Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Oct. 10, 2017 | Jan. 31, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 215,118,053 | ||
Trading Symbol | UEC | ||
Entity Common Stock, Shares Outstanding | 155,857,502 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 12,575,973 | $ 7,142,571 |
Short-term investments | 10,000,000 | 0 |
Inventories | 211,662 | 275,316 |
Prepaid expenses and deposits | 685,992 | 533,977 |
Other current assets | 117,770 | 48,777 |
Total Current Assets | 23,591,397 | 8,000,641 |
MINERAL RIGHTS AND PROPERTIES | 38,931,976 | 37,973,951 |
PROPERTY, PLANT AND EQUIPMENT | 6,791,182 | 6,942,304 |
RECLAMATION DEPOSITS | 1,706,028 | 1,706,027 |
EQUITY-ACCOUNTED INVESTMENT | 151,676 | 0 |
OTHER LONG-TERM ASSETS | 1,004,975 | 1,553,388 |
Total Assets | 72,177,234 | 56,176,311 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 2,446,854 | 1,822,447 |
Due to related parties | 768 | 0 |
Total Current Liabilities | 2,447,622 | 1,822,447 |
DEFERRED INCOME TAX LIABILITIES | 609,470 | 643,825 |
LONG-TERM DEBT | 19,254,835 | 19,198,178 |
OTHER LONG-TERM LIABILITY | 0 | 315,519 |
ASSET RETIREMENT OBLIGATIONS | 3,729,902 | 3,746,464 |
Total Liabilities | 26,041,829 | 25,726,433 |
STOCKHOLDERS' EQUITY | ||
Capital stock Common stock $0.001 par value: 750,000,000 shares authorized, 139,815,124 shares issued and outstanding (July 31, 2016 - 116,670,457) | 139,815 | 116,670 |
Additional paid-in capital | 272,697,152 | 239,701,884 |
Share issuance obligation | 638,142 | 0 |
Accumulated deficit | (227,325,002) | (209,353,946) |
Accumulated other comprehensive loss | (14,702) | (14,730) |
Total Stockholders' Equity | 46,135,405 | 30,449,878 |
Total Liabilities and Stockholders' Equity | 72,177,234 | 56,176,311 |
COMMITMENTS AND CONTINGENCIES |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 31, 2017 | Jul. 31, 2016 |
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 | 139,815,124 | 116,670,457 |
Common Stock, Shares Outstanding | 139,815,124 | 116,670,457 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
SALES | $ 0 | $ 0 | $ 3,080,000 |
COSTS AND EXPENSES | |||
Cost of sales | 0 | 0 | 2,326,674 |
Inventory write-down | 60,694 | 0 | 0 |
Mineral property expenditures | 4,120,388 | 4,061,159 | 5,706,080 |
General and administrative | 10,241,681 | 9,297,746 | 13,230,840 |
Depreciation, amortization and accretion | 497,728 | 875,724 | 1,802,443 |
Impairment loss on mineral properties | 297,942 | 97,114 | 349,805 |
Total Operating Expenses | 15,218,433 | 14,331,743 | 23,415,842 |
LOSS FROM OPERATIONS | (15,218,433) | (14,331,743) | (20,335,842) |
OTHER INCOME (EXPENSES) | |||
Interest income | 137,863 | 24,177 | 12,797 |
Interest expenses and finance costs | (2,914,862) | (3,005,391) | (3,071,235) |
Loss on disposition of assets | (1,055) | (2,186) | (38) |
Loss on settlement of liabilities | (49,002) | (46,968) | 0 |
Realized loss on available-for-sale securities | 0 | 0 | (3,023) |
Other income | 40,078 | 0 | 0 |
Total Non-Operating Income Expense | (2,786,978) | (3,030,368) | (3,061,499) |
LOSS BEFORE INCOME TAXES | (18,005,411) | (17,362,111) | (23,397,341) |
DEFERRED INCOME TAX BENEFIT | 34,355 | 32,239 | 35,413 |
NET LOSS FOR THE YEAR | (17,971,056) | (17,329,872) | (23,361,928) |
OTHER COMPREHENSIVE INCOME (LOSS),NET OF INCOME TAXES | 28 | (99) | (1,092) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | $ (17,971,028) | $ (17,329,971) | $ (23,363,020) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ (0.14) | $ (0.16) | $ (0.25) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED | 128,244,751 | 106,086,782 | 92,397,547 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
CASH PROVIDED BY (USED IN): OPERATING ACTIVITIES | |||
Net loss for the year | $ (17,971,056) | $ (17,329,872) | $ (23,361,928) |
Adjustments to reconcile net loss to cash flows in operating activities | |||
Stock-based compensation | 3,769,370 | 3,084,163 | 5,617,748 |
Depreciation, amortization and accretion | 497,728 | 875,724 | 2,193,160 |
Amortization of long-term debt discount | 1,156,657 | 1,245,615 | 1,353,773 |
Impairment loss on mineral properties | 297,942 | 97,114 | 349,805 |
Inventory write-down | 60,694 | 0 | 0 |
Re-valuation of asset retirement obligations | (187,255) | (308,398) | 0 |
Loss on disposition of assets | 1,055 | 2,186 | 38 |
Deferred income tax benefit | (34,355) | (32,239) | (35,413) |
Realized loss on available-for-sale securities | 0 | 0 | 3,023 |
Loss on settlement of liabilities | 49,002 | 46,968 | 0 |
Changes in operating assets and liabilities | |||
Inventories | 2,960 | (23,317) | 1,316,959 |
Prepaid expenses and deposits | 190,580 | (85,673) | 46,866 |
Other current assets | (68,965) | (30,165) | (2,954) |
Accounts payable and accrued liabilities | 1,816,199 | (622,713) | 243,686 |
NET CASH FLOWS USED IN OPERATING ACTIVITIES | (10,419,444) | (13,080,607) | (12,275,237) |
FINANCING ACTIVITIES | |||
Shares issuance for cash, net of issuance costs | 26,889,996 | 10,209,632 | 9,650,530 |
Due to related parties | 768 | (14,660) | 3,426 |
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 26,890,764 | 10,194,972 | 9,653,956 |
INVESTING ACTIVITIES | |||
Net cash received from (used in) asset acquisitions | 34,972 | (46,084) | 0 |
Investment in mineral rights and properties | 0 | 0 | (78,626) |
Purchase of property, plant and equipment | (56,407) | (18,934) | (23,041) |
Purchase of equity-accounted investment | (151,676) | 0 | 0 |
Increase in other long-term assets | (864,806) | 0 | 0 |
Purchase of short-term investments | (16,000,671) | 0 | 0 |
Redemption of short-term investments | 6,000,671 | 0 | 0 |
Proceeds from disposition of assets | 0 | 818 | 2,860 |
Proceeds from the release of reclamation deposits | 0 | 0 | 5,663,158 |
Payment of surety bonds collateral | 0 | 0 | (1,690,208) |
Increase in reclamation deposits | (1) | (2) | (346) |
NET CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES | (11,037,918) | (64,202) | 3,873,797 |
NET CASH FLOWS | 5,433,402 | (2,949,837) | 1,252,516 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 7,142,571 | 10,092,408 | 8,839,892 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 12,575,973 | $ 7,142,571 | $ 10,092,408 |
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, 2014 | $ 39,423,599 | $ 90,972 | $ 208,008,312 | $ 0 | $ (168,662,146) | $ (13,539) |
Balance (in shares) at Jul. 31, 2014 | 90,966,558 | |||||
Common stock Issued for equity financing, net of issuance costs | 7,659,139 | $ 5,280 | 7,653,859 | 0 | 0 | 0 |
Common stock Issued for equity financing, net of issuance costs (in shares) | 5,280,045 | |||||
Common stock Issued upon exercise of stock options | 24,550 | $ 305 | 24,245 | 0 | 0 | 0 |
Common stock Issued upon exercise of stock options (in shares) | 304,657 | |||||
Stock-based compensation Common stock issued for consulting services | 1,851,074 | $ 1,111 | 1,849,963 | 0 | 0 | 0 |
Stock-based compensation Common stock issued for consulting services (in shares) | 1,108,390 | |||||
Stock-based compensation Common stock issued for bonuses/under Stock Incentive Plan | 235,490 | $ 173 | 235,317 | 0 | 0 | 0 |
Stock-based compensation Common stock issued for bonuses/under Stock Incentive Plan (in shares) | 174,437 | |||||
Stock-based compensation Stock options issued to consultants | 588,207 | $ 0 | 588,207 | 0 | 0 | 0 |
Stock-based compensation Stock options issued to management | 1,617,937 | 0 | 1,617,937 | 0 | 0 | 0 |
Stock-based compensation Stock options issued to employees | 1,325,040 | 0 | 1,325,040 | 0 | 0 | 0 |
Warrants Issued for equity financing | 1,418,116 | 0 | 1,418,116 | 0 | 0 | 0 |
Warrants Issued for equity financing as issuance costs | 206,533 | 0 | 206,533 | 0 | 0 | 0 |
Net loss for the year | (23,361,928) | 0 | 0 | 0 | (23,361,928) | 0 |
Other comprehensive income (loss) | (1,092) | 0 | 0 | 0 | 0 | (1,092) |
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) | 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 property acquisition | 1,226,875 | $ 1,334 | 1,225,541 | 0 | 0 | 0 |
Common stock Issued for property 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 for bonuses/under Stock Incentive Plan | 726,244 | $ 820 | 725,424 | 0 | 0 | 0 |
