0001401835
2019-05-01
2020-04-30
0001401835
2020-04-30
0001401835
2019-04-30
0001401835
us-gaap:CommonStockMember
2018-04-30
0001401835
us-gaap:AdditionalPaidInCapitalMember
2018-04-30
0001401835
us-gaap:RetainedEarningsMember
2018-04-30
0001401835
2018-04-30
0001401835
us-gaap:CommonStockMember
2018-05-01
2019-04-30
0001401835
us-gaap:AdditionalPaidInCapitalMember
2018-05-01
2019-04-30
0001401835
us-gaap:RetainedEarningsMember
2018-05-01
2019-04-30
0001401835
2018-05-01
2019-04-30
0001401835
us-gaap:CommonStockMember
2019-04-30
0001401835
us-gaap:AdditionalPaidInCapitalMember
2019-04-30
0001401835
us-gaap:RetainedEarningsMember
2019-04-30
0001401835
us-gaap:AdditionalPaidInCapitalMember
2019-05-01
2020-04-30
0001401835
us-gaap:RetainedEarningsMember
2019-05-01
2020-04-30
0001401835
us-gaap:CommonStockMember
2020-04-30
0001401835
us-gaap:AdditionalPaidInCapitalMember
2020-04-30
0001401835
us-gaap:RetainedEarningsMember
2020-04-30
0001401835
2019-10-31
0001401835
us-gaap:StockOptionMember
2019-05-01
2020-04-30
0001401835
us-gaap:StockOptionMember
2018-05-01
2019-04-30
0001401835
us-gaap:WarrantMember
2019-05-01
2020-04-30
0001401835
us-gaap:WarrantMember
2018-05-01
2019-04-30
0001401835
SRGZ:OptionOnWaterRightsLeaseAgreementsNetMember
2020-04-30
0001401835
SRGZ:OptionOnWaterRightsLeaseAgreementsNetMember
2019-04-30
0001401835
SRGZ:PrepaidInsuranceAndOtherExpensesMember
2020-04-30
0001401835
SRGZ:PrepaidInsuranceAndOtherExpensesMember
2019-04-30
0001401835
us-gaap:USTreasuryAndGovernmentMember
2020-04-30
0001401835
us-gaap:USStatesAndPoliticalSubdivisionsMember
2020-04-30
0001401835
SRGZ:Warrant1Member
2020-04-30
0001401835
SRGZ:Warrant2Member
2020-04-30
0001401835
SRGZ:Warrant3Member
2020-04-30
0001401835
SRGZ:Warrant1Member
2019-05-01
2020-04-30
0001401835
SRGZ:Warrant2Member
2019-05-01
2020-04-30
0001401835
SRGZ:Warrant3Member
2019-05-01
2020-04-30
0001401835
SRGZ:StockOptionRestrictedStockPlan2011Member
2019-05-01
2020-04-30
0001401835
SRGZ:MiningInterestMember
2020-04-30
0001401835
SRGZ:StockOptionRestrictedStockPlan2011Member
2020-04-30
0001401835
SRGZ:StockOptionRestrictedStockPlan2011Member
SRGZ:StockOption1Member
2020-04-30
0001401835
SRGZ:StockOptionRestrictedStockPlan2011Member
SRGZ:StockOption2Member
2020-04-30
0001401835
SRGZ:StockOptionRestrictedStockPlan2011Member
SRGZ:StockOption1Member
2019-05-01
2020-04-30
0001401835
SRGZ:StockOptionRestrictedStockPlan2011Member
SRGZ:StockOption2Member
2019-05-01
2020-04-30
0001401835
2020-07-27
0001401835
SRGZ:OtherReceivablesMember
2020-04-30
0001401835
SRGZ:OtherReceivablesMember
2019-04-30
0001401835
SRGZ:BoardOfDirectorsMember
2019-05-01
2020-04-30
xbrli:pure
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
STAR GOLD CORP.
