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<p id="xdx_80A_eus-gaap--NatureOfOperations_zPuqqK2CXped" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt"><b>NOTE 1 – <span id="xdx_828_zU77FasNLjT7">GENERAL</span></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt"><i>Basis of Presentation</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">The accompanying unaudited interim consolidated 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, 2021, dated November 29, 2021 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, 2021 as reported in our annual report on Form 10-K, have been omitted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt"><i>Principles of Consolidation</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">The consolidated financial statements include the accounts of Texas Mineral Resources Corp and its proportionate interest in the assets, liabilities, and operations of Round Top Mountain Development Company, LLC (“RTMD”). All significant intercompany balances and transactions have been eliminated.</p>
<p id="xdx_807_eus-gaap--NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_zOEisqXIO2b2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt"><b>NOTE 2 – <span id="xdx_82E_zqV87xYcSZ75">RECENT ACCOUNTING PRONOUNCEMENTS</span></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, <i>Debt – Debit with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. </i>This ASU simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share (“EPS”) calculation in certain areas. This ASU is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. Management does not expect the adoption of this standard to have a significant impact on the Company’s financial position, results of operations or cash flows.</p>
<p id="xdx_80A_eus-gaap--EquityMethodInvestmentsDisclosureTextBlock_zmTEcapzdQC9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; margin-bottom: 0pt"><b>NOTE 3 – <span id="xdx_821_zHEjNQUgOak6">JOINT VENTURE ARRANGEMENTS</span></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">In August 2018, the Company and Morzev Pty. Ltd. (“Morzev”) entered into an agreement (the “2018 Option Agreement”) whereby Morzev was granted the exclusive right to earn and acquire a <span id="xdx_90B_ecustom--InitialOwnershipInterestUnderAgreement_c20180801__20180831__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zz8zW6HJSRDe">70%</span> interest in the Company’s Round Top Project (“Project” or “Round Top” or “Round Top Project”) by financing $<span id="xdx_90E_ecustom--ContributionForInitialOwnershipInterestUnderAgreement_dm_c20180801__20180831__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_z46EANYVYA2h">10 million</span> of expenditures in connection with the Project, increasable to an <span id="xdx_908_ecustom--IncreasableOwnershipInterestUnderAgreement_c20180801__20180831__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zmhcJH5UYiWi">80%</span> interest for an additional $<span id="xdx_906_ecustom--AdditionalContributionForIncreasableOwnershipInterestUnderAgreement_dm_c20180801__20180831__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zNS2wQeYEu3k">3 million</span> payment to the Company. Morzev began operating as USA Rare Earth, LLC (“USARE”) and in May 2019 notified the Company that it was nominating USARE as the optionee under the terms of the 2018 Option Agreement. In August 2019, the Company and USARE entered into an amended and restated option agreement as further amended on June 29, 2020 (the “2019 Option Agreement” and collectively with the 2018 Option Agreement, the “Option Agreement”), whereby the Company restated its agreement to grant USARE the exclusive right to earn and acquire a <span id="xdx_90A_ecustom--InitialOwnershipInterestUnderAgreement_c20190801__20190831__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_z2LhhBizfhQh">70%</span> interest, increasable to an <span id="xdx_906_ecustom--IncreasableOwnershipInterestUnderAgreement_c20190801__20190831__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zpHmVaVhuMLj">80%</span> interest, in the Round Top Project. The 2019 Option Agreement has substantially similar terms to the 2018 Option Agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">On May 17, 2021, and in accordance with the terms of the Option Agreement, the Company and USARE entered into a contribution agreement (“Contribution Agreement”) whereby the Company and USARE contributed assets to RTMD, a wholly-owned subsidiary of the Company, in exchange for their ownership interests in RTMD, of which the Company now owns membership interests equating to <span id="xdx_90B_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zHm3hXow1A27" title="Ownership interest">20%</span> of RTMD and USARE owns membership interests equating to <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zIWZlBbzdmV8" title="Controlling ownership interest">80%</span> of RTMD. Concurrently therewith, the Company and USARE as the two members entered into a limited liability company agreement (“Operating Agreement”) governing the operations of RTMD which contains customary and industry standard terms as contemplated by the Option Agreement. USARE will serve as manager of RTMD and Mr. Gorski, on behalf of the Company, will serve as one of the three members of the management committee.