

On April 9, 2019, we entered into an At The Market Offering Agreement (the “Offering Agreement”) with H.C. Wainwright & Co., LLC (as the “Lead Manager”) and the co-managers set forth on the signature page of the Offering Agreement (each, a “Co-Manager” and, collectively, with the Lead Manager, the “Managers”); under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $37.9 million through the Managers (collectively, the “ATM”). Upon delivery of a “Sales Notice” under and subject to the terms and conditions of the Offering Agreement, the “Designated Manager” of the Managers under the Offering Agreement may sell the shares by methods deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act, including sales made directly on the NYSE American, the existing trading market for our common stock, sales made to or through a market maker other than on an exchange or otherwise, directly to the sales agent as principal, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or in any other method permitted by law. Subject to the terms and conditions of the Offering Agreement, the Managers will use commercially reasonable efforts, consistent with its normal trading and sales practices, to sell the shares from time to time, based upon the Company’s instructions, subject to applicable state and federal laws, rules and regulations, and the rules of the NYSE American. The Company is not obligated to, and the Company cannot provide any assurances that it will, make any sales of the shares under the Offering Agreement. The Offering Agreement will terminate upon the earlier of (i) sale of the shares under the Offering Agreement having an aggregate offering price of $37.9 million, (ii) the three year anniversary of the date of the Offering Agreement, and (iii) the termination of the Offering Agreement as permitted therein. The Offering Agreement may be terminated by the Lead Manager or the Company at any time upon 5 days’ notice to the other party, or by the Lead Manager at any time in certain circumstances, including the occurrence of a material adverse change in the Company. The Company will pay the Designated Manager a commission of 2.25% of the gross proceeds from the sale of shares, and has agreed to provide the Managers with customary indemnification and contribution rights.

In connection with the ATM, on April 9, 2019, we filed a prospectus supplement to the 2017 Shelf providing for the public offer and sale of the Company’s shares having an aggregate offering price of up to $37.9 million through one or more at-the-market offerings pursuant to the ATM. At April 30, 2019, no public offer or sale of the Company’s shares was completed under the ATM.

As at April 30, 2019, all $106.3 million under the 2017 Shelf was utilized through the registration of our shares of common stock and shares of common stock underlying outstanding common share purchase warrants from previous registered offerings as well as our shares of common stock to be sold under the ATM as follows:

● up to 2,850,000 shares of our common stock (the “2015 Warrant Shares”) issuable from time to time upon the exercise of 2,850,000 whole common share purchase warrants at a price of $2.35 per 2015 Warrant Share issued by us on June 25, 2015 as part of a unit offering on the same date representing approximately $6.7 million under the 2017 Shelf;

● up to 6,594,348 shares of our common stock (the “2016 Warrant Shares”) issuable from time to time upon the exercise of 6,594,348 whole common share purchase warrants at a price of $1.20 per 2016 Warrant Share issued by us on March 10, 2016 as part of a unit offering on the same date representing approximately $7.9 million under the 2017 Shelf;

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● up to 9,571,929 shares of our common stock (the “2017 Warrant Shares”) issuable from time to time upon the exercise of 9,571,929 whole common share purchase warrants at a price of $2.00 per 2017 Warrant Share issued by us on January 20, 2017 as part of a unit offering on the same date representing approximately $19.1 million under the 2017 Shelf;

● 12,613,049 shares of our common stock (the “2018 Unit Shares”) issued by us on October 3, 2018 as part of the unit offering on the same date representing approximately $20.2 million under the 2017 Shelf;

● 7,063,253 shares of our common stock (the “2018 Warrant Shares”) issuable from time to time upon the exercise of 7,063,253 whole common share purchase warrants at a price of $2.05 per 2018 Warrant Share issued by us on October 3, 2018 as part of our October 2018 Offering representing approximately $14.5 million under the 2017 Shelf; and

● up to $37.9 million in shares of our common stock issuable from time to time under the ATM under the 2017 Shelf.

Debt Financing

On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement with our Lenders, whereby we and the Lenders agreed to certain further amendments to the Credit Facility, under which initial funding of $10,000,000 was received by the Company upon closing of the Credit Facility on July 30, 2013, and additional funding of $10,000,000 was received by the Company upon closing of the amended Credit Facility on March 13, 2014.

The key terms of the Third Amended and Restated Credit Agreement are summarized as follows:

● extension of the maturity date from January 1, 2020 to January 31, 2022;

● deferral of the prior monthly principal payments until the new maturity date of January 31, 2022;

● issuance of third extension fee shares equal to 7% of the principal balance outstanding or $1,400,000 paid to the Lenders by way of the issuance of 1,180,328 shares of the Company at a deemed issuance price per share of $1,18611 representing a 10% discount to our five trading-day volume-weighted average trading price prior to closing; and

● payment of anniversary fees to the Lenders on each of November 30, 2019, 2020 and 2021, of 7%, 6.5% and 6%, respectively, of the principal balance then outstanding, if any, payable at the option of the Company in cash or shares of the Company with a price per share calculated at a 10% discount to the five trading-day volume-weighted average price of the Company’s shares immediately prior to the applicable date.

The Credit Facility is non-revolving with an amended term of 8.5 years maturing on January 31, 2022, subject to an interest rate of 8% per annum, compounded and payable on a monthly basis.

The Third Credit Amended and Restated Agreement supersedes, in their entirety, the Second Amended and Restated Credit Agreement dated and effective February 9, 2016, the Amended and Restated Credit Agreement dated and effective March 13, 2014 and the Credit Agreement dated and effective July 30, 2013 with our Lenders. Refer to Note 9: Long-Term Debt of the Notes to the Condensed Consolidated Financial Statements for the nine months ended April 30, 2019 and Note 10: Long-Term Debt of the Notes to the Consolidated Financial Statements for Fiscal 2018.

Operating Activities

Net cash used in operating activities during the nine months ended April 30, 2019 and 2018 was $9,626,039 and $10,387,947, respectively. Significant operating expenditures included mineral property expenditures, general and administrative expenses and interest payments.

Financing Activities

During the nine months ended April 30, 2019, net cash provided by financing activities was $23,843,995. On October 3, 2018, we completed our October 2018 Offering of 12,613,049 units at a price of $1.60 per unit and received net proceeds of $18,969,211. In addition, we received net proceeds of $4,822,357 from the exercise of share purchase warrants and $72,363 from the exercise of stock options. During the nine months ended April 30, 2018, net cash provided by financing activities was $328,300 from the exercise of stock options.

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Investing Activities

During the nine months ended April 30, 2019, net cash used in investing activities totaled $15,028,437, primarily for the purchase of short-term investments of $29,858,126, investment in mineral rights and properties of $105,000 and purchase of property, plant and equipment of $77,809, offset by cash received from the redemption of short-term investments totaling $15,000,000. During the nine months ended April 30, 2018, net cash provided by investing activities was $8,780,276, resulting primarily from cash received from the redemption of short-term investments totaling $30,771,253, net cash and restricted cash of $289,038 received from the acquisition of the Reno Creek, offset by cash used in the purchase of short-term investments of $21,771,253, an increase of $188,400 in other long-term assets, cash used in the investment in mineral rights and properties of $309,120, and cash used in the purchase of property, plant and equipment of $11,242.

Stock Options and Warrants

At April 30, 2019, we had stock options outstanding representing 14,736,375 shares at a weighted-average exercise price of $1.41 per share and share purchase warrants outstanding representing 19,443,910 shares at a weighted-average exercise price of $1.94 per share. At April 30, 2019, outstanding stock options and warrants represented a total 34,180,285 shares issuable for gross proceeds of approximately $58.5 million should these stock options and warrants be exercised in full on a cash basis. At April 30, 2019, outstanding in-the-money stock options and warrants represented a total of 13,834,875 shares exercisable for gross proceeds of approximately $17.3 million should these in-the-money stock options and warrants be exercised in full on a cash basis. The exercise of these stock options and warrants is at the discretion of the respective holders and, accordingly, there is no assurance that any of these stock options or warrants will be exercised in the future.

Transactions with a Related Party

During the three months ended April 30, 2019 and 2018, we incurred $39,365 and $36,210 (nine months ended April 30, 2019 and 2018: $117,086 and $112,850), respectively, in general and administrative costs paid to Blender, a company controlled by Arash Adnani, a direct family member of our President and Chief Executive Officer, for various services including information technology, corporate branding, media, website design, maintenance and hosting, provided to the Company.

During the nine months ended April 30, 2018, we issued 104,706 shares to Blender with a fair value of $141,678, as settlement of the equivalent amounts owed.

At April 30, 2019, the amount owing to Blender was $48,545 (July 31, 2018: $807).

Material Commitments

Long-Term Debt Obligations

On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement, whereby we and our Lenders agreed to extend the maturity date of the Credit Facility from January 1, 2020 to January 31, 2022, and to defer the prior monthly principal payments until the new maturity date of January 31, 2022.

At April 30, 2019, we have made all scheduled payments and complied with all covenants under our Credit Facility, and we expect to continue complying with all scheduled payments and covenants during Fiscal 2019.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

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Critical Accounting Policies

For a complete summary of all of our significant accounting policies, refer to Note 2: Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements as presented under Item 8. Financial Statements and Supplementary Data in our Form 10-K Annual Report for Fiscal 2018.

Refer to “Critical Accounting Policies” under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K Annual Report for Fiscal 2018.

Subsequent Events

We have no material subsequent events to report in this Quarterly Report.

Item 3.     Quantitative and Qualitative Disclosures About Market Risk

Refer to Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Form 10-K Annual Report for Fiscal 2018.

Item 4.     Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of our internal controls over financial reporting and disclosure controls and procedures (as such terms are defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report, and, except for the remediation procedure described below which has not yet been fully tested, our Principal Executive Officer and Principal Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective.

In our assessment of the effectiveness of our Company’s internal control over financial reporting as at July 31, 2018, we identified a material weakness relating to a review control. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements could not be prevented or detected on a timely basis.

During the fiscal quarter ended January 31, 2019, in response to this material weakness, management implemented new control procedures to increase the precision level and documentation of review, and involvement and rigor in management review in procedures. Management will not consider the material weakness remediated until the remedial control procedures implemented operate for a period of time and the control procedures are tested to ensure they are operating effectively. We expect testing and full remediation of the material weakness to occur prior to the year end of our Fiscal 2019. As the remediation has not yet been tested, our Principal Executive Officer and Principal Financial Officer have concluded that the disclosure controls and procedures cannot be deemed effective at a level that provides reasonable assurance as of the date of this Quarterly Report.

It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals.

Changes in Internal Controls

Except for the remediation procedure described above, there have been no other changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our fiscal quarter ended April 30, 2019, that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1.     Legal Proceedings

As of the date of this Quarterly Report, other than as disclosed below, there are no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which the Company or any of its subsidiaries is a party or of which any of their property is subject, and no director, officer, affiliate or record or beneficial owner of more than 5% of our common stock, or any associate or any such director, officer, affiliate or security holder is: (i) a party adverse to us or any of our subsidiaries in any legal proceeding; or (ii) has an adverse interest to us or any of our subsidiaries in any legal proceeding. Other than as disclosed below, management is not aware of any other material legal proceedings pending or that have been threatened against us or our properties.

On or about March 9, 2011, the TCEQ granted the Company’s applications for a Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption for its Goliad Project.  On or about December 4, 2012, the U.S. Environmental Protection Agency (the “EPA”) concurred with the TCEQ issuance of the Aquifer Exemption permit (the “AE”).  With the receipt of this concurrence, the final authorization required for uranium extraction, the Goliad Project achieved fully-permitted status.  On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250^th District Court in Travis County, Texas.  A motion filed by the Company to intervene in this matter was granted. The petitioners’ appeal lay dormant until on or about June 14, 2013, when the petitioners filed their initial brief in support of their position.  On or about January 18, 2013, a different group of petitioners, exclusive of Goliad County, filed a petition for review with the Court of Appeals for the Fifth Circuit in the United States (the “Fifth Circuit”) to appeal the EPA’s decision.  On or about March 5, 2013, a motion filed by the Company to intervene in this matter was granted.  The parties attempted to resolve both appeals, to facilitate discussions and avoid further legal costs. The parties jointly agreed, through mediation initially conducted through the Fifth Circuit on or about August 8, 2013, to abate the proceedings in the State District Court. On or about August 21, 2013, the State District Court agreed to abate the proceedings.  The EPA subsequently filed a motion to remand without vacatur with the Fifth Circuit wherein the EPA’s stated purpose was to elicit additional public input and further explain its rationale for the approval.  In requesting the remand without vacatur, which would allow the AE to remain in place during the review period, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal of the AE.  The Company and the TCEQ filed a request to the Fifth Circuit for the motion to remand without vacatur, and if granted, to be limited to a 60-day review period.  On December 9, 2013, by way of a procedural order from a three-judge panel of the Fifth Circuit, the Court granted the remand without vacatur and initially limited the review period to 60 days. In March of 2014, at the EPA’s request, the Fifth Circuit extended the EPA’s time period for review and additionally, during that same period, the Company conducted a joint groundwater survey of the site, the result of which reaffirmed the Company’s previously filed groundwater direction studies. On or about June 17, 2014, the EPA reaffirmed its earlier decision to uphold the granting of the Company’s existing AE, with the exception of a northwestern portion containing less than 10% of the uranium resource which was withdrawn, but not denied, from the AE area until additional information is provided in the normal course of mine development. On or about September 9, 2014, the petitioners filed a status report with the State District Court which included a request to remove the stay agreed to in August 2013 and to set a briefing schedule (the “Status Report”). In that Status Report the petitioners also stated that they had decided not to pursue their appeal at the Fifth Circuit. The Company continues to believe that the pending appeal is without merit and is continuing as planned towards uranium extraction at its fully-permitted Goliad Project.

On or about October 2, 2015, Marnie W. McMahon filed a stockholder derivative complaint on behalf of the Company against the Company’s Board of Directors, executive management and three of its vice presidents (the “Company parties”) in the District Court of Nevada (the “Nevada Derivative Case”) seeking unspecified damages on behalf of the Company against the Company parties for allegedly breaching their fiduciary duties to the Company with respect to allegations previously made in a prior class action complaint as against the Company and two of its executive officers which was dismissed in September of 2016 (the “Securities Case”). On January 21, 2016, the Court granted the Company’s motion to stay the Nevada Derivative Case pending the outcome of what was then a federal derivative case involving the same Company parties with similar allegations. Following the voluntary dismissal of the federal derivative case in November of 2017, Ms. McMahon filed an amended complaint on February 10, 2017, which again asserted that the Company’s directors breached their fiduciary duties relating to the factual allegations in the Securities Case. The Company filed a motion to dismiss and on September 13, 2017, the Court granted the Company’s motion to dismiss the Nevada Derivative Case. On or about October 5, 2017, the plaintiff filed a notice of appeal with the Court. On June 14, 2018, the plaintiff filed the Appellant’s opening brief in the Supreme Court of Nevada. In response on August 2018, we filed our answering brief. On February 22, 2019, the Nevada Supreme Court issued an Order Of Affirmance affirming the Reno, Nevada trial court’s dismissal of the Nevada Derivative Case.  The time for the plaintiff to seek reconsideration of the Nevada Supreme Court’s decision has expired and the court has closed the case.

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The Company has had communications and filings with the MOPC, the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty and Alto Parana projects are not eligible for extension as to exploration or continuation to exploitation in their current stages. While the Company remains fully committed to its development path forward in Paraguay, it caused its legal counsel to file an appeal in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions. In the interim the Company also continues to conduct its business in a manner to comply with all applicable mining laws in Paraguay.

Item 1A.     Risk Factors

In addition to the information contained in our Form 10-K Annual Report for Fiscal 2018, and this Form 10-Q Quarterly Report, we have identified the following material risks and uncertainties which reflect our outlook and conditions known to us as of the date of this Quarterly Report. These material risks and uncertainties should be carefully reviewed by our stockholders and any potential investors in evaluating the Company, our business and the market value of our common stock. Furthermore, any one of these material risks and uncertainties has the potential to cause actual results, performance, achievements or events to be materially different from any future results, performance, achievements or events implied, suggested or expressed by any forward-looking statements made by us or by persons acting on our behalf. Refer to “Cautionary Note Regarding Forward-looking Statements” as disclosed in our Form 10-K Annual Report for Fiscal 2018.

There is no assurance that we will be successful in preventing the material adverse effects that any one or more of the following material risks and uncertainties may cause on our business, prospects, financial condition and operating results, which may result in a significant decrease in the market price of our common stock. Furthermore, there is no assurance that these material risks and uncertainties represent a complete list of the material risks and uncertainties facing us. There may be additional risks and uncertainties of a material nature that, as of the date of this Quarterly Report, we are unaware of or that we consider immaterial that may become material in the future, any one or more of which may result in a material adverse effect on us. You could lose all or a significant portion of your investment due to any one of these material risks and uncertainties.

Risks Related to Our Company and Business

Evaluating our future performance may be difficult since we have a limited financial and operating history, with significant negative cash flow and accumulated deficit to date. Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities.

As more fully described under Item 1. Business in our Form 10-K Annual Report for Fiscal 2018, we were incorporated under the laws of the State of Nevada on May 16, 2003, and since 2004, we have been predominantly engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on projects located in the United States and Paraguay. In November 2010, we commenced uranium extraction for the first time at the Palangana Mine utilizing ISR and processed those materials at the Hobson Processing Facility into drums of U3O8, our only sales product and source of revenue. We also hold uranium projects in various stages of exploration and pre-extraction in the States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and the Republic of Paraguay. Since we completed the acquisition of the Alto Paraná Project located in the Republic of Paraguay in July 2017, we are also involved in mining and related activities, including exploration, pre-extraction, extraction and processing of titanium minerals.

As more fully described under “Liquidity and Capital Resources” of Item 2. Management’s Discussion and Analysis of Financial Condition and Result of Operations, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance since inception of $255.9 million at April 30, 2019. Historically, we have been reliant primarily on equity financings from the sale of our common stock and, for Fiscal 2014 and Fiscal 2013, on debt financing in order to fund our operations. Although we generated revenues from sales of U3O8 during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, with no revenues from sales of U3O8 generated during the nine months ended April 30, 2019, Fiscal 2016 to Fiscal 2018, Fiscal 2014 or for any periods prior to Fiscal 2012, we have yet to achieve profitability or develop positive cash flow from our operations, and we do not expect to achieve profitability or develop positive cash flow from operations in the near term. As a result of our limited financial and operating history, including our significant negative cash flow and net losses to date, it may be difficult to evaluate our future performance.

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During the nine months ended April 30, 2019, we completed the public October 2018 Offering of 12,613,049 units at a price of $1.60 per unit for gross proceeds of $20,180,878, and received cash proceeds of $4,894,720 from the exercise of stock options and warrants, which substantially increased our cash and cash equivalent and improved our working capital positions. At April 30, 2019, we had working capital of $21.5 million including cash and cash equivalents of $6.1 million and short-term investments of $14.9 million. On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement with our Lenders whereby we and the Lenders agreed to certain further amendments to our $20,000,000 Credit Facility, the maturity date was extended from January 1, 2020 to January 31, 2022, and the prior monthly principal payments were deferred until the new maturity date of January 31, 2022. As a result, the $15.0 million principal amounts reported as current-portion of long-term debt at October 31, 2018, representing principal amounts due over the then next 12 months from October 31, 2018, was removed from our capital resource requirement for the then next 12 months. Consequently, our existing cash resources as at April 30, 2019 are expected to provide sufficient funds to carry our planned operations for the next 12 months from the date of this Quarterly Report.  Our continuation as a going concern for a period beyond 12 months will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial. Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.

Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required, will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electrical generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets. We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.

Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional uranium projects and continue with exploration and pre-extraction activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into profitable mining activities. The economic viability of our mining activities, including the expected duration and profitability of the Palangana Mine and of any future satellite ISR mines, such as the Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt, and the Reno Creek Project located in the Powder River Basin, Wyoming, and our projects in Canada and in the Republic of Paraguay, have many risks and uncertainties. These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium and titanium minerals; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct the mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected mineral extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vi) the introduction of significantly more stringent regulatory laws and regulations. Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.

Our operations are capital intensive and we will require significant additional financing to acquire additional mineral projects and continue with our exploration and pre-extraction activities on our existing projects.

Our operations are capital intensive and future capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including acquiring additional projects and continuing with our exploration and pre-extraction activities which include assaying, drilling, geological and geochemical analysis and mine construction costs. In the absence of such additional financing we would not be able to fund our operations or continue with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our projects.

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If we are unable to service our indebtedness, we may be faced with accelerated repayments or lose the assets securing our indebtedness. Furthermore, restrictive covenants governing our indebtedness may restrict our ability to pursue our business strategies.