0001401835
10-K
2020-04-30
false
--04-30
No
No
Yes
Non-accelerated Filer
false
true
false
FY
2020
26617
440316
20331
22845
46948
463161
543485
467107
0
2557
89400
21600
679833
954425
24460
19246
113460
19246
183460
19246
0
0
77395
77395
11576571
11560527
-11157593
-10702743
496373
935179
76434
11501613
-10367039
1211008
77395
11560527
-10702743
77395
11157593
-11157593
679833
954425
10000000
10000000
0
0
0
0
0.001
0.001
300000000
300000000
77394841
77394841
77394841
77394841
25244
21297
155716
119975
77855
73267
193807
120980
1666
1665
454288
337184
-454288
-337184
903
833
760
2313
-562
1480
-454850
-335704
0
0
-454850
-335704
-335704
-454850
-0.01
-0.00
77394841
76923842
76434424
77394841
77394841
960417
0
961
56664
57625
16044
2250
2250
16044
-2514
209
-2557
-13178
5214
-19040
-333899
-340110
62000
52000
-129800
-52000
50000
0
-413699
-392110
26617
440316
832426
903
833
16044
2250
36184849
37299249
7145000
6654000
29039849
30654249
4995
32002
3677
29019
1318
2983
542167
464124
20331
25402
15927
15735
2488
9667
1916
0
1599800
1438800
200200
200200
251700
296600
2500
2900
2054200
1938500
2054200
1938500
0
0
-95500
-70500
-24900
-18400
4700
1400
115700
87500
.21
0.21
-.05
-0.06
.01
0.00
-.26
-0.26
.00
.00
0
1500
29039849
30654249
30654249
4241000
14000000
10798849
1614400
0
.16
0.16
0.16
.20
.15
.15
.23
.00
7145000
935000
6210000
4810000
1400000
.06
.04
.06
.06
.065
Yes
000-52711
NV
78210841
1768819
89000
0
20000
0
50000
0
419
0
20000
0
89000
0
50000
0
<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 focusing on gold, silver and other base
metal-bearing properties in Nevada.</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. 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. These financial statements and related notes
are presented in accordance with accounting principles generally accepted in the United States.</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"><u>Going Concern</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">As shown in the accompanying financial statements,
the Company has incurred operating losses since inception.  As of April 30, 2020, the Company has limited financial resources
with which to achieve the objectives and obtain profitability and positive cash flows.  As shown in the accompanying balance
sheets and statements of operations, the Company has an accumulated deficit of $11,157,593 and, at April 30, 2020, the Company’s
working capital deficit was $66,512.  These factors raise substantial doubt about its ability to continue as a going concern.
Individuals to whom deferred compensation has accrued have agreed to forego payment until sufficient cash is available for payment
of the liability (Note 7). On March 10 and June 25, 2020, respectively, the Company’s Chairman of the Board of Directors
loaned the Company $50,000 and $30,000, respectively, which provides the Company liquidity to meet short-term financial obligations
(Note 7).   Achievement of the Company’s objectives will be dependent upon the ability to obtain additional financing,
to locate profitable mining properties and generate revenue from current and planned business operations, and control costs. 
The Company plans to fund its future operations by joint venturing or obtaining additional financing from investors and/or lenders.</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"><u>Risks and Uncertainties</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’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"> </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"><u>Financial Instruments</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’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 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"><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 April 30, 2020 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"><u>Mining Interests and Mineral Exploration Expenditures</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">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 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; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Impairment of Long-lived Assets</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 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; text-align: justify"><u>Stock-based Compensation</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 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; text-align: justify"><u>Income Taxes</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 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; text-align: justify">The Company assesses its income tax positions
and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information
available at the reporting date. For those tax positions where there is a greater than 50% likelihood that a tax benefit will be
sustained, our policy is to record the largest amount of tax benefit that is more likely than not to be realized upon ultimate
settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there
is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be recognized in the 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"><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 2019 financial statements in order to conform to the 2020 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; text-align: justify"><u>New Accounting Pronouncements</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">In June 2018, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“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">In August 2018, the FASB issued ASU No. 2018-13
Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The
update removes, modifies and makes additions to the disclosure requirements on fair value measurements. The update is effective
for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the impact
of this update on fair value measurement disclosures.</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>
<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"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The outstanding securities at April 30, 2020
and 2019, 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="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 66%"><font style="font-size: 8pt">Stock options</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"> </td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">7,145,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 1%"> </td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">6,645,000</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="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">37,299,249</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td></tr>
</table>
<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">For the years ended April 30, 2020 and 2019,
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"> </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 April 30, 2020 and 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="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 66%"><font style="font-size: 8pt">Equipment</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">4,995</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; 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">(3,677</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><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="border-bottom: black 1pt solid; white-space: nowrap"><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">1,318</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">542,167</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 1pt solid; white-space: nowrap"> </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">543,485</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">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 Longstreet 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 of the Longstreet
Property to the Company 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 to $0.08 per share;</font></td></tr>
</table>
<p style="font: 8pt 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: 8pt 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: 8pt 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 months.</font></td></tr>
</table>
<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">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"> </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 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. The Company paid Great Basin
$60,000 for the year ended April 30, 2020. The payments to Great Basin are included in “Pre-development expense” on
the statement of operations. As of April 30, 2020, the remaining commitment to Great Basin is ten monthly installments of $7,500
each for a total of $75,000.</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">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 Longstreet
Property, 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 year ended
