0001580695-18-000207.txt : 20180417 0001580695-18-000207.hdr.sgml : 20180417 20180417163731 ACCESSION NUMBER: 0001580695-18-000207 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 35 CONFORMED PERIOD OF REPORT: 20180228 FILED AS OF DATE: 20180417 DATE AS OF CHANGE: 20180417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Texas Mineral Resources Corp. CENTRAL INDEX KEY: 0001445942 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 870294969 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53482 FILM NUMBER: 18759387 BUSINESS ADDRESS: STREET 1: 539 EL PASO STREET CITY: SIERRA BLANCA STATE: TX ZIP: 79851 BUSINESS PHONE: (915) 369-2133 MAIL ADDRESS: STREET 1: 539 EL PASO STREET CITY: SIERRA BLANCA STATE: TX ZIP: 79851 FORMER COMPANY: FORMER CONFORMED NAME: Texas Rare Earth Resources Corp. DATE OF NAME CHANGE: 20110128 FORMER COMPANY: FORMER CONFORMED NAME: Standard Silver Corp. DATE OF NAME CHANGE: 20080924 10-Q 1 tmrc-10q_022818.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2018
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 000-53482

TEXAS MINERAL RESOURCES CORP.
(Exact Name of Registrant as Specified in its Charter)

Delaware		87-0294969
(State of other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

516 South Spring Avenue
Tyler, Texas		75702
(Address of Principal Executive Offices)		(Zip Code)
(915) 369-2133
(Registrant’s Telephone Number, including Area Code)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
Emerging growth ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Number of shares of issuer’s common stock outstanding at April 13, 2018: 44,941,533

Table of Contents

	Part I	Page

Item 1	Financial Statements (Unaudited)	3
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4	Controls and Procedures	15

	Part II

Item 1	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 3	Defaults upon Senior Securities	17
Item 4	Mine Safety Disclosures	17
Item 5	Other Information	17
Item 6	Exhibits	18

Signatures		19

Texas Mineral Resources Corp

BALANCE SHEETS

(Unaudited)

	February 28, 2018			August 31, 2017

ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	7,576		$	1,080
Prepaid expenses and other current assets		8,333			6,667
Total current assets		15,909			7,747

Property and equipment, net		2,424			5,421
Mineral properties		358,594			358,594
Deposits		24,000			24,000

TOTAL ASSETS	$	400,927		$	395,762

LIABILITIES AND SHAREHOLDERS’ DEFICIT

CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	1,131,857		$	1,003,468
Advances due to related parties		297,415			246,165
Current portion of note payable		260,387			260,387
Total current liabilities		1,689,659			1,510,020
Note payable - net of current portion and discount		—			—
Total liabilities		1,689,659			1,510,020

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ DEFICIT
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and outstanding as of February 28, 2018 and August 31, 2017, respectively		—			—
Common stock, par value $0.01; 100,000,000 shares authorized, 44,941,533 and 44,941,533 shares issued and outstanding as of February 28, 2018 and August 31, 2017, respectively		449,416			449,416
Additional paid-in capital		33,117,398			33,068,309
Accumulated deficit		(34,855,546	)		(34,631,983	)
Total shareholders’ deficit		(1,288,732	)		(1,114,258	)

TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$	400,927		$	395,762

The accompanying notes are an integral part of these financial statements.

TEXAS MINERAL RESOURCES CORP

UNAUDITED STATEMENTS OF OPERATIONS

	Six Months Ended February 28,						Three Months Ended February 28,
	2018			2017			2018			2017

OPERATING EXPENSES
Exploration costs	$	12,250		$	9,378		$	5,500		$	6,133
General and administrative expenses		164,237			223,152			73,053			103,646

Total operating expenses		176,487			232,530			78,553			109,779

LOSS FROM OPERATIONS		(176,487	)		(232,530	)		(78,553	)		(109,779	)

OTHER INCOME (EXPENSE)
Interest and other income		—			1			—			—
Interest and other expense		(47,075	)		(24,706	)		(28,554	)		(19,510	)
Total other income (expense)		(47,075	)		(24,705	)		(28,554	)		(19,510	)

NET LOSS	$	(223,562	)	$	(257,235	)	$	(107,107	)	$	(129,289	)

Net loss per share:
Basic and diluted net loss per share	$	—		$	—		$	—		$	—

Weighted average shares outstanding:
Basic and diluted		44,941,533			44,941,533			44,941,533			44,941,533

The accompanying notes are an integral part of these financial statements.

TEXAS MINERAL RESOURCES CORP

UNAUDITED STATEMENTS OF CASH FLOWS

	Six Months Ended February 28,
	2018			2017

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(223,562	)	$	(257,235	)
Adjustments to reconcile net loss to net cash used in operating activities:
Discount on notes payable		—		$	17,563
Depreciation expense		2,997			6,680
Cashless compensation for related party advances		37,038
Stock based compensation		12,051			12,285
Changes in current assets and liabilities:
Prepaid expenses and other assets		(1,667	)		(4,289	)
Accounts payable and accrued expenses		128,389			180,994
Net cash used in operating activities		(44,754	)		(44,002	)

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of equipment		—			—
Investment in mineral properties		—			—
Net cash used in investing activities		—			—

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable - related party		51,250			40,000
Net cash provided by financing activities		51,250			40,000

NET CHANGE IN CASH AND CASH EQUIVALENTS		6,496			(4,002	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		1,080			5,164
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	7,576		$	1,162

SUPPLEMENTAL INFORMATION
Interest paid	$	—		$	—
Taxes paid	$	—		$	—

The accompanying notes are an integral part of these financial statements.

Texas Mineral Resources Corp.

Notes to Interim Financial Statements

February 28, 2018

(Unaudited)

NOTE 1 – BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of Texas Mineral Resources Corp. (“we”, “us”, “our”, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in our annual report on Form 10-K, for the year ended August 31, 2017, dated December 14, 2017 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended August 31, 2017 as reported in our annual report on Form 10-K, have been omitted.

The financial statements have been prepared on a going concern basis which assumes the Company will not be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of approximately $34,856,000 as of February 28, 2018 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and or private placement of common stock.

On March 14, 2016, the Company filed a Certificate of Amendment with the Secretary of State of the State of Delaware to amend its Certificate of Incorporation to change the name of the Company from “Texas Rare Earth Resources Corp” to “Texas Mineral Resources Corp”. The amendment was effective at 9:00 am EST on March 21, 2016. The Certificate of Amendment did not make any other amendments to the Company’s Certificate of Incorporation.

Reclassification of prior year balances

For comparability, certain prior period amounts have been reclassified, where appropriate, to conform to the financial statement presentation as of February 28, 2018.

NOTE 2 – MINERAL PROPERTIES

September 2011 Lease

On September 2, 2011, we entered into a new mining lease with the Texas General Land Office covering Sections 7 and 18 of Township 7, Block 71 and Section 12 of Block 72, covering approximately 860 acres at Round Top Mountain in Hudspeth County, Texas. The mining lease issued by the Texas General Land Office gives us the right to explore, produce, develop, mine, extract, mill, remove, and market beryllium, uranium, rare earth elements, all other base and precious metals, industrial minerals and construction materials and all other minerals excluding oil, gas, coal, lignite, sulfur, salt, and potash. The term of the lease is nineteen years so long as minerals are produced in paying quantities.

Under the lease, we will pay the State of Texas a lease bonus of $142,518; $44,718 of which was paid upon the execution of the lease, and $97,800 which will be due when we submit a supplemental plan of operations to conduct mining. Upon the sale of minerals removed from Round Top, we will pay the State of Texas a $500,000 minimum advance royalty.

Thereafter, we will pay the State of Texas a production royalty equal to eight percent (8%) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (61/4%) of the market value of all other minerals removed and sold from Round Top.

Assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule:

	Per Acre Amount		Total Amount
September 2, 2015 – 2019	$	75	$	67,077
September 2, 2020 – 2024	$	150	$	134,155
September 2, 2025 – 2029	$	200	$	178,873

NOTE 2 – MINERAL PROPERTIES (Continued)

In August 2017, we paid a delay rental to the State of Texas in the amount of $67,077.

November 2011 Lease

On November 1, 2011, we entered into a mining lease with the State of Texas covering 90 acres, more or less, of land that we purchased in September 2011 near our Round Top site. The deed was recorded with Hudspeth County on September 16, 2011. Under the lease, we paid the State of Texas a lease bonus of $20,700 which was paid upon the execution of the lease. Upon the sale of minerals removed from Round Top, we will pay the State of Texas a $50,000 minimum advance royalty. Thereafter, we will pay the State of Texas a production royalty equal to eight percent (8%) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (6 1/4%) of the market value of all other minerals sold from Round Top.

	Per Acre Amount		Total Amount
November 1, 2015 – 2019	$	75	$	6,750
November 1, 2020 – 2024	$	150	$	13,500
November 1, 2025 – 2029	$	200	$	18,000

In October 2017, we paid a delay rental to the State of Texas of $6,750.

March 2013 Lease

On March 6, 2013, we purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (the “Foundation”) for $500,000 cash and 1,063,830 shares of our common stock. We also agreed to support the Foundation through an annual payment of $45,000 for ten years to support conservation efforts within the Rio Grande Basin and in particular engaging in stewardship of Lake Amistad, a large and well-known fishing lake near Del Rio, Texas. The West Lease comprises approximately 54,990 acres. Most importantly, the purchase of the surface lease gave us unrestricted surface access for the potential development and mining of our Round Top Project. As of the date of this filing the $45,000 payments due in June 2016 and 2017 have not been paid; consequently, we have expensed the value of the West Lease during fiscal 2017. We fully intend to continue with the evaluation of the mineral potential of the property, to ultimately mine the property, and to bring the lease current when funds are available. Expensing the value of the West Lease does not restrict our access to the mineral leases.

