Note 7 - Equity-accounted Investment

3 Months Ended

Oct. 31, 2020

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE  7 : EQUITY-ACCOUNTED INVESTMENT

At

October 31, 2020,

we owned

14,000,000

shares of Uranium Royalty Corp. (“URC”), representing a

19.5%

(

July 31, 2020:

19.5%

) 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 during the

three

months ended

October 31, 2020.

URC is a public company listed on the TSX Venture Exchange with the trading symbol “URC.V”.

At

October 31, 2020,

the fair value of our investment in URC was approximately

$11.6

million.

During the

three

months ended

October 31, 2020,

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

Balance, July 31, 2020	$	11,515,327
Share of loss from URC		(703,605	)
Translation gain		62,761
Balance, October 31, 2020	$	10,874,483