April 30, 2020 and 2019, 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"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2016, 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 annual 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 initial $20,000 payment was deferred and was being amortized on a straight-line basis over the three-year option period ending
December 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">On December 31, 2019, the Company exercised
its first option to extend the Stone Cabin Water Rights agreement for an additional twelve months and made a $20,000 payment. The
$20,000 payment was deferred as “Other Currents Assets” and is being amortized on a straight-line basis over the subsequent
one-year option period. The Company retains the right to exercise two additional options to extend the Stone Cabin Water Rights
Agreement, upon annual payments of $20,000 each.</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"><font style="background-color: white">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.  </font>The $25,000 payment has been deferred and is being amortized on a straight-line
basis over the three-year option period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following is a summary of the Company’s Other Assets at
April 30, 2020 and 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 66%"><font style="font-size: 8pt">Option on water rights lease agreements, net</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">15,927</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; 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><font style="font-size: 8pt">Prepaid insurance and other expenses</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,488</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,667</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other receivables</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">1,916</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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">-</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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">20,331</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">(20,331</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><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="border-bottom: black 1pt solid; white-space: nowrap"><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="border-bottom: black 2.25pt double; white-space: nowrap"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2,557</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There was no income tax provision (benefit)
for the years ended April 30, 2020 and 2019. The components of the Company’s net deferred tax assets are as follows: </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Deferred tax asset</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 66%"><font style="font-size: 8pt">Net operating loss carryforward</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">1,599,800</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">1,438,800</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Stock-based compensation</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">200,200</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">200,200</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Equipment and mining interests</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">251,700</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">296,600</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</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">2,500</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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">2,900</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt"><font style="font-size: 8pt">Total deferred tax assets</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,054,200</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,938,500</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Valuation allowance</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">(2,054,200</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><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">(1,938,500</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font-size: 8pt">)</font></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>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">NET DEFERRED TAX ASSETS</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="border-bottom: black 2.25pt double; white-space: nowrap"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">Deferred income taxes arise from timing differences
resulting from income and expense items reported for financial accounting and tax purposes in different periods. A deferred tax
asset valuation allowance is recorded when it is more likely than not that deferred tax assets will not be realized. As management
of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the net deferred tax
assets, a valuation allowance equal to 100% of the deferred tax assets has been recorded at April 30, 2020 and 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">A reconciliation between the statutory federal
income tax rate and the Company’s tax provision (benefit) 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; padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 44%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Amount computed using the statutory rate</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">(95,500</font></td>
<td style="white-space: nowrap; width: 1%"><font style="font-size: 8pt">)</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">(21</font></td>
<td style="white-space: nowrap; width: 1%"><font style="font-size: 8pt">%)</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">(70,500</font></td>
<td style="white-space: nowrap; width: 1%"><font style="font-size: 8pt">)</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">(21</font></td>
<td style="white-space: nowrap; width: 1%"><font style="font-size: 8pt">%)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Effect of state taxes</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(24,900</font></td>
<td style="white-space: nowrap"><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(5</font></td>
<td style="white-space: nowrap"><font style="font-size: 8pt">%)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(18,400</font></td>
<td style="white-space: nowrap"><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(6</font></td>
<td style="white-space: nowrap"><font style="font-size: 8pt">%)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Other</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,700</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1</font></td>
<td style="white-space: nowrap"><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,400</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Change in valuation allowance</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">115,700</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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">(26</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><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">87,500</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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">(26</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font-size: 8pt">%)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">TOTAL INCOME TAX PROVISION (BENEFIT)</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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">-</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font-size: 8pt">%</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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">-</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font-size: 8pt">%</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"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At April 30, 2020, the Company had federal and
state net operating loss carry forwards of approximately $6,000,000, $4,845,000 of which expires between 2013 and 2037.  The
remaining balance of approximately $1,155,000 will never expire but its utilization is limited to 80% of taxable income in any
future year.</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 has no tax position at April 30,
2020 and 2019 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such
deductibility. It is not anticipated that unrecognized tax benefits would significantly increase or decrease within 12 months of
the reporting date. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties
in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals
for interest and penalties at April 30, 2020 and 2019. The Company’s federal income tax returns for fiscal years 2018 through
2020 remain open and subject to examination.</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 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 year ended April 30, 2020 and 2019, office rent was $Nil and $1,500, respectively.