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">In connection with USARE meeting its obligations to acquire a <span id="xdx_90A_ecustom--InitialOwnershipInterestAcquired_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_z6KfBryIr8x6">70%</span> interest in the Round Top Project and exercising its right to an additional <span id="xdx_905_ecustom--AdditionalOwnershipInterestAcquired_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zVibXfsGNAnd">10%</span> interest, the Company received total consideration of approximately $<span id="xdx_900_ecustom--ConsiderationReceivedFromJointVenture_c20210516__20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zSsaCZ25suoe">3,728,000</span>, consisting of the $<span id="xdx_905_ecustom--ProceedsFromExerciseOfJointVentureOption_dm_c20210516__20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zFUjqobVg7n">3 million</span> upon exercise of the option and approximately $<span id="xdx_90E_ecustom--ProceedsFromPreviousAdvances_c20210516__20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zC1uKWP6imHe">728,000</span> in previous advances to the Company by USARE, and derecognized <span id="xdx_90C_ecustom--DerecognizedPercentageOfMineralProperties_c20210516__20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zh8bb8jrPbHb">80%</span> of the carrying amount of mineral properties, or approximately $<span id="xdx_908_ecustom--DerecognizedAmountOfMineralProperties_c20210516__20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_z9GKO3abOgv3">402,000</span>. The resulting gain on sale of interest in mineral properties in the amount of approximately $<span id="xdx_906_eus-gaap--GainLossOnSaleOfInterestInProjects_c20210901__20211130__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zRZ0IP8XfPh1" title="Gain on sale of interest in projects">3,326,000</span> was recognized during the quarter ended May 31, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">Upon entry into the Contribution Agreement, the Company assigned the following contracts and assets to RTMD in exchange for its <span id="xdx_90B_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_z7OVcKCTufR8">20%</span> membership interest in RTMD:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
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<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">●</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">the assignment and assumption agreement with respect to the mineral leases from the Company to RTMD;</p>
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</tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">●</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">the assignment and assumption agreement with respect to the surface lease from the Company to RTMD;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">●</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">the assignment and assumption agreement with respect to the surface purchase option from the Company to RTMD;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">●</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">the assignment and assumption agreement with respect to the water lease from the Company to RTMD; and</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">●</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">the bill of sale and assignment agreement of existing data with respect to RTMD owned by the Company.</p>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">and USARE assigned the following assets to RTMD (or the Company, as applicable) for its <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zXqOcs50pv48">80%</span> membership interest in RTMD:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">●</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">cash to RTMD to continue to fund RTMD operations in the amount of approximately $<span id="xdx_900_ecustom--CashAsssignedToJointVenture_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zUcO6lgmOVi6">3,761,750</span> comprising the balance of the $<span id="xdx_906_ecustom--ValueOfSpecifiedInterestInJointVenture_iI_dm_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_z5Uk94gBfE6g">10 million</span> required expenditure to earn a <span id="xdx_90F_ecustom--SpecifiedInterestPercentageOfJointVenture_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_znXcILDDe6P">70%</span> interest in RTMD;</p>
</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">●</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">cash in the amount of $<span id="xdx_908_ecustom--CashAssignedForExerciseOfJointVentureOption_iI_dm_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zIwgrX81bIGe">3 million</span> to the Company upon exercise of the USARE option to acquire from the Company an additional <span id="xdx_902_ecustom--AdditionalOwnershipInterestAcquired_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zQ1GMj00v8a4">10%</span> interest in RTMD, resulting in the aggregate ownership interest of <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zliqr67nqFfl">80%</span> in RTMD;</p>
</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">●</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">bill of sale and assignment agreement of the Pilot Plant to RTMD;</p>
</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">●</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">the assignment and assumption regarding relevant contracts and permits with respect to RTMD; and</p>
</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">●</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">bill of sale and assignment agreement of existing data and intellectual property owned by USARE to RTMD.</p>
