NOTE

MINERAL RIGHTS AND PROPERTIES

Mineral Rights

January 31, 2021,

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

January 31, 2021,

annual maintenance payments of approximately

$2.2

million will be required to maintain these mineral rights.

Mineral rights and property acquisition costs consist of the following:

	January 31, 2021			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		849,854			799,854
Los Cuatros Project		257,250			257,250
Slick Rock Project		60,000			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
		67,661,387			67,581,387
Accumulated Depletion		(3,929,884	)		(3,929,884	)
		63,731,503			63,651,503

Databases and Land Use Agreements		2,458,808			2,458,808
Accumulated Amortization		(2,455,558	)		(2,454,808	)
		3,250			4,000
	$	63,734,753		$	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

and

six

months ended

January 31, 2021

and

2020,

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

and

six

months ended

January 31, 2021

and

2020.

Mineral property expenditures incurred on our projects were as follows:

	Three Months Ended January 31,				Six Months Ended January 31,
	2021		2020		2021		2020
Mineral Property Expenditures
Palangana Mine	$	232,866	$	528,699	$	431,668	$	848,726
Goliad Project		71,267		36,843		117,056		96,807
Burke Hollow Project		185,838		220,812		315,616		869,673
Longhorn Project		2,289		2,289		4,577		12,446
Salvo Project		7,673		6,702		15,865		13,970
Anderson Project		19,425		13,433		38,891		29,486
Workman Creek Project		8,167		8,168		16,365		16,365
Slick Rock Project		12,993		13,271		26,129		26,405
Reno Creek Project		169,576		144,181		270,066		292,224
Yuty Project		8,334		16,718		14,328		30,914
Oviedo Project		98,804		123,117		146,415		229,055
Alto Paraná Titanium Project		29,463		110,085		45,914		166,333
Other Mineral Property Expenditures		114,562		99,005		220,128		214,370
	$	961,257	$	1,323,323	$	1,663,018	$	2,846,774