On December 5, 2018, we entered into the Third Amended and Restated Credit Agreement with our Lenders under which we had previously drawn down the maximum $20 million in principal. The Credit Facility requires monthly interest payments calculated at 8% per annum and other periodic fees. Our ability to continue making these scheduled payments will be dependent on and may change as a result of our financial condition and operating results. Failure to make any of these scheduled payments will put us in default with the Credit Facility which, if not addressed or waived, could require accelerated repayment of our indebtedness and/or enforcement by the Lenders against our assets. Enforcement against our assets would have a material adverse effect on our financial condition and operating results.

Furthermore, our Credit Facility includes restrictive covenants that, among other things, limit our ability to sell our assets or to incur additional indebtedness other than permitted indebtedness, which may restrict our ability to pursue certain business strategies from time to time. If we do not comply with these restrictive covenants, we could be in default which, if not addressed or waived, could require accelerated repayment of our indebtedness and/or enforcement by the Lenders against our assets.

Our uranium extraction and sales history is limited, with our uranium extraction to date originating from a single uranium mine. Our ability to continue generating revenue is subject to a number of factors, any one or more of which may adversely affect our financial condition and operating results.

We have a limited history of uranium extraction and generating revenue. In November 2010, we commenced uranium extraction at the Palangana Mine, which has been our sole source of U3O8 sold to generate the revenues during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.1 million, $9.0 million and $13.8 million, respectively, with no revenues from sales of U3O8 generated during the nine months ended April 30, 2019, Fiscal 2018, Fiscal 2017, Fiscal 2016, Fiscal 2014 or for any periods prior to Fiscal 2012.

During the nine months ended April 30, 2019, we continued to operate the Palangana Mine at a reduced pace since implementing our strategic plan in September 2013 to align our operations to a weak uranium commodity market in a challenging post-Fukushima environment. This strategy has included the deferral of major pre-extraction expenditures and remaining in a state of operational readiness in anticipation of a recovery in uranium prices.  Our ability to continue generating revenue from the Palangana Mine is subject to a number of factors which include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct the mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected uranium extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations. Furthermore, continued mining activities at the Palangana Mine will eventually deplete the Palangana Mine or cause such activities to become uneconomical, and if we are unable to directly acquire or develop existing uranium projects, such as our Burke Hollow and Goliad Projects, into additional uranium mines from which we can commence uranium extraction, it will negatively impact our ability to generate revenues. Any one or more of these occurrences may adversely affect our financial condition and operating results.

Exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly from expectations or anticipated amounts. Furthermore, exploration programs conducted on our projects may not result in the establishment of ore bodies that contain commercially recoverable uranium.

Exploration and pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, with many beyond our control and including, but not limited to: (i) unanticipated ground and water conditions and adverse claims to water rights; (ii) unusual or unexpected geological formations; (iii) metallurgical and other processing problems; (iv) the occurrence of unusual weather or operating conditions and other force majeure events; (v) lower than expected ore grades; (vi) industrial accidents; (vii) delays in the receipt of or failure to receive necessary government permits; (viii) delays in transportation; (ix) availability of contractors and labor; (x) government permit restrictions and regulation restrictions; (xi) unavailability of materials and equipment; and (xii) the failure of equipment or processes to operate in accordance with specifications or expectations. These risks and uncertainties could result in: (i) delays, reductions or stoppages in our mining activities; (ii) increased capital and/or extraction costs; (iii) damage to, or destruction of, our mineral projects, extraction facilities or other properties; (iv) personal injuries; (v) environmental damage; (vi) monetary losses; and (vii) legal claims.

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Success in mineral exploration is dependent on many factors, including, without limitation, the experience and capabilities of a company’s management, the availability of geological expertise and the availability of sufficient funds to conduct the exploration program. Even if an exploration program is successful and commercially recoverable material is established, it may take a number of years from the initial phases of drilling and identification of the mineralization until extraction is possible, during which time the economic feasibility of extraction may change such that the material ceases to be economically recoverable. Exploration is frequently non-productive due, for example, to poor exploration results or the inability to establish ore bodies that contain commercially recoverable material, in which case the project may be abandoned and written-off. Furthermore, we will not be able to benefit from our exploration efforts and recover the expenditures that we incur on our exploration programs if we do not establish ore bodies that contain commercially recoverable material and develop these projects into profitable mining activities, and there is no assurance that we will be successful in doing so for any of our projects.

Whether an ore body contains commercially recoverable material depends on many factors including, without limitation: (i) the particular attributes, including material changes to those attributes, of the ore body such as size, grade, recovery rates and proximity to infrastructure; (ii) the market price of uranium, which may be volatile; and (iii) government regulations and regulatory requirements including, without limitation, those relating to environmental protection, permitting and land use, taxes, land tenure and transportation.

We have not established proven or probable reserves through the completion of a “final” or “bankable” feasibility study for any of our projects, including the Palangana Mine. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining, such as the Palangana Mine. Since we commenced extraction of mineralized materials from the Palangana Mine without having established proven or probable reserves, it may result in our mining activities at the Palangana Mine, and at any future projects for which proven or probable reserves are not established, being inherently riskier than other mining activities for which proven or probable reserves have been established.

We have established the existence of mineralized materials for certain projects, including the Palangana Mine. We have not established proven or probable reserves, as defined by the SEC under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of our projects, including the Palangana Mine. Furthermore, we have no plans to establish proven or probable reserves for any of our projects for which we plan on utilizing ISR mining, such as the Palangana Mine. Since we commenced uranium extraction at the Palangana Mine without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated. Any mineralized materials established or extracted from the Palangana Mine should not in any way be associated with having established or produced from proven or probable reserves.

Since we are in the Exploration Stage, pre-production expenditures including those related to pre-extraction activities are expensed as incurred, the effects of which may result in our consolidated financial statements not being directly comparable to the financial statements of companies in the Production Stage.

Despite the fact that we commenced uranium extraction at the Palangana Mine in November 2010, we remain in the Exploration Stage as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established, which may never occur. We prepare our consolidated financial statements in accordance with U.S. GAAP under which acquisition costs of mineral rights are initially capitalized as incurred while pre-production expenditures are expensed as incurred until such time we exit the Exploration Stage.  Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that uranium project, after which subsequent expenditures relating to mine development activities for that particular project are capitalized as incurred.

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We have neither established nor have any plans to establish proven or probable reserves for our uranium projects for which we plan on utilizing ISR mining, such as the Palangana Mine. Companies in the Production Stage as defined by the SEC under Industry Guide 7, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. As we are in the Exploration Stage, it has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mill and mine pre-extraction activities. Additionally, there would be no corresponding amortization allocated to our future reporting periods since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage. Any capitalized costs, such as acquisition costs of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

Estimated costs of future reclamation obligations may be significantly exceeded by actual costs incurred in the future. Furthermore, only a portion of the financial assurance required for the future reclamation obligations has been funded.

We are responsible for certain remediation and decommissioning activities in the future primarily for our Hobson Processing Facility, Palangana Mine, Reno Creek Project and Alto Paraná Project and have recorded a liability of $4.2 million on our balance sheet at April 30, 2019, to recognize the present value of the estimated costs of such reclamation obligations.  Should the actual costs to fulfill these future reclamation obligations materially exceed these estimated costs, it may have an adverse effect on our financial condition and operating results, including not having the financial resources required to fulfill such obligations when required to do so.

During Fiscal 2015, we secured $5.6 million of surety bonds as an alternate source of financial assurance for the estimated costs of the reclamation obligations of our Hobson Processing Facility and Palangana Mine, of which we have $1.7 million funded and held as restricted cash for collateral purposes as required by the surety. We may be required at any time to fund the remaining $3.9 million or any portion thereof for a number of reasons including, but not limited to, the following: (i) the terms of the surety bonds are amended, such as an increase in collateral requirements; (ii) we are in default with the terms of the surety bonds; (iii) the surety bonds are no longer acceptable as an alternate source of financial assurance by the regulatory authorities; or (iv) the surety encounters financial difficulties. Should any one or more of these events occur in the future, we may not have the financial resources to fund the remaining amount or any portion thereof when required to do so.

We do not insure against all of the risks we face in our operations.

In general, where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. We currently maintain insurance against certain risks including securities and general commercial liability claims and certain physical assets used in our operations, subject to exclusions and limitations, however, we do not maintain insurance to cover all of the potential risks and hazards associated with our operations.  We may be subject to liability for environmental, pollution or other hazards associated with our exploration, pre-extraction and extraction activities, which we may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of high premiums or other reasons. Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability.

Acquisitions that we may make from time to time could have an adverse impact on us.

From time to time, we examine opportunities to acquire additional mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business and operations, and may expose us to new geographic, political, operating, financial and geological risks. Our success in our acquisition activities depends on our ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully with those of our Company. Any acquisitions would be accompanied by risks which could have a material adverse effect on our business. For example: (i) there may be a significant change in commodity prices after we have committed to complete the transaction and established the purchase price or exchange ratio; (ii) a material ore body may prove to be below expectations; (iii) we may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; (iv) the integration of the acquired business or assets may disrupt our ongoing business and our relationships with employees, customers, suppliers and contractors; and (v) the acquired business or assets may have unknown liabilities which may be significant. In the event that we choose to raise debt capital to finance any such acquisition, our leverage will be increased. If we choose to use equity as consideration for such acquisition, existing shareholders may suffer dilution. Alternatively, we may choose to finance any such acquisition with our existing resources. There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.

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The uranium industry is subject to numerous stringent laws, regulations and standards, including environmental protection laws and regulations. If any changes occur that would make these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.

Uranium exploration and pre-extraction programs and mining activities are subject to numerous stringent laws, regulations and standards at the federal, state and local levels governing permitting, pre-extraction, extraction, exports, taxes, labor standards, occupational health, waste disposal, protection and reclamation of the environment, protection of endangered and protected species, mine safety, hazardous substances and other matters. Our compliance with these requirements requires significant financial and personnel resources.

The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the United States or any other applicable jurisdiction, may change or be applied or interpreted in a manner which may also have a material adverse effect on our operations. The actions, policies or regulations, or changes thereto, of any government body or regulatory agency or special interest group, may also have a material adverse effect on our operations.

Uranium exploration and pre-extraction programs and mining activities are subject to stringent environmental protection laws and regulations at the federal, state, and local levels. These laws and regulations include permitting and reclamation requirements, regulate emissions, water storage and discharges and disposal of hazardous wastes. Uranium mining activities are also subject to laws and regulations which seek to maintain health and safety standards by regulating the design and use of mining methods. Various permits from governmental and regulatory bodies are required for mining to commence or continue, and no assurance can be provided that required permits will be received in a timely manner.

Our compliance costs including the posting of surety bonds associated with environmental protection laws and regulations and health and safety standards have been significant to date and are expected to increase in scale and scope as we expand our operations in the future. Furthermore, environmental protection laws and regulations may become more stringent in the future, and compliance with such changes may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.

To the best of our knowledge, our operations are in compliance, in all material respects, with all applicable laws, regulations and standards. If we become subject to liability for any violations, we may not be able or may elect not to insure against such risk due to high insurance premiums or other reasons. Where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. However, we cannot provide any assurance that such insurance will continue to be available at reasonable premiums or that such insurance will be adequate to cover any resulting liability.

We may not be able to obtain, maintain or amend rights, authorizations, licenses, permits or consents required for our operations.

Our exploration and mining activities are dependent upon the grant of appropriate rights, authorizations, licences, permits and consents, as well as continuation and amendment of these rights, authorizations, licences, permits and consents already granted, which may be granted for a defined period of time, or may not be granted or may be withdrawn or made subject to limitations. There can be no assurance that all necessary rights, authorizations, licences, permits and consents will be granted to us, or that authorizations, licences, permits and consents already granted will not be withdrawn or made subject to limitations.

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Major nuclear incidents may have adverse effects on the nuclear and uranium industries.

The nuclear incident that occurred in Japan in March 2011 had significant and adverse effects on both the nuclear and uranium industries. If another nuclear incident were to occur, it may have further adverse effects for both industries. Public opinion of nuclear power as a source of electrical generation may be adversely affected, which may cause governments of certain countries to further increase regulation for the nuclear industry, reduce or abandon current reliance on nuclear power or reduce or abandon existing plans for nuclear power expansion. Any one of these occurrences has the potential to reduce current and/or future demand for nuclear power, resulting in lower demand for uranium and lower market prices for uranium, adversely affecting the operations and prospects of us. Furthermore, the growth of the nuclear and uranium industries is dependent on continuing and growing public support of nuclear power as a viable source of electrical generation.

The marketability of uranium concentrates will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested capital.

The marketability of uranium concentrates extracted by us will be affected by numerous factors beyond our control. These factors include macroeconomic factors, fluctuations in the market price of uranium, governmental regulations, land tenure and use, regulations concerning the importing and exporting of uranium and environmental protection regulations. The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors may result in our inability to receive an adequate return on our invested capital.

The titanium industry is affected by global economic factors, including risks associated with volatile economic conditions, and the market for many titanium products is cyclical and volatile, and we may experience depressed market conditions for such products.

Titanium is used in many "quality of life" products for which demand historically has been linked to global, regional and local GDP and discretionary spending, which can be negatively impacted by regional and world events or economic conditions. Such events are likely to cause a decrease in demand for products and, as a result, may have an adverse effect on our results of operations and financial condition. The timing and extent of any changes to currently prevailing market conditions is uncertain, and supply and demand may be unbalanced at any time. Uncertain economic conditions and market instability make it particularly difficult for us to forecast demand trends. As a consequence, we may not be able to accurately predict future economic conditions or the effect of such conditions on our financial condition or results of operations. We can give no assurances as to the timing, extent or duration of the current or future economic cycles impacting the industries in which we operate.

Historically, the market for large volume titanium applications, including coatings, paper and plastics, has experienced alternating periods of tight supply, causing prices and margins to increase, followed by periods of lower capacity utilization resulting in declining prices and margins. The volatility this market experiences occurs as a result of significant changes in the demand for products as a consequence of global economic activity and changes in customers’ requirements. The supply-demand balance is also impacted by capacity additions or reductions that result in changes of utilization rates. In addition, titanium margins are impacted by significant changes in major input costs such as energy and feedstock. Demand for titanium depends in part on the housing and construction industries. These industries are cyclical in nature and have historically been impacted by downturns in the economy. In addition, pricing may affect customer inventory levels as customers may from time to time accelerate purchases of titanium in advance of anticipated price increases or defer purchases of titanium in advance of anticipated price decreases. The cyclicality and volatility of the titanium industry results in significant fluctuations in profits and cash flow from period to period and over the business cycle.

The uranium and titanium industries are highly competitive and we may not be successful in acquiring additional projects.

The uranium industry is highly competitive, and our competition includes larger, more established companies with longer operating histories that not only explore for and produce uranium, but also market uranium and other products on a regional, national or worldwide basis. Due to their greater financial and technical resources, we may not be able to acquire additional uranium projects in a competitive bidding process involving such companies. Additionally, these larger companies have greater resources to continue with their operations during periods of depressed market conditions.

The titanium industry is concentrated and highly competitive, and we may not be able to compete effectively with our competitors that have greater financial resources or those that are vertically integrated, which could have a material adverse effect on our business, results of operations and financial condition.

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The global titanium market is highly competitive, with the top six producers accounting for approximately 60% of the world's production capacity. Competition is based on a number of factors, such as price, product quality and service. Competition is based on a number of factors, such as price, product quality and service. Among our competitors are companies that are vertically-integrated (those that have their own raw material resources). Changes in the competitive landscape could make it difficult for us to retain our competitive position in various products and markets throughout the world. Our competitors with their own raw material resources may have a competitive advantage during periods of higher raw material prices. In addition, some of the companies with whom we compete may be able to produce products more economically than we can. Furthermore, some of our competitors have greater financial resources, which may enable them to invest significant capital into their businesses, including expenditures for research and development.

We hold mineral rights in foreign jurisdictions which could be subject to additional risks due to political, taxation, economic and cultural factors.

We hold certain mineral rights located in the Republic of Paraguay through Piedra Rica Mining S.A., Transandes Paraguay S.A., Trier S.A. and Metalicos Y No Metalicos S.R.L., which are incorporated in Paraguay. Operations in foreign jurisdictions outside of the United States and Canada, especially in developing countries, may be subject to additional risks as they may have different political, regulatory, taxation, economic and cultural environments that may adversely affect the value or continued viability of our rights. These additional risks include, but are not limited to: (i) changes in governments or senior government officials; (ii) changes to existing laws or policies on foreign investments, environmental protection, mining and ownership of mineral interests; (iii) renegotiation, cancellation, expropriation and nationalization of existing permits or contracts; (iv) foreign currency controls and fluctuations; and (v) civil disturbances, terrorism and war.

In the event of a dispute arising at our foreign operations in Paraguay, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of the courts in the United States or Canada. We may also be hindered or prevented from enforcing our rights with respect to a government entity or instrumentality because of the doctrine of sovereign immunity. Any adverse or arbitrary decision of a foreign court may have a material and adverse impact on our business, prospects, financial condition and results of operations.

The title to our mineral property interests may be challenged.

Although we have taken reasonable measures to ensure proper title to our interests in mineral properties and other assets, there is no guarantee that the title to any of such interests will not be challenged. No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments, aboriginal peoples or other claimants. The Company has had communications and filings with the MOPC, the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty and Alto Parana projects are not eligible for extension as to exploration or continuation to exploitation in their current stages. While the Company remains fully committed to its development path forward in Paraguay, it caused its legal counsel to file an appeal in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions. In the interim the Company also continues to conduct its business in a manner to comply with all applicable mining laws in Paraguay. Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and title may be affected by, among other things, undetected defects. A successful challenge to the precise area and location of our claims could result in us being unable to operate on our properties as permitted or being unable to enforce our rights with respect to our properties.

Due to the nature of our business, we may be subject to legal proceedings which may divert management’s time and attention from our business and result in substantial damage awards.

Due to the nature of our business, we may be subject to numerous regulatory investigations, securities claims, civil claims, lawsuits and other proceedings in the ordinary course of our business including those described under Item 1. Legal Proceedings. The outcome of these lawsuits is uncertain and subject to inherent uncertainties, and the actual costs to be incurred will depend upon many unknown factors. We may be forced to expend significant resources in the defense of these suits, and we may not prevail. Defending against these and other lawsuits in the future may not only require us to incur significant legal fees and expenses, but may become time-consuming for us and detract from our ability to fully focus our internal resources on our business activities. The results of any legal proceeding cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators, judges and juries and the possibility that decisions may be reversed on appeal. There can be no assurances that these matters will not have a material adverse effect on our business, financial position or operating results.

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We depend on certain key personnel, and our success will depend on our continued ability to retain and attract such qualified personnel.

Our success is dependent on the efforts, abilities and continued service of certain senior officers and key employees and consultants. A number of our key employees and consultants have significant experience in the uranium industry. A loss of service from any one of these individuals may adversely affect our operations, and we may have difficulty or may not be able to locate and hire a suitable replacement.

Certain directors and officers may be subject to conflicts of interest.

The majority of our directors and officers are involved in other business ventures including similar capacities with other private or publicly-traded companies. Such individuals may have significant responsibilities to these other business ventures, including consulting relationships, which may require significant amounts of their available time. Conflicts of interest may include decisions on how much time to devote to our business affairs and what business opportunities should be presented to us. Our Code of Business Conduct for Directors, Officers and Employees provides for guidance on conflicts of interest.

The laws of the State of Nevada and our Articles of Incorporation may protect our directors and officers from certain types of lawsuits.

The laws of the State of Nevada provide that our directors and officers will not be liable to our Company or to our stockholders for monetary damages for all but certain types of conduct as directors and officers. Our Bylaws provide for broad indemnification powers to all persons against all damages incurred in connection with our business to the fullest extent provided or allowed by law. These indemnification provisions may require us to use our limited assets to defend our directors and officers against claims, and may have the effect of preventing stockholders from recovering damages against our directors and officers caused by their negligence, poor judgment or other circumstances.

Several of our directors and officers are residents outside of the United States, and it may be difficult for stockholders to enforce within the United States any judgments obtained against such directors or officers.

Several of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons’ assets are located outside of the United States. As a result, it may be difficult for investors to effect service of process on such directors and officers, or enforce within the United States any judgments obtained against such directors and officers, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof. Consequently, stockholders may be effectively prevented from pursuing remedies against such directors and officers under United States federal securities laws. In addition, stockholders may not be able to commence an action in a Canadian court predicated upon the civil liability provisions under United States federal securities laws. The foregoing risks also apply to those experts identified in this document that are not residents of the United States.

Disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, are designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness.

Management’s evaluation on the effectiveness of disclosure controls and procedures is designed to ensure that information required for disclosure in our public filings is recorded, processed, summarized and reported on a timely basis to our senior management, as appropriate, to allow timely decisions regarding required disclosure.