October 2014 Surface Option

In October 2014, we executed an agreement with the Texas General Land Office securing the option to purchase the surface rights covering the potential Round Top project mine and plant areas, and separately a lease to develop the water necessary for the potential Round Top project mine operations.

The option to purchase the surface rights covers approximately 5,670 acres over the mining lease and the additional acreage adequate to site all potential heap leaching and processing operations as currently anticipated by the Company. We may exercise the option for all or part of the option acreage at any time during the sixteen year primary term of the mineral lease. The option can be kept current by an annual payment of $10,000, which has not been paid as of the date of this filing. The purchase price will be the appraised value of the surface at the time of exercising the option.

The ground water lease secures our right to develop the ground water within a 13,120 acre lease area located approximately 4 miles from the Round Top deposit. The lease area contains five existing water wells. It is anticipated that all potential water needs for the Round Top project mine operations would be satisfied by the existing wells covered by this water lease. This lease has an annual minimum production payment of $5,000 prior to production of water for the operation, which has not been paid as of the date of this filing. After initiation of production we will pay $0.95 per thousand gallons or $20,000 annually, whichever is greater. This lease remains effective as long as the mineral lease is in effect.

The Pagnotti Enterprises Inc. Memorandum of Understanding

On June 28, 2016 TMRC executed a Memorandum of understanding with Pagnotti Enterprises Inc. (“PEI”) of Wilkes Barre, Pennsylvania, owners of the Jeddo Coal Co., whereby under specified terms TMRC could lease one or more of Jeddo’s deposits located in the anthracite region of northeast Pennsylvania. Research by the Department of Energy (DOE) has shown that these coal deposits and the sandstones and siltstones immediately associated with them contain anomalously high values of rare earth and on particular interest, Scandium. The DOE research to date has indicated that the rare earth can be efficiently extracted from pulverized rock using ammonium sulfate as the lixiviant. TMRC is in the process of preparing an application for a federal grant to design and construct a continuous ion exchange/continuous ion chromatography (CIX/CIC) pilot plant to be delivered to a designated project area in the Appalachian coal province. TMRC and its co-applicants, K-Tech, Inventure Renewables, of Tuscaloosa, Alabama and Penn State University are proposing to plan, develop, design and install the CIX/CIC pilot plant at one of the Jeddo Coal properties. The grant was awarded in March 2017 to the consortium consisting of Inventure Renewables, Penn State, K-Tech and TMRC with Inventure being the principal investigator in the consortium. Funding began in September 2017.

Under the terms of the Memorandum of Understanding (MOU) signed 28 June 2016, TMRC had a six-month term to perform the necessary due diligence and to technically and economically evaluate the properties. Upon execution of the MOU TMRC and PEI had six months to draft and execute a formal lease agreement containing all the standard terms of mining lease agreements. Upon execution of a lease, TMRC will be obligated to pay a $5,000 per month rental or a 12% royalty whichever is greater. As of the date of this filing, no lease has been executed.

NOTE 3 – NOTES PAYABLE

As part of our surface lease with the Rio Grande Foundation (formerly referred to as the Southwest Wildlife Foundation), the Company recorded a note payable for an amount for the initial $45,000 due upon signing of lease and the nine (9) future payments due of $45,000 which has been recorded at its present value discounted with an imputed interest rate of 5% for a total note payable of $364,852. As of the date of this filing, we have not paid the June 2016 or 2017 installment of our surface lease, in the amount of $45,000 each, to the Southwest Wildlife Foundation. As a result, the full amount of the note payable has been classified as currently due. The note payable balance as of February 28, 2018 $260,000. The Company has also accrued interest expense as of February 28, 2018 of $41,000. This unpaid interest is included in accrued liabilities.

The Foundation has not given notice of default or made any demand for payment as of the date of this filing. However, based upon the Company being in default on the Note Payable there is no guarantee that the Foundation will allow the Company to bring the lease payments current without requiring the Company to provided additional consideration to the Foundation. Consequently, since the Company cannot be guaranteed the ability to utilize the lease due to its current default status, the Company has written off the value of this lease ($1,394,852) as of August 31, 2017. The Company intends to continue with the evaluation of the mineral potential of the property, to ultimately mine the property, and to bring this note payable and its accrued interest current when the funds are available.

Related Party Notes Payable and Advances

On July 1, 2016 the Company received two loans for $2,500 each from two directors of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued 5,000 common stock purchase warrants to each individual. The warrants have an exercise price of $0.10 and term of five years. The warrants had a fair value of $1,185 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.00% (ii) estimated volatility of 185% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was a total of $5,000. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advances.

On September 1, 2016, the Company entered into five loans totaling $71,500 from five directors of the Company. The loans were due March 1, 2017, are non-interest bearing, and unsecured. As of this filing the loans are in default and due upon demand. As additional consideration for the loans, we issued in total 147,000 common stock purchase warrants. The warrants have an exercise price of $0.10 and term of five years. The loans have a relative fair value of $57,414 and the warrants have a relative fair value of $14,086 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.180% (ii) estimated volatility of 245% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $71,500. The value of the warrant was amortized to interest expense over the term of the note payable.

On November 1, 2016 the Company entered into two loans for $4,000 and $1,000 from two directors of the Company. The loans are non-interest bearing, unsecured and due upon demand. As additional consideration for the loans, we issued 8,000 and 2,000 common stock purchase warrants to each individual. The warrants have an exercise price of $0.10 and term of five years. The warrants had a fair value of $1,057 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.30% (ii) estimated volatility of 181% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $5,000. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance.

On December 12, 2016, the Company entered into a loan for $15,000 a director of the Company. The loan is due June 12, 2017, is non-interest accruing, and unsecured. As of this filing the loan is in default and due upon demand. As additional consideration for the loan, we issued 60,000 common stock purchase warrants to the individual. The warrants have an exercise price of $0.10 and term of five years. The loan has a relative fair value of $10,437 and the warrants have a relative fair value of $4,563 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.90% (ii) estimated volatility of 241% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $15,000. The value of the warrant was amortized to interest expense over the term of the note payable.

On January 12, 2017 the Company entered into two loans totaling $20,000 from a director and an officer of the Company. The loans are due July 12, 2017, are non-interest accruing, and unsecured. As of this filing the loans are in default and due upon demand. As additional consideration for the loans, we issued 40,000 common stock purchase warrants to each individual. The warrants have an exercise price of $0.10 and term of five years. The loans have a relative fair value of $13,542 and the warrants have a relative fair value of $6,458 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.87% (ii) estimated volatility of 240% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $20,000. The value of the warrant was amortized to interest expense over the term of the note payable.

NOTE 3 – NOTES PAYABLE (Continued)

During the three months ended May 31, 2017 the Company entered into eight loans totaling $47,500 from two directors of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued in total 190,000 common stock purchase warrants. The warrants have an exercise price of $0.17 - $0.21 and a term of five years. The warrants had a fair value of $39,557 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.75% (ii) estimated volatility of 234% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $47,500. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance.

During the three months ended August 31, 2017 the Company entered into seven loans totaling $82,165 from two directors of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued in total 328,660 common stock purchase warrants. The warrants have an exercise price of $0.20 - $0.23 and a term of five years. The warrants have a fair value of $65,137 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.75% (ii) estimated volatility of 169% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $82,165. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance.

During the three months ended November 30, 2017 the Company received two advances totaling $16,750 from a director and an officer of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued a total of 67,000 common stock purchase warrants. The warrants have an exercise price of $0.21 - 0.22 and a term of five years. The warrants have a fair value of $12,518 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 2.88% (ii) estimated volatility of 122% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The note payable balance as of February 28, 2018 was $16,750. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance.

During the three months ended February 28, 2018 the Company received five advances totaling $34,500 from two directors, one of whom is also an officer of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued a total of 138,000 common stock purchase warrants. The warrants have an exercise price of $0.15 - 0.21 and a term of five years. The warrants have a fair value of $24,520 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 2.88% (ii) estimated volatility of 122% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The note payable balance as of February 28, 2018 was $34,500. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance.

NOTE 4 – SHAREHOLDERS’ EQUITY

Capital Stock

Our authorized capital stock consists of 100,000,000 shares of common stock, with a par value of $0.01 per share, and 10,000,000 preferred shares with a par value of $0.001 per share.

All shares of common stock have equal voting rights and, when validly issued and outstanding, are entitled to one non-cumulative vote per share in all matters to be voted upon by shareholders. The shares of common stock have no pre-emptive, subscription, conversion or redemption rights and may be issued only as fully paid and non-assessable shares. Holders of the common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by our Board of Directors (our “Board”) out of funds legally available. In the event of a liquidation, dissolution or winding up of the affairs of the Corporation, the holders of common stock are entitled to share ratably in all assets remaining available for distribution to them after payment or provision for all liabilities and any preferential liquidation rights of any preferred stock then outstanding.

During the six months ended February 28, 2018, we recognized $12,051 in stock compensation expense for 60,000 stock options issued to outside consultants for services and approximately $37,000 in interest expense for warrants issued to directors, one of whom is also an officer of the Company, for advances to us.

We had 44,941,533 shares of our common stock outstanding as of February 28, 2018.

NOTE 5 – RELATED PARTY TRANSACTIONS

The Company has received advances from certain Directors and Officers. The advances totaled approximately $297,000 as of February 28, 2018. The Company rents office space on a month to month basis of $1,600 from a former director. This space is currently subleased to a tenant.

NOTE 6 – SUBSEQUENT EVENTS

In April of 2018 certain members of our Board lent the company $14,000 with no stated term on the advances and no interest. The Board members were also issued 56,000 warrants that will be valued during our third fiscal quarter ending May 31, 2018 using the Black-Scholes model.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

In this Quarterly Report on Form 10-Q, unless the context requires otherwise, references to “Texas Mineral Resources Corp,” “the Company” “we,” “our” or “us” refer to Texas Mineral Resources Corp. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this quarterly report. This Quarterly Report on Form 10-Q may also contain statistical data and estimates we obtained from industry publications and reports generated by third parties. Although we believe that the publications and reports are reliable, we have not independently verified their data.