Stock-based compensation Common stock issued for bonuses/under Stock Incentive Plan (in shares) | 826,782 | |||||
Stock-based compensation Stock options issued to consultants | 78,014 | $ 0 | 78,014 | 0 | 0 | 0 |
Stock-based compensation Stock options issued to management | 735,991 | 0 | 735,991 | 0 | 0 | 0 |
Stock-based compensation Stock options issued to employees | 171,533 | 0 | 171,533 | 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 income (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 mineral property | 48,672 | $ 46 | 48,626 | 0 | 0 | 0 |
Common stock Issued for mineral property (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 for bonuses/under Stock Incentive Plan | 1,584,394 | $ 834 | 945,418 | 638,142 | 0 | 0 |
Stock-based compensation Common stock issued for bonuses/under Stock Incentive Plan (in shares) | 830,819 | |||||
Stock-based compensation Stock options issued to consultants | 469,815 | $ 0 | 469,815 | 0 | 0 | 0 |
Stock-based compensation Stock options issued to management | 473,811 | 0 | 473,811 | 0 | 0 | 0 |
Stock-based compensation Stock options issued to employees | 369,663 | 0 | 369,663 | 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 income (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 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Jul. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NATURE OF OPERATIONS Uranium Energy Corp. was incorporated in the State of Nevada on May 16, 2003 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”), the Company has yet to achieve profitability and has 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, 2017 (“Fiscal 2017”), 2016 (“Fiscal 2016”), and 2014 (“Fiscal 2014”) or for any periods prior to Fiscal 2012. Historically, the Company has been reliant primarily on equity financings from the sale of its common stock and, during Fiscal 2014 and 2013, on debt financing in order to fund its operations, and this reliance is expected to continue for the foreseeable future. On January 20, 2017, the Company completed a public offering of 17,330,836 units at a price of $1.50 per unit for gross proceeds of $26.0 million, which substantially improved the Company’s working capital position. At July 31, 2017, the Company had working capital of $ 21.1 12.6 10.0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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, URN South Texas Project, Ltd. and a controlled partnership, South Texas Mining Venture, L.L.P; UEC Paraguay Corp. and its subsidiary, Piedra Rica Mining S.A.; Cue Resources Ltd. and its subsidiary, Transandes Paraguay S.A.; JDL Resources Inc. and its subsidiary, Trier S.A.; CIC Resources (Paraguay) Inc. and its subsidiaries, Paraguay Resources Inc. and its subsidiary Metalicos Y No Metalicos S.R.L. (“MYNM”), Paraguay Exploration Inc. and its subsidiary Exploradora Del Paraguay S.A., Paraguay Minerals Inc. and its subsidiary, Exploraciones Almirante Grau S.A., PDL Resources Inc. and its subsidiary Rostock Industrias Mineras S.A., and PEL Minerals Inc. and its subsidiary Proyectos Mineros Parana S.A. All significant inter-company transactions and balances have been eliminated upon consolidation. Certain comparative figures have been reclassified to conform to the current year’s presentation. The Company has established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. The Company has 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 its uranium projects, including the Palangana Mine. Furthermore, the Company has no plans to establish proven or probable reserves for any of its uranium projects for which the Company plans on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that the Company commenced extraction of mineralized materials at the Palangana Mine in November 2010, the Company remains 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 the Company 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 the Company exits 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. The Company is in the Exploration Stage which has resulted in the 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 amortization allocated to future reporting periods of the 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 the Company 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, the Company’s consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage. 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. The functional currency of the Company, including its subsidiaries, is the United States dollar. UEC Resources 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 the Company’s 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 the Company’s functional currency are included in the determination of net income (loss) in the period. Cash and cash equivalents consist of cash balances and highly-liquid instruments with an original maturity of three months or less. Short-term investments consist of highly-liquid instruments with maturities from three months to one year from the date of the initial investments. The fair values of cash and cash equivalents, short-term investments, other current assets which includes available-for-sale securities and accounts and interest receivable, accounts payable and accrued liabilities and due to related parties amounts were estimated to approximate their carrying values due to the immediate or short-term maturity of these financial instruments. 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. The Company measures its 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 Company has determined that its available-for-sale securities are Level 1 financial instruments. Investments in an entity in which the Company’s ownership is greater than 20% but less than 50%, or other facts and circumstances indicate that the Company has 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 the Company’s share of the earnings, losses or other changes in capital of the investee entity after the date of acquisition. The Company periodically evaluates 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 include future expenditures that the Company has 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 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. 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. The Company has 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. 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 the Company’s cash flows. Databases are included in Mineral Rights and Properties on the balance sheet. 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 the Company’s cash flows. Land use agreements are included in Mineral Rights and Properties on the balance sheet. 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: 15 years; · Mining and logging equipment and vehicles: 5 to 10 years; · Computer equipment: 3 years; · Furniture and fixtures: 5 years; and · Leasehold improvements: Term of lease 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. The Company follows 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. The Company recognizes 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. The Company’s 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 the Company 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. Various federal and state mining laws and regulations require the 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, the Company capitalizes 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, the Company reviews the assumptions used to estimate the expected cash flows required to settle the asset retirement obligations, 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. The recognition of revenue from sales of uranium concentrates is in accordance with the guidelines outlined in ASC Section 605-10-25, Revenue Recognition. The Company delivers its uranium concentrates to a uranium storage facility and once the product is confirmed to meet the required specifications, the Company receives credit for a specified quantity measured in pounds. Future sales of uranium concentrates are expected to generally occur under uranium supply agreements or through the uranium spot market. Once a sale of uranium concentrates is negotiated, the Company 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 the Company. The Company follows 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. The Company uses 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, the Company issues shares of its common stock as compensation to the Company’s directors, officers and employees and for various consulting services. The fair values of the shares are measured using the closing price of the Company’s shares on the issuance date. 