NOTE

MINERAL RIGHTS AND PROPERTIES

Mineral Rights

As of

April 30, 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. As of

April 30, 2021,

annual maintenance payments of approximately

$2.7

million will be required to maintain these mineral rights.

Mineral rights and property acquisition costs consist of the following:

	April 30, 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		(2,455,933	)		(2,454,808	)
		2,875			4,000
	$	63,734,378		$	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

nine

months ended

April 30, 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

nine

months ended

April 30, 2021

and

2020.

Mineral property expenditures incurred on our projects were as follows:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2021		2020		2021		2020
Mineral Property Expenditures
Palangana Mine	$	216,791	$	260,438	$	648,459	$	1,109,164
Goliad Project		51,437		54,486		168,493		151,293
Burke Hollow Project		626,695		154,672		942,311		1,024,345
Longhorn Project		2,289		2,289		6,866		14,735
Salvo Project		7,672		7,843		23,537		21,813
Anderson Project		19,469		19,519		58,360		49,004
Workman Creek Project		8,168		8,168		24,533		24,533
Slick Rock Project		12,994		13,123		39,123		39,527
Reno Creek Project		215,725		159,088		485,791		451,312
Yuty Project		7,129		27,664		21,457		58,578
Oviedo Project		109,676		69,446		256,091		298,505
Alto Paraná Titanium Project		88,796		36,323		134,710		202,656
Other Mineral Property Expenditures		111,913		143,505		332,041		357,873
	$	1,478,754	$	956,564	$	3,141,772	$	3,803,338