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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Star Gold Corp. (the “Company”)
was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized
to explore mineral properties in British Columbia, Canada but the Company is currently focused on gold, silver and other base metal-bearing
properties in Nevada. On April 25, 2008, the name of the company was changed to Star Gold Corp.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s core business consists of
assembling and/or acquiring land packages and mining claims the Company believes have potential mining reserves, and expending
capital to explore these claims by drilling, and performing geophysical work or other exploration work deemed necessary to move
such claims towards development and production. The business is a high-risk business as there is no guarantee that the Company’s
exploration work will ultimately discover or produce any economically viable minerals.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Basis of Presentation</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This summary of significant accounting policies
is presented to assist in understanding the financial statements. The financial statements and notes are representations of the
Company’s management, which is responsible for their integrity and objectivity. The accompanying unaudited financial statements
have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for
interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all
of the information and footnotes required by accounting principles generally accepted in the United States of America for complete
financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the opinion of the Company’s management,
all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair statement of the interim financial
statements have been included. The balance sheet at April 30, 2019 was derived from audited annual financial statements but does
not contain all of the footnote disclosures from the annual financial statements. All amounts presented are in U.S. dollars. Operating
results for the three- and six-month period ended October 31, 2019 are not necessarily indicative of the results that may be expected
for the full fiscal year ending April 30, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For further information, refer to the financial
statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended April 30, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Use of Estimates</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in accordance
with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that
affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues
and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to
long-lived asset impairments and stock-based compensation valuation. Actual results could differ from these estimates and assumptions
and could have a material effect on the Company’s reported financial position and results of operations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Risks and Uncertainties</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s operations are subject to
significant risks and uncertainties, including financial, operational, technological and other risks associated with operating
an emerging exploration mining business, including the potential risk of business failure.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Cash and Cash Equivalents</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the purposes of the statement of cash flows,
the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Reclamation bond</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Reclamation bond constitutes cash held as
collateral for the faithful performance of the bond securing exploration permits and are accounted for on a cost basis.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Financial Instruments</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s financial instruments include
cash and cash equivalents and reclamation bond. All instruments are accounted for on a cost basis, which, due to the short maturity
of these financial instruments, approximates fair value at October 31, 2019</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Fair Value Measures</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When required to measure assets or liabilities
at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs
used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall.
The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value
measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable
inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in
earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held
at the reporting date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At October 31, 2019 and April 30, 2019, the
Company had no assets or liabilities accounted for at fair value on a recurring or nonrecurring basis.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Mining Interests and Mineral Exploration
Expenditures</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exploration costs are expensed in the period
in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral
rights as incurred. Should a property reach the production stage, capitalized costs would be amortized using the units-of-production
method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value,
and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized
costs are charged to operations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Pre-development Expenditures</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pre-development activities involve costs incurred
in the exploration stage that may ultimately benefit production, such as underground ramp development, which are expensed due to
the lack of evidence of economic development, which is necessary to demonstrate future recoverability of these costs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Equipment</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equipment is stated at cost. Significant improvements
are capitalized and depreciated. Depreciation of equipment is calculated using the straight-line method over the estimated useful
lives of the assets, which range from three to seven years. Maintenance and repairs are charged to operations as incurred. Gains
or losses on disposition or retirement of property and equipment are recognized in operating expenses.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Reclamation and Remediation</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s operations are subject to
standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company
incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an
asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset.