No rent was incurred under this agreement during the year ended 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">During the year ended April 30, 2020, the Company
paid a member of the Company’s Board of Directors (the “Board”) for consulting and investor relation services
in the amount of $8,000 which was charged to “Management and administrative” expense on the Statement of Operations
There was no expense for such services during 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">Effective September 1, 2019, the Board authorized
the Company to accrue for a period of six months a monthly total of $18,000 to reward, compensate and incentivize for the Chairman
of the Board, two respective members of the Board, and the Company’s Chief Financial Officer. Under the resolution, in the
event of a change of control or sale of substantially all of the Company’s assets, these individuals shall collectively be
granted bonuses equal to an aggregate two per cent (2%) of the value of the change of control or sale. During the year ended April
30, 2020, the Company incurred management and administrative expenses of $108,000 associated with the accrual and made $19,000
of payments. These individuals have agreed to defer payment of the remaining balance due until sufficient cash is available.</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 March 10, 2020, the Company entered into
a promissory note with the Company’s Chairman of the Board of Directors in the amount of $50,000.  The note matures
on March 10, 2022 and accrues interest at 6% per annum. For the year ended April 30, interest expense, related party on the promissory
note was $419. Accrued interest payable to the related party of $419 is accrued in Accounts Payable and Accrued Liabilities on
the balance sheet at 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">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 $0.06 per share which was the fair value on the date of issuance. No shares of common stock have been issued during the
year ended April 30, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of the Company’s
warrants to purchase shares of common stock activity:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Warrants</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Weighted Average<br />
Exercise Price</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 60%"><font style="font-size: 8pt">Balance outstanding at April 30, 2018 and April 30, 2019</font></td>
<td style="width: 4%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%; text-align: right"><font style="font-size: 8pt">30,654,249</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 4%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 14%; text-align: right"><font style="font-size: 8pt">0.16</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="border-bottom: black 1pt solid; white-space: nowrap"><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="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Balance outstanding at April 30, 2020</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="border-bottom: black 2.25pt double; white-space: nowrap"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">The composition of the Company’s warrants
outstanding at April 30, 2020 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="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Issue Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Expiration Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Warrants</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Exercise Price</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Remaining life (years)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 22%"><font style="font-size: 8pt">October 12, 2015</font></td>
<td style="width: 2%"> </td>
<td style="width: 18%"><font style="font-size: 8pt">October 12, 2020</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 16%; 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%"> </td>
<td style="width: 15%; 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: 15%; text-align: right"><font style="font-size: 8pt">0.45</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">1.45</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="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 1pt solid; white-space: nowrap"> </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">0.50</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; text-align: right"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: right"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">0.95</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td></tr>
</table>
<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"><u>Options issued for mining interest</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">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.</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 year ended April 30, 2020, there were
500,000 options issued for mining interest at the exercise price of $0.04 per share that expire August 31, 2024. During the year
ended April 30, 2020, in accordance with the 2019 Amendment to the Longstreet Agreement (see Note 4), 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 repriced options expiration date was extended to August 31, 2024. 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">On January 16, 2019, the Company issued 45,000
stock options for mining interests with fair value of $2,250.</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 April 30, 2020 and are fully vested. As of April 30, 2020, the remaining weighted
average term of the option grants for mining interest was 4.24 years. As of April 30, 2020, 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 April 30, 2020 and 2019, respectively, there was no
unrecognized compensation cost related to stock-based options and awards. No options were issued under the 2011 Plan during the
year ended April 30, 2020 and 2019, 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 following table summarizes additional information
about the options under the Company’s Stock Option Plan as of April 30, 2020:</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="11" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Options outstanding and exercisable</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Date of Grant</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Shares</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Price</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Remaining Term</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 37%"><font style="font-size: 8pt">October 18, 2016</font></td>
<td style="width: 4%"> </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: 4%"> </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: 4%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">1.47</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="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 1pt solid; white-space: nowrap"> </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">3.00</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">1.81</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </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"><u>Summary:</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 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="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Options issued for:</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Expiration Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Options</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Weighted Average<br />
Exercise Price</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 35%"><font style="font-size: 8pt">Mining interests</font></td>
<td style="width: 3%"> </td>
<td style="width: 32%"><font style="font-size: 8pt">August 31, 2024</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">935,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; 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="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Outstanding and exercisable at April 30, 2020</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: center"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">The aggregate intrinsic value of all options
vested and exercisable at April 30, 2020, was $47,425 based on the Company’s closing price of $0.065 per common share at
April 30, 2020. 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">On June 27, 2020, the Company entered into a promissory note with
the Company’s Chairman of the Board of Directors in the amount of $30,000.  The note matures on June 27, 2022 and accrues
