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