Management’s report on internal control over financial reporting is designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use and transactions are properly recorded and reported. However, any system of controls, no matter how well designed and operated, is based in part upon certain assumptions designed to obtain reasonable, and not absolute, assurance as to its reliability and effectiveness. Any failure to maintain effective disclosure controls and procedures in the future may result in our inability to continue meeting our reporting obligations in a timely manner, qualified audit opinions or restatements of our financial reports, any one of which may affect the market price for our common stock and our ability to access the capital markets.

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Risks Related to Our Common Stock

Historically, the market price of our common stock has been and may continue to fluctuate significantly.

On September 28, 2007, our common stock commenced trading on the NYSE American (formerly known as the American Stock Exchange, the NYSE Amex Equities Exchange and the NYSE MKT) and prior to that, traded on the OTC Bulletin Board.

The global markets have experienced significant and increased volatility in the past and have been impacted by the effects of mass sub-prime mortgage defaults and liquidity problems of the asset-backed commercial paper market, resulting in a number of large financial institutions requiring government bailouts or filing for bankruptcy. The effects of these past events and any similar events in the future may continue to or further affect the global markets, which may directly affect the market price of our common stock and our accessibility for additional financing. Although this volatility may be unrelated to specific company performance, it can have an adverse effect on the market price of our shares which, historically, has fluctuated significantly and may continue to do so in the future.

In addition to the volatility associated with general economic trends and market conditions, the market price of our common stock could decline significantly due to the impact of any one or more events, including, but not limited to, the following: (i) volatility in the uranium market; (ii) occurrence of a major nuclear incident such as the events in Fukushima in March 2011; (iii) changes in the outlook for the nuclear power and uranium industries; (iv) failure to meet market expectations on our exploration, pre-extraction or extraction activities, including abandonment of key uranium projects; (v) sales of a large number of our shares held by certain stockholders including institutions and insiders; (vi) downward revisions to previous estimates on us by analysts; (vii) removal from market indices; (viii) legal claims brought forth against us; and (ix) introduction of technological innovations by competitors or in competing technologies.

A prolonged decline in the market price of our common stock could affect our ability to obtain additional financing which would adversely affect our operations.

Historically, we have relied on equity financing and more recently, on debt financing, as primary sources of financing. A prolonged decline in the market price of our common stock or a reduction in our accessibility to the global markets may result in our inability to secure additional financing which would have an adverse effect on our operations.

Additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment.

We are authorized to issue 750,000,000 shares of common stock of which 180,562,286 shares were issued and outstanding as of April 30, 2019. Future issuances for financings, mergers and acquisitions, exercise of stock options and share purchase warrants and for other reasons may result in significant dilution to and be issued at prices substantially below the price paid for our shares held by our existing stockholders. Significant dilution would reduce the proportionate ownership and voting power held by our existing stockholders and may result in a decrease in the market price of our shares.

We filed the 2017 Shelf, which was declared effective on March 10, 2017, providing for the public offer and sale of certain securities of our Company from time to time, at our discretion, up to an aggregate offering amount of $100 million.

As at April 7, 2019, a total of $68.4 million of the 2017 Shelf was utilized through the registration of our shares of common stock underlying outstanding common share purchase warrants from previous registered offerings with a remaining available balance of $31.6 million under the 2017 Shelf. On April 8, 2019 we filed an additional Form S-3 shelf registration statement pursuant to Rule 462(b) of the Securities Act, which became effective upon filing on April 8, 2019, providing for the public offer and sale of certain additional securities of our Company from time to time, at our discretion, under the 2017 Shelf, of up to an aggregate offering amount of an additional $6.3 million; then bringing the balance remaining under the 2017 Shelf to $37.9 million to be sold under the ATM..

46

We are subject to the Continued Listing Criteria of the NYSE American and our failure to satisfy these criteria may result in delisting of our common stock.

Our common stock is currently listed on the NYSE American.  In order to maintain this listing, we must maintain certain share prices, financial and share distribution targets, including maintaining a minimum amount of shareholders’ equity and a minimum number of public shareholders.  In addition to these objective standards, the NYSE American may delist the securities of any issuer: (i) if, in its opinion, the issuer’s financial condition and/or operating results appear unsatisfactory; (ii) if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE American inadvisable; (iii) if the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) if an issuer fails to comply with the NYSE American’s listing requirements; (v) if an issuer’s common stock sells at what the NYSE American considers a “low selling price” and the issuer fails to correct this via a reverse split of shares after notification by the NYSE American; or (vi) if any other event occurs or any condition exists which makes continued listing on the NYSE American, in its opinion, inadvisable.

If the NYSE American delists our common stock, investors may face material adverse consequences, including, but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities and an inability for us to obtain additional financing to fund our operations.

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

During our fiscal quarter ended April 30, 2019, we issued the following securities that were not registered under the Securities Act:

● on March 5, 2019, we issued 12,501 shares of common stock to a consultant in consideration for services under a consulting agreement at a deemed issuance price of $1.68 per share.  We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares;

● on March 14, 2019, we issued an aggregate of 750,000 Shares of common stock pursuant to a Securities Exchange Agreement with the Pacific Road Parties, at a deemed issuance price of $1.35 per Share, whereby the Pacific Roads Parties exchanged their collective 11,000,000 Warrants for the Shares.  We relied on exemptions from registration under the Securities Act provided by Section 3(a)(9) with respect to the issuance of these shares; and

● on April 30, 2019, we issued an aggregate of 23,197 shares of common stock to two consultants in consideration for services under consulting agreements at a deemed issuance price of $1.44 per share.  We relied on exemptions from registration under the Securities Act provided by Regulation S and/or Section 4(a)(2) with respect to the issuance of these shares.

Item 3.     Defaults Upon Senior Securities

None.

Item 4.     Mine Safety Disclosures

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States, and that is subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety and Health Act of 1977 (“Mine Safety Act”), are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities. During the quarter ended April 30, 2019, the Company’s Palangana Mine was not subject to regulation by the Mine Safety Act.

Item 5.     Other Information

None.

47

Item 6.     Exhibits

The following exhibits are included with this Quarterly Report:

Exhibit	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to the Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
31.2	Certification of Chief Financial Officer pursuant to the Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
32.1	Certifications pursuant to the Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.1NS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE	XBRL Instance Document  XBRL Taxonomy Extension Schema Document  XBRL Taxonomy Extension Calculation Linkbase Document  XBRL Taxonomy Extension Definitions Linkbase Document  XBRL Taxonomy Extension Label Linkbase Document XBRL Taxonomy Extension Presentation Linkbase Document

48

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

URANIUM ENERGY CORP.
By:	/s/ Amir Adnani
	Amir Adnani President, Chief Executive Officer (Principal Executive Officer) and Director Date: June 7, 2019
By:	/s/ Pat Obara
	Pat Obara Chief Financial Officer (Principal Financial Officer) Date: June 7, 2019

49

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Amir Adnani, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2019 of Uranium Energy Corp.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 7, 2019

/s/ Amir Adnani
By:	Amir Adnani
Title:	President, Chief Executive Officer (Principal Executive Officer) and Director

EX-31.2

 Exhibit 31.2

CERTIFICATION

I, Pat Obara, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2019 of Uranium Energy Corp.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 7, 2019  

/s/ Pat Obara
By:	Pat Obara
Title:	Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER

PURSUANT TO 

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Amir Adnani, the Chief Executive Officer of Uranium Energy Corp., and Pat Obara, the Chief Financial Officer of Uranium Energy Corp., each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to their knowledge, the Quarterly Report on Form 10-Q of Uranium Energy Corp., for the quarterly period ended April 30, 2019 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in the Quarterly Report on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Uranium Energy Corp.

Date: June 7, 2019

/s/ Amir Adnani

Amir Adnani

President, Chief Executive Officer (Principal Executive Officer) and Director

/s/ Pat Obara

Pat Obara

Chief Financial Officer (Principal Financial Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to Uranium Energy Corp. and will be retained by Uranium Energy Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document And Entity Information - shares	9 Months Ended
	Apr. 30, 2019	Jun. 06, 2019
Document Information [Line Items]
Entity Registrant Name	URANIUM ENERGY CORP
Entity Central Index Key	0001334933
Trading Symbol	uec
Current Fiscal Year End Date	--07-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		180,684,526
Document Type	10-Q
Document Period End Date	Apr. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

XML

Consolidated Balance Sheets (Unaudited) - USD ($)	Apr. 30, 2019	Jul. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 6,093,098	$ 6,926,523
Short-term investments	14,858,126
Inventories	211,662	211,662
Prepaid expenses and deposits	1,609,769	1,023,183
Other current assets	197,042	179,360
	22,969,697	8,340,728
MINERAL RIGHTS AND PROPERTIES	63,753,971	71,122,576
PROPERTY, PLANT AND EQUIPMENT	7,121,828	7,101,552
RESTRICTED CASH	1,812,843	1,789,899
EQUITY-ACCOUNTED INVESTMENT	9,058,803	693,502
OTHER LONG-TERM ASSETS	338,770	563,052
	105,055,912	89,611,309
CURRENT LIABILITIES
Accounts payable and accrued liabilities	1,445,201	2,314,763
Due to a related party	48,545	807
Current portion of long-term debt		10,000,000
	1,493,746	12,315,570
LONG-TERM DEBT	19,185,645	9,534,974
ASSET RETIREMENT OBLIGATIONS	4,192,304	4,020,282
DEFERRED TAX LIABILITIES	551,652	564,923
	25,423,347	26,435,749
STOCKHOLDERS' EQUITY
Common stock $0.001 par value: 750,000,000 shares authorized, 180,562,286 shares issued and outstanding (July 31, 2018 - 161,175,764)	180,562	161,176
Additional paid-in capital	335,440,377	308,062,379
Accumulated deficit	(255,866,652)	(245,151,636)
Accumulated other comprehensive income	(121,722)	103,641
	79,632,565	63,175,560
	105,055,912	89,611,309
COMMITMENTS AND CONTINGENCIES

XML

Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Apr. 30, 2019	Jul. 31, 2018
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	180,562,286	161,175,764
Common stock, shares outstanding (in shares)	180,562,286	161,175,764

XML

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
COSTS AND EXPENSES
Mineral property expenditures	$ 1,453,358	$ 981,493	$ 3,218,818	$ 3,638,408
General and administrative	1,952,616	2,407,571	6,395,014	7,526,698
Depreciation, amortization and accretion	86,387	88,294	259,970	268,066
	3,492,361	3,477,358	9,873,802	11,433,172
LOSS FROM OPERATIONS	(3,492,361)	(3,477,358)	(9,873,802)	(11,433,172)
OTHER INCOME (EXPENSES)
Interest income	136,173	38,467	311,155	188,335
Interest expenses and finance costs	(815,258)	(710,000)	(2,383,916)	(2,206,585)
(Loss) income from equity-accounted investment	(872,851)	(10,134)	(590,819)	91,099
Other income	17,837	1,649	114,092	37,483
Gain (loss) on disposition of assets	7,598	(1,222)	1,591,362	(1,696)
	(1,526,501)	(681,240)	(958,126)	(1,891,364)
LOSS BEFORE INCOME TAXES	(5,018,862)	(4,158,598)	(10,831,928)	(13,324,536)
DEFERRED TAX BENEFITS	1,305	11,952	13,271	268,237
NET LOSS FOR THE PERIOD	(5,017,557)	(4,146,646)	(10,818,657)	(13,056,299)
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF INCOME TAXES	(159,954)	252	(121,722)	388
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	$ (5,177,511)	$ (4,146,394)	$ (10,940,379)	$ (13,055,911)
NET LOSS PER SHARE, BASIC AND DILUTED (in dollars per share)	$ (0.03)	$ (0.03)	$ (0.06)	$ (0.08)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED (in shares)	179,348,614	157,704,601	174,213,254	155,996,660

XML

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
OPERATING ACTIVITIES
Net loss for the period	$ (5,017,557)	$ (4,146,646)	$ (10,818,657)	$ (13,056,299)
Adjustments to reconcile net loss to cash flows in operating activities
Stock-based compensation	554,732	518,585	2,143,598	2,133,359
Depreciation, amortization and accretion			259,970	268,066
Amortization of long-term debt discount	384,551	277,502	1,050,671	883,333
(Gain) loss on disposition of assets			(1,591,362)	1,696
Deferred tax benefits	(1,305)	(11,952)	(13,271)	(268,237)
Loss (income) from equity-accounted investment	872,851	10,134	590,819	(91,099)
Realized loss on available-for-sale securities			799
Reimbursable Expenses for Reno Creek Acquisition				483,829
Changes in operating assets and liabilities
Prepaid expenses and deposits			(408,301)	(265,985)
Other current assets			(18,481)	445
Accounts payable and accrued liabilities			(869,562)	(477,222)
Due to a related party			47,738	167
NET CASH FLOWS USED IN OPERATING ACTIVITIES			(9,626,039)	(10,387,947)
FINANCING ACTIVITIES
Proceeds from share issuance, net of issuance costs			23,843,995	328,300
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES			23,843,995	328,300
INVESTING ACTIVITIES
Net cash and restricted cash received from asset acquisition				289,038
Investment in mineral rights and properties			(105,000)	(309,120)
Purchase of property, plant and equipment			(77,809)	(11,242)
Increase in other long-term assets				(188,400)
Purchase of short-term investments			(29,858,126)	(21,771,253)
Redemption of short-term investments			15,000,000	30,771,253
Proceeds from disposition of assets			12,498
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES			(15,028,437)	8,780,276
NET CASH FLOWS			(810,481)	(1,279,371)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD			8,716,422	14,282,001
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$ 7,905,941	$ 13,002,630	$ 7,905,941	$ 13,002,630

XML

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Reno Creek Project [Member] Common Stock [Member]	Reno Creek Project [Member] Additional Paid-in Capital [Member]	Reno Creek Project [Member] Share Issuance Obligation [Member]	Reno Creek Project [Member] Retained Earnings [Member]	Reno Creek Project [Member] AOCI Attributable to Parent [Member]	Reno Creek Project [Member]	Diabase Project [Member] Common Stock [Member]	Diabase Project [Member] Additional Paid-in Capital [Member]	Diabase Project [Member] Share Issuance Obligation [Member]	Diabase Project [Member] Retained Earnings [Member]	Diabase Project [Member] AOCI Attributable to Parent [Member]	Diabase Project [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Share Issuance Obligation [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Jul. 31, 2017													139,815,124
Balance at Jul. 31, 2017													$ 139,815	$ 272,697,152	$ 638,142	$ (227,325,002)	$ (14,702)	$ 46,135,405
Issued upon exercise of stock options (in shares)													908,178
Issued upon exercise of stock options													$ 909	327,391				328,300
Issued for credit facility (in shares)													641,574
Issued for credit facility													$ 641	899,359				900,000
Common stock issued for consulting services (in shares)													208,889
Common stock issued for consulting services													$ 208	322,657				322,865
Common stock issued under Stock Incentive Plan (in shares)													1,023,247
Common stock issued under Stock Incentive Plan													$ 1,023	1,366,763	(638,142)			729,644
Amortization of stock option expenses														1,052,833				1,052,833
Net loss for the period																(13,056,299)		(13,056,299)
Other comprehensive loss																	388	388
Issued for acquisitions (in shares)	14,852,450						164,767
Issued for acquisitions	$ 14,853	$ 20,317,764				$ 20,332,617	$ 165	$ 232,156				$ 232,321
Issued for Reimbursable Expenses for Reno Creek Acquisition (in shares)													353,160
Issued for Reimbursable Expenses for Reno Creek Acquisition													$ 353	483,476				483,829
Issued for mineral property (in shares)													46,134
Issued for mineral property													$ 46	61,774				61,820
Issued for settlement of liabilities (in shares)													469,358
Issued for settlement of liabilities													$ 470	698,491				698,961
Issued in connection with Reno Creek Acquisition														5,088,928				5,088,928
Balance (in shares) at Apr. 30, 2018													158,482,881
Balance at Apr. 30, 2018													$ 158,483	303,548,744		(240,381,301)	(14,314)	$ 63,311,612
Balance (in shares) at Jul. 31, 2018													161,175,764					161,175,764
Balance at Jul. 31, 2018													$ 161,176	308,062,379		(245,151,636)	103,641	$ 63,175,560
Issued for equity financing, net of issuance costs (in shares)													12,613,049
Issued for equity financing, net of issuance costs													$ 12,613	15,978,349				$ 15,990,962
Issued upon exercise of stock options (in shares)													118,985					217,750
Issued upon exercise of stock options													$ 119	72,244				$ 72,363
Issued upon exercise of warrants (in shares)													3,999,881
Issued upon exercise of warrants													$ 4,000	4,818,357				$ 4,822,357
Issued in exchange of warrants pursuant to Securities Exchange Agreement (in shares)													750,000					750,000
Issued in exchange of warrants pursuant to Securities Exchange Agreement													$ 750	976,813				$ 977,563
Issued for credit facility (in shares)													1,180,328
Issued for credit facility													$ 1,180	1,398,820				1,400,000
Common stock issued for consulting services (in shares)													165,404
Common stock issued for consulting services													$ 163	226,376				226,539
Common stock issued under Stock Incentive Plan (in shares)													558,875
Common stock issued under Stock Incentive Plan													$ 561	784,556				785,117
Amortization of stock option expenses														1,141,733				1,141,733
Issued for equity financing														2,978,250				2,978,250
Exchanged for common stock pursuant to Securities Exchange Agreement														(4,950,000)				(4,950,000)
Difference from Securities Exchange Agreement														3,952,500				3,952,500
Net loss for the period																(10,818,657)		(10,818,657)
Reclassification upon adoption of ASU No. 2016-01																103,641	(103,641)
Other comprehensive loss																	(121,722)	$ (121,722)
Balance (in shares) at Apr. 30, 2019													180,562,286					180,562,286
Balance at Apr. 30, 2019													$ 180,562	$ 335,440,377		$ (255,866,652)	$ (121,722)	$ 79,632,565

XML

Note 1 - Nature of Operations

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Nature of Operations [Text Block]

NOTE

1:

     NATURE OF OPERATIONS

Uranium Energy Corp. was incorporated in the State of Nevada on

May 16, 2003

.

Uranium Energy Corp. and its subsidiary companies and a controlled partnership (collectively, the “Company” or “we”) are engaged in uranium and titanium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates and titanium minerals, on projects located in the United States, Canada and the Republic of Paraguay.

Although planned principal operations have commenced from which significant revenues from sales of uranium concentrates were realized for the fiscal years ended

July 31, 2015 (

“Fiscal

2015”

),

July 31, 2013 (

“Fiscal

2013”

) and

July 31, 2012 (

“Fiscal

2012”

), we have yet to achieve profitability and have had a history of operating losses resulting in an accumulated deficit balance since inception.

No

revenue from uranium sales was realized for the

nine

months ended

April 30, 2019,

or for the fiscal years ended

July 31, 2018 (

“Fiscal

2018”

),

July 31, 2017 (

“Fiscal

2017”

),

July 31, 2016 (

“Fiscal

2016”

) or

July 31, 2014 (

“Fiscal

2014”

). Historically, we have been reliant primarily on equity financings from the sale of our common stock and, during Fiscal

2014

and Fiscal

2013,

on debt financing in order to fund our operations, and this reliance is expected to continue for the foreseeable future.

During the

nine

months ended

April 30, 2019,

we completed a public offering of

12,613,049

units at a price of

$1.60

per unit for gross proceeds of

$20.2

million, and received cash proceeds of

$4.9

million from the exercise of stock options and warrants, which substantially increased our cash and cash equivalent and improved our working capital position. At

April 30, 2019,

we had working capital of

$21.5

million including cash and cash equivalents of

$6.1

million and short-term investments of

$14.9

million. On

December 5, 2018,

we entered into a

third

amended and restated credit agreement (the “Third Amended and Restated Credit Agreement”), whereby we and our lenders agreed to certain further amendments to our

$20

million senior secured credit facility (the “Credit Facility”), the maturity date was extended from

January 1, 2020

to

January 31, 2022,

and the prior monthly principal payments were deferred until the new maturity date of

January 31, 2022.

As a result, the

$15.0

million principal amounts reported as current-portion of long-term debt at

October 31, 2018

was removed from our capital resource requirement for the then next

12

months. As a consequence, our existing cash resources as at

April 30, 2019

are expected to provide sufficient funds to carry our planned operations for the next

12

months from the date that our condensed consolidated financial statements are issued.  Our continuation as a going concern for a period beyond

12

months will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial. Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.

XML

Note 2 - Basis of Presentation

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

NOTE

2:

     

BASIS OF PRESENTATION

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and are presented in U.S. dollars. Accordingly, they do

not

include all of the information and footnotes required under U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form

10

-K for Fiscal

2018.