</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">The Company accounts for its interest in RTMD using the proportionate consolidation method, which is an exception available to entities in the extractive industries, thereby recognizing its pro-rata share of the assets, liabilities, and operations of RTMD in the appropriate classifications in the financial statements. Subsequent to the sale of an undivided <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_c20210517__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__srt--CounterpartyNameAxis__custom--USAREMember_zY92dqrK597k">80%</span> interest in RTMD, there was no significant activity in RTMD requiring recognition in the financial statements.</p>
0.70
10000000
0.80
3000000
0.70
0.80
0.20
0.80
0.70
0.10
3728000
3000000
728000
0.80
402000
3326000
0.20
0.80
3761750
10000000
0.70
3000000
0.10
0.80
0.80
<p id="xdx_802_eus-gaap--MineralIndustriesDisclosuresTextBlock_zmI73y5egth" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt"><b>NOTE 4 – <span id="xdx_828_zgOYbywJ8ZU6">MINERAL PROPERTIES</span></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">As set forth in Note 3- Joint Venture Arrangements, the ownership of and obligations associated with the leases and options maintained with the Texas Land Office and other third parties were transferred to RTMD in May 2021. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt"><span style="text-decoration: underline">August 2010 Lease</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">On August 17, 2010, the Company executed 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 <span id="xdx_90C_ecustom--MiningLeaseAcres_iI_uAcre_c20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zaRcRsct4Q47">860</span> acres at Round Top Mountain in Hudspeth County, Texas. The mining lease issued by the Texas General Land Office gives the Company the right to explore, produce, develop, mine, extract, mill, remove, and market 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">Under the terms of the lease, the Company will pay the State of Texas a total lease bonus of $<span id="xdx_90C_ecustom--LeaseBonus_c20100816__20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zoT7pAWyR3Jf" title="Lease Bonus">142,518</span>. The Company paid $<span id="xdx_903_ecustom--PaymentOfLeaseBonus_c20100816__20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_znoDmsMio53h">44,718</span> upon the execution of the lease, and will pay the remaining $<span id="xdx_908_ecustom--LeaseBonusDue_iI_c20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zINcqkaJQgD6">97,800</span> upon submission of a supplemental plan of operations to conduct mining. Upon sale of any minerals removed from Round Top, the Company will pay the State of Texas a $<span id="xdx_90A_ecustom--MinimumAdvanceRoyaltyDue_iI_c20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zqyX2eo0uv6d">500,000</span> minimum advance royalty.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">Thereafter, if paying quantities of minerals are obtained, the Company will pay the State of Texas a production royalty equal to eight percent (<span id="xdx_90C_ecustom--ProductionRoyaltyOfMarketValueOfUraniumAndFissionableMaterials_iI_c20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zQ8p2x4umCxd">8%</span>) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (<span id="xdx_90E_ecustom--ProductionRoyaltyOfMarketValueOfOtherMinerals_iI_dxL_c20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zs1j0ObHWBvf" title="::XDX::0.0625"><span style="-sec-ix-hidden: xdx2ixbrl0381">6 1/4%</span></span>) of the market value of all other minerals removed and sold. If paying quantities have not been obtained, the Company may pay additional delay rental fees to extend the term of the lease for successive one (<span id="xdx_90B_ecustom--LeaseExtensionPeriod_dtY_c20100816__20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_z4BYYAwKw3We">1</span>) year periods pursuant to the following schedule: </p>
<p id="xdx_892_ecustom--ScheduleOfAugust2010LeaseTableTextBlock_zL3dLStwxsRh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_8B1_z0mnv3cXNgT9" style="display: none; visibility: hidden">Schedule
of August 2010 Lease</span></p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-right: auto; margin-left: auto; float: none; width: 66%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-top-style: none; border-right-style: none; border-left-style: none; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; margin-bottom: 0pt; text-align: center"><b>Per Acre </b><br/><b>Amount </b></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-top-style: none; border-right-style: none; border-left-style: none; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; margin-bottom: 0pt; text-align: center"><b>Total </b><br/><b>Amount </b></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cdeeff">
<td style="font: 10pt Times New Roman, Times, Serif; width: 40%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">September 2, 2020 – 2024</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_989_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyOneMember_z6Qmd6q7ioag" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right" title="Per Acre Amount">150</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_98C_ecustom--MineralPropertiesTotalLeaseAmount_iI_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyOneMember_zkjKTu1I5Idj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right" title="Total Amount">134,155</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 40%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">September 2, 2025 – 2029</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_98D_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyTwoMember_z74q2HsLwiNf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">200</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_984_ecustom--MineralPropertiesTotalLeaseAmount_iI_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyTwoMember_zTy3nwomhndj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">178,873</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
