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Note 7 - Equity-Accounted Investments | 3 Months Ended
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Oct. 31, 2024
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] |
NOTE 7: | EQUITY-ACCOUNTED INVESTMENTS
As at October 31, 2024, we owned 17,978,364 shares of Uranium Royalty Corp. ("URC"), representing a 14.4% ( July 31, 2024: 14.8%) interest in URC. In addition, two of our executive officers are members of URC’s board of directors. Furthermore, one of these executive officers also holds an executive position within URC. As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three months ended October 31, 2024. Should URC’s outstanding options and warrants be fully exercised, the Company’s ownership interest would decrease from 14.4% to 13.1%. URC is a public company listed on the Toronto Stock Exchange with the trading symbol “URC” and on NASDAQ with the trading symbol “UROY”. As at October 31, 2024, the fair value of our investment in URC was approximately $49.98 million ( July 31, 2024: $43.33 million). As at October 31, 2024, we owned 50% of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”) acquired through our acquisition of UEX Corporation completed on August 19, 2022 (the “UEX Acquisition”). JCU is a private Canadian company engaged in the exploration and development of uranium assets in Canada. The Company’s 50% interest in JCU is a joint venture, which is accounted for using the equity method. We incurred $9 in exploration expenditures on behalf of JCU for the three months ended October 31, 2024. As at October 31, 2024, the amount receivable from JCU totaled $5 ( July 31, 2024: $6). During the three months ended October 31, 2024, the changes in carrying value of our equity-accounted investments are summarized as follows:
|  | Investment in |  |  |  |  |
|  | URC |  |  | JCU |  |  | Total |
Balance, July 31, 2024 |  | $ | 34,978 |  |  | $ | 23,831 |  |  | $ | 58,809 |
Capital contribution |  |  | - |  |  |  | 538 |  |  |  | 538 |
Share of loss |  |  | (62 | ) |  |  | (419 | ) |  |  | (481 | )
Gain on dilution of ownership interest |  |  | 5 |  |  |  | - |  |  |  | 5 |
Foreign exchange difference |  |  | (253 | ) |  |  | (180 | ) |  |  | (433 | )
Balance, October 31, 2024 |  | $ | 34,668 |  |  | $ | 23,770 |  |  | $ | 58,438 |
For the three months ended October 31, 2024 and 2023, income (loss) from our equity-accounted investments consisted of the following:
|  | Three Months Ended October 31, |
|  | 2024 |  |  | 2023 |
Share of income (loss) |  | $ | (481 | ) |  | $ | 1,038 |
Gain on dilution of ownership interest |  |  | 5 |  |  |  | 421 |
Total |  | $ | (476 | ) |  | $ | 1,459 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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