interest at 6% per annum.</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">On June 8, 2020, Star Gold Corp. (“Star
Gold” or the “Company”) notified all of its Warrant holders that the Company was re-pricing, for a limited time,
all issued and outstanding Common Stock Warrants, of the Company, to an Exercise Price of $.045 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">During the period beginning on June 8, 2020
and ending at 5:00 pm PDT on August 31, 2020, each outstanding Warrant to purchase Star Gold Common Stock may be exercised, in
whole or in part, at the per share price of $.045 per share regardless of the Exercise Price set forth in the Warrant being exercised.</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">After 5:00 pm PDT on August 31, 2020 each remaining
outstanding and unexercised Common Stock Warrant will then revert back to its original Exercise Price as set forth in each respective
Warrant.</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 July 6, 2020, the Company issued 816,000
shares of its common stock upon exercise of warrants at $0.045 per share by an accredited investor for cash proceeds of $36,720.</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"> </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. These financial statements and related notes
are presented in accordance with accounting principles generally accepted in the United States.</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">As shown in the accompanying financial statements,
the Company has incurred operating losses since inception.  As of April 30, 2020, the Company has limited financial resources
with which to achieve the objectives and obtain profitability and positive cash flows.  As shown in the accompanying balance
sheets and statements of operations, the Company has an accumulated deficit of $11,157,593 and, at April 30, 2020, the Company’s
working capital deficit was $66,512.  These factors raise substantial doubt about its ability to continue as a going concern.
Individuals to whom deferred compensation has accrued have agreed to forego payment until sufficient cash is available for payment
of the liability (Note 7). On March 10 and June 25, 2020, respectively, the Company’s Chairman of the Board of Directors
loaned the Company $50,000 and $30,000, respectively, which provides the Company liquidity to meet short-term financial obligations
(Note 7).   Achievement of the Company’s objectives will be dependent upon the ability to obtain additional financing,
to locate profitable mining properties and generate revenue from current and planned business operations, and control costs. 
The Company plans to fund its future operations by joint venturing or obtaining additional financing from investors and/or lenders.</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">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 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">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 April 30, 2020 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 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">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">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"> </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; 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; text-align: justify">The Company assesses its income tax positions
and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information
available at the reporting date. For those tax positions where there is a greater than 50% likelihood that a tax benefit will be
sustained, our policy is to record the largest amount of tax benefit that is more likely than not to be realized upon ultimate
settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there
is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be recognized in the 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">Certain reclassifications have been made to
the 2019 financial statements in order to conform to the 2020 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; text-align: justify">In June 2018, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“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">In August 2018, the FASB issued ASU No. 2018-13
Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The
update removes, modifies and makes additions to the disclosure requirements on fair value measurements. The update is effective
for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the impact
of this update on fair value measurement disclosures.</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>
<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="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 66%"><font style="font-size: 8pt">Stock options</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"> </td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">7,145,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 1%"> </td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">6,645,000</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="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">37,299,249</font></td>
<td style="border-bottom: black 2.25pt double; 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="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 66%"><font style="font-size: 8pt">Equipment</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">4,995</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; 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">(3,677</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><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="border-bottom: black 1pt solid; white-space: nowrap"><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">1,318</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">542,167</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 1pt solid; white-space: nowrap"> </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">543,485</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">467,107</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 66%"><font style="font-size: 8pt">Option on water rights lease agreements, net</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">15,927</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; 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><font style="font-size: 8pt">Prepaid insurance and other expenses</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,488</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9,667</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other receivables</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">1,916</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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">-</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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">20,331</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">(20,331</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><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="border-bottom: black 1pt solid; white-space: nowrap"><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="border-bottom: black 2.25pt double; white-space: nowrap"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2,557</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Deferred tax asset</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 66%"><font style="font-size: 8pt">Net operating loss carryforward</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">1,599,800</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">1,438,800</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Stock-based compensation</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">200,200</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">200,200</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Equipment and mining interests</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">251,700</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">296,600</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</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">2,500</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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">2,900</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt"><font style="font-size: 8pt">Total deferred tax assets</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,054,200</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,938,500</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Valuation allowance</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">(2,054,200</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><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">(1,938,500</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font-size: 8pt">)</font></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>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">NET DEFERRED TAX ASSETS</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="border-bottom: black 2.25pt double; white-space: nowrap"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2020</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">April 30, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 44%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Amount computed using the statutory rate</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">(95,500</font></td>
