Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Oct. 10, 2018 | Jan. 31, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | URANIUM ENERGY CORP | ||
Entity Central Index Key | 1,334,933 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 215,919,501 | ||
Trading Symbol | UEC | ||
Entity Common Stock, Shares Outstanding | 176,123,390 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 6,926,523 | $ 12,575,973 |
Short-term investments | 0 | 10,000,000 |
Inventories | 211,662 | 211,662 |
Prepaid expenses and deposits | 1,023,183 | 685,992 |
Other current assets | 179,360 | 117,770 |
Total Current Assets | 8,340,728 | 23,591,397 |
MINERAL RIGHTS AND PROPERTIES | 71,122,576 | 38,931,976 |
PROPERTY, PLANT AND EQUIPMENT | 7,101,552 | 6,791,182 |
RECLAMATION DEPOSITS | 1,789,899 | 1,706,028 |
EQUITY-ACCOUNTED INVESTMENT | 693,502 | 151,676 |
OTHER LONG-TERM ASSETS | 563,052 | 1,004,975 |
Total Assets | 89,611,309 | 72,177,234 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 2,314,763 | 2,446,854 |
Due to related parties | 807 | 768 |
Current portion of long-term debt | 10,000,000 | 0 |
Total Current Liabilities | 12,315,570 | 2,447,622 |
LONG-TERM DEBT | 9,534,974 | 19,254,835 |
ASSET RETIREMENT OBLIGATIONS | 4,020,282 | 3,729,902 |
DEFERRED TAX LIABILITIES | 564,923 | 609,470 |
Total Liabilities | 26,435,749 | 26,041,829 |
STOCKHOLDERS' EQUITY | ||
Capital stock Common stock $0.001 par value: 750,000,000 shares authorized, 161,175,764 shares issued and outstanding (July 31, 2017 - 139,815,214) | 161,176 | 139,815 |
Additional paid-in capital | 308,062,379 | 272,697,152 |
Share issuance obligation | 0 | 638,142 |
Accumulated deficit | (245,151,636) | (227,325,002) |
Accumulated other comprehensive loss | 103,641 | (14,702) |
Total Stockholders' Equity | 63,175,560 | 46,135,405 |
Total Liabilities and Stockholders' Equity | 89,611,309 | 72,177,234 |
COMMITMENTS AND CONTINGENCIES |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 31, 2018 | Jul. 31, 2017 |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 750,000,000 | 750,000,000 |
Common Stock, Shares Issued | 161,175,764 | 139,815,214 |
Common Stock, Shares Outstanding | 161,175,764 | 139,815,214 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
COSTS AND EXPENSES | |||
Mineral property expenditures | $ 4,552,151 | $ 4,120,388 | $ 4,061,159 |
General and administrative | 11,407,206 | 10,241,681 | 9,297,746 |
Depreciation, amortization and accretion | 354,624 | 497,728 | 875,724 |
Impairment loss on mineral properties | 0 | 297,942 | 97,114 |
Inventory write-down | 0 | 60,694 | 0 |
Total Operating Expenses | 16,313,981 | 15,218,433 | 14,331,743 |
LOSS FROM OPERATIONS | (16,313,981) | (15,218,433) | (14,331,743) |
OTHER INCOME (EXPENSES) | |||
Interest income | 227,534 | 137,863 | 24,177 |
Interest expenses and finance costs | (2,952,202) | (2,914,862) | (3,005,391) |
Share of gain from equity-accounted investment | 423,657 | 0 | 0 |
Other income | 82,543 | 40,078 | 0 |
Loss on disposition of assets | (1,696) | (1,055) | (2,186) |
Loss on settlement of liabilities | 0 | (49,002) | (46,968) |
Total Non-Operating Income Expense | (2,220,164) | (2,786,978) | (3,030,368) |
LOSS BEFORE INCOME TAXES | (18,534,145) | (18,005,411) | (17,362,111) |
DEFERRED TAX BENEFITS | 707,511 | 34,355 | 32,239 |
NET LOSS FOR THE YEAR | (17,826,634) | (17,971,056) | (17,329,872) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF INCOME TAXES | 118,343 | 28 | (99) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | $ (17,708,291) | $ (17,971,028) | $ (17,329,971) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ (0.11) | $ (0.14) | $ (0.16) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED | 157,123,025 | 128,244,751 | 106,086,782 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
CASH PROVIDED BY (USED IN): OPERATING ACTIVITIES | |||
Net loss for the year | $ (17,826,634) | $ (17,971,056) | $ (17,329,872) |
Adjustments to reconcile net loss to cash flows in operating activities | |||
Stock-based compensation | 3,504,058 | 3,769,370 | 3,084,163 |
Depreciation, amortization and accretion | 354,624 | 497,728 | 875,724 |
Amortization of long-term debt discount | 1,180,139 | 1,156,657 | 1,245,615 |
Impairment loss on mineral properties | 0 | 297,942 | 97,114 |
Inventory write-down | 0 | 60,694 | 0 |
Re-valuation of asset retirement obligations | 0 | (187,255) | (308,398) |
Loss on disposition of assets | 1,696 | 1,055 | 2,186 |
Deferred tax benefits | (707,511) | (34,355) | (32,239) |
Share of gain from equity-accounted investment | (423,657) | 0 | 0 |
Loss on settlement of liabilities | 0 | 49,002 | 46,968 |
Reimbursable Expenses for Reno Creek Acquisition | 483,829 | 0 | 0 |
Changes in operating assets and liabilities | |||
Inventories | 0 | 2,960 | (23,317) |
Prepaid expenses and deposits | 302,258 | 190,580 | (85,673) |
Other current assets | (61,416) | (68,965) | (30,165) |
Accounts payable and accrued liabilities | 681,286 | 1,816,199 | (622,713) |
NET CASH FLOWS USED IN OPERATING ACTIVITIES | (12,511,328) | (10,419,444) | (13,080,607) |
FINANCING ACTIVITIES | |||
Shares issuance for cash, net of issuance costs | 604,209 | 26,889,996 | 10,209,632 |
Due to a related party | 39 | 768 | (14,660) |
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 604,248 | 26,890,764 | 10,194,972 |
INVESTING ACTIVITIES | |||
Net cash received from asset acquisition | 215,065 | 34,972 | (46,084) |
Investment in mineral rights and properties | (3,588,759) | 0 | 0 |
Purchase of property, plant and equipment | (12,304) | (56,407) | (18,934) |
Purchase of equity-accounted investment | 0 | (151,676) | 0 |
Increase in other long-term assets | (346,474) | (864,806) | 0 |
Purchase of short-term investments | (21,771,253) | (16,000,671) | 0 |
Redemption of short-term investments | 31,771,253 | 6,000,671 | 0 |
Proceeds from disposition of assets | 0 | 0 | 818 |
Increase in reclamation deposits | (9,898) | (1) | (2) |
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | 6,257,630 | (11,037,918) | (64,202) |
NET CASH FLOWS | (5,649,450) | 5,433,402 | (2,949,837) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 12,575,973 | 7,142,571 | 10,092,408 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 6,926,523 | $ 12,575,973 | $ 7,142,571 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Share Issuance Obligation [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Jul. 31, 2015 | $ 30,986,665 | $ 97,841 | $ 222,927,529 | $ 0 | $ (192,024,074) | $ (14,631) |
Balance (in shares) at Jul. 31, 2015 | 97,834,087 | |||||
Common stock Issued for equity financing, net of issuance costs | 8,365,037 | $ 12,365 | 8,352,672 | 0 | 0 | 0 |
Common stock Issued for equity financing, net of issuance costs (in shares) | 12,364,704 | |||||
Common stock Issued upon exercise of stock options | $ 225,115 | $ 682 | 224,433 | 0 | 0 | 0 |
Common stock Issued upon exercise of stock options (in shares) | 0 | 682,167 | ||||
Common stock Issued for credit facility | $ 1,700,000 | $ 1,712 | 1,698,288 | 0 | 0 | 0 |
Common stock Issued for credit facility (in shares) | 1,711,933 | |||||
Common stock Issued for asset acquisition | 1,226,875 | $ 1,334 | 1,225,541 | 0 | 0 | 0 |
Common stock Issued for asset acquisition (in shares) | 1,333,560 | |||||
Common stock Issued for settlement of liabilities | 453,444 | $ 487 | 452,957 | 0 | 0 | 0 |
Common stock Issued for settlement of liabilities (in shares) | 487,574 | |||||
Stock-based compensation Common stock issued for consulting services | 1,372,381 | $ 1,429 | 1,370,952 | 0 | 0 | 0 |
Stock-based compensation Common stock issued for consulting services (in shares) | 1,429,650 | |||||
Stock-based compensation Common stock issued under Stock Incentive Plan | 726,244 | $ 820 | 725,424 | 0 | 0 | 0 |
Stock-based compensation Common stock issued under Stock Incentive Plan (in shares) | 826,782 | |||||
Stock-based compensation Amortization of stock option expenses | 985,538 | $ 0 | 985,538 | 0 | 0 | 0 |
Warrants Issued for equity financing | 1,619,480 | 0 | 1,619,480 | 0 | 0 | 0 |
Warrants Extension for credit facility | 104,915 | 0 | 104,915 | 0 | 0 | 0 |
Warrants Extension for mineral property | 14,155 | 0 | 14,155 | 0 | 0 | 0 |
Net loss for the year | (17,329,872) | 0 | 0 | 0 | (17,329,872) | 0 |
Other comprehensive loss | (99) | 0 | 0 | 0 | 0 | (99) |
Balance at Jul. 31, 2016 | 30,449,878 | $ 116,670 | 239,701,884 | 0 | (209,353,946) | (14,730) |
Balance (in shares) at Jul. 31, 2016 | 116,670,457 | |||||
Common stock Issued for equity financing, net of issuance costs | 19,421,351 | $ 17,331 | 19,404,020 | 0 | 0 | 0 |
Common stock Issued for equity financing, net of issuance costs (in shares) | 17,330,836 | |||||
Common stock Issued upon exercise of stock options | 56,925 | $ 266 | 56,659 | 0 | 0 | 0 |
Common stock Issued upon exercise of stock options (in shares) | 264,727 | |||||
Common stock Issued upon exercise of warrants | 2,387,660 | $ 1,989 | 2,385,671 | 0 | 0 | 0 |
Common stock Issued upon exercise of warrants (in shares) | 1,989,717 | |||||
Common stock Issued for credit facility | 1,100,000 | $ 739 | 1,099,261 | 0 | 0 | 0 |
Common stock Issued for credit facility (in shares) | 738,503 | |||||
Common stock Issued for property acquisition | 87,617 | $ 62 | 87,555 | 0 | 0 | 0 |
Common stock Issued for property acquisition (in shares) | 61,939 | |||||
Common stock Issued for advance royalty payment | 48,672 | $ 46 | 48,626 | 0 | 0 | 0 |
Common stock Issued for advance royalty payment(in shares) | 46,800 | |||||
Common stock Issued for settlement of liabilities | 1,524,650 | $ 1,016 | 1,523,634 | 0 | 0 | 0 |
Common stock Issued for settlement of liabilities (in shares) | 1,015,940 | |||||
Stock-based compensation Common stock issued for consulting services | 1,107,937 | $ 862 | 1,107,075 | 0 | 0 | 0 |
Stock-based compensation Common stock issued for consulting services (in shares) | 865,386 | |||||
Stock-based compensation Common stock issued under Stock Incentive Plan | 1,584,394 | $ 834 | 945,418 | 638,142 | 0 | 0 |
Stock-based compensation Common stock issued under Stock Incentive Plan (in shares) | 830,819 | |||||
Stock-based compensation Amortization of stock option expenses | 1,313,289 | $ 0 | 1,313,289 | 0 | 0 | 0 |
Warrants Issued for equity financing | 4,409,570 | 0 | 4,409,570 | 0 | 0 | 0 |
Warrants Issued for equity financing as issuance costs | 614,490 | 0 | 614,490 | 0 | 0 | 0 |
Net loss for the year | (17,971,056) | 0 | 0 | 0 | (17,971,056) | 0 |
Other comprehensive loss | 28 | 0 | 0 | 0 | 0 | 28 |
Balance at Jul. 31, 2017 | 46,135,405 | $ 139,815 | 272,697,152 | 638,142 | (227,325,002) | (14,702) |
Balance (in shares) at Jul. 31, 2017 | 139,815,124 | |||||
Common stock Issued upon exercise of stock options | 530,050 | $ 1,095 | 528,955 | 0 | 0 | 0 |
Common stock Issued upon exercise of stock options (in shares) | 1,094,589 | |||||
Common stock Issued upon exercise of warrants | 74,159 | $ 62 | 74,097 | 0 | 0 | 0 |
Common stock Issued upon exercise of warrants (in shares) | 61,799 | |||||
Common stock Issued for credit facility | 900,000 | $ 641 | 899,359 | 0 | 0 | 0 |
Common stock Issued for credit facility (in shares) | 641,574 | |||||
Common stock Issued for Reno Creek Acquisition | 20,332,617 | $ 14,853 | 20,317,764 | 0 | 0 | 0 |
Common stock Issued for Reno Creek Acquisition (in shares) | 14,852,450 | |||||
Common stock Issued for North Reno Creek Acquisition | 2,722,856 | $ 1,691 | 2,721,165 | 0 | 0 | 0 |
Common stock Issued for North Reno Creek Acquisition (in shares) | 1,691,215 | |||||
Common stock Issued for Reimbursable Expenses for Reno Creek Acquisition | 483,829 | $ 353 | 483,476 | 0 | 0 | 0 |
Common stock Issued for Reimbursable Expenses for Reno Creek Acquisition (in shares) | 353,160 | |||||
Common stock Issued for Diabase Acquisition | 232,321 | $ 165 | 232,156 | 0 | 0 | 0 |
Common stock Issued for Diabase Acquisition (in shares) | 164,767 | |||||
Common stock Issued for advance royalty payment | 61,820 | $ 46 | 61,774 | 0 | 0 | 0 |
Common stock Issued for advance royalty payment(in shares) | 46,134 | |||||
Common stock Issued for settlement of liabilities | 845,824 | $ 566 | 845,258 | 0 | 0 | 0 |
Common stock Issued for settlement of liabilities (in shares) | 565,499 | |||||
Stock-based compensation Common stock issued for consulting services | 349,834 | $ 225 | 349,609 | 0 | 0 | 0 |
Stock-based compensation Common stock issued for consulting services (in shares) | 225,168 | |||||
Stock-based compensation Common stock issued under Stock Incentive Plan | 1,711,579 | $ 1,664 | 2,348,057 | (638,142) | 0 | 0 |
Stock-based compensation Common stock issued under Stock Incentive Plan (in shares) | 1,664,285 | |||||
Stock-based compensation Amortization of stock option expenses | 1,414,629 | $ 0 | 1,414,629 | 0 | 0 | 0 |
Warrants Issued in connection with Reno Creek Acquisition | 5,088,928 | 0 | 5,088,928 | 0 | 0 | 0 |
Net loss for the year | (17,826,634) | 0 | 0 | 0 | (17,826,634) | 0 |
Other comprehensive loss | 118,343 | 0 | 0 | 0 | 0 | 118,343 |
Balance at Jul. 31, 2018 | $ 63,175,560 | $ 161,176 | $ 308,062,379 | $ 0 | $ (245,151,636) | $ 103,641 |
Balance (in shares) at Jul. 31, 2018 | 161,175,764 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Jul. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1: NATURE OF OPERATIONS Uranium Energy Corp. was incorporated in the State of Nevada on May 16, 2003. Uranium Energy Corp. and its subsidiary companies and a controlled partnership (collectively, the “Company”) are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium and titanium concentrates, on projects located in the United States, Canada and Paraguay. Although planned principal operations have commenced from which significant revenues from sales of uranium concentrates were realized for the fiscal years ended July 31, 2015 (“Fiscal 2015”), 2013 (“Fiscal 2013”) and 2012 (“Fiscal 2012”), we are yet to achieve profitability and have had a history of operating losses resulting in an accumulated deficit balance since inception. No revenue from sales of uranium concentrates was realized for the fiscal year ended July 31, 2018 (“Fiscal 2018), 2017 (“Fiscal 2017”), 2016 (“Fiscal 2016”), and 2014 (“Fiscal 2014”) or for any periods prior to Fiscal 2012. Historically, we have been reliant primarily on equity financings from the sale of our common stock and, during Fiscal 2014 and 2013, on debt financing in order to fund our operations, and this reliance is expected to continue for the foreseeable future. At July 31, 2018, we had cash and cash equivalent of $6.9 million and a deficit working capital of $4.0 million, primarily resulting from the $10.0 million current portion of long-term debt, representing the principal amounts of the long-term debt due over the next 12 months from July 31, 2018. Subsequent to July 31, 2018, we completed a public offering of 12,613,049 units at a price of $1.60 per unit for gross proceeds of $20.2 million and received $2.6 million from the exercise of stock options and warrants, which substantially increased our cash and cash equivalent and improved our working capital position. The existing cash resources are expected to provide sufficient funds to carry out the planned operations for 12 months from the date that our consolidated financial statements are issued. Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial. Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in United States dollars. The accompanying consolidated financial statements include the accounts of Uranium Energy Corp. and its wholly-owned subsidiaries: UEC Resources Ltd.; UEC Concentric Merge Corp.; URN Texas GP, LLC; and URN South Texas Project, Ltd.; a controlled partnership, South Texas Mining Venture, L.L.P; AUC Holdings (US) Inc.; and its subsidiary AUC LLC; UEC Paraguay Corp.; and its subsidiary Piedra Rica Mining S.A.; Cue Resources Ltd.; and its subsidiary Transandes Paraguay S.A.; JDL Resources Inc. (“JDL”); and its subsidiary Trier S.A.; CIC Resources (Paraguay) Inc.; and its subsidiaries Paraguay Exploration Inc.; Paraguay Minerals Inc.; PEL Minerals Inc.; PDL Resources Inc.; and its subsidiary Rostock Industrias Mineras S.A.; and Paraguay Resources Inc.; and its subsidiary Metalicos Y No Metalicos S.R.L. (“MYNM”). All significant inter-company transactions and balances have been eliminated upon consolidation. Exploration Stage We have established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. We have not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of our uranium projects, including the Palangana Mine. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that we commenced extraction of mineralized materials at the Palangana Mine in November 2010, we remain in the Exploration Stage as defined under Industry Guide 7 and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established. Since we commenced extraction of mineralized materials at the Palangana Mine without having established proven or probable reserves, any mineralized materials established or extracted from the Palangana Mine should not in any way be associated with having established or produced from proven or probable reserves. In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time we exit the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities, such as drill programs to establish mineralized materials, are expensed as incurred. Expenditures relating to pre-extraction activities such as the construction of mine wellfields, ion exchange facilities and disposal wells, are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred. Companies in the Production Stage as defined under Industry Guide 7, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. We are in the Exploration Stage which has resulted in our Company reporting larger losses than if it had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mill and mine development activities. Additionally, there would be no corresponding depletion allocated to future reporting periods of our Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the balance sheet date and the corresponding revenues and expenses for the periods reported. By their nature, these estimates and assumptions are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates and assumptions in future periods could be significant. Significant areas requiring management’s estimates and assumptions include determining the fair value of transactions involving shares of common stock, valuation and impairment losses on mineral rights and properties, valuation of stock-based compensation, net realizable value of inventory, valuation of investments in equity, valuation of other long-term assets, and valuation of long-term debt and asset retirement obligations. Other areas requiring estimates include allocations of expenditures to inventories, depletion and amortization of mineral rights and properties and depreciation of property, plant and equipment. Actual results could differ significantly from those estimates and assumptions. Foreign Currency Translation The functional currency of our Company, including its subsidiaries, is the United States dollars. UEC Resources Ltd., UEC Resources (SK) Ltd. and Cue Resources Ltd. maintain their accounting records in their local currency, the Canadian dollar. Piedra Rica Mining S.A., Transandes Paraguay S.A., MYNM, Trier S.A. and other Paraguayan subsidiaries maintain their accounting records in their local currency, the Paraguayan Guarani. In accordance with Accounting Standards Codification (“ASC”) 830: Foreign Currency Matters, the financial statements of our subsidiaries are translated into United States dollars using period-end exchange rates as to monetary assets and liabilities and average exchange rates as to revenues and expenses. Non-monetary assets are translated at their historical exchange rates. Net gains and losses resulting from foreign exchange translations and foreign currency exchange gains and losses on transactions occurring in a currency other than our Company’s functional currency are included in the determination of net income (loss) in the period. Cash and Cash Equivalents Cash and cash equivalents consist of cash balances and highly-liquid instruments with an original maturity of three months or less. Short-Term Investments Short-term investments consist of highly-liquid instruments with maturities from three months to one year from the date of the initial investments. Financial Instruments Our Financial Instruments include cash and cash equivalents, short-term investments, accounts and interest receivable, accounts payable and accrued liabilities and due to related parties amounts. These financial instruments are carried at costs, which approximate their fair values due to the immediate or short-term maturity. Reclamation deposits are deposits mainly invested in short-term funds at major financial institutions and their fair values were estimated to approximate their carrying values. The Company’s operations and financing activities are conducted primarily in United States dollars and as a result, the Company is not significantly exposed to market risks from changes in foreign currency rates. The Company is exposed to credit risk through its cash and cash equivalents and short-term investments, but mitigates this risk by keeping deposits at major financial institutions. Fair Value Measurements We measure the available-for-sale securities at fair value in accordance with ASC 820: Fair Value Measurements. ASC 820 specifies a valuation hierarchy based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions. These two types of inputs have resulted in the following fair value hierarchy: Level 1: Quoted prices for identical instruments in active markets; Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The available-for-sale securities are Level 1 financial instruments and adjusted to the market value at end of each reporting period with changes in fair value being charged to other comprehensive income (loss). Equity-Accounted Investments Investments in an entity in which our ownership is greater than 20% but less than 50%, or other facts and circumstances indicate that we have the ability to exercise significant influence over the operating and financing policies of an entity, are accounted for using the equity method in accordance with ASC 323: Investments – Equity Method and Joint Ventures. Equity-Accounted Investments are recorded initially at cost and adjusted subsequently to recognize our share of the earnings, losses or other changes in capital of the investee entity after the date of acquisition. We periodically evaluate whether declines in fair values of its equity investments below the carrying value are other-than-temporary and if so, whether an impairment loss is required. Other Long-Term Assets Other long-term assets include future expenditures that we have paid in advance but will not receive benefits within one year. Expenses are recognized over the period the expenditures are used or the benefits from the expenditures are received. Transaction costs incurred in connection with acquisitions of long-term assets are also included in other long-term assets, which will be capitalized as acquisition costs if the transaction succeeds or will be written off if the transaction does not complete. Inventories Inventories are comprised of supplies, uranium concentrates and work-in-progress. Expenditures include mining and processing activities that result in extraction of uranium concentrates and depreciation and depletion charges. Mining and processing costs include labor, chemicals, directly attributable uranium extraction expenditures and overhead related to uranium extraction. Inventories are carried at the lower of cost or net realizable value and are valued and charged to cost of sales using the average costing method. Mineral Rights Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time proven or probable reserves, as defined by the SEC under Industry Guide 7, are established for that project. Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that particular project are capitalized as incurred. Where proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable reserves using the units-of-production method upon commencement of production. Where proven and probable reserves have not been established, the project’s capitalized expenditures are depleted over the estimated extraction life using the straight-line method upon commencement of extraction. We have not established proven or probable reserves for any of its projects. The carrying values of the mineral rights are assessed for impairment by management on a quarterly basis and as required whenever indicators of impairment exist. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value. Databases Expenditures relating to mineral property databases are capitalized upon acquisition while those developed internally are expensed as incurred. Mineral property databases are tested for impairment whenever events or changes indicate that the carrying values may not be recoverable. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value. Mineral property databases are amortized using the straight-line method over a five-year period during which management believes these assets will contribute to our cash flows. Databases are included in Mineral Rights and Properties on the balance sheet. Land Use Agreements Expenditures relating to mineral property land use agreements are capitalized upon acquisition. Mineral property land use agreements are tested for impairment whenever events or changes indicate that the carrying values may not be recoverable. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value. Mineral property land use agreements are amortized using the straight-line method over a ten-year period during which management believes these assets will contribute to our cash flows. Land use agreements are included in Mineral Rights and Properties on the balance sheet. Property, Plant and Equipment Property, plant and equipment are recorded at cost and depreciated to their estimated residual values using the straight-line method over their estimated useful lives, as follows: Hobson processing facility: 17 years; Mining and logging equipment and vehicles: 5 to 10 years; Computer equipment: 3 years; Furniture and fixtures: 5 years; Building: 20 years; and Leasehold improvements: Term of lease Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability of these assets is measured by comparison of the carrying amounts to the future undiscounted cash flows expected to be generated by the assets. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. Income Taxes We follow the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income for the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment. We recognize deferred taxes on unrealized gains directly within other comprehensive income, and concurrently releases part of the valuation allowance resulting in no impact within other comprehensive income or on the balance sheet. Our policy is to accrue any interest and penalties related to unrecognized tax benefits in its provision for income taxes. Additionally, ASC 740: Income Taxes, requires that we recognize in its financial statements the impact of a tax position that is more likely than not to be sustained upon examination based on the technical merits of the position. Restoration and Remediation Costs (Asset Retirement Obligations) Various federal and state mining laws and regulations require our Company to reclaim the surface areas and restore underground water quality for its mine projects to the pre-existing mine area average quality after the completion of mining. Future reclamation and remediation costs, which include extraction equipment removal and environmental remediation, are accrued at the end of each period based on management’s best estimate of the costs expected to be incurred for each project. Such estimates consider the costs of future surface and groundwater activities, current regulations, actual expenses incurred, and technology and industry standards. In accordance with ASC 410: Asset Retirement and Environmental Obligations, we capitalize the measured fair value of asset retirement obligations to mineral rights and properties. The asset retirement obligations are accreted to an undiscounted value until the time at which they are expected to be settled. The accretion expense is charged to earnings and the actual retirement costs are recorded against the asset retirement obligations when incurred. Any difference between the recorded asset retirement obligations and the actual retirement costs incurred will be recorded as a gain or loss in the period of settlement. On a quarterly basis, we review changes in assumptions for asset retirement obligation estimates, including changes in estimated probabilities, amounts and timing of cash flows for settlement of the asset retirement obligations, as well as changes in any regulatory or legal obligations for each of its mineral projects. Changes in any one or more of these assumptions may cause revision of asset retirement obligations and the associated underlying assets. Revisions to the asset retirement obligations associated with fully depleted projects (with a carrying value of $Nil) are charged to the statement of operations. Revenue Recognition Revenue from the sale of uranium concentrates is recognized when it is probable that the economic benefits will flow to the Company and delivery has occurred, title has transferred, the sales price and costs incurred with respect to the transaction can be reliably measured and collectability is reasonably assured. We deliver the uranium concentrates to a uranium storage facility, and once the product is confirmed to meet the required specifications, we receive credit for a specified quantity measured in pounds. Once a sale of uranium concentrates is initiated, we will notify the uranium storage facility with instructions for a title transfer to the customer. Revenue is recognized once a title transfer of the uranium concentrates is confirmed by the uranium storage facility at which point the customer is invoiced by us. Stock-Based Compensation We follow ASC 718: Compensation - Stock Compensation, which addresses the accounting for stock-based payment transactions, requiring such transactions to be accounted for using the fair value method. Awards of shares for property or services are recorded at the more readily measurable fair value of the stock and the fair value of the service. We use the Black-Scholes option pricing model to determine the grant date fair value of stock option awards under ASC 718. The fair value is charged to earnings over the period in which the award was earned, depending on the terms and conditions of the award and the nature of the relationship between the recipient and the Company. For employees and management, the fair value is charged to earnings on an accelerated basis over the vesting period of the award. For consultants, the fair value is charged to earnings over the term of the service period, with unvested amounts revalued at each reporting period over the service period. Forfeitures are accounted for when they occur. From time to time we issue shares of its common stock as compensation to our directors, officers and employees and for various consulting services. The fair values of the shares are measured using the closing price of our Company’s shares on the issuance date. Earnings (Loss) Per Common Share Basic earnings (loss) per share includes no potential dilution and is computed by dividing the earnings (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflect the potential dilution of securities that could share in the earnings (loss) of our Company. Accounting Policies Not Yet Adopted In May 2014 the Financial Accounting Standard Board (“FASB”) issued ASU No. 2014-09, as amended by ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606),” which requires revenue to be recognized based on the amount an entity is expected to be entitled to for promised goods or services provided to customers. The standard also requires expanded disclosures regarding contracts with customers. The guidance in this standard supersedes the revenue recognition requirements in Topic 605, "Revenue Recognition," and most industry-specific guidance. Adoption of the standard may be applied retrospectively to each prior period presented (full retrospective method) or retrospectively with the cumulative effect recognized as of the date of initial application (modified retrospective method). The standard is effective for fiscal periods beginning after December 15, 2017 and early adoption is not permitted. Accordingly, we have adopted this standard effective August 1, 2018 and have elected to apply the modified retrospective method. We have performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it will not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies. Our revenue was generated from the sale of uranium concentrates to customers. These sales contain a single delivery element and revenue is recognized at a single point in time when ownership, risk and rewards transfer to the buyer. In January 2016, FASB issued ASU 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825). The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. This update is effective in fiscal years beginning after December 15, 2017, including interim periods within such fiscal year, with early adoption not permitted. Accordingly, we will adopt this standard effective August 1, 2018 and don’t expect adoption of this standard will have a material impact on our consolidated financial standards. In February 2016, FASB issued ASU 2016-02 Leases which requires a lessee to recognize the assets and the liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the balance sheet a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of twelve months or less, the lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities by class of underlying assets. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from the previous GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. We are currently evaluating the potential impact of implementing this standard on our consolidated financial statements. |
PREPAID EXPENSES AND DEPOSITS
PREPAID EXPENSES AND DEPOSITS | 12 Months Ended |
Jul. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses And Deposit [Text Block] | NOTE 3: PREPAID EXPENSES AND DEPOSITS At July 31, 2018, prepaid expenses and deposits consisted of the following: July 31, 2018 July 31, 2017 Prepaid Property Renewal Fees $ 566,977 $ 189,845 Prepaid Insurance 210,155 91,073 Prepaid Listing and Subscriptions 48,435 60,289 Prepaid License Fees 17,039 16,389 Prepaid Surety Bond Premium 39,192 38,952 Deposits and Expense Advances 87,630 86,439 Other Prepaid Expenses 53,755 203,005 $ 1,023,183 $ 685,992 |
ACQUISITON OF RENO CREEK PROJEC
ACQUISITON OF RENO CREEK PROJECT AND NORTH RENO CREEK PROJECT | 12 Months Ended |
Jul. 31, 2018 | |
Asset Acquisition [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 4: ACQUISITON OF RENO CREEK PROJECT AND NORTH RENO CREEK PROJECT Acquisition of Reno Creek Project On August 9, 2017, we completed the acquisition of the issued and outstanding shares of Reno Creek Holdings Inc. (“RCHI”) and, indirectly thereby, 100% of its fully permitted Reno Creek in-situ recovery uranium project (the “Reno Creek Project”) located in the Powder River Basin, Wyoming, from each of the Pacific Roads Resources Funds (collectively, “PRRF”; as to 97.27% of RCHI) and Bayswater Holdings Inc. (as to the remaining 2.73% of RCHI; and, collectively with PRRF, the “Reno Creek Vendors”), in accordance with the terms and conditions of a certain Share Purchase Agreement, dated May 9, 2017, as amended by a certain Amending Agreement, dated August 7, 2017 (collectively, the “Share Purchase Agreement”; and, collectively, the “Reno Creek Acquisition”). Pursuant to the terms of the original Share Purchase Agreement, we agreed to reimburse all costs and expenses (the “Reimbursable Expenses”) incurred by RCHI and its subsidiaries in the ordinary course of business from the effective date of the Share Purchase Agreement to closing, and, pursuant to the Amending Agreement, we also agreed with that the amount to be distributed from RCHI’s subsidiaries to RCHI at closing totalled $1,743,666, which was comprised of the Reimbursable Expenses and the amount of cash on hand held by RCHI’s subsidiaries at the time. Consideration paid in connection with the completion of the Reno Creek Acquisition included the following: a cash payment of $909,930; 14,392,927 shares of the Company; an additional 241,821 shares of the Company in settlement of certain insurance costs of $340,000 incurred by the Company and RCHI at closing; 11,308,728 warrants (each a “Warrant”), with each Warrant entitling the holder to acquire one share of the Company at an exercise price of $2.30 per share for a period of five years from the date of issuance. The Warrants have an accelerator clause which provides that, in the event that the closing price of the shares of the Company on its principally traded exchange is equal to or greater than $4.00 per share for a period of 20 consecutive trading days, we may accelerate the expiry date of the Warrants to within 30 days by providing written notice to the holders; a 0.5% net profits interest royalty, capped at $2.5 million; and transaction costs of $779,509, of which $283,013 was paid by the issuance of 217,702 shares of the Company. In connection with the Reno Creek Acquisition, we also issued 353,160 common shares in settlement of the Reimbursable Expenses totalling $483,829, which is included in the mineral property expenditures on our consolidated financial statements. In accordance with ASC 360: Property, Plant and Equipment, the Reno Creek Acquisition was accounted for as an asset acquisition as it was determined that the operations of the Reno Creek Project do not meet the definition of a business as defined in ASC 805: Business Combinations. The fair value of the consideration paid and the allocation to the identifiable assets acquired and liabilities assumed by virtue of the Reno Creek Acquisition are summarized as follows: Consideration paid 14,634,748 UEC common shares at $1.37 per share $ 20,049,605 11,308,728 UEC share purchase warrants at $0.45 per warrant 5,088,928 Cash payment 909,930 Transaction costs 779,509 $ 26,827,972 Assets acquired and liabilities assumed Cash and cash equivalents $ 1,247,170 Prepaid expenses 319,874 Reclamation deposits 73,973 Land & buildings 370,085 Mineral rights & properties 25,553,807 Asset retirement obligations (73,973 ) Deferred tax liabilities (662,964 ) $ 26,827,972 Acquisition of North Reno Creek Project On May 1, 2018, we completed a purchase agreement (the “NRC Purchase Agreement”) with Uranerz Energy Corporation (“Uranerz”), a wholly owned subsidiary of Energy Fuels Inc., whereby we acquired 100% of its advanced stage North Reno Creek Project (the “NRC Acquisition”) located immediately adjacent to and within our existing Reno Creek Project permitting boundary in the Powder River Basin, Wyoming. In accordance with ASC 360: Property, Plant and Equipment, the NRC Acquisition was accounted for as an asset acquisition. In connection with the closing of the NRC Purchase Agreement, we paid total consideration of $5,974,063, consisting of $2,940,000 in cash, 1,625,531 shares with a fair value of $2,617,105 and transaction costs of $416,958, which were capitalized as Mineral Rights and Properties and added to the acquisition costs of the existing Reno Creek Project. As a result, capitalized acquisition costs of the consolidated Reno Creek Project totaled $31,527,870 as at July 31, 2018. The consolidated Reno Creek Project is comprised of U.S. federal mineral lode claims, state mineral leases, various private mineral leases and certain surface use agreements which grant us the exclusive right to explore, develop and mine for uranium on a 21,465-acre area in Campbell County, Wyoming. The mineral leases and surface use agreements are subject to certain royalty interests with terms ranging from 5 to 20 years, some of which have extension provisions. |
MINERAL RIGHTS AND PROPERTIES
MINERAL RIGHTS AND PROPERTIES | 12 Months Ended |
Jul. 31, 2018 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Industries Disclosures [Text Block] | NOTE 5: MINERAL RIGHTS AND PROPERTIES Mineral Rights At July 31, 2018, we had mineral rights in the States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and in Paraguay. These mineral rights were acquired through staking and purchase, lease or option agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium. At July 31, 2018, annual maintenance payments of approximately $2,011,000 were required to maintain these mineral rights. Mineral rights and property acquisition costs consisted of the following: July 31, 2018 July 31, 2017 Mineral Rights and Properties Palangana Mine $ 6,285,898 $ 6,285,898 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 9,154,268 9,154,268 Workman Creek Project 1,657,500 1,520,680 Los Cuatros Project 257,250 257,250 Slick Rock Project 646,650 615,650 Reno Creek Project 31,527,870 - Diabase Project 546,938 - Yuty Project 11,947,144 11,947,144 Oviedo Project 1,133,412 1,133,412 Alto Paraná Titanium Project 1,433,030 1,433,030 Other Property Acquisitions 91,080 91,080 74,997,692 42,755,064 Accumulated Depletion (3,929,884 ) (3,929,884 ) 71,067,808 38,825,180 Databases 2,410,038 2,410,038 Accumulated Amortization (2,405,192 ) (2,392,196 ) 4,846 17,842 Land Use Agreements 404,310 404,310 Accumulated Amortization (354,388 ) (315,356 ) 49,922 88,954 $ 71,122,576 $ 38,931,976 We have not established proven or probable reserves, as defined by the SEC under Industry Guide 7, for any of our mineral projects. We have established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. Since we commenced uranium extraction at the Palangana Mine 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. The Palangana Mine has been the Company’s sole source for the uranium concentrates sold to generate sales revenues during Fiscal 2015, Fiscal 2013 and 2012, with no sales revenues generated during Fiscal 2018, Fiscal 2017, Fiscal 2016, Fiscal 2014 and prior to Fiscal 2012. The economic viability of the Company’s mining activities, including the expected duration and profitability of the Palangana Mine and of any future satellite ISR mines, such as the Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt, and the Reno Creek and North Reno Creek Projects, has many risks and uncertainties. These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct the mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected uranium extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations. Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in profitable mining activities. The estimated depletion and amortization of mineral rights and properties for the next five fiscal years are as follows: Fiscal 2019 $ 39,376 Fiscal 2020 11,350 Fiscal 2021 1,542 Fiscal 2022 1,500 Fiscal 2023 290,632 Total $ 344,400 During Fiscal 2017, we abandoned the Nichols Project located in Texas and certain non-core mineral interests at projects located in Arizona, Colorado and New Mexico with a combined acquisition cost of $297,942. As a result, an impairment loss on mineral properties of $297,942 was reported on the consolidated statements of operations. Mineral property expenditures incurred by major projects were as follows: Year Ended July 31, 2018 2017 2016 Mineral Property Expenditures Palangana Mine $ 1,047,635 $ 880,633 $ 1,273,002 Goliad Project 105,264 114,286 92,588 Burke Hollow Project 675,605 1,020,965 1,034,888 Longhorn Project 14,401 32,796 10,149 Salvo Project 36,056 37,551 34,289 Anderson Project 68,167 68,303 178,212 Workman Creek Project 31,300 31,265 32,820 Slick Rock Project 52,218 44,231 53,861 Reno Creek Project 1,278,959 - - Yuty Project 425,298 365,517 388,840 Oviedo Project 119,082 331,798 569,077 Alto Paraná Titanium Project 175,768 800,023 - Other Mineral Property Expenditures 522,398 580,275 701,831 Revaluation of Asset Retirement Obligations - (187,255 ) (308,398 ) $ 4,552,151 $ 4,120,388 $ 4,061,159 Palangana Mine, Texas We hold various mining lease and surface use agreements granting us the exclusive right to explore, develop and mine for uranium at the Palangana Mine, a 6,987-acre property located in Duval County, Texas approximately 100 miles south of the Hobson Processing Facility. These agreements are subject to certain royalty and overriding royalty interests indexed to the sale price of uranium and generally have an initial five-year term with extension provisions. During Fiscal 2017 and Fiscal 2016, the asset retirement obligations (“ARO”) for the Palangana Mine was revised due to changes in the estimated timing of restoration and reclamation of the Palangana Mine. As a result, a credit amount of re-valuation of ARO totaling $187,255 (Fiscal 2016: $308,398) was recognized as a result of a downward adjustment to fully depleted underlying mineral rights and properties, which was recorded against the mineral property expenditures for the Palangana Mine. During Fiscal 2018, Fiscal 2017 and Fiscal 2016, we continued with reduced operations at the Palangana Mine to capture residual uranium only. As a result, no depletion for the Palangana Mine was recorded on our consolidated financial statements. At July 31, 2018, capitalized costs of the Palangana Mine were $6,285,898 (July 31, 2017: $6,285,898), less accumulated depletion of $3,929,884 (July 31, 2017: $3,929,884), for a net book value of $2,356,014 (July 31, 2017: $2,356,014). Goliad Project, Texas We hold various mining lease and surface use agreements granting us the exclusive right to explore, develop and mine for uranium at the Goliad Project, a 1,139-acre property located in Goliad County, Texas. These agreements are subject to certain fixed royalty interests based on net proceeds from sales or indexed to the sale price of uranium and have an initial five-year term with extension provisions. At July 31, 2018, capitalized costs totaled $8,689,127 (July 31, 2017: $8,689,127). Burke Hollow Project, Texas We hold various mining lease and surface use agreements granting us the exclusive right to explore, develop and mine for uranium at the Burke Hollow Project, a 19,335-acre property located in Bee County, Texas. These agreements are subject to fixed royalty interests based on net proceeds from sales and have an initial five-year term with extension provisions. At July 31, 2018, capitalized costs totaled $1,495,750 (July 31, 2017: $1,495,750). Longhorn Project, Texas We hold various mining lease and surface use agreements granting us the exclusive right to explore, develop and mine for uranium at the Longhorn Project, a 651-acre property located in Live Oak County, Texas. These agreements are subject to certain royalty interests indexed to the sale price of uranium and have an initial five-year term with extension provisions. At July 31, 2018, capitalized costs totaled $116,870 (July 31, 2017: $116,870). Salvo Project, Texas We hold various mining lease and surface use agreements granting us the exclusive right to explore, develop and mine for uranium at the Salvo Project, a 1,514-acre property located in Bee County, Texas. These agreements are subject to certain royalty interests indexed to the sale price of uranium and have an initial five-year term with extension provisions. At July 31, 2018, capitalized costs totaled $14,905 (July 31, 2017: $14,905). Anderson Project, Arizona We hold an undivided 100% interest in contiguous mineral lode claims and state leases in the Anderson Project, a 8,268-acre property located in Yavapai County, Arizona. At July 31, 2018, capitalized costs totaled $9,154,268 (July 31, 2017: $9,154,268). Workman Creek Project, Arizona We hold an undivided 100% interest in contiguous mineral lode claims in the Workman Creek Project, a 4,036-acre property located in Gila County, Arizona. The Workman Creek Project is subject to a 3.0% net smelter royalty requiring an annual advance royalty payment of $50,000 for 2016 and 2017, and $100,000 thereafter. We have an exclusive right and option to acquire one-half (1.5%) of the net smelter royalty for $1,000,000 at any time until January 21, 2024. Additionally, certain individuals hold an option to acquire a 0.5% net smelter royalty exercisable by paying the Company the sum of $333,340 at any time until January 21, 2024. During Fiscal 2018, we paid $75,000 in cash and issued 46,134 shares with a fair value of $61,820 as advance royalty payments for the Workman Creek Project. During Fiscal 2017, we issued 46,800 shares with a fair value of $48,672 as advance royalty payments for the Workman Creek Project, which were capitalized as Mineral Rights and Properties on our consolidated balance sheet. At July 31, 2018, capitalized costs totaled $1,657,500 (July 31, 2017: $1,520,680). Los Cuatros Project, Arizona We hold an undivided 100% interest in a state lease in the Los Cuatros Project, a 640-acre property located in Maricopa County, Arizona. At July 31, 2018, capitalized costs totaled $257,250 (July 31, 2017: $257,250). Slick Rock Project, Colorado We hold an undivided 100% interest in contiguous mineral lode claims in the Slick Rock Project, a 5,333-acre property located in San Miguel County, Colorado. Certain claims of the Slick Rock Project are subject to a 1.0% or 3.0% net smelter royalty, the latter requiring an annual advance royalty payment of beginning in November 2017. During Fiscal 2018, we paid advance royalty payments totalling $31,000, which were capitalized as Mineral Rights and Properties on our consolidated balance sheet. At July 31, 2018, capitalized acquisition costs totaled $646,650 (July 31, 2017: $615,650). Diabase Project, Canada During Fiscal 2018, we completed a definitive purchase agreement (the “Diabase Purchase Agreement”) with Nuinsco Resources Limited (“Nuinsco”) to acquire 100% of the Diabase project (the “Diabase Project”), which covers an area of 54,236 acres in ten claim blocks located on the southern rim of the Athabasca Basin uranium district in Saskatchewan, Canada (the “Diabase Acquisition”). In accordance with ASC 360: Property, Plant and Equipment, the Diabase Acquisition was accounted for as an asset acquisition. Consideration paid in connection with the Diabase Acquisition totaled $546,938, consisting of $239,120 in cash, 164,767 shares with a fair value of $232,321 and transaction costs of $75,497, which were capitalized as Mineral Rights and Properties on our consolidated balance sheet. Concurrently with the closing of the Diabase Acquisition, Uranium Royalty Corp. (“URC”), a private entity that our company has the ability to exercise significant influence on, was granted an exclusive right and option to acquire a 100% royalty on the Diabase Project by paying $125,000 Canadian dollars to the original royalty holder of the Diabase Project at the closing date, and $1,750,000 Canadian dollars on or before the date four years after the closing date. Paraguay Projects During Fiscal 2018, we have had communications and filings with the Ministry of Public Works and Communications (“MOPC”), the mining regulator in Paraguay, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty, Oviedo and Alto Parana projects are not eligible for extension as to exploration or continuation to exploitation in their current stages. While we remain fully committed to our development path forward in Paraguay, we caused our legal counsel to file an appeal with the Administrative Courts in Paraguay to reverse the MOPC’s position in order to protect our continuing rights in those concessions. In the interim we continue to conduct our business in a manner to comply with all applicable mining laws in Paraguay. Yuty Project, Paraguay The Yuty Project is a 289,680-acre property under one exploitation concession located in Paraguay. The Yuty Project is subject to an overriding royalty of $0.21 per pound of uranium produced from the Yuty Project. At July 31, 2018, capitalized costs totaled $11,947,144 (July 31, 2017: $11,947,144). Oviedo Project, Paraguay The Oviedo Project is a 464,548-acre property under one exploration permit located in Paraguay. The Oviedo Project is subject to a 1.5% gross overriding royalty over which we have an exclusive right and option at any time to acquire one-half percent (0.5%) for $166,667 and a right of first refusal to acquire all or any portion of the remaining one percent (1.0%). At July 31, 2018, capitalized costs totaled $1,133,412 (July 31, 2017: $1,133,412). Alto Paraná Titanium Project, Paraguay On March 4, 2016, we entered into a share purchase and option agreement (the “Share Purchase and Option Agreement”) with CIC Resources Inc. (the “CICRI”) pursuant to which we acquired all of the issued and outstanding shares of JDL Resources Inc. (“JDL”; the “JDL Acquisition”), a wholly-owned subsidiary of the CICRI. Pursuant to the Share Purchase and Options Agreement, we were granted an option to acquire all of the issued and outstanding shares of CIC Resources (Paraguay) Inc. (“CIC”; the “CIC Option”), another wholly-owned subsidiary of CICRI. CIC is the beneficial owner of Paraguay Resources Inc. which is the 100% owner of certain titanium mineral concessions (collectively, the “Alto Paraná Titanium Project”), located in the departments of Alto Parana and Canindeyú in the Republic of Paraguay. On July 7, 2017, we exercised the CIC Option to acquire all of the issued and outstanding shares of CIC (the “CIC Acquisition”), whereby we acquired 100% interest of the Alto Paraná Titanium Project, which covers an area of 174,200 acres under five mining permits. In accordance with the terms of the Share Purchase and Option Agreement, we issued 664,879 shares with a fair value of $1,070,455 (the “CIC Consideration”) to settle certain payables totaling $1,021,453, which were comprised of the CIC Option exercise payment of $275,000 and the property maintenance costs of $746,453 incurred by CIC since the execution of the Share Purchase and Option Agreement. As a result, a loss of $49,002 on settlement of liabilities was recognized on the consolidated statements of operations and comprehensive loss. In accordance with ASC 360: Property, Plant and Equipment, the CIC Acquisition was accounted for as asset acquisitions as it was determined that the operations of CIC do not meet the definition of a business as defined in ASC 805: Business Combinations. Upon exercise of the CIC Option, the fair value of consideration previously transferred for the JDL Acquisition and its allocation to the identifiable assets acquired and liabilities assumed from CIC are summarized as follows: Consideration transferred Consideration previously transferred $ 1,303,388 CIC Option exercise payment 275,000 Transaction costs 57,926 $ 1,636,314 Assets acquired and liabilities assumed Cash $ 34,972 Prepaid expenses 18,727 Due from JDL 279,489 Mineral rights & properties 1,433,030 Accounts payable & accrued liabilities (26,954 ) Asset retirement obligation (102,950 ) $ 1,636,314 In addition to the CIC Consideration, we have also granted CICRI a 1.5% net smelter returns royalty (the “Royalty”) on the Alto Parana Titanium Project. We have the right, exercisable at any time for a period of six years following exercise of the CIC Option, to acquire 0.5% of the Royalty at a purchase price of $500,000. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jul. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6: PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: July 31, 2018 July 31, 2017 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value Hobson Processing Facility $ 6,819,088 $ (773,933 ) $ 6,045,155 $ 6,819,088 $ (773,933 ) $ 6,045,155 Mining Equipment 2,438,681 (2,412,277 ) 26,404 2,438,681 (2,378,737 ) 59,944 Logging Equipment and Vehicles 1,971,742 (1,850,306 ) 121,436 1,971,742 (1,825,389 ) 146,353 Computer Equipment 607,342 (577,584 ) 29,758 582,980 (565,223 ) 17,757 Furniture and Fixtures 170,701 (168,814 ) 1,887 170,701 (168,248 ) 2,453 Land and Buildings 889,606 (12,694 ) 876,912 519,520 - 519,520 $ 12,897,160 $ (5,795,608 ) $ 7,101,552 $ 12,502,712 $ (5,711,530 ) $ 6,791,182 Hobson Processing Facility During Fiscal 2018, no material amount of uranium concentrate was processed at the Hobson Processing Facility due to the further reduced operations at the Palangana Mine. As a result, no depreciation for the Hobson Processing Facility was recorded on the consolidated financial statements for Fiscal 2018. During Fiscal 2018, in connection with the Reno Creek Acquisition, we acquired certain buildings with total acquisition costs of $297,518, which will be depreciated over the estimated useful life of 20 years using the straight-line method. |
