Note 8 - Mineral Rights and Properties

12 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Mineral Industries Disclosures [Text Block]

NOTE 8: MINERAL RIGHTS AND PROPERTIES

Mineral Rights

As at July 31, 2024, we had mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay.  These mineral rights were acquired through staking and purchase, lease or option agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium.  As at July 31, 2024, annual maintenance payments of approximately $3.8 million were required to maintain these mineral rights.

As at July 31, 2024, the carrying value of these mineral rights and properties was as follows:

Costs	United States			Canada			Paraguay		Total
Balance at July 31, 2022	$	172,340		$	982		$	15,014	$	188,336
Additions		100			386,562			-		386,662
Impact of foreign currency translation		-			(2,937	)		-		(2,937	)
Balance at July 31, 2023		172,440			384,607			15,014		572,061
Additions		100			1,340			-		1,440
Impact of foreign currency translation		-			(9,424	)		-		(9,424	)
Balance at July 31, 2024	$	172,540		$	376,523		$	15,014	$	564,077
Accumulated Depletion, Amortization and Impairment	United States			Canada			Paraguay		Total
Balance at July 31, 2022	$	(6,388	)	$	-		$	-	$	(6,388	)
Additions		(1	)		-			-		(1	)
Impairment		-			(112	)		-		(112	)
Balance at July 31, 2023		(6,389	)		(112	)		-		(6,501	)
Impact of foreign currency translation		-			7			-		7
Balance at July 31, 2024	$	(6,389	)	$	(105	)	$	-	$	(6,494	)
Carrying Value
Balance at July 31, 2023	$	166,051		$	384,495		$	15,014	$	565,560
Balance at July 31, 2024	$	166,151		$	376,418		$	15,014	$	557,583

During Fiscal 2018 and Fiscal 2019, we had communications and filings with the Ministry of Public Works and Communications (“MOPC”), the mining regulator in Paraguay, whereby the MOPC took the position that certain concessions forming part of the Company’s Yuty, Alto Parana and Colonel Oviedo Projects were not eligible for extension as to exploration or continuation to exploitation in their current stages. While we remain fully committed to our development path forward in Paraguay, we have filed certain applications and appeals in Paraguay to reverse the MOPC’s position in order to protect our continuing rights in those concessions.

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.

The details of mineral property expenditures are as follows:

	Year Ended July 31,
	2024		2023		2022
Permitting and compliance	$	1,895	$	396	$	676
Property maintenance		3,986		3,608		2,635
Exploration		14,669		9,308		2,582
Development		6,650		1,749		1,995
Production readiness		5,183		3,559		2,266
Total	$	32,383	$	18,620	$	10,154