Note 14 - Asset Retirement Obligations

12 Months Ended

Jul. 31, 2023

Notes to Financial Statements

Asset Retirement Obligation Disclosure [Text Block]

NOTE 14: ASSET RETIREMENT OBLIGATIONS

Asset retirement obligations (“ARO”s) relate to future remediation and decommissioning activities at our Palangana Mine, Hobson Processing Facility, Reno Creek Project, Alto Paraná Titanium Project, Christensen Ranch Mine and Irigaray Processing Facility pursuant to the U1A Acquisition, as well as the AROs related to the Roughrider Acquisition and the UEX Acquisition.

	July 31, 2023			July 31, 2022
Balance, beginning of year	$	17,276		$	3,939
Accretion		949			630
Assumed from Roughrider Acquisition (Note 4)		445			-
Assumed from UEX Acquisition (Note 3)		211			-
Assumed from U1A Acquisition (Note 5)		-			12,707
Addition		14
Liabilities settled in cash		(220	)
Foreign exchange difference		(5	)		-
Balance, end of year	$	18,670		$	17,276

The estimated amounts and timing of cash flows and assumptions used for the ARO estimates are as follows:

	July 31, 2023		July 31, 2022
Undiscounted amount of estimated cash flows	$	29,064	$	28,739
Payable in years		1 to 23		1 to 23
Inflation rate		1.56% to 5.32%		1.56% to 5.32%
Discount rate		3.72% to 6.35%		3.72% to 6.35%

The undiscounted amounts of estimated cash flows for the next five years and beyond are as follows:

Fiscal 2024	$	1,515
Fiscal 2025		1,472
Fiscal 2026		2,489
Fiscal 2027		2,509
Fiscal 2028		1,990
Remaining balance		19,091
	$	29,066