6. EQUIPMENT

Cost		Drilling equipment
At July 31, 2023	$	644,847
At July 31, 2024	$	644,847
At April 30, 2025	$	644,847

Accumulated depreciation
At July 31, 2023	$	116,382
Depreciation		16,935
At July 31, 2024	$	133,317
Depreciation		-
At April 30, 2025	$	133,317

Total carrying value, July 31, 2024	$	511,530
Assets held for sale	$	(511,530	)
Total carrying value, April 30, 2025	$	-

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. As a result, the net carrying amount of $511,530 has been reclassified to Assets Held for Sale during the year ended July 31, 2024. The Company performed an assessment of the recoverability of the carrying amount at April 30, 2025 and determined that the drilling equipment should be written down to $200,000, based on the subsequent transacted sale price. An impairment loss of $311,530 was recognized on the Consolidated Interim Statements of Loss and Comprehensive Loss for the period ended April 30, 2025. On May 16, 2025, the Company entered into an agreement to sell its drilling equipment for a sale price of $200,000. $100,000 was received on June 6, 2025 and subsequent payments of $50,000 payable for each of the two drilling rigs sold are to be received when each rig drills its first hole to a depth of 200m, no later than four months following delivery.