Forward-Looking Statements

This Quarterly Report on Form 10-Q and the exhibits attached hereto contain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). Such forward-looking statements concern our anticipated results and developments in our operations in future periods, planned exploration and development of our properties, plans related to our business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements in this Quarterly Report on Form 10-Q, include, but are not limited to:

	●	the progress, potential and uncertainties of our 2017-2018 rare-earth exploration plans at our Round Top project in Hudspeth County, Texas (the “Round Top Project”);
	●	timing for a completed feasibility study for our Round Top Project;
	●	the success of getting the necessary permits for future drill programs and future project development;
	●	expectations regarding our ability to raise capital and to continue our exploration plans on our properties;
	●	plans regarding anticipated expenditures at the Round Top Project; and
	●	plans outlined under the section heading “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Plan of Operation”.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

	●	risks associated with our history of losses and need for additional financing;
	●	risks associated with our limited operating history;
	●	risks associated with our properties all being in the exploration stage;
	●	risks associated with our lack of history in producing metals from our properties;
	●	risks associated with our need for additional financing to develop a producing mine, if warranted;
	●	risks associated with our exploration activities not being commercially successful;
	●	risks associated with increased costs affecting our financial condition;
	●	risks associated with a shortage of equipment and supplies adversely affecting our ability to operate;

	●	risks associated with mining and mineral exploration being inherently dangerous;
	●	risks associated with mineralization estimates;
	●	risks associated with changes in mineralization estimates affecting the economic viability of our properties;
	●	risks associated with uninsured risks;
	●	risks associated with mineral operations being subject to market forces beyond our control;
	●	risks associated with fluctuations in commodity prices;
	●	risks associated with permitting, licenses and approval processes;
	●	risks associated with the governmental and environmental regulations;
	●	risks associated with future legislation regarding the mining industry and climate change;
	●	risks associated with potential environmental lawsuits;
	●	risks associated with our land reclamation requirements;
	●	risks associated with rare earth and beryllium mining presenting potential health risks;
	●	risks related to title in our properties
	●	risks related to competition in the mining and rare earth elements industries;
	●	risks related to economic conditions;
	●	risks related to our ability to manage growth;
	●	risks related to the potential difficulty of attracting and retaining qualified personnel;
	●	risks related to our dependence on key personnel;
	●	risks related to our United States Securities and Exchange Commission (the “SEC”) filing history; and
	●	risks related to our securities.

This list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the section heading “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report and “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended August 31, 2017, filed with the SEC on December 14, 2017. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as required by law, we disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. We qualify all the forward-looking statements contained in this Quarterly Report by the foregoing cautionary statements.

Overview

We are a mining company engaged in the business of the acquisition, exploration and, if warranted, development of mineral properties. We currently hold two nineteen year leases, executed in September 2011 and November 2011, to explore and develop a 950 acre rare earths project located in Hudspeth County, Texas known as the Round Top Project and prospecting permits covering an adjacent 9,345 acres. Our principal focus will be on developing a metallurgical process to concentrate or otherwise extract the metals from the Round Top rhyolite, although we will continue to examine other opportunities in the region as they develop. We currently have limited operations and have not established that any of our projects or properties contain any Proven or Probable Reserves under SEC Industry Guide 7. Our operations are exploratory in nature.

We currently do not have any producing properties and consequently, we have no current operating income or cash flow and have not generated any revenues. Further exploration will be required before a final evaluation as to the economic and practical feasibility of any of our properties is determined.

On December 23, 2013, we published a revised version of the June 2012 Preliminary Economic Assessment (the “Revised PEA”) on the Round Top Project based on a 20,000 tonne per day heap leach operation using a conventional element separation plant. The mineralized material estimate was recalculated to include uranium, niobium, tantalum and tin. The revised PEA assesses the potential economic viability of the simplified and “scaled down” operation which we believe is a much better fit with the present rare earth market.

On September 8, 2014, we announced that we had completed an internal analysis suggesting that there is a reasonable possibility to adapt a lower volume staged growth approach to development of our Round Top project. The analysis indicated that an operation designed to produce a selected group of separated REE products in the range of 350-450 tonnes per year range, could potentially yield favorable mine economics. The goal of the proposed staged approach would be to increase mining rates if and when our products gained acceptability. The analysis suggested that capital needs in the Revised PEA could be proportionally reduced in relation to the lower volume initial stage. We are currently conducting a more detailed analysis of the relative capital expenses and operating expenses requirements of a scaled down processing plant with both solvent extraction and ion exchange processes under evaluation. We believe the lower capital requirements of a staged startup could offset any marginal increase in unit operating costs.

Our current management and Board are stockholder-centric, and receive either no cash compensation or compensation that has been accrued. We will require definitive scientific documentation, rigorous economic studies, consideration of a wide range of alternatives and meticulous oversight of any cash outlays of stockholder funds.

Current Plan of Operations

Continued Work Program on Round Top Project

See “Properties – Current and Planned Metallurgical Activities” in our 10-K filing for the year ended August 31, 2017 for a description of our current work activities and budget for the Round Top Project.

Exploration Potential of the Round Top Property

Although we have no plans in the next 24 months to conduct more physical exploration, we do believe, as stated in our 2010 presentations, that there are untested exploration targets present. They are:

Uranium-beryllium mineralization at the lower contact of the rhyolite and the underlying sedimentary rock. This class of mineralization was the target of the successful exploration program conducted in the late 1980’s by Cabot Corporation and Cyprus Exploration. It appears to be structurally controlled and associated with a later phase of hydrothermal or gas phase deposition that occurred sometime after the emplacement of the rhyolite. This fluorite-beryllium replacement mineralization in what is termed the West Side Fault under the north side of Round Top was the topic of a 1988 in-house feasibility study by Cyprus Minerals to historical standards (not NI 43-101 compliant under today’s Canadian regulations, not an SEC Industry Guide 7 compliant feasibility study) to produce beryllium. This zone is the location of the intact decline and lateral mine workings developed by Cyprus Minerals in 1988-89. Sampling and analysis by TMRC indicates the presence of uranium mineralization occurring adjacent to and likely associated with these beryllium bearing structures. This “Contact Zone” mineralization is not restricted to Round Top and is present under the Sierra Blanca rhyolite and there is some evidence in drill holes on Little Blanca that this style of mineralization may also be present there.

Uranium-beryllium-rare earth and other rare metals hosted as structurally controlled fluorite replacements in the limestones at depth below the known deposits. Geologic and geochemical conditions are thought to be conducive for the emplacement of replacement type deposits within the same fault zones that hosted the known beryllium-uranium deposits at depth where favorable host limestones are present. We believe that careful compilation and analysis of existing surface geologic mapping and of the drill data may better define these targets.

We believe that using the existing data we can improve our understanding of the exploration potential of the area without resorting to such expensive techniques such as drilling.

Actively Seeking Project Partners

In addition to pursuing the exploration of our Round Top Project, we are actively seeking industry partners to assist the Company in financing the exploration and, if warranted, development of the Round Top Project. While we do not currently have any agreements and do not anticipate any agreements in the near future, we are actively engaged in pursuing partners for the Round Top Project for a range of participation, including but not limited to, joint-venture arrangements, project sale, significant investment in the Company, back-end processing and product sales arrangements and other financing arrangements to assist in the Round Top Project.

Operation and support of the DoE Grant.

Approximately 25% of TMRC’ efforts will be allocated to completing its share of the Phase 1 of the DoE grant. Our role in this grant is to acquire the samples, evaluate the primary and alternate sites, conduct the economic evaluation and co-ordinate the project.

Operation of American Minerals Reclamation

Absent the securing of feasibility financing for Round Top, the remainder of TMRC plans to actively pursue the development of American Minerals Reclamation (AMR). We have set no geographical limitations on this project but we are currently basing our efforts in the Pennsylvania coal producing region because of the excellent opportunities present there and existence of the network of people and institutions that have been developed during the grant application process.

Liquidity and Capital Resources

As of February 28,2018, we had a working capital deficit of approximately $1,674,000. We currently have no working capital and will need to raise additional funding to implement our business strategy.

During the fiscal year ended August 31, 2017, we completed Stage 1of our metallurgical activities as discussed in the section heading “ITEM 2. PROPERTIES” of this Annual Report. Our budget for this stage of activity was approximately $134,502. To date we have expended approximately that amount on Stage 1 which is now complete. Estimated cost of Stage 2 is $2,015,454, $336,454 of which has been spent; this phase, called milestone 1, of Stage 2 has been modified and augmented by the Defense Logistical Agency. There is no guarantee that we will be able to raise the working capital necessary for balance of Stage 2 activities. After completion of Stage 1, we will use any remaining available capital to begin work on Stage 2 of our metallurgical activities.

The audit opinion and notes that accompany our financial statements for the year ended August 31, 2017, disclose a ‘going concern’ qualification to our ability to continue in business. The accompanying financial statements have been prepared under the assumption that we will continue as a going concern. We are an exploration stage company and we have incurred losses since our inception. We do not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and raising additional funds. We believe that the going concern condition cannot be removed with confidence until the Company has entered into a business climate where funding of its activities is more assured.

We currently do not have funds to pursue exploration or development work on any of our properties, which means that we will be required to raise additional capital, enter into joint venture relationships, or find alternative means to finance our properties in order to place them into commercial production, if warranted, or evaluate the possibility of selling one or more of our projects or the Company in its entirety. Failure to obtain sufficient financing may result in the delay or indefinite postponement of exploration and, if warranted, development or production on one or more of our properties and any properties we may acquire in the future or even a loss of property interests. This includes our leases over claims covering the principal deposits on our properties, which may expire unless we expend minimum levels of expenditures over the terms of such leases. We cannot be certain that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favorable or acceptable to us. Our ability to arrange additional financing in the future will depend, in part, on the prevailing capital market conditions as well as our business performance.