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 the Company. In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-15: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company adopted ASU 2014-15 effective August 1, 2016 for the fiscal year ended July 31, 2017. Adoption of this standard has not had a significant impact on the Company’s consolidated financial statements. In March 2016, FASB issued Accounting Standards Update No. 2016-09: Improvement to Employee Share-Based Payment Accounting (“ASU 2016-09”), as part of its simplification initiative. ASU 2016-09 allows an entity to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current U.S. GAAP) or account for forfeitures when they occur. For public business entities, ASU 2016-09 is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company has made an election to account for forfeitures when they occur effective August 1, 2016 for Fiscal 2017. The election of this standard has not had a significant impact on the Company’s consolidated financial statements. Accounting Policies Not Yet Adopted In May 2014, FASB issued ASU 2014-09, which provides a comprehensive revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition to achieve the objective of recognizing revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The five-step model includes: (i) identifying the contract; (ii) identifying the separate performance obligations in the contract; (iii) determining the transaction price; (iv) allocating the transaction price to the separate performance obligations; and (v) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2017 and early adoption is not permitted. Accordingly, the Company will adopt the standard effective August 1, 2018. Companies are allowed to use either full retrospective or modified retrospective adoption. The Company continues to evaluate the impact of the adoption of this standard up to August 1, 2018 but doesn’t anticipate the adoption of this standard will have a significant impact on its consolidated financial statements. |
ACQUISITON OF ALTO PARANA TITAN
ACQUISITON OF ALTO PARANA TITANIUM PROJECT | 12 Months Ended |
Jul. 31, 2017 | |
Asset Acquisition [Abstract] | |
Acquisition Of Alto Parana Titanium Project [Text Block] | ACQUISITON OF ALTO PARANA TITANIUM PROJECT On March 4, 2016, the Company entered into a share purchase and option agreement (the “Share Purchase and Option Agreement”) with CIC Resources Inc. (the “CICRI”) pursuant to which the Company acquired all of the issued and outstanding shares of JDL Resources Inc. (“JDL”; the “JDL Acquisition” ), a wholly-owned subsidiary of the CICRI. As consideration, the Company issued 1,333,560 50,000 Pursuant to the Share Purchase and Options Agreement, the Company was granted an option to acquire all of the issued and outstanding shares of CIC Resources (Paraguay) Inc. (“CIC”; the “CIC Option”), a wholly-owned subsidiary of CICRI. CIC is the beneficial owner of Paraguay Resources Inc. which is the 100 On June 29, 2017, the Share Purchase and Option Agreement was amended, among other things, to increase the CIC Option payment from $ 250,000 275,000 100 174,200 In accordance with the terms of the Share Purchase and Option Agreement, the Company issued 664,879 1,070,455 1,021,453 275,000 746,453 49,002 In accordance with ASC 360: Property, Plant and Equipment, the JDL Acquisition in March 2016 and the CIC Acquisition in July 2017 are accounted for as asset acquisitions as it was determined that the operations of JDL and CIC do not meet the definition of a business as defined in ASC 805: Business Combinations. Consideration transferred 1,333,560 UEC common shares at $0.92 per share $ 1,226,875 Cash consideration 50,000 Amount payable upon exercise the CIC Option 250,000 Transaction costs 63,090 $ 1,589,965 Assets acquired and liabilities assumed Cash and cash equivalents $ 3,916 Prepaid expenses 3,804 Land 344,376 Other long-term asset 1,553,388 Due to CIC (315,519) $ 1,589,965 Prior to the exercise of the CIC Option, the Company held a variable interest in CIC but was not the primary beneficiary due to the fact that the Company did not have the power over decisions that could significantly affect CIC’s economic performance. Accordingly, at July 31, 2016, the Company did not consolidate the results of CIC and instead reported as other long-term asset of $ 1,553,388 1,303,388 250,000 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 Prior to the exercise of the CIC Option, JDL made payments of $ 36,030 315,519 279,489 In addition to the Consideration, the Company has also granted CICRI a 1.5 0.5 500,000 The Company is required to pay annual maintenance fees totaling $ 146,000 |
MINERAL RIGHTS AND PROPERTIES
MINERAL RIGHTS AND PROPERTIES | 12 Months Ended |
Jul. 31, 2017 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Industries Disclosures [Text Block] | NOTE 4: MINERAL RIGHTS AND PROPERTIES Mineral Rights At July 31, 2017, the Company had mineral rights in the States of Arizona, Colorado, New Mexico, Texas and Wyoming and the Republic of 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, 2017, annual maintenance payments of approximately $ 1,625,000 July 31, 2017 July 31, 2016 Mineral Rights and Properties Palangana Mine $ 6,285,898 $ 6,443,028 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 Nichols Project - 154,774 Anderson Project 9,154,268 9,154,268 Workman Creek Project 1,520,680 1,472,008 Los Cuatros Project 257,250 257,250 Slick Rock Project 615,650 615,650 Yuty Project 11,947,144 11,947,144 Oviedo Project 1,133,412 1,133,412 Alto Paraná Titanium Project 1,433,030 - Other Property Acquisitions 91,080 234,248 42,755,064 41,728,434 Accumulated Depletion (3,929,884) (3,929,884) 38,825,180 37,798,550 Databases 2,410,038 2,410,038 Accumulated Amortization (2,392,196) (2,364,019) 17,842 46,019 Land Use Agreements 404,310 404,310 Accumulated Amortization (315,356) (274,928) 88,954 129,382 $ 38,931,976 $ 37,973,951 During Fiscal 2017, the Company 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 During Fiscal 2016, the Company abandoned certain mineral interests at projects located in Colorado, New Mexico and Wyoming having a combined acquisition cost of $ 97,114 During Fiscal 2015, the Company abandoned certain mineral interests which were outside of the previously established mineralized materials at the Salvo Project with a combined acquisition cost of $ 349,805 The Company has not established proven or probable reserves, as defined by the SEC under Industry Guide 7, for any of its mineral projects. The Company has established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. Since the Company 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 its sales revenues during Fiscal 2015, Fiscal 2013 and 2012, with no sales revenues generated during 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, 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. The Company’s 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. Fiscal 2018 $ 52,028 Fiscal 2019 39,376 Fiscal 2020 11,350 Fiscal 2021 1,542 Fiscal 2022 291,132 Total $ 395,428 Year Ended July 31, 2017 2016 2015 Mineral Property Expenditures Palangana Mine $ 880,633 $ 1,273,002 $ 2,147,293 Goliad Project 114,286 92,588 105,282 Burke Hollow Project 1,020,965 1,034,888 1,316,321 Longhorn Project 32,796 10,149 66,135 Salvo Project 37,551 34,289 54,462 Anderson Project 68,303 178,212 240,519 Workman Creek Project 31,265 32,820 31,702 Slick Rock Project 44,231 53,861 53,313 Yuty Project 365,517 388,840 392,879 Oviedo Project 331,798 569,077 564,501 Alto Paraná Titanium Project (Note 3) 800,023 - - Other Mineral Property Expenditures 580,275 701,831 733,673 Revaluation of Asset Retirement Obligations (187,255) (308,398) - $ 4,120,388 $ 4,061,159 $ 5,706,080 Palangana Mine, Texas The Company holds various mining lease and surface use agreements granting the Company the exclusive right to explore, develop and mine for uranium at the Palangana Mine, a 6,987 During Fiscal 2017, the asset retirement obligations (“ARO”) of the Palangana Mine were revised due to changes in the estimated timing of restoration and reclamation of the Palangana Mine, resulting in the corresponding mineral rights and properties being reduced by $ 157,130 187,255 During Fiscal 2017 and Fiscal 2016, the Company continued with the strategic plan of reduced operations implemented in Fiscal 2014 and further reduced operations at the Palangana Mine to capture residual uranium only. As a result, no depletion for the Palangana Mine was recorded on the Company’s consolidated financial statements. At July 31, 2017, capitalized costs of the Palangana Mine were $ 6,285,898 6,443,028 3,929,884 3,929,884 2,356,014 2,513,144 Goliad Project, Texas The Company holds various mining lease and surface use agreements granting the Company the exclusive right to explore, develop and mine for uranium at the Goliad Project, a 1,139 8,689,127 8,689,127 Burke Hollow Project, Texas The Company holds various mining lease and surface use agreements granting the Company the exclusive right to explore, develop and mine for uranium at the Burke Hollow Project, a 19,335 1,495,750 1,495,750 Longhorn Project, Texas The Company holds various mining lease and surface use agreements granting the Company the exclusive right to explore, develop and mine for uranium at the Longhorn Project, a 651 116,870 116,870 Salvo Project, Texas The Company holds various mining lease and surface use agreements granting the Company the exclusive right to explore, develop and mine for uranium at the Salvo Project, a 1,514 14,905 14,905 Anderson Project, Arizona The Company holds an undivided 100 8,268 9,154,268 9,154,268 Workman Creek Project, Arizona The Company holds an undivided 100 4,036 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. The Company has 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 2017, the Company issued 46,800 48,672 At July 31, 2017, capitalized costs totaled $ 1,520,680 1,472,008 Los Cuatros Project, Arizona The Company holds an undivided 100 640 257,250 257,250 Slick Rock Project, Colorado The Company holds an undivided 100 5,333 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 $30,000 beginning in November 2017. During Fiscal 2016, the Company abandoned certain mineral interests in the Slick Rock project with acquisition cost of $ 45,621 At July 31, 2017, capitalized acquisition costs totaled $ 615,650 615,650 Yuty Project, Paraguay The Company holds an undivided 100 289,680 0.21 11,947,144 11,947,144 Oviedo Project, Paraguay The Company holds an undivided 100 464,548 The Oviedo Project is subject to a 1.5% gross overriding royalty over which the Company has 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, 2017, 1,133,412 1,133,412 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jul. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5: PROPERTY, PLANT AND EQUIPMENT July 31, 2017 July 31, 2016 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 (2,378,737) 59,944 2,438,920 (2,256,901) 182,019 Logging Equipment and Vehicles 1,971,742 (1,825,389) 146,353 1,962,895 (1,801,811) 161,084 Computer Equipment 582,980 (565,223) 17,757 586,116 (555,972) 30,144 Furniture and Fixtures 170,701 (168,248) 2,453 172,348 (167,966) 4,382 Land 519,520 - 519,520 519,520 - 519,520 $ 12,502,712 $ (5,711,530) $ 6,791,182 $ 12,498,887 $ (5,556,583) $ 6,942,304 Hobson Processing Facility During Fiscal 2017, 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 2017. |
RECLAMATION DEPOSITS
RECLAMATION DEPOSITS | 12 Months Ended |
Jul. 31, 2017 | |
RECLAMATION DEPOSITS [Abstract] | |
Reclamation Deposits [Text Block] | NOTE 6: 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. July 31, 2017 July 31, 2016 Palangana Mine $ 1,102,981 $ 1,102,981 Hobson Processing Facility 587,228 587,228 Arizona 15,000 15,000 Wyoming 819 818 $ 1,706,028 $ 1,706,027 |
EQUITY-ACCOUNTED INVESTMENT
EQUITY-ACCOUNTED INVESTMENT | 12 Months Ended |
Jul. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 7: EQUITY-ACCOUNTED INVESTMENT In July 2017, the Company participated in a private placement of Uranium Royalty Corp. (“URC”), a private entity investing in the uranium sector, paying $ 151,676 2,000,000 16.0 12.8 URC is a recently incorporated company with an immaterial amount of expenses incurred since the Company’s investment. As a result, the Company did not record its share of any loss from URC and at July 31, 2017, the equity-accounted investment totaled $ 151,676 |
DUE TO RELATED PARTIES AND RELA
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jul. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 8: DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS During Fiscal 2017, the Company incurred $ 174,299 164,566 2015 148,602 During Fiscal 2017, the Company issued 148,368 170,060 During Fiscal 2016, the Company issued 117,998 109,738 98,371 During Fiscal 2015, the Company issued 15,000 18,150 At July 31, 2017, amounts owed to Blender totaled $ 768 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Jul. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | NOTE 9: LONG-TERM DEBT On February 9, 2016, the Company 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 the Lenders agreed to certain further amendments to the $ 20,000,000 · initial funding of $ 10,000,000 · additional funding of $ 10,000,000 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 principal balance then outstanding) commencement date from July 31, 2016 to February 1, 2019; · re-pricing and extension of the existing bonus warrants comprised of 2,600,000 2.50 1.35 July 30, 2018 January 30, 2020 · issuance of second extension fee shares equal to 4 800,000 959,613 10 · payment of anniversary fees to the Lenders on each of February 1, 2017, 2018 and 2019, of 5.5 4.5 4.5 · maintenance at all times of a working capital ratio of not less than 1:1 Under the terms of the Second Amended and Restated Credit Agreement, the non-revolving Credit Facility has an interest rate of 8 14.28 20,000,000 1,100,000 900,000 900,000 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 Expected Life in Years 3.98 Expected Annual Volatility 71.10 % Expected Risk Free Interest Rate 1.00 % Expected Dividend Yield 0.00 % July 31, 2017 July 31, 2016 Principal amount $ 20,000,000 $ 20,000,000 Unamortized discount (745,165) (801,822) Long-term debt, net of unamortized discount $ 19,254,835 $ 19,198,178 During Fiscal 2017, and pursuant to the terms of the Second Amended and Restated Credit Agreement, the Company issued 738,503 1,100,000 5.5 20,000,000 In Fiscal 2017, the amortization of debt discount totaled $ 1,156,657 1,245,615 1,353,773 During Fiscal 2016, prior to the execution of the Second Amended and Restated Credit Agreement, and pursuant to the terms of the Amended and Restated Credit Agreement of March 13, 2014, the Company paid bonus shares to its lenders through the issuance of 752,320 900,000 4.5 20,000,000 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 life of the long-term debt. Fiscal 2018 $ - 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, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 10: ASSET RETIREMENT OBLIGATIONS Balance, July 31, 2016 $ 3,746,464 Accretion 224,873 Assumed from CIC Acquisition 102,950 Revision in estimate of asset retirement obligations (344,385) Balance, July 31, 2017 $ 3,729,902 During Fiscal 2017 and Fiscal 2016, the 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, ARO liabilities associated with the Palangana Mine were reduced by $344,385 (Fiscal 2016: $452,505), the corresponding mineral rights and properties were reduced by $ 157,130 144,107 187,255 308,398 July 31, 2017 July 31, 2016 Undiscounted amount of estimated cash flows $ 7,098,581 $ 6,650,255 Payable in years 5.0 to 17 4.1 to 15 Inflation rate 1.37% to 2.14% 1.15% to 2.25% Discount rate 5.48% to 6.40% 5.02% to 8.00% Fiscal 2018 $ - Fiscal 2019 - Fiscal 2020 - Fiscal 2021 - Fiscal 2022 148,391 Remaining balance 6,950,190 $ 7,098,581 |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Jul. