Note 6 - Equity-accounted Investment

3 Months Ended

Oct. 31, 2019

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE

6

:      EQUITY-ACCOUNTED INVESTMENT

As at

October 31, 2019,

we own

14,000,000

shares of Uranium Royalty Corp. (“URC”), a private entity investing in the uranium sector, representing a

31.3%

interest in URC. In addition,

two

of our officers are members of URC’s board of directors,

one

of which is an officer of URC. As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the

three

months ended

October 31, 2019.

During the

three

months ended

October 31, 2019,

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

Balance, July 31, 2019	$	8,680,449
Share of loss from URC		(669,227	)
Gain on ownership interest dilution		328,630
Translation loss		(9,894	)
Balance, October 31, 2019	$	8,329,958

Subsequent to

October 31, 2019,

URC completed an initial public offering which consisted of the issuance of

20,000,000

units of URC (each, a “URC Unit”).  Each URC Unit is comprised of

one

common share and

one

common share purchase warrant of URC.