RECLAMATION DEPOSITS
RECLAMATION DEPOSITS | 12 Months Ended |
Jul. 31, 2018 | |
Reclamation Deposits [Abstract] | |
Reclamation Deposits [Text Block] | NOTE 7: RECLAMATION DEPOSITS Reclamation deposits include interest and non-interest bearing deposits issued in the States of Arizona, Texas and Wyoming relating to exploration, pre-extraction, extraction and reclamation activities in the respective states. Reclamation deposits consisted of the following: July 31, 2018 July 31, 2017 Palangana Mine $ 1,102,981 $ 1,102,981 Hobson Processing Facility 587,228 587,228 Reno Creek Project 73,973 - Arizona 15,000 15,000 Other 10,717 819 $ 1,789,899 $ 1,706,028 |
EQUITY-ACCOUNTED INVESTMENT
EQUITY-ACCOUNTED INVESTMENT | 12 Months Ended |
Jul. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 8: EQUITY-ACCOUNTED INVESTMENT In July 2017, we acquired 2,000,000 common shares of URC by paying $151,676 in cash through a private placement. In addition, one officer of the Company was appointed as a member of the board of directors of URC. At July 31, 2018, we owned an 11.3% interest and certain officers of the Company collectively owned an additional 9% (July 31, 2017: 22.2% and 13.3%, respectively) interest in URC. As a result, our ability to exercise significant influence over URC’s operating and financial policies continued to exist as at July 31, 2018, and in accordance with ASC 323: Investments – Equity Method and Joint Ventures, the investment in URC is accounted for as an equity investment. The reduction in our Company’s ownership percentage of URC from 22.2% at July 31, 2017 to 11.3% at July 31, 2018 has resulted in a gain on ownership interest dilution totaling $394,656 on our consolidated financial statements. During Fiscal 2018, the change in fair value of the investment in URC is summarized as below: Balance, July 31, 2017 $ 151,676 Share of gain from URC 29,001 Gain on ownership interest dilution 394,656 Share of other comprehensive income from URC 118,169 Balance, July 31, 2018 $ 693,502 Subsequent to July 31, 2018, we entered into a royalty purchase agreement (the "Royalty Purchase Agreement") with URC in connection with the proposed purchase by URC from the Company of a one percent (1%) net smelter return royalty (the "Royalties") for uranium only (the "Royalties Sale") on the Company's Slick Rock Project, the Workman Creek Project and the Anderson Project, Subject to the terms and conditions of the Royalty Purchase Agreement, including the completion of certain customary conditions precedent prior to the closing of the Royalties Sale, the Company has agreed to sell the Royalties to URC for 12,000,000 common shares of URC. |
DUE TO RELATED PARTIES AND RELA
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jul. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 9: DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS During Fiscal 2018, we incurred $148,081 (Fiscal 2017: $174,299; and Fiscal 2016: $164,566) in general and administrative costs paid to Blender Media Inc. (“Blender”), a company controlled by Arash Adnani, the brother of our President and Chief Executive Officer, for various services including information technology, corporate branding, media, website design, maintenance and hosting, provided to our Company. During Fiscal 2018, we issued 104,706 shares with a fair value of $141,678 as settlement of the equivalent amounts owed to Blender. As a result, no gain or loss on settlement of liabilities was recognized on the consolidated statements of operation and comprehensive loss. During Fiscal 2017, we issued 148,368 shares with a fair value of $170,060 as settlement of the equivalent amounts owed to Blender. As a result, no gain or loss on settlement of liabilities was recognized on the consolidated statements of operation and comprehensive loss. At July 31, 2018, amounts owed to Blender totaled $807 (July 31, 2017: $768). These amounts are unsecured, non-interest bearing and due on demand. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Jul. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | NOTE 10: LONG-TERM DEBT On February 9, 2016, we entered into a second amended and restated credit agreement (the “Second Amended and Restated Credit Agreement”) with the lenders, Sprott Resource Lending Partnership, CEF (Capital Markets) Limited and Resource Income Partners Limited Partnership (collectively, the “Lenders”), whereby the Company and our Lenders agreed to certain further amendments to the $20,000,000 senior secured credit facility (the “Credit Facility”), under which: initial funding of $10,000,000 was received by the Company upon closing of the Credit Facility on July 30, 2013; and additional funding of $10,000,000 was received by the Company upon closing of the Amended Credit Facility on March 13, 2014. The key terms of the Second Amended and Restated Credit Agreement are summarized as follows: extension of the maturity date from July 31, 2017 to January 1, 2020; deferral of the monthly principal payments (each of which is equal to one-twelfth of the total principal) commencement date from July 31, 2016 to February 1, 2019; re-pricing and extension of the existing bonus warrants comprised of 2,600,000 share purchase warrants, with each warrant exercisable for one share of common stock of the Company at an exercise price reduced from $2.50 to $1.35 per share until expiry, extended by a further one and a half years from July 30, 2018 to January 30, 2020, subject to accelerated exercise whereby, upon notification by the Company, the warrant holders will have 30 days to exercise their warrants should the ten trading-day volume-weighted average price of the Company’s shares equal or exceed $2.70; issuance of second extension fee shares equal to 4% of the principal balance outstanding or $800,000 paid to the Lenders by way of the issuance of 959,613 shares of the Company with a price per share based on a 10% discount to the five trading-day volume-weighted average price of the Company’s shares; payment of anniversary fees to the Lenders on each of February 1, 2017, 2018 and 2019, of 5.5%, 4.5% and 4.5%, respectively, of the principal balance then outstanding, if any, payable at the option of the Company in cash or shares of the Company with a price per share calculated as a 10% discount to the five trading-day volume-weighted average price of the Company’s shares immediately prior to the applicable date; and maintenance at all times of a working capital ratio of not less than 1:1. The working capital ratio is calculated by dividing current assets by current liabilities, excluding the effects of principal payments on the determination of working capital. Under the terms of the Second Amended and Restated Credit Agreement, the non-revolving Credit Facility has an interest rate of 8% per annum, compounded and payable on a monthly basis. An underlying effective interest rate of 14.28% has been calculated under the assumption that the Company will carry the full principal balance of $20,000,000 to its contractual maturity on January 1, 2020 without exercising the prepayment feature, and therefore, the anniversary fee payments of $1,100,000, $900,000 and $900,000, which are calculated on the principal balance then outstanding and can be made in shares or cash at the Company’s discretion, will become due on each of February 1, 2017, 2018 and 2019, respectively. The Second Amended and Restated Credit Agreement supersedes, in their entirety, the Amended and Restated Credit Agreement of March 13, 2014 and the Credit Agreement dated of July 30, 2013. The incremental value associated with the re-pricing and extension of the bonus warrants was determined to be $104,915 and has been recorded as an additional discount on long-term debt. The incremental value was determined using the Black-Scholes option pricing model using the following assumptions: Expected Life in Years 3.98 Expected Annual Volatility 71.10 % Expected Risk Free Interest Rate 1.00 % Expected Dividend Yield 0.00 % At July 31, 2018, long-term debt consisted of the following: July 31, 2018 July 31, 2017 Principal amount $ 20,000,000 $ 20,000,000 Unamortized discount (465,026 ) (745,165 ) Long-term debt, net of unamortized discount 19,534,974 19,254,835 Current portion 10,000,000 - Long-term debt, net of current portion $ 9,534,974 $ 19,254,835 During Fiscal 2018, and pursuant to the terms of the Second Amended and Restated Credit Agreement, we issued 641,574 shares with a fair value of $900,000, representing 4.5% of the $20,000,000 principal balance outstanding at January 31, 2018, as payment of anniversary fees to the Lenders. During Fiscal 2017, and pursuant to the terms of the Second Amended and Restated Credit Agreement, we issued 738,503 shares with a fair value of $1,100,000, representing 5.5% of the $20,000,000 principal balance outstanding at January 31, 2017, as payment of anniversary fees to the Lenders. In Fiscal 2018, the amortization of debt discount totaled $1,180,139 (Fiscal 2017: $1,156,657; Fiscal 2016: $1,245,615), which was recorded as interest expense and included in the consolidated statements of operations and comprehensive loss. The shares issued to the Lenders either as an anniversary fee or as a bonus have been recorded as discounts on long-term debt, which are amortized using the effective interest rate over the remaining contractual life of the long-term debt. The aggregate yearly maturities of long-term debt based on principal amounts outstanding at July 31, 2018 are as follows: Fiscal 2019 $ 10,000,000 Fiscal 2020 10,000,000 Total $ 20,000,000 |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Jul. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 11: ASSET RETIREMENT OBLIGATIONS The Company’s asset retirement obligations 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, 2017 $ 3,729,902 Accretion 216,407 Assumed from Reno Creek Acquisition 73,973 Balance, July 31, 2018 $ 4,020,282 The estimated amounts and timing of cash flows and assumptions used for the ARO estimates are as follows: July 31, 2018 July 31, 2017 Undiscounted amount of estimated cash flows $ 7,275,504 $ 7,098,581 Payable in years 5.0 to 17 5.0 to 17 Inflation rate 1.37% to 2.14 % 1.37% to 2.14 % Discount rate 5.48% to 6.40 % 5.48% to 6.40 % The undiscounted amounts of estimated cash flows for the next five years and beyond are as follows: Fiscal 2019 $ - Fiscal 2020 - Fiscal 2021 - Fiscal 2022 - Fiscal 2023 148,391 Remaining balance 7,127,113 $ 7,275,504 |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Jul. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12: CAPITAL STOCK Equity Financing Subsequent to July 31, 2018, we completed a public offering of 12,613,049 units at a price of $1.60 per unit for gross proceeds of $20,180,878. Each unit was comprised of one share of the Company and one-half of one share purchase warrant. Each whole warrant entitles its holder to acquire one share at an exercise price of $2.05 per share, exercisable immediately upon issuance and expiring 30 months from the date of issuance. On January 20, 2017, we completed a public offering of 17,330,836 units at a price of $1.50 per unit for gross proceeds of $25,996,254 (the “January 2017 Offering”). Each unit is comprised of one share of the Company and one-half of one share purchase warrant, however, as a result of rounding, since we will not issue fractional shares, there were only actually 9,571,929 whole warrants issued instead of 9,571,934 whole warrants. Each whole warrant entitles its holder to acquire one share at an exercise price of $2.00 per share, exercisable six months and expiring three years from the date of issuance. In connection with the January 2017 Offering, we also issued compensation share purchase warrants to agents as part of share issuance costs to purchase 906,516 shares of our Company, exercisable at an exercise price of $2.00 per share and expiring three years from the date of issuance. The shares were valued at the Company’s closing price of $1.54 per share at January 20, 2017. The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions: Expected Risk Free Interest Rate 1.50 % Expected Annual Volatility 76.96 % Expected Contractual Life in Years 3.00 Expected Annual Dividend Yield 0.00 % The net proceeds from the January 2017 Offering were allocated to the fair values of the shares and share purchase warrants as presented below: Fair Value of Shares $ 26,689,487 Fair Value of Share Purchase Warrants 5,873,932 Total Fair Value Before Allocation to Net Proceeds $ 32,563,419 Gross Proceeds $ 25,996,254 Share Issuance Costs - Cash (1,550,843 ) Net Cash Proceeds Received $ 24,445,411 Relative Fair Value Allocation to: Shares $ 20,035,841 Share Purchase Warrants 4,409,570 $ 24,445,411 On March 10, 2016, we completed a registered offering of 12,364,704 units at a price of $0.85 per unit for gross proceeds of $10,510,000 (the “March 2016 Offering”). Each unit is comprised of one share of the Company and half of one share purchase warrant, with each whole warrant being exercisable at a price of $1.20 to purchase one share of the Company for a three year period from the date of issuance. We issued share purchase warrants to agents as part of share issuance costs to purchase 411,997 shares of the Company exercisable at a price of $1.20 per share also for a three year period. The shares were valued at the Company’s closing price of $0.81 per share at March 10, 2016. The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions: Expected Risk Free Interest Rate 1.11 % Expected Annual Volatility 74.34 % Expected Contractual Life in Years 3.00 Expected Annual Dividend Yield 0.00 % The net proceeds from the March 2016 Offering were allocated to the fair value of the shares and share purchase warrants as presented below: Fair Value of Shares $ 10,015,410 Fair Value of Share Purchase Warrants 1,938,995 Total Fair Value Before Allocation to Net Proceeds $ 11,954,405 Gross Proceeds $ 10,510,000 Share Issuance Costs - Cash (525,483 ) Net Cash Proceeds Received $ 9,984,517 Relative Fair Value Allocation to: Shares $ 8,365,037 Share Purchase Warrants 1,619,480 $ 9,984,517 Share Transactions A summary of the Company’s share transactions for Fiscal 2018, Fiscal 2017, and Fiscal 2016 are as follows: Common Value per Share Issuance Period / Description Shares Issued Low High Value Balance, July 31, 2015 97,834,087 Equity Financing 12,364,704 $ 0.85 $ 0.85 $ 9,984,517 Credit Facility 1,711,933 0.83 1.20 1,700,000 Asset Acquisition 1,333,560 0.92 0.92 1,226,875 Settlement of Liabilities 487,574 0.93 0.93 453,444 Consulting Services 1,429,650 0.72 1.38 1,372,381 Options Exercised 682,167 0.33 0.33 225,115 Shares Issued Under Stock Incentive Plan 826,782 0.73 1.08 726,244 Balance, July 31, 2016 116,670,457 Equity Financing 17,330,836 1.50 1.50 25,996,254 Credit Facility 738,503 1.49 1.49 1,100,000 Asset Acquisition 61,939 1.35 1.43 87,617 Advance Royalty Payment 46,800 1.04 1.04 48,672 Settlement of Liabilities 1,015,940 1.03 1.54 1,524,650 Consulting Services 865,386 0.86 1.64 1,107,937 Warrants Exercised 1,989,717 1.20 1.20 2,387,660 Options Exercised (1) 264,727 0.45 1.32 146,448 Shares Issued Under Stock Incentive Plan 830,819 0.88 1.61 946,252 Balance, July 31, 2017 139,815,124 Credit Facility 641,574 1.40 1.40 900,000 Reno Creek Acquisitions 14,852,450 1.30 1.37 20,332,617 North Reno Creek Acquisition 1,691,215 1.61 1.61 2,722,856 Reimbursable Expenses for Reno Creek Acquisition 353,160 1.37 1.37 483,829 Diabase Acquisition 164,767 1.41 1.41 232,321 Consulting Services 225,168 1.19 1.84 349,834 Advance Royalty Payment 46,134 1.34 1.34 61,820 Warrants Exercised 61,799 1.20 1.20 74,159 Options Exercised (2) 1,094,589 0.45 1.32 710,410 Settlement of Liabilities 565,499 1.33 1.72 845,824 Shares Issued Under Stock Incentive Plan 1,664,285 1.06 1.77 2,349,721 Balance, July 31, 2018 161,175,764 (1) 309,634 options were exercised on a forfeiture basis resulting in 162,227 net shares issued. (2) 580,624 options were exercised on a forfeiture basis resulting in 309,590 net shares issued. Share Purchase Warrants A continuity schedule of outstanding share purchase warrants is as follows: Number of Weighted Average Warrants Exercise Price Balance, July 31, 2015 7,859,524 2.38 Issued 6,594,348 1.20 Expired (500,000 ) 1.00 Balance, July 31, 2016 13,953,872 1.65 Issued 9,571,929 2.00 Exercised (1,989,717 ) 1.20 Expired (1,859,524 ) 2.60 Balance, July 31, 2017 19,676,560 1.78 Issued 11,358,728 2.30 Exercised (61,799 ) 1.20 Expired (50,000 ) 1.95 Balance, July 31, 2018 30,923,489 $ 1.97 A summary of share purchase warrants outstanding and exercisable at July 31, 2018 are as follows: Weighted Weighted Average Average Number of Warrants Remaining Contractual Exercise Price Outstanding Expiry Date Life (Years) $ 1.20 4,542,832 March 10, 2019 0.61 1.35 2,600,000 January 30, 2020 1.50 1.64 50,000 May 21, 2023 4.80 2.00 9,571,929 January 20, 2020 1.47 2.30 11,308,728 August 9, 2022 4.02 2.35 2,850,000 September 24, 2018 0.15 $ 1.97 30,923,489 2.16 Stock Options At July 31, 2018, we had one stock option plan, the 2018 Stock Incentive Plan (the “2018 Plan”), under which 6,453,978 shares are available for future issuance. The 2018 Plan superseded and replaced the Company’s 2017 Stock Incentive Plan, which superseded and replaced the Company’s prior 2016, 2015, 2014, 2013, 2009 and 2006 Stock Incentive Plans (collectively the “Stock Incentive Plan”), such that no further shares are issuable under those prior plans. During Fiscal 2018, we granted stock options under the 2018 Plan to our directors, officers, employees and consultants to purchase 4,083,000 (Fiscal 2017: 672,500; Fiscal 2016: 3,033,000) shares of the Company. The expected life of these stock options was estimated using the simplified method, being the mid-point of the average vesting date and the end of the contractual term. The fair value of these options were estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions: Year Ended July 31, 2018 2017 2016 Expected Risk Free Interest Rate 2.24 % 1.28 % 0.84 % Expected Volatility 67.60 % 82.40 % 80.46 % Expected Life in Years 3.1 2.9 2.9 Expected Dividend Yield 0 % 0 % 0 % Contratual Term in Years 5.0 5.0 5.0 Weighted-Average Grant Date Fair Value $ 0.68 $ 0.77 $ 0.51 The majority of these stock options are subject to a 24-month vesting provision whereby at the end of each of the first three and six months after the grant date, 12.5% of the total stock options become exercisable, whereas at the end of each of the 12,18 and 24 months after the grant date, 25% of the total stock options become exercisable. A continuity schedule of outstanding stock options at July 31, 2018, and the changes during the periods, is as follows: Number of Stock Weighted Average Options Exercise Price Balance, July 31, 2015 10,581,975 $ 1.38 Granted 3,033,000 1.02 Exercised (682,167 ) 0.33 Expired (1,950 ) 5.90 Forfeited (825,000 ) 1.48 Balance, July 31, 2016 12,105,858 1.34 Granted 672,500 1.11 Exercised (412,134 ) 0.56 Expired (100,724 ) 4.35 Forfeited (5,000 ) 0.93 Balance, July 31, 2017 12,260,500 $ 1.33 Granted 4,083,000 1.40 Exercised (1,365,625 ) 0.70 Forfeited (66,250 ) 1.24 Balance, July 31, 2018 14,911,625 $ 1.41 During Fiscal 2018, we issued 1,094,589 (Fiscal 2017: 264,727; and Fiscal 2016: 682,167) shares upon exercise of stock options, of which 785,000 (Fiscal 2017: 102,500; Fiscal 2016: 682,167) stock options were exercised in cash for proceeds of $530,050 (Fiscal 2017: $56,925; Fiscal 2016: $225,115), and 580,624 (Fiscal 2017: 309,634; Fiscal 2016: Nil) stock options were exercised on a forfeiture basis resulting in 309,590 (Fiscal 2017: 162,227; Fiscal 2016: Nil) net shares issued. These exercised stock options had an intrinsic value of $1,049,694 (Fiscal 2017: $232,205; Fiscal 2016: $444,023). A continuity schedule of outstanding non-vested stock options at July 31, 2018, and the changes during the periods, is as follows: Number of Unvested Weighted Average Stock Options Grant-Date Fair Value Balance, July 31, 2015 3,820,000 $ 0.51 Granted 3,033,000 0.51 Vested (4,350,000 ) 0.51 Forfeited (180,000 ) 0.50 Balance, July 31, 2016 2,323,000 0.51 Granted 672,500 0.77 Vested (2,224,750 ) 0.56 Forfeited (5,000 ) 0.49 Balance, July 31, 2017 765,750 0.58 Granted 4,083,000 0.68 Vested (1,303,000 ) 0.65 Forfeited (66,250 ) 0.62 Balance, July 31, 2018 3,479,500 $ 0.68 At July 31, 2018, the aggregate intrinsic value of all outstanding stock options was estimated at $5,158,751 (vested: $4,368,311 and unvested: $790,440). At July 31, 2018, the unrecognized compensation cost related to non-vested stock options granted under the Company’s Stock Incentive Plan was $1,665,447 expected to be recognized over 1.13 years. A summary of stock options outstanding and exercisable at July 31, 2018 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at July 31, 2018 Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Exercisable at July 31, 2018 Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) $ 0.45 to $ 0.99 1,860,500 $ 0.93 2.87 1,860,500 $ 0.93 2.87 $ 1.00 to $ 1.65 11,778,625 1.33 2.47 8,299,125 1.28 1.57 $ 1.66 to $ 3.86 1,272,500 2.89 2.33 1,272,500 2.89 2.33 14,911,625 $ 1.41 2.51 11,432,125 $ 1.41 1.87 Stock-Based Compensation A summary of stock-based compensation expense for Fiscal 2018, Fiscal 2017, and Fiscal 2016 is as follows: Year Ended July 31, 2018 2017 2016 Stock-Based Compensation for Consultants Common stock issued for consulting services $ 740,640 $ 1,184,660 $ 1,630,635 Amortization of stock option expense 582,842 469,815 78,014 1,323,482 1,654,475 1,708,649 Stock-Based Compensation for Management Common stock issued to management 702,505 686,584 262,130 Amortization of stock option expense 284,556 473,811 735,991 987,061 1,160,395 998,121 Stock-Based Compensation for Employees Common stock issued to employees 773,899 584,837 205,860 Amortization of stock option expense 547,231 369,663 171,533 1,321,130 954,500 377,393 Settlement of share issuance obligation (127,615 ) - - $ 3,504,058 $ 3,769,370 $ 3,084,163 |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Jul. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 13: LOSS PER SHARE The following table reconciles the weighted average number of shares used in the computation of basic and diluted loss per share for Fiscal 2018, Fiscal 2017, and Fiscal 2016: Year Ended July 31, 2018 2017 2016 Numerator Net Loss for the Year $ (17,826,634 ) $ (17,971,056 ) $ (17,329,872 ) Denominator Basic Weighted Average Number of Shares 157,123,025 128,244,751 106,086,782 Dilutive Stock Options and Warrants - - - Diluted Weighted Average Number of Shares 157,123,025 128,244,751 106,086,782 Net Loss per Share, Basic and Diluted $ (0.11 ) $ (0.14 ) $ (0.16 ) For Fiscal 2018, Fiscal 2017 and Fiscal 2016 all outstanding stock options and share purchase warrants were excluded from the computation of diluted loss per share since we reported net losses for those periods and their effects would be anti-dilutive. |
TAX REFORM AND INCOME TAXES
TAX REFORM AND INCOME TAXES | 12 Months Ended |
Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 14: TAX REFORM AND INCOME TAXES The Tax Cuts and Jobs Act (the “Tax Reform”), enacted on December 22, 2017, reduces the U.S. federal corporate tax rate from 35% to 21%, which is administratively effective us on August 1, 2017, the beginning of our Fiscal 2018. The Tax Reform requires us to use a blended statutory tax rate of 26.87% for the annual period of Fiscal 2018. We have not generated taxable income and have not recorded any current income taxes in Fiscal 2018. Consequently, the tax rate change has had no impact on our current tax expenses but has impacted the existing deferred tax liabilities and will impact future deferred tax assets to be recognized. For the three months ended January 31, 2018, we remeasured our existing deferred tax liabilities at the newly enacted tax rates and recognized a deferred tax benefit of $232,843. The accounting for the effects of the rate changes on deferred tax balances is complete and no provisional amounts were recorded for this item. At July 31, 2018, we had U.S. and Canadian net operating loss carry-forwards of approximately $166.5 million and $5.5 million in Canadian dollars, respectively, that may be available to reduce future years’ taxable income. These carry-forwards will begin to expire, if not utilized, commencing in 2023. In Fiscal 2018, we generated tax losses totalling $19.7 million, part of which was recognized as deferred tax assets to offset the existing deferred tax liabilities of $430,121, and the remaining $17.7 million will be carried forward indefinitely as a result of the Tax Reform. Future tax benefits which may arise as a result of these losses have not been recognized in these consolidated financial statements, as their realization has been determined not likely to occur and, accordingly, we have recorded a full valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. We review the valuation allowance requirements on an annual basis based on projected future operations. When circumstances change resulting in a change in management’s judgement about the recoverability of future tax assets, the impact of the change on the valuation allowance will generally be reflected in current income. A reconciliation of income tax computed at the federal and state statutory tax rates including the Company’s effective tax rate is as follows: Year Ended July 31, 2018 2017 2016 Federal income tax provision rate 26.87 % 35.00 % 35.00 % State income tax provision rate, net of federal income tax effect 0.59 % 0.43 % 0.35 % Total income tax provision rate 27.46 % 35.43 % 35.35 % The actual income tax provisions differ from the expected amounts calculated by applying the combined federal and state corporate income tax rates to our loss before income taxes. The components of these differences are as follows: Year Ended July 31, 2018 2017 2016 Loss before income taxes $ (18,534,145 ) $ (18,005,411 ) $ (17,362,111 ) Corporate tax rate 27.46 % 35.43 % 35.35 % Expected tax recovery (5,089,476 ) (6,379,317 ) (6,137,506 ) Increase (decrease) resulting from Foreign tax rate differences 167,162 185,700 230,148 Permanent differences 434,863 446,377 806,736 Prior year true-up (141,814 ) (1,028,592 ) (753,150 ) Property acquisition - (491,798 ) - Foreign exchange rate differences (41,014 ) (3,248 ) 129,015 Other 35,706 81,660 59,705 Recognition of deferred tax assets 430,121 - - Change in valuation allowance 4,156,768 7,149,654 5,627,606 Tax adjustment from operations (47,684 ) (39,564 ) (37,446 ) Re-measurement of deferred tax liability at 21% (232,843 ) - - Recognition of deferred tax assets to offset deferred tax liability (430,121 ) - - Unrealized loss, other comprehensive loss 3,137 5,209 5,207 Deferred tax benefits $ (707,511 ) $ (34,355 ) $ (32,239 ) We have incurred taxable losses for all years since inception and, accordingly, no provision for current income tax has been recorded for the current or any prior fiscal years. During Fiscal 2018, we recorded a deferred tax benefit of $707,511 (Fiscal 2017: $34,355; and Fiscal 2016: $32,239), of which $232,843 was resulted from the re-measurement of deferred tax liabilities to the enacted tax rate of 21% on December 21, 2017, and $430,121 was resulted from recognition of deferred tax assets relating to the taxable losses incurred in Fiscal 2018 to offset the remaining deferred tax liabilities relating to the Reno Creek Acquisition. At December 22, 2017 and July 31, 2018, we re-evaluated the realizability of our tax loss carry-forwards and our conclusion that the realization of these tax loss carry-forwards is not likely to occur remains unchanged. As a result, we will continue to record a full valuation allowance for the deferred tax assets relating to the remaining tax loss carry-forwards. The components of income (loss) from operations before income taxes, by tax jurisdiction, are as follows: Year Ended July 31, 2018 2017 2016 United States $ (17,709,866 ) $ (17,303,682 ) $ (16,488,447 ) Canada 145,267 45,316 54,216 Paraguay (969,546 ) (747,045 ) (927,880 ) $ (18,534,145 ) $ (18,005,411 ) $ (17,362,111 ) The Company’s deferred tax assets (liabilities) are as follows: July 31, 2018 July 31, 2017 Deferred tax assets (liabilities) Mineral properties $ 1,587,220 $ 2,533,819 Exploration costs 6,556,355 10,950,241 Stock option expense 4,266,067 7,031,732 Depreciable property (255,544 ) (367,164 ) Inventories (3,894,552 ) (5,471,486 ) Asset retirement obligations (28,925 ) (130,740 ) Other 57,060 179,518 Loss carry forward 42,075,593 57,989,069 50,363,274 72,714,989 Valuation allowance (50,366,411 ) (72,720,198 ) Deferred tax assets (3,137 ) (5,209 ) Deferred tax assets, other comprehensive loss 3,137 5,209 Deferred tax liabilities Mineral properties (564,923 ) (609,470 ) Net deferred tax liabilities $ (564,923 ) $ (609,470 ) As the criteria for recognizing future income tax assets have not been met due to the uncertainty of realization, a valuation allowance of 100% has been recorded for the current and prior years. At July 31, 2018, the deferred tax assets that may arise from the potential utilization of net operating loss carry-forwards totaled $50.4 million, decreased by $22.4 million compared to $72.7 million at July 31, 2017, primarily due to applying 21% enacted federal tax rates at July 31, 2018 compared to 35% at July 31, 2017. The Company’s U.S. net operating loss carry-forwards expire as follows: July 31, 2023 $ 180,892 July 31, 2024 228,757 July 31, 2025 507,833 July 31, 2026 5,895,221 July 31, 2027 3,892,722 July 31, 2028 9,913,533 July 31, 2029 8,469,032 July 31, 2030 7,853,521 July 31, 2031 14,954,064 July 31, 2032 15,547,890 July 31, 2033 16,865,884 July 31, 2034 22,139,423 July 31, 2035 19,891,560 July 31, 2036 19,024,525 July 31, 2037 20,396,629 July 31, 2038 690,637 $ 166,452,123 For U.S. federal income tax purposes, a change in ownership under IRC Section 382 has occurred as a result of the Reno Creek Acquisition on August 9, 2018 and also in prior years. When an ownership change has occurred the utilization of these losses against future income would be subject to an annual limitation, which would be equal to the value of the acquired company immediately prior to the change in ownership multiplied by the IRC Section 382 rate in effect during the month of the change. The Company’s Canadian net operating loss carry-forwards in Canadian dollars expire as follows: July 31, 2027 $ 183,105 July 31, 2028 629,788 July 31, 2029 769,072 July 31, 2030 764,230 July 31, 2031 2,205,364 July 31, 2032 761,843 July 31, 2033 69,854 July 31, 2034 61,769 July 31, 2035 41,173 July 31, 2036 9,917 $ 5,496,115 |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Jul. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 15: SEGMENTED INFORMATION We currently operate in a single reportable segment and we are focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates. At July 31, 2018, long-term assets located in the U.S. were $65,135,004 or 80% of our total long-term assets of $81,270,581. The table below provides a breakdown of the Company’s long-term assets by geographic segment: July 31, 2018 United States Balance Sheet Items Texas Arizona Wyoming Other States Canada Paraguay Total Mineral Rights and Properties $ 12,729,697 $ 11,069,018 $ 31,527,870 $ 735,468 $ 546,938 $ 14,513,585 $ 71,122,576 Property, Plant and Equipment 6,362,608 - 357,392 - 25,889 355,663 7,101,552 Reclamation Deposits 1,700,926 15,000 73,973 - - - 1,789,899 Equity-Accounted Investment - - - - 693,502 - 693,502 Other Long-Term Assets 416,519 - 146,533 - - - 563,052 Total Long-Term Assets $ 21,209,750 $ 11,084,018 $ 32,105,768 $ 735,468 $ 1,266,329 $ 14,869,248 $ 81,270,581 July 31, 2017 United States Balance Sheet Items Texas Arizona Wyoming Other States Canada Paraguay Total Mineral Rights and Properties $ 12,780,728 $ 10,932,199 $ - $ 705,464 $ - $ 14,513,585 $ 38,931,976 Property, Plant and Equipment 6,414,329 - - - 11,185 365,668 6,791,182 Reclamation Deposits 1,690,209 15,000 819 - - - 1,706,028 Equity-Accounted Investment - - - - 151,676 - 151,676 Other Long-Term Assets 422,769 - 582,206 - - - 1,004,975 Total Long-Term Assets $ 21,308,035 $ 10,947,199 $ 583,025 $ 705,464 $ 162,861 $ 14,879,253 $ 48,585,837 The table below provides a breakdown of our operating results by geographic segment. All intercompany transactions have been eliminated. Year ended July 31, 2018 United States Statement of Operations Texas Arizona Wyoming Other States Canada Paraguay Total Costs and Expenses: Mineral property expenditures $ 2,381,993 $ 100,296 $ 1,282,164 $ 67,550 $ - $ 720,148 $ 4,552,151 General and administrative 7,055,370 13,877 581,277 10,931 3,467,934 277,817 11,407,206 Depreciation, amortization and accretion 325,567 - 12,847 996 11,599 3,615 354,624 Impairment loss on mineral properties - - - - - - - Inventory write-down - - - - - - - 9,762,930 114,173 1,876,288 79,477 3,479,533 1,001,580 16,313,981 Loss from operations (9,762,930 ) (114,173 ) (1,876,288 ) (79,477 ) (3,479,533 ) (1,001,580 ) (16,313,981 ) Other income (expenses) (2,630,691 ) (18,914 ) 1,541 - 423,657 4,243 (2,220,164 ) Loss before income taxes $ (12,393,621 ) $ (133,087 ) $ (1,874,747 ) $ (79,477 ) $ (3,055,876 ) $ (997,337 ) $ (18,534,145 ) Year ended July 31, 2017 United States Statement of Operations Texas Arizona Wyoming Other States Canada Paraguay Total Costs and Expenses: Mineral property expenditures $ 2,450,834 $ 101,628 $ - $ 70,588 $ - $ 1,497,338 $ 4,120,388 General and administrative 7,053,270 33,761 - 3,933 3,063,839 86,878 10,241,681 Depreciation, amortization and accretion 487,288 - - 996 8,088 1,356 497,728 Impairment loss on mineral properties 185,942 8,334 - 103,666 - - 297,942 Inventory write-down 60,694 - - - - - 60,694 10,238,028 143,723 - 179,183 3,071,927 1,585,572 15,218,433 Loss from operations (10,238,028 ) (143,723 ) - (179,183 ) (3,071,927 ) (1,585,572 ) (15,218,433 ) Other income (expenses) (2,772,617 ) (18,914 ) - - 636 3,917 (2,786,978 ) Loss before income taxes $ (13,010,645 ) $ (162,637 ) $ - $ (179,183 ) $ (3,071,291 ) $ (1,581,655 ) $ (18,005,411 ) Year ended July 31, 2016 United States Statement of Operations Texas Arizona Wyoming Other States Canada Paraguay Total Costs and Expenses: Mineral property expenditures $ 2,733,007 $ 236,717 $ - $ 133,518 $ - $ 957,917 $ 4,061,159 General and administrative 6,447,801 205,591 - 2,724 2,636,514 5,116 9,297,746 Depreciation, amortization and accretion 857,966 - - 2,821 8,142 6,795 875,724 Impairment loss on mineral properties - - - 97,114 - - 97,114 Inventory write-down - - - - - - - 10,038,774 442,308 - 236,177 2,644,656 969,828 14,331,743 Loss from operations (10,038,774 ) (442,308 ) - (236,177 ) (2,644,656 ) (969,828 ) (14,331,743 ) Other income (expenses) (3,012,281 ) (18,965 ) - - 850 28 (3,030,368 ) Loss before income taxes $ (13,051,055 ) $ (461,273 ) $ - $ (236,177 ) $ (2,643,806 ) $ (969,800 ) $ (17,362,111 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Jul. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 16: SUPPLEMENTAL CASH FLOW INFORMATION During Fiscal 2018, we issued 225,168 (Fiscal 2017: 865,386; and Fiscal 2016: $1,429,650) shares with a fair value of $349,834 (Fiscal 2017: $1,107,937; and Fiscal 2016: $1,372,381) for consulting services. During Fiscal 2018, we issued 1,265,446 (Fiscal 2017: 846,069; and Fiscal 2016: 826,782) shares with a fair value of $1,839,193 (Fiscal 2017: $967,369; and Fiscal 2016: $726,244) to our directors, officers, employees and consultants under the Stock Incentive Plan. During Fiscal 2018, we issued 398,839 shares with a fair value of $510,528 as settlement of share issuance obligations of $638,142 relating to the Fiscal 2017 share bonuses made by the Company under the Stock Incentive Plan. During Fiscal 2018, we issued 14,634,748 shares and paid $909,930 in cash as consideration to acquire the Reno Creek Project. In addition, we issued 353,160 shares as payment of the Reimbursable Expenses totalling $483,829 and issued 217,702 shares with a fair value of $283,013 as payment of certain transaction costs. During Fiscal 2018, we issued 1,625,531 shares with a fair value of $2,617,105 and paid $2,940,000 in cash as consideration to acquire the North Reno Creek Project. In addition, we issued 65,684 shares with a fair value of $105,751 as payment of certain transaction costs. During Fiscal 2018, we issued 164,767 shares with a fair value of $232,321 and paid $239,120 in cash as consideration to acquire the Diabase Project. During Fiscal 2016, we entered into a Share Purchas and Option Agreement with CICRI, pursuant to which we acquired all of the issued and outstanding shares of JDL. As consideration, we paid $50,000 in cash and issued 1,333,560 shares with a fair value of $1,226,875 to CICRI. During Fiscal 2017, we exercised the CIC Option in accordance with the Share Purchase and Option Agreement and issued 664,879 shares with a fair value of $1,070,455 as consideration to settle certain payables associated with exercise of CIC Option. During Fiscal 2018, we issued 565,499 (Fiscal 2017: 351,061; and Fiscal 2016: 487,574) shares with a fair value of $845,824 (Fiscal 2017: $454,195; and Fiscal 2016: $453,444) as settlement of certain payables to various vendors. During Fiscal 2018, we issued 46,134 (Fiscal 2017: 46,800) shares with a fair value of $61,820 (Fiscal 2017: $48,672) as part of annual advance royalty payments for the Workman Creek Project. During Fiscal 2018, we issued 641,574 (Fiscal 2017: 738,503) shares with a fair value of $900,000 (Fiscal 2017: $1,100,000) as payment of anniversary fees to our Lenders. During Fiscal 2018, we paid $1,622,222 (Fiscal 2017: $1,622,222; and Fiscal 2016: $1,626,667) in cash for interest on the long-term debt. During Fiscal 2018, we paid $118,944 (Fiscal 2017: $117,069; and Fiscal 2016: $114,145) in surety bond premiums. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 17: COMMITMENTS AND CONTINGENCIES We are renting or leasing various office or storage space located in the United States, Canada and Paraguay with total monthly payments of $21,114. Office lease agreements for the United States and Canada expire between April 2019 and July 2021 respectively. The aggregate minimum payments over the next five years are as follows: Fiscal 2019 $ 235,400 Fiscal 2020 204,890 Fiscal 2021 178,911 Fiscal 2022 - Fiscal 2023 - $ 619,201 We are committed to pay its key executives a total of $706,000 per year for management services. The Company is subject to ordinary routine litigation incidental to its business. Except as disclosed below, the Company is not aware of any material legal proceedings pending or that have been threatened against the Company. On or about March 9, 2011, the Texas Commission on Environmental Quality (the “TCEQ”) granted the Company’s applications for a Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption for its Goliad Project. On or about December 4, 2012, the U.S. Environmental Protection Agency (the “EPA”) concurred with the TCEQ issuance of the Aquifer Exemption permit (the “AE”). With the receipt of this concurrence, the final authorization required for uranium extraction, the Goliad Project achieved fully-permitted status. On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250 th On or about April 3, 2012, the Company received notification of a lawsuit filed in the State of Arizona, in the Superior Court for the County of Yavapai, by certain petitioners (the “Plaintiffs”) against a group of defendants, including the Company and former management and board members of Concentric Energy Corp. (“Concentric”). The lawsuit asserts certain claims relating to the Plaintiffs’ equity investments in Concentric, including allegations that the former management and board members of Concentric engaged in various wrongful acts prior to and/or in conjunction with the merger of Concentric. The lawsuit originally further alleged that the Company was contractually liable for liquidated damages arising from a pre-merger transaction which the Company previously acknowledged and recorded as an accrued liability, and which portion of the lawsuit was settled in full by a cash payment of $149,194 to the Plaintiffs and subsequently dismissed. The Court dismissed several other claims set forth in the Plaintiffs’ initial complaint, but granted the Plaintiffs leave to file an amended complaint. The Court denied a subsequent motion to dismiss the amended complaint, finding that the pleading met the minimal pleading requirements under the applicable procedural rules. In October 2013, the Company filed a formal response denying liability for any of the Plaintiffs’ remaining claims. The Court set the case for a four-week jury trial that was to take place in Yavapai County, Arizona, in April 2016. In November 2015, after the completion of discovery, the Company and the remaining defendants filed motions for summary judgment, seeking to dismiss all of the Plaintiffs’ remaining claims. While those motions were pending, the parties reached a settlement agreement with respect to all claims asserted by the Plaintiffs in that lawsuit. A formal settlement and release agreement was subsequently executed, pursuant to which all of the Plaintiffs’ claims in the Arizona lawsuit were dismissed with prejudice. Pursuant to the terms of the settlement agreement, the Defendants collectively paid $500,000 to the Plaintiffs, of which $50,000 was paid by the Company. On June 1, 2015, the Company received notice that Westminster Securities Corporation (“Westminster”) filed a suit in the United States District Court for the Southern District of New York, alleging a breach of contract relating to certain four-year warrants issued by Concentric in December 2008. Although the Concentric warrants expired by their terms on December 31, 2012, Westminster bases its claim upon transactions allegedly occurring prior to UEC’s merger with Concentric. On March 2, 2018, the District Court granted the Company’s motion for summary judgment, dismissing all claims asserted by Westminster and the other plaintiffs in that action, and entered judgment in favor of the Company. On March 22, 2018, the plaintiffs filed an appeal of the District Court’s order of dismissal. On March 28, 2018, the Company and plaintiffs entered into a mutual general release, whereby the plaintiffs agreed to withdraw their appeal and irrevocably release any and all claims against the Company in exchange for the Company’s agreement to irrevocably release any and all claims against the plaintiffs, including any claims for attorneys’ fees and costs that the Company incurred in defending the action. On April 19, 2018, the Court of Appeals entered an order dismissing the appeal. The case is now closed. On or about June 29, 2015, Heather M. Stephens filed a class action complaint against the Company and two of its executive officers in the United States District Court, Southern District of Texas, with an amended class action complaint filed on November 16, 2015 (the “Securities Case”), seeking unspecified damages and alleging the defendants violated Section 17(b) of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Company filed a motion to dismiss and on July 15, 2016 the U.S. District Court for the Southern District of Texas entered a final judgement dismissing the case in its entirety with prejudice. On September 22, 2016, the plaintiffs voluntarily dismissed their appeal of the district court’s judgment and on September 26, 2016 the Fifth Circuit dismissed the Securities Case pursuant to the plaintiffs’ motion. As a result, the judgment in favor of the Company is final. No settlement payments or any other consideration was paid by the Company to the plaintiffs in connection with the Securities Case’s dismissal. On or about September 10, 2015, John Price filed a stockholder derivative complaint on behalf of the Company against the Company’s Board of Directors, executive management and three of its vice presidents in the United States District Court, Southern District of Texas, with an amended stockholder derivative complaint filed on December 4, 2015 (the “Federal Derivative Case”), seeking unspecified damages on behalf of the Company against the defendants for allegedly breaching their fiduciary duties to the Company with respect to the allegations in the Securities Case. The Company has filed a motion to dismiss. The plaintiff ultimately abandoned the Federal Derivative case, which the Court dismissed on or about November 17, 2016. No settlement payments or any other consideration was paid by the Company to the plaintiff in connection with the plaintiff’s abandonment of the Federal Derivative Case. On or about October 2, 2015, Marnie W. McMahon filed a stockholder derivative complaint on behalf of the Company against the Company’s Board of Directors, executive management and three of its vice presidents in the District Court of Nevada (the “Nevada Derivative Case”) (collectively with the Federal Derivative Case, the “Derivative Cases”) seeking unspecified damages on behalf of the Company against the defendants for allegedly breaching their fiduciary duties to the Company with respect to the allegations in the Securities Case. On January 21, 2016, the Court granted the Company’s motion to stay the Nevada Derivative Case pending the outcome of the Federal Derivative Case. Following the voluntary dismissal of the Federal Derivative Case, Ms. McMahon filed an amended complaint on February 10, 2017, which again asserted that the Company’s directors breached their fiduciary duties relating to the factual allegations in the Securities Case. The Company filed a motion to dismiss and on September 13, 2017, the Court granted the Company’s motion to dismiss the Nevada Derivative Case. On or about October 5, 2017, the plaintiff filed a notice of appeal with the Court. On June 14, 2018, the plaintiff filed the Appellant’s opening brief in the Supreme Court of Nevada. In response on August 2018, we filed our answering brief. We expect a ruling by the end of calendar 2018. The Company’s Board of Directors received a shareholder demand letter dated September 10, 2015 relating to the allegations in the Securities Case (the “Shareholder Demand”). The letter demands that the Board of Directors initiate an action against the Company’s Board of Directors and two of its executive officers to recover damages allegedly caused to the Company. The Board of Directors appointed a committee of independent directors to evaluate the allegations in the demand letter. Subsequently, the Federal District Court dismissed the Securities Case, which was based on similar factual allegations, and the Federal Derivative Case was abandoned. The committee of independent directors has now completed its evaluation and recommended that the Board reject the demand. After considering the committee’s recommendation and all other material information relevant to the investigation, the Board voted to reject the demand letter. The Company has had communications and filings with the MOPC, whereby the MOPC is taking the position that certain concessions forming part of the Company’s Yuty, Oviedo and Alto Parana Projects are not eligible for extension as to exploration or continuation to exploitation in their current stages. While the Company remains fully committed to its development path forward in Paraguay, it caused its legal counsel to file an appeal to reverse the MOPC’s position in order to protect the Company’s continuing rights in those concessions. In the interim the Company also continues to conduct its business in a manner to comply with all applicable mining laws in Paraguay. At any given time, the Company may enter into negotiations to settle outstanding legal proceedings and any resulting accruals will be estimated based on the relevant facts and circumstances applicable at that time. The Company does not expect that such settlements will, individually or in the aggregate, have a material effect on its financial position, results of operations or cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in United States dollars. The accompanying consolidated financial statements include the accounts of Uranium Energy Corp. and its wholly-owned subsidiaries: UEC Resources Ltd.; UEC Concentric Merge Corp.; URN Texas GP, LLC; and URN South Texas Project, Ltd.; a controlled partnership, South Texas Mining Venture, L.L.P; AUC Holdings (US) Inc.; and its subsidiary AUC LLC; UEC Paraguay Corp.; and its subsidiary Piedra Rica Mining S.A.; Cue Resources Ltd.; and its subsidiary Transandes Paraguay S.A.; JDL Resources Inc. (“JDL”); and its subsidiary Trier S.A.; CIC Resources (Paraguay) Inc.; and its subsidiaries Paraguay Exploration Inc.; Paraguay Minerals Inc.; PEL Minerals Inc.; PDL Resources Inc.; and its subsidiary Rostock Industrias Mineras S.A.; and Paraguay Resources Inc.; and its subsidiary Metalicos Y No Metalicos S.R.L. (“MYNM”). All significant inter-company transactions and balances have been eliminated upon consolidation. |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Exploration Stage We have established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. We have not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of our uranium projects, including the Palangana Mine. Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that we commenced extraction of mineralized materials at the Palangana Mine in November 2010, we remain in the Exploration Stage as defined under Industry Guide 7 and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established. Since we commenced extraction of mineralized materials at the Palangana Mine without having established proven or probable reserves, any mineralized materials established or extracted from the Palangana Mine should not in any way be associated with having established or produced from proven or probable reserves. In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time we exit the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities, such as drill programs to establish mineralized materials, are expensed as incurred. Expenditures relating to pre-extraction activities such as the construction of mine wellfields, ion exchange facilities and disposal wells, are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred. Companies in the Production Stage as defined under Industry Guide 7, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. We are in the Exploration Stage which has resulted in our Company reporting larger losses than if it had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mill and mine development activities. Additionally, there would be no corresponding depletion allocated to future reporting periods of our Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the balance sheet date and the corresponding revenues and expenses for the periods reported. By their nature, these estimates and assumptions are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates and assumptions in future periods could be significant. Significant areas requiring management’s estimates and assumptions include determining the fair value of transactions involving shares of common stock, valuation and impairment losses on mineral rights and properties, valuation of stock-based compensation, net realizable value of inventory, valuation of investments in equity, valuation of other long-term assets, and valuation of long-term debt and asset retirement obligations. Other areas requiring estimates include allocations of expenditures to inventories, depletion and amortization of mineral rights and properties and depreciation of property, plant and equipment. Actual results could differ significantly from those estimates and assumptions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of our Company, including its subsidiaries, is the United States dollars. UEC Resources Ltd., UEC Resources (SK) Ltd. and Cue Resources Ltd. maintain their accounting records in their local currency, the Canadian dollar. Piedra Rica Mining S.A., Transandes Paraguay S.A., MYNM, Trier S.A. and other Paraguayan subsidiaries maintain their accounting records in their local currency, the Paraguayan Guarani. In accordance with Accounting Standards Codification (“ASC”) 830: Foreign Currency Matters, the financial statements of our subsidiaries are translated into United States dollars using period-end exchange rates as to monetary assets and liabilities and average exchange rates as to revenues and expenses. Non-monetary assets are translated at their historical exchange rates. Net gains and losses resulting from foreign exchange translations and foreign currency exchange gains and losses on transactions occurring in a currency other than our Company’s functional currency are included in the determination of net income (loss) in the period. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents consist of cash balances and highly-liquid instruments with an original maturity of three months or less. |