</tr>
</table>
<p id="xdx_8A6_zQJMAlXaiRga" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">In August 2021, our joint venture partner paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $<span id="xdx_900_ecustom--PaymentOfDelayRental_c20210801__20210831__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zsWXVwqu0Wle">134,155</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt"><span style="text-decoration: underline">November 2011 Lease</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">On November 1, 2011, the Company executed a mining lease with the State of Texas covering approximately <span id="xdx_90B_ecustom--MiningLeaseAcres_iI_uAcre_c20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zD6KfyPNK21h">90</span> acres of land that is adjacent to the August 2010 Lease. Under the lease, the Company paid the State of Texas a lease bonus of $<span id="xdx_909_ecustom--LeaseBonus_c20111031__20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zQbhFbXPRkTg">20,700</span> upon the execution of the lease. Upon the sale of minerals removed from Round Top, the Company will pay the State of Texas a $<span id="xdx_902_ecustom--MinimumAdvanceRoyaltyDue_iI_c20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_z32QAiYmc9fh">50,000</span> minimum advance royalty.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">Thereafter, if paying quantities of minerals are obtained, the Company will pay the State of Texas a production royalty equal to eight percent (<span id="xdx_904_ecustom--ProductionRoyaltyOfMarketValueOfUraniumAndFissionableMaterials_iI_c20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zPrHaZcl3t5k">8%</span>) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (<span id="xdx_909_ecustom--ProductionRoyaltyOfMarketValueOfOtherMinerals_iI_dxL_c20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zchU5ZDGdkSa" title="::XDX::0.0625"><span style="-sec-ix-hidden: xdx2ixbrl0396">6 1/4%</span></span>) of the market value of all other minerals. If paying quantities have not been obtained, the Company may pay additional delay rental fees to extend the term of the lease for successive one (<span id="xdx_90C_ecustom--LeaseExtensionPeriod_dtY_c20111031__20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zqc8GDgWjmAi">1</span>) year periods pursuant to the following schedule:</p>
<p id="xdx_892_ecustom--ScheduleOfNovember2011LeaseTableTextBlock_z7hB6XUuRA65" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; visibility: hidden">Schedule
of November 2011 Lease</p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0px auto; float: none; width: 60%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-top-style: none; border-right-style: none; border-left-style: none; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; margin-bottom: 0pt; text-align: center"><b>Per Acre </b><br/><b>Amount </b></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-top-style: none; border-right-style: none; border-left-style: none; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; margin-bottom: 0pt; text-align: center"><b>Total </b><br/><b>Amount </b></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cdeeff">
<td style="font: 10pt Times New Roman, Times, Serif; width: 40%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">November 1, 2020 – 2024</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_985_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyThreeMember_zEgBI2JqsU94" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right" title="Per Acre Amount">150</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_982_ecustom--MineralPropertiesTotalLeaseAmount_iI_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyThreeMember_zKIhmCvfK4D3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right" title="Total Amount">13,500</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">November 1, 2025 – 2029</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p id="xdx_984_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyFourMember_zSNIK363Jlp4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">200</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p id="xdx_98F_ecustom--MineralPropertiesTotalLeaseAmount_iI_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyFourMember_zoA2szU99Sae" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">18,000</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
</tr>
</table>