Results of Operations

Six months ended February 28, 2018 and February 28, 2017

General & Revenue

We had no operating revenues during the six months ended February 28, 2018 and February 28, 2017. We are not currently profitable. As a result of ongoing operating losses, we had an accumulated deficit of approximately $34.9 million as of February 28, 2018.

Operating expenses and resulting losses from Operations.

We incurred exploration costs for the six months ended February 28, 2018 and February 28, 2017, in the amount of approximately $12,250 and $9,000, respectively. Expenditures for the six months ended February 28, 2018 and February 28, 2017 were primarily for lease payments to the GLO and property taxes for our Round Top project.

Our general and administrative expenses for the six months ended February 28, 2018 and February 28, 2017, respectively, were approximately $164,000 and $223,000, respectively. For the six months ended February 28, 2018 and February 28, 2017, this amount included approximately $12,000 in each year in stock-based compensation to directors, an officer and consultants. The remaining expenditures totaling approximately $152,000 and $211,000, respectively, were primarily for payroll and related taxes and benefits, professional fees and other general and administrative expenses necessary for our operations.

We had losses from operations for the six months ended February 28, 2018 and February 28, 2017 totaling approximately $176,000 and $232,500, respectively, and net losses for the six months ended February 28, 2018 and February 28, 2017 totaling approximately $223,500 and $257,000, respectively. For the six months ended February 28, 2018, the Company has recorded approximately $47,000 for interest on various notes and finance charges and $17,563 of amortization of discounts on notes payable for the six months ended February 28, 2017.

Three months ended February 28, 2018 and February 28, 2017

General & Revenue

We had no operating revenues during the three months ended February 28, 2018 and February 28, 2017. We are not currently profitable. As a result of ongoing operating losses, we had an accumulated deficit of approximately $34.9 million as of February 28, 2018.

Operating expenses and resulting losses from Operations

We incurred exploration costs for the three months ended February 28, 2018 and February 28, 2017 of approximately $6,000, primarily for property taxes related to our mineral properties.

Our general and administrative expenses for the three months ended February 28, 2018 and February 28, 2017 were approximately $73,000 and $104,000, respectively. For the three months ended February 28, 2018 and February 28, 2017, this amount included approximately $8,600 and $0, respectively, in stock-based compensation to a consultant. The remaining expenditures totaling approximately $64,500 and $104,000 were primarily for payroll and related taxes and benefits, professional fees and other general and administrative expenses necessary for our operations.

We had losses from operations for the three months ended February 28, 2018 and February 29, 2017 totaling approximately $78,500 and $110,000, respectively, and net losses for the three months ended February 28, 2018 and February 28, 2017 totaling approximately $107,000 and $129,000, respectively. For the six months ended February 28, 2018 and February 28, 2017, the Company has recorded approximately $28,500 and $19,500, respectively, for interest on various notes and finance charges.

Off-Balance Sheet Arrangements

We do not have any off balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, and results of operations, liquidity or capital resources.

Critical Accounting Estimates

Management’s discussion and analysis of financial condition and results of operations is based on our financial statements, which have been prepared in accordance with GAAP. Preparation of financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and the related disclosures of contingencies. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are fairly presented in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. Management believes that the following critical accounting estimates and judgments have a significant impact on our financial statements; Valuation of options granted to Directors, Officers and consultants using the Black-Scholes model.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

At the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operations of our disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) under the Exchange Act). Based on that evaluation the CEO and CFO have concluded that as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were not effective in ensuring that: (i) information required to be disclosed by us in our reports that we file or submit to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

Management determined that our disclosure controls and procedures were not effective during the period covered by this report because during the period the Company held its annual meeting of stockholders on February 24, 2016, but failed to include in its proxy statement for the meeting prepared under Regulation 14A of the Securites Exchange Act of 1934, as amended (the “Exchange Act”), an advisory vote to approve the compensation of our named executive officers as was required under Rule 14a-21(a) under the Exchange Act. The omission was inadvertent and the Company intends to include the advisory vote to approve the compensation of its named executive officers in its proxy statement under Regulation 14A for its next annual meeting of stockholders. The Company is implementing additional internal procedures, to ensure that all requirements, including the requirements of Rule 14a-21, are met in future filings.

Changes in Internal Control over Financial Reporting

There were no changes to our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially effect, our internal controls over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

Except as set forth below, there have been no material changes from the risk factors as previously disclosed in our Form 10-K for the year ended August 31, 2017 as filed with the SEC on December 14, 2017.

We have not sought an advisory stockholder vote to approve the compensation of our named executive officers.

Rule 14a-21 under the Exchange Act requires us to seek a separate stockholder advisory vote at our annual meeting at which directors are elected to approve the compensation of our named executive officers, not less frequently than once every three years (say-on-pay vote). At our annual meeting in February of 2016, we did not submit to our stockholders a say-on-pay vote to approve an advisory resolution regarding our compensation program for our named executive officers. Consequently, the Board of Directors has not considered the outcome of our say-on-pay vote results when determining future compensation policies and pay levels for our named executive officers. At our 2017 annual meeting of stockholders, we will be asking our stockholders to vote on a proposal to approve an advisory resolution regarding our compensation program for our named executive officers. Following such annual meeting, the Board of Directors will consider the outcome of our say-on-pay vote results when determining future compensation policies and pay levels for our named executive officers, and will report on the results of the say-on-pay vote as required by applicable SEC rules. In our quarterly report on Form 10-Q for the quarter ended February 29, 2016, we disclosed that our disclosure controls and procedures did not lead to our identification of the requirement to provide this advisory say-on-pay vote, and we are adjusting our disclosure controls and procedures processes accordingly.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Except as set forth below, all unregistered sales of equity securities during the period covered by this Quarterly Report were previously disclosed in our current reports on Form 8-K or quarterly reports on Form 10-Q.

Date	Description	Number	Purchaser	Proceeds ($)	Consideration	Exemption (C)
December 2017	Common Stock Purchase Options	10,000(A)	Consultant	$Nil	Advisory Services	Sec. 4(a)(2)
December 2017	Common Stock Purchase Warrants	56,000(B)	Directors	$Nil	Advances	Sec. 4(a)(2)
January 2018	Common Stock Purchase Options	10,000(A)	Consultant	$Nil	Advisory Services	Sec. 4(a)(2)
January 2018	Common Stock Purchase Warrants	20,000(B)	Director	$Nil	Advances	Sec. 4(a)(2)
February 2018	Common Stock Purchase Options	10,000(A)	Consultant	$NIL	Advisory Services	Sec. 4(a)(2)
February 2018	Common Stock Purchase Warrants	62,000(B)	Directors	$Nil	Advances	Sec. 4(a)(2)

(A)	Common Stock Purchase Options were issued pursuant to a consulting agreement. Options vested immediately. Each option is exercisable for a 5-year term at an exercise price of $0.30. The options were issued outside of the Company’s 2008 Stock Incentive Plan.

(B)	Common Stock Purchase Warrants were issued pursuant to advances made to the Company from certain Directors and an Officers. Each warrant is exercisable for a 5-year term at an exercise price of $0.15 - $0.21.

(C)

With respect to sales designated by “Sec. 4(a)(2),” these shares were issued pursuant to the exemption from registration contained in to Section 4(a)(2) of the Securities Act as privately negotiated, isolated, non-recurring transactions not involving any public offer or solicitation. Each purchaser represented that such purchaser’s intention to acquire the shares for investment only and not with a view toward distribution. None of the securities were sold through an underwriter and accordingly, there were no underwriting discounts or commissions involved.

We did not repurchase any of our securities during the quarter covered by this report.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Pursuant to Section 1503(a) of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (The “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities. During the quarter ended November 30, 2016, our U.S. exploration properties were not subject to regulation by the Federal Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit Number		Description

2.1		Plan of Conversion, dated August 24, 2012, incorporated by reference to Exhibit 2.1 of our Form 8-K filed with the SEC on August 29, 2012.
3.1		Delaware Certificate of Conversion, incorporated by reference to Exhibit 3.1 of our Form 8-K filed with the SEC on August 29, 2012.
3.2		Delaware Certificate of Incorporation, incorporated by reference to Exhibit 3.2 of our Form 8-K filed with the SEC on August 29, 2012.
3.3		Delaware Bylaws, incorporated by reference to Exhibit 3.3 of our Form 8-K filed with the SEC on August 29, 2012.
3.4		Certificate of Amendment to the Company’s Certificate of Incorporation, incorporated by reference to Exhibit 3.1 of our Form 8-K filed with the SEC on March 18, 2016.
4.1		Form of Common Stock Certificate, incorporated by reference to Exhibit 4.1 of our Form 10-K for the period ended August 31, 2009 filed with the SEC on February 8, 2011.
4.2		Form of Rights Certificate, incorporated by reference to Exhibit 4.2 of our Form S-1/A filed with the SEC on December 10, 2014.
4.3		Form of Warrant Indenture, incorporated by reference to Exhibit 4.3 of our Form S-1/A filed with the SEC on December 10, 2014.
4.4		Form of Class A Warrant, included as Schedule A in Exhibit 4.3
4.5		Form of Class B Warrant, included as Schedule B in Exhibit 4.3
4.6		Form of Private Placement Warrant, incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K as filed with the Commission on December 11, 2015.
31.1(1)		Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a)
31.2(1)		Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)
32.1(1)		Certification of Chief Executive Officer Pursuant to Section 18 U.S.C. Section 1350, adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2(1)		Certification of Chief Financial Officer Pursuant to Section 18 U.S.C. Section 1350, adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS(1)		XBRL Instance Document
101.SCH(1)		XBRL Taxonomy Extension — Schema
101.CAL(1)		XBRL Taxonomy Extension — Calculations
101.DEF(1)		XBRL Taxonomy Extension — Definitions
101.LAB(1)		XBRL Taxonomy Extension — Labels
101.PRE(1)		XBRL Taxonomy Extension — Presentations

(1)

Submitted Electronically Herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

TEXAS MINERAL RESOURCES CORP.