Marketable Securities, Policy [Policy Text Block] | Short-Term Investments Short-term investments consist of highly-liquid instruments with maturities from three months to one year from the date of the initial investments. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments Our Financial Instruments include cash and cash equivalents, short-term investments, accounts and interest receivable, accounts payable and accrued liabilities and due to related parties amounts. These financial instruments are carried at costs, which approximate their fair values due to the immediate or short-term maturity. Reclamation deposits are deposits mainly invested in short-term funds at major financial institutions and their fair values were estimated to approximate their carrying values. The Company’s operations and financing activities are conducted primarily in United States dollars and as a result, the Company is not significantly exposed to market risks from changes in foreign currency rates. The Company is exposed to credit risk through its cash and cash equivalents and short-term investments, but mitigates this risk by keeping deposits at major financial institutions. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We measure the available-for-sale securities at fair value in accordance with ASC 820: Fair Value Measurements. ASC 820 specifies a valuation hierarchy based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions. These two types of inputs have resulted in the following fair value hierarchy: Level 1: Quoted prices for identical instruments in active markets; Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The available-for-sale securities are Level 1 financial instruments and adjusted to the market value at end of each reporting period with changes in fair value being charged to other comprehensive income (loss). |
Equity Method Investments [Policy Text Block] | Equity-Accounted Investments Investments in an entity in which our ownership is greater than 20% but less than 50%, or other facts and circumstances indicate that we have the ability to exercise significant influence over the operating and financing policies of an entity, are accounted for using the equity method in accordance with ASC 323: Investments – Equity Method and Joint Ventures. Equity-Accounted Investments are recorded initially at cost and adjusted subsequently to recognize our share of the earnings, losses or other changes in capital of the investee entity after the date of acquisition. We periodically evaluate whether declines in fair values of its equity investments below the carrying value are other-than-temporary and if so, whether an impairment loss is required. |
Other Non current Asset [Policy Text Block] | Other Long-Term Assets Other long-term assets include future expenditures that we have paid in advance but will not receive benefits within one year. Expenses are recognized over the period the expenditures are used or the benefits from the expenditures are received. Transaction costs incurred in connection with acquisitions of long-term assets are also included in other long-term assets, which will be capitalized as acquisition costs if the transaction succeeds or will be written off if the transaction does not complete. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are comprised of supplies, uranium concentrates and work-in-progress. Expenditures include mining and processing activities that result in extraction of uranium concentrates and depreciation and depletion charges. Mining and processing costs include labor, chemicals, directly attributable uranium extraction expenditures and overhead related to uranium extraction. Inventories are carried at the lower of cost or net realizable value and are valued and charged to cost of sales using the average costing method. |
Mineral Rights Policy [Policy Text Block] | Mineral Rights Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time proven or probable reserves, as defined by the SEC under Industry Guide 7, are established for that project. Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that particular project are capitalized as incurred. Where proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable reserves using the units-of-production method upon commencement of production. Where proven and probable reserves have not been established, the project’s capitalized expenditures are depleted over the estimated extraction life using the straight-line method upon commencement of extraction. We have not established proven or probable reserves for any of its projects. The carrying values of the mineral rights are assessed for impairment by management on a quarterly basis and as required whenever indicators of impairment exist. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value. |
Data bases policy [Policy Text Block] | Databases Expenditures relating to mineral property databases are capitalized upon acquisition while those developed internally are expensed as incurred. Mineral property databases are tested for impairment whenever events or changes indicate that the carrying values may not be recoverable. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value. Mineral property databases are amortized using the straight-line method over a five-year period during which management believes these assets will contribute to our cash flows. Databases are included in Mineral Rights and Properties on the balance sheet. |
Land Use Agreements [Policy Text Block] | Land Use Agreements Expenditures relating to mineral property land use agreements are capitalized upon acquisition. Mineral property land use agreements are tested for impairment whenever events or changes indicate that the carrying values may not be recoverable. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value. Mineral property land use agreements are amortized using the straight-line method over a ten-year period during which management believes these assets will contribute to our cash flows. Land use agreements are included in Mineral Rights and Properties on the balance sheet. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at cost and depreciated to their estimated residual values using the straight-line method over their estimated useful lives, as follows: Hobson processing facility: 17 years; Mining and logging equipment and vehicles: 5 to 10 years; Computer equipment: 3 years; Furniture and fixtures: 5 years; Building: 20 years; and Leasehold improvements: Term of lease |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability of these assets is measured by comparison of the carrying amounts to the future undiscounted cash flows expected to be generated by the assets. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. |
Income Tax, Policy [Policy Text Block] | Income Taxes We follow the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income for the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment. We recognize deferred taxes on unrealized gains directly within other comprehensive income, and concurrently releases part of the valuation allowance resulting in no impact within other comprehensive income or on the balance sheet. Our policy is to accrue any interest and penalties related to unrecognized tax benefits in its provision for income taxes. Additionally, ASC 740: Income Taxes, requires that we recognize in its financial statements the impact of a tax position that is more likely than not to be sustained upon examination based on the technical merits of the position. |
Asset Retirement Obligation [Policy Text Block] | Restoration and Remediation Costs (Asset Retirement Obligations) Various federal and state mining laws and regulations require our Company to reclaim the surface areas and restore underground water quality for its mine projects to the pre-existing mine area average quality after the completion of mining. Future reclamation and remediation costs, which include extraction equipment removal and environmental remediation, are accrued at the end of each period based on management’s best estimate of the costs expected to be incurred for each project. Such estimates consider the costs of future surface and groundwater activities, current regulations, actual expenses incurred, and technology and industry standards. In accordance with ASC 410: Asset Retirement and Environmental Obligations, we capitalize the measured fair value of asset retirement obligations to mineral rights and properties. The asset retirement obligations are accreted to an undiscounted value until the time at which they are expected to be settled. The accretion expense is charged to earnings and the actual retirement costs are recorded against the asset retirement obligations when incurred. Any difference between the recorded asset retirement obligations and the actual retirement costs incurred will be recorded as a gain or loss in the period of settlement. On a quarterly basis, we review changes in assumptions for asset retirement obligation estimates, including changes in estimated probabilities, amounts and timing of cash flows for settlement of the asset retirement obligations, as well as changes in any regulatory or legal obligations for each of its mineral projects. Changes in any one or more of these assumptions may cause revision of asset retirement obligations and the associated underlying assets. Revisions to the asset retirement obligations associated with fully depleted projects (with a carrying value of $Nil) are charged to the statement of operations. |
Revenue Recognition, Allowances [Policy Text Block] | Revenue Recognition Revenue from the sale of uranium concentrates is recognized when it is probable that the economic benefits will flow to the Company and delivery has occurred, title has transferred, the sales price and costs incurred with respect to the transaction can be reliably measured and collectability is reasonably assured. We deliver the uranium concentrates to a uranium storage facility, and once the product is confirmed to meet the required specifications, we receive credit for a specified quantity measured in pounds. Once a sale of uranium concentrates is initiated, we will notify the uranium storage facility with instructions for a title transfer to the customer. Revenue is recognized once a title transfer of the uranium concentrates is confirmed by the uranium storage facility at which point the customer is invoiced by us. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation We follow ASC 718: Compensation - Stock Compensation, which addresses the accounting for stock-based payment transactions, requiring such transactions to be accounted for using the fair value method. Awards of shares for property or services are recorded at the more readily measurable fair value of the stock and the fair value of the service. We use the Black-Scholes option pricing model to determine the grant date fair value of stock option awards under ASC 718. The fair value is charged to earnings over the period in which the award was earned, depending on the terms and conditions of the award and the nature of the relationship between the recipient and the Company. For employees and management, the fair value is charged to earnings on an accelerated basis over the vesting period of the award. For consultants, the fair value is charged to earnings over the term of the service period, with unvested amounts revalued at each reporting period over the service period. Forfeitures are accounted for when they occur. From time to time we issue shares of its common stock as compensation to our directors, officers and employees and for various consulting services. The fair values of the shares are measured using the closing price of our Company’s shares on the issuance date. |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Common Share Basic earnings (loss) per share includes no potential dilution and is computed by dividing the earnings (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflect the potential dilution of securities that could share in the earnings (loss) of our Company. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Policies Not Yet Adopted In May 2014 the Financial Accounting Standard Board (“FASB”) issued ASU No. 2014-09, as amended by ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606),” which requires revenue to be recognized based on the amount an entity is expected to be entitled to for promised goods or services provided to customers. The standard also requires expanded disclosures regarding contracts with customers. The guidance in this standard supersedes the revenue recognition requirements in Topic 605, "Revenue Recognition," and most industry-specific guidance. Adoption of the standard may be applied retrospectively to each prior period presented (full retrospective method) or retrospectively with the cumulative effect recognized as of the date of initial application (modified retrospective method). The standard is effective for fiscal periods beginning after December 15, 2017 and early adoption is not permitted. Accordingly, we have adopted this standard effective August 1, 2018 and have elected to apply the modified retrospective method. We have performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it will not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies. Our revenue was generated from the sale of uranium concentrates to customers. These sales contain a single delivery element and revenue is recognized at a single point in time when ownership, risk and rewards transfer to the buyer. In January 2016, FASB issued ASU 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825). The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. This update is effective in fiscal years beginning after December 15, 2017, including interim periods within such fiscal year, with early adoption not permitted. Accordingly, we will adopt this standard effective August 1, 2018 and don’t expect adoption of this standard will have a material impact on our consolidated financial standards. In February 2016, FASB issued ASU 2016-02 Leases which requires a lessee to recognize the assets and the liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the balance sheet a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of twelve months or less, the lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities by class of underlying assets. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from the previous GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. We are currently evaluating the potential impact of implementing this standard on our consolidated financial statements. |
PREPAID EXPENSES AND DEPOSITS (
PREPAID EXPENSES AND DEPOSITS (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | At July 31, 2018, prepaid expenses and deposits consisted of the following: July 31, 2018 July 31, 2017 Prepaid Property Renewal Fees $ 566,977 $ 189,845 Prepaid Insurance 210,155 91,073 Prepaid Listing and Subscriptions 48,435 60,289 Prepaid License Fees 17,039 16,389 Prepaid Surety Bond Premium 39,192 38,952 Deposits and Expense Advances 87,630 86,439 Other Prepaid Expenses 53,755 203,005 $ 1,023,183 $ 685,992 |
ACQUISITON OF RENO CREEK PROJ_2
ACQUISITON OF RENO CREEK PROJECT AND NORTH RENO CREEK PROJECT (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Reno Creek [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The fair value of the consideration paid and the allocation to the identifiable assets acquired and liabilities assumed by virtue of the Reno Creek Acquisition are summarized as follows: Consideration paid 14,634,748 UEC common shares at $1.37 per share $ 20,049,605 11,308,728 UEC share purchase warrants at $0.45 per warrant 5,088,928 Cash payment 909,930 Transaction costs 779,509 $ 26,827,972 Assets acquired and liabilities assumed Cash and cash equivalents $ 1,247,170 Prepaid expenses 319,874 Reclamation deposits 73,973 Land & buildings 370,085 Mineral rights & properties 25,553,807 Asset retirement obligations (73,973 ) Deferred tax liabilities (662,964 ) $ 26,827,972 |
MINERAL RIGHTS AND PROPERTIES (
MINERAL RIGHTS AND PROPERTIES (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Mineral Industries Disclosures [Line Items] | |
Schedule Of Mineral Rights and Property Acquisition Costs [Table Text Block] | Mineral rights and property acquisition costs consisted of the following: July 31, 2018 July 31, 2017 Mineral Rights and Properties Palangana Mine $ 6,285,898 $ 6,285,898 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 9,154,268 9,154,268 Workman Creek Project 1,657,500 1,520,680 Los Cuatros Project 257,250 257,250 Slick Rock Project 646,650 615,650 Reno Creek Project 31,527,870 - Diabase Project 546,938 - Yuty Project 11,947,144 11,947,144 Oviedo Project 1,133,412 1,133,412 Alto Paraná Titanium Project 1,433,030 1,433,030 Other Property Acquisitions 91,080 91,080 74,997,692 42,755,064 Accumulated Depletion (3,929,884 ) (3,929,884 ) 71,067,808 38,825,180 Databases 2,410,038 2,410,038 Accumulated Amortization (2,405,192 ) (2,392,196 ) 4,846 17,842 Land Use Agreements 404,310 404,310 Accumulated Amortization (354,388 ) (315,356 ) 49,922 88,954 $ 71,122,576 $ 38,931,976 |
Schedule Of Finitelived Mineral Rights And Properties Future Estimated Amortization And Depletion Expense [Table Text Block] | The estimated depletion and amortization of mineral rights and properties for the next five fiscal years are as follows: Fiscal 2019 $ 39,376 Fiscal 2020 11,350 Fiscal 2021 1,542 Fiscal 2022 1,500 Fiscal 2023 290,632 Total $ 344,400 |
Schedule Of Mineral Property Expenditures Incurred by Major Projects [Table Text Block] | Mineral property expenditures incurred by major projects were as follows: Year Ended July 31, 2018 2017 2016 Mineral Property Expenditures Palangana Mine $ 1,047,635 $ 880,633 $ 1,273,002 Goliad Project 105,264 114,286 92,588 Burke Hollow Project 675,605 1,020,965 1,034,888 Longhorn Project 14,401 32,796 10,149 Salvo Project 36,056 37,551 34,289 Anderson Project 68,167 68,303 178,212 Workman Creek Project 31,300 31,265 32,820 Slick Rock Project 52,218 44,231 53,861 Reno Creek Project 1,278,959 - - Yuty Project 425,298 365,517 388,840 Oviedo Project 119,082 331,798 569,077 Alto Paraná Titanium Project 175,768 800,023 - Other Mineral Property Expenditures 522,398 580,275 701,831 Revaluation of Asset Retirement Obligations - (187,255 ) (308,398 ) $ 4,552,151 $ 4,120,388 $ 4,061,159 |
CIC Resources Inc [Member] | |
Mineral Industries Disclosures [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Upon exercise of the CIC Option, the fair value of consideration previously transferred for the JDL Acquisition and its allocation to the identifiable assets acquired and liabilities assumed from CIC are summarized as follows: Consideration transferred Consideration previously transferred $ 1,303,388 CIC Option exercise payment 275,000 Transaction costs 57,926 $ 1,636,314 Assets acquired and liabilities assumed Cash $ 34,972 Prepaid expenses 18,727 Due from JDL 279,489 Mineral rights & properties 1,433,030 Accounts payable & accrued liabilities (26,954 ) Asset retirement obligation (102,950 ) $ 1,636,314 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consisted of the following: July 31, 2018 July 31, 2017 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value Hobson Processing Facility $ 6,819,088 $ (773,933 ) $ 6,045,155 $ 6,819,088 $ (773,933 ) $ 6,045,155 Mining Equipment 2,438,681 (2,412,277 ) 26,404 2,438,681 (2,378,737 ) 59,944 Logging Equipment and Vehicles 1,971,742 (1,850,306 ) 121,436 1,971,742 (1,825,389 ) 146,353 Computer Equipment 607,342 (577,584 ) 29,758 582,980 (565,223 ) 17,757 Furniture and Fixtures 170,701 (168,814 ) 1,887 170,701 (168,248 ) 2,453 Land and Buildings 889,606 (12,694 ) 876,912 519,520 - 519,520 $ 12,897,160 $ (5,795,608 ) $ 7,101,552 $ 12,502,712 $ (5,711,530 ) $ 6,791,182 |
RECLAMATION DEPOSITS (Tables)
RECLAMATION DEPOSITS (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Reclamation Deposits [Abstract] | |
Schedule Of Reclamation Deposits [Table Text Block] | Reclamation deposits consisted of the following: July 31, 2018 July 31, 2017 Palangana Mine $ 1,102,981 $ 1,102,981 Hobson Processing Facility 587,228 587,228 Reno Creek Project 73,973 - Arizona 15,000 15,000 Other 10,717 819 $ 1,789,899 $ 1,706,028 |
EQUITY-ACCOUNTED INVESTMENT (Ta
EQUITY-ACCOUNTED INVESTMENT (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Table Text Block] | During Fiscal 2018, the change in fair value of the investment in URC is summarized as below: Balance, July 31, 2017 $ 151,676 Share of gain from URC 29,001 Gain on ownership interest dilution 394,656 Share of other comprehensive income from URC 118,169 Balance, July 31, 2018 $ 693,502 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Debt Disclosure [Abstract] | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The incremental value was determined using the Black-Scholes option pricing model using the following assumptions: Expected Life in Years 3.98 Expected Annual Volatility 71.10 % Expected Risk Free Interest Rate 1.00 % Expected Dividend Yield 0.00 % |
Schedule of Long-term Debt Instruments [Table Text Block] | At July 31, 2018, long-term debt consisted of the following: July 31, 2018 July 31, 2017 Principal amount $ 20,000,000 $ 20,000,000 Unamortized discount (465,026 ) (745,165 ) Long-term debt, net of unamortized discount 19,534,974 19,254,835 Current portion 10,000,000 - Long-term debt, net of current portion $ 9,534,974 $ 19,254,835 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate yearly maturities of long-term debt based on principal amounts outstanding at July 31, 2018 are as follows: Fiscal 2019 $ 10,000,000 Fiscal 2020 10,000,000 Total $ 20,000,000 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The Company’s asset retirement obligations 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, 2017 $ 3,729,902 Accretion 216,407 Assumed from Reno Creek Acquisition 73,973 Balance, July 31, 2018 $ 4,020,282 |
Schedule Of Estimated Cash flow and Assumption Used For ARO [Table Text Block] | The estimated amounts and timing of cash flows and assumptions used for the ARO estimates are as follows: July 31, 2018 July 31, 2017 Undiscounted amount of estimated cash flows $ 7,275,504 $ 7,098,581 Payable in years 5.0 to 17 5.0 to 17 Inflation rate 1.37% to 2.14 % 1.37% to 2.14 % Discount rate 5.48% to 6.40 % 5.48% to 6.40 % |
Schedule Of Undiscounted Amounts Of Estimated Cash Flows [Table Text Block] | The undiscounted amounts of estimated cash flows for the next five years and beyond are as follows: Fiscal 2019 $ - Fiscal 2020 - Fiscal 2021 - Fiscal 2022 - Fiscal 2023 148,391 Remaining balance 7,127,113 $ 7,275,504 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The expected life of these stock options was estimated using the simplified method, being the mid-point of the average vesting date and the end of the contractual term. The fair value of these options were estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions: Year Ended July 31, 2018 2017 2016 Expected Risk Free Interest Rate 2.24 % 1.28 % 0.84 % Expected Volatility 67.60 % 82.40 % 80.46 % Expected Life in Years 3.1 2.9 2.9 Expected Dividend Yield 0 % 0 % 0 % Contratual Term in Years 5.0 5.0 5.0 Weighted-Average Grant Date Fair Value $ 0.68 $ 0.77 $ 0.51 |
Schedule Of Share Transactions [Table Text Block] | A summary of the Company’s share transactions for Fiscal 2018, Fiscal 2017, and Fiscal 2016 are as follows: Common Value per Share Issuance Period / Description Shares Issued Low High Value Balance, July 31, 2015 97,834,087 Equity Financing 12,364,704 $ 0.85 $ 0.85 $ 9,984,517 Credit Facility 1,711,933 0.83 1.20 1,700,000 Asset Acquisition 1,333,560 0.92 0.92 1,226,875 Settlement of Liabilities 487,574 0.93 0.93 453,444 Consulting Services 1,429,650 0.72 1.38 1,372,381 Options Exercised 682,167 0.33 0.33 225,115 Shares Issued Under Stock Incentive Plan 826,782 0.73 1.08 726,244 Balance, July 31, 2016 116,670,457 Equity Financing 17,330,836 1.50 1.50 25,996,254 Credit Facility 738,503 1.49 1.49 1,100,000 Asset Acquisition 61,939 1.35 1.43 87,617 Advance Royalty Payment 46,800 1.04 1.04 48,672 Settlement of Liabilities 1,015,940 1.03 1.54 1,524,650 Consulting Services 865,386 0.86 1.64 1,107,937 Warrants Exercised 1,989,717 1.20 1.20 2,387,660 Options Exercised (1) 264,727 0.45 1.32 146,448 Shares Issued Under Stock Incentive Plan 830,819 0.88 1.61 946,252 Balance, July 31, 2017 139,815,124 Credit Facility 641,574 1.40 1.40 900,000 Reno Creek Acquisitions 14,852,450 1.30 1.37 20,332,617 North Reno Creek Acquisition 1,691,215 1.61 1.61 2,722,856 Reimbursable Expenses for Reno Creek Acquisition 353,160 1.37 1.37 483,829 Diabase Acquisition 164,767 1.41 1.41 232,321 Consulting Services 225,168 1.19 1.84 349,834 Advance Royalty Payment 46,134 1.34 1.34 61,820 Warrants Exercised 61,799 1.20 1.20 74,159 Options Exercised (2) 1,094,589 0.45 1.32 710,410 Settlement of Liabilities 565,499 1.33 1.72 845,824 Shares Issued Under Stock Incentive Plan 1,664,285 1.06 1.77 2,349,721 Balance, July 31, 2018 161,175,764 (1) 309,634 options were exercised on a forfeiture basis resulting in 162,227 net shares issued. (2) 580,624 options were exercised on a forfeiture basis resulting in 309,590 net shares issued. |