In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation have been made. Operating results for the

nine

months ended

April 30, 2019,

are

not

necessarily indicative of the results that

may

be expected for the fiscal year ending

July 31, 2019 (

“Fiscal

2019”

).

Exploration Stage

We have established the existence of mineralized materials for certain uranium projects, including for our Palangana Mine. We have

not

established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide

7,

through the completion of a “final” or “bankable” feasibility study for any of our uranium projects, including the Palangana Mine. Furthermore, we have

no

plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that we commenced extraction of mineralized materials at the Palangana Mine in

November 2010,

we remain in the Exploration Stage as defined under Industry Guide

7,

and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established.

Since we commenced the extraction of mineralized materials at the Palangana Mine without having established proven or probable reserves, any mineralized materials established or extracted from the Palangana Mine should

not

in any way be associated with having established or produced from proven or probable reserves.

In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time we exit the Exploration Stage by establishing proven or probable reserves.  Expenditures relating to exploration activities such as drilling programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities such as the construction of mine wellfields, ion exchange facilities and disposal wells are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

Companies in the Production Stage as defined under Industry Guide

7,

having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. We are in the Exploration Stage which has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, rather than capitalizing, of expenditures relating to ongoing mill and mine development activities. Additionally, there would be

no

corresponding amortization allocated to future reporting periods of our Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements

may

not

be directly comparable to the financial statements of companies in the Production Stage.

Recent

ly

Adopted

Accounting

Standards

In

May 2014,

the Financial Accounting Standards Board (“FASB”) issued ASU

No.

2014

-

09,

as amended by ASU

No.

2016

-

12,

“Revenue from Contracts with Customers” (“Topic

606”

), which requires revenue to be recognized based on the amount an entity is expected to be entitled to for promised goods or services provided to customers. The standard also requires expanded disclosures regarding contracts with customers. The guidance in this standard supersedes the revenue recognition requirements in Topic

605,

“Revenue Recognition”, and most industry-specific guidance. Adoption of the standard

may

be applied retrospectively to each prior period presented (the full retrospective method) or retrospectively with the cumulative effect recognized as of the date of initial application (the modified retrospective method). The standard is effective for fiscal periods beginning after

December 15, 2017

and early adoption is

not

permitted. Accordingly, we have adopted this standard effective

August 1, 2018

and have elected to apply the modified retrospective method.

We have performed an assessment of the impact of implementation of ASU

No.

2014

-

09,

and concluded it will

not

change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies. Our revenue was generated from the sale of uranium concentrates to customers. These sales contain a single delivery element and revenue is recognized at a single point in time when ownership, risk and rewards transfer to the buyer.

In

January 2016,

the FASB issued ASU

No.

2016

-

01,

“Recognition and Measurement of Financial Assets and Financial Liabilities” (“Topic

825”

), which requires entities to measure equity investments that do

not

result in consolidation and are

not

accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. The guidance is effective for fiscal years beginning after

December 15, 2017,

and interim periods within those years. Upon adoption, the cumulative effect adjustment should be recorded at the beginning of the fiscal year in which the guidance is adopted. We adopted this standard effective

August 1, 2018.

Upon adoption, we reclassified

$

103,641

unrealized gains and losses, net of taxes, related to investments in marketable securities by our Company or through our equity-accounted investee, from accumulated other comprehensive income to accumulative deficit in our consolidated balance sheets.

In

November 2016,

the FASB issued ASU

2016

-

18,

“Restricted Cash”, which requires the statement of cash flows present the change in restricted cash and restricted cash equivalents during the period. The guidance is effective for fiscal years beginning after

December 15, 2017,

and interim periods within those years. We retrospectively adopted this standard effective

August 1, 2018.

Upon adoption, we included a reconciliation of cash and cash equivalents and restricted cash (previously “reclamation deposits”) reported within our consolidated balance sheets to the total shown in the consolidated statements of cash flows. Adoption of this guidance had

no

other impact on our consolidated financial statements or disclosures.

In

June 2018,

the FASB issued ASU

No.

2018

-

07,

“Improvement to Nonemployee Share-Based Payment Accounting”, with amendments to expand the scope of Accounting Standard Codification (“ASC”), Topic

718,

“Compensation – Stock Compensation” (“Topic

718”

), to include share-based payment transactions for acquiring goods and services from nonemployees, which were previously covered under ASC

505,

“Equity-Based Payments to Non-Employees”. According to ASU

No.

2018

-

07,

nonemployee share-based payment awards within the scope of Topic

718

are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The amendments in ASU

No.

2018

-

07

are effective for public business entities for fiscal years beginning after

December 15, 2018,

including interim periods within that fiscal year. Early adoption is permitted, but

no

earlier than an entity’s adoption date of Topic

606.

We have early adopted this standard effective

August 1, 2018,

along with the adoption of Topic

606,

and early adoption of this standard has

not

had a significant impact on our condensed consolidated financial statements.

XML

Note 3 - Prepaid Expenses and Deposits

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Prepaid Expenses and Deposit [Text Block]

NOTE

3:

     PREPAID EXPENSES AND DEPOSITS

At

April 30, 2019,

prepaid expenses and deposits consisted of the following:

	April 30, 2019		July 31, 2018
Prepaid Property Renewal Fees	$	869,394	$	566,977
Prepaid Insurance		210,085		210,155
Prepaid Listing and Subscriptions		66,288		48,435
Prepaid License Fees		74,211		17,039
Prepaid Surety Bond Premium		57,065		39,192
Deposits and Expense Advances		109,610		87,630
Other Prepaid Expenses		223,116		53,755
	$	1,609,769	$	1,023,183

XML

Note 4 - Mineral Rights and Properties

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Mineral Industries Disclosures [Text Block]

NOTE

4

:     MINERAL RIGHTS AND PROPERTIES

Mineral Rights

At

April 30, 2019,

we had mineral rights in the States of Arizona, Colorado, New Mexico, Wyoming and Texas, in Canada and in the Republic of Paraguay. These mineral rights were acquired through staking, purchase or lease agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium and titanium. At

April 30, 2019,

annual maintenance payments of approximately

$2,516,000

will be required to maintain these mineral rights.

Mineral rights and property acquisition costs consisted of the following:

	April 30, 2019			July 31, 2018
Mineral Rights and Properties
Palangana Mine	$	6,285,898		$	6,285,898
Goliad Project		8,689,127			8,689,127
Burke Hollow Project		1,495,750			1,495,750
Longhorn Project		116,870			116,870
Salvo Project		14,905			14,905
Anderson Project		3,470,373			9,154,268
Workman Creek Project		649,854			1,657,500
Los Cuatros Project		257,250			257,250
Slick Rock Project		-			646,650
Reno Creek Project		31,527,870			31,527,870
Diabase Project		546,938			546,938
Yuty Project		11,947,144			11,947,144
Oviedo Project		1,133,412			1,133,412
Alto Paraná Titanium Project		1,433,030			1,433,030
Other Property Acquisitions		91,080			91,080
		67,659,501			74,997,692
Accumulated Depletion		(3,929,884	)		(3,929,884	)
		63,729,617			71,067,808
Databases		2,410,038			2,410,038
Accumulated Amortization		(2,408,939	)		(2,405,192	)
		1,099			4,846
Land Use Agreements		404,310			404,310
Accumulated Amortization		(381,055	)		(354,388	)
		23,255			49,922
	$	63,753,971		$	71,122,576

We have

not

established proven or probable reserves, as defined by the SEC under Industry Guide

7,

for any of our mineral projects. We have established the existence of mineralized materials for certain mineral projects, including the Palangana Mine. Since we commenced uranium extraction at the Palangana Mine without having established proven or probable reserves, there

may

be greater inherent uncertainty as to whether or

not

any mineralized material can be economically extracted as originally planned and anticipated.

During the

nine

months ended

April 30, 2019,

we completed a royalty purchase agreement (the "Royalty Purchase Agreement") with Uranium Royalty Corp. (“URC”), a private entity investing in the uranium sector, in connection with the purchase by URC from our Company of a

one

percent (

1%

) net smelter return royalty (collectively, the "Royalties") for uranium only, on each of our Slick Rock, Workman Creek and Anderson projects. On

December 4, 2018,

we closed the Royalty Purchase Agreement and received

12,000,000

common shares of URC (the “Consideration Shares”) with a fair value of

$9,077,842.

The fair value of the Consideration Shares, net of transaction costs of

$55,787,

was allocated to the respective underlying projects based on their identified mineral resources as follows:

Fair value of Consideration Shares	$	9,077,842
Transaction costs		55,787
Net consideration	$	9,022,055

Net consideration allocation to:	Allocation %			Net Consideration Allocation
Anderson Project		63	%	$	5,683,895
Workman Creek Project		12	%		1,082,646
Slick Rock Project		25	%		2,255,514
		100	%	$	9,022,055

The net consideration allocation amounts have reduced the carrying value of the Anderson Project by

$5,683,895,

the Workman Creek Project by

$1,082,646

and the Slick Rock Project by

$676,650.

The net consideration of

$2,255,514

allocated to the Slick Rock Project exceeded its carrying value of

$676,650

by

$1,578,864,

which was recorded as a gain on disposition of asset and included in the condensed consolidated statement of operations for the

nine

months ended

April 30, 2019.

During the

nine

months ended

April 30, 2019

and

2018,

we continued with reduced operations at the Palangana Mine to capture residual uranium only. As a result,

no

depletion for the Palangana Mine was recorded on our condensed consolidated financial statements for the

three

and

nine

months ended

April 30, 2019

and

2018,

respectively.

Mineral property expenditures incurred by major projects were as follows:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2019		2018		2019		2018
Mineral Property Expenditures
Palangana Mine	$	248,687	$	264,447	$	775,311	$	740,977
Goliad Project		34,071		28,658		71,949		71,373
Burke Hollow Project		605,025		152,307		880,039		570,099
Longhorn Project		10,157		5,760		35,691		11,832
Salvo Project		6,702		6,702		20,211		20,338
Anderson Project		15,097		15,211		52,367		45,241
Workman Creek Project		7,673		7,673		23,037		23,627
Slick Rock Project		12,206		12,206		41,637		40,012
Reno Creek Project		178,722		158,546		474,015		1,126,918
Yuty Project		8,297		114,481		94,299		339,677
Oviedo Project		105,724		17,982		167,207		99,224
Alto Paraná Titanium Project		78,325		33,312		138,588		147,744
Other Mineral Property Expenditures		142,672		164,208		444,467		401,346
	$	1,453,358	$	981,493	$	3,218,818	$	3,638,408

During the

three

and

nine

months ended

April 30, 2018,

and in connection with the acquisition of the Reno Creek Project, we issued

353,160

shares as settlement of certain reimbursable expenses totalling

$483,829

,

which was included in the mineral property expenditures on our condensed consolidated statements of operations for the

nine

months ended

April 30, 2018.

XML

Note 5 - Property, Plant and Equipment

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE

5

:     PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	April 30, 2019							July 31, 2018
	Cost		Accumulated Depreciation			Net Book Value		Cost		Accumulated Depreciation			Net Book Value
Hobson Processing Facility	$	6,819,088	$	(773,933	)	$	6,045,155	$	6,819,088	$	(773,933	)	$	6,045,155
Mining Equipment		2,467,557		(2,396,991	)		70,566		2,438,681		(2,412,277	)		26,404
Logging Equipment and Vehicles		1,851,883		(1,742,816	)		109,067		1,971,742		(1,850,306	)		121,436
Computer Equipment		589,051		(559,229	)		29,822		607,342		(577,584	)		29,758
Furniture and Fixtures		170,701		(169,238	)		1,463		170,701		(168,814	)		1,887
Land and Buildings		889,606		(23,851	)		865,755		889,606		(12,694	)		876,912
	$	12,787,886	$	(5,666,058	)	$	7,121,828	$	12,897,160	$	(5,795,608	)	$	7,101,552

During the

nine

months ended

April 30, 2019

and

2018,

no

uranium concentrate was processed at our Hobson Processing Facility due to the reduced operations at our Palangana Mine. As a result,

no

depreciation for the Hobson Processing Facility was recorded on our consolidated financial statements for the

three

and

nine

months ended

April 30, 2019

and

2018,

respectively.

XML

Note 6 - Restricted Cash

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Restricted Cash [Text Block]

NOTE

6

:      

RESTRICTED CASH

Restricted cash (previously “reclamation deposits”) includes cash and cash equivalents as collateral for various bonds posted in favor of applicable state regulatory agencies in Arizona, Texas and Wyoming, for estimated reclamation costs associated with our Palangana Mine, Hobson Processing Facility and Reno Creek Project. Restricted cash will be released upon completion of reclamation of a mineral property or restructuring of a surety and collateral arrangement.

	April 30, 2019		July 31, 2018
Restricted cash, beginning of period	$	1,789,899	$	1,706,028
Reclamation deposit received from asset acquisition		-		73,973
Refund of reclamation deposit		-		(819	)
Interest received		22,944		10,717
Restricted cash, end of period	$	1,812,843	$	1,789,899

Cash, cash equivalents and restricted cash are included in the following accounts at

April 30, 2019

and

2018:

	April 30, 2019		April 30, 2018
Cash and cash equivalents	$	6,093,098	$	11,223,448
Restricted cash		1,812,843		1,779,182
Total cash, cash equivalents and restricted cash	$	7,905,941	$	13,002,630

XML

Note 7 - Equity-accounted Investment

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE

7:

     EQUITY-ACCOUNTED INVESTMENT

On

December 4, 2018,

we closed the Royalty Purchase Agreement and received

12,000,000

Consideration Shares of URC with a fair value of

$9,077,842.

Refer to Note

4:

Mineral Rights and Properties. As a result, we own

14,000,000

shares of URC, representing a

33.7%

interest in URC as at

April 30, 2019.

In addition, certain of our officers collectively own an interest in URC and

one

of our officers is a member of the board of directors of URC. As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the

three

and

nine

months ended

April 30, 2019.

During the

nine

months ended

April 30, 2019,

the change in carrying value of the investment in URC is summarized as follows:

Balance, July 31, 2018	$	693,502
Share consideration received from sale of royalty interests		9,077,842
Share of loss from URC		(979,188	)
Gain on ownership interest dilution		388,369
Foreign currency translation		(121,722	)
Balance, April 30, 2019	$	9,058,803

XML

Note 8 - Related Party Transactions

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE

8

:     RELATED PARTY TRANSACTIONS

During the

three

months ended

April 30, 2019

and

2018,

we incurred

$39,365

and

$36,210

(

nine

months ended

April 30, 2019

and

2018:

$117,086

and

$112,850

), respectively, in general and administrative costs paid to Blender Media Inc. (“Blender”), a company controlled by Arash Adnani, a direct family member of our President and Chief Executive Officer, for various services including information technology, corporate branding, media, website design, maintenance and hosting, provided to the Company.

During the

nine

months ended

April 30, 2018,

we issued

104,706

shares to Blender with a fair value of

$141,678

as settlement of the equivalent amounts owed to Blender.

At

April 30, 2019,

the amount owing to Blender was

$48,545

(

July 31, 2018:

$807

).

XML

Note 9 - Long-term Debt

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE

9

:

     

LONG-TERM DEBT

     

On

December 5, 2018,

we entered into the Third Amended and Restated Credit Agreement with each of Sprott Resource Lending Partnership, as agent, and our remaining lenders and participants (collectively, the “Lenders”), whereby we and the Lenders agreed to certain further amendments to the

$20,000,000

Credit Facility.

The key terms of the Third Amended and Restated Credit Agreement are summarized as follows:

● extension of the maturity date from January 1, 2020 to January 31, 2022;

● deferral of the prior monthly principal payments until the new maturity date of January 31, 2022;

● issuance of third extension fee shares equal to 7% of the principal balance outstanding or $1,400,000 paid to the Lenders by way of the issuance of 1,180,328 shares of the Company; and

● payment of anniversary fees to the Lenders on each of November 30, 2019, 2020 and 2021, of 7%, 6.5% and 6%, respectively, of the principal balance then outstanding, if any, payable at the option of the Company in cash or shares of the Company with a price per share calculated at a 10% discount to the five trading-day volume-weighted average price of the Company’s shares immediately prior to the applicable date.

Under the terms of the Third Amended and Restated Credit Agreement, the Credit Facility remains non-revolving with an amended term of

8.5

years maturing on

January 31, 2022,

subject to an interest a rate of

8%

per annum, compounded and payable on a monthly basis. An underlying effective interest rate of

16.67%

has been calculated under the assumption that the Company will carry the full principal balance of

$20,000,000

to its contractual maturity on

January 31, 2022

without exercising the prepayment feature; and therefore, the anniversary fee payments of

$1,400,000,

$1,300,000

and

$1,200,000,

which are calculated on the principal balance, will become due on each of

November 30, 2019,

2020

and

2021,

respectively.

The Third Amended and Restated Credit Agreement supersedes, in their entirety, the Second Amended and Restated Credit Agreement dated and effective

February 9, 2016,

the Amended and Restated Credit Agreement dated and effective

March 13, 2014

and the Credit Agreement dated and effective

July 30, 2013

with our Lenders.

As at

April 30, 2019,

our long-term debt consisted of the following:

	April 30, 2019			July 31, 2018
Principal amount	$	20,000,000		$	20,000,000
Unamortized discount		(814,355	)		(465,026	)
Long-term debt, net of unamortized discount		19,185,645			19,534,974
Current portion		-			10,000,000
Long-term debt, net of current portion	$	19,185,645		$	9,534,974

For the

three

and

nine

months ended

April 30, 2019,

the amortization of debt discount totaled

$384,551

and

$1,050,671

(

three

and

nine

months ended

April 30, 2018:

$277,502

and

$883,333

), respectively, which was recorded as interest expense and included in our condensed consolidated statements of operations and comprehensive loss.

XML

Note 10 - Asset Retirement Obligations

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Asset Retirement Obligation Disclosure [Text Block]

NOTE

10

:     ASSET RETIREMENT OBLIGATIONS

The asset retirement obligations (the “ARO”) relate to future remediation and decommissioning activities at our Palangana Mine, Hobson Processing Facility, Reno Creek Project and Alto Paraná Titanium Project.

Balance, July 31, 2018	$	4,020,282
Accretion		172,022
Balance, April 30, 2019	$	4,192,304

The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:

	April 30, 2019				July 31, 2018
Undiscounted amount of estimated cash flows	$	7,275,504			$	7,275,504
Payable in years		5.0	to	17		5.0	to	17
Inflation rate		1.37%	to	2.14%		1.37%	to	2.14%
Discount rate		5.48%	to	6.40%		5.48%	to	6.40%

The undiscounted amounts of estimated cash flows for the next

five

fiscal years and beyond are as follows:

Fiscal 2019	$	-
Fiscal 2020		-
Fiscal 2021		-
Fiscal 2022		-
Fiscal 2023		148,391
Remaining balance		7,127,113
	$	7,275,504

XML

Note 11 - Capital Stock

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE

11

:     CAPITAL STOCK

Equity Financing

On

October 3, 2018,

we completed a public offering of

12,613,049

units at a price of

$1.60

per unit for gross proceeds of

$20,180,878

(the

“October 2018

Offering”). Each unit was comprised of

one

share of the Company and

one

-half of

one

share purchase warrant. Each whole warrant entitles its holder to acquire

one

share at an exercise price of

$2.05

per share, exercisable immediately upon issuance and expiring

30

months from the date of issuance. In connection with the

October 2018

Offering, we also issued compensation share purchase warrants to agents as part of share issuance costs to purchase

756,782

shares of our Company, exercisable at an exercise price of

$2.05

per share and expiring

30

months from the date of issuance.

The shares were valued at the Company’s closing price of

$1.54

per share at

October 3, 2018.

The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions:

Expected Risk Free Interest Rate	2.90	%
Expected Annual Volatility	63.30	%
Expected Contractual Life in Years	2.50
Expected Annual Dividend Yield	0.00	%

The net proceeds from the

October 2018

Offering were allocated to the fair values of the shares and share purchase warrants as presented below:

Fair Value of Shares	$	19,424,095
Fair Value of Share Purchase Warrants		3,094,693
Total Fair Value Before Allocation to Net Proceeds	$	22,518,788
Gross Proceeds	$	20,180,878
Share Issuance Costs - Cash		(1,211,667	)
Net Cash Proceeds Received	$	18,969,211
Relative Fair Value Allocation to:
Shares	$	16,362,327
Share Purchase Warrants		2,606,884
	$	18,969,211

Share Transactions

During the

three

months ended

April 30, 2019,

we entered into a Securities Exchange Agreement (the “Securities Exchange Agreement”) with each of Pacific Road Resources Reno Creek Cayco

1

Ltd. (“Cayco

1”

), Pacific Road Resources Reno Creek Cayco

2

Ltd. (“Cayco

2”

), Pacific Road Resources Reno Creek Cayco

3

Ltd. (“Cayco

3”

), Pacific Road Resources Reno Creek Cayco

4

Ltd. (“Cayco

4”

) and Reno Creek Unit Trust (“RCUT”, and together with Cayco

1,

Cayco

2,

Cayco

3

and Cayco

4,

the “Pacific Road Parties”), whereby the Pacific Roads Parties exchanged their collective

11,000,000

outstanding common stock purchase warrants of the Company (the “Warrants”) for an aggregate of

750,000

common shares of the Company (each, a “Share”), with a fair value of

$1.33

per Share (collectively, the “Securities Exchange”). The Warrants, with an exercise price of

$2.30

and expiry date of

August 9, 2022,

were valued at

$0.45

per share using the Barrier Option Pricing Model at the date of issuance on

August 9, 2017

in connection with the acquisition of the Reno Creek Project. The difference between the carrying value of the Warrants of

$4,950,000

and fair value of the shares of

$997,500

was recorded as additional paid in capital and has had

no

impact on the Company’s condensed consolidated Statement of operations and comprehensive loss.