<p id="xdx_8AD_zzNaK0sR0h4c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">In August 2021, our joint venture partner paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $<span id="xdx_90F_ecustom--PaymentOfDelayRental_c20210801__20210831__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zfMOZoHtYO5h">13,500</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt"><span style="text-decoration: underline">March 2013 Lease</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">On March 6, 2013, the Company purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (since renamed the Rio Grande Foundation) for $<span id="xdx_902_ecustom--CashPaidForLeaseAssignment_c20130305__20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_z48C3VZB2v5e" title="Cash">500,000</span> cash and <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesOther_c20130305__20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_ziHCAj6U8Bak" title="Shares issued for lease">1,063,830</span> shares of common stock valued at $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueOther_c20130305__20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_zRSl8XJNkdH8" title="Value of shares issued for lease">500,000</span>. The Company also agreed to support the Foundation through an annual payment of $<span id="xdx_905_ecustom--PeriodicPaymentForConservationEfforts_c20130305__20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_zxoowFcdgkMb">45,000</span> for <span id="xdx_902_ecustom--PaymentPeriodForConservationEfforts_dt_c20130305__20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_zjpKNKhboKXd">ten years</span> to support conservation efforts within the Rio Grande Basin, particularly Lake Amistad, a large and well-known fishing lake near Del Rio, Texas. The West Lease comprises approximately <span id="xdx_90D_ecustom--SurfaceRightsAcres_iI_c20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_z7ywHaGQd3fk">54,990</span> acres. Most importantly, the purchase of the surface lease provides the Company unrestricted surface access for the potential development and mining of the Round Top Project.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration: underline">October 2014 Surface Option and Water Lease</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">On October 29, 2014, the Company announced the execution of agreements 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 <span id="xdx_90A_ecustom--SurfaceRightsAcres_iI_c20141029__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zCYNKuOjBIze">5,670</span> 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. The Company 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 maintained through annual payments of $<span id="xdx_900_ecustom--PeriodicOptionAnnualPaymentDue_c20141028__20141029__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zrXeAu3ZxYlb">10,000</span>. The purchase price will be the appraised value of the surface at the time of option exercise. All annual payments have been made as of the date of this filing.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">The ground water lease secures the right to develop the ground water within a <span id="xdx_902_ecustom--GroundWaterLeaseAcres_iI_c20141029__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zbsuHNNjFzT3">13,120</span>-acre lease area located approximately <span id="xdx_906_ecustom--DistanceFromProjectMine_iI_uMile_c20141029__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zGxZj6POhnq1">4</span> miles from the Round Top deposit. The lease area contains <span id="xdx_900_ecustom--NumberOfExistingWaterWells_iI_dc_uWell_c20141029__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zoisd7J2pW7j">five</span> 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 terms include an annual minimum production payment of $<span id="xdx_905_ecustom--AnnualMinimumProductionPayment_c20141028__20141029__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zjQrthWkgZY5">5,000</span> prior to production of water for the operation. After initiation of production, the Company will pay $<span id="xdx_90C_ecustom--ProductionPaymentAmountPerGallon_pdp3_uUSDPerGallon_c20141028__20141029__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zewtZTzzVJE8">0.95</span> per thousand gallons or $<span id="xdx_901_ecustom--LeaseProductionPaymentAnnualAmount_c20141028__20141029__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zkKc8SzYMqU1">20,000</span> annually, whichever is greater. This lease remains in effect so long as the mineral lease is in effect. The minimum production payment for all fiscal years have been made as of the date of this filing.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration: underline">Santa Fe Gold Corporation</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">On November 8, 2021, the Company entered into a mineral exploration and option agreement with Santa Fe Gold Corporation (“Santa Fe”). Under the agreement, the Company and Santa Fe plan to pursue, negotiate and subsequently enter into a joint venture agreement to jointly explore and develop a target silver property to be selected by the Company among patented and unpatented mining claims held by Santa Fe within the Black Hawk Mining District in Grant County, New Mexico. Completion of a joint venture agreement is subject to the successful outcome of a multi-phase exploration plan leading to a bankable feasibility study to be undertaken in the near future by the Company. Under the expected terms of the joint venture agreement, the Company would be project operator and initially own <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_c20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember_z8BwGl7iAau3" title="Controlling ownership interest">50.5%</span> of the joint venture while Santa Fe would initially own <span id="xdx_90F_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_c20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--SantaFeGoldCorporationMember_zSH3xw0LR1xe" title="Ownership interest">49.5%</span>. Additional terms of the joint venture are to be negotiated between the Company and Santa Fe. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">Under the terms of the
agreement, the Company plans to conduct a district-wide evaluation among the patented and unpatented claims held by Santa Fe,
consisting of geologic mapping, sampling, trenching, radiometric surveying, geophysics, drilling and/or other methods as warranted.