After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period
to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual
obligation requiring recording either a liability or associated asset.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><u>Impairment of Long-lived Assets</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company periodically reviews its long-lived
assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets
may not be recoverable. The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated
by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><u>Stock-based Compensation</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates the fair value of options
to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions
include estimating the length of time employees will retain their vested stock options before exercising them (“expected
life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”),
employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially
affect the estimate of fair value of stock-based compensation. Options granted have a ten-year maximum term and varying vesting
periods as determined by the Board of Directors. The value of shares of common stock awards is determined based on the closing
price of the Company’s stock on the date of the award.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><u>Income Taxes</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for income taxes using
the liability method. The liability method requires the recognition of deferred tax assets and liabilities for the expected future
tax consequences of (i) temporary differences between financial statement carrying amounts of assets and liabilities and their
basis for tax purposes and (ii) operating loss and tax credit carryforwards for tax purposes. Deferred tax assets are reduced by
a valuation allowance when management concludes that it is more likely than not that a portion of the deferred tax assets will
not be realized in a future period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><u>Reclassifications</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain reclassifications have been made to
the 2018 financial statements in order to conform to the 2019 presentation. These reclassifications have no effect on net loss,
total assets or accumulated deficit as previously reported.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><u>New Accounting Pronouncements</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 Leases (Topic 842). The update modifies
the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases.
The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. Adoption of this update
on May 1, 2019 had no impact on the Company’s financial statement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2018, the FASB issued ASU No. 2018-07,
Compensation-Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting. ASU No. 2018-07 expands the scope
of the standard for stock-based compensation to include share-based payment transactions for acquiring goods and services from
nonemployees. ASU No. 2018-07 became effective for the Company on May 1, 2019. Adoption of this update on May 1, 2019 had no impact
on the Company’s financial statement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other accounting standards that have been issued
or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated
financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact
on or are unrelated to its financial condition, results of operations, cash flows or disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic Earnings Per Share (“EPS”)
is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding
for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options
and warrants.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The outstanding securities at October 31, 2019
and 2018 that could have a dilutive effect are as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">October 31, 2019</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">October 31, 2018</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 72%"><font style="font-size: 8pt">Stock options</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">7,145,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">6,650,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Warrants</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">29,039,849</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">30,654,249</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">TOTAL POSSIBLE DILUTIVE SHARES</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">36,184,849</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">37,304,249</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three and six months ended October 31,
2019 and 2018, respectively, the effect of the Company’s outstanding stock options and warrants would have been anti-dilutive
and so are excluded in the diluted EPS.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of the Company’s
equipment and mining interest at October 31, 2019 and April 30, 2019:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">October 31, 2019</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 72%"><font style="font-size: 8pt">Equipment</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">4,995</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">32,002</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 8.65pt"><font style="font-size: 8pt">Less accumulated depreciation</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,845</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(29,019</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Equipment, net of accumulated depreciation</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,150</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,983</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Mining interest - Longstreet</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">542,168</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">464,124</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">TOTAL EQUIPMENT AND MINING INTEREST</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">544,318</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">467,107</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Longstreet Property Option Agreement
with Great Basin Resources, Inc. (“Great Basin”), as amended, which was originally entered into by the Company on or
about January 15, 2010 (the “Longstreet Agreement”), the Company leases, with an option to acquire, unpatented mining
claims located in the State of Nevada known as the Longstreet Property. Through August 12, 2019, the Company was required to make
minimal lease payments in the form of cash and options to purchase shares of the Company’s common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 4, 2018, the Company amended the
Longstreet Agreement to change the due date of certain expenditures required by that agreement (the “2018 Amendment”).