Date: April 17, 2018

/s/ Daniel E. Gorski
Daniel E. Gorski, duly authorized officer
Chief Executive Officer and Principal
Executive Officer

Date: April 17, 2018

/s/ Wm Chris Mathers
Wm Chris Mathers, Chief Financial Officer and
Principal Financial and Accounting Officer

EX-31.1 2 ex31-1.htm CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

Texas Mineral Resources Corp. - 10-Q

Exhibit 31.1. Certification by Chief Executive Officer

I, Daniel E. Gorski, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Texas Mineral Resources Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 17, 2018

/s/ Daniel E. Gorski
Daniel E. Gorski, Chief Executive Officer, Principal Executive Officer

EX-31.2 3 ex31-2.htm CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

Texas Mineral Resources Corp. - 10-Q

Exhibit 31.2. Certification by Chief Financial Officer

I, Wm Chris Mathers, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Texas Mineral Resources Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 17, 2018

/s/ Wm Chris Mathers
Wm Chris Mathers, Chief Financial Officer, Principal Financial and Accounting Officer

EX-32.1 4 ex32-1.htm CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

Texas Mineral Resources Corp. - 10-Q

Exhibit 32.1. Section 1350 Certification by Chief Executive Officer

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Texas Mineral Resources Corp. (the “Company”) on Form 10-Q for the quarter ending February 28, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Daniel E. Gorski, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Daniel E. Gorski
Daniel E. Gorski, Chief Executive Officer

April 17, 2018

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code) and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2 5 ex32-2.htm CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

Texas Mineral Resources Corp. - 10-Q

Exhibit 32.2. Section 1350 Certification by Chief Financial Officer

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Texas Mineral Resources Corp. (the “Company”) on Form 10-Q for the quarter ending February 28, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Wm Chris Mathers, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Wm Chris Mathers
Wm Chris Mathers, Chief Financial Officer

April 17, 2018

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NOTE 1 – BASIS OF PRESENTATION   The accompanying unaudited interim financial statements of Texas Mineral Resources Corp. (“we”, “us”, “our”, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in our annual report on Form 10-K, for the year ended August 31, 2017, dated December 14, 2017 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended August 31, 2017 as reported in our annual report on Form 10-K, have been omitted.   The financial statements have been prepared on a going concern basis which assumes the Company will not be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of approximately $34,856,000 as of February 28, 2018 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and or private placement of common stock.   On March 14, 2016, the Company filed a Certificate of Amendment with the Secretary of State of the State of Delaware to amend its Certificate of Incorporation to change the name of the Company from “Texas Rare Earth Resources Corp” to “Texas Mineral Resources Corp”. The amendment was effective at 9:00 am EST on March 21, 2016. The Certificate of Amendment did not make any other amendments to the Company’s Certificate of Incorporation.   Reclassification of prior year balances   For comparability, certain prior period amounts have been reclassified, where appropriate, to conform to the financial statement presentation as of February 28, 2018.

NOTE 2 – MINERAL PROPERTIES   September 2011 Lease   On September 2, 2011, we entered into a new mining lease with the Texas General Land Office covering Sections 7 and 18 of Township 7, Block 71 and Section 12 of Block 72, covering approximately 860 acres at Round Top Mountain in Hudspeth County, Texas. The mining lease issued by the Texas General Land Office gives us the right to explore, produce, develop, mine, extract, mill, remove, and market beryllium, uranium, rare earth elements, all other base and precious metals, industrial minerals and construction materials and all other minerals excluding oil, gas, coal, lignite, sulfur, salt, and potash. The term of the lease is nineteen years so long as minerals are produced in paying quantities.   Under the lease, we will pay the State of Texas a lease bonus of $142,518; $44,718 of which was paid upon the execution of the lease, and $97,800 which will be due when we submit a supplemental plan of operations to conduct mining. Upon the sale of minerals removed from Round Top, we will pay the State of Texas a $500,000 minimum advance royalty.   Thereafter, we will pay the State of Texas a production royalty equal to eight percent (8%) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (61/4%) of the market value of all other minerals removed and sold from Round Top.   Assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Per Acre Amount</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Amount</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="width: 59%">September 2, 2015 – 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 17%">75</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 17%">67,077</td> <td style="width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td>September 2, 2020 – 2024</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">150</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">134,155</td> <td> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td>September 2, 2025 – 2029</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">200</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">178,873</td> <td> </td></tr> </table>   In August 2017, we paid a delay rental to the State of Texas in the amount of $67,077.   November 2011 Lease   On November 1, 2011, we entered into a mining lease with the State of Texas covering 90 acres, more or less, of land that we purchased in September 2011 near our Round Top site. The deed was recorded with Hudspeth County on September 16, 2011. Under the lease, we paid the State of Texas a lease bonus of $20,700 which was paid upon the execution of the lease. Upon the sale of minerals removed from Round Top, we will pay the State of Texas a $50,000 minimum advance royalty. Thereafter, we will pay the State of Texas a production royalty equal to eight percent (8%) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (6 1/4%) of the market value of all other minerals sold from Round Top.   Assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Per Acre Amount</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Amount</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="width: 59%">November 1, 2015 – 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 17%">75</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 17%">6,750</td> <td style="width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td>November 1, 2020 – 2024</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">150</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">13,500</td> <td> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td>November 1, 2025 – 2029</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">200</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">18,000</td> <td> </td></tr> </table>   In October 2017, we paid a delay rental to the State of Texas of $6,750.   March 2013 Lease   On March 6, 2013, we purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (the “Foundation”) for $500,000 cash and 1,063,830 shares of our common stock. We also agreed to support the Foundation through an annual payment of $45,000 for ten years to support conservation efforts within the Rio Grande Basin and in particular engaging in stewardship of Lake Amistad, a large and well-known fishing lake near Del Rio, Texas. The West Lease comprises approximately 54,990 acres. Most importantly, the purchase of the surface lease gave us unrestricted surface access for the potential development and mining of our Round Top Project. As of the date of this filing the $45,000 payments due in June 2016 and 2017 have not been paid; consequently, we have expensed the value of the West Lease during fiscal 2017. We fully intend to continue with the evaluation of the mineral potential of the property, to ultimately mine the property, and to bring the lease current when funds are available. Expensing the value of the West Lease does not restrict our access to the mineral leases.   October 2014 Surface Option   In October 2014, we executed an agreement with the Texas General Land Office securing the option to purchase the surface rights covering the potential Round Top project mine and plant areas, and separately a lease to develop the water necessary for the potential Round Top project mine operations.   The option to purchase the surface rights covers approximately 5,670 acres over the mining lease and the additional acreage adequate to site all potential heap leaching and processing operations as currently anticipated by the Company. We may exercise the option for all or part of the option acreage at any time during the sixteen year primary term of the mineral lease. The option can be kept current by an annual payment of $10,000, which has not been paid as of the date of this filing. The purchase price will be the appraised value of the surface at the time of exercising the option.   The ground water lease secures our right to develop the ground water within a 13,120 acre lease area located approximately 4 miles from the Round Top deposit. The lease area contains five existing water wells. It is anticipated that all potential water needs for the Round Top project mine operations would be satisfied by the existing wells covered by this water lease. This lease has an annual minimum production payment of $5,000 prior to production of water for the operation, which has not been paid as of the date of this filing. After initiation of production we will pay $0.95 per thousand gallons or $20,000 annually, whichever is greater. This lease remains effective as long as the mineral lease is in effect.    The Pagnotti Enterprises Inc. Memorandum of Understanding   On June 28, 2016 TMRC executed a Memorandum of understanding with Pagnotti Enterprises Inc. (“PEI”) of Wilkes Barre, Pennsylvania, owners of the Jeddo Coal Co., whereby under specified terms TMRC could lease one or more of Jeddo’s deposits located in the anthracite region of northeast Pennsylvania. Research by the Department of Energy (DOE) has shown that these coal deposits and the sandstones and siltstones immediately associated with them contain anomalously high values of rare earth and on particular interest, Scandium. The DOE research to date has indicated that the rare earth can be efficiently extracted from pulverized rock using ammonium sulfate as the lixiviant. TMRC is in the process of preparing an application for a federal grant to design and construct a continuous ion exchange/continuous ion chromatography (CIX/CIC) pilot plant to be delivered to a designated project area in the Appalachian coal province. TMRC and its co-applicants, K-Tech, Inventure Renewables, of Tuscaloosa, Alabama and Penn State University are proposing to plan, develop, design and install the CIX/CIC pilot plant at one of the Jeddo Coal properties. The grant was awarded in March 2017 to the consortium consisting of Inventure Renewables, Penn State, K-Tech and TMRC with Inventure being the principal investigator in the consortium. Funding began in September 2017.   Under the terms of the Memorandum of Understanding (MOU) signed 28 June 2016, TMRC had a six-month term to perform the necessary due diligence and to technically and economically evaluate the properties. Upon execution of the MOU TMRC and PEI had six months to draft and execute a formal lease agreement containing all the standard terms of mining lease agreements. Upon execution of a lease, TMRC will be obligated to pay a $5,000 per month rental or a 12% royalty whichever is greater. As of the date of this filing, no lease has been executed.