A summary of the share transactions for the

nine

months ended

April 30, 2019

is as follows:

Period / Description	Common		Value per Share				Issuance
	Shares Issued		Low		High		Value
Balance, July 31, 2018		161,175,764
Equity Financing		12,613,049	$	1.60	$	1.60	$	20,180,878
Credit Facility		1,180,328		1.19		1.19		1,400,000
Exchange of Warrants		750,000		1.33		1.33		997,500
Consulting Services		165,404		1.23		1.77		226,539
Warrants Exercised		3,999,881		1.20		1.35		4,822,357
Options Exercised (1)		118,985		0.45		1.32		123,221
Shares Issued Under Stock Incentive Plan		558,875		1.25		1.72		785,117
Balance, April 30, 2019		180,562,286

( 1 ) 151,500 stock options were exercised on a forfeiture basis, resulting in 52,735 net shares being issued.

Share Purchase Warrants

A continuity schedule of outstanding share purchase warrants is as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, July 31, 2018		30,923,489		$	1.97
Issued		7,063,253			2.05
Exercised		(3,999,881	)		1.21
Expired		(3,542,951	)		2.13
Cancelled		(11,000,000	)		2.30
Balance, April 30, 2019		19,443,910		$	1.94

A summary of share purchase warrants outstanding and exercisable at

April 30, 2019

is as follows:

Weighted Average Exercise Price		Number of Warrants Outstanding		Expiry Date	Weighted Average Remaining Contractual Life (Years)
$	1.35		2,450,000	January 30, 2020		0.75
	1.64		50,000	May 21, 2023		4.06
	2.00		9,571,929	January 20, 2020		0.73
	2.05		7,063,253	April 3, 2021		1.93
	2.30		308,728	August 9, 2022		3.28
$	1.94		19,443,910			1.21

During the

nine

months ended

April 30, 2019,

we received cash proceeds totaling

$4,822,357

from the exercise of

3,999,881

share purchase warrants at a weighted average exercise price of

$1.21

per share.

XML

Note 12 - Stock-based Compensation

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE

12

:     

STOCK-BASED COMPENSATION

At

April 30, 2019,

we had

one

stock option plan, the

2018

Stock Incentive Plan, which superseded and replaced our prior equity compensation plan, being our

2017

Stock Incentive Plan (collectively, the “Stock Incentive Plan”).

Stock Options

During the

nine

months ended

April 30, 2019,

we granted stock options under the Stock Incentive Plan to certain employees to purchase a total of

130,000

shares of the Company exercisable at

$1.25

to

$1.44

per share with a term of

five

years.

These stock options are subject to a

24

-month vesting provision whereby at the end of the

first

three

and

six

months after the grant date,

12.5%

of the total stock options become exercisable, and whereby at the end of each of

12,

18

and

24

months after the grant date,

25%

of the total stock options become exercisable.

A summary of stock options granted by the Company during the

nine

months ended

April 30, 2019,

including corresponding grant date fair values and assumptions using the Black Scholes option pricing model is as follows:

Date	Options Granted		Exercise Price		Term (Years)		Fair Value		Expected Life (Years)		Risk-Free Interest Rate			Dividend Yield			Expected Volatility
January 3, 2019		40,000	$	1.25		5.00	$	24,164		3.70		2.34	%		0.00	%		63.70	%
April 11, 2019		90,000		1.44		5.00		58,047		3.70		2.29	%		0.00	%		58.06	%
Total		130,000					$	82,211

A continuity schedule of outstanding stock options for the underlying shares for the

nine

months ended

April 30, 2019

is as follows:

	Number of Stock Options			Weighted Average Exercise Price
Balance, July 31, 2018		14,911,625		$	1.41
Granted		130,000			1.38
Exercised		(217,750	)		1.11
Forfeited		(87,500	)		1.42
Balance, April 30, 2019		14,736,375		$	1.41

During the

nine

months ended

April 30, 2019,

we issued

118,985

shares upon exercise of stock options, of which

66,250

stock options were exercised in cash for proceeds of

$72,363,

and

151,500

stock options were exercised on a forfeiture basis resulting in

52,735

net shares issued. The intrinsic value of these exercised options totaled

$124,405.

A continuity schedule of outstanding unvested stock options at

April 30, 2019,

and the changes during the periods, is as follows:

	Number of Unvested Stock Options			Weighted Average Grant-Date Fair Value
Balance, July 31, 2018		3,479,500		$	0.68
Granted		130,000			0.63
Vested		(1,554,250	)		0.68
Forfeited		(75,000	)		0.67
Balance, April 30, 2019		1,980,250		$	0.67

At

April 30, 2019,

the aggregate intrinsic value under the provisions of ASC

718

of all outstanding stock options was estimated at

$2,066,559

(vested:

$2,008,016

and unvested:

$58,543

).

At

April 30, 2019,

unrecognized stock-based compensation expense related to the unvested portion of stock options totaled

$545,992

to be recognized over the next

0.83

year.

A summary of stock options outstanding and exercisable at

April 30, 2019

is as follows:

			Options Outstanding						Options Exercisable
Range of Exercise Prices			Outstanding at April 30, 2019		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Exercisable at April 30, 2019		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
$0.93	to	$1.41		11,384,875	$	1.23		1.33		10,942,625	$	1.23		1.25
$1.42	to	$3.86		3,351,500		2.04		3.23		1,813,500		2.48		2.36
				14,736,375	$	1.41		1.76		12,756,125	$	1.40		1.40

Stock

-

Based Compensation

A summary of stock-based compensation expense is as follows:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2019		2018		2019		2018
Stock-Based Compensation for Consultants
Common stock issued for consulting services	$	155,813	$	168,107	$	516,423	$	606,885
Amortization of stock option expenses		37,336		43,463		122,056		385,082
		193,149		211,570		638,479		991,967
Stock-Based Compensation for Management
Common stock issued to management		33,126		34,265		104,109		103,509
Amortization of stock option expenses		70,395		45,926		427,099		226,907
		103,521		80,191		531,208		330,416
Stock-Based Compensation for Employees
Common stock issued to employees		132,638		120,711		381,333		497,747
Amortization of stock option expenses		125,424		106,113		592,578		440,844
		258,062		226,824		973,911		938,591
Settlement of share issuance obligation		-		-		-		(127,615	)
	$	554,732	$	518,585	$	2,143,598	$	2,133,359

XML

Note 13 - Loss Per Share

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

13

:     

LOSS PER SHARE

The following table reconciles the weighted average number of shares used in the calculation of the basic and diluted loss per share:

	Three Months Ended April 30,						Nine Months Ended April 30,
	2019			2018			2019			2018
Numerator
Net Loss for the Period	$	(5,017,557	)	$	(4,146,646	)	$	(10,818,657	)	$	(13,056,299	)
Denominator
Basic Weighted Average Number of Shares		179,348,614			157,704,601			174,213,254			155,996,660
Dilutive Stock Options and Warrants		-			-			-			-
Diluted Weighted Average Number of Shares		179,348,614			157,704,601			174,213,254			155,996,660
Net Loss per Share, Basic and Diluted	$	(0.03	)	$	(0.03	)	$	(0.06	)	$	(0.08	)

For the

three

and

nine

months ended

April 30, 2019

and

2018,

all outstanding stock options and share purchase warrants were excluded from the calculation of the diluted loss per share since we reported net losses for those periods and their effects would be anti-dilutive.

XML

Note 14 - Segmented Information

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE

14:

     SEGMENTED INFORMATION

We currently operate in

one

reportable segment which is focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates.

At

April 30, 2019,

our long-term assets located in the United States totaled

$57,597,112

or

70%

of our total long-term assets of

$82,086,215.

The table below provides a breakdown of the long-term assets by geographic segments:

	April 30, 2019
Balance Sheet Items	United States
	Texas		Arizona		Wyoming		Other States		Canada		Paraguay		Total
Mineral Rights and Properties	$	12,700,030	$	4,377,477	$	31,527,870	$	88,071	$	546,938	$	14,513,585	$	63,753,971
Property, Plant and Equipment		6,405,816		-		346,235		-		16,813		352,964		7,121,828
Restricted Cash		1,723,870		15,000		73,973		-		-		-		1,812,843
Equity-Accounted Investment		-		-		-		-		9,058,803		-		9,058,803
Other Long-Term Assets		242,042		-		96,728		-		-		-		338,770
Total Long-Term Assets	$	21,071,758	$	4,392,477	$	32,044,806	$	88,071	$	9,622,554	$	14,866,549	$	82,086,215

	July 31, 2018
Balance Sheet Items	United States
	Texas		Arizona		Wyoming		Other States			Canada		Paraguay		Total
Mineral Rights and Properties	$	12,729,697	$	11,069,018	$	31,527,870	$	735,468	$	546,938	$	14,513,585	$	71,122,576
Property, Plant and Equipment		6,362,608		-		357,392		-		25,889		355,663		7,101,552
Restricted Cash		1,700,926		15,000		73,973		-		-		-		1,789,899
Equity-Accounted Investment		-		-		-		-		693,502		-		693,502
Other Long-Term Assets		416,519		-		146,533		-		-		-		563,052
Total Long-Term Assets	$	21,209,750	$	11,084,018	$	32,105,768	$	735,468	$	1,266,329	$	14,869,248	$	81,270,581

The tables below provide a breakdown of our operating results by geographic segments for the

three

and

nine

months ended

April 30, 2019

and

2018.

All intercompany transactions have been eliminated.

	Three Months Ended April 30, 2019
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	1,042,836		$	22,769		$	179,687		$	15,345		$	375		$	192,346		$	1,453,358
General and administrative		1,391,225			3,779			25,746			1,142			507,728			22,996			1,952,616
Depreciation, amortization and accretion		78,628			-			3,717			249			2,590			1,203			86,387
		2,512,689			26,548			209,150			16,736			510,693			216,545			3,492,361
Loss from operations		(2,512,689	)		(26,548	)		(209,150	)		(16,736	)		(510,693	)		(216,545	)		(3,492,361	)
Other income (expenses)		(659,194	)		(4,611	)		681			-			(872,851	)		9,474			(1,526,501	)
Loss before income taxes	$	(3,171,883	)	$	(31,159	)	$	(208,469	)	$	(16,736	)	$	(1,383,544	)	$	(207,071	)	$	(5,018,862	)

	Three Months Ended April 30, 2018
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	611,170		$	23,136		$	165,566		$	15,846		$	-		$	165,775		$	981,493
General and administrative		1,427,445			3,389			34,533			1,141			794,682			146,381			2,407,571
Depreciation, amortization and accretion		79,903			-			3,716			249			3,600			826			88,294
		2,118,518			26,525			203,815			17,236			798,282			312,982			3,477,358
Loss from operations		(2,118,518	)		(26,525	)		(203,815	)		(17,236	)		(798,282	)		(312,982	)		(3,477,358	)
Other income (expenses)		(677,570	)		(4,611	)		(249	)		-			-			1,190			(681,240	)
Loss before income taxes	$	(2,796,088	)	$	(31,136	)	$	(204,064	)	$	(17,236	)	$	(798,282	)	$	(311,792	)	$	(4,158,598	)

	Nine Months Ended April 30, 2019
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	2,197,324		$	75,756		$	474,981		$	54,565		$	16,098		$	400,094		$	3,218,818
General and administrative		4,461,280			10,650			80,248			3,090			1,732,769			106,977			6,395,014
Depreciation, amortization and accretion		235,040			-			11,156			747			9,077			3,950			259,970
		6,893,644			86,406			566,385			58,402			1,757,944			511,021			9,873,802
Loss from operations		(6,893,644	)		(86,406	)		(566,385	)		(58,402	)		(1,757,944	)		(511,021	)		(9,873,802	)
Other income (expenses)		(1,945,311	)		(14,146	)		1,081			1,578,864			(590,819	)		12,205			(958,126	)
Loss before income taxes	$	(8,838,955	)	$	(100,552	)	$	(565,304	)	$	1,520,462		$	(2,348,763	)	$	(498,816	)	$	(10,831,928	)

	Nine Months Ended April 30, 2018
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	1,795,078		$	69,698		$	1,134,782		$	52,205		$	-		$	586,645		$	3,638,408
General and administrative		4,587,983			10,488			558,326			3,385			2,153,051			213,465			7,526,698
Depreciation, amortization and accretion		247,687			-			9,125			747			7,717			2,790			268,066
		6,630,748			80,186			1,702,233			56,337			2,160,768			802,900			11,433,172
Loss from operations		(6,630,748	)		(80,186	)		(1,702,233	)		(56,337	)		(2,160,768	)		(802,900	)		(11,433,172	)
Other income (expenses)		(1,888,966	)		(14,146	)		1,241			-			-			10,507			(1,891,364	)
Loss before income taxes	$	(8,519,714	)	$	(94,332	)	$	(1,700,992	)	$	(56,337	)	$	(2,160,768	)	$	(792,393	)	$	(13,324,536	)

XML

Note 15 - Supplemental Cash Flow Information

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

NOTE

15:

     SUPPLEMENTAL CASH FLOW INFORMATION

During the

nine

months ended

April 30, 2019

and

2018,

we issued

165,404

and

208,889

shares with a fair value of

$226,539

and

$322,865,

respectively, for consulting services.

During the

nine

months ended

April 30, 2019

and

2018,

we issued

558,875

and

624,408

shares with a fair value of

$785,117

and

$857,258,

respectively, as compensation to certain management, employees and consultants of the Company under the Stock Incentive Plan.

During the

nine

months ended

April 30, 2019,

we issued

1,180,328

shares with a fair value of

$1,400,000

as

third

extension fees to the Lenders of the Company.

During the

nine

months ended

April 30, 2019

and

2018,

we paid

$1,213,333

and

$1,213,333,

respectively, in cash to the Lenders for interest on the long-term debt.

During the

three

months ended

April 30, 2019,

pursuant to the Securities Exchange Agreement, we issued

750,000

shares with a fair value of

$997,500

in exchange of

11,000,000

Warrants with an exercise price of

$2.30

expiring on

August 9, 2022,

which were issued in connection with the acquisition of the Reno Creek Project in

August 2017.

XML

Note 16 - Commitments and Contingencies

9 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE

1

6

:     COMMITMENTS AND CONTINGENCIES

We are renting or leasing various office or storage space located in the United States, Canada and Paraguay with approximate monthly payments of

$21,000.

Office lease agreements for the United States and Canada expire between

April 2020

and

July 2021.

The aggregate minimum rental and lease payments over the next

five

fiscal years are as follows:

Fiscal 2019	$	59,351
Fiscal 2020		222,738
Fiscal 2021		177,774
Fiscal 2022		-
Fiscal 2023		-
	$	459,863

We are committed to paying our key executives a total of

$703,000

per year for various management services.

We are subject to ordinary routine litigation incidental to our business. Except as disclosed below, we are

not

aware of any material legal proceedings pending or that have been threatened against the Company.

On or about

March 9, 2011,

the Texas Commission on Environmental Quality (the “TCEQ”) granted the Company’s applications for a Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption for its Goliad Project.  On or about

December 4, 2012,

the U.S. Environmental Protection Agency (the “EPA”) concurred with the TCEQ issuance of the Aquifer Exemption permit (the “AE”).  With the receipt of this concurrence, the final authorization required for uranium extraction, the Goliad Project achieved fully-permitted status.  On or about

May 24, 2011,

a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the

250

th

 District Court in Travis County, Texas.  A motion filed by the Company to intervene in this matter was granted. The petitioners’ appeal lay dormant until on or about

June 14, 2013,

when the petitioners filed their initial brief in support of their position.  On or about

January 18, 2013,

a different group of petitioners, exclusive of Goliad County, filed a petition for review with the Court of Appeals for the Fifth Circuit in the United States (the “Fifth Circuit”) to appeal the EPA’s decision.  On or about

March 5, 2013,

a motion filed by the Company to intervene in this matter was granted.  The parties attempted to resolve both appeals, to facilitate discussions and avoid further legal costs. The parties jointly agreed, through mediation initially conducted through the Fifth Circuit on or about

August 8, 2013,

to abate the proceedings in the State District Court. On or about

August 21, 2013,

the State District Court agreed to abate the proceedings.  The EPA subsequently filed a motion to remand without vacatur with the Fifth Circuit wherein the EPA’s stated purpose was to elicit additional public input and further explain its rationale for the approval.  In requesting the remand without vacatur, which would allow the AE to remain in place during the review period, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal of the AE.  The Company and the TCEQ filed a request to the Fifth Circuit for the motion to remand without vacatur, and if granted, to be limited to a

60

-day review period.  On

December 9, 2013,

by way of a procedural order from a

three

-judge panel of the Fifth Circuit, the Court granted the remand without vacatur and initially limited the review period to

60

days. In

March

of

2014,

at the EPA’s request, the Fifth Circuit extended the EPA’s time period for review and additionally, during that same period, the Company conducted a joint groundwater survey of the site, the result of which reaffirmed the Company’s previously filed groundwater direction studies. On or about

June 17, 2014,

the EPA reaffirmed its earlier decision to uphold the granting of the Company’s existing AE, with the exception of a northwestern portion containing less than

10%

of the uranium resource which was withdrawn, but

not

denied, from the AE area until additional information is provided in the normal course of mine development. On or about

September 9, 2014,

the petitioners filed a status report with the State District Court which included a request to remove the stay agreed to in

August 2013

and to set a briefing schedule (the “Status Report”). In that Status Report, the petitioners also stated that they had decided

not

to pursue their appeal at the Fifth Circuit. The Company continues to believe that the pending appeal is without merit and is continuing as planned towards uranium extraction at its fully-permitted Goliad Project.

On or about

October 2, 2015,

Marnie W. McMahon filed a stockholder derivative complaint on behalf of the Company against the Company’s Board of Directors, executive management and

three

of its vice presidents (the “Company parties”) in the District Court of Nevada (the “Nevada Derivative Case”) seeking unspecified damages on behalf of the Company against the Company parties for allegedly breaching their fiduciary duties to the Company with respect to allegations previously made in a prior class action complaint as against the Company and

two

of its executive officers which was dismissed in

September

of

2016

(the “Securities Case”). On

January 21, 2016,

the Court granted the Company’s motion to stay the Nevada Derivative Case pending the outcome of what was then a federal derivative case involving the same Company parties with similar allegations. Following the voluntary dismissal of the federal derivative case in

November 2017,

Ms. McMahon filed an amended complaint on

February 10, 2017,

which again asserted that the Company’s directors breached their fiduciary duties relating to the factual allegations in the Securities Case. The Company filed a motion to dismiss and on

September 13, 2017,

the Court granted the Company’s motion to dismiss the Nevada Derivative Case. On or about

October 5, 2017,

the plaintiff filed a notice of appeal with the Court. On

June 14, 2018,

the plaintiff filed the Appellant’s opening brief in the Supreme Court of Nevada. In response on

August 2018,

we filed our answering brief. On

February 22, 2019,

the Nevada Supreme Court issued an Order Of Affirmance affirming the Reno, Nevada trial court’s dismissal of the Nevada Derivative Case. The time for the plaintiff to seek reconsideration of the Nevada Supreme Court's decision has expired and the court has closed the case.

The Company has had communications and filings with the Ministry of Public Works and Communications (“MOPC”), the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty and Alto Parana projects are

not

eligible for extension as to exploration or continuation to exploitation in their current stages. While the Company remains fully committed to its development path forward in Paraguay, it caused its legal counsel to file an appeal in Paraguay to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions. In the interim the Company also continues to conduct its business in a manner to comply with all applicable mining laws in Paraguay.

At any given time, we

may

enter into negotiations to settle outstanding legal proceedings and any resulting accruals will be estimated based on the relevant facts and circumstances applicable at that time.  We do

not

expect that such settlements will, individually or in the aggregate, have a material effect on our financial position, results of operations or cash flows.

