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Note 11 - Asset Retirement Obligations | 12 Months Ended
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Jul. 31, 2021
Notes to Financial Statements |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 11: ASSET RETIREMENT OBLIGATIONS The Company's AROs relate to future remediation and decommissioning activities at our Palangana Mine, Hobson Processing Facility and the Alto Parana Titanium Project pilot plant in Paraguay.
Balance, July 31, 2020 |  | $ | 3,734,314 |
Accretion |  |  | 204,341 |
Balance, July 31, 2021 |  | $ | 3,938,655 |
The estimated amounts and timing of cash flows and assumptions used for the ARO estimates are as follows:
|  | July 31, 2021 |  |  | July 31, 2020 |
Undiscounted amount of estimated cash flows |  | $ |  | 8,221,018 |  |  | $ |  | 8,221,018 |
Payable in years |  | 9 | to | 21 |  |  | 9 | to | 21 |
Inflation rate |  | 1.56% | to | 2.17% |  |  | 1.56% | to | 2.17% |
Discount rate |  | 5.50% | to | 5.96% |  |  | 5.50% | to | 5.96% |
The undiscounted amounts of estimated cash flows for the next five years and beyond are as follows:
Fiscal 2022 |  | $ | - |
Fiscal 2023 |  |  | - |
Fiscal 2024 |  |  | - |
Fiscal 2025 |  |  | - |
Fiscal 2026 |  |  | - |
Remaining balance |  |  | 8,221,018 |
|  | $ | 8,221,018 |

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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- References No definition available. + Details
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