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 11: CAPITAL STOCK Equity Financing We filed a Form S-3 shelf registration statement, which was declared effective on January 10, 2014 (the “2014 Shelf”). The 2014 Shelf provided for the public offer and sale of certain securities of our Company from time to time, at our discretion, up to an aggregate offering amount of $ 100 On January 20, 2017, the Company completed a public offering of 17,330,836 1.50 25,996,254 9,571,929 9,571,934 2.00 906,516 2.00 1.54 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 % 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, the Company completed a registered offering of 12,364,704 0.85 10,510,000 1.20 411,997 1.20 0.81 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 % 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 On June 25, 2015, the Company completed a public offering of 5,000,000 2.00 10,000,000 2.35 350,000 The shares were valued at the Company’s closing price of $ 1.60 Expected Risk Free Interest Rate 1.06 % Expected Annual Volatility 71.23 % Expected Contractual Life in Years 3.00 Expected Annual Dividend Yield 0 % Fair Value of Shares $ 8,000,000 Fair Value of Share Purchase Warrants 1,475,235 Total Fair Value Before Allocation to Net Proceeds $ 9,475,235 Gross Proceeds $ 10,000,000 Share Issuance Costs - Cash (891,635) Net Cash Proceeds Received $ 9,108,365 Relative Fair Value Allocation to: Shares $ 7,690,249 Share Purchase Warrants 1,418,116 $ 9,108,365 During Fiscal 2015, the Company completed a sale of 280,045 1.70 474,788 SM We filed a Form S-3 shelf registration statement, which was declared effective on March 10, 2017 (the “2017 Shelf”), and as a result, it replaced the 2014 Shelf which was then deemed terminated. The 2017 Shelf provides for the public offer and sale of certain securities of the Company from time to time, at our discretion, up to an aggregate offering amount of $100 million. Share Transactions Common Value per Share Issuance Period / Description Shares Issued Low High Value Balance, July 31, 2014 90,966,558 Equity Financing 5,280,045 1.70 2.00 7,659,139 Consulting Services 1,108,390 1.07 2.90 1,851,074 Options Exercised (1) 304,657 0.33 1.32 24,550 Share Bonuses 174,437 1.35 1.35 235,490 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 Current 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 Mineral Property 46,800 1.04 1.04 48,672 Settlement of Current 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 (2) 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 (1) 535,000 230,267 (2) 309,634 162,227 Share Purchase Warrants Number of Weighted Average Warrants Exercise Price Balance, July 31, 2014 5,009,524 $ 2.38 Issued 2,850,000 2.35 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 Weighted Weighted Average Average Number of Warrants Remaining Contractual Exercise Price Outstanding Expiry Date Life (Years) $ 1.20 4,604,631 March 10, 2019 1.61 1.35 2,600,000 January 30, 2020 2.50 1.95 50,000 June 3, 2018 0.84 2.00 9,571,929 January 20, 2020 2.47 2.35 2,850,000 June 25, 2018 0.90 $ 1.78 19,676,560 2.04 On February 9, 2016, as part of the terms of the Second Amended and Restated Credit Agreement, the 2,600,000 1.35 2.50 Stock Options At July 31, 2017, we had one stock option plan, the 2017 Stock Incentive Plan (the “2017 Plan”). The 2017 Plan provides for not more than 22,439,420 12,305,500 4,133,920 6,000,000 During Fiscal 2017, the Company granted stock options under the Stock Incentive Plan to the Company’s directors, officers, employees and consultants to purchase a total of 672,500 0.93 1.35 During Fiscal 2016, the Company granted stock options under the Stock Incentive Plan to the Company’s directors, officers, employees and consultants to purchase a total of 3,033,000 0.93 1.32 During Fiscal 2015, the Company granted stock options under the Stock Incentive Plan to the Company’s directors, officers, employees and consultants to purchase a total of 7,640,000 1.20 1.32 The majority of these stock options are subject to an 18-month vesting provision whereby at the end of each of the first three, six, 12 and 18 months after the grant date, 25% of the total stock option grant becomes exercisable. The five-year contractual term for the above grants is significantly different from the 10 Options Exercise Term Fair Expected Risk-Free Dividend Expected Date of Grant Granted Price (Years) Value Life (Years) Interest Rate Yield Volatility August 2, 2016 182,500 $ 0.93 5 $ 90,222 2.90 0.78 % 0.00 % 84.14 % August 12, 2016 190,000 1.12 5 106,339 2.90 0.81 % 0.00 % 78.07 % December 9, 2016 50,000 1.07 5 25,999 2.50 1.29 % 0.00 % 80.90 % December 9, 2016 100,000 1.07 5 53,819 2.90 1.40 % 0.00 % 77.87 % March 13, 2017 50,000 1.33 5 36,314 2.90 1.65 % 0.00 % 85.80 % April 4, 2017 50,000 1.35 5 36,785 2.90 1.44 % 0.00 % 85.86 % May 9, 2017 50,000 1.35 5 35,524 2.90 1.54 % 0.00 % 82.10 % Total 672,500 $ 385,002 A continuity schedule of outstanding stock options for the underlying common shares at July 31, 2017, and the changes during the periods, is as follows: Weighted Average Number of Stock Weighted Average Remaining Contractual Options Exercise Price Term (Years) Balance, July 31, 2014 7,987,214 $ 2.10 4.97 Granted 7,640,000 1.32 4.10 Exercised (609,390) 1.16 3.87 Expired (15,599) 5.13 - Forfeited (126,250) 2.52 6.20 Cancelled (4,294,000) 2.59 5.59 Balance, July 31, 2015 10,581,975 1.38 3.68 Granted 3,033,000 1.02 4.65 Exercised (682,167) 0.33 0.01 Expired (1,950) 5.90 - Forfeited (825,000) 1.48 0.02 Balance, July 31, 2016 12,105,858 1.34 3.36 Granted 672,500 1.11 4.24 Exercised (412,134) 0.56 - Expired (100,724) 4.35 - Forfeited (5,000) 0.93 - Balance, July 31, 2017 12,260,500 $ 1.33 2.45 At July 31, 2017, the aggregate intrinsic value under the provisions of ASC 718 of all outstanding stock options was estimated at $ 4,910,235 4,473,982 436,253 At July 31, 2017, the unrecognized compensation cost related to non-vested stock options granted under the Company’s Stock Incentive Plan was $ 187,530 0.62 A summary of stock options outstanding and exercisable at July 31, 2017 is as follows: Options Outstanding Options Exercisable Outstanding at Weighted Average Exercisable at Weighted Average Range of Exercise Prices July 31, 2017 Exercise Price July 31, 2017 Exercise Price $0.45 to $0.99 2,980,500 $ 0.79 2,484,750 $ 0.76 $1.00 to $1.99 8,007,500 1.29 7,737,500 1.29 $2.00 to $3.86 1,272,500 2.89 1,272,500 2.89 12,260,500 $ 1.33 11,494,750 $ 1.35 Stock-Based Compensation Year Ended July 31, 2017 2016 2015 Stock-Based Compensation for Consultants Common stock issued for consulting services $ 1,184,660 $ 1,630,635 $ 1,869,074 Stock options issued to consultants 469,815 78,014 588,207 1,654,475 1,708,649 2,457,281 Stock-Based Compensation for Management Common stock issued to management 686,584 262,130 105,998 Stock options issued to management 473,811 735,991 1,617,937 1,160,395 998,121 1,723,935 Stock-Based Compensation for Employees Common stock issued to employees 584,837 205,860 111,492 Stock options issued to employees 369,663 171,533 1,325,040 954,500 377,393 1,436,532 $ 3,769,370 $ 3,084,163 $ 5,617,748 |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Jul. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | LOSS PER SHARE Year Ended July 31, 2017 2016 2015 Numerator Net Loss for the Year $ (17,971,056) $ (17,329,872) $ (23,361,928) Denominator Basic Weighted Average Number of Shares 128,244,751 106,086,782 92,397,547 Dilutive Stock Options and Warrants - - - Diluted Weighted Average Number of Shares 128,244,751 106,086,782 92,397,547 Net Loss per Share, Basic and Diluted $ (0.14) $ (0.16) $ (0.25) For Fiscal 2017, Fiscal 2016 and Fiscal 2015, all outstanding stock options and share purchase warrants were excluded from the computation of diluted loss per share since the Company reported net losses for those periods and their effects would be anti-dilutive. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 13: INCOME TAXES At July 31, 2017, the Company had U.S. and Canadian net operating loss carry-forwards of approximately $ 160.7 5.8 The Company reviews its 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. Year Ended July 31, 2017 2016 2015 Federal income tax provision rate 35.00 % 35.00 % 35.00 % State income tax provision rate, net of federal income tax effect 0.43 % 0.35 % 0.32 % Total income tax provision rate 35.43 % 35.35 % 35.32 % Year Ended July 31, 2017 2016 2015 Loss before income taxes $ (18,005,411) $ (17,362,111) $ (23,397,341) Corporate tax rate 35.43 % 35.35 % 35.32 % Expected tax recovery (6,379,317) (6,137,506) (8,263,941) Increase (decrease) resulting from Foreign tax rate differences 185,700 230,148 223,980 Permanent differences 446,377 806,736 1,473,225 Prior year true-up (804,822) (647,307) 50,025 State tax rate true-up (223,770) (105,843) (205,285) Property acquisition (491,798) - - Foreign exchange rate differences (3,248) 129,015 144,242 Other 81,660 59,705 62,398 Change in valuation allowance 7,149,654 5,627,606 6,474,775 Tax adjustment from operations (39,564) (37,446) (40,581) Unrealized loss, other comprehensive loss 5,209 5,207 5,168 Deferred income tax benefit (34,355) $ (32,239) $ (35,413) The Company has 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 year. During Fiscal 2017, the Company recorded a deferred income tax benefit of $ 34,355 32,239 35,413 Year Ended July 31, 2017 2016 2015 United States $ (17,303,682) $ (16,488,447) $ (22,612,974) Canada 45,316 54,216 158,616 Paraguay $ (747,045) (927,880) (942,983) (18,005,411) $ (17,362,111) $ (23,397,341) July 31, 2017 July 31, 2016 Deferred tax assets (liabilities) Mineral property acquisitions $ 2,533,819 $ 1,917,796 Exploration costs 10,950,241 10,648,043 Stock option expense 7,031,732 7,081,853 Depreciable property (367,164) (66,912) Inventories (5,471,486) (3,632,178) Asset retirement obligations (130,740) (220,209) Other 179,518 271,468 Loss carry forward 57,989,069 49,565,476 72,714,989 65,565,337 Valuation allowance (72,720,198) (65,570,544) Deferred tax assets (5,209) (5,207) Deferred tax assets, other comprehensive loss 5,209 5,207 Deferred tax liabilities Mineral property acquisition (609,470) (643,825) Net deferred tax liabilities $ (609,470) $ (643,825) As the criteria for recognizing future income tax assets have not been met due to the uncertainty of realization, a valuation allowance of 100 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 7,319,644 July 31, 2031 14,420,187 July 31, 2032 15,014,013 July 31, 2033 16,332,007 July 31, 2034 21,605,546 July 31, 2035 19,357,683 July 31, 2036 18,490,648 July 31, 2037 19,087,066 $ 160,714,784 For U.S. federal income tax purposes, a change in ownership under IRC Section 382 may have occurred in a prior year. If an ownership change has occurred, the utilization of these losses against future income would be subject to an annual limitation. The annual limitation would be equal to the value of the Company immediately prior to the change in ownership multiplied by the IRC Section 382 rate in effect during the month of the change. July 31, 2027 $ 183,105 July 31, 2028 629,788 July 31, 2029 769,072 July 31, 2030 1,035,403 July 31, 2031 2,210,551 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 $ 5,772,475 |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Jul. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENTED INFORMATION The Company currently operates in a single reportable segment and is focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates. At July 31, 2017, long-term assets located in the U.S. were $ 33,543,723 69 48,585,837 July 31, 2017 United States Balance Sheet Items Texas Arizona 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 $ 1,288,489 $ 162,861 $ 14,879,253 $ 48,585,837 July 31, 2016 United States Balance Sheet Items Texas Arizona Other States Canada Paraguay Total Mineral Rights and Properties $ 13,191,408 $ 10,891,861 $ 810,127 $ - $ 13,080,555 $ 37,973,951 Property, Plant and Equipment 6,573,079 - - 14,909 354,316 6,942,304 Reclamation Deposits 1,690,209 15,000 818 - - 1,706,027 Other Long-Term Assets - - - - 1,553,388 1,553,388 Total Long-Term Assets $ 21,454,696 $ 10,906,861 $ 810,945 $ 14,909 $ 14,988,259 $ 48,175,670 Year Ended July 31, 2017 Statement of Operations United States Texas Arizona Other States Canada Paraguay Total Sales $ - $ - $ - $ - $ - $ - Costs and Expenses: Cost of sales - - - - - - Inventory write-down 60,694 - - - - 60,694 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 property 185,942 8,334 103,666 - - 297,942 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 Statement of Operations United States Texas Arizona Other States Canada Paraguay Total Sales $ - $ - $ - $ - $ - $ - Costs and Expenses: Cost of sales - - - - - - Inventory write-down - - - - - - 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 property - - 97,114 - - 97,114 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) Year Ended July 31, 2015 Statement of Operations United States Texas Arizona Other States Canada Paraguay Total Sales $ 3,080,000 $ - $ - $ - $ - $ 3,080,000 Costs and Expenses: Cost of sales 2,326,674 - - - - 2,326,674 Inventory write-down - - - - - - Mineral property expenditures 4,227,720 289,676 231,305 - 957,379 5,706,080 General and administrative 9,702,423 194,910 19,317 3,284,772 29,418 13,230,840 Depreciation, amortization and accretion 1,776,845 - 2,635 12,026 10,937 1,802,443 Impairment loss on mineral properties 349,805 - - - - 349,805 18,383,467 484,586 253,257 3,296,798 997,734 23,415,842 Loss from operations (15,303,467) (484,586) (253,257) (3,296,798) (997,734) (20,335,842) Other income (expenses) (3,042,084) (19,785) - (120) 490 (3,061,499) Loss before income taxes $ (18,345,551) $ (504,371) $ (253,257) $ (3,296,918) $ (997,244) $ (23,397,341) |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Jul. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION During Fiscal 2017, the Company issued 865,386 1,429,650 1,108,390 1,107,937 1,372,381 1,851,074 During Fiscal 2017, the Company issued 846,069 967,369 826,782 726,244 174,437 235,490 During Fiscal 2017, the Company paid $ 1,622,222 1,626,667 1,484,444 117,069 114,145 112,681 During Fiscal 2016, the Company entered into a Share Purchas and Option Agreement with CICRI, pursuant to which the Company acquired all of the issued and outstanding shares of JDL. As consideration, the Company paid $ 50,000 1,333,560 1,226,875 During Fiscal 2017, the Company exercised the CIC Option in accordance with the Share Purchase and Option Agreement and issued 664,879 1,070,455 1,021,453 During Fiscal 2017, the Company also issued 351,061 454,195 454,195 During Fiscal 2016, the Company issued 487,574 453,444 406,476 During Fiscal 2017, the Company issued 46,800 48,672 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jul. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 16: COMMITMENTS AND CONTINGENCIES The Company is renting or leasing various office or storage space located in the United States, Canada and Paraguay with total monthly payments of $ 19,318 Fiscal 2018 $ 219,135 Fiscal 2019 81,730 Fiscal 2020 82,134 Fiscal 2021 54,756 Fiscal 2022 - $ 437,755 The Company is committed to pay its key executives a total of $ 712,000 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 $ 149,194 500,000 50,000 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. The Company believes that this claim lacks merit and intends to vigorously defend the same. 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 and, as of the date of this Annual Report, the Court has not set a briefing date deadline. 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. 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. |
ACQUISITION OF RENO CREEK PROJE
ACQUISITION OF RENO CREEK PROJECT | 12 Months Ended |
Jul. 31, 2017 | |