The 2018 Amendment extended the due date of the 2019 expenditures from January 16, 2019 to August 31, 2019 and also extended the
due date of the 2020 expenditures from January 16, 2020 to August 31, 2020. No other provisions of the Longstreet Agreement, as
previously amended, were affected by the 2018 Amendment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 12, 2019, the Company and Great Basin
agreed to amend the Longstreet Agreement (the “2019 Amendment”) to eliminate the required property expenditure structure
and to implement new consideration for the transfer of the Property pursuant to that agreement. The 2019 Amendment eliminated the
remainder of the required property expenditures. The 2019 Amendment sets forth Great Basin to transfer title, to the Company, of
the mining interest upon the Company:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px"> </td>
<td style="width: 29px"><font style="font-size: 8pt">a)</font></td>
<td style="text-align: justify"><font style="font-size: 8pt">adjusting the exercise price to $0.04 on 435,000 existing options to purchase Company common stock from exercise prices ranging from $0.05-$0.08 per share;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px"> </td>
<td style="width: 29px"><font style="font-size: 8pt">b)</font></td>
<td style="text-align: justify"><font style="font-size: 8pt">issuing an additional 500,000 options to purchase Company common stock at the exercise price of $0.04;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px"> </td>
<td style="width: 29px"><font style="font-size: 8pt">c)</font></td>
<td style="text-align: justify"><font style="font-size: 8pt">making a cash payment of $50,000 to Great Basin (paid on August 19, 2019) and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 29px"> </td>
<td style="width: 29px"><font style="font-size: 8pt">d)</font></td>
<td style="text-align: justify"><font style="font-size: 8pt">entering into a consulting agreement with Great Basin with a term of eighteen (18) months.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 12, 2019, the Company repriced 435,000
existing options to purchase the Company’s common stock to an exercise price of $0.04 and issued an additional 500,000 options
to purchase the Company’s common stock at an exercise price of $0.04. The fair value of the re-pricing and issuance of additional
stock options was $16,044 which was capitalized as “Mining Interest”.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 1, 2019, the Company executed a
consulting agreement with Great Basin for a term of eighteen (18) months (the (“Consulting Agreement”). Under the Consulting
Agreement, the Company will pay Great Basin $7,500 per month for the term of the Consulting Agreement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2019 Amendment also grants the Company the
option, to be exercised no later than six (6) months following the first receipt of proceeds from the sale of ore from the mining
interest, to purchase one-half of Great Basin’s 3.0% Net Smelter Royalty, on the Longstreet Project, for a payment of $1,750,000.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No other provisions of the Longstreet Agreement,
as previously amended, were affected by the 2019 Amendment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Company is obligated, pursuant
to the Longstreet Agreement, to pay an annual advance royalty payment of $12,000 related to the Clifford claims. For the six months
ended October 31, 2019 and 2018, respectively, the Company paid the annual $12,000 advance royalty for additional mining interest
on the Longstreet Property.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 20, 2019, the Company paid $67,800
to the United States Forest Service to increase the Reclamation Bond as collateral on the Longstreet Property. The bond is collateral
on reclamation of planned drilling activities on the Longstreet Property and is refundable subject to the Company completing defined
reclamation actions upon completion of drilling.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 19, 2017, the Company entered into
an Option and Lease of Water Rights with Stone Cabin Company, LLC (the “Stone Cabin Water Rights Agreement”). In exchange
for a one-time payment of $20,000, the Stone Cabin Water Rights Agreement granted the Company a three-year option to commence a
ten-year lease of certain water rights in Nevada. The water rights are for use in conjunction with the Company’s Longstreet
Project. Lease payments for the water rights do not commence unless the Company exercises the option to lease. The Stone Cabin
Water Rights Agreement also granted the Company the ability to extend, upon additional option payments, the option to lease for
up to an additional three years and the ability to extend the water rights lease (if exercised) for an additional ten-year period.
The $20,000 payment was deferred as Other Assets and is being amortized on a straight-line basis over the three-year option period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 21, 2017, the Company entered into
an Option and Lease of Water Rights, with High Test Hay, LLC (the “High Test Water Rights Agreement”). In exchange
for a one-time payment of $25,000, the High Test Water Rights Agreement grants the Company a three-year option to commence a ten-year
lease on certain water rights in Nevada. The water rights are for use in conjunction with the Company’s Longstreet Project.
Lease payments for the water rights do not commence unless and until the Company exercises the option to lease. The High Test Water
Rights Agreement also grants the Company the ability to extend, upon additional option payments, the option to lease for up to
an additional three years and the ability to extend the water rights lease (if exercised) for up to an additional twenty years.
