Note 7 - Equity-Accounted Investments

6 Months Ended

Jan. 31, 2026

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE 7: EQUITY-ACCOUNTED INVESTMENTS

As at January 31, 2026, we owned 17,978,364 shares of Uranium Royalty Corp. (“URC”), representing a 12.3% ( July 31, 2025: 13.5%) interest in URC.  In addition, two of our executive officers are members of URC’s board of directors. Furthermore, one of these executive officers also holds an executive position within URC.  As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three and six months ended January 31, 2026.  Should URC’s outstanding options be fully exercised, the Company’s ownership interest would decrease from 12.3% to 12.1%. URC is a public company listed on the Toronto Stock Exchange with the trading symbol “URC” and on NASDAQ with the trading symbol “UROY”. As at January 31, 2026, the fair value of our investment in URC was approximately $83.06 million ( July 31, 2025: $46.56 million).

As at January 31, 2026, we owned 50% of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”). JCU is a private Canadian company engaged in the exploration and development of uranium assets in Canada.  The Company’s 50% interest in JCU is a joint venture, which is accounted for using the equity method.

During the six months ended January 31, 2026, the changes in carrying value of our equity-accounted investments are summarized as follows:

	Investment in
	URC		JCU			Total
Balance, July 31, 2025	$	34,657	$	21,168		$	55,825
Share of income (loss)		968		(1,535	)		(567	)
Gain on dilution of ownership interest		3,460		-			3,460
Foreign exchange difference		649		317			966
Balance, January 31, 2026	$	39,734	$	19,950		$	59,684

For the three and six months ended January 31, 2026 and 2025, income (loss) from our equity-accounted investments consisted of the following:

	Three Months Ended January 31,					Six Months Ended January 31,
	2026		2025			2026			2025
Share of income (loss)	$	210	$	(1,013	)	$	(567	)	$	(1,494	)
Gain on dilution of ownership interest		1,943		22			3,460			27
Total	$	2,153	$	(991	)	$	2,893		$	(1,467	)