NOTE 3 – NOTES PAYABLE   As part of our surface lease with the Rio Grande Foundation (formerly referred to as the Southwest Wildlife Foundation), the Company recorded a note payable for an amount for the initial $45,000 due upon signing of lease and the nine (9) future payments due of $45,000 which has been recorded at its present value discounted with an imputed interest rate of 5% for a total note payable of $364,852. As of the date of this filing, we have not paid the June 2016 or 2017 installment of our surface lease, in the amount of $45,000 each, to the Southwest Wildlife Foundation. As a result, the full amount of the note payable has been classified as currently due. The note payable balance as of February 28, 2018 $260,000. The Company has also accrued interest expense as of February 28, 2018 of $41,000. This unpaid interest is included in accrued liabilities.   The Foundation has not given notice of default or made any demand for payment as of the date of this filing. However, based upon the Company being in default on the Note Payable there is no guarantee that the Foundation will allow the Company to bring the lease payments current without requiring the Company to provided additional consideration to the Foundation. Consequently, since the Company cannot be guaranteed the ability to utilize the lease due to its current default status, the Company has written off the value of this lease ($1,394,852) as of August 31, 2017. The Company intends to continue with the evaluation of the mineral potential of the property, to ultimately mine the property, and to bring this note payable and its accrued interest current when the funds are available.   Related Party Notes Payable and Advances   On July 1, 2016 the Company received two loans for $2,500 each from two directors of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued 5,000 common stock purchase warrants to each individual. The warrants have an exercise price of $0.10 and term of five years. The warrants had a fair value of $1,185 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.00% (ii) estimated volatility of 185% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was a total of $5,000. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advances.   On September 1, 2016, the Company entered into five loans totaling $71,500 from five directors of the Company. The loans were due March 1, 2017, are non-interest bearing, and unsecured. As of this filing the loans are in default and due upon demand. As additional consideration for the loans, we issued in total 147,000 common stock purchase warrants. The warrants have an exercise price of $0.10 and term of five years. The loans have a relative fair value of $57,414 and the warrants have a relative fair value of $14,086 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.180% (ii) estimated volatility of 245% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $71,500. The value of the warrant was amortized to interest expense over the term of the note payable.   On November 1, 2016 the Company entered into two loans for $4,000 and $1,000 from two directors of the Company. The loans are non-interest bearing, unsecured and due upon demand. As additional consideration for the loans, we issued 8,000 and 2,000 common stock purchase warrants to each individual. The warrants have an exercise price of $0.10 and term of five years. The warrants had a fair value of $1,057 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.30% (ii) estimated volatility of 181% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $5,000. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance.   On December 12, 2016, the Company entered into a loan for $15,000 a director of the Company. The loan is due June 12, 2017, is non-interest accruing, and unsecured. As of this filing the loan is in default and due upon demand. As additional consideration for the loan, we issued 60,000 common stock purchase warrants to the individual. The warrants have an exercise price of $0.10 and term of five years. The loan has a relative fair value of $10,437 and the warrants have a relative fair value of $4,563 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.90% (ii) estimated volatility of 241% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $15,000. The value of the warrant was amortized to interest expense over the term of the note payable.   On January 12, 2017 the Company entered into two loans totaling $20,000 from a director and an officer of the Company. The loans are due July 12, 2017, are non-interest accruing, and unsecured. As of this filing the loans are in default and due upon demand. As additional consideration for the loans, we issued 40,000 common stock purchase warrants to each individual. The warrants have an exercise price of $0.10 and term of five years. The loans have a relative fair value of $13,542 and the warrants have a relative fair value of $6,458 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.87% (ii) estimated volatility of 240% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $20,000. The value of the warrant was amortized to interest expense over the term of the note payable.    During the three months ended May 31, 2017 the Company entered into eight loans totaling $47,500 from two directors of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued in total 190,000 common stock purchase warrants. The warrants have an exercise price of $0.17 - $0.21 and a term of five years. The warrants had a fair value of $39,557 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.75% (ii) estimated volatility of 234% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $47,500. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance.   During the three months ended August 31, 2017 the Company entered into seven loans totaling $82,165 from two directors of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued in total 328,660 common stock purchase warrants. The warrants have an exercise price of $0.20 - $0.23 and a term of five years. The warrants have a fair value of $65,137 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.75% (ii) estimated volatility of 169% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of February 28, 2018 and August 31, 2017 was $82,165. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance.   During the three months ended November 30, 2017 the Company received two advances totaling $16,750 from a director and an officer of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued a total of 67,000 common stock purchase warrants. The warrants have an exercise price of $0.21 - 0.22 and a term of five years. The warrants have a fair value of $12,518 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 2.88% (ii) estimated volatility of 122% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The note payable balance as of February 28, 2018 was $16,750. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance.   During the three months ended February 28, 2018 the Company received five advances totaling $34,500 from two directors, one of whom is also an officer of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued a total of 138,000 common stock purchase warrants. The warrants have an exercise price of $0.15 - 0.21 and a term of five years. The warrants have a fair value of $24,520 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 2.88% (ii) estimated volatility of 122% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The note payable balance as of February 28, 2018 was $34,500. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance.

NOTE 4 – SHAREHOLDERS’ EQUITY   Capital Stock   Our authorized capital stock consists of 100,000,000 shares of common stock, with a par value of $0.01 per share, and 10,000,000 preferred shares with a par value of $0.001 per share.   All shares of common stock have equal voting rights and, when validly issued and outstanding, are entitled to one non-cumulative vote per share in all matters to be voted upon by shareholders. The shares of common stock have no pre-emptive, subscription, conversion or redemption rights and may be issued only as fully paid and non-assessable shares. Holders of the common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by our Board of Directors (our “Board”) out of funds legally available. In the event of a liquidation, dissolution or winding up of the affairs of the Corporation, the holders of common stock are entitled to share ratably in all assets remaining available for distribution to them after payment or provision for all liabilities and any preferential liquidation rights of any preferred stock then outstanding.   During the six months ended February 28, 2018, we recognized $12,051 in stock compensation expense for 60,000 stock options issued to outside consultants for services and approximately $37,000 in interest expense for warrants issued to directors, one of whom is also an officer of the Company, for advances to us.   We had 44,941,533 shares of our common stock outstanding as of February 28, 2018.

NOTE 5 – RELATED PARTY TRANSACTIONS   The Company has received advances from certain Directors and Officers. The advances totaled approximately $297,000 as of February 28, 2018. The Company rents office space on a month to month basis of $1,600 from a former director. This space is currently subleased to a tenant.

NOTE 6 – SUBSEQUENT EVENTS   In April of 2018 certain members of our Board lent the company $14,000 with no stated term on the advances and no interest. The Board members were also issued 56,000 warrants that will be valued during our third fiscal quarter ending May 31, 2018 using the Black-Scholes model.

Assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Per Acre Amount</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total Amount</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="width: 59%">November 1, 2015 – 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 17%">75</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 17%">6,750</td> <td style="width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td>November 1, 2020 – 2024</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">150</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">13,500</td> <td> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td>November 1, 2025 – 2029</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">200</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">18,000</td> <td> </td></tr> </table>

60000

37000

297000

1600

56000

90 860 5670 54990 13120 4 142518 20700 44718 97800 50000 500000 0.08 0.08 0.0625 0.0625 6750 67077 500000

1063830

5000

45000

10000 5000 0.12 0.95 20000 150 200 75 150 200 75 134155 178873 6750 13500 18000 67077

45000

9 2 5 2 2 8 7 5 2 2 5 2 2 2

0.05

364852

2500

71500

4000

1000

15000

20000

47500

82165

34500

16750

41000

45000

2017-06-12

2017-07-12

5000

147000

8000

2000

60000

40000

190000

328660

138000

67000

0.10

0.17

0.21

0.20

0.23

0.15

0.21

0.22

P5Y

57414

10467

13542

1185

14086

1057

4563

6458

39557

65137

24520

12518

P5Y

1.85

2.45

1.81

2.41

2.40

2.34

1.69

1.22

0.01

0.0118

0.0130

0.0190

0.0187

0.0175

0.0288

0.00

1394852

17563

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[Member] March 2013 Surface Lease [Member] State of Texas - Hudspeth County, TX [Member] November 2011 Mineral Properties Lease [Member] Texas General Land Office - Hudspeth County, TX [Member] September 2011 Mineral Properties Lease [Member] Option to Purchase Water Lease [Member] Option to Purchase Surface Rights [Member] September 2, 2020 - 2024 [Member] September 2, 2025 - 2029 [Member] November 1, 2015 - 2019 [Member] November 1, 2020 - 2024 [Member] November 1, 2025 - 2029 [Member] September 2, 2015 - 2019 [Member] Debt Instrument [Axis] Foundation Lease Note Payable [Member] Director Loans 7/1/2016 [Member] Director Loans 9/1/2016 [Member] Director Loan 11/1/2016 #1 [Member] Director Loan 11/1/2016 #2 [Member] Director Loans 11/1/2016 [Member] Director Loan 12/12/2016 [Member] Director and Officer Loans 1/12/2017 [Member] Director Loans Qtr 5/31/2017 [Member] Range [Axis] Lower Range [Member] Upper Range [Member] Director Loans Qtr 8/31/2017 [Member] Advances - Director snf Offier [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity a Well-known Seasoned Issuer Entity a Voluntary Filer Entity's Reporting Status Current Entity Filer Category Document Fiscal Period Focus Document Fiscal Year Focus Entity Common Stock, Shares Outstanding Entity Public Float Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS Cash and cash equivalents Prepaid expenses and other current assets Total current assets Property and equipment, net Mineral properties Deposits TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued liabilities Advances due to related parties Current portion of note payable Total current liabilities Note payable - net of current portion and discount Total liabilities COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' DEFICIT Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and outstanding as of February 28, 2018 and August 31, 2017, respectively Common stock, par value $0.01; 100,000,000 shares authorized, 44,941,533 and 44,941,533 shares issued and outstanding as of February 28, 2018 and August 31, 2017, respectively Additional paid-in capital Accumulated deficit Total shareholders' deficit TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] OPERATING EXPENSES Exploration costs General and administrative expenses Total operating expenses LOSS FROM OPERATIONS OTHER INCOME (EXPENSE) Interest and other income Interest and other expense Total other income (expense) NET LOSS Net loss per share: Basic and diluted net loss per share Weighted average shares outstanding: Basic and diluted Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Net loss Adjustments to reconcile net loss to net cash used in operating activities: Discount on notes payable Depreciation expense Cashless compensation for advances Stock based compensation Changes in current assets and liabilities: Prepaid expenses and other assets Accounts payable and accrued expenses Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of equipment Investment in mineral properties Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable - related party Net cash provided by financing activities NET CHANGE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS, END OF PERIOD SUPPLEMENTAL INFORMATION Interest paid Taxes paid Organization, Consolidation and Presentation of Financial Statements [Abstract] BASIS OF PRESENTATION Mineral Industries Disclosures [Abstract] MINERAL PROPERTIES Debt Disclosure [Abstract] NOTES PAYABLE Equity [Abstract] SHAREHOLDERS' EQUITY Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS Subsequent Events [Abstract] SUBSEQUENT EVENTS Schedule of future minimum lease payments Statement [Table] Statement [Line Items] Mining lease - acres Surface rights - acres Ground water lease - acres Distance from project mine Lease bonus Lease bonus paid Lease bonus due upon filing of supplemental plan of operations to conduct mining Minimum advance royalty due upon sale of minerals Production royalty of market value of uranium and other fissionable materials removed Production royalty of market value of other minerals removed Payment of delay rental Cash paid for lease assignment Shares issued for lease Periodic lease payment Lease payments payable Periodic option annual payment due Annual minimum production payment Royalty percentage Production payment, amount per thousand gallons Production payment, annual amount Per Acre Amount Total Lease Amount Schedule of Long-term Debt Instruments [Table] Debt Instrument [Line Items] Periodic payment Number of payments Number of loans Number of directors Imputed interest rate Note payable face amount Notes payable - related party, net of discounts Accrued interest payable Amount of lease payment in default Maturity date Debt term Proceeds from loan payable Common stock warrants granted Warrants, exercise price Warrant term Fair value of debt Fair value of warrants Expected life Expected volatility Risk-free interest rate Expected dividend yield Amortization of debt discount Impairment of mineral properties Stock based compensation - options Stock options issued to outside consultant (shares) Interest expense - related party Advances - related party Monthly rent paid to director EX-101.PRE 11 tmrc-20180228_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Feb. 28, 2018	Apr. 13, 2018
Document And Entity Information
Entity Registrant Name	Texas Mineral Resources Corp.
Entity Central Index Key	0001445942
Document Type	10-Q
Document Period End Date	Feb. 28, 2018
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018
Entity Common Stock, Shares Outstanding		44,941,533