The $25,000 payment has been deferred and is being amortized on a straight-line basis over the three-year option period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of the Company’s
Other Assets at October 31, 2019 and April 30, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">October 31, 2019</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 72%"><font style="font-size: 8pt">Option on water rights lease agreements, net</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">8,174</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">15,735</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Prepaid insurance and other expenses</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">8,814</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">9,667</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt"><font style="font-size: 8pt">Total</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">16,988</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">25,402</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Less Other Assets - Current</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(16,988</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(22,845</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">TOTAL OTHER ASSETS - NON-CURRENT</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2,557</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company rented office space from Marlin
Property Management, LLC (“Marlin”) an entity owned by the spouse of the Company’s former President and current
Chairman of the Board of Directors. The lease was on a month-to-month basis as financial resources were available. The Company
terminated the lease effective November 1, 2018. For the three and six months ended October 31, 2018, office rent was $750 and
$1,500, respectively. No rent was incurred under this agreement in the three and six months ended October 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and six months ended October
31, 2019, the Company paid a member of the Company’s Board of Directors (the “Board”) for consulting and investor
relation services in the amount of $4,000 and $8,000, respectively. There was no payment for services during the three and six
months ended October 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective September 1, 2019, the Board authorized
the Company to enter into separate consulting agreements with the Chairman of the Board, two respective members of the Board and
the Company’s Chief Financial Officer to reward, compensate and incentivize. The Company will accrue an aggregate $18,000
per month in consulting and management fees and, in the event of a change of control or sale of substantially all of the Company’s
assets, these members of Company management shall collectively be granted bonuses equal to an aggregate two per cent (2%) of the
value of the change of control or sale.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and six months ended October
31, 2019, the Company incurred management fees of $4,000 and $26,000, respectively, for certain members of the Company’s
board of directors. The balance of $26,000 is included in “Accounts payable and accrued liabilities” at October 31,
2019. There was no payment for such services during the three and six months ended October 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 26, 2018, the Company issued 960,417
shares of its common stock in lieu of cash payment for accounts payable. The value of the shares issued was $57,625, based on a
price of $0.06 per share which was the fair value on the date of issuance. No shares of common stock have been issued during the
six months ended October 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of activity for warrants
to purchase shares of the Company’s stock through October 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"><font style="font-size: 8pt">Weighted average exercise</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Warrants</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">price</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 57%"><font style="font-size: 8pt">Balance outstanding at April 30, 2018 and April 30, 2019</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">30,654,249</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 20%; text-align: right"><font style="font-size: 8pt">0.16</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 8.65pt"><font style="font-size: 8pt">Expired</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,614,400</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(0.23</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Balance outstanding at October 31, 2019</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">29,039,849</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.16</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no warrants to purchase shares of
the Company’s common stock issued or exercised during the three months ended October 31, 2019 and 2018, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The composition of the Company’s warrants
outstanding at October 31, 2019 is as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Issue Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Expiration Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Warrants</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Exercise Price</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Remaining life (years)</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 24%"><font style="font-size: 8pt">October 12, 2015</font></td>
<td style="width: 2%"> </td>
<td style="width: 20%"><font style="font-size: 8pt">October 12, 2020</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%; text-align: right"><font style="font-size: 8pt">4,241,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 14%; text-align: right"><font style="font-size: 8pt">0.20</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%; text-align: right"><font style="font-size: 8pt">0.95</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">October 12, 2016</font></td>
<td> </td>
<td><font style="font-size: 8pt">October 12, 2021</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">14,000,000</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.15</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.95</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">October 31, 2017</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">October 31, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">10,798,849</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.15</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1.00</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">29,039,849</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.16</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1.45</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><u>Options issued for mining interest</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration for its mining interest (see
Note 4), the Company was obligated to issue stock options to purchase shares of the Company’s common stock based on “fair
market price” which for financial statement purposes is considered to be the closing price of the Company’s common
stock on the issue dates. Those costs are capitalized as Mining Interest (Note 4).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three and six months ended October 31,
2019, there were 500,000 options issued for mining interest at the exercise price of $0.04 per share. During the three and six
months ended October 31, 2019, the Company repriced 435,000 existing options to purchase Company common stock, to the exercise
price of $0.04 per share, from exercise prices ranging from $0.05 to $0.80. The fair value of the issuance and repricing was $16,044.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three and six months ended October 31,
2018, there were no options issued for mining interest.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Options outstanding for mining interest totaled
435,000 at April 30, 2019 and 935,000 options at October 31, 2019 and are fully vested. As of October 31, 2019, the remaining weighted
average term of the option grants for mining interest was 4.84 years. As of October 31, 2019, the weighted average exercise price
