SUBSEQUENT EVENTS

12 Months Ended

Jul. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS [Text Block]

17. SUBSEQUENT EVENTS

Subsequent to the year ended July 31, 2024, the Company:

a) finalized a secured loan agreement with Myrmikan Gold Fund, LLC (the "Lender") for a $500,000 loan. The loan has a term of 4 years with an interest rate of 15% per annum with interest accruing and payable along with the principal upon maturity. The Company issued 2,882,514 share purchase warrants at an exercise price of $0.1735 with a 4 year expiry period as additional consideration for advancing the loan. The loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. The loan will be secured against the assets of the Company and its subsidiary. Daniel Oliver Jr., a director of the Company, is the managing member of the Lender.

b) granted 1,006,750 stock options to the Company's President & CEO. The stock options are exercisable at a price of US$0.10 (C$0.14) per share until September 20, 2029.  A total of 2,013,500 in stock options held by a director of the Company were cancelled.

c) amended the debt agreement with Eridanus Capital LLC ("Eridanus") to extend an existing loan by one year to September 4, 2025 along with a reduction in interest rate to 15% per annum for a period of 12 months (commencing September 4, 2024).  The Company issued 1,700,000 share purchase warrants at an exercise price of $0.115 to Eridanus as consideration for the extension. The share purchase warrants have a 4 year expiry period from the date of issuance. 

d) had 3,607,987 warrants with a weighted average exercise price of C$1.02 expired unexercised.

e) had 280,000 stock options with a weighted average exercise price of C$0.70 expired unexercised.

f) granted 1,006,750 stock options to a director of the Corporation pursuant to the terms of the Company's Stock Option Plan. The stock options are exercisable at a price of US$0.11 (C$0.155) per share until October 21, 2029.