XML 13 R2.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS (Unaudited) - USD ($)	Feb. 28, 2018	Aug. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 7,576	$ 1,080
Prepaid expenses and other current assets	8,333	6,667
Total current assets	15,909	7,747
Property and equipment, net	2,424	5,421
Mineral properties	358,594	358,594
Deposits	24,000	24,000
TOTAL ASSETS	400,927	395,762
CURRENT LIABILITIES
Accounts payable and accrued liabilities	1,131,857	1,003,468
Advances due to related parties	297,415	246,165
Current portion of note payable	260,387	260,387
Total current liabilities	1,689,659	1,510,020
Note payable - net of current portion and discount
Total liabilities	1,689,659	1,510,020
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' DEFICIT
Common stock, par value $0.01; 100,000,000 shares authorized, 44,941,533 and 44,941,533 shares issued and outstanding as of February 28, 2018 and August 31, 2017, respectively	449,416	449,416
Additional paid-in capital	33,117,398	33,068,309
Accumulated deficit	(34,855,546)	(34,631,983)
Total shareholders' deficit	(1,288,732)	(1,114,258)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 400,927	$ 395,762

XML 14 R3.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Feb. 28, 2018	Aug. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	44,941,533	44,941,533
Common stock, shares outstanding	44,941,533	44,941,532

XML 15 R4.htm IDEA: XBRL DOCUMENT

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
OPERATING EXPENSES
Exploration costs	$ 5,500	$ 6,133	$ 12,250	$ 9,378
General and administrative expenses	73,053	103,646	164,237	223,152
Total operating expenses	78,553	109,779	176,487	232,530
LOSS FROM OPERATIONS	(78,553)	(109,779)	(176,487)	(232,530)
OTHER INCOME (EXPENSE)
Interest and other income				1
Interest and other expense	(28,554)	(19,510)	(47,075)	(24,706)
Total other income (expense)	(28,554)	(19,510)	(47,075)	(24,705)
NET LOSS	$ (107,107)	$ (129,289)	$ (223,562)	$ (257,235)
Weighted average shares outstanding:
Basic and diluted	44,941,533	44,941,533	44,941,533	44,941,533

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STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	Feb. 28, 2018	Feb. 28, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (223,562)	$ (257,235)
Adjustments to reconcile net loss to net cash used in operating activities:
Discount on notes payable		17,563
Depreciation expense	2,997	6,680
Cashless compensation for advances	37,038
Stock based compensation	12,051	12,285
Changes in current assets and liabilities:
Prepaid expenses and other assets	(1,667)	(4,289)
Accounts payable and accrued expenses	128,389	180,994
Net cash used in operating activities	(44,754)	(44,002)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of equipment
Investment in mineral properties
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable - related party	51,250	40,000
Net cash provided by financing activities	51,250	40,000
NET CHANGE IN CASH AND CASH EQUIVALENTS	6,496	(4,002)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,080	5,164
CASH AND CASH EQUIVALENTS, END OF PERIOD	7,576	1,162
SUPPLEMENTAL INFORMATION
Interest paid
Taxes paid

XML 17 R6.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION

6 Months Ended

Feb. 28, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

NOTE 1 – BASIS OF PRESENTATION

Reclassification of prior year balances

For comparability, certain prior period amounts have been reclassified, where appropriate, to conform to the financial statement presentation as of February 28, 2018.

XML 18 R7.htm IDEA: XBRL DOCUMENT

MINERAL PROPERTIES

6 Months Ended

Feb. 28, 2018

Mineral Industries Disclosures [Abstract]

MINERAL PROPERTIES

NOTE 2 – MINERAL PROPERTIES

September 2011 Lease

	Per Acre Amount		Total Amount
September 2, 2015 – 2019	$	75	$	67,077
September 2, 2020 – 2024	$	150	$	134,155
September 2, 2025 – 2029	$	200	$	178,873

In August 2017, we paid a delay rental to the State of Texas in the amount of $67,077.

November 2011 Lease

	Per Acre Amount		Total Amount
November 1, 2015 – 2019	$	75	$	6,750
November 1, 2020 – 2024	$	150	$	13,500
November 1, 2025 – 2029	$	200	$	18,000

In October 2017, we paid a delay rental to the State of Texas of $6,750.

March 2013 Lease

October 2014 Surface Option

The Pagnotti Enterprises Inc. Memorandum of Understanding

XML 19 R8.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE

6 Months Ended

Feb. 28, 2018

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTE 3 – NOTES PAYABLE

Related Party Notes Payable and Advances

XML 20 R9.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' EQUITY

6 Months Ended

Feb. 28, 2018

Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 4 – SHAREHOLDERS’ EQUITY

Capital Stock

Our authorized capital stock consists of 100,000,000 shares of common stock, with a par value of $0.01 per share, and 10,000,000 preferred shares with a par value of $0.001 per share.

We had 44,941,533 shares of our common stock outstanding as of February 28, 2018.

XML 21 R10.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

6 Months Ended

Feb. 28, 2018

RELATED PARTY TRANSACTIONS

NOTE 5 – RELATED PARTY TRANSACTIONS

XML 22 R11.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

6 Months Ended

Feb. 28, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 6 – SUBSEQUENT EVENTS

XML 23 R12.htm IDEA: XBRL DOCUMENT

MINERAL PROPERTIES (Tables)

6 Months Ended

Feb. 28, 2018

Mineral Industries Disclosures [Abstract]

Schedule of future minimum lease payments

	Per Acre Amount		Total Amount
November 1, 2015 – 2019	$	75	$	6,750
November 1, 2020 – 2024	$	150	$	13,500
November 1, 2025 – 2029	$	200	$	18,000

XML 24 R13.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION (Details Narrative) - USD ($)	Feb. 28, 2018	Aug. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (34,855,546)	$ (34,631,983)

XML 25 R14.htm IDEA: XBRL DOCUMENT

MINERAL PROPERTIES (Details Narrative)	1 Months Ended
MINERAL PROPERTIES (Details Narrative)	Oct. 31, 2017 USD ($)	Aug. 31, 2017 USD ($)	Jun. 28, 2016 USD ($)	Oct. 31, 2014 USD ($) a Miles $ / gal	Mar. 06, 2013 USD ($) a shares	Nov. 01, 2011 USD ($) a	Sep. 02, 2011 USD ($) a	Jun. 01, 2017 USD ($)	Jun. 01, 2016 USD ($)
Pagnotti Enterprises - MOU [Member]
Periodic lease payment			$ 5,000
Royalty percentage			12.00%
Southwest Range and Wildlife Foundation, Inc. [Member] \| March 2013 Surface Lease [Member]
Surface rights - acres \| a					54,990
Cash paid for lease assignment					$ 500,000
Shares issued for lease \| shares					1,063,830
Periodic lease payment					$ 45,000
Lease payments payable								$ 45,000	$ 45,000
State of Texas - Hudspeth County, TX [Member] \| November 2011 Mineral Properties Lease [Member]
Mining lease - acres \| a						90
Lease bonus paid						$ 20,700
Minimum advance royalty due upon sale of minerals						$ 50,000
Production royalty of market value of uranium and other fissionable materials removed						8.00%
Production royalty of market value of other minerals removed						6.25%
Payment of delay rental	$ 6,750
Texas General Land Office - Hudspeth County, TX [Member] \| September 2011 Mineral Properties Lease [Member]
Mining lease - acres \| a							860
Lease bonus							$ 142,518
Lease bonus paid							44,718
Lease bonus due upon filing of supplemental plan of operations to conduct mining							97,800
Minimum advance royalty due upon sale of minerals							$ 500,000
Production royalty of market value of uranium and other fissionable materials removed							8.00%
Production royalty of market value of other minerals removed							6.25%
Payment of delay rental		$ 67,077
Texas General Land Office - Hudspeth County, TX [Member] \| Option to Purchase Water Lease [Member]
Ground water lease - acres \| a				13,120
Distance from project mine \| Miles				4
Annual minimum production payment				$ 5,000
Production payment, amount per thousand gallons \| $ / gal				0.95
Production payment, annual amount				$ 20,000
Texas General Land Office - Hudspeth County, TX [Member] \| Option to Purchase Surface Rights [Member]
Surface rights - acres \| a				5,670
Periodic option annual payment due				$ 10,000