Based on the district-wide evaluation, the Company will designate one <span id="xdx_90B_ecustom--AreaOfProject_iI_uAcre_c20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember_zlENneXosA68">80</span>-acre
tract as the “project area” and commence detailed exploration work. The property covered in the agreement is
approximately <span id="xdx_900_ecustom--AreaOfPropertyCoveredUnderAgreement_iI_uAcre_c20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember_za5S1EHZpXI8">1,300</span>
acres and covers approximately <span id="xdx_900_ecustom--PercentageOfKnownMiningDistrictCovered_iI_c20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember_zLN3SisVLjq7">75%</span>
of the known mining district. The area to be studied also includes a <span id="xdx_902_ecustom--AreaOfInterestRadius_iI_dc_uMile_c20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember_zOvlhJtZJFU6">two</span>-mile
radius “area of interest.” The agreement provides the Company with the option to designate any properties within the
“area of interest” as “project area” properties. The term of the option is for so long as the Company
continues to conduct exploration activities in the Project Area and can be exercised on <span id="xdx_90C_ecustom--ExercisePeriodOfOption_dt_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember_zv1tRVp36xab">60
days</span>’ notice to Santa Fe.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">Additionally, on November 8, 2021, the Company entered into a financing and purchase option agreement with Greentech Minerals Holdings, Inc. (“Greentech”). Under the agreement, Greentech is responsible for funding initial exploration activities and the bankable feasibility study, estimated to cost approximately $<span id="xdx_903_ecustom--ExplorationActivitiesAndFeasibilityStudyFunding_dm_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--GreentechMember_zynaIpzN2Cdj">6.5 million</span>, for the Santa Fe project exploration. It is contemplated that the bankable feasibility study will be designed to proceed in <span id="xdx_90A_ecustom--FeasibilityStudyNumberOfTranches_dc_uTranche_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--GreentechMember_zb1zcKfi2ju">five</span> tranches, each based on the success of the previous. It is estimated that completion of all tranches, if successful, would take <span id="xdx_901_ecustom--FeasibilityStudyPeriod_dxL_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--GreentechMember__srt--RangeAxis__srt--MinimumMember_zeU7KKx8ZXvh" title="::XDX::P12M"><span style="-sec-ix-hidden: xdx2ixbrl0442">twelve</span></span> to <span id="xdx_909_ecustom--FeasibilityStudyPeriod_dt_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--GreentechMember__srt--RangeAxis__srt--MaximumMember_zJQVmwi8yfVc">fifteen months</span>, depending on variables such as data analysis, weather and permitting.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">Upon successful completion of the study, Greentech will be entitled to received <span id="xdx_909_ecustom--PercentageOfInitialEquityEntitledToReceive_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--GreentechMember_z8tSvaxPCpPh">20%</span> of the Company’s initial equity in the proposed joint venture with Santa Fe, equal to approximately <span id="xdx_902_ecustom--PercentageOfTotalEquityOfJointVenture_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--GreentechMember_zmIbIrEz7JFl">10.1%</span> of the total equity of the joint venture. In addition, assuming Greentech exercises its option to participate in funding the Santa Fe project capital expenditures, currently anticipated to be approximately $<span id="xdx_902_ecustom--OptionToParticipateInFunding_dm_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--GreentechMember_zAHlAqMrVZi2">15 million</span>, it will be entitled to receive another <span id="xdx_90E_ecustom--EntitledToReceiveAdditionalPercentageOfInitialEquity_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--GreentechMember_z9Vn3R8KILk8">20%</span> of the Company’s initial equity in the future joint venture, equal to approximately an additional <span id="xdx_901_ecustom--OptionPercentageOfTotalEquity_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--GreentechMember_zLuKLZRoWMCc">10.1%</span>. In total, Greentech, in exchange for its funding, has the ability to earn at least <span id="xdx_905_ecustom--OptionToReceivePercentageInExchangeForFunding_c20211107__20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--GreentechMember_zLM9uLW0u6q">20.2%</span> membership interest in the potential joint venture with Santa Fe assuming successful completion of the overall first project.</p>
860
142518
44718
97800
500000
0.08
P1Y
<p id="xdx_892_ecustom--ScheduleOfAugust2010LeaseTableTextBlock_zL3dLStwxsRh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_8B1_z0mnv3cXNgT9" style="display: none; visibility: hidden">Schedule
of August 2010 Lease</span></p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-right: auto; margin-left: auto; float: none; width: 66%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-top-style: none; border-right-style: none; border-left-style: none; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; margin-bottom: 0pt; text-align: center"><b>Per Acre </b><br/><b>Amount </b></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-top-style: none; border-right-style: none; border-left-style: none; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; margin-bottom: 0pt; text-align: center"><b>Total </b><br/><b>Amount </b></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cdeeff">
<td style="font: 10pt Times New Roman, Times, Serif; width: 40%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">September 2, 2020 – 2024</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_989_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyOneMember_z6Qmd6q7ioag" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right" title="Per Acre Amount">150</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_98C_ecustom--MineralPropertiesTotalLeaseAmount_iI_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyOneMember_zkjKTu1I5Idj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right" title="Total Amount">134,155</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 40%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">September 2, 2025 – 2029</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_98D_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyTwoMember_z74q2HsLwiNf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">200</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_984_ecustom--MineralPropertiesTotalLeaseAmount_iI_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyTwoMember_zTy3nwomhndj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">178,873</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
