Note 8 - Investments in Equity Securities

6 Months Ended

Jan. 31, 2026

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 8: INVESTMENTS IN EQUITY SECURITIES

During the six months ended January 31, 2026, the changes in our investments in equity securities are summarized as follows:

Balance, July 31, 2025	$	28,470
Investment in public listed companies		36,576
Sale of investment in publicly listed companies		(1,168	)
Fair value gain on equity securities		20,085
Balance, January 31, 2026	$	83,963

Pursuant to Accounting Standards Codification (“ASC”) 323 Investments – Equity Method and Joint Ventures, there is a rebuttable presumption that equity method of accounting shall be applied for investments of 20% or more of the investee’s outstanding voting common stock. As at January 31, 2026, the Company owned 4,978,876 common shares of Anfield Energy Inc. (“Anfield”) ( July 31, 2025: 4,978,876 on a post-consolidated basis⁽¹⁾), representing approximately 28.80% ( July 31, 2025: 31.8%) of the outstanding common shares of Anfield on a non-diluted basis and approximately 33.70% ( July 31, 2025: 37.0%) on a partially diluted basis after assuming the exercise of 1,283,639 post-consolidated share purchase warrants of Anfield (the “Anfield Warrants”) held by the Company. As a result, the Company’s investment in Anfield’s common shares is subject to the equity method of accounting. However, as permitted under ASC 825 Financial Instruments, the Company elected to apply the fair value option to account for its investment in Anfield’s common shares. All subsequent changes in fair value of the common shares of Anfield are recognized in our consolidated statements of operations.

On January 12, 2026, the Company entered into a subscription agreement to purchase 896,861 subscription receipts (the “Subscription Receipts”) of Anfield for $4.00 million. Each Subscription Receipt entitled the Company to receive, upon satisfaction of the Escrow Release Conditions (as defined below) on or prior to March 31, 2026, or such other later date as may be specified by the Company in writing, one common share of Anfield, without payment of additional consideration and without further action on the part of the Company. Anfield required the approval of the TSX-Venture Exchange (the “TSX-V”) and the disinterested shareholders of Anfield at a special shareholder meeting on February 27, 2026 (the “Escrow Release Conditions”) to remove the Escrow Release Conditions associated with the subscription. Anfield received the approval by the TSX-V and its disinterested shareholders, and consequently issued 896,861 Anfield’s common shares to the Company on February 27, 2026. On January 31, 2026, the Company remeasured the fair value of the Subscription Receipts using the closing price of Anfield’s common shares on that date, and recognized the resulting change as fair value gain on equity securities in the consolidated statements of operations.

As at January 31, 2026, the fair value of the Company’s investment in Anfield’s common shares and Subscription Receipts was $48.71 million ( July 31, 2025: $26.14 million) and the fair value of our Anfield Warrants was $2.47 million ( July 31, 2025: $1.39 million).  

The cumulative revaluation adjustment since acquisition of the equity securities and Subscription Receipts of Anfield held as at January 31, 2026 is a gain of $11.74 million.

⁽¹⁾ Effective August 1, 2025, Anfield completed a share consolidation on the basis of one (1) post-consolidation common share for every seventy-five (75) pre-consolidation common shares. All references to Anfield’s common shares in this note are presented on a post-consolidated basis.