XML 26 R15.htm IDEA: XBRL DOCUMENT

MINERAL PROPERTIES (Details)	Aug. 31, 2017 USD ($)
September 2, 2015 - 2019 [Member]
Per Acre Amount	$ 75
Total Lease Amount	67,077
September 2, 2020 - 2024 [Member]
Per Acre Amount	150
Total Lease Amount	134,155
September 2, 2025 - 2029 [Member]
Per Acre Amount	200
Total Lease Amount	178,873
November 1, 2015 - 2019 [Member]
Per Acre Amount	75
Total Lease Amount	6,750
November 1, 2020 - 2024 [Member]
Per Acre Amount	150
Total Lease Amount	13,500
November 1, 2025 - 2029 [Member]
Per Acre Amount	200
Total Lease Amount	$ 18,000

XML 27 R16.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Details Narrative)							3 Months Ended				6 Months Ended		12 Months Ended
NOTES PAYABLE (Details Narrative)	Jan. 12, 2017 USD ($) $ / shares shares	Dec. 12, 2016 USD ($) $ / shares shares	Nov. 01, 2016 USD ($) $ / shares shares	Sep. 02, 2016 USD ($) $ / shares shares	Jul. 01, 2016 USD ($) $ / shares shares	Mar. 06, 2013 USD ($) Number	Feb. 28, 2018 USD ($) $ / shares shares	Nov. 30, 2017 USD ($) $ / shares shares	Aug. 31, 2017 USD ($) $ / shares shares	May 31, 2017 USD ($) $ / shares shares	Feb. 28, 2018 USD ($) $ / shares	Feb. 28, 2017 USD ($)	Aug. 31, 2017 USD ($) $ / shares
Debt Instrument [Line Items]
Current portion of note payable							$ 260,387		$ 260,387		$ 260,387		$ 260,387
Notes payable - related party, net of discounts							297,415		246,165		297,415		246,165
Amortization of debt discount												$ 17,563
Impairment of mineral properties													1,394,852
Foundation Lease Note Payable [Member]
Debt Instrument [Line Items]
Periodic payment						$ 45,000
Number of payments \| Number						9
Imputed interest rate						5.00%
Note payable face amount						$ 364,852
Current portion of note payable							260,000				260,000
Accrued interest payable							41,000				41,000
Amount of lease payment in default							45,000				45,000
Director Loans 7/1/2016 [Member]
Debt Instrument [Line Items]
Number of loans					2
Number of directors					2
Note payable face amount					$ 2,500
Notes payable - related party, net of discounts							5,000		5,000		5,000		5,000
Common stock warrants granted \| shares					5,000
Warrants, exercise price \| $ / shares					$ 0.10
Warrant term					5 years
Fair value of warrants					$ 1,185
Expected life					5 years
Expected volatility					185.00%
Risk-free interest rate					1.00%
Expected dividend yield					0.00%
Director Loans 9/1/2016 [Member]
Debt Instrument [Line Items]
Number of loans				5
Number of directors				5
Note payable face amount				$ 71,500
Notes payable - related party, net of discounts							71,500		71,500		71,500		71,500
Common stock warrants granted \| shares				147,000
Warrants, exercise price \| $ / shares				$ 0.10
Warrant term				5 years
Fair value of debt				$ 57,414
Fair value of warrants				$ 14,086
Expected life				5 years
Expected volatility				245.00%
Risk-free interest rate				1.18%
Expected dividend yield				0.00%
Director Loan 11/1/2016 #1 [Member]
Debt Instrument [Line Items]
Note payable face amount			$ 4,000
Common stock warrants granted \| shares			8,000
Director Loan 11/1/2016 #2 [Member]
Debt Instrument [Line Items]
Note payable face amount			$ 1,000
Common stock warrants granted \| shares			2,000
Director Loans 11/1/2016 [Member]
Debt Instrument [Line Items]
Number of loans			2
Number of directors			2
Notes payable - related party, net of discounts							5,000		5,000		5,000		5,000
Warrants, exercise price \| $ / shares			$ 0.10
Warrant term			5 years
Fair value of warrants			$ 1,057
Expected life			5 years
Expected volatility			181.00%
Risk-free interest rate			1.30%
Expected dividend yield			0.00%
Director Loan 12/12/2016 [Member]
Debt Instrument [Line Items]
Note payable face amount		$ 15,000
Notes payable - related party, net of discounts							15,000		15,000		15,000		15,000
Maturity date		Jun. 12, 2017
Common stock warrants granted \| shares		60,000
Warrants, exercise price \| $ / shares		$ 0.10
Warrant term		5 years
Fair value of debt		$ 10,467
Fair value of warrants		$ 4,563
Expected life		5 years
Expected volatility		241.00%
Risk-free interest rate		1.90%
Expected dividend yield		0.00%
Director and Officer Loans 1/12/2017 [Member]
Debt Instrument [Line Items]
Number of loans	2
Note payable face amount	$ 20,000						20,000				20,000
Notes payable - related party, net of discounts									20,000				20,000
Maturity date	Jul. 12, 2017
Common stock warrants granted \| shares	40,000
Warrants, exercise price \| $ / shares	$ 0.10
Warrant term	5 years
Fair value of debt	$ 13,542
Fair value of warrants	$ 6,458
Expected life	5 years
Expected volatility	240.00%
Risk-free interest rate	1.87%
Expected dividend yield	0.00%
Director Loans Qtr 5/31/2017 [Member]
Debt Instrument [Line Items]
Number of loans										8
Number of directors										2
Note payable face amount										$ 47,500
Notes payable - related party, net of discounts							47,500		$ 47,500		47,500		$ 47,500
Common stock warrants granted \| shares										190,000
Warrant term										5 years
Fair value of warrants										$ 39,557
Expected life										5 years
Expected volatility										234.00%
Risk-free interest rate										1.75%
Expected dividend yield										0.00%
Director Loans Qtr 5/31/2017 [Member] \| Lower Range [Member]
Debt Instrument [Line Items]
Warrants, exercise price \| $ / shares										$ 0.17
Director Loans Qtr 5/31/2017 [Member] \| Upper Range [Member]
Debt Instrument [Line Items]
Warrants, exercise price \| $ / shares										$ 0.21
Director Loans Qtr 8/31/2017 [Member]
Debt Instrument [Line Items]
Number of loans									7				7
Number of directors									2				2
Note payable face amount									$ 82,165				$ 82,165
Notes payable - related party, net of discounts							$ 82,165		$ 82,165		$ 82,165		82,165
Common stock warrants granted \| shares									328,660
Warrant term									5 years
Fair value of warrants									$ 65,137				$ 65,137
Expected life									5 years
Expected volatility									169.00%
Risk-free interest rate									1.75%
Expected dividend yield									0.00%
Director Loans Qtr 8/31/2017 [Member] \| Lower Range [Member]
Debt Instrument [Line Items]
Warrants, exercise price \| $ / shares									$ 0.20				$ 0.20
Director Loans Qtr 8/31/2017 [Member] \| Upper Range [Member]
Debt Instrument [Line Items]
Warrants, exercise price \| $ / shares									$ 0.23				$ 0.23
Advances - Director snf Offier [Member]
Debt Instrument [Line Items]
Number of loans							5	2			5
Note payable face amount							$ 34,500	$ 16,750			$ 34,500
Notes payable - related party, net of discounts							$ 34,500	$ 16,750			34,500
Common stock warrants granted \| shares							138,000	67,000
Warrants, exercise price \| $ / shares								$ 0.21
Warrant term							5 years	5 years
Fair value of warrants								$ 12,518
Expected life							5 years	5 years
Expected volatility							122.00%	122.00%
Risk-free interest rate							2.88%	2.88%
Expected dividend yield							0.00%	0.00%
Advances - Director snf Offier [Member] \| Lower Range [Member]
Debt Instrument [Line Items]
Warrants, exercise price \| $ / shares								$ 0.21
Fair value of warrants							$ 24,520				$ 24,520
Advances - Director snf Offier [Member] \| Upper Range [Member]
Debt Instrument [Line Items]
Warrants, exercise price \| $ / shares							$ 0.15	$ 0.22			$ 0.15

XML 28 R17.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' EQUITY (Details Narrative) - USD ($)	6 Months Ended
SHAREHOLDERS' EQUITY (Details Narrative) - USD ($)	Feb. 28, 2018	Feb. 28, 2017	Aug. 31, 2017
Common stock, shares authorized	100,000,000		100,000,000
Common stock, par value	$ 0.01		$ 0.01
Preferred stock, shares authorized	10,000,000		10,000,000
Preferred stock, par value	$ 0.001		$ 0.001
Common stock, shares outstanding	44,941,533		44,941,532
Stock based compensation - options	$ 12,051	$ 12,285
Interest expense - related party	37,000
Consultant [Member]
Stock based compensation - options	$ 12,051
Stock options issued to outside consultant (shares)	60,000

XML 29 R18.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details Narrative)	6 Months Ended
RELATED PARTY TRANSACTIONS (Details Narrative)	Feb. 28, 2018 USD ($)
Advances - related party	$ 297,000
Director [Member]
Monthly rent paid to director	$ 1,600

XML 30 R19.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Apr. 30, 2018	Feb. 28, 2018	Feb. 28, 2017
Proceeds from related party advances		$ 51,250	$ 40,000
Director [Member] \| Subsequent Event [Member]
Proceeds from related party advances	$ 14,000
Issuance of warrants (shares)	56,000

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