of the option grants for mining interest was $0.04 per share.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Options issued under the 2011 Stock Option/Restricted
Stock Plan</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company established the 2011 Stock Option/Restricted
Stock Plan. The Stock Option Plan is administered by the Board of Directors and provides for the grant of stock options to eligible
individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related
to the sale of securities in a capital-raising transaction.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Stock Option Plan has a fixed maximum percentage
of 10% of the Company’s outstanding shares that are eligible for the plan pool, whereby the number of Shares under the plan
increases automatically increases as the total number of shares outstanding increase. The number of shares subject to the Stock
Option Plan and any outstanding awards will be adjusted appropriately by the Board of Directors if the Company’s common stock
is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other
than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company’s
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Stock Option plan also has terms and conditions,
including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock’s
fair value, based on the closing price per share of common stock, at the time the stock option is granted. The fair value of each
option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with
the Black-Scholes methodology. Options granted under the Plan have a ten-year maximum term and varying vesting periods as determined
by the Board.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total value of stock option awards is expensed
ratably over the vesting period of the employees receiving the awards. As of October 31, 2019 and 2018, respectively, there was
no unrecognized compensation cost related to stock-based options and awards. No options were issued under the 2011 Plan during
the three and six months ended October 31, 2019 and 2018, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes additional information
about the options under the Company’s Stock Option Plan as of October 31, 2019:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="10" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Options outstanding and exercisable</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; border-bottom: black 1pt solid"><font style="font-size: 8pt">Date of Grant</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Shares</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Price</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Remaining Term</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 43%"><font style="font-size: 8pt">October 18, 2016</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">4,810,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">1.97</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">April 30, 2018</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,400,000</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.065</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3.50</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">Total options</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">6,210,000</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2.31</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total value of stock option awards is expensed
ratably over the vesting period of the employees receiving the awards. As of October 31, 2019, there was no unrecognized compensation
cost related to stock-based options and awards.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><u>Summary:</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of the Company’s
stock options outstanding and exercisable:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td> </td>
<td style="white-space: nowrap; text-align: center"> </td>
<td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"><font style="font-size: 8pt">Weighted Average</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Options issued for:</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Expiration Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Options</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Exercise Price</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 39%"><font style="font-size: 8pt">Mining interests</font></td>
<td style="width: 2%"> </td>
<td style="width: 25%"><font style="font-size: 8pt">April 11, 2020 to January 15, 2029</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">935,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">0.04</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Stock option plan</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">October 18, 2021 to April 30, 2023</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,210,000</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Outstanding and exercisable at October 31, 2019</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">7,145,000</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The aggregate intrinsic value of all options
vested and exercisable at October 31, 2019, was $Nil based on the Company’s closing price of $0.03 per common share at October
31, 2019. The Company’s current policy is to issue new shares to satisfy option exercises.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This summary of significant accounting policies
is presented to assist in understanding the financial statements. The financial statements and notes are representations of the
Company’s management, which is responsible for their integrity and objectivity. The accompanying unaudited financial statements
have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for
interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all
of the information and footnotes required by accounting principles generally accepted in the United States of America for complete
financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the opinion of the Company’s management,
all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair statement of the interim financial
statements have been included. The balance sheet at April 30, 2019 was derived from audited annual financial statements but does
not contain all of the footnote disclosures from the annual financial statements. All amounts presented are in U.S. dollars. Operating
results for the three- and six-month period ended October 31, 2019 are not necessarily indicative of the results that may be expected
for the full fiscal year ending April 30, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For further information, refer to the financial
statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended April 30, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in accordance
with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that
affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues
and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to
long-lived asset impairments and stock-based compensation valuation. Actual results could differ from these estimates and assumptions
and could have a material effect on the Company’s reported financial position and results of operations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s operations are subject to
significant risks and uncertainties, including financial, operational, technological and other risks associated with operating
an emerging exploration mining business, including the potential risk of business failure.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the purposes of the statement of cash flows,
the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Reclamation bond constitutes cash held as
collateral for the faithful performance of the bond securing exploration permits and are accounted for on a cost basis.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s financial instruments include
cash and cash equivalents and reclamation bond. All instruments are accounted for on a cost basis, which, due to the short maturity
of these financial instruments, approximates fair value at October 31, 2019</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When required to measure assets or liabilities
at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs
used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall.
