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Note 5 - Mineral Rights and Properties | 9 Months Ended
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Apr. 30, 2022
Notes to Financial Statements |
Mineral Industries Disclosures [Text Block] | NOTE 5: MINERAL RIGHTS AND PROPERTIES Mineral Rights As at April 30, 2022, we had mineral rights in the States of Arizona, Colorado, New Mexico, Wyoming and Texas, in Canada and in the Republic of Paraguay. These mineral rights were acquired through staking, purchase or lease agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium and titanium. As of April 30, 2022, annual maintenance payments of approximately $4.3 million will be required to maintain these mineral rights. As at April 30, 2022, the carrying value of our mineral rights and properties, including the recently acquired UEC Wyoming Portfolio, were as follows:
|  | April 30, 2022 |  |  | July 31, 2021 |
Mineral Rights and Properties |  |  |  |  |  |  |  |
Palangana Mine |  | $ | 6,027,784 |  |  | $ | 6,027,784 |
Goliad Project |  |  | 8,689,127 |  |  |  | 8,689,127 |
Burke Hollow Project |  |  | 1,495,750 |  |  |  | 1,495,750 |
Longhorn Project |  |  | 116,870 |  |  |  | 116,870 |
Salvo Project |  |  | 14,905 |  |  |  | 14,905 |
Anderson Project |  |  | 3,470,373 |  |  |  | 3,470,373 |
Workman Creek Project |  |  | 949,854 |  |  |  | 899,854 |
Los Cuatros Project |  |  | 257,250 |  |  |  | 257,250 |
Slick Rock Project |  |  | 90,000 |  |  |  | 60,000 |
Reno Creek Project |  |  | 31,527,870 |  |  |  | 31,527,870 |
UEC Wyoming Portfolio |  |  | 110,413,823 |  |  |  | - |
Diabase Project |  |  | 982,358 |  |  |  | 546,938 |
Yuty Project |  |  | 11,947,144 |  |  |  | 11,947,144 |
Oviedo Project |  |  | 1,133,412 |  |  |  | 1,133,412 |
Alto Paraná Titanium Project |  |  | 1,933,030 |  |  |  | 1,433,030 |
Other Property Acquisitions |  |  | 91,080 |  |  |  | 91,080 |
|  |  | 179,140,630 |  |  |  | 67,711,387 |
Accumulated Depletion |  |  | (3,929,884 | ) |  |  | (3,929,884 | )
|  |  | 175,210,746 |  |  |  | 63,781,503 |
Databases and Land Use Agreements |  |  | 2,458,808 |  |  |  | 2,458,808 |
Accumulated Amortization |  |  | (2,457,433 | ) |  |  | (2,456,308 | )
|  |  | 1,375 |  |  |  | 2,500 |
|  | $ | 175,212,121 |  |  | $ | 63,784,003 |
We have not established proven or probable reserves, as defined by the SEC, for any of our mineral projects. We have established the existence of mineralized materials for certain mineral projects. Since we commenced uranium extraction at our ISR Mines without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated. During the nine months ended April 30, 2022, we entered into property purchase agreements, whereby we acquired 10 mineral claims as additions to our existing Diabase Project (the “Diabase Additions”) located on the southern rim of the Athabasca Basin uranium district in Saskatchewan, Canada. In connection with the Diabase Additions, we paid total consideration of $435,420, which consisted of 111,864 shares with a fair value of $425,519 and transaction costs of $9,901. As a result of these claims being added to our existing Diabase Project, the carrying value of our Diabase Project increased to $982,358 ( July 31, 2021: $546,938). During the three months ended April 30, 2022, the Company exercised its option to acquire one-half percent (0.5%) of the net smelter returns royalty payable on its Alto Parana Project for total consideration of $500,000 pursuant to the terms of a Net Smelter Returns Royalty Agreement under a Share Purchase and Option Agreement as entered between UEC and CIC Resources Inc. in March 2016. The consideration of $500,000 paid for this option exercise was capitalized to mineral right and properties and added to the carrying value of the Alto Parana Project. During the three and nine months ended April 30, 2022 and 2021, we continued with reduced operations at our ISR Mines to capture residual uranium only. As a result, no depletion for the ISR Mines was recorded on our condensed consolidated financial statements for the three and nine months ended April 30, 2022 and 2021. During the three and nine months ended April 30, 2022, we incurred mineral property expenditures of $895,797 and $1,334,580, respectively, for the UEC Wyoming Portfolio since the closing date of the U1A Acquisition. Mineral property expenditures for the three and nine months ended April 30, 2022 are as follows:
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Mineral Property Expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palangana Mine |  | $ | 299,727 |  |  | $ | 216,791 |  |  | $ | 811,443 |  |  | $ | 648,459 |
Burke Hollow Project |  |  | 938,789 |  |  |  | 626,695 |  |  |  | 2,356,485 |  |  |  | 942,311 |
Goliad Project |  |  | 42,230 |  |  |  | 51,437 |  |  |  | 171,670 |  |  |  | 168,493 |
Longhorn Project |  |  | 15,381 |  |  |  | 2,289 |  |  |  | 22,831 |  |  |  | 6,866 |
Salvo Project |  |  | 4,452 |  |  |  | 7,672 |  |  |  | 14,601 |  |  |  | 23,537 |
Anderson Project |  |  | 27,335 |  |  |  | 19,469 |  |  |  | 59,944 |  |  |  | 58,360 |
Workman Creek Project |  |  | 8,167 |  |  |  | 8,168 |  |  |  | 24,922 |  |  |  | 24,533 |
Slick Rock Project |  |  | 12,993 |  |  |  | 12,994 |  |  |  | 39,477 |  |  |  | 39,123 |
Reno Creek Project |  |  | 258,606 |  |  |  | 215,725 |  |  |  | 682,758 |  |  |  | 485,791 |
Allemand Ross Project |  |  | 90,387 |  |  |  | - |  |  |  | 139,276 |  |  |  | - |
Christensen Ranch Mine |  |  | 513,663 |  |  |  | - |  |  |  | 776,890 |  |  |  | - |
Ludeman Project |  |  | 78,680 |  |  |  | - |  |  |  | 124,957 |  |  |  | - |
Moore Ranch Project |  |  | 55,982 |  |  |  | - |  |  |  | 74,529 |  |  |  | - |
Yuty Project |  |  | 33,349 |  |  |  | 7,129 |  |  |  | 53,961 |  |  |  | 21,457 |
Oviedo Project |  |  | 145,853 |  |  |  | 109,676 |  |  |  | 468,447 |  |  |  | 256,091 |
Alto Paraná Titanium Project |  |  | 76,925 |  |  |  | 88,796 |  |  |  | 281,577 |  |  |  | 134,710 |
Other Mineral Property Expenditures |  |  | 309,999 |  |  |  | 111,913 |  |  |  | 574,439 |  |  |  | 332,041 |
|  | $ | 2,912,518 |  |  | $ | 1,478,754 |  |  | $ | 6,678,207 |  |  | $ | 3,141,772 |

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