Schedule Of Share based Compensation Warrants Activity [Table Text Block] | A continuity schedule of outstanding share purchase warrants is as follows: Number of Weighted Average Warrants Exercise Price Balance, July 31, 2015 7,859,524 2.38 Issued 6,594,348 1.20 Expired (500,000 ) 1.00 Balance, July 31, 2016 13,953,872 1.65 Issued 9,571,929 2.00 Exercised (1,989,717 ) 1.20 Expired (1,859,524 ) 2.60 Balance, July 31, 2017 19,676,560 1.78 Issued 11,358,728 2.30 Exercised (61,799 ) 1.20 Expired (50,000 ) 1.95 Balance, July 31, 2018 30,923,489 $ 1.97 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | A summary of share purchase warrants outstanding and exercisable at July 31, 2018 are as follows: Weighted Weighted Average Average Number of Warrants Remaining Contractual Exercise Price Outstanding Expiry Date Life (Years) $ 1.20 4,542,832 March 10, 2019 0.61 1.35 2,600,000 January 30, 2020 1.50 1.64 50,000 May 21, 2023 4.80 2.00 9,571,929 January 20, 2020 1.47 2.30 11,308,728 August 9, 2022 4.02 2.35 2,850,000 September 24, 2018 0.15 $ 1.97 30,923,489 2.16 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | A continuity schedule of outstanding stock options at July 31, 2018, and the changes during the periods, is as follows: Number of Stock Weighted Average Options Exercise Price Balance, July 31, 2015 10,581,975 $ 1.38 Granted 3,033,000 1.02 Exercised (682,167 ) 0.33 Expired (1,950 ) 5.90 Forfeited (825,000 ) 1.48 Balance, July 31, 2016 12,105,858 1.34 Granted 672,500 1.11 Exercised (412,134 ) 0.56 Expired (100,724 ) 4.35 Forfeited (5,000 ) 0.93 Balance, July 31, 2017 12,260,500 $ 1.33 Granted 4,083,000 1.40 Exercised (1,365,625 ) 0.70 Forfeited (66,250 ) 1.24 Balance, July 31, 2018 14,911,625 $ 1.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | A continuity schedule of outstanding non-vested stock options at July 31, 2018, and the changes during the periods, is as follows: Number of Unvested Weighted Average Stock Options Grant-Date Fair Value Balance, July 31, 2015 3,820,000 $ 0.51 Granted 3,033,000 0.51 Vested (4,350,000 ) 0.51 Forfeited (180,000 ) 0.50 Balance, July 31, 2016 2,323,000 0.51 Granted 672,500 0.77 Vested (2,224,750 ) 0.56 Forfeited (5,000 ) 0.49 Balance, July 31, 2017 765,750 0.58 Granted 4,083,000 0.68 Vested (1,303,000 ) 0.65 Forfeited (66,250 ) 0.62 Balance, July 31, 2018 3,479,500 $ 0.68 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | A summary of stock options outstanding and exercisable at July 31, 2018 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at July 31, 2018 Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Exercisable at July 31, 2018 Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) $ 0.45 to $ 0.99 1,860,500 $ 0.93 2.87 1,860,500 $ 0.93 2.87 $ 1.00 to $ 1.65 11,778,625 1.33 2.47 8,299,125 1.28 1.57 $ 1.66 to $ 3.86 1,272,500 2.89 2.33 1,272,500 2.89 2.33 14,911,625 $ 1.41 2.51 11,432,125 $ 1.41 1.87 |
Schedule Of Stock based Compensation Expense [Table Text Block] | A summary of stock-based compensation expense for Fiscal 2018, Fiscal 2017, and Fiscal 2016 is as follows: Year Ended July 31, 2018 2017 2016 Stock-Based Compensation for Consultants Common stock issued for consulting services $ 740,640 $ 1,184,660 $ 1,630,635 Amortization of stock option expense 582,842 469,815 78,014 1,323,482 1,654,475 1,708,649 Stock-Based Compensation for Management Common stock issued to management 702,505 686,584 262,130 Amortization of stock option expense 284,556 473,811 735,991 987,061 1,160,395 998,121 Stock-Based Compensation for Employees Common stock issued to employees 773,899 584,837 205,860 Amortization of stock option expense 547,231 369,663 171,533 1,321,130 954,500 377,393 Settlement of share issuance obligation (127,615 ) - - $ 3,504,058 $ 3,769,370 $ 3,084,163 |
2017 Offering Warrant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The shares were valued at the Company’s closing price of $1.54 per share at January 20, 2017. The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions: Expected Risk Free Interest Rate 1.50 % Expected Annual Volatility 76.96 % Expected Contractual Life in Years 3.00 Expected Annual Dividend Yield 0.00 % |
Schedule of Stockholders Equity [Table Text Block] | The net proceeds from the January 2017 Offering were allocated to the fair values of the shares and share purchase warrants as presented below: Fair Value of Shares $ 26,689,487 Fair Value of Share Purchase Warrants 5,873,932 Total Fair Value Before Allocation to Net Proceeds $ 32,563,419 Gross Proceeds $ 25,996,254 Share Issuance Costs - Cash (1,550,843 ) Net Cash Proceeds Received $ 24,445,411 Relative Fair Value Allocation to: Shares $ 20,035,841 Share Purchase Warrants 4,409,570 $ 24,445,411 |
2016 Offering Warrant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The shares were valued at the Company’s closing price of $0.81 per share at March 10, 2016. The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions: Expected Risk Free Interest Rate 1.11 % Expected Annual Volatility 74.34 % Expected Contractual Life in Years 3.00 Expected Annual Dividend Yield 0.00 % |
Schedule of Stockholders Equity [Table Text Block] | The net proceeds from the March 2016 Offering were allocated to the fair value of the shares and share purchase warrants as presented below: Fair Value of Shares $ 10,015,410 Fair Value of Share Purchase Warrants 1,938,995 Total Fair Value Before Allocation to Net Proceeds $ 11,954,405 Gross Proceeds $ 10,510,000 Share Issuance Costs - Cash (525,483 ) Net Cash Proceeds Received $ 9,984,517 Relative Fair Value Allocation to: Shares $ 8,365,037 Share Purchase Warrants 1,619,480 $ 9,984,517 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles the weighted average number of shares used in the computation of basic and diluted loss per share for Fiscal 2018, Fiscal 2017, and Fiscal 2016: Year Ended July 31, 2018 2017 2016 Numerator Net Loss for the Year $ (17,826,634 ) $ (17,971,056 ) $ (17,329,872 ) Denominator Basic Weighted Average Number of Shares 157,123,025 128,244,751 106,086,782 Dilutive Stock Options and Warrants - - - Diluted Weighted Average Number of Shares 157,123,025 128,244,751 106,086,782 Net Loss per Share, Basic and Diluted $ (0.11 ) $ (0.14 ) $ (0.16 ) |
TAX REFORM AND INCOME TAXES (Ta
TAX REFORM AND INCOME TAXES (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of income tax computed at the federal and state statutory tax rates including the Company’s effective tax rate is as follows: Year Ended July 31, 2018 2017 2016 Federal income tax provision rate 26.87 % 35.00 % 35.00 % State income tax provision rate, net of federal income tax effect 0.59 % 0.43 % 0.35 % Total income tax provision rate 27.46 % 35.43 % 35.35 % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The actual income tax provisions differ from the expected amounts calculated by applying the combined federal and state corporate income tax rates to our loss before income taxes. The components of these differences are as follows: Year Ended July 31, 2018 2017 2016 Loss before income taxes $ (18,534,145 ) $ (18,005,411 ) $ (17,362,111 ) Corporate tax rate 27.46 % 35.43 % 35.35 % Expected tax recovery (5,089,476 ) (6,379,317 ) (6,137,506 ) Increase (decrease) resulting from Foreign tax rate differences 167,162 185,700 230,148 Permanent differences 434,863 446,377 806,736 Prior year true-up (141,814 ) (1,028,592 ) (753,150 ) Property acquisition - (491,798 ) - Foreign exchange rate differences (41,014 ) (3,248 ) 129,015 Other 35,706 81,660 59,705 Recognition of deferred tax assets 430,121 - - Change in valuation allowance 4,156,768 7,149,654 5,627,606 Tax adjustment from operations (47,684 ) (39,564 ) (37,446 ) Re-measurement of deferred tax liability at 21% (232,843 ) - - Recognition of deferred tax assets to offset deferred tax liability (430,121 ) - - Unrealized loss, other comprehensive loss 3,137 5,209 5,207 Deferred tax benefits $ (707,511 ) $ (34,355 ) $ (32,239 ) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income (loss) from operations before income taxes, by tax jurisdiction, are as follows: Year Ended July 31, 2018 2017 2016 United States $ (17,709,866 ) $ (17,303,682 ) $ (16,488,447 ) Canada 145,267 45,316 54,216 Paraguay (969,546 ) (747,045 ) (927,880 ) $ (18,534,145 ) $ (18,005,411 ) $ (17,362,111 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The Company’s deferred tax assets (liabilities) are as follows: July 31, 2018 July 31, 2017 Deferred tax assets (liabilities) Mineral properties $ 1,587,220 $ 2,533,819 Exploration costs 6,556,355 10,950,241 Stock option expense 4,266,067 7,031,732 Depreciable property (255,544 ) (367,164 ) Inventories (3,894,552 ) (5,471,486 ) Asset retirement obligations (28,925 ) (130,740 ) Other 57,060 179,518 Loss carry forward 42,075,593 57,989,069 50,363,274 72,714,989 Valuation allowance (50,366,411 ) (72,720,198 ) Deferred tax assets (3,137 ) (5,209 ) Deferred tax assets, other comprehensive loss 3,137 5,209 Deferred tax liabilities Mineral properties (564,923 ) (609,470 ) Net deferred tax liabilities $ (564,923 ) $ (609,470 ) |
UNITED STATES | |
Summary of Operating Loss Carryforwards [Table Text Block] | The Company’s U.S. net operating loss carry-forwards expire as follows: July 31, 2023 $ 180,892 July 31, 2024 228,757 July 31, 2025 507,833 July 31, 2026 5,895,221 July 31, 2027 3,892,722 July 31, 2028 9,913,533 July 31, 2029 8,469,032 July 31, 2030 7,853,521 July 31, 2031 14,954,064 July 31, 2032 15,547,890 July 31, 2033 16,865,884 July 31, 2034 22,139,423 July 31, 2035 19,891,560 July 31, 2036 19,024,525 July 31, 2037 20,396,629 July 31, 2038 690,637 $ 166,452,123 |
CANADA | |
Summary of Operating Loss Carryforwards [Table Text Block] | The Company’s Canadian net operating loss carry-forwards in Canadian dollars expire as follows: July 31, 2027 $ 183,105 July 31, 2028 629,788 July 31, 2029 769,072 July 31, 2030 764,230 July 31, 2031 2,205,364 July 31, 2032 761,843 July 31, 2033 69,854 July 31, 2034 61,769 July 31, 2035 41,173 July 31, 2036 9,917 $ 5,496,115 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The table below provides a breakdown of the Company’s long-term assets by geographic segment: July 31, 2018 United States Balance Sheet Items Texas Arizona Wyoming Other States Canada Paraguay Total Mineral Rights and Properties $ 12,729,697 $ 11,069,018 $ 31,527,870 $ 735,468 $ 546,938 $ 14,513,585 $ 71,122,576 Property, Plant and Equipment 6,362,608 - 357,392 - 25,889 355,663 7,101,552 Reclamation Deposits 1,700,926 15,000 73,973 - - - 1,789,899 Equity-Accounted Investment - - - - 693,502 - 693,502 Other Long-Term Assets 416,519 - 146,533 - - - 563,052 Total Long-Term Assets $ 21,209,750 $ 11,084,018 $ 32,105,768 $ 735,468 $ 1,266,329 $ 14,869,248 $ 81,270,581 July 31, 2017 United States Balance Sheet Items Texas Arizona Wyoming Other States Canada Paraguay Total Mineral Rights and Properties $ 12,780,728 $ 10,932,199 $ - $ 705,464 $ - $ 14,513,585 $ 38,931,976 Property, Plant and Equipment 6,414,329 - - - 11,185 365,668 6,791,182 Reclamation Deposits 1,690,209 15,000 819 - - - 1,706,028 Equity-Accounted Investment - - - - 151,676 - 151,676 Other Long-Term Assets 422,769 - 582,206 - - - 1,004,975 Total Long-Term Assets $ 21,308,035 $ 10,947,199 $ 583,025 $ 705,464 $ 162,861 $ 14,879,253 $ 48,585,837 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | The table below provides a breakdown of our operating results by geographic segment. All intercompany transactions have been eliminated. Year ended July 31, 2018 United States Statement of Operations Texas Arizona Wyoming Other States Canada Paraguay Total Costs and Expenses: Mineral property expenditures $ 2,381,993 $ 100,296 $ 1,282,164 $ 67,550 $ - $ 720,148 $ 4,552,151 General and administrative 7,055,370 13,877 581,277 10,931 3,467,934 277,817 11,407,206 Depreciation, amortization and accretion 325,567 - 12,847 996 11,599 3,615 354,624 Impairment loss on mineral properties - - - - - - - Inventory write-down - - - - - - - 9,762,930 114,173 1,876,288 79,477 3,479,533 1,001,580 16,313,981 Loss from operations (9,762,930 ) (114,173 ) (1,876,288 ) (79,477 ) (3,479,533 ) (1,001,580 ) (16,313,981 ) Other income (expenses) (2,630,691 ) (18,914 ) 1,541 - 423,657 4,243 (2,220,164 ) Loss before income taxes $ (12,393,621 ) $ (133,087 ) $ (1,874,747 ) $ (79,477 ) $ (3,055,876 ) $ (997,337 ) $ (18,534,145 ) Year ended July 31, 2017 United States Statement of Operations Texas Arizona Wyoming Other States Canada Paraguay Total Costs and Expenses: Mineral property expenditures $ 2,450,834 $ 101,628 $ - $ 70,588 $ - $ 1,497,338 $ 4,120,388 General and administrative 7,053,270 33,761 - 3,933 3,063,839 86,878 10,241,681 Depreciation, amortization and accretion 487,288 - - 996 8,088 1,356 497,728 Impairment loss on mineral properties 185,942 8,334 - 103,666 - - 297,942 Inventory write-down 60,694 - - - - - 60,694 10,238,028 143,723 - 179,183 3,071,927 1,585,572 15,218,433 Loss from operations (10,238,028 ) (143,723 ) - (179,183 ) (3,071,927 ) (1,585,572 ) (15,218,433 ) Other income (expenses) (2,772,617 ) (18,914 ) - - 636 3,917 (2,786,978 ) Loss before income taxes $ (13,010,645 ) $ (162,637 ) $ - $ (179,183 ) $ (3,071,291 ) $ (1,581,655 ) $ (18,005,411 ) Year ended July 31, 2016 United States Statement of Operations Texas Arizona Wyoming Other States Canada Paraguay Total Costs and Expenses: Mineral property expenditures $ 2,733,007 $ 236,717 $ - $ 133,518 $ - $ 957,917 $ 4,061,159 General and administrative 6,447,801 205,591 - 2,724 2,636,514 5,116 9,297,746 Depreciation, amortization and accretion 857,966 - - 2,821 8,142 6,795 875,724 Impairment loss on mineral properties - - - 97,114 - - 97,114 Inventory write-down - - - - - - - 10,038,774 442,308 - 236,177 2,644,656 969,828 14,331,743 Loss from operations (10,038,774 ) (442,308 ) - (236,177 ) (2,644,656 ) (969,828 ) (14,331,743 ) Other income (expenses) (3,012,281 ) (18,965 ) - - 850 28 (3,030,368 ) Loss before income taxes $ (13,051,055 ) $ (461,273 ) $ - $ (236,177 ) $ (2,643,806 ) $ (969,800 ) $ (17,362,111 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The aggregate minimum payments over the next five years are as follows: Fiscal 2019 $ 235,400 Fiscal 2020 204,890 Fiscal 2021 178,911 Fiscal 2022 - Fiscal 2023 - $ 619,201 |
NATURE OF OPERATIONS (Details T
NATURE OF OPERATIONS (Details Textual) - USD ($) | Oct. 03, 2018 | Jan. 20, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Entity Incorporation, Date of Incorporation | May 16, 2003 | |||||
Working Capital | $ 4,000,000 | |||||
Cash and Cash Equivalents, at Carrying Value | 6,926,523 | $ 12,575,973 | $ 7,142,571 | $ 10,092,408 | ||
Long-term Debt, Current Maturities | $ 10,000,000 | 0 | ||||
Stock Issued During Period, Value, New Issues | $ 19,421,351 | $ 8,365,037 | ||||
Equity Financing [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 17,330,836 | |||||
Shares Issued, Price Per Share | $ 1.50 | |||||
Stock Issued During Period, Value, New Issues | $ 25,996,254 | |||||
Subsequent Event [Member] | Equity Financing [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 12,613,049 | |||||
Shares Issued, Price Per Share | $ 1.60 | |||||
Stock Issued During Period, Value, New Issues | $ 20,200,000 | |||||
Proceeds from Stock Options and Warrants Exercised | $ 2,600,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended |
Jul. 31, 2018 | |
Computer Equipment [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | Term of lease |
Building [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Hobson processing facility [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 17 years |
Mining and logging equipment and vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Mining and logging equipment and vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
PREPAID EXPENSES AND DEPOSITS_2
PREPAID EXPENSES AND DEPOSITS (Details) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid Property Renewal Fees | $ 566,977 | $ 189,845 |
Prepaid Insurance | 210,155 | 91,073 |
Prepaid Listing and Subscriptions | 48,435 | 60,289 |
Prepaid License Fees | 17,039 | 16,389 |
Prepaid Surety Bond Premium | 39,192 | 38,952 |
Deposits and Expense Advances | 87,630 | 86,439 |
Other Prepaid Expenses | 53,755 | 203,005 |
Prepaid Expense and Other Assets, Current | $ 1,023,183 | $ 685,992 |
ACQUISITON OF RENO CREEK PROJ_3
ACQUISITON OF RENO CREEK PROJECT AND NORTH RENO CREEK PROJECT (Details) - USD ($) | Aug. 09, 2017 | Jul. 31, 2016 | Jul. 31, 2018 | Jul. 31, 2017 |
Consideration paid | ||||
14,634,748 UEC common shares at $1.37 per share | $ 1,226,875 | |||
Assets acquired and liabilities assumed | ||||
Reclamation deposits | $ 1,789,899 | $ 1,706,028 | ||
Asset retirement obligations | $ (4,020,282) | $ (3,729,902) | ||
Reno Creek Project [Member] | ||||
Consideration paid | ||||
14,634,748 UEC common shares at $1.37 per share | $ 20,049,605 | |||
11,308,728 UEC share purchase warrants at $0.45 per warrant | 5,088,928 | |||
Cash payment | 909,930 | |||
Transaction costs | 779,509 | |||
Consideration paid, Net | 26,827,972 | |||
Assets acquired and liabilities assumed | ||||
Cash and cash equivalents | 1,247,170 | |||
Prepaid expenses | 319,874 | |||
Reclamation deposits | 73,973 | |||
Land & buildings | 370,085 | |||
Mineral rights & properties | 25,553,807 | |||
Asset retirement obligations | (73,973) | |||
Deferred tax liabilities | (662,964) | |||
Assets acquired and liabilities assumed, Net | $ 26,827,972 |
ACQUISITON OF RENO CREEK PROJ_4
ACQUISITON OF RENO CREEK PROJECT AND NORTH RENO CREEK PROJECT (Details) (Parenthetical) - Reno Creek Project [Member] - $ / shares | Aug. 09, 2017 | Jul. 31, 2018 |
Asset Acquisition [Line Items] | ||
Asset Acquisition Share Price | $ 1.37 | |
Asset Acquisition, Number of Warrants Issued | 14,634,748 | |
Asset Acquisition, Warrants Price | $ 0.45 | |
Stock Issued During Period, Shares, Acquisitions | 14,392,927 | 11,308,728 |
ACQUISITON OF RENO CREEK PROJ_5
ACQUISITON OF RENO CREEK PROJECT AND NORTH RENO CREEK PROJECT (Details Textual) | May 01, 2018USD ($)shares | Aug. 09, 2017USD ($)ashares | Jul. 31, 2018USD ($)shares | Jul. 31, 2016USD ($)shares | Jul. 31, 2017USD ($) |
Asset Acquisition [Line Items] | |||||
Approved Distribution Amount | $ 1,743,666 | ||||
Payment To Acquire Assets | $ 909,930 | $ 2,940,000 | $ 50,000 | ||
Asset Acquisition, Equity Interest Issued or Issuable, Additional Number of Shares | shares | 241,821 | ||||
Warrants Issuance Terms | 11,308,728 warrants (each a “Warrant”), with each Warrant entitling the holder to acquire one share of the Company at an exercise price of $2.30 per share for a period of five years from the date of issuance. The Warrants have an accelerator clause which provides that, in the event that the closing price of the shares of the Company on its principally traded exchange is equal to or greater than $4.00 per share for a period of 20 consecutive trading days, we may accelerate the expiry date of the Warrants to within 30 days by providing written notice to the holders; | ||||
Reimbursable Expenses | 483,829 | ||||
Interest Royalty Percentage On Net Profit | 0.50% | ||||
Capped Royalty Amount | $ 2,500,000 | ||||
Shares Issued During Period Value For Asset Acquisition Transaction Cost | $ 283,013 | ||||
Shares Issued During Period Shares For Asset Acquisition Transaction Cost | shares | 217,702 | ||||
Mineral Properties, Gross | $ 74,997,692 | $ 42,755,064 | |||
Minimum [Member] | |||||
Asset Acquisition [Line Items] | |||||
Lease Expiration Period | 5 years | ||||
Maximum [Member] | |||||
Asset Acquisition [Line Items] | |||||
Lease Expiration Period | 20 years | ||||
Common Stock [Member] | |||||
Asset Acquisition [Line Items] | |||||
Stock Issued During Period, Shares, Acquisitions | shares | 1,333,560 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares | 353,160 | ||||
Reno Creek Project [Member] | |||||
Asset Acquisition [Line Items] | |||||
Payment To Acquire Assets | $ 909,930 | ||||
Stock Issued During Period, Shares, Acquisitions | shares | 14,392,927 | 11,308,728 | |||
General Insurance Expense | $ 340,000 | ||||
Reimbursable Expenses | $ 483,829 | ||||
Asset Acquisition Ownership Percentage | 100.00% | ||||
Asset Acquisition Related Costs | $ 779,509 | ||||
Shares Issued During Period Value For Asset Acquisition Transaction Cost | $ 283,013 | ||||
Shares Issued During Period Shares For Asset Acquisition Transaction Cost | shares | 217,702 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares | 353,160 | ||||
Area of Land | a | 21,465 | ||||
Mineral Properties, Gross | $ 31,527,870 | ||||
Reno Creek Project [Member] | Common Stock [Member] | |||||
Asset Acquisition [Line Items] | |||||
Stock Issued During Period, Shares, Acquisitions | shares | 14,634,748 | ||||
Pacific Road Funds [Member] | |||||
Asset Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 97.27% | ||||
Bayswater Holdings Inc [Member] | |||||
Asset Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 2.73% | ||||
Uranerz Energy Corporation [Member] | |||||
Asset Acquisition [Line Items] | |||||
Payment To Acquire Assets | $ 2,940,000 | ||||
Asset Acquisition Ownership Percentage | 100.00% | ||||
Asset Acquisition Related Costs | $ 416,958 | ||||
Asset Acquisition, Consideration Transferred | $ 5,974,063 | ||||
Asset Acquisition Equity Interest Issued Or Issuable Number Of Shares | shares | 1,625,531 | ||||
Asset Acquisition Consideration Transferred Equity Interests Issued | $ 2,617,105 |
MINERAL RIGHTS AND PROPERTIES_2
MINERAL RIGHTS AND PROPERTIES (Details) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | $ 74,997,692 | $ 42,755,064 |
Accumulated Depletion | (3,929,884) | (3,929,884) |
Mineral Rights and Properties, Net Of Accumulated Depletion | 71,067,808 | 38,825,180 |
Accumulated Amortization | 4,846 | 17,842 |
Mineral Rights and Properties | 71,122,576 | 38,931,976 |
Databases [Member] | ||
Mineral Rights and Properties | ||
Finite-Lived Intangible Assets, Gross | 2,410,038 | 2,410,038 |
Accumulated Amortization | (2,405,192) | (2,392,196) |
Land Use Agreements [Member] | ||
Mineral Rights and Properties | ||
Finite-Lived Intangible Assets, Gross | 404,310 | 404,310 |
Accumulated Amortization | (354,388) | (315,356) |
Finite-Lived Intangible Assets, Total | 49,922 | 88,954 |
Palangana Mine [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 6,285,898 | 6,285,898 |
Goliad Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 8,689,127 | 8,689,127 |
Burke Hollow Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 1,495,750 | 1,495,750 |
Longhorn Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 116,870 | 116,870 |
Salvo Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 14,905 | 14,905 |
Anderson Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 9,154,268 | 9,154,268 |
Workman Creek Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 1,657,500 | 1,520,680 |
Los Cuatros Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 257,250 | 257,250 |
Slick Rock Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 646,650 | 615,650 |
Reno Creek Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 31,527,870 | 0 |
Diabase Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 546,938 | 0 |
Yuty Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 11,947,144 | 11,947,144 |
Oviedo Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 1,133,412 | 1,133,412 |
Alto Parana Titanium Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 1,433,030 | 1,433,030 |
Other Property Acquisitions [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | $ 91,080 | $ 91,080 |
MINERAL RIGHTS AND PROPERTIES_3
MINERAL RIGHTS AND PROPERTIES (Details 1) | Jul. 31, 2018USD ($) |
Fiscal 2,019 | $ 39,376 |
Fiscal 2,020 | 11,350 |
Fiscal 2,021 | 1,542 |
Fiscal 2,022 | 1,500 |
Fiscal 2,023 | 290,632 |
Total | $ 344,400 |
MINERAL RIGHTS AND PROPERTIES_4
MINERAL RIGHTS AND PROPERTIES (Details 2) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Mineral Property Expenditures | $ 4,552,151 | $ 4,120,388 | $ 4,061,159 |
Revaluation Of Asset Retirement Obligations | 0 | (187,255) | (308,398) |
Palangana Mine [Member] | |||
Mineral Property Expenditures | 1,047,635 | 880,633 | 1,273,002 |
Goliad Project [Member] | |||
Mineral Property Expenditures | 105,264 | 114,286 | 92,588 |
Burke Hollow Project [Member] | |||
Mineral Property Expenditures | 675,605 | 1,020,965 | 1,034,888 |
Longhorn Project [Member] | |||
Mineral Property Expenditures | 14,401 | 32,796 | 10,149 |
Salvo Project [Member] | |||
Mineral Property Expenditures | 36,056 | 37,551 | 34,289 |
Anderson Project [Member] | |||
Mineral Property Expenditures | 68,167 | 68,303 | 178,212 |
Workman Creek Project [Member] | |||
Mineral Property Expenditures | 31,300 | 31,265 | 32,820 |
Slick Rock Project [Member] | |||
Mineral Property Expenditures | 52,218 | 44,231 | 53,861 |
Reno Creek Project [Member] | |||
Mineral Property Expenditures | 1,278,959 | 0 | 0 |
Yuty Project [Member] | |||
Mineral Property Expenditures | 425,298 | 365,517 | 388,840 |
Oviedo Project [Member] | |||
Mineral Property Expenditures | 119,082 | 331,798 | 569,077 |
Alto Parana Titanium Project [Member] | |||
Mineral Property Expenditures | 175,768 | 800,023 | 0 |
Other Mineral Property Expenditures [Member] | |||
Mineral Property Expenditures | $ 522,398 | $ 580,275 | $ 701,831 |
MINERAL RIGHTS AND PROPERTIES_5
MINERAL RIGHTS AND PROPERTIES (Details 3) | 12 Months Ended |
Jul. 31, 2018USD ($) | |
Business Combination, Consideration Transferred [Abstract] | |
Business Combination, Consideration Transferred | $ 1,636,314 |
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | 1,636,314 |
Prepaid expenses [Member] | Alto Parana Titanium Project Paraguay [Member] | |
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | 18,727 |
Due from JDL [Member] | Alto Parana Titanium Project Paraguay [Member] | |
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | 279,489 |
Mineral rights & properties [Member] | Alto Parana Titanium Project Paraguay [Member] | |
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | 1,433,030 |
Accounts payable & accrued liabilities [Member] | Alto Parana Titanium Project Paraguay [Member] | |
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | (26,954) |
Asset retirement obligation [Member] | Alto Parana Titanium Project Paraguay [Member] | |
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | (102,950) |
Consideration previously transferred [Member] | Alto Parana Titanium Project Paraguay [Member] | |
Business Combination, Consideration Transferred [Abstract] | |
Business Combination, Consideration Transferred | 1,303,388 |
CIC Option exercise payment [Member] | Alto Parana Titanium Project Paraguay [Member] | |
Business Combination, Consideration Transferred [Abstract] | |
Business Combination, Consideration Transferred | 275,000 |
Transaction costs [Member] | Alto Parana Titanium Project Paraguay [Member] | |
Business Combination, Consideration Transferred [Abstract] | |
Business Combination, Consideration Transferred | 57,926 |
Cash [Member] | Alto Parana Titanium Project Paraguay [Member] | |
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | $ 34,972 |
MINERAL RIGHTS AND PROPERTIES_6
MINERAL RIGHTS AND PROPERTIES (Details Textual) | Jul. 07, 2017USD ($)ashares | Jul. 31, 2018USD ($)ashares | Jul. 31, 2017USD ($)shares | Jul. 31, 2016USD ($) | Mar. 04, 2016 |
Exploration Abandonment and Impairment Expense | $ 0 | $ 297,942 | $ 97,114 | ||