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Significant Accounting Policies (Policies)

9 Months Ended

Apr. 30, 2019

Accounting Policies [Abstract]

Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block]

Exploration Stage

We have established the existence of mineralized materials for certain uranium projects, including for our Palangana Mine. We have

not

established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide

7,

through the completion of a “final” or “bankable” feasibility study for any of our uranium projects, including the Palangana Mine. Furthermore, we have

no

plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that we commenced extraction of mineralized materials at the Palangana Mine in

November 2010,

we remain in the Exploration Stage as defined under Industry Guide

7,

and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established.

Since we commenced the extraction of mineralized materials at the Palangana Mine without having established proven or probable reserves, any mineralized materials established or extracted from the Palangana Mine should

not

in any way be associated with having established or produced from proven or probable reserves.

In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time we exit the Exploration Stage by establishing proven or probable reserves.  Expenditures relating to exploration activities such as drilling programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities such as the construction of mine wellfields, ion exchange facilities and disposal wells are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred.

Companies in the Production Stage as defined under Industry Guide

7,

having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. We are in the Exploration Stage which has resulted in us reporting larger losses than if we had been in the Production Stage due to the expensing, rather than capitalizing, of expenditures relating to ongoing mill and mine development activities. Additionally, there would be

no

corresponding amortization allocated to future reporting periods of our Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements

may

not

be directly comparable to the financial statements of companies in the Production Stage.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent

ly

Adopted

Accounting

Standards

In

May 2014,

the Financial Accounting Standards Board (“FASB”) issued ASU

No.

2014

-

09,

as amended by ASU

No.

2016

-

12,

“Revenue from Contracts with Customers” (“Topic

606”

), which requires revenue to be recognized based on the amount an entity is expected to be entitled to for promised goods or services provided to customers. The standard also requires expanded disclosures regarding contracts with customers. The guidance in this standard supersedes the revenue recognition requirements in Topic

605,

“Revenue Recognition”, and most industry-specific guidance. Adoption of the standard

may

be applied retrospectively to each prior period presented (the full retrospective method) or retrospectively with the cumulative effect recognized as of the date of initial application (the modified retrospective method). The standard is effective for fiscal periods beginning after

December 15, 2017

and early adoption is

not

permitted. Accordingly, we have adopted this standard effective

August 1, 2018

and have elected to apply the modified retrospective method.

We have performed an assessment of the impact of implementation of ASU

No.

2014

-

09,

and concluded it will

not

change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies. Our revenue was generated from the sale of uranium concentrates to customers. These sales contain a single delivery element and revenue is recognized at a single point in time when ownership, risk and rewards transfer to the buyer.

In

January 2016,

the FASB issued ASU

No.

2016

-

01,

“Recognition and Measurement of Financial Assets and Financial Liabilities” (“Topic

825”

), which requires entities to measure equity investments that do

not

result in consolidation and are

not

accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. The guidance is effective for fiscal years beginning after

December 15, 2017,

and interim periods within those years. Upon adoption, the cumulative effect adjustment should be recorded at the beginning of the fiscal year in which the guidance is adopted. We adopted this standard effective

August 1, 2018.

Upon adoption, we reclassified

$

103,641

unrealized gains and losses, net of taxes, related to investments in marketable securities by our Company or through our equity-accounted investee, from accumulated other comprehensive income to accumulative deficit in our consolidated balance sheets.

In

November 2016,

the FASB issued ASU

2016

-

18,

“Restricted Cash”, which requires the statement of cash flows present the change in restricted cash and restricted cash equivalents during the period. The guidance is effective for fiscal years beginning after

December 15, 2017,

and interim periods within those years. We retrospectively adopted this standard effective

August 1, 2018.

Upon adoption, we included a reconciliation of cash and cash equivalents and restricted cash (previously “reclamation deposits”) reported within our consolidated balance sheets to the total shown in the consolidated statements of cash flows. Adoption of this guidance had

no

other impact on our consolidated financial statements or disclosures.

In

June 2018,

the FASB issued ASU

No.

2018

-

07,

“Improvement to Nonemployee Share-Based Payment Accounting”, with amendments to expand the scope of Accounting Standard Codification (“ASC”), Topic

718,

“Compensation – Stock Compensation” (“Topic

718”

), to include share-based payment transactions for acquiring goods and services from nonemployees, which were previously covered under ASC

505,

“Equity-Based Payments to Non-Employees”. According to ASU

No.

2018

-

07,

nonemployee share-based payment awards within the scope of Topic

718

are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The amendments in ASU

No.

2018

-

07

are effective for public business entities for fiscal years beginning after

December 15, 2018,

including interim periods within that fiscal year. Early adoption is permitted, but

no

earlier than an entity’s adoption date of Topic

606.

We have early adopted this standard effective

August 1, 2018,

along with the adoption of Topic

606,

and early adoption of this standard has

not

had a significant impact on our condensed consolidated financial statements.

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Note 3 - Prepaid Expenses and Deposits (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

	April 30, 2019		July 31, 2018
Prepaid Property Renewal Fees	$	869,394	$	566,977
Prepaid Insurance		210,085		210,155
Prepaid Listing and Subscriptions		66,288		48,435
Prepaid License Fees		74,211		17,039
Prepaid Surety Bond Premium		57,065		39,192
Deposits and Expense Advances		109,610		87,630
Other Prepaid Expenses		223,116		53,755
	$	1,609,769	$	1,023,183

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Note 4 - Mineral Rights and Properties (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Schedule Of Mineral Rights and Property Acquisition Costs [Table Text Block]

	April 30, 2019			July 31, 2018
Mineral Rights and Properties
Palangana Mine	$	6,285,898		$	6,285,898
Goliad Project		8,689,127			8,689,127
Burke Hollow Project		1,495,750			1,495,750
Longhorn Project		116,870			116,870
Salvo Project		14,905			14,905
Anderson Project		3,470,373			9,154,268
Workman Creek Project		649,854			1,657,500
Los Cuatros Project		257,250			257,250
Slick Rock Project		-			646,650
Reno Creek Project		31,527,870			31,527,870
Diabase Project		546,938			546,938
Yuty Project		11,947,144			11,947,144
Oviedo Project		1,133,412			1,133,412
Alto Paraná Titanium Project		1,433,030			1,433,030
Other Property Acquisitions		91,080			91,080
		67,659,501			74,997,692
Accumulated Depletion		(3,929,884	)		(3,929,884	)
		63,729,617			71,067,808
Databases		2,410,038			2,410,038
Accumulated Amortization		(2,408,939	)		(2,405,192	)
		1,099			4,846
Land Use Agreements		404,310			404,310
Accumulated Amortization		(381,055	)		(354,388	)
		23,255			49,922
	$	63,753,971		$	71,122,576

Schedule Of Mineral Rights and Property, Fair Value of Consideration Shares [Table Text Block]

Fair value of Consideration Shares	$	9,077,842
Transaction costs		55,787
Net consideration	$	9,022,055

Schedule Of Mineral Rights and Properties Net Consideration Allocation [Table Text Block]

Net consideration allocation to:	Allocation %			Net Consideration Allocation
Anderson Project		63	%	$	5,683,895
Workman Creek Project		12	%		1,082,646
Slick Rock Project		25	%		2,255,514
		100	%	$	9,022,055

Schedule Of Mineral Property Expenditures Incurred by Major Projects [Table Text Block]

	Three Months Ended April 30,				Nine Months Ended April 30,
	2019		2018		2019		2018
Mineral Property Expenditures
Palangana Mine	$	248,687	$	264,447	$	775,311	$	740,977
Goliad Project		34,071		28,658		71,949		71,373
Burke Hollow Project		605,025		152,307		880,039		570,099
Longhorn Project		10,157		5,760		35,691		11,832
Salvo Project		6,702		6,702		20,211		20,338
Anderson Project		15,097		15,211		52,367		45,241
Workman Creek Project		7,673		7,673		23,037		23,627
Slick Rock Project		12,206		12,206		41,637		40,012
Reno Creek Project		178,722		158,546		474,015		1,126,918
Yuty Project		8,297		114,481		94,299		339,677
Oviedo Project		105,724		17,982		167,207		99,224
Alto Paraná Titanium Project		78,325		33,312		138,588		147,744
Other Mineral Property Expenditures		142,672		164,208		444,467		401,346
	$	1,453,358	$	981,493	$	3,218,818	$	3,638,408

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Note 5 - Property, Plant and Equipment (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Property, Plant and Equipment [Table Text Block]

	April 30, 2019							July 31, 2018
	Cost		Accumulated Depreciation			Net Book Value		Cost		Accumulated Depreciation			Net Book Value
Hobson Processing Facility	$	6,819,088	$	(773,933	)	$	6,045,155	$	6,819,088	$	(773,933	)	$	6,045,155
Mining Equipment		2,467,557		(2,396,991	)		70,566		2,438,681		(2,412,277	)		26,404
Logging Equipment and Vehicles		1,851,883		(1,742,816	)		109,067		1,971,742		(1,850,306	)		121,436
Computer Equipment		589,051		(559,229	)		29,822		607,342		(577,584	)		29,758
Furniture and Fixtures		170,701		(169,238	)		1,463		170,701		(168,814	)		1,887
Land and Buildings		889,606		(23,851	)		865,755		889,606		(12,694	)		876,912
	$	12,787,886	$	(5,666,058	)	$	7,121,828	$	12,897,160	$	(5,795,608	)	$	7,101,552

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Note 6 - Restricted Cash (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Restrictions on Cash and Cash Equivalents [Table Text Block]

	April 30, 2019		July 31, 2018
Restricted cash, beginning of period	$	1,789,899	$	1,706,028
Reclamation deposit received from asset acquisition		-		73,973
Refund of reclamation deposit		-		(819	)
Interest received		22,944		10,717
Restricted cash, end of period	$	1,812,843	$	1,789,899

Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block]

	April 30, 2019		April 30, 2018
Cash and cash equivalents	$	6,093,098	$	11,223,448
Restricted cash		1,812,843		1,779,182
Total cash, cash equivalents and restricted cash	$	7,905,941	$	13,002,630

XML

Note 7 - Equity-accounted Investment (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Equity Method Investments [Table Text Block]

Balance, July 31, 2018	$	693,502
Share consideration received from sale of royalty interests		9,077,842
Share of loss from URC		(979,188	)
Gain on ownership interest dilution		388,369
Foreign currency translation		(121,722	)
Balance, April 30, 2019	$	9,058,803

XML

Note 9 - Long-term Debt (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	April 30, 2019			July 31, 2018
Principal amount	$	20,000,000		$	20,000,000
Unamortized discount		(814,355	)		(465,026	)
Long-term debt, net of unamortized discount		19,185,645			19,534,974
Current portion		-			10,000,000
Long-term debt, net of current portion	$	19,185,645		$	9,534,974

XML

Note 10 - Asset Retirement Obligations (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Schedule of Change in Asset Retirement Obligation [Table Text Block]

Balance, July 31, 2018	$	4,020,282
Accretion		172,022
Balance, April 30, 2019	$	4,192,304

Schedule Of Estimated Cash flow and Assumption Used For ARO [Table Text Block]

	April 30, 2019				July 31, 2018
Undiscounted amount of estimated cash flows	$	7,275,504			$	7,275,504
Payable in years		5.0	to	17		5.0	to	17
Inflation rate		1.37%	to	2.14%		1.37%	to	2.14%
Discount rate		5.48%	to	6.40%		5.48%	to	6.40%

Schedule Of Undiscounted Amounts Of Estimated Cash Flows [Table Text Block]

Fiscal 2019	$	-
Fiscal 2020		-
Fiscal 2021		-
Fiscal 2022		-
Fiscal 2023		148,391
Remaining balance		7,127,113
	$	7,275,504

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Note 11 - Capital Stock (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Schedule of Warrants, Valuation Assumptions [Table Text Block]

Expected Risk Free Interest Rate	2.90	%
Expected Annual Volatility	63.30	%
Expected Contractual Life in Years	2.50
Expected Annual Dividend Yield	0.00	%

Schedule of Net Proceeds Allocation [Table Text Block]

Fair Value of Shares	$	19,424,095
Fair Value of Share Purchase Warrants		3,094,693
Total Fair Value Before Allocation to Net Proceeds	$	22,518,788
Gross Proceeds	$	20,180,878
Share Issuance Costs - Cash		(1,211,667	)
Net Cash Proceeds Received	$	18,969,211
Relative Fair Value Allocation to:
Shares	$	16,362,327
Share Purchase Warrants		2,606,884
	$	18,969,211

Schedule Of Share Transactions [Table Text Block]

Period / Description	Common		Value per Share				Issuance
	Shares Issued		Low		High		Value
Balance, July 31, 2018		161,175,764
Equity Financing		12,613,049	$	1.60	$	1.60	$	20,180,878
Credit Facility		1,180,328		1.19		1.19		1,400,000
Exchange of Warrants		750,000		1.33		1.33		997,500
Consulting Services		165,404		1.23		1.77		226,539
Warrants Exercised		3,999,881		1.20		1.35		4,822,357
Options Exercised (1)		118,985		0.45		1.32		123,221
Shares Issued Under Stock Incentive Plan		558,875		1.25		1.72		785,117
Balance, April 30, 2019		180,562,286

Schedule Of Share based Compensation Warrants Activity [Table Text Block]

	Number of Warrants			Weighted Average Exercise Price
Balance, July 31, 2018		30,923,489		$	1.97
Issued		7,063,253			2.05
Exercised		(3,999,881	)		1.21
Expired		(3,542,951	)		2.13
Cancelled		(11,000,000	)		2.30
Balance, April 30, 2019		19,443,910		$	1.94

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Weighted Average Exercise Price		Number of Warrants Outstanding		Expiry Date	Weighted Average Remaining Contractual Life (Years)
$	1.35		2,450,000	January 30, 2020		0.75
	1.64		50,000	May 21, 2023		4.06
	2.00		9,571,929	January 20, 2020		0.73
	2.05		7,063,253	April 3, 2021		1.93
	2.30		308,728	August 9, 2022		3.28
$	1.94		19,443,910			1.21

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Note 12 - Stock-based Compensation (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Date	Options Granted		Exercise Price		Term (Years)		Fair Value		Expected Life (Years)		Risk-Free Interest Rate			Dividend Yield			Expected Volatility
January 3, 2019		40,000	$	1.25		5.00	$	24,164		3.70		2.34	%		0.00	%		63.70	%
April 11, 2019		90,000		1.44		5.00		58,047		3.70		2.29	%		0.00	%		58.06	%
Total		130,000					$	82,211

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Stock Options			Weighted Average Exercise Price
Balance, July 31, 2018		14,911,625		$	1.41
Granted		130,000			1.38
Exercised		(217,750	)		1.11
Forfeited		(87,500	)		1.42
Balance, April 30, 2019		14,736,375		$	1.41

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

	Number of Unvested Stock Options			Weighted Average Grant-Date Fair Value
Balance, July 31, 2018		3,479,500		$	0.68
Granted		130,000			0.63
Vested		(1,554,250	)		0.68
Forfeited		(75,000	)		0.67
Balance, April 30, 2019		1,980,250		$	0.67

Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

			Options Outstanding						Options Exercisable
Range of Exercise Prices			Outstanding at April 30, 2019		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Exercisable at April 30, 2019		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
$0.93	to	$1.41		11,384,875	$	1.23		1.33		10,942,625	$	1.23		1.25
$1.42	to	$3.86		3,351,500		2.04		3.23		1,813,500		2.48		2.36
				14,736,375	$	1.41		1.76		12,756,125	$	1.40		1.40

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

	Three Months Ended April 30,				Nine Months Ended April 30,
	2019		2018		2019		2018
Stock-Based Compensation for Consultants
Common stock issued for consulting services	$	155,813	$	168,107	$	516,423	$	606,885
Amortization of stock option expenses		37,336		43,463		122,056		385,082
		193,149		211,570		638,479		991,967
Stock-Based Compensation for Management
Common stock issued to management		33,126		34,265		104,109		103,509
Amortization of stock option expenses		70,395		45,926		427,099		226,907
		103,521		80,191		531,208		330,416
Stock-Based Compensation for Employees
Common stock issued to employees		132,638		120,711		381,333		497,747
Amortization of stock option expenses		125,424		106,113		592,578		440,844
		258,062		226,824		973,911		938,591
Settlement of share issuance obligation		-		-		-		(127,615	)
	$	554,732	$	518,585	$	2,143,598	$	2,133,359

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Note 13 - Loss Per Share (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended April 30,						Nine Months Ended April 30,
	2019			2018			2019			2018
Numerator
Net Loss for the Period	$	(5,017,557	)	$	(4,146,646	)	$	(10,818,657	)	$	(13,056,299	)
Denominator
Basic Weighted Average Number of Shares		179,348,614			157,704,601			174,213,254			155,996,660
Dilutive Stock Options and Warrants		-			-			-			-
Diluted Weighted Average Number of Shares		179,348,614			157,704,601			174,213,254			155,996,660
Net Loss per Share, Basic and Diluted	$	(0.03	)	$	(0.03	)	$	(0.06	)	$	(0.08	)

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Note 14 - Segmented Information (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Long-lived Assets by Geographic Areas [Table Text Block]

	April 30, 2019
Balance Sheet Items	United States
	Texas		Arizona		Wyoming		Other States		Canada		Paraguay		Total
Mineral Rights and Properties	$	12,700,030	$	4,377,477	$	31,527,870	$	88,071	$	546,938	$	14,513,585	$	63,753,971
Property, Plant and Equipment		6,405,816		-		346,235		-		16,813		352,964		7,121,828
Restricted Cash		1,723,870		15,000		73,973		-		-		-		1,812,843
Equity-Accounted Investment		-		-		-		-		9,058,803		-		9,058,803
Other Long-Term Assets		242,042		-		96,728		-		-		-		338,770
Total Long-Term Assets	$	21,071,758	$	4,392,477	$	32,044,806	$	88,071	$	9,622,554	$	14,866,549	$	82,086,215

	July 31, 2018
Balance Sheet Items	United States
	Texas		Arizona		Wyoming		Other States			Canada		Paraguay		Total
Mineral Rights and Properties	$	12,729,697	$	11,069,018	$	31,527,870	$	735,468	$	546,938	$	14,513,585	$	71,122,576
Property, Plant and Equipment		6,362,608		-		357,392		-		25,889		355,663		7,101,552
Restricted Cash		1,700,926		15,000		73,973		-		-		-		1,789,899
Equity-Accounted Investment		-		-		-		-		693,502		-		693,502
Other Long-Term Assets		416,519		-		146,533		-		-		-		563,052
Total Long-Term Assets	$	21,209,750	$	11,084,018	$	32,105,768	$	735,468	$	1,266,329	$	14,869,248	$	81,270,581

Operating Results by Geographic Areas [Table Text Block]

	Three Months Ended April 30, 2019
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	1,042,836		$	22,769		$	179,687		$	15,345		$	375		$	192,346		$	1,453,358
General and administrative		1,391,225			3,779			25,746			1,142			507,728			22,996			1,952,616
Depreciation, amortization and accretion		78,628			-			3,717			249			2,590			1,203			86,387
		2,512,689			26,548			209,150			16,736			510,693			216,545			3,492,361
Loss from operations		(2,512,689	)		(26,548	)		(209,150	)		(16,736	)		(510,693	)		(216,545	)		(3,492,361	)
Other income (expenses)		(659,194	)		(4,611	)		681			-			(872,851	)		9,474			(1,526,501	)
Loss before income taxes	$	(3,171,883	)	$	(31,159	)	$	(208,469	)	$	(16,736	)	$	(1,383,544	)	$	(207,071	)	$	(5,018,862	)

	Three Months Ended April 30, 2018
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	611,170		$	23,136		$	165,566		$	15,846		$	-		$	165,775		$	981,493
General and administrative		1,427,445			3,389			34,533			1,141			794,682			146,381			2,407,571
Depreciation, amortization and accretion		79,903			-			3,716			249			3,600			826			88,294
		2,118,518			26,525			203,815			17,236			798,282			312,982			3,477,358
Loss from operations		(2,118,518	)		(26,525	)		(203,815	)		(17,236	)		(798,282	)		(312,982	)		(3,477,358	)
Other income (expenses)		(677,570	)		(4,611	)		(249	)		-			-			1,190			(681,240	)
Loss before income taxes	$	(2,796,088	)	$	(31,136	)	$	(204,064	)	$	(17,236	)	$	(798,282	)	$	(311,792	)	$	(4,158,598	)

