Note 6 - Equity-accounted Investment

12 Months Ended

Jul. 31, 2020

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE 6 : EQUITY-ACCOUNTED INVESTMENT

During Fiscal

2019,

we closed the Royalty Purchase Agreement and received

12,000,000

Consideration Shares of URC, which increased our holdings to

14,000,000

URC shares, representing a

32.6%

interest in URC at

July 31, 2019.

Refer to Note

3:

Mineral Rights and Properties herein.

During Fiscal

2020,

URC completed an initial public offering and is now listed for trading on the TSX Venture Exchange. As at

July 31, 2020,

the fair value of our investment in URC was approximately

$12.1

million.

As at

July 31, 2020,

we owned a

19.5%

(

July 31, 2019:

32.6%;

July 31, 2018:

11.3%

) interest in URC. In addition,

two

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

one

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

July 31, 2020.

During Fiscal

2020,

Fiscal

2019

and Fiscal

2018,

the changes in carrying value of the investment in URC are summarized as follows:

Balance, July 31, 2017	$	151,676
Share of income from URC		29,001
Gain on ownership interest dilution		394,656
Share of other comprehensive income		118,169
Balance, July 31, 2018		693,502
Share consideration received from sale of royalty interests		9,077,842
Share of loss from URC		(1,858,901	)
Gain on ownership interest dilution		755,545
Translation gain		12,461
Balance, July 31, 2019		8,680,449
Share of loss from URC		(89,073	)
Gain on ownership interest dilution		3,056,656
Translation loss		(132,705	)
Balance, July 31, 2020	$	11,515,327