Stock Issued During Period, Value, Acquisitions | 1,226,875 | ||||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ (49,002) | 0 | (49,002) | (46,968) | |
Revaluation of asset retirement obligations | 0 | 187,255 | 308,398 | ||
Mineral Properties, Gross | 74,997,692 | 42,755,064 | |||
Mineral Properties, Accumulated Depletion | 3,929,884 | $ 3,929,884 | |||
Alto Parana Project [Member] | |||||
Area of Land | a | 174,200 | ||||
Stock Issued During Period, Shares, Acquisitions | shares | 664,879 | ||||
Stock Issued During Period, Value, Acquisitions | $ 1,070,455 | ||||
Asset Acquisition Amount Payable Upon Exercise Options | $ 1,021,453 | ||||
Asset Acquisition Ownership Percentage | 100.00% | ||||
Alto Parana Project [Member] | Maximum [Member] | |||||
Asset Acquisition Amount Payable Upon Exercise Options | $ 275,000 | ||||
Mining Properties and Mineral Rights [Member] | |||||
Annual Property Maintenance Fees | $ 2,011,000 | ||||
Workman Creek Project [Member] | |||||
Area of Land | a | 4,036 | ||||
Stock Issued During Period Shares For Mineral Properties | shares | 46,134 | 46,800 | |||
Stock Issued During Period Value For Mineral Properties | $ 61,820 | $ 48,672 | |||
Interest On Property Plant And Equipment | 100.00% | ||||
Mineral Properties, Gross | $ 1,657,500 | 1,520,680 | |||
Lease terms Description | The Workman Creek Project is subject to a 3.0% net smelter royalty requiring an annual advance royalty payment of $50,000 for 2016 and 2017, and $100,000 thereafter. We have an exclusive right and option to acquire one-half (1.5%) of the net smelter royalty for $1,000,000 at any time until January 21, 2024. | ||||
Payments for Advance Royalties | $ 75,000 | ||||
Diabase Project [Member] | |||||
Area of Land | a | 54,236 | ||||
Stock Issued During Period, Shares, Acquisitions | shares | 164,767 | ||||
Assets Acquisition Percentage Of Voting Interests Acquired | 100.00% | ||||
Asset Acquisition, Consideration Transferred | $ 546,938 | ||||
Cash Consideration Paid In Asset Acquisition | 239,120 | ||||
Asset Acquisition, Transaction Costs | $ 75,497 | ||||
Percentage of Royalty Interests Acquired by URC | 100.00% | ||||
Asset Acquisition, URC To Acquire Royalty Option | $ 125,000 | ||||
Stock Issued During Period, Value, Acquisitions | 232,321 | ||||
Mineral Properties, Gross | 546,938 | 0 | |||
Diabase Project [Member] | After Closing Date [Member] | |||||
Asset Acquisition, URC To Acquire Royalty Option | $ 1,750,000 | ||||
Alto Parana Titanium Project Paraguay [Member] | |||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||
Property Maintenance Costs | $ 746,453 | ||||
Royalty Agreement Percentage Of Net Smelter Return | 1.50% | ||||
Percentage Of Royalty Interest Acquired | 0.50% | ||||
Payments to Acquire Royalty Interests in Mining Properties | $ 500,000 | ||||
Palangana Mine [Member] | |||||
Area of Land | a | 6,987 | ||||
Revaluation of asset retirement obligations | 187,255 | $ 308,398 | |||
Mineral Properties, Gross | $ 6,285,898 | 6,285,898 | |||
Mineral Properties, Accumulated Depletion | 3,929,884 | 3,929,884 | |||
Mineral Rights Net Of Accumulated Depletion | $ 2,356,014 | 2,356,014 | |||
Goliad Project [Member] | |||||
Area of Land | a | 1,139 | ||||
Mineral Properties, Gross | $ 8,689,127 | 8,689,127 | |||
Burke Hollow Project [Member] | |||||
Area of Land | a | 19,335 | ||||
Mineral Properties, Gross | $ 1,495,750 | 1,495,750 | |||
Longhorn Project [Member] | |||||
Area of Land | a | 651 | ||||
Mineral Properties, Gross | $ 116,870 | 116,870 | |||
Salvo Project [Member] | |||||
Area of Land | a | 1,514 | ||||
Mineral Properties, Gross | $ 14,905 | 14,905 | |||
Anderson Project [Member] | |||||
Area of Land | a | 8,268 | ||||
Interest On Property Plant And Equipment | 100.00% | ||||
Mineral Properties, Gross | $ 9,154,268 | 9,154,268 | |||
Los Cuatros Project [Member] | |||||
Area of Land | a | 640 | ||||
Interest On Property Plant And Equipment | 100.00% | ||||
Mineral Properties, Gross | $ 257,250 | 257,250 | |||
Slick Rock Project [Member] | |||||
Area of Land | a | 5,333 | ||||
Interest On Property Plant And Equipment | 100.00% | ||||
Mineral Properties, Gross | $ 646,650 | 615,650 | |||
Lease terms Description | Certain claims of the Slick Rock Project are subject to a 1.0% or 3.0% net smelter royalty, the latter requiring an annual advance royalty payment of beginning in November 2017. | ||||
Payments for Advance Royalties | $ 31,000 | ||||
Oviedo Project [Member] | |||||
Area of Land | a | 464,548 | ||||
Mineral Properties, Gross | $ 1,133,412 | 1,133,412 | |||
Lease terms Description | The Oviedo Project is subject to a 1.5% gross overriding royalty over which we have an exclusive right and option at any time to acquire one-half percent (0.5%) for $166,667 and a right of first refusal to acquire all or any portion of the remaining one percent (1.0%). At July 31, 2018, | ||||
Yuty Project [Member] | |||||
Area of Land | a | 289,680 | ||||
Mineral Properties, Gross | $ 11,947,144 | $ 11,947,144 | |||
Overriding Royalty Per Pound | 0.21 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 12,897,160 | $ 12,502,712 |
Accumulated Depreciation | (5,795,608) | (5,711,530) |
Net Book Value | 7,101,552 | 6,791,182 |
Hobson Processing Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 6,819,088 | 6,819,088 |
Accumulated Depreciation | (773,933) | (773,933) |
Net Book Value | 6,045,155 | 6,045,155 |
Mining Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,438,681 | 2,438,681 |
Accumulated Depreciation | (2,412,277) | (2,378,737) |
Net Book Value | 26,404 | 59,944 |
Logging Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,971,742 | 1,971,742 |
Accumulated Depreciation | (1,850,306) | (1,825,389) |
Net Book Value | 121,436 | 146,353 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 607,342 | 582,980 |
Accumulated Depreciation | (577,584) | (565,223) |
Net Book Value | 29,758 | 17,757 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 170,701 | 170,701 |
Accumulated Depreciation | (168,814) | (168,248) |
Net Book Value | 1,887 | 2,453 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 889,606 | 519,520 |
Accumulated Depreciation | (12,694) | 0 |
Net Book Value | $ 876,912 | $ 519,520 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details Textual) - Building [Member] | 12 Months Ended |
Jul. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |
Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment | $ 297,518 |
Property, Plant and Equipment, Useful Life | 20 years |
RECLAMATION DEPOSITS (Details)
RECLAMATION DEPOSITS (Details) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Deposits Assets, Noncurrent | $ 1,789,899 | $ 1,706,028 |
Palangana Mine [Member] | ||
Deposits Assets, Noncurrent | 1,102,981 | 1,102,981 |
Hobson Processing Facility [Member] | ||
Deposits Assets, Noncurrent | 587,228 | 587,228 |
Reno Creek Project [Member] | ||
Deposits Assets, Noncurrent | 73,973 | 0 |
Arizona [Member] | ||
Deposits Assets, Noncurrent | 15,000 | 15,000 |
Other Project [Member] | ||
Deposits Assets, Noncurrent | $ 10,717 | $ 819 |
EQUITY-ACCOUNTED INVESTMENT (De
EQUITY-ACCOUNTED INVESTMENT (Details) | 12 Months Ended |
Jul. 31, 2018USD ($) | |
Balance, July 31, 2017 | $ 151,676 |
Share of gain from URC | 29,001 |
Gain on ownership interest dilution | 394,656 |
Share of other comprehensive income from URC | 118,169 |
Balance, July 31, 2018 | $ 693,502 |
EQUITY-ACCOUNTED INVESTMENT (_2
EQUITY-ACCOUNTED INVESTMENT (Details Textual) - USD ($) | Oct. 28, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 |
Payments to Acquire Equity Method Investments | $ 0 | $ 151,676 | $ 0 | |
Income (Loss) from Equity Method Investments | $ 423,657 | 0 | $ 0 | |
Royalty Purchase Agreement [Member] | ||||
Royalties Percentage | 1.00% | |||
Number Of Shares to be Acquired through Sell of Royalties | 12,000,000 | |||
Uranium Royalty Corp [Member] | ||||
Payments to Acquire Equity Method Investments | $ 151,676 | |||
Number Of Shares Acquired | 2,000,000 | |||
Equity Method Investment, Ownership Percentage | 11.30% | 22.20% | ||
Income (Loss) from Equity Method Investments | $ 394,656 | |||
Officers [Member] | ||||
Equity Method Investment, Ownership Percentage | 9.00% | 13.30% |
DUE TO RELATED PARTIES AND RE_2
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Related Party Transaction [Line Items] | |||
General and Administrative Expense | $ 11,407,206 | $ 10,241,681 | $ 9,297,746 |
Due to Related Parties, Current | 807 | 768 | |
Stock Issued During Period, Value, For Settlement of Current Liabilities | $ 845,824 | 1,524,650 | 453,444 |
Due to Related Parties | $ 768 | ||
Common Shares [Member] | |||
Related Party Transaction [Line Items] | |||
Stock Issued During Period, Shares, For Settlement of Current Liabilities | 104,706 | 148,368 | |
Stock Issued During Period, Value, For Settlement of Current Liabilities | $ 141,678 | $ 170,060 | |
Director [Member] | |||
Related Party Transaction [Line Items] | |||
General and Administrative Expense | $ 148,081 | $ 174,299 | $ 164,566 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) | 12 Months Ended |
Jul. 31, 2018 | |
Measurement Input (in percentage) | 71.10 |
Measurement Input, Expected Term [Member] | |
Expected Life in Years | 3 years 11 months 23 days |
Measurement Input, Risk Free Interest Rate [Member] | |
Measurement Input (in percentage) | 1 |
Measurement Input, Expected Dividend Rate [Member] | |
Measurement Input (in percentage) | 0 |
LONG-TERM DEBT (Details 1)
LONG-TERM DEBT (Details 1) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Debt Instrument [Line Items] | ||
Principal amount | $ 20,000,000 | $ 20,000,000 |
Unamortized discount | (465,026) | (745,165) |
Long-term debt, net of unamortized discount | 19,534,974 | 19,254,835 |
Current portion | (10,000,000) | 0 |
Long-term debt, net of current portion | $ 9,534,974 | $ 19,254,835 |
LONG-TERM DEBT (Details 2)
LONG-TERM DEBT (Details 2) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Fiscal 2,019 | $ 10,000,000 | |
Fiscal 2,020 | 10,000,000 | |
Total | $ 20,000,000 | $ 20,000,000 |
LONG-TERM DEBT (Details Textual
LONG-TERM DEBT (Details Textual) - USD ($) | Mar. 13, 2014 | Feb. 01, 2019 | Feb. 01, 2018 | Feb. 01, 2017 | Jul. 30, 2013 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jan. 31, 2018 | Mar. 10, 2016 | Feb. 09, 2016 | Jul. 31, 2015 |
Debt Instrument [Line Items] | ||||||||||||
Amortization of Debt Discount (Premium) | $ 1,180,139 | $ 1,156,657 | $ 1,245,615 | |||||||||
Long-term Debt, Gross | $ 20,000,000 | $ 20,000,000 | ||||||||||
Proceeds from Lines of Credit | $ 10,000,000 | $ 10,000,000 | ||||||||||
Stock Purchase Warrants Extension Terms | one and a half years from July 30, 2018 to January 30, 2020, subject to accelerated exercise whereby, upon notification by the Company, the warrant holders will have 30 days to exercise their warrants should the ten trading-day volume-weighted average price of the Company’s shares equal or exceed $2.70; | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,600,000 | 411,997 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.97 | $ 1.78 | $ 1.65 | $ 1.20 | $ 2.38 | |||||||
Second Extension Fees Percentage | 4.00% | |||||||||||
Stock Issued Value Issued For Second Extension Fees | $ 800,000 | |||||||||||
Stock Issued Shares Issued For Second Extension Fees | 959,613 | |||||||||||
Percentage Of Discount On Volume Weighted Average Price | 10.00% | |||||||||||
Rate Of Second Extension Anniversary Fee Payable In Next Twelve Months | 5.50% | |||||||||||
Rate Of Second Extension Anniversary Fee Payable In Second Year | 4.50% | |||||||||||
Working Capital Ratio | 1:1 | |||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 5,088,928 | |||||||||||
Long-term Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 104,915 | |||||||||||
Second Amended and Restated Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 20,000,000 | $ 20,000,000 | ||||||||||
Anniversary Fees Rate | 5.50% | 4.50% | ||||||||||
Stock Issued For Credit Facility Shares | 641,574 | 738,503 | ||||||||||
Stock Issued For Credit Facility Value | $ 900,000 | $ 1,100,000 | ||||||||||
Scenario, Forecast [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Rate Of Second Extension Anniversary Fee Payable in Third Year | 4.50% | |||||||||||
Before Amendment [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.50 | $ 2.50 | ||||||||||
Stock Purchase Warrants Extended Expiration Date | Jul. 30, 2018 | |||||||||||
After Amendment [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.35 | $ 1.35 | ||||||||||
Stock Purchase Warrants Expiration Date | Jan. 30, 2020 | |||||||||||
Restated Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument Amended Terms | maturity date from July 31, 2017 to January 1, 2020; | |||||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | |||||||||||
Non-Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Interest Rate During Period | 8.00% | |||||||||||
Secured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 20,000,000 | $ 20,000,000 | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 14.28% | |||||||||||
Anniversary Fees Payable In Next Twelve Month | $ 1,100,000 | |||||||||||
Anniversary Fees Payable In Second Year | $ 900,000 | |||||||||||
Secured Debt [Member] | Scenario, Forecast [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Anniversary Fees Payable In Third Year | $ 900,000 |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details) | 12 Months Ended |
Jul. 31, 2018USD ($) | |
Schedule of Change in Asset Retirement Obligations | |
Balance, July 31, 2017 | $ 3,729,902 |
Accretion | 216,407 |
Assumed from Reno Creek Acquisition | 73,973 |
Balance, July 31, 2018 | $ 4,020,282 |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS (Details 1) - USD ($) | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Assumptions Used For ARO Estimates [Line Items] | ||
Undiscounted amount of estimated cash flows | $ 7,275,504 | $ 7,098,581 |
Minimum [Member] | ||
Assumptions Used For ARO Estimates [Line Items] | ||
Payable in years | 5 years | 5 years |
Inflation rate | 1.37% | 1.37% |
Discount rate | 5.48% | 5.48% |
Maximum [Member] | ||
Assumptions Used For ARO Estimates [Line Items] | ||
Payable in years | 17 years | 17 years |
Inflation rate | 2.14% | 2.14% |
Discount rate | 6.40% | 6.40% |
ASSET RETIREMENT OBLIGATIONS _3
ASSET RETIREMENT OBLIGATIONS (Details 2) | 12 Months Ended |
Jul. 31, 2018USD ($) | |
Undiscounted Amount Of Estimated Cash Flow | |
Undiscounted Amount of Estimated Cash Flows | $ 7,275,504 |
Fiscal 2019 [Member] | |
Undiscounted Amount Of Estimated Cash Flow | |
Undiscounted Amount of Estimated Cash Flows | 0 |
Fiscal 2020 [Member] | |
Undiscounted Amount Of Estimated Cash Flow | |
Undiscounted Amount of Estimated Cash Flows | 0 |
Fiscal 2021 [Member] | |
Undiscounted Amount Of Estimated Cash Flow | |
Undiscounted Amount of Estimated Cash Flows | 0 |
Fiscal 2022 [Member] | |
Undiscounted Amount Of Estimated Cash Flow | |
Undiscounted Amount of Estimated Cash Flows | 0 |
Fiscal 2023 [Member] | |
Undiscounted Amount Of Estimated Cash Flow | |
Undiscounted Amount of Estimated Cash Flows | 148,391 |
Remaining balance [Member] | |
Undiscounted Amount Of Estimated Cash Flow | |
Undiscounted Amount of Estimated Cash Flows | $ 7,127,113 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) | 12 Months Ended |
Jul. 31, 2018 | |
2017 Offering Warrant [Member] | |
Expected Risk Free Interest Rate | 1.50% |
Expected Annual Volatility | 76.96% |
Expected Contractual Life in Years | 3 years |
Expected Annual Dividend Yield | 0.00% |
2016 Offering Warrant [Member] | |
Expected Risk Free Interest Rate | 1.11% |
Expected Annual Volatility | 74.34% |
Expected Contractual Life in Years | 3 years |
Expected Annual Dividend Yield | 0.00% |
CAPITAL STOCK (Details 1)
CAPITAL STOCK (Details 1) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Gross Proceeds | $ 604,209 | $ 26,889,996 | $ 10,209,632 |
Relative Fair Value Allocation to: | |||
Shares | 19,421,351 | 8,365,037 | |
Common Stock [Member] | |||
Relative Fair Value Allocation to: | |||
Shares | 17,331 | 12,365 | |
Equity Financing [Member] | 2017 Offering [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | 32,563,419 | ||
Gross Proceeds | 25,996,254 | ||
Share Issuance Costs - Cash | (1,550,843) | ||
Net Cash Proceeds Received | 24,445,411 | ||
Relative Fair Value Allocation to: | |||
Shares | 20,035,841 | ||
Share Purchase Warrants | 4,409,570 | ||
Proceeds from Issuance or Sale of Equity | 24,445,411 | ||
Equity Financing [Member] | 2016 Offering [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | 11,954,405 | ||
Gross Proceeds | 10,510,000 | ||
Share Issuance Costs - Cash | (525,483) | ||
Net Cash Proceeds Received | 9,984,517 | ||
Relative Fair Value Allocation to: | |||
Shares | 8,365,037 | ||
Share Purchase Warrants | 1,619,480 | ||
Proceeds from Issuance or Sale of Equity | 9,984,517 | ||
Equity Financing [Member] | Common Stock [Member] | 2017 Offering [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | 26,689,487 | ||
Equity Financing [Member] | Common Stock [Member] | 2016 Offering [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | 10,015,410 | ||
Equity Financing [Member] | Warrant [Member] | 2017 Offering [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | $ 5,873,932 | ||
Equity Financing [Member] | Warrant [Member] | 2016 Offering [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | $ 1,938,995 |
CAPITAL STOCK (Details 2)
CAPITAL STOCK (Details 2) - USD ($) | 12 Months Ended | ||||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |||
Share Transactions [Line Items] | |||||
Credit Facility | $ 483,829 | ||||
Reimbursable Expenses for Reno Creek Acquisition | 483,829 | ||||
Acquisition | $ 1,226,875 | ||||
Consulting Services | 349,834 | $ 1,107,937 | 1,372,381 | ||
Equity Financing | 19,421,351 | $ 8,365,037 | |||
Asset Acquisition | 87,617 | ||||
Warrants Exercised | 74,159 | 2,387,660 | |||
Options Exercised (in shares) | 0 | ||||
Options Exercised | 530,050 | 56,925 | $ 225,115 | ||
Settlement of Liabilities | 845,824 | 1,524,650 | 453,444 | ||
Shares Issued Under Stock Incentive Plan | 1,711,579 | 1,584,394 | 726,244 | ||
Issuance Value [Member] | |||||
Share Transactions [Line Items] | |||||
Credit Facility | 900,000 | 1,100,000 | 1,700,000 | ||
Reimbursable Expenses for Reno Creek Acquisition | 483,829 | ||||
Consulting Services | 349,834 | 1,107,937 | 1,372,381 | ||
Equity Financing | 25,996,254 | 9,984,517 | |||
Asset Acquisition | 87,617 | 1,226,875 | |||
Warrants Exercised | 74,159 | 2,387,660 | |||
Options Exercised | 710,410 | [1] | 146,448 | [2] | 225,115 |
Settlement of Liabilities | 845,824 | 1,524,650 | 453,444 | ||
Shares Issued Under Stock Incentive Plan | $ 2,349,721 | $ 946,252 | $ 726,244 | ||
Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Balance (in shares) | 139,815,124 | 116,670,457 | 97,834,087 | ||
Reimbursable Expenses for Reno Creek Acquisition (in shares) | 353,160 | ||||
Consulting Services (in shares) | 225,168 | ||||
Warrants Exercised (in shares) | 61,799 | ||||
Options Exercised (in shares) | 1,094,589 | ||||
Settlement of Liabilities (in shares) | 565,499 | ||||
Shares Issued Under Stock Incentive Plan (in shares) | 1,664,285 | ||||
Balance (in shares) | 161,175,764 | 139,815,124 | 116,670,457 | ||
Equity Financing [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.50 | $ 0.85 | |||
Equity Financing [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.50 | $ 0.85 | |||
Equity Financing [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Equity Financing (in shares) | 17,330,836 | 12,364,704 | |||
Credit Facility [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.40 | $ 1.49 | $ 0.83 | ||
Credit Facility [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.40 | $ 1.49 | $ 1.20 | ||
Credit Facility [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Credit Facility (in shares) | 641,574 | 738,503 | 1,711,933 | ||
Asset Acquisition [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.35 | $ 0.92 | |||
Asset Acquisition [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.43 | $ 0.92 | |||
Asset Acquisition [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Asset Acquisition (in shares) | 61,939 | 1,333,560 | |||
Reno Creek Acquisition [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.30 | ||||
Reno Creek Acquisition [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.37 | ||||
Reno Creek Acquisition [Member] | Issuance Value [Member] | |||||
Share Transactions [Line Items] | |||||
Acquisition | $ 20,332,617 | ||||
Reno Creek Acquisition [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Acquisition (in shares) | 14,852,450 | ||||
North Reno Creek Acquisition [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.61 | ||||
North Reno Creek Acquisition [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.61 | ||||
North Reno Creek Acquisition [Member] | Issuance Value [Member] | |||||
Share Transactions [Line Items] | |||||
Acquisition | $ 2,722,856 | ||||
North Reno Creek Acquisition [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Acquisition (in shares) | 1,691,215 | ||||
Reimbursable Expenses for Reno Creek Acquisition [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.37 | ||||
Reimbursable Expenses for Reno Creek Acquisition [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.37 | ||||
Reimbursable Expenses for Reno Creek Acquisition [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Reimbursable Expenses for Reno Creek Acquisition (in shares) | 353,160 | ||||
Diabase Acquisition [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.41 | ||||
Diabase Acquisition [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.41 | ||||
Diabase Acquisition [Member] | Issuance Value [Member] | |||||
Share Transactions [Line Items] | |||||
Acquisition | $ 232,321 | ||||
Diabase Acquisition [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Acquisition (in shares) | 164,767 | ||||
Consulting Services [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.19 | $ 0.86 | $ 0.72 | ||
Consulting Services [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.84 | $ 1.64 | $ 1.38 | ||
Consulting Services [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Consulting Services (in shares) | 225,168 | 865,386 | 1,429,650 | ||
Advance Royalty Payment [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.34 | $ 1.04 | |||
Advance Royalty Payment [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.34 | $ 1.04 | |||
Advance Royalty Payment [Member] | Issuance Value [Member] | |||||
Share Transactions [Line Items] | |||||
Acquisition | $ 61,820 | $ 48,672 | |||
Advance Royalty Payment [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Acquisition (in shares) | 46,134 | 46,800 | |||
Warrants Exercised [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.20 | $ 1.20 | |||
Warrants Exercised [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.20 | $ 1.20 | |||
Warrants Exercised [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Warrants Exercised (in shares) | 61,799 | 1,989,717 | |||
Options Exercised [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 0.45 | [1] | $ 0.45 | [2] | $ 0.33 |
Options Exercised [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.32 | [1] | $ 1.32 | [2] | $ 0.33 |
Options Exercised [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Options Exercised (in shares) | 1,094,589 | [1] | 264,727 | 682,167 | |
Settlement oft Liabilities [Member] | |||||
Share Transactions [Line Items] | |||||
Consulting Services (in shares) | 565,499 | 351,061 | 487,574 | ||
Consulting Services | $ 845,824 | $ 454,195 | $ 453,444 | ||
Settlement oft Liabilities [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.33 | $ 1.03 | $ 0.93 | ||
Settlement oft Liabilities [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.72 | $ 1.54 | $ 0.93 | ||
Settlement oft Liabilities [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Settlement of Liabilities (in shares) | 565,499 | 1,015,940 | 487,574 | ||
Shares Issued Under Stock Incentive Plan [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.06 | $ 0.88 | $ 0.73 | ||
Shares Issued Under Stock Incentive Plan [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.77 | $ 1.61 | $ 1.08 | ||
Shares Issued Under Stock Incentive Plan [Member] | Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Shares Issued Under Stock Incentive Plan (in shares) | 1,664,285 | 830,819 | 826,782 | ||
[1] | 580,624 options were exercised on a forfeiture basis resulting in 309,590 net shares issued. | ||||
[2] | 309,634 options were exercised on a forfeiture basis resulting in 162,227 net shares issued. |
CAPITAL STOCK (Details 3)
CAPITAL STOCK (Details 3) - $ / shares | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Number of Warrants, Beginning Balance | 19,676,560 | 13,953,872 | 7,859,524 |
Number of Warrants, Issued | 11,358,728 | 9,571,929 | 6,594,348 |
Number of Warrants, Exercised | (61,799) | (1,989,717) | |
Number of Warrants, Expired | (50,000) | (1,859,524) | (500,000) |
Number of Warrants, Ending Balance | 30,923,489 | 19,676,560 | 13,953,872 |
Weighted Average Exercise Price, Beginning Balance | $ 1.78 | $ 1.65 | $ 2.38 |
Weighted Average Exercise Price, Issued | 2.30 | 2 | 1.20 |
Weighted Average Exercise Price, Exercised | 1.20 | 1.20 | |
Weighted Average Exercise Price, Expired | 1.95 | 2.60 | 1 |
Weighted Average Exercise Price, Ending Balance | $ 1.97 | $ 1.78 | $ 1.65 |
CAPITAL STOCK (Details 4)
CAPITAL STOCK (Details 4) - $ / shares | 12 Months Ended | |||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price | $ 1.97 | |||
Number of Warrants Outstanding | 30,923,489 | 19,676,560 | 13,953,872 | 7,859,524 |
Weighted Average Remaining Contractual Life (Years) | 2 years 1 month 28 days | |||
Warrant [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price | $ 1.20 | |||
Number of Warrants Outstanding | 4,542,832 | |||
Expiry Date | Mar. 10, 2019 | |||
Weighted Average Remaining Contractual Life (Years) | 7 months 10 days | |||
Warrants 1 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price | $ 1.35 | |||
Number of Warrants Outstanding | 2,600,000 | |||
Expiry Date | Jan. 30, 2020 | |||
Weighted Average Remaining Contractual Life (Years) | 1 year 6 months | |||
Warrants 2 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price | $ 1.64 | |||
Number of Warrants Outstanding | 50,000 | |||
Expiry Date | May 21, 2023 | |||
Weighted Average Remaining Contractual Life (Years) | 4 years 9 months 18 days | |||
Warrants 3 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price | $ 2 | |||
Number of Warrants Outstanding | 9,571,929 | |||
Expiry Date | Jan. 20, 2020 | |||
Weighted Average Remaining Contractual Life (Years) | 1 year 5 months 19 days | |||
Warrants 4 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price | $ 2.30 | |||
Number of Warrants Outstanding | 11,308,728 | |||
Expiry Date | Aug. 9, 2022 | |||
Weighted Average Remaining Contractual Life (Years) | 4 years 7 days | |||
Warrants 5 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price | $ 2.35 | |||
Number of Warrants Outstanding | 2,850,000 | |||
Expiry Date | Sep. 24, 2018 | |||
