Note 7 - Mineral Rights and Properties

12 Months Ended

Jul. 31, 2025

Notes to Financial Statements

Mineral Industries Disclosures [Text Block]

NOTE 7: MINERAL RIGHTS AND PROPERTIES

Mineral Rights

As at July 31, 2025, we owned 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, 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, 2025, the carrying value of these mineral rights and properties was as follows:

Costs	United States			Canada			Paraguay		Total
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
Sweetwater Acquisition		145,749			-			-		145,749
Additions		215			1			-		216
Assets retirement obligations (Note 13)		7,688			-			-		7,688
Impact of foreign currency translation		-			(497	)		-		(497	)
Balance at July 31, 2025	$	326,192		$	376,027		$	15,014	$	717,233
Accumulated Depletion, Amortization and Impairment	United States			Canada			Paraguay		Total
Balance at July 31, 2023	$	(6,389	)	$	(112	)	$	-	$	(6,501	)
Additions		-			-			-		-
Impact of foreign currency translation		-			7			-		7
Balance at July 31, 2024		(6,389	)		(105	)		-		(6,494	)
Additions		-			-			-		-
Impairment		-			-			-		-
Additions		(1,088	)		-			-		(1,088	)
Balance at July 31, 2025	$	(7,477	)	$	(105	)	$	-	$	(7,582	)
Carrying Value
Balance at July 31, 2024	$	166,151		$	376,418		$	15,014	$	557,583
Balance at July 31, 2025	$	318,715		$	375,922		$	15,014	$	709,651

During Fiscal 2025, the Company recognized an addition of $7.69 million to asset retirement obligations, with a corresponding increase in mineral rights and properties. This is a non-cash transaction and therefore has been excluded from the consolidated statements of cash flows. 

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 mineral resources for certain uranium projects, including our ISR Mines.  Since we commenced uranium extraction at some of 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,
	2025		2024		2023
Permitting and compliance	$	1,167	$	1,895	$	396
Property maintenance		4,974		3,986		3,608
Exploration		11,140		14,669		9,308
Development		33,891		6,650		1,749
Production readiness		14,892		5,183		3,559
Total	$	66,064	$	32,383	$	18,620