</tr>
</table>
150
134155
200
178873
134155
90
20700
50000
0.08
P1Y
<p id="xdx_892_ecustom--ScheduleOfNovember2011LeaseTableTextBlock_z7hB6XUuRA65" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; visibility: hidden">Schedule
of November 2011 Lease</p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0px auto; float: none; width: 60%">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-top-style: none; border-right-style: none; border-left-style: none; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; margin-bottom: 0pt; text-align: center"><b>Per Acre </b><br/><b>Amount </b></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-top-style: none; border-right-style: none; border-left-style: none; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; margin-bottom: 0pt; text-align: center"><b>Total </b><br/><b>Amount </b></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cdeeff">
<td style="font: 10pt Times New Roman, Times, Serif; width: 40%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">November 1, 2020 – 2024</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_985_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyThreeMember_zEgBI2JqsU94" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right" title="Per Acre Amount">150</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom">
<p id="xdx_982_ecustom--MineralPropertiesTotalLeaseAmount_iI_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyThreeMember_zKIhmCvfK4D3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right" title="Total Amount">13,500</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">November 1, 2025 – 2029</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p id="xdx_984_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyFourMember_zSNIK363Jlp4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">200</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p id="xdx_98F_ecustom--MineralPropertiesTotalLeaseAmount_iI_c20211130__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyFourMember_zoA2szU99Sae" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">18,000</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p>
</td>
</tr>
</table>
150
13500
200
18000
13500
500000
1063830
500000
45000
P10Y
54990
5670
10000
13120
4
5
5000
0.00095
20000
0.505
0.495
80
1300
0.75
2
P60D
6500000
5
P15M
0.20
0.101
15000000
0.20
0.101
0.202
<p id="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_znWYZoaBYnvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; margin-bottom: 0pt"><b>NOTE 5 – <span id="xdx_82A_zLw6XmjDrLJa">SHAREHOLDERS’ EQUITY</span></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">The Company’s authorized capital stock consists of <span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20211130_zLEsnBk0czsb" title="Common stock, authorized"><span id="xdx_90F_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20210831_zS9djmBewfPj">100,000,000</span></span> shares of common stock, with a par value of $<span id="xdx_902_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211130_zU6rW3h3gCgl" title="Common stock, per share"><span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20210831_zP7Dj9vwtQRk" title="Common stock, par value (in dollars per share)">0.01</span></span> per share, and <span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20211130_zuzabb41pTGc" title="Preferred stock, authorized"><span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20210831_zjIpeRhu9nta">10,000,000</span></span> preferred shares with a par value of $<span id="xdx_905_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20211130_zLu4NegRBtM8" title="Preferred Stock, per share"><span id="xdx_90D_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20210831_zvnHwztSI7E6" title="Preferred stock, par value (in dollars per share)">0.001</span></span> per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">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. 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 common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by the Company’s Board of Directors (the “Board”) out of funds legally available. In the event of a liquidation, dissolution or winding up of the affairs of the Company, 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">In October 2021, we issued <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_c20211001__20211031__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zpY2ImY1guij" title="Number of shares issued">41,231</span> shares of common stock related to Director fees earned and expensed during the year ended August 31, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">During the quarter ended November 30, 2021, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_c20210901__20211130__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zdVM5wpYlYK7" title="Stock compensation">41,502</span> for director’s fees earned during the quarter. The Company issued the related <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_c20211201__20211231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z0boVKQjOjbl">31,218</span> shares of common stock in December 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">During the quarter ended November 30, 2021, the Company granted a total of <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210901__20211130__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zg2UIQPh7vFl" title="Number of options granted">43,500</span> stock options with a fair value of $<span id="xdx_904_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_c20210901__20211130__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKMtpuLUFPc5" title="Fair value of options granted">73,788</span> on the date of grant to a consultant. The fair value of the options was determined using the Black-Scholes option-pricing model. The weighted average assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20210901__20211130__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--TitleOfIndividualAxis__custom--ConsultantMember_zil5fkVLoYpb" title="Fair value assumptions - Risk free interest rate">0.25</span>% (ii) estimated volatility of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20210901__20211130__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--TitleOfIndividualAxis__custom--ConsultantMember_zH46eP4UCia5" title="Fair value assumptions - Volatilty">201.75</span>% (iii) dividend yield of <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20210901__20211130__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--TitleOfIndividualAxis__custom--ConsultantMember_zRDxwVQVBmij" title="Fair value assumptions - Dividend yield">0.00</span>% and (iv) expected life of all options of <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtp_c20210901__20211130__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--TitleOfIndividualAxis__custom--ConsultantMember_zrG6lURipLM7" title="Fair value assumptions - Expected term">5 years</span>. The Company recognized the full $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_c20210901__20211130__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1V5kC7M9npk">73,788</span> as compensation expense during the three months ended November 30, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">In January 2020, the Company entered into three separate consulting agreements for total consideration of <span id="xdx_906_ecustom--ConsultingAgreementsNumberOfShares_pid_c20200101__20200131_zA8GV9Le4sma" title="Consulting agreements, number of shares">699,999</span> shares of common stock (<span id="xdx_90E_ecustom--ConsultingAgreementsNumberOfSharesPerAgreement_pid_c20200101__20200131_z3lYJ8ZJbVT8" title="Consulting agreements, number of shares per agreement">233,333</span> per agreement). The common stock underlying the agreements had a total value of $<span id="xdx_901_ecustom--ConsultingAgreementsValueOfShares_c20200101__20200131_zb48cBdltRS5" title="Consulting agreements, value of shares">448,000</span>, based on the $<span id="xdx_906_eus-gaap--SharePrice_iI_pid_c20200131_zUd1GRNz0JYb" title="Share price">0.64</span> quoted market price of the common stock on the agreement date. The right to receive the common stock is subject to ratable vesting over a <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_pid_dtM_c20200101__20200131__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zHmwdQLRuoCh" title="Share vesting period">24</span>-month period and at November 30, 2021, <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pid_c20200101__20211130__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zjo7fnJShKqf" title="Number of shares vested">641,665</span> shares had vested and <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20200101__20211130__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zLQexqmdtxwl" title="Number of shares issued">87,501</span> had been issued. The Company recognized approximately $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_c20210901__20211130__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zcjfmAxj3Yx8" title="Compensation expense"><span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_c20200901__20201130__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zsxBBJenD1y5" title="Compensation expense">56,000</span></span> of compensation expense under these consulting agreements during both the three months ended November 30, 2021 and 2020, which is included in general and administrative expenses in the accompanying consolidated statements of operations. The consultants have requested that the Company hold the remaining shares issuable under the agreements in trust to allow the consultants to request their shares as they vest. As of November 30, 2021, unrecognized stock based compensation related to the agreements totaled $<span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20211130__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zt4DMpQwGMz5" title="Unrecognized stock compensation">37,333</span> which will be expensed in the next quarter.</p>
100000000
100000000
0.01
0.01
10000000
10000000
0.001
0.001
41231
41502
31218
43500
73788
0.0025
2.0175
0.0000
P5Y
73788
699999
233333
448000
0.64
P24M
641665
87501
56000
56000
37333
<p id="xdx_80E_eus-gaap--OtherNonoperatingIncomeAndExpenseTextBlock_zwS0XrJdcb0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt"><b>NOTE 6 – <span id="xdx_82C_zntCEomAb2Ed">GRANT INCOME</span></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">Grants received from government and other agencies in advance of a specific project are deferred and recognized as other income in the statements of operations in the period they are earned and the related project costs are incurred. For the three months ended November 30, 2021 and 2020, the Company recognized $<span id="xdx_905_eus-gaap--OtherNonoperatingIncome_c20210901__20211130_zv27o2V0THH5" title="Grant income">374,633</span> and $<span id="xdx_907_eus-gaap--OtherNonoperatingIncome_c20200901__20201130_z8nlgTZDam0a">50,000</span>, respectively, of grant income which is presented in other income, net of grant related expenses totaling $<span id="xdx_909_eus-gaap--OtherNonoperatingExpense_c20210901__20211130_zw1H27xR3SOa" title="Grant related expenses">304,457</span> and $<span id="xdx_900_eus-gaap--OtherNonoperatingExpense_c20200901__20201130_zLaRu3hCezrl">0</span>, respectively.</p>
374633
50000
304457
0
<p id="xdx_80D_eus-gaap--SubsequentEventsTextBlock_z57Apo0p1Gvk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt"><b>NOTE 7 – <span id="xdx_82E_zTw3HtSPMMje">SUBSEQUENT EVENTS</span></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; margin-bottom: 0pt">As a part of our obligation for our <span id="xdx_909_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_c20211202__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zxq6g1G2Qadl" title="Ownership interest">20%</span> ownership in the joint venture as disclosed in Note 3, on December 2, 2021 we contributed approximately $<span id="xdx_909_ecustom--ContributionToJointVenture_c20211201__20211202__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zwTyH4G0NQN3">305,000</span> to the joint venture in accordance with the Contribution Agreement between the Company and USARE.</p>
0.20
305000