<td style="white-space: nowrap; width: 1%"><font style="font-size: 8pt">)</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">(21</font></td>
<td style="white-space: nowrap; width: 1%"><font style="font-size: 8pt">%)</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">(70,500</font></td>
<td style="white-space: nowrap; width: 1%"><font style="font-size: 8pt">)</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">(21</font></td>
<td style="white-space: nowrap; width: 1%"><font style="font-size: 8pt">%)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Effect of state taxes</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(24,900</font></td>
<td style="white-space: nowrap"><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(5</font></td>
<td style="white-space: nowrap"><font style="font-size: 8pt">%)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(18,400</font></td>
<td style="white-space: nowrap"><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(6</font></td>
<td style="white-space: nowrap"><font style="font-size: 8pt">%)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Other</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,700</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1</font></td>
<td style="white-space: nowrap"><font style="font-size: 8pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,400</font></td>
<td style="white-space: nowrap"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Change in valuation allowance</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">115,700</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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">(26</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><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">87,500</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </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">(26</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font-size: 8pt">%)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">TOTAL INCOME TAX PROVISION (BENEFIT)</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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">-</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font-size: 8pt">%</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font-size: 8pt">%</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Warrants</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Weighted Average<br />
Exercise Price</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 60%"><font style="font-size: 8pt">Balance outstanding at April 30, 2018 and April 30, 2019</font></td>
<td style="width: 4%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%; text-align: right"><font style="font-size: 8pt">30,654,249</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 4%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 14%; text-align: right"><font style="font-size: 8pt">0.16</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="border-bottom: black 1pt solid; white-space: nowrap"><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="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Balance outstanding at April 30, 2020</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="border-bottom: black 2.25pt double; white-space: nowrap"> </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="border-bottom: black 2.25pt double; 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="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Issue Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Expiration Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Warrants</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Exercise Price</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Remaining life (years)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 22%"><font style="font-size: 8pt">October 12, 2015</font></td>
<td style="width: 2%"> </td>
<td style="width: 18%"><font style="font-size: 8pt">October 12, 2020</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 16%; 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%"> </td>
<td style="width: 15%; 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: 15%; text-align: right"><font style="font-size: 8pt">0.45</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">1.45</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="border-bottom: black 1pt solid; white-space: nowrap"> </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="border-bottom: black 1pt solid; white-space: nowrap"> </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">0.50</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; text-align: right"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: right"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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="border-bottom: black 2.25pt double; white-space: nowrap"> </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">0.95</font></td>
<td style="border-bottom: black 2.25pt double; 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="11" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Options outstanding and exercisable</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Date of Grant</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Shares</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Price</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Remaining Term</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 37%"><font style="font-size: 8pt">October 18, 2016</font></td>
<td style="width: 4%"> </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: 4%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 4%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 8pt">1.47</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">April 30, 2018</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,400,000</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.065</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3.00</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt"><font style="font-size: 8pt">Total options</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">6,210,000</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </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">1.81</font></td>
<td style="border-bottom: black 2.25pt double; 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="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Options issued for:</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Expiration Date</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Options</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font-size: 8pt">Weighted Average<br />
Exercise Price</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 35%"><font style="font-size: 8pt">Mining interests</font></td>
<td style="width: 3%"> </td>
<td style="width: 32%"><font style="font-size: 8pt">August 31, 2024</font></td>
<td style="width: 3%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">935,000</font></td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">0.04</font></td>
<td style="white-space: nowrap; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Stock option plan</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">October 18, 2021 to April 30, 2023</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,210,000</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="border-bottom: black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Outstanding and exercisable at April 30, 2020</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: center"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">7,145,000</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.06</font></td>
<td style="border-bottom: black 2.25pt double; white-space: nowrap"> </td></tr>
</table>
6000000
4845000
8000
P11M12D
P5M12D
P1Y5M12D
P6M
October 12, 2015
October 12, 2016
October 31, 2017
October 12, 2020
October 12, 2021
October 31, 2020
P1Y9M22D
P1Y5M19D
P3Y
-67800
0