The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value
measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable
inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in
earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held
at the reporting date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At October 31, 2019 and April 30, 2019, the
Company had no assets or liabilities accounted for at fair value on a recurring or nonrecurring basis.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exploration costs are expensed in the period
in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral
rights as incurred. Should a property reach the production stage, capitalized costs would be amortized using the units-of-production
method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value,
and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized
costs are charged to operations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pre-development activities involve costs incurred
in the exploration stage that may ultimately benefit production, such as underground ramp development, which are expensed due to
the lack of evidence of economic development, which is necessary to demonstrate future recoverability of these costs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equipment is stated at cost. Significant improvements
are capitalized and depreciated. Depreciation of equipment is calculated using the straight-line method over the estimated useful
lives of the assets, which range from three to seven years. Maintenance and repairs are charged to operations as incurred. Gains
or losses on disposition or retirement of property and equipment are recognized in operating expenses.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s operations are subject to
standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company
incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an
asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset.
After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period
to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual
obligation requiring recording either a liability or associated asset.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company periodically reviews its long-lived
assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets
may not be recoverable. The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated
by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates the fair value of options
to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions
include estimating the length of time employees will retain their vested stock options before exercising them (“expected
life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”),
employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially
affect the estimate of fair value of stock-based compensation. Options granted have a ten-year maximum term and varying vesting
periods as determined by the Board of Directors. The value of shares of common stock awards is determined based on the closing
price of the Company’s stock on the date of the award.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for income taxes using
the liability method. The liability method requires the recognition of deferred tax assets and liabilities for the expected future
tax consequences of (i) temporary differences between financial statement carrying amounts of assets and liabilities and their
basis for tax purposes and (ii) operating loss and tax credit carryforwards for tax purposes. Deferred tax assets are reduced by
a valuation allowance when management concludes that it is more likely than not that a portion of the deferred tax assets will
not be realized in a future period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain reclassifications have been made to
the 2018 financial statements in order to conform to the 2019 presentation. These reclassifications have no effect on net loss,
total assets or accumulated deficit as previously reported.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 Leases (Topic 842). The update modifies
the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases.
