7. EQUIPMENT

Cost		Drilling equipment
At July 31, 2022	$	644,847
At July 31, 2023	$	644,847
At July 31, 2024	$	644,847

Accumulated depreciation
At July 31, 2022	$	93,411
Depreciation	$	22,971
At July 31, 2023	$	116,382
Depreciation	$	16,935
At July 31, 2024	$	133,317

Total carrying value, July 31, 2023	$	528,465
Total carrying value, July 31, 2024	$	511,530
Assets held for sale	$	(511,530	)
Total carrying value, July 31, 2024	$	-

Assets Held for Sale

During the year ended July 31, 2024, the Company approved a plan to sell its drilling equipment. The Company intends to sell the equipment within the next twelve months. No impairment loss was recognized on reclassification to asset held for sale as the Company expects the fair value (estimated based on recent market prices of similar assets) less cost to sell is higher than the carrying amount. As a result, the net carrying amount of $511,530 has been reclassified.