	Nine Months Ended April 30, 2019
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	2,197,324		$	75,756		$	474,981		$	54,565		$	16,098		$	400,094		$	3,218,818
General and administrative		4,461,280			10,650			80,248			3,090			1,732,769			106,977			6,395,014
Depreciation, amortization and accretion		235,040			-			11,156			747			9,077			3,950			259,970
		6,893,644			86,406			566,385			58,402			1,757,944			511,021			9,873,802
Loss from operations		(6,893,644	)		(86,406	)		(566,385	)		(58,402	)		(1,757,944	)		(511,021	)		(9,873,802	)
Other income (expenses)		(1,945,311	)		(14,146	)		1,081			1,578,864			(590,819	)		12,205			(958,126	)
Loss before income taxes	$	(8,838,955	)	$	(100,552	)	$	(565,304	)	$	1,520,462		$	(2,348,763	)	$	(498,816	)	$	(10,831,928	)

	Nine Months Ended April 30, 2018
Statement of Operations	United States
	Texas			Arizona			Wyoming			Other States			Canada			Paraguay			Total
Costs and Expenses:
Mineral property expenditures	$	1,795,078		$	69,698		$	1,134,782		$	52,205		$	-		$	586,645		$	3,638,408
General and administrative		4,587,983			10,488			558,326			3,385			2,153,051			213,465			7,526,698
Depreciation, amortization and accretion		247,687			-			9,125			747			7,717			2,790			268,066
		6,630,748			80,186			1,702,233			56,337			2,160,768			802,900			11,433,172
Loss from operations		(6,630,748	)		(80,186	)		(1,702,233	)		(56,337	)		(2,160,768	)		(802,900	)		(11,433,172	)
Other income (expenses)		(1,888,966	)		(14,146	)		1,241			-			-			10,507			(1,891,364	)
Loss before income taxes	$	(8,519,714	)	$	(94,332	)	$	(1,700,992	)	$	(56,337	)	$	(2,160,768	)	$	(792,393	)	$	(13,324,536	)

XML

Note 16 - Commitments and Contingencies (Tables)

9 Months Ended

Apr. 30, 2019

Notes Tables

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Fiscal 2019	$	59,351
Fiscal 2020		222,738
Fiscal 2021		177,774
Fiscal 2022		-
Fiscal 2023		-
	$	459,863

XML

Note 1 - Nature of Operations (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Apr. 30, 2019	Jul. 31, 2018	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2014	Dec. 05, 2018	Oct. 31, 2018	Oct. 03, 2018	Apr. 30, 2018
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0	$ 0	$ 0	$ 0
Shares Issued, Price Per Share	$ 1.33
Stock Issued During Period, Value, New Issues	$ 15,990,962
Working Capital	21,500,000
Cash and Cash Equivalents, at Carrying Value, Ending Balance	6,093,098	6,926,523							$ 11,223,448
Short-term Investments, Total	14,858,126
Long-term Debt, Gross	20,000,000	20,000,000				$ 20,000,000
Long-term Debt, Current Maturities, Total		$ 10,000,000					$ 15,000,000
Entity Incorporation, Date of Incorporation	May 16, 2003
Equity Financing [Member]
Stock Issued During Period, Shares, New Issues	12,613,049
Shares Issued, Price Per Share	$ 1.60							$ 1.60
Stock Issued During Period, Value, New Issues	$ 20,200,000
Proceeds from Stock Options and Warrants Exercised	$ 4,900,000

XML

Note 2 - Basis of Presentation (Details Textual)	9 Months Ended
	Apr. 30, 2019 USD ($)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification
AOCI Attributable to Parent [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	(103,641)
Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 103,641

XML

Note 3 - Prepaid Expenses and Deposits - Prepaid Expenses and Deposits (Details) - USD ($)	Apr. 30, 2019	Jul. 31, 2018
Prepaid Property Renewal Fees	$ 869,394	$ 566,977
Prepaid Insurance	210,085	210,155
Prepaid Listing and Subscriptions	66,288	48,435
Prepaid License Fees	74,211	17,039
Prepaid Surety Bond Premium	57,065	39,192
Deposits and Expense Advances	109,610	87,630
Other Prepaid Expenses	223,116	53,755
	$ 1,609,769	$ 1,023,183

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Note 4 - Mineral Rights and Properties (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Annual Property Maintenance Fees	$ 2,516,000		$ 2,516,000
Consideration Shares, Fair Value, Net			9,022,055
Gain (Loss) on Disposition of Assets, Total	7,598	$ (1,222)	1,591,362	$ (1,696)
Common Stock [Member]
Stock Issued During Period, Shares, Settlement Of Reimbursable Expenses				353,160
Stock Issued During Period, Value, Settlement of Reimbursable Expenses				$ 483,829
Palangana Mine [Member]
Depletion, Total	$ 0	$ 0	0	$ 0
Anderson Project [Member]
Increase (Decrease) in Carrying Value Due to Disposition of Asset			(5,683,895)
Consideration Shares, Fair Value, Net			5,683,895
Workman Creek Project [Member]
Increase (Decrease) In Carrying Amount Due To Allocation			(1,082,646)
Consideration Shares, Fair Value, Net			1,082,646
Slick Rock Project [Member]
Increase (Decrease) In Carrying Amount Due To Allocation			(676,650)
Consideration Shares, Fair Value, Net			2,255,514
Gain (Loss) on Disposition of Assets, Total			$ 1,578,864
Royalty Purchase Agreement [Member] | Uranium Royalty Corp [Member]
Royalties Percentage			1.00%
Number Of Shares Acquired Through Sale Of Royalties			12,000,000
Consideration Shares, Fair Value			$ 9,077,842
Consideration Shares, Transaction Cost			55,787
Consideration Shares, Fair Value, Net			$ 9,022,055

XML

Note 4 - Mineral Rights and Properties - Mineral Rights and Property Acquisition Costs (Details) - USD ($)	Apr. 30, 2019	Jul. 31, 2018
Mineral Rights and Properties
Mineral Properties	$ 67,659,501	$ 74,997,692
Accumulated Depletion	(3,929,884)	(3,929,884)
	63,729,617	71,067,808
	63,753,971	71,122,576
Palangana Mine [Member]
Mineral Rights and Properties
Mineral Properties	6,285,898	6,285,898
Goliad Project [Member]
Mineral Rights and Properties
Mineral Properties	8,689,127	8,689,127
Burke Hollow Project [Member]
Mineral Rights and Properties
Mineral Properties	1,495,750	1,495,750
Longhorn Project [Member]
Mineral Rights and Properties
Mineral Properties	116,870	116,870
Salvo Project [Member]
Mineral Rights and Properties
Mineral Properties	14,905	14,905
Anderson Project [Member]
Mineral Rights and Properties
Mineral Properties	3,470,373	9,154,268
Workman Creek Project [Member]
Mineral Rights and Properties
Mineral Properties	649,854	1,657,500
Los Cuatros Project [Member]
Mineral Rights and Properties
Mineral Properties	257,250	257,250
Slick Rock Project [Member]
Mineral Rights and Properties
Mineral Properties		646,650
Reno Creek Project [Member]
Mineral Rights and Properties
Mineral Properties	31,527,870	31,527,870
Diabase Project [Member]
Mineral Rights and Properties
Mineral Properties	546,938	546,938
Yuty Project [Member]
Mineral Rights and Properties
Mineral Properties	11,947,144	11,947,144
Oviedo Project [Member]
Mineral Rights and Properties
Mineral Properties	1,133,412	1,133,412
Alto Parana Titanium Project [Member]
Mineral Rights and Properties
Mineral Properties	1,433,030	1,433,030
Other Property Acquisitions [Member]
Mineral Rights and Properties
Mineral Properties	91,080	91,080
Mineral Rights, Databases [Member]
Mineral Rights and Properties
Mineral rights, gross	2,410,038	2,410,038
Accumulated Amortization	(2,408,939)	(2,405,192)
	1,099	4,846
Land Use Agreements [Member]
Mineral Rights and Properties
Mineral rights, gross	404,310	404,310
Accumulated Amortization	(381,055)	(354,388)
	$ 23,255	$ 49,922

XML

Note 4 - Mineral Rights and Properties - Fair Value of Consideration Shares (Details)	9 Months Ended
	Apr. 30, 2019 USD ($)
Net consideration	$ 9,022,055
Royalty Purchase Agreement [Member] | Uranium Royalty Corp [Member]
Fair value of Consideration Shares	9,077,842
Transaction costs	55,787
Net consideration	$ 9,022,055

XML

Note 4 - Mineral Rights and Properties - Net Consideration Allocation (Details)	9 Months Ended
	Apr. 30, 2019 USD ($)
Allocation of Consideration	100.00%
Net consideration	$ 9,022,055
Anderson Project [Member]
Allocation of Consideration	63.00%
Net consideration	$ 5,683,895
Workman Creek Project [Member]
Allocation of Consideration	12.00%
Net consideration	$ 1,082,646
Slick Rock Project [Member]
Allocation of Consideration	25.00%
Net consideration	$ 2,255,514

XML

Note 4 - Mineral Rights and Properties - Mineral Property Expenditures (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Mineral Property Expenditures
Mineral Property Expenditures	$ 1,453,358	$ 981,493	$ 3,218,818	$ 3,638,408
Palangana Mine [Member]
Mineral Property Expenditures
Mineral Property Expenditures	248,687	264,447	775,311	740,977
Goliad Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	34,071	28,658	71,949	71,373
Burke Hollow Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	605,025	152,307	880,039	570,099
Longhorn Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	10,157	5,760	35,691	11,832
Salvo Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	6,702	6,702	20,211	20,338
Anderson Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	15,097	15,211	52,367	45,241
Workman Creek Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	7,673	7,673	23,037	23,627
Slick Rock Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	12,206	12,206	41,637	40,012
Reno Creek Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	178,722	158,546	474,015	1,126,918
Yuty Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	8,297	114,481	94,299	339,677
Oviedo Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	105,724	17,982	167,207	99,224
Alto Parana Titanium Project [Member]
Mineral Property Expenditures
Mineral Property Expenditures	78,325	33,312	138,588	147,744
Other Property Acquisitions [Member]
Mineral Property Expenditures
Mineral Property Expenditures	$ 142,672	$ 164,208	$ 444,467	$ 401,346

XML

Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Hobson Processing Facility [Member]
Depreciation, Total	$ 0	$ 0	$ 0	$ 0

XML

Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($)	Apr. 30, 2019	Jul. 31, 2018
Cost	$ 12,787,886	$ 12,897,160
Accumulated Depreciation	(5,666,058)	(5,795,608)
Net Book Value	7,121,828	7,101,552
Hobson Processing Facility [Member]
Cost	6,819,088	6,819,088
Accumulated Depreciation	(773,933)	(773,933)
Net Book Value	6,045,155	6,045,155
Mining Equipment [Member]
Cost	2,467,557	2,438,681
Accumulated Depreciation	(2,396,991)	(2,412,277)
Net Book Value	70,566	26,404
Logging Equipment and Vehicles [Member]
Cost	1,851,883	1,971,742
Accumulated Depreciation	(1,742,816)	(1,850,306)
Net Book Value	109,067	121,436
Computer Equipment [Member]
Cost	589,051	607,342
Accumulated Depreciation	(559,229)	(577,584)
Net Book Value	29,822	29,758
Furniture and Fixtures [Member]
Cost	170,701	170,701
Accumulated Depreciation	(169,238)	(168,814)
Net Book Value	1,463	1,887
Land and Building [Member]
Cost	889,606	889,606
Accumulated Depreciation	(23,851)	(12,694)
Net Book Value	$ 865,755	$ 876,912

XML

Note 6 - Restricted Cash - Restricted Cash (Details) - USD ($)	9 Months Ended	12 Months Ended
	Apr. 30, 2019	Jul. 31, 2018
Restricted cash, beginning of period	$ 1,789,899	$ 1,706,028
Reclamation deposit received from asset acquisition		73,973
Refund of reclamation deposit		(819)
Interest received	22,944	10,717
Restricted cash, end of period	$ 1,812,843	$ 1,789,899

XML

Note 6 - Restricted Cash - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Apr. 30, 2019	Jul. 31, 2018	Apr. 30, 2018	Jul. 31, 2017
Cash and cash equivalents	$ 6,093,098	$ 6,926,523	$ 11,223,448
Restricted cash	1,812,843	$ 1,789,899	1,779,182	$ 1,706,028
Total cash, cash equivalents and restricted cash	$ 7,905,941		$ 13,002,630

XML

Note 7 - Equity-accounted Investment (Details Textual) - Uranium Royalty Corp [Member]	9 Months Ended
	Apr. 30, 2019 USD ($) shares
Equity Method Investment, Shares Owned	14,000,000
Equity Method Investment, Ownership Percentage	33.70%
Royalty Purchase Agreement [Member]
Number Of Shares Acquired Through Sale Of Royalties	12,000,000
Consideration Shares, Fair Value | $	$ 9,077,842

XML

Note 7 - Equity-accounted Investment - Change in Carrying Value of the Investment (Details)	9 Months Ended
	Apr. 30, 2019 USD ($)
Balance, July 31, 2018	$ 693,502
Share consideration received from sale of royalty interests	9,077,842
Share of loss from URC	(979,188)
Gain on ownership interest dilution	388,369
Foreign currency translation	(121,722)
Balance, April 30, 2019	$ 9,058,803

XML

Note 8 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018	Jul. 31, 2018
Stock Issued During Period, Value, For Settlement of Current Liabilities				$ 698,961
Common Stock [Member]
Stock Issued During Period, Shares, For Settlement of Current Liabilities				469,358
Stock Issued During Period, Value, For Settlement of Current Liabilities				$ 470
Blender Media Inc [Member]
Due to Related Parties, Total	$ 48,545		$ 48,545		$ 807
Blender Media Inc [Member] | Common Stock [Member]
Stock Issued During Period, Shares, For Settlement of Current Liabilities				104,706
Stock Issued During Period, Value, For Settlement of Current Liabilities				$ 141,678
Blender Media Inc [Member] | General and Administrative Expense [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 39,365	$ 36,210	$ 117,086	$ 112,850

XML

Note 9 - Long-term Debt (Details Textual)			3 Months Ended		9 Months Ended
	Dec. 05, 2018 USD ($) shares	Feb. 09, 2016	Apr. 30, 2019 USD ($)	Apr. 30, 2018 USD ($)	Apr. 30, 2019 USD ($) shares	Apr. 30, 2018 USD ($)	Jul. 31, 2018 USD ($)
Long-term Debt, Gross	$ 20,000,000		$ 20,000,000		$ 20,000,000		$ 20,000,000
Stock Issued Value Issued For Extension Fees					$ 1,400,000
Stock Issued, Shares Issued For Extension Fees | shares					1,180,328
Amortization of Debt Discount (Premium)			$ 384,551	$ 277,502	$ 1,050,671	$ 883,333
Credit Agreement [Member]
Long-term Debt, Gross	$ 20,000,000
Third Extension Fees Percentage	7.00%
Stock Issued Value Issued For Extension Fees	$ 1,400,000
Stock Issued, Shares Issued For Extension Fees | shares	1,180,328
Rate Of Anniversary Fee Payable In Next Twelve Months	7.00%
Rate Of Anniversary Fee Payable In Second Year	6.50%
Rate Of Anniversary Fee Payable in Third Year	6.00%
Percentage of Discount on Volume Weighted Average Price	10.00%
Anniversary Fee, Payment in Shares, Trading Days for Weighted Average Share Price	5
Debt Instrument, Term	8 years 182 days
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Instrument, Interest Rate, Effective Percentage	16.67%
Anniversary Fees Payable In Next Twelve Months	$ 1,400,000
Anniversary Fees Payable In Second Year	1,300,000
Anniversary Fees Payable In Third Year	$ 1,200,000
Debt Instrument, Maturity Date	Jan. 31, 2022	Jan. 01, 2020

XML

Note 9 - Long-term Debt - Long-term Debt Consisted of the Following: (Details) - USD ($)	Apr. 30, 2019	Dec. 05, 2018	Oct. 31, 2018	Jul. 31, 2018
Long-term Debt, Gross	$ 20,000,000	$ 20,000,000		$ 20,000,000
Unamortized discount	(814,355)			(465,026)
Long-term debt, net of unamortized discount	19,185,645			19,534,974
Long-term Debt, Current Maturities, Total			$ 15,000,000	10,000,000
Long-term debt, net of current portion	$ 19,185,645			$ 9,534,974

XML

Note 10 - Asset Retirement Obligations - Change in Asset Retirement Obligation (Details)	9 Months Ended
	Apr. 30, 2019 USD ($)
Balance, July 31, 2018	$ 4,020,282
Accretion	172,022
Balance, April 30, 2019	$ 4,192,304

XML

Note 10 - Asset Retirement Obligations - Estimated Amounts and Timing of Cash Flows and Assumptions Used for ARO Estimates (Details)	Apr. 30, 2019 USD ($) yr	Jul. 31, 2018 USD ($) yr
Undiscounted amount of estimated cash flows	$ 7,275,504
Minimum [Member]
Undiscounted amount of estimated cash flows		$ 7,275,504
Minimum [Member] | Measurement Input, Expected Term [Member]
Asset retirement obligations, measurement input | yr	5	5
Minimum [Member] | Measurement Input, Inflation Rate [Member]
Asset retirement obligations, measurement input	0.0137	0.0137
Minimum [Member] | Measurement Input, Discount Rate [Member]
Asset retirement obligations, measurement input	0.0548	0.0548
Maximum [Member]
Undiscounted amount of estimated cash flows		$ 7,275,504
Maximum [Member] | Measurement Input, Expected Term [Member]
Asset retirement obligations, measurement input | yr	17	17
Maximum [Member] | Measurement Input, Inflation Rate [Member]
Asset retirement obligations, measurement input	0.0214	0.0214
Maximum [Member] | Measurement Input, Discount Rate [Member]
Asset retirement obligations, measurement input	0.064	0.064

XML

Note 10 - Asset Retirement Obligations - Undiscounted Amounts of Estimated Cash Flows for the Next Five Fiscal Years and Beyond (Details)	Apr. 30, 2019 USD ($)
Fiscal 2019
Fiscal 2020
Fiscal 2021
Fiscal 2022
Fiscal 2023	148,391
Remaining balance	7,127,113
	$ 7,275,504

XML

Note 11 - Capital Stock (Details Textual) - USD ($)		3 Months Ended	9 Months Ended
	Oct. 03, 2018	Apr. 30, 2019	Apr. 30, 2019	Jul. 31, 2018
Shares Issued, Price Per Share		$ 1.33	$ 1.33
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.94	$ 1.94	$ 1.97
Share Price	$ 1.54
Number of Warrants Exchanged for Common Shares		11,000,000	11,000,000
Stock Issued During the Period, Shares, Issued in Exchange for Warrants		750,000	750,000
Class of Warrant or Right Cancelled, Weighted Average Exercise Price		$ 2.30	$ 2.30
Warrants, Carrying Value Per Share		$ 0.45	$ 0.45
Carrying Value of Warrants		$ 4,950,000
Fair Value Common Shares Issued for Warrants Exchanged		997,500	$ 997,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises on a Forfeiture Basis			151,500
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period			52,735
Proceeds from Warrant Exercises		$ 4,822,357
Class of Warrant or Right, Exercised During Period		3,999,881
Class of Warrant or Right, Exercised During Period, Exercise Price		$ 1.21
October 2018 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.05
Warrants and Rights Outstanding, Term	2 years 180 days
Equity Financing [Member]
Number of Units Issued During Period	12,613,049
Shares Issued, Price Per Share	$ 1.60	$ 1.60	$ 1.60
Proceeds from Issuance or Sale of Equity, Total	$ 20,180,878
Number of Shares per Unit Issued	1
Number of Warrants per Unit	0.5
Over-Allotment Option [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.05
Warrants and Rights Outstanding, Term	2 years 180 days
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	756,782

XML

Note 11 - Capital Stock - Share Purchase Warrants Assumptions (Details) - October 2018 Warrants [Member]	Oct. 03, 2018 yr
Measurement Input, Risk Free Interest Rate [Member]
Warrants, measurement input	0.029
Measurement Input, Price Volatility [Member]
Warrants, measurement input	0.633
Measurement Input, Expected Term [Member]
Warrants, measurement input	2.5
Measurement Input, Expected Dividend Rate [Member]
Warrants, measurement input	0

XML

Note 11 - Capital Stock - Net Proceeds Allocation (Details) - The 2018 October Offering [Member]	Oct. 03, 2018 USD ($)
Fair Value of Shares	$ 22,518,788
Proceeds from Issuance or Sale of Equity, Total	20,180,878
Share Issuance Costs - Cash	(1,211,667)
Net Cash Proceeds Received	18,969,211
	18,969,211
October 2018 Warrants [Member]
Fair Value of Share Purchase Warrants	3,094,693
Share Purchase Warrants	2,606,884
Common Stock [Member]
Fair Value of Shares	19,424,095
Shares	$ 16,362,327