The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. Adoption of this update
on May 1, 2019 had no impact on the Company’s financial statement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2018, the FASB issued ASU No. 2018-07,
Compensation-Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting. ASU No. 2018-07 expands the scope
of the standard for stock-based compensation to include share-based payment transactions for acquiring goods and services from
nonemployees. ASU No. 2018-07 became effective for the Company on May 1, 2019. Adoption of this update on May 1, 2019 had no impact
on the Company’s financial statement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other accounting standards that have been issued
or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated
financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact
on or are unrelated to its financial condition, results of operations, cash flows or disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">October 31, 2019</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">October 31, 2018</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 72%"><font style="font-size: 8pt">Stock options</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">7,145,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">6,650,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Warrants</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">29,039,849</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">30,654,249</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">TOTAL POSSIBLE DILUTIVE SHARES</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">36,184,849</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">37,304,249</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">October 31, 2019</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 72%"><font style="font-size: 8pt">Equipment</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">4,995</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">32,002</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 8.65pt"><font style="font-size: 8pt">Less accumulated depreciation</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,845</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(29,019</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Equipment, net of accumulated depreciation</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,150</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,983</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Mining interest - Longstreet</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">542,168</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">464,124</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">TOTAL EQUIPMENT AND MINING INTEREST</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">544,318</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">467,107</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">October 31, 2019</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 72%"><font style="font-size: 8pt">Option on water rights lease agreements, net</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">8,174</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">15,735</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Prepaid insurance and other expenses</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">8,814</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">9,667</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt"><font style="font-size: 8pt">Total</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">16,988</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">25,402</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Less Other Assets - Current</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(16,988</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(22,845</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">TOTAL OTHER ASSETS - NON-CURRENT</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2,557</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"><font style="font-size: 8pt">Weighted average exercise</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Warrants</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">price</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 57%"><font style="font-size: 8pt">Balance outstanding at April 30, 2018 and April 30, 2019</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">30,654,249</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 20%; text-align: right"><font style="font-size: 8pt">0.16</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 8.65pt"><font style="font-size: 8pt">Expired</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,614,400</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(0.23</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Balance outstanding at October 31, 2019</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">29,039,849</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.16</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Issue Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Expiration Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Warrants</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Exercise Price</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Remaining life (years)</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 24%"><font style="font-size: 8pt">October 12, 2015</font></td>
<td style="width: 2%"> </td>
<td style="width: 20%"><font style="font-size: 8pt">October 12, 2020</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%; text-align: right"><font style="font-size: 8pt">4,241,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 14%; text-align: right"><font style="font-size: 8pt">0.20</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%; text-align: right"><font style="font-size: 8pt">0.95</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">October 12, 2016</font></td>
<td> </td>
<td><font style="font-size: 8pt">October 12, 2021</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">14,000,000</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.15</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.95</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">October 31, 2017</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">October 31, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">10,798,849</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.15</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1.00</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">29,039,849</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.16</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1.45</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="10" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Options outstanding and exercisable</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; border-bottom: black 1pt solid"><font style="font-size: 8pt">Date of Grant</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Shares</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Price</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Remaining Term</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 43%"><font style="font-size: 8pt">October 18, 2016</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">4,810,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">1.97</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">April 30, 2018</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,400,000</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.065</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3.50</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">Total options</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">6,210,000</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2.31</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td> </td>
<td style="white-space: nowrap; text-align: center"> </td>
<td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"><font style="font-size: 8pt">Weighted Average</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Options issued for:</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Expiration Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Options</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Exercise Price</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 39%"><font style="font-size: 8pt">Mining interests</font></td>
<td style="width: 2%"> </td>
<td style="width: 25%"><font style="font-size: 8pt">April 11, 2020 to January 15, 2029</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">935,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">0.04</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Stock option plan</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">October 18, 2021 to April 30, 2023</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,210,000</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Outstanding and exercisable at October 31, 2019</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">7,145,000</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="white-space: nowrap; padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
36184849
37304249
7145000
6650000
29039849
30654249
26000
0
4000
1500
0
750
0
8000
0
4000
0
29039849
30654249
4241000
14000000
10798849
0
1614400
0.16
0.16
.20
.15
.15
0
0.23
P1Y5M12D
P11M12D
P1Y11M12D
P1Y
2015-10-12
2016-10-12
2017-10-31
2020-10-12
2021-10-12
2020-10-31
2020-04-11
2029-01-15
2021-10-18
2023-04-30
7145000
935000
6210000
4810000
1400000
.040
.040
.060
.060
.065
P2Y3M22D
P1Y11M19D
P3Y6M