NOTE

MINERAL RIGHTS AND PROPERTIES

Mineral Rights

October 31, 2020,

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

October 31, 2020,

annual maintenance payments of approximately

$2.4

million will be required to maintain these mineral rights.

Mineral rights and property acquisition costs consisted of the following:

	October 31, 2020			July 31, 2020
Mineral Rights and Properties
Palangana Mine	$	6,027,784		$	6,027,784
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			3,470,373
Workman Creek Project		799,854			799,854
Los Cuatros Project		257,250			257,250
Slick Rock Project		30,000			30,000
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
		67,581,387			67,581,387
Accumulated Depletion		(3,929,884	)		(3,929,884	)
		63,651,503			63,651,503

Databases and Land Use Agreements		2,458,808			2,458,808
Accumulated Amortization		(2,455,183	)		(2,454,808	)
		3,625			4,000
	$	63,655,128		$	63,655,503

We have

not

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

for any of our mineral projects. We have established the existence of mineralized materials for certain mineral projects, including our 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

three

months ended

October 31, 2020

and

2019,

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

depletion for the Palangana Mine was recorded on our Condensed Consolidated Financial Statements for the

three

months ended

October 31, 2020

and

2019.

Mineral property expenditures incurred on our projects were as follows:

	Three Months Ended October 31,
	2020		2019
Mineral Property Expenditures
Palangana Mine	$	198,802	$	320,027
Goliad Project		45,789		59,965
Burke Hollow Project		129,778		648,861
Longhorn Project		2,288		10,157
Salvo Project		8,192		7,269
Anderson Project		19,466		16,053
Workman Creek Project		8,198		8,198
Slick Rock Project		13,136		13,134
Reno Creek Project		100,490		148,043
Yuty Project		5,994		14,196
Oviedo Project		47,611		105,938
Alto Paraná Titanium Project		16,451		56,248
Other Mineral Property Expenditures		105,566		115,362
	$	701,761	$	1,523,451