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Note 11 - Asset Retirement Obligations | 9 Months Ended
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Apr. 30, 2022
Notes to Financial Statements |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 11: ASSET RETIREMENT OBLIGATIONS Asset retirement obligations (“ARO”s) relate to future remediation and decommissioning activities at our Palangana Mine, Hobson Processing Facility, Reno Creek Project and Alto Paraná Titanium Project, as well as our recently acquired Christensen Ranch Mine and Satellite Plant, and Irigaray Processing Facility, pursuant to the U1A Acquisition.
Balance, July 31, 2021 |  | $ | 3,938,655 |
Accretion |  |  | 407,696 |
Assumed from U1A Acquisition |  |  | 12,707,248 |
Balance, April 30, 2022 |  | $ | 17,053,599 |
The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:
|  | April 30, 2022 |  |  | July 31, 2021 |
Undiscounted amount of estimated cash flows |  |  | $28,738,663 |  |  |  |  | $8,221,018 |  |
Payable in years |  | 1 | to | 23 |  |  | 9 | to | 21 |
Inflation rate |  | 1.56% | to | 5.32% |  |  | 1.56% | to | 2.17% |
Discount rate |  | 3.72% | to | 6.35% |  |  | 5.50% | to | 5.96% |
The undiscounted amounts of estimated cash flows for the next five fiscal years and beyond are as follows:
Fiscal 2022 |  | $ | 148,021 |
Fiscal 2023 |  |  | 434,262 |
Fiscal 2024 |  |  | 932,264 |
Fiscal 2025 |  |  | 1,472,226 |
Fiscal 2026 |  |  | 2,489,425 |
Remaining balance |  |  | 23,262,465 |
|  | $ | 28,738,663 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2175671 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 + Details
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