XML

Note 11 - Capital Stock - Summary of Share Transactions (Details) - USD ($)		3 Months Ended	9 Months Ended
		Apr. 30, 2019	Apr. 30, 2019	Apr. 30, 2018
Balance (in shares)			161,175,764
Shares Issued, Price Per Share (in dollars per share)		$ 1.33	$ 1.33
Equity Financing, Issuance Value			$ 15,990,962
Credit Facility, Issuance Value			$ 1,400,000	$ 900,000
Exchange of Warrants (in shares)		750,000	750,000
Exchange of Warrants			$ 977,563
Consulting Services, Issuance Value			226,539	322,865
Warrants Exercised, Issuance Value			$ 4,822,357
Options Exercised, Issued (in shares)			217,750
Options Exercised, Issuance Value			$ 72,363	328,300
Shares Issued Under Stock Incentive Plan, Issuance Value			$ 785,117	$ 729,644
Stock Issued for Consulting Services [Member]
Consulting Services, Issued (in shares)			165,404
Consulting Services, Issuance Value			$ 226,539
Share-based Payment Arrangement, Option [Member]
Options Exercised, Issued (in shares)	[1]		118,985
Options Exercised, Issuance Value	[1]		$ 123,221
Shares Issued Under Stock Incentive Plan [Member]
Shares Issued Under Stock Incentive Plan, Issued (in shares)			558,875
Shares Issued Under Stock Incentive Plan, Issuance Value			$ 785,117
Warrants Exchanged for Common Shares [Member]
Exchange of Warrants (in shares)			750,000
Exchange of Warrants			$ 997,500
October 2018 Warrants [Member]
Warrants Exercised, Issued (in shares)			3,999,881
Warrants Exercised, Issuance Value			$ 4,822,357
Minimum [Member] | Stock Issued for Consulting Services [Member]
Shares Issued, Price Per Share (in dollars per share)		$ 1.23	$ 1.23
Minimum [Member] | Share-based Payment Arrangement, Option [Member]
Shares Issued, Price Per Share (in dollars per share)	[1]	0.45	0.45
Minimum [Member] | Shares Issued Under Stock Incentive Plan [Member]
Shares Issued, Price Per Share (in dollars per share)		1.25	1.25
Minimum [Member] | Warrants Exchanged for Common Shares [Member]
Shares Issued, Price Per Share (in dollars per share)		1.33	1.33
Minimum [Member] | October 2018 Warrants [Member]
Shares Issued, Price Per Share (in dollars per share)		1.20	1.20
Maximum [Member] | Stock Issued for Consulting Services [Member]
Shares Issued, Price Per Share (in dollars per share)		1.77	1.77
Maximum [Member] | Share-based Payment Arrangement, Option [Member]
Shares Issued, Price Per Share (in dollars per share)	[1]	1.32	1.32
Maximum [Member] | Shares Issued Under Stock Incentive Plan [Member]
Shares Issued, Price Per Share (in dollars per share)		1.72	1.72
Maximum [Member] | Warrants Exchanged for Common Shares [Member]
Shares Issued, Price Per Share (in dollars per share)		1.33	1.33
Maximum [Member] | October 2018 Warrants [Member]
Shares Issued, Price Per Share (in dollars per share)		1.35	$ 1.35
The 2018 October Offering [Member]
Equity Financing, Issued (in shares)			12,613,049
Equity Financing, Issuance Value			$ 20,180,878
The 2018 October Offering [Member] | Minimum [Member]
Shares Issued, Price Per Share (in dollars per share)		1.60	$ 1.60
The 2018 October Offering [Member] | Maximum [Member]
Shares Issued, Price Per Share (in dollars per share)		1.60	$ 1.60
Shares Issued for Credit Facility [Member]
Credit Facility, Issued (in shares)			1,180,328
Credit Facility, Issuance Value			$ 1,400,000
Shares Issued for Credit Facility [Member] | Minimum [Member]
Shares Issued, Price Per Share (in dollars per share)		1.19	$ 1.19
Shares Issued for Credit Facility [Member] | Maximum [Member]
Shares Issued, Price Per Share (in dollars per share)		$ 1.19	$ 1.19

[1] 151,500 stock options were exercised on a forfeiture basis, resulting in 52,735 net shares being issued.

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Note 11 - Capital Stock - Continuity Schedule of Outstanding Share Purchase Warrants (Details) - $ / shares	3 Months Ended	9 Months Ended
	Apr. 30, 2019	Apr. 30, 2019
Balance, July 31, 2018 (in shares)		30,923,489
Balance, July 31, 2018 (in dollars per share)		$ 1.97
Issued (in shares)		7,063,253
Issued (in dollars per share)		$ 2.05
Exercised (in shares)		(3,999,881)
Exercised (in dollars per share)		$ 1.21
Expired (in shares)		(3,542,951)
Expired (in dollars per share)		$ 2.13
Cancelled (in shares)		(11,000,000)
Cancelled (in dollars per share)	$ 2.30	$ 2.30
Balance, April 30, 2019 (in shares)	19,443,910	19,443,910
Balance, April 30, 2019 (in dollars per share)	$ 1.94	$ 1.94

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Note 11 - Capital Stock - Warrants Outstanding and Exercisable (Details) - $ / shares	9 Months Ended
	Apr. 30, 2019	Jul. 31, 2018
Weighted Average Exercise Price (in dollars per share)	$ 1.94	$ 1.97
Number of Warrants Outstanding (in shares)	19,443,910	30,923,489
Warrants 1 [Member]
Weighted Average Exercise Price (in dollars per share)	$ 1.20
Number of Warrants Outstanding (in shares)	2,450,000
Expiry Date	Jan. 30, 2020
Weighted Average Remaining Contractual Life (Year)	273 days
Warrants 2 [Member]
Weighted Average Exercise Price (in dollars per share)	$ 1.35
Number of Warrants Outstanding (in shares)	50,000
Expiry Date	May 21, 2023
Weighted Average Remaining Contractual Life (Year)	4 years 21 days
Warrants 3 [Member]
Weighted Average Exercise Price (in dollars per share)	$ 1.64
Number of Warrants Outstanding (in shares)	9,571,929
Expiry Date	Jan. 20, 2020
Weighted Average Remaining Contractual Life (Year)	266 days
Warrants 4 [Member]
Weighted Average Exercise Price (in dollars per share)	$ 2
Number of Warrants Outstanding (in shares)	7,063,253
Expiry Date	Apr. 03, 2021
Weighted Average Remaining Contractual Life (Year)	1 year 339 days
Warrants 5 [Member]
Weighted Average Exercise Price (in dollars per share)	$ 2.05
Number of Warrants Outstanding (in shares)	308,728
Expiry Date	Aug. 09, 2022
Weighted Average Remaining Contractual Life (Year)	3 years 102 days
Warrants 6 [Member]
Weighted Average Exercise Price (in dollars per share)	$ 2.30
Number of Warrants Outstanding (in shares)	19,443,910
Weighted Average Remaining Contractual Life (Year)	1 year 76 days

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Note 12 - Stock-based Compensation (Details Textual) - USD ($)				9 Months Ended
		Apr. 11, 2019	Jan. 03, 2019	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				130,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 1.38
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				217,750
Stock Issued During Period Shares Stock Options Exercised in Cash				66,250
Proceeds from Stock Options Exercised				$ 72,363
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises on a Forfeiture Basis				151,500
Stock Issued During Period, Shares, Stock Options Exercised on Forfeiture Basis				52,735
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value				$ 124,405
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value				2,066,559
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value				2,008,016
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsUnvestedInPeriodIntrinsicValue1				58,543
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount				$ 545,992
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		90,000	40,000	130,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 1.44	$ 1.25
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		5 years	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	[1]			118,985
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				302 days
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				180 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				12.50%
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				12.50%
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				1 year
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25.00%
Share-based Payment Arrangement, Option [Member] | Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				1 year 180 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25.00%
Share-based Payment Arrangement, Option [Member] | Share-based Compensation Award, Tranche Five [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25.00%
Minimum [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 1.25
Maximum [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 1.44

[1] 151,500 stock options were exercised on a forfeiture basis, resulting in 52,735 net shares being issued.

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Note 12 - Stock-based Compensation - Summary of Stock Options Assumptions (Details) - USD ($)			9 Months Ended
	Apr. 11, 2019	Jan. 03, 2019	Apr. 30, 2019
Options Granted (in shares)			130,000
Exercise Price (in dollars per share)			$ 1.38
Term (Year)			5 years
Share-based Payment Arrangement, Option [Member]
Options Granted (in shares)	90,000	40,000	130,000
Exercise Price (in dollars per share)	$ 1.44	$ 1.25
Term (Year)	5 years	5 years
Fair Value of Options Granted	$ 58,047	$ 24,164	$ 82,211
Expected Life (Year)	3 years 255 days	3 years 255 days
Risk-Free Interest Rate	2.29%	2.34%
Dividend Yield	0.00%	0.00%
Expected Volatility Rate	58.06%	63.70%

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Note 12 - Stock-based Compensation - Schedule of Outstanding Stock Options (Details)	9 Months Ended
	Apr. 30, 2019 $ / shares shares
Balance outstanding (in shares) | shares	14,911,625
Balance, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 1.41
Granted (in shares) | shares	130,000
Granted, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 1.38
Exercised (in shares) | shares	(217,750)
Exercised Options, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 1.11
Forfeited (in shares) | shares	(87,500)
Forfeited, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 1.42
Balance outstanding (in shares) | shares	14,736,375
Balance, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 1.41

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Note 12 - Stock-based Compensation - Schedule of Outstanding Un-vested Stock Options (Details)	9 Months Ended
	Apr. 30, 2019 $ / shares shares
Nonvested balance (in shares) | shares	3,479,500
Nonvested, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	$ 0.68
Granted (in shares) | shares	130,000
Granted, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	$ 0.63
Vested options (in shares) | shares	(1,554,250)
Vested, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	$ 0.68
Forfeited options (in shares) | shares	(75,000)
Forfeited, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	$ 0.67
Nonvested balance (in shares) | shares	1,980,250
Nonvested balance, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	$ 0.67

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Note 12 - Stock-based Compensation - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares	9 Months Ended
	Apr. 30, 2019	Jul. 31, 2018
Range of Exercise Prices, Lower Limit (in dollars per share)
Range of Exercise Prices, Upper Limit (in dollars per share)
Options Outstanding Outstanding (in shares)	14,736,375	14,911,625
Options Outstanding Weighted Average Exercise Price (in dollars per share)	$ 1.41	$ 1.41
Options Outstanding Weighted Average Remaining Contractual Term (Year)	1 year 277 days
Options Exercisable (in shares)	12,756,125
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 1.40
Options Exercisable Weighted Average Remaining Contractual Term (Year)	1 year 146 days
Exercise Price Range 1 [Member]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 0.93
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 1.41
Options Outstanding Outstanding (in shares)	11,384,875
Options Outstanding Weighted Average Exercise Price (in dollars per share)	$ 1.23
Options Outstanding Weighted Average Remaining Contractual Term (Year)	1 year 120 days
Options Exercisable (in shares)	10,942,625
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 1.23
Options Exercisable Weighted Average Remaining Contractual Term (Year)	1 year 91 days
Exercise Price Range 2 [Member]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 1.42
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 3.86
Options Outstanding Outstanding (in shares)	3,351,500
Options Outstanding Weighted Average Exercise Price (in dollars per share)	$ 2.04
Options Outstanding Weighted Average Remaining Contractual Term (Year)	3 years 83 days
Options Exercisable (in shares)	1,813,500
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 2.48
Options Exercisable Weighted Average Remaining Contractual Term (Year)	2 years 131 days

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Note 12 - Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Shares Issued Under Stock Incentive Plan, Issuance Value			$ 785,117	$ 729,644
	$ 554,732	$ 518,585	2,143,598	2,133,359
Settlement of share issuance obligation				(127,615)
Consultants [Member]
Common stock issued for consulting services	155,813	168,107	516,423	606,885
Amortization of stock option expenses	37,336	43,463	122,056	385,082
	193,149	211,570	638,479	991,967
Management [Member]
Shares Issued Under Stock Incentive Plan, Issuance Value	33,126	34,265	104,109	103,509
Amortization of stock option expenses	70,395	45,926	427,099	226,907
	103,521	80,191	531,208	330,416
Employees [Member]
Shares Issued Under Stock Incentive Plan, Issuance Value	132,638	120,711	381,333	497,747
Amortization of stock option expenses	125,424	106,113	592,578	440,844
	$ 258,062	$ 226,824	$ 973,911	$ 938,591

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Note 13 - Loss Per Share - Weighted Average Number of Shares Used in the Calculation of the Basic and Diluted Loss Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Net loss for the period	$ (5,017,557)	$ (4,146,646)	$ (10,818,657)	$ (13,056,299)
Basic Weighted Average Number of Shares (in shares)	179,348,614	157,704,601	174,213,254	155,996,660
Dilutive Stock Options and Warrants (in shares)
Diluted Weighted Average Number of Shares (in shares)	179,348,614	157,704,601	174,213,254	155,996,660
NET LOSS PER SHARE, BASIC AND DILUTED (in dollars per share)	$ (0.03)	$ (0.03)	$ (0.06)	$ (0.08)

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Note 14 - Segmented Information (Details Textual)	9 Months Ended
	Apr. 30, 2019 USD ($)	Jul. 31, 2018 USD ($)
Number of Reportable Segments	1
Long-Lived Assets	$ 82,086,215	$ 81,270,581
UNITED STATES
Long-Lived Assets	$ 57,597,112
Percentage of Long Term Assets	70.00%

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Note 14 - Segmented Information - Long-term Assets by Geographic Segments (Details) - USD ($)	Apr. 30, 2019	Jul. 31, 2018	Apr. 30, 2018	Jul. 31, 2017
Mineral Rights and Properties	$ 63,753,971	$ 71,122,576
Property, Plant and Equipment	7,121,828	7,101,552
Restricted cash	1,812,843	1,789,899	$ 1,779,182	$ 1,706,028
Equity-Accounted Investment	9,058,803	693,502
Other Long-Term Assets	338,770	563,052
Total Long-Term Assets	82,086,215	81,270,581
United States Texas [Member]
Mineral Rights and Properties	12,700,030	12,729,697
Property, Plant and Equipment	6,405,816	6,362,608
Restricted cash	1,723,870	1,700,926
Equity-Accounted Investment
Other Long-Term Assets	242,042	416,519
Total Long-Term Assets	21,071,758	21,209,750
United States Arizona [Member]
Mineral Rights and Properties	4,377,477	11,069,018
Property, Plant and Equipment
Restricted cash	15,000	15,000
Equity-Accounted Investment
Other Long-Term Assets
Total Long-Term Assets	4,392,477	11,084,018
United States Wyoming [Member]
Mineral Rights and Properties	31,527,870	31,527,870
Property, Plant and Equipment	346,235	357,392
Restricted cash	73,973	73,973
Equity-Accounted Investment
Other Long-Term Assets	96,728	146,533
Total Long-Term Assets	32,044,806	32,105,768
United States Other States [Member]
Mineral Rights and Properties	88,071	735,468
Property, Plant and Equipment
Restricted cash
Equity-Accounted Investment
Other Long-Term Assets
Total Long-Term Assets	88,071	735,468
CANADA
Mineral Rights and Properties	546,938	546,938
Property, Plant and Equipment	16,813	25,889
Restricted cash
Equity-Accounted Investment	9,058,803	693,502
Other Long-Term Assets
Total Long-Term Assets	9,622,554	1,266,329
PARAGUAY
Mineral Rights and Properties	14,513,585	14,513,585
Property, Plant and Equipment	352,964	355,663
Restricted cash
Equity-Accounted Investment
Other Long-Term Assets
Total Long-Term Assets	$ 14,866,549	$ 14,869,248

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Note 14 - Segmented Information - Operating Results by Geographic Segments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Mineral Property Expenditures	$ 1,453,358	$ 981,493	$ 3,218,818	$ 3,638,408
General and administrative	1,952,616	2,407,571	6,395,014	7,526,698
Depreciation, amortization and accretion	86,387	88,294	259,970	268,066
	3,492,361	3,477,358	9,873,802	11,433,172
Loss from operations	(3,492,361)	(3,477,358)	(9,873,802)	(11,433,172)
Other income (expenses)	(1,526,501)	(681,240)	(958,126)	(1,891,364)
Loss before income taxes	(5,018,862)	(4,158,598)	(10,831,928)	(13,324,536)
United States Texas [Member]
Mineral Property Expenditures	1,042,836	611,170	2,197,324	1,795,078
General and administrative	1,391,225	1,427,445	4,461,280	4,587,983
Depreciation, amortization and accretion	78,628	79,903	235,040	247,687
	2,512,689	2,118,518	6,893,644	6,630,748
Loss from operations	(2,512,689)	(2,118,518)	(6,893,644)	(6,630,748)
Other income (expenses)	(659,194)	(677,570)	(1,945,311)	(1,888,966)
Loss before income taxes	(3,171,883)	(2,796,088)	(8,838,955)	(8,519,714)
United States Arizona [Member]
Mineral Property Expenditures	22,769	23,136	75,756	69,698
General and administrative	3,779	3,389	10,650	10,488
Depreciation, amortization and accretion
	26,548	26,525	86,406	80,186
Loss from operations	(26,548)	(26,525)	(86,406)	(80,186)
Other income (expenses)	(4,611)	(4,611)	(14,146)	(14,146)
Loss before income taxes	(31,159)	(31,136)	(100,552)	(94,332)
United States Wyoming [Member]
Mineral Property Expenditures	179,687	165,566	474,981	1,134,782
General and administrative	25,746	34,533	80,248	558,326
Depreciation, amortization and accretion	3,717	3,716	11,156	9,125
	209,150	203,815	566,385	1,702,233
Loss from operations	(209,150)	(203,815)	(566,385)	(1,702,233)
Other income (expenses)	681	(249)	1,081	1,241
Loss before income taxes	(208,469)	(204,064)	(565,304)	(1,700,992)
United States Other States [Member]
Mineral Property Expenditures	15,345	15,846	54,565	52,205
General and administrative	1,142	1,141	3,090	3,385
Depreciation, amortization and accretion	249	249	747	747
	16,736	17,236	58,402	56,337
Loss from operations	(16,736)	(17,236)	(58,402)	(56,337)
Other income (expenses)			1,578,864
Loss before income taxes	(16,736)	(17,236)	1,520,462	(56,337)
CANADA
Mineral Property Expenditures	375		16,098
General and administrative	507,728	794,682	1,732,769	2,153,051
Depreciation, amortization and accretion	2,590	3,600	9,077	7,717
	510,693	798,282	1,757,944	2,160,768
Loss from operations	(510,693)	(798,282)	(1,757,944)	(2,160,768)
Other income (expenses)	(872,851)		(590,819)
Loss before income taxes	(1,383,544)	(798,282)	(2,348,763)	(2,160,768)
PARAGUAY
Mineral Property Expenditures	192,346	165,775	400,094	586,645
General and administrative	22,996	146,381	106,977	213,465
Depreciation, amortization and accretion	1,203	826	3,950	2,790
	216,545	312,982	511,021	802,900
Loss from operations	(216,545)	(312,982)	(511,021)	(802,900)
Other income (expenses)	9,474	1,190	12,205	10,507
Loss before income taxes	$ (207,071)	$ (311,792)	$ (498,816)	$ (792,393)

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Note 15 - Supplemental Cash Flow Information (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Apr. 30, 2019	Apr. 30, 2019	Apr. 30, 2018
Stock Issued During Period, Shares, Issued for Services		165,404	208,889
Stock Issued During Period, Value, Issued for Services		$ 226,539	$ 322,865
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total		$ 785,117	729,644
Stock Issued, Shares Issued For Extension Fees		1,180,328
Stock Issued Value Issued For Extension Fees		$ 1,400,000
Interest Paid, Excluding Capitalized Interest, Operating Activities		$ 1,213,333	$ 1,213,333
Stock Issued During the Period, Shares, Issued in Exchange for Warrants	750,000	750,000
Fair Value Common Shares Issued for Warrants Exchanged	$ 997,500	$ 997,500
Number of Warrants Exchanged for Common Shares	11,000,000	11,000,000
Class of Warrant or Right Cancelled, Weighted Average Exercise Price	$ 2.30	$ 2.30
Certain Management, Employees and Consultants of the Company [Member]
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total		558,875	624,408
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total		$ 785,117	$ 857,258

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Note 16 - Commitments and Contingencies (Details Textual)	9 Months Ended
	Apr. 30, 2019 USD ($)
Monthly Lease Payments	$ 21,000
Salary and Wage, Officer, Excluding Cost of Good and Service Sold	$ 703,000

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Note 16 - Commitments and Contingencies - Aggregate Minimum Rental and Lease Payments (Details)	Apr. 30, 2019 USD ($)
Due in Fiscal 2019	$ 59,351
Due in Fiscal 2020	222,738
Due in Fiscal 2021	177,774
Due in Fiscal 2022
Due in Fiscal 2023
	$ 459,863