Note 6 - Mineral Rights and Properties

3 Months Ended

Oct. 31, 2022

Notes to Financial Statements

Mineral Industries Disclosures [Text Block]

NOTE 6: MINERAL RIGHTS AND PROPERTIES

Mineral Rights

As at October 31, 2022, we had mineral rights in the States of Arizona, New Mexico, Wyoming and Texas, in Canada and in the Republic of Paraguay. These mineral rights were acquired through staking, purchase or lease or option agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium and titanium. As of October 31, 2022, annual maintenance payments of approximately $4,313 will be required to maintain these mineral rights.

As at October 31, 2022, the carrying value of our mineral rights and properties were as follows:

	Uranium Mines/Projects					Titanium Project
Cost	ISR Mines and Projects		Conventional Projects			Conventional Project		Databases and Land Use Agreements		Total
Balance, July 31, 2022	$	171,649	$	12,295		$	1,933	$	2,459	$	188,336
Additions		-		386,446			-		-		386,446
Impact of foreign currency translation		-		(10,028	)		-		-		(10,028	)
Balance, October 31, 2022		171,649		388,713			1,933		2,459		564,754

Accumulated Depletion and Amortization	ISR Mines and Projects			Conventional Projects		Conventional Project		Databases and Land Use Agreements			Total
Balance, July 31, 2022		(3,930	)		-		-		(2,458	)		(6,388	)
Additions		-			-		-		-			-
Balance, October 31, 2022		(3,930	)		-				(2,458	)		(6,388	)
	$	167,719		$	388,713	$	1,933	$	1		$	558,366

We have not established proven or probable reserves, as defined by the SEC under the S-K 1300, for any of our mineral projects. We have established the existence of mineralized materials for certain uranium projects, including our ISR Mines. Since we commenced uranium extraction at our ISR Mines 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