Weighted Average Remaining Contractual Life (Years) | 1 month 24 days |
CAPITAL STOCK (Details 5)
CAPITAL STOCK (Details 5) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items] | |||
Expected Risk Free Interest Rate | 2.24% | 1.28% | 0.84% |
Expected Volatility | 67.60% | 82.40% | 80.46% |
Expected Life in Years | 3 years 1 month 6 days | 2 years 10 months 24 days | 2 years 10 months 24 days |
Expected Dividend Yield | 0.00% | 0.00% | 0.00% |
Contratual Term in Years | 5 years | 5 years | 5 years |
Weighted-Average Grant Date Fair Value | $ 0.68 | $ 0.77 | $ 0.51 |
CAPITAL STOCK (Details 6)
CAPITAL STOCK (Details 6) - $ / shares | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Share Based Compensation Stock Options Activity [Line Items] | |||
Number of Stock Options, Exercised | 0 | ||
Employee Stock Option [Member] | |||
Share Based Compensation Stock Options Activity [Line Items] | |||
Number of Stock Options, Begining Balance | 12,260,500 | 12,105,858 | 10,581,975 |
Number of Stock Options, Granted | 4,083,000 | 672,500 | 3,033,000 |
Number of Stock Options, Exercised | (1,365,625) | (412,134) | (682,167) |
Number of Stock Options, Expired | (100,724) | (1,950) | |
Number of Stock Options, Forfeited | (66,250) | (5,000) | (825,000) |
Number of Stock Options, Ending Balance | 14,911,625 | 12,260,500 | 12,105,858 |
Weighted Average Exercise Price, Begining Balance | $ 1.33 | $ 1.34 | $ 1.38 |
Weighted Average Exercise Price, Granted | 1.40 | 1.11 | 1.02 |
Weighted Average Exercise Price, Exercised | 0.70 | 0.56 | 0.33 |
Weighted Average Exercise Price, Expired | 4.35 | 5.90 | |
Weighted Average Exercise Price, Forfeited | 1.24 | 0.93 | 1.48 |
Weighted Average Exercise Price, Ending Balance | $ 1.41 | $ 1.33 | $ 1.34 |
CAPITAL STOCK (Details 7)
CAPITAL STOCK (Details 7) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Number of Unvest Stock Options, Begining Balance | 765,750 | 2,323,000 | 3,820,000 |
Number of Unvest Stock Options, Granted | 4,083,000 | 672,500 | 3,033,000 |
Number of Unvest Stock Options, Vested | (1,303,000) | (2,224,750) | (4,350,000) |
Number of Unvest Stock Options, Forfeited | (66,250) | (5,000) | (180,000) |
Number of Unvest Stock Options, Ending balance | 3,479,500 | 765,750 | 2,323,000 |
Weighted Average Grant-Date Fair Value, Begining Balance | $ 0.58 | $ 0.51 | $ 0.51 |
Weighted Average Grant-Date Fair Value, Granted | 0.68 | 0.77 | 0.51 |
Weighted Average Grant-Date Fair Value, Vested | 0.65 | 0.56 | 0.51 |
Weighted Average Grant-Date Fair Value, Forfeited | 0.62 | 0.49 | 0.50 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 0.68 | $ 0.58 | $ 0.51 |
CAPITAL STOCK (Details 8)
CAPITAL STOCK (Details 8) | 12 Months Ended |
Jul. 31, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Ending balance | shares | 14,911,625 |
Options Outstanding, Weighted Average Exercise Price, Ending balance | $ 1.41 |
Options Outstanding, Weighted Average Remaining Contractual Term (Years) | 2 years 6 months 4 days |
Options Exercisable, Ending balance | shares | 11,432,125 |
Options Exercisable, Weighted Average Exercise Price, Ending balance | $ 1.41 |
Options Exercisable, Weighted Average Remaining Contractual Term (Years) | 1 year 10 months 13 days |
Exercise Price Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $ 0.45 |
Exercise Price Range, Upper Range Limit | $ 0.99 |
Options Outstanding, Ending balance | shares | 1,860,500 |
Options Outstanding, Weighted Average Exercise Price, Ending balance | $ 0.93 |
Options Outstanding, Weighted Average Remaining Contractual Term (Years) | 2 years 10 months 13 days |
Options Exercisable, Ending balance | shares | 1,860,500 |
Options Exercisable, Weighted Average Exercise Price, Ending balance | $ 0.93 |
Options Exercisable, Weighted Average Remaining Contractual Term (Years) | 2 years 10 months 13 days |
Exercise Price Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $ 1 |
Exercise Price Range, Upper Range Limit | $ 1.65 |
Options Outstanding, Ending balance | shares | 11,778,625 |
Options Outstanding, Weighted Average Exercise Price, Ending balance | $ 1.33 |
Options Outstanding, Weighted Average Remaining Contractual Term (Years) | 2 years 5 months 19 days |
Options Exercisable, Ending balance | shares | 8,299,125 |
Options Exercisable, Weighted Average Exercise Price, Ending balance | $ 1.28 |
Options Exercisable, Weighted Average Remaining Contractual Term (Years) | 1 year 6 months 25 days |
Exercise Price Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $ 1.66 |
Exercise Price Range, Upper Range Limit | $ 3.86 |
Options Outstanding, Ending balance | shares | 1,272,500 |
Options Outstanding, Weighted Average Exercise Price, Ending balance | $ 2.89 |
Options Outstanding, Weighted Average Remaining Contractual Term (Years) | 2 years 3 months 29 days |
Options Exercisable, Ending balance | shares | 1,272,500 |
Options Exercisable, Weighted Average Exercise Price, Ending balance | $ 2.89 |
Options Exercisable, Weighted Average Remaining Contractual Term (Years) | 2 years 3 months 29 days |
CAPITAL STOCK (Details 9)
CAPITAL STOCK (Details 9) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Share-Based Compensation [Line Items] | |||
Settlement of share issuance obligation | $ (127,615) | $ 0 | $ 0 |
Share-based Compensation, Total | 3,504,058 | 3,769,370 | 3,084,163 |
Stock-Based Compensation for Management [Member] | |||
Share-Based Compensation [Line Items] | |||
Common stock issued | 702,505 | 686,584 | 262,130 |
Amortization of stock option expense | 284,556 | 473,811 | 735,991 |
Share-based Compensation, Total | 987,061 | 1,160,395 | 998,121 |
Stock-Based Compensation for Consultants [Member] | |||
Share-Based Compensation [Line Items] | |||
Common stock issued | 740,640 | 1,184,660 | 1,630,635 |
Amortization of stock option expense | 582,842 | 469,815 | 78,014 |
Share-based Compensation, Total | 1,323,482 | 1,654,475 | 1,708,649 |
Stock-Based Compensation for Employees [Member] | |||
Share-Based Compensation [Line Items] | |||
Common stock issued | 773,899 | 584,837 | 205,860 |
Amortization of stock option expense | 547,231 | 369,663 | 171,533 |
Share-based Compensation, Total | $ 1,321,130 | $ 954,500 | $ 377,393 |
CAPITAL STOCK (Details Textual)
CAPITAL STOCK (Details Textual) - USD ($) | Oct. 03, 2018 | Mar. 10, 2016 | Jan. 20, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Capital Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 5,158,751 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.20 | $ 1.97 | $ 1.78 | $ 1.65 | $ 2.38 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||||
Share-based Compensation Arrangement By Share Based Payment Award Options Unvested In Period Fair Value1 | $ 790,440 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 4,368,311 | ||||||
Stock Issued During Period, Value, New Issues | $ 19,421,351 | $ 8,365,037 | |||||
Number Of Warrants Issued | 9,571,929 | ||||||
Number Of Warrants To Be issued | 9,571,934 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 411,997 | 2,600,000 | |||||
Share Price | $ 0.81 | $ 1.54 | |||||
Stock Issued During Period Shares Stock Options Exercised in Cash | 785,000 | 102,500 | 682,167 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 530,050 | $ 56,925 | $ 225,115 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,049,694 | $ 232,205 | $ 444,023 | ||||
Common Stock [Member] | |||||||
Capital Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 17,330,836 | 12,364,704 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,094,589 | 264,727 | 682,167 | ||||
Stock Issued During Period, Value, New Issues | $ 17,331 | $ 12,365 | |||||
Stock Issued During Period, Value, Stock Options Exercised | $ 1,095 | $ 266 | $ 682 | ||||
Employee Stock Option [Member] | |||||||
Capital Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,365,625 | 412,134 | 682,167 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,083,000 | 672,500 | 3,033,000 | ||||
Options Exercised [Member] | |||||||
Capital Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 309,590 | 162,227 | 0 | ||||
Options Exercised [Member] | Employee Stock Option [Member] | |||||||
Capital Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 580,624 | 309,634 | |||||
Equity Financing [Member] | |||||||
Capital Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 17,330,836 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | ||||||
Stock Issued During Period, Value, New Issues | $ 25,996,254 | ||||||
Shares Issued, Price Per Share | $ 1.50 | ||||||
Over-Allotment Option [Member] | |||||||
Capital Stock [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 906,516 | ||||||
2014 Shelf Offering [Member] | |||||||
Capital Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 12,364,704 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.20 | ||||||
Share Price | $ 0.85 | ||||||
Proceeds from Issuance or Sale of Equity | $ 10,510,000 | ||||||
Subsequent Event [Member] | Equity Financing [Member] | |||||||
Capital Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 12,613,049 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.05 | ||||||
Stock Issued During Period, Value, New Issues | $ 20,200,000 | ||||||
Shares Issued, Price Per Share | $ 1.60 | ||||||
Warrant Term | 30 months | ||||||
2018 Stock Incentive Plan [Member] | |||||||
Capital Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,453,978 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,665,447 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 17 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,083,000 | 672,500 | 3,033,000 |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Numerator | |||
Net Loss for the Year | $ (17,826,634) | $ (17,971,056) | $ (17,329,872) |
Denominator | |||
Basic Weighted Average Number of Shares | 157,123,025 | 128,244,751 | 106,086,782 |
Dilutive Stock Options and Warrants | 0 | 0 | 0 |
Diluted Weighted Average Number of Shares | 157,123,025 | 128,244,751 | 106,086,782 |
Net Loss per Share, Basic and Diluted | $ (0.11) | $ (0.14) | $ (0.16) |
TAX REFORM AND INCOME TAXES (De
TAX REFORM AND INCOME TAXES (Details) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Federal income tax provision rate | 26.87% | 35.00% | 35.00% |
State income tax provision rate, net of federal income tax effect | 0.59% | 0.43% | 0.35% |
Total income tax provision rate | 27.46% | 35.43% | 35.35% |
TAX REFORM AND INCOME TAXES (_2
TAX REFORM AND INCOME TAXES (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Loss before income taxes | $ (18,534,145) | $ (18,005,411) | $ (17,362,111) | |
Corporate tax rate | 27.46% | 35.43% | 35.35% | |
Expected tax recovery | $ (5,089,476) | $ (6,379,317) | $ (6,137,506) | |
Increase (decrease) resulting from | ||||
Foreign tax rate differences | 167,162 | 185,700 | 230,148 | |
Permanent differences | 434,863 | 446,377 | 806,736 | |
Prior year true-up | (141,814) | (1,028,592) | (753,150) | |
Property acquisition | 0 | (491,798) | 0 | |
Foreign exchange rate differences | (41,014) | (3,248) | 129,015 | |
Other | 35,706 | 81,660 | 59,705 | |
Recognition of deferred tax assets | 430,121 | 0 | 0 | |
Change in valuation allowance | 4,156,768 | 7,149,654 | 5,627,606 | |
Tax adjustment from operations | (47,684) | (39,564) | (37,446) | |
Re-measurement of deferred tax liability at 21% | (232,843) | 0 | 0 | |
Recognition of deferred tax assets to offset deferred tax liability | (430,121) | 0 | 0 | |
Unrealized loss, other comprehensive loss | 3,137 | 5,209 | 5,207 | |
Deferred tax benefits | $ (232,843) | $ (707,511) | $ (34,355) | $ (32,239) |
TAX REFORM AND INCOME TAXES (_3
TAX REFORM AND INCOME TAXES (Details 2) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ (18,534,145) | $ (18,005,411) | $ (17,362,111) |
UNITED STATES | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | (17,709,866) | (17,303,682) | (16,488,447) |
CANADA | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 145,267 | 45,316 | 54,216 |
PARAGUAY | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ (969,546) | $ (747,045) | $ (927,880) |
TAX REFORM AND INCOME TAXES (_4
TAX REFORM AND INCOME TAXES (Details 3) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Deferred tax assets (liabilities) | ||
Mineral properties | $ 1,587,220 | $ 2,533,819 |
Exploration costs | 6,556,355 | 10,950,241 |
Stock option expense | 4,266,067 | 7,031,732 |
Depreciable property | (255,544) | (367,164) |
Inventories | (3,894,552) | (5,471,486) |
Asset retirement obligations | (28,925) | (130,740) |
Other | 57,060 | 179,518 |
Loss carry forward | 42,075,593 | 57,989,069 |
Deferred Tax Assets, Gross | 50,363,274 | 72,714,989 |
Valuation allowance | (50,366,411) | (72,720,198) |
Deferred tax assets | (3,137) | (5,209) |
Deferred tax assets, other comprehensive loss | 3,137 | 5,209 |
Deferred tax liabilities | ||
Mineral properties | (564,923) | (609,470) |
Net deferred tax liabilities | $ (564,923) | $ (609,470) |
TAX REFORM AND INCOME TAXES (_5
TAX REFORM AND INCOME TAXES (Details 4) | Jul. 31, 2018USD ($) |
Operating Loss Carryforwards | $ 166,452,123 |
UNITED STATES | |
Operating Loss Carryforwards | 166,500,000 |
Tax Year 2023 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 180,892 |
Tax Year 2024 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 228,757 |
Tax Year 2025 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 507,833 |
Tax Year 2026 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 5,895,221 |
Tax Year 2027 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 3,892,722 |
Tax Year 2028 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 9,913,533 |
Tax Year 2029 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 8,469,032 |
Tax Year 2030 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 7,853,521 |
Tax Year 2031 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 14,954,064 |
Tax Year 2032 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 15,547,890 |
Tax Year 2033 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 16,865,884 |
Tax Year 2034 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 22,139,423 |
Tax Year 2035 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 19,891,560 |
Tax Year 2036 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 19,024,525 |
Tax Year 2037 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 20,396,629 |
Tax Year 2038 [Member] | UNITED STATES | |
Operating Loss Carryforwards | $ 690,637 |
TAX REFORM AND INCOME TAXES (_6
TAX REFORM AND INCOME TAXES (Details 5) | Jul. 31, 2018USD ($) |
Operating Loss Carryforwards | $ 166,452,123 |
CANADA | |
Operating Loss Carryforwards | 5,496,115 |
CANADA | Tax Year 2027 [Member] | |
Operating Loss Carryforwards | 183,105 |
CANADA | Tax Year 2028 [Member] | |
Operating Loss Carryforwards | 629,788 |
CANADA | Tax Year 2029 [Member] | |
Operating Loss Carryforwards | 769,072 |
CANADA | Tax Year 2030 [Member] | |
Operating Loss Carryforwards | 764,230 |
CANADA | Tax Year 2031 [Member] | |
Operating Loss Carryforwards | 2,205,364 |
CANADA | Tax Year 2032 [Member] | |
Operating Loss Carryforwards | 761,843 |
CANADA | Tax Year 2033 [Member] | |
Operating Loss Carryforwards | 69,854 |
CANADA | Tax Year 2034 [Member] | |
Operating Loss Carryforwards | 61,769 |
CANADA | Tax Year 2035 [Member] | |
Operating Loss Carryforwards | 41,173 |
CANADA | Tax Year 2036 [Member] | |
Operating Loss Carryforwards | $ 9,917 |
TAX REFORM AND INCOME TAXES (_7
TAX REFORM AND INCOME TAXES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 26.87% | 35.00% | 35.00% | |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 26.87% | |||
Deferred Income Tax Expense (Benefit) | $ (232,843) | $ (707,511) | $ (34,355) | $ (32,239) |
Effective Income Tax Rate ReconciliationRecognition of Deferred Tax Assets Amount | 430,121 | 0 | $ 0 | |
Deferred Tax Assets, Operating Loss Carryforwards | 19,700,000 | |||
Operating Loss Carryforwards | $ 166,452,123 | |||
Percentage Of Valuation Allowance Recorded From Income Taxes | 100.00% | |||
The Tax Cuts and Jobs Act [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 17,700,000 | |||
Operating Loss Carryforwards | 50,400,000 | $ 72,700,000 | ||
Operating Loss Carryforwards, Valuation Allowance | 22,400,000 | |||
UNITED STATES | ||||
Operating Loss Carryforwards | 166,500,000 | |||
CANADA | ||||
Operating Loss Carryforwards | $ 5,496,115 |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Mineral Rights and Properties | $ 71,122,576 | $ 38,931,976 |
Property, Plant and Equipment | 7,101,552 | 6,791,182 |
Reclamation Deposits | 1,789,899 | 1,706,028 |
Equity-Accounted Investment | 693,502 | 151,676 |
Other Long-Term Assets | 563,052 | 1,004,975 |
Total Long-Term Assets | 81,270,581 | 48,585,837 |
United States Texas [Member] | ||
Mineral Rights and Properties | 12,729,697 | 12,780,728 |
Property, Plant and Equipment | 6,362,608 | 6,414,329 |
Reclamation Deposits | 1,700,926 | 1,690,209 |
Equity-Accounted Investment | 0 | 0 |
Other Long-Term Assets | 416,519 | 422,769 |
Total Long-Term Assets | 21,209,750 | 21,308,035 |
United States Arizona [Member] | ||
Mineral Rights and Properties | 11,069,018 | 10,932,199 |
Property, Plant and Equipment | 0 | 0 |
Reclamation Deposits | 15,000 | 15,000 |
Equity-Accounted Investment | 0 | 0 |
Other Long-Term Assets | 0 | 0 |
Total Long-Term Assets | 11,084,018 | 10,947,199 |
United States Wyoming [Member] | ||
Mineral Rights and Properties | 31,527,870 | 0 |
Property, Plant and Equipment | 357,392 | 0 |
Reclamation Deposits | 73,973 | 819 |
Equity-Accounted Investment | 0 | 0 |
Other Long-Term Assets | 146,533 | 582,206 |
Total Long-Term Assets | 32,105,768 | 583,025 |
United States Other States [Member] | ||
Mineral Rights and Properties | 735,468 | 705,464 |
Property, Plant and Equipment | 0 | 0 |
Reclamation Deposits | 0 | 0 |
Equity-Accounted Investment | 0 | 0 |
Other Long-Term Assets | 0 | 0 |
Total Long-Term Assets | 735,468 | 705,464 |
Canada [Member] | ||
Mineral Rights and Properties | 546,938 | 0 |
Property, Plant and Equipment | 25,889 | 11,185 |
Reclamation Deposits | 0 | 0 |
Equity-Accounted Investment | 693,502 | 151,676 |
Other Long-Term Assets | 0 | 0 |
Total Long-Term Assets | 1,266,329 | 162,861 |
Paraguay [Member] | ||
Mineral Rights and Properties | 14,513,585 | 14,513,585 |
Property, Plant and Equipment | 355,663 | 365,668 |
Reclamation Deposits | 0 | 0 |
Equity-Accounted Investment | 0 | 0 |
Other Long-Term Assets | 0 | 0 |
Total Long-Term Assets | $ 14,869,248 | $ 14,879,253 |
SEGMENTED INFORMATION (Details
SEGMENTED INFORMATION (Details 1) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Costs and Expenses: | |||
Mineral property expenditures | $ 4,552,151 | $ 4,120,388 | $ 4,061,159 |
General and administrative | 11,407,206 | 10,241,681 | 9,297,746 |
Depreciation, amortization and accretion | 354,624 | 497,728 | 875,724 |
Impairment loss on mineral properties | 0 | 297,942 | 97,114 |
Inventory write-down | 0 | 60,694 | 0 |
Total Cost and Expenses | 16,313,981 | 15,218,433 | 14,331,743 |
Loss from operations | (16,313,981) | (15,218,433) | (14,331,743) |
Other income (expenses) | (2,220,164) | (2,786,978) | (3,030,368) |
Loss before income taxes | (18,534,145) | (18,005,411) | (17,362,111) |
United States Texas [Member] | |||
Costs and Expenses: | |||
Mineral property expenditures | 2,381,993 | 2,450,834 | 2,733,007 |
General and administrative | 7,055,370 | 7,053,270 | 6,447,801 |
Depreciation, amortization and accretion | 325,567 | 487,288 | 857,966 |
Impairment loss on mineral properties | 0 | 185,942 | 0 |
Inventory write-down | 0 | 60,694 | 0 |
Total Cost and Expenses | 9,762,930 | 10,238,028 | 10,038,774 |
Loss from operations | (9,762,930) | (10,238,028) | (10,038,774) |
Other income (expenses) | (2,630,691) | (2,772,617) | (3,012,281) |
Loss before income taxes | (12,393,621) | (13,010,645) | (13,051,055) |
United States Arizona [Member] | |||
Costs and Expenses: | |||
Mineral property expenditures | 100,296 | 101,628 | 236,717 |
General and administrative | 13,877 | 33,761 | 205,591 |
Depreciation, amortization and accretion | 0 | 0 | 0 |
Impairment loss on mineral properties | 0 | 8,334 | 0 |
Inventory write-down | 0 | 0 | 0 |
Total Cost and Expenses | 114,173 | 143,723 | 442,308 |
Loss from operations | (114,173) | (143,723) | (442,308) |
Other income (expenses) | (18,914) | (18,914) | (18,965) |
Loss before income taxes | (133,087) | (162,637) | (461,273) |
United States Wyoming [Member] | |||
Costs and Expenses: | |||
Mineral property expenditures | 1,282,164 | 0 | 0 |
General and administrative | 581,277 | 0 | 0 |
Depreciation, amortization and accretion | 12,847 | 0 | 0 |
Impairment loss on mineral properties | 0 | 0 | 0 |
Inventory write-down | 0 | 0 | 0 |
Total Cost and Expenses | 1,876,288 | 0 | 0 |
Loss from operations | (1,876,288) | 0 | 0 |
Other income (expenses) | 1,541 | 0 | 0 |
Loss before income taxes | (1,874,747) | 0 | 0 |
United States Other States [Member] | |||
Costs and Expenses: | |||
Mineral property expenditures | 67,550 | 70,588 | 133,518 |
General and administrative | 10,931 | 3,933 | 2,724 |
Depreciation, amortization and accretion | 996 | 996 | 2,821 |
Impairment loss on mineral properties | 0 | 103,666 | 97,114 |
Inventory write-down | 0 | 0 | 0 |
Total Cost and Expenses | 79,477 | 179,183 | 236,177 |
Loss from operations | (79,477) | (179,183) | (236,177) |
Other income (expenses) | 0 | 0 | 0 |
Loss before income taxes | (79,477) | (179,183) | (236,177) |
Canada [Member] | |||
Costs and Expenses: | |||
Mineral property expenditures | 0 | 0 | 0 |
General and administrative | 3,467,934 | 3,063,839 | 2,636,514 |
Depreciation, amortization and accretion | 11,599 | 8,088 | 8,142 |
Impairment loss on mineral properties | 0 | 0 | 0 |
Inventory write-down | 0 | 0 | 0 |
Total Cost and Expenses | 3,479,533 | 3,071,927 | 2,644,656 |
Loss from operations | (3,479,533) | (3,071,927) | (2,644,656) |
Other income (expenses) | 423,657 | 636 | 850 |
Loss before income taxes | (3,055,876) | (3,071,291) | (2,643,806) |
Paraguay [Member] | |||
Costs and Expenses: | |||
Mineral property expenditures | 720,148 | 1,497,338 | 957,917 |
General and administrative | 277,817 | 86,878 | 5,116 |
Depreciation, amortization and accretion | 3,615 | 1,356 | 6,795 |
Impairment loss on mineral properties | 0 | 0 | 0 |
Inventory write-down | 0 | 0 | 0 |
Total Cost and Expenses | 1,001,580 | 1,585,572 | 969,828 |
Loss from operations | (1,001,580) | (1,585,572) | (969,828) |
Other income (expenses) | 4,243 | 3,917 | 28 |
Loss before income taxes | $ (997,337) | $ (1,581,655) | $ (969,800) |
SEGMENTED INFORMATION (Detail_2
SEGMENTED INFORMATION (Details Textual) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Assets, Noncurrent | $ 81,270,581 | $ 48,585,837 |
Percentage of Long Term Assets | 80.00% | |
UNITED STATES | ||
Assets, Noncurrent | $ 65,135,004 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Details Textual) - USD ($) | Aug. 09, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 349,834 | $ 1,107,937 | $ 1,372,381 | |
Stock Issued During Period, Value, Share-based Compensation, Gross | 1,622,222 | 1,622,222 | 1,626,667 | |
Stock Issued During Period, Value, New Issues | 19,421,351 | 8,365,037 | ||
Share Issuance Obligation,Amount | 0 | $ 638,142 | ||
Shares Issued During Period Shares For Asset Acquisition Transaction Cost | 217,702 | |||
Shares Issued During Period Value For Asset Acquisition Transaction Cost | $ 283,013 | |||
Cash consideration for asset acquisition | $ 909,930 | 2,940,000 | 50,000 | |
Reimbursable Expenses | $ 483,829 | |||
Stock Issued During Period, Value, Acquisitions | $ 1,226,875 | |||
Second Amended Credit Agreement [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 641,574 | 738,503 | ||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 900,000 | $ 1,100,000 | ||
Common Stock [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 225,168 | 865,386 | 1,429,650 | |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 225 | $ 862 | $ 1,429 | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 1,265,446 | 846,069 | 826,782 | |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 1,839,193 | $ 967,369 | $ 726,244 | |
Stock Issued During Period, Shares, New Issues | 17,330,836 | 12,364,704 | ||
Stock Issued During Period, Value, New Issues | $ 17,331 | $ 12,365 | ||
Stock Issued During Period, Shares, Acquisitions | 1,333,560 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 353,160 | |||
Stock Issued During Period, Value, Acquisitions | $ 1,334 | |||
Surety Bond [Member] | ||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 118,944 | $ 117,069 | $ 114,145 | |
Workman Creek Project [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 46,134 | 46,800 | ||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 61,820 | $ 48,672 | ||
2017 Plan [Member] | ||||
Stock Issued During Period, Shares, New Issues | 398,839 | |||
Stock Issued During Period, Value, New Issues | $ 510,528 | |||
Share Issuance Obligation,Amount | $ 638,142 | |||
Reno Creek Project [Member] | ||||
Stock Issued During Period, Shares, Acquisitions | 14,392,927 | 11,308,728 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 353,160 | |||
Shares Issued During Period Shares For Asset Acquisition Transaction Cost | 217,702 | |||
Shares Issued During Period Value For Asset Acquisition Transaction Cost | $ 283,013 | |||
Cash consideration for asset acquisition | 909,930 | |||
Reimbursable Expenses | $ 483,829 | |||
Stock Issued During Period, Value, Acquisitions | $ 20,049,605 | |||
Reno Creek Project [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, Acquisitions | 14,634,748 | |||
Diabase Project [Member] | ||||
Stock Issued During Period, Shares, Acquisitions | 164,767 | |||
Cash consideration for asset acquisition | $ 239,120 | |||
Stock Issued During Period, Value, Acquisitions | $ 232,321 | |||
North Reno Creek Project [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 65,684 | |||
Shares Issued During Period Value For Asset Acquisition Transaction Cost | $ 105,751 | |||
Stock Issued During Period, Value, Acquisitions | $ 2,617,105 | |||
North Reno Creek Project [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, Acquisitions | 1,625,531 | |||
CIC Resources Inc [Member] | ||||
Stock Issued During Period, Shares, Acquisitions | 664,879 | |||
Stock Issued During Period, Value, Acquisitions | $ 1,070,455 | |||
Settlement of Current Liabilities [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 565,499 | 351,061 | 487,574 | |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 845,824 | $ 454,195 | $ 453,444 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) | Jul. 31, 2018USD ($) |
Fiscal 2,019 | $ 235,400 |
Fiscal 2,020 | 204,890 |
Fiscal 2,021 | 178,911 |
Fiscal 2,022 | 0 |
Fiscal 2,023 | 0 |
Total | $ 619,201 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2015 | Apr. 03, 2012 | Jul. 31, 2018 | |
Loss Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 21,114 | ||
Management Fee Payable | $ 706,000 | ||
Cash Payment To Plaintiffs | $ 149,194 | ||
Payments for Legal Settlements | $ 500,000 | ||
Parent Company [Member] | |||
Loss Contingencies [Line Items] | |||
Payments for Legal Settlements | $ 50,000 |