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Note 10 - Derivative Liabilities | 9 Months Ended
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Apr. 30, 2024
Notes to Financial Statements |
Derivatives and Fair Value [Text Block] |
NOTE 10: | DERIVATIVE LIABILITIES
On August 19, 2022, the Company issued replacement warrants (each, a “Replacement Warrant”) in connection with the UEX Acquisition. The Replacement Warrants are accounted for as derivative liabilities as the exercise prices of the Replacement Warrants are denominated in Canadian dollars which differs from our functional currency. As at April 30, 2024, the fair value of the Replacement Warrants was estimated using the Black-Scholes model with the following assumptions, which is level 2 of the fair value measurement hierarchy:
Exercise Price in U.S. dollars |  | 2.455 to3.3737 |
Exercise Price in Canadian dollars |  | CA$3.22 to CA$4.44 |
Expected Risk Free Interest Rate |  | 5.38 | %
Expected Volatility |  | 51.23 | %
Expected Life in Years |  | 0.36 |
Expected Dividend Yield |  | 0 | %
The movement in derivative liabilities during the period is as follows:
Balance, July 31, 2023 |  | $ | 4,313 |
Exercise of Replacement Warrants |  |  | (6,137 | )
Change in fair value during the period |  |  | 9,892 |
Balance, April 30, 2024 |  | $ | 8,068 |
As at April 30, 2024, the number of Replacement Warrants outstanding was 2,222,298 with an expiry date of September 7, 2024 (refer to Note 11).

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