Asset Acquisition [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 17: ACQUISITION OF RENO CREEK PROJECT On May 9, 2017, the Company entered into a share purchase agreement (the “Share Purchase Agreement”) with Pacific Road Capital A Pty Ltd., as trustee for Pacific Road Resources Fund A (“Fund A”), Pacific Road Capital B Pty Ltd., as trustee for Pacific Road Resources Fund B (“Fund B”), and Pacific Road Holdings S.à.r.l. (“Luxco”; and collectively with Fund A and Fund B are referred to as the “Pacific Road Funds”) to acquire from the Pacific Road Funds and Bayswater Holdings Inc.(“BHI”), a wholly-owned subsidiary of Bayswater Uranium Corporation, all of the issued and outstanding shares (the “Purchased Shares”) of Reno Creek Holdings Inc. (“RCHI”) (the “Reno Creek Acquisition”) and, indirectly thereby, 100 Pursuant to the terms of the Share Purchase Agreement, the Company 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 the closing date. On August 7, 2017, the Company entered into an amending agreement (the “Amending Agreement”) with each of the original Pacific Road Resources Funds (“PRRF”) and, by tag-along right, BHI, and together with PRRF the (the “Reno Creek Vendors”), whereby the Company and the Reno Creek Vendors agreed that the amount to be distributed from RCHI’s subsidiaries to RCHI totalled $ 1,743,666 On August 9, 2017, the Company completed the Reno Creek Acquisition pursuant to the Share Purchase Agreement to acquire all of the issued and outstanding shares of RCHI and therefore obtained 100% ownership interests in RCHI, of which 97.27 2.73 In connection with the Reno Creek Acquisition, the Company paid the following consideration: ⋅ a cash payment of $ 909,930 ⋅ 14,392,927 ⋅ an additional 241,821 1.406 340,000 ⋅ ⋅ a 0.5% net profits interest royalty, capped at $2.5 million; and ⋅ transaction costs of $ 779,510 In connection with the Reno Creek Acquisition, the Company also issued 353,160 1.406 483,829 In accordance with ASC 360: Property, Plant and Equipment, the Reno Creek Acquisition will be accounted for as an asset acquisition as it is determined that the operations of Reno Creek do not meet the definition of a business as defined in ASC 805: Business Combinations. 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 257,000 Mineral rights & properties 25,003,928 Asset retirement obligations (73,973) $ 26,827,972 The Reno Creek Project is located in the Powder River Basin, Campbell County, Wyoming, approximately 80 miles northeast of Casper. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Jul. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 18: SUBSEQUENT EVENT Subsequent to July 31, 2017, the Company paid Fiscal 2017 bonuses to the Company’s directors, officers, employees and consultants, which were paid in the form of cash, compensation shares (the “Bonus Shares”) and stock options. The Bonus Shares were issued and the stock options were granted under the Company’s Stock Incentive Plan. The cash bonus of $ 393,800 398,839 638,142 1,854,000 1.28 24 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2017 | |
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, URN South Texas Project, Ltd. and a controlled partnership, South Texas Mining Venture, L.L.P; UEC Paraguay Corp. and its subsidiary, Piedra Rica Mining S.A.; Cue Resources Ltd. and its subsidiary, Transandes Paraguay S.A.; JDL Resources Inc. and its subsidiary, Trier S.A.; CIC Resources (Paraguay) Inc. and its subsidiaries, Paraguay Resources Inc. and its subsidiary Metalicos Y No Metalicos S.R.L. (“MYNM”), Paraguay Exploration Inc. and its subsidiary Exploradora Del Paraguay S.A., Paraguay Minerals Inc. and its subsidiary, Exploraciones Almirante Grau S.A., PDL Resources Inc. and its subsidiary Rostock Industrias Mineras S.A., and PEL Minerals Inc. and its subsidiary Proyectos Mineros Parana S.A. All significant inter-company transactions and balances have been eliminated upon consolidation. Certain comparative figures have been reclassified to conform to the current year’s presentation. |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Exploration Stage The Company has established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. The Company has 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 its uranium projects, including the Palangana Mine. Furthermore, the Company has no plans to establish proven or probable reserves for any of its uranium projects for which the Company plans on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that the Company commenced extraction of mineralized materials at the Palangana Mine in November 2010, the Company remains 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 the Company 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 the Company exits 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. The Company is in the Exploration Stage which has resulted in the 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 amortization allocated to future reporting periods of the 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 the Company 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, the Company’s 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 the Company, including its subsidiaries, is the United States dollar. UEC Resources 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 the Company’s 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 the 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 The fair values of cash and cash equivalents, short-term investments, other current assets which includes available-for-sale securities and accounts and interest receivable, accounts payable and accrued liabilities and due to related parties amounts were estimated to approximate their carrying values due to the immediate or short-term maturity of these financial instruments. 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 The Company measures its 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 Company has determined that its available-for-sale securities are Level 1 financial instruments. |
Equity Method Investments [Policy Text Block] | Equity-Accounted Investments Investments in an entity in which the Company’s ownership is greater than 20% but less than 50%, or other facts and circumstances indicate that the Company has 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 the Company’s share of the earnings, losses or other changes in capital of the investee entity after the date of acquisition. The Company periodically evaluates 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 the Company has 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. The Company has 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 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 the Company’s 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 the Company’s 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: 15 years; · Mining and logging equipment and vehicles: 5 to 10 years; · Computer equipment: 3 years; · Furniture and fixtures: 5 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 The Company follows 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. The Company recognizes 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. The Company’s 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 the Company 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 Obligations, Policy [Policy Text Block] | Restoration and Remediation Costs (Asset Retirement Obligations) Various federal and state mining laws and regulations require the 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, the Company capitalizes 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, the Company reviews the assumptions used to estimate the expected cash flows required to settle the asset retirement obligations, 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 The recognition of revenue from sales of uranium concentrates is in accordance with the guidelines outlined in ASC Section 605-10-25, Revenue Recognition. The Company delivers its uranium concentrates to a uranium storage facility and once the product is confirmed to meet the required specifications, the Company receives credit for a specified quantity measured in pounds. Future sales of uranium concentrates are expected to generally occur under uranium supply agreements or through the uranium spot market. Once a sale of uranium concentrates is negotiated, the Company 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 the Company. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company follows 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. The Company uses 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, the Company issues shares of its common stock as compensation to the Company’s directors, officers and employees and for various consulting services. The fair values of the shares are measured using the closing price of the 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 the Company. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-15: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company adopted ASU 2014-15 effective August 1, 2016 for the fiscal year ended July 31, 2017. Adoption of this standard has not had a significant impact on the Company’s consolidated financial statements. In March 2016, FASB issued Accounting Standards Update No. 2016-09: Improvement to Employee Share-Based Payment Accounting (“ASU 2016-09”), as part of its simplification initiative. ASU 2016-09 allows an entity to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current U.S. GAAP) or account for forfeitures when they occur. For public business entities, ASU 2016-09 is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company has made an election to account for forfeitures when they occur effective August 1, 2016 for Fiscal 2017. The election of this standard has not had a significant impact on the Company’s consolidated financial statements. Accounting Policies Not Yet Adopted In May 2014, FASB issued ASU 2014-09, which provides a comprehensive revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition to achieve the objective of recognizing revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The five-step model includes: (i) identifying the contract; (ii) identifying the separate performance obligations in the contract; (iii) determining the transaction price; (iv) allocating the transaction price to the separate performance obligations; and (v) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2017 and early adoption is not permitted. Accordingly, the Company will adopt the standard effective August 1, 2018. Companies are allowed to use either full retrospective or modified retrospective adoption. The Company continues to evaluate the impact of the adoption of this standard up to August 1, 2018 but doesn’t anticipate the adoption of this standard will have a significant impact on its consolidated financial statements. |
ACQUISITON OF ALTO PARANA TIT26
ACQUISITON OF ALTO PARANA TITANIUM PROJECT (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
JDL Resources Inc [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | At March 4, 2016, the fair value of the consideration transferred and its allocation to the identifiable assets acquired and liabilities assumed from JDL are summarized as follows: Consideration transferred 1,333,560 UEC common shares at $0.92 per share $ 1,226,875 Cash consideration 50,000 Amount payable upon exercise the CIC Option 250,000 Transaction costs 63,090 $ 1,589,965 Assets acquired and liabilities assumed Cash and cash equivalents $ 3,916 Prepaid expenses 3,804 Land 344,376 Other long-term asset 1,553,388 Due to CIC (315,519) $ 1,589,965 |
CIC Resources Inc [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Upon exercise of the CIC Option on July 7, 2017, the fair value of consideration transferred 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 |
MINERAL RIGHTS AND PROPERTIES (
MINERAL RIGHTS AND PROPERTIES (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Mineral Industries Disclosures [Abstract] | |
Schedule Of Mineral Rights and Property Acquisition Costs [Table Text Block] | Mineral rights and property acquisition costs consisted of the following: July 31, 2017 July 31, 2016 Mineral Rights and Properties Palangana Mine $ 6,285,898 $ 6,443,028 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 Nichols Project - 154,774 Anderson Project 9,154,268 9,154,268 Workman Creek Project 1,520,680 1,472,008 Los Cuatros Project 257,250 257,250 Slick Rock Project 615,650 615,650 Yuty Project 11,947,144 11,947,144 Oviedo Project 1,133,412 1,133,412 Alto Paraná Titanium Project 1,433,030 - Other Property Acquisitions 91,080 234,248 42,755,064 41,728,434 Accumulated Depletion (3,929,884) (3,929,884) 38,825,180 37,798,550 Databases 2,410,038 2,410,038 Accumulated Amortization (2,392,196) (2,364,019) 17,842 46,019 Land Use Agreements 404,310 404,310 Accumulated Amortization (315,356) (274,928) 88,954 129,382 $ 38,931,976 $ 37,973,951 |
Schedule of Finite-Lived 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 2018 $ 52,028 Fiscal 2019 39,376 Fiscal 2020 11,350 Fiscal 2021 1,542 Fiscal 2022 291,132 Total $ 395,428 |
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, 2017 2016 2015 Mineral Property Expenditures Palangana Mine $ 880,633 $ 1,273,002 $ 2,147,293 Goliad Project 114,286 92,588 105,282 Burke Hollow Project 1,020,965 1,034,888 1,316,321 Longhorn Project 32,796 10,149 66,135 Salvo Project 37,551 34,289 54,462 Anderson Project 68,303 178,212 240,519 Workman Creek Project 31,265 32,820 31,702 Slick Rock Project 44,231 53,861 53,313 Yuty Project 365,517 388,840 392,879 Oviedo Project 331,798 569,077 564,501 Alto Paraná Titanium Project (Note 3) 800,023 - - Other Mineral Property Expenditures 580,275 701,831 733,673 Revaluation of Asset Retirement Obligations (187,255) (308,398) - $ 4,120,388 $ 4,061,159 $ 5,706,080 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consisted of the following: July 31, 2017 July 31, 2016 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 (2,378,737) 59,944 2,438,920 (2,256,901) 182,019 Logging Equipment and Vehicles 1,971,742 (1,825,389) 146,353 1,962,895 (1,801,811) 161,084 Computer Equipment 582,980 (565,223) 17,757 586,116 (555,972) 30,144 Furniture and Fixtures 170,701 (168,248) 2,453 172,348 (167,966) 4,382 Land 519,520 - 519,520 519,520 - 519,520 $ 12,502,712 $ (5,711,530) $ 6,791,182 $ 12,498,887 $ (5,556,583) $ 6,942,304 |
RECLAMATION DEPOSITS (Tables)
RECLAMATION DEPOSITS (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
RECLAMATION DEPOSITS [Abstract] | |
Schedule Of Reclamation Deposits [Table Text Block] | Reclamation deposits consisted of the following: July 31, 2017 July 31, 2016 Palangana Mine $ 1,102,981 $ 1,102,981 Hobson Processing Facility 587,228 587,228 Arizona 15,000 15,000 Wyoming 819 818 $ 1,706,028 $ 1,706,027 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Debt Disclosure [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, 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, 2017, long-term debt consisted of the following: July 31, 2017 July 31, 2016 Principal amount $ 20,000,000 $ 20,000,000 Unamortized discount (745,165) (801,822) Long-term debt, net of unamortized discount $ 19,254,835 $ 19,198,178 |
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, 2017 are as follows: Fiscal 2018 $ - 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, 2017 | |
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 the Palangana Mine, Hobson Processing Facility and the Alto Parana Titanium Project pilot plant in Paraguay. Balance, July 31, 2016 $ 3,746,464 Accretion 224,873 Assumed from CIC Acquisition 102,950 Revision in estimate of asset retirement obligations (344,385) Balance, July 31, 2017 $ 3,729,902 |
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, 2017 July 31, 2016 Undiscounted amount of estimated cash flows $ 7,098,581 $ 6,650,255 Payable in years 5.0 to 17 4.1 to 15 Inflation rate 1.37% to 2.14% 1.15% to 2.25% Discount rate 5.48% to 6.40% 5.02% to 8.00% |
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 2018 $ - Fiscal 2019 - Fiscal 2020 - Fiscal 2021 - Fiscal 2022 148,391 Remaining balance 6,950,190 $ 7,098,581 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Schedule of Share Transactions [Table Text Block] | A summary of the Company’s share transactions for Fiscal 2017, Fiscal 2016, and Fiscal 2015 are as follows: Common Value per Share Issuance Period / Description Shares Issued Low High Value Balance, July 31, 2014 90,966,558 Equity Financing 5,280,045 1.70 2.00 7,659,139 Consulting Services 1,108,390 1.07 2.90 1,851,074 Options Exercised (1) 304,657 0.33 1.32 24,550 Share Bonuses 174,437 1.35 1.35 235,490 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 Current 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 Mineral Property 46,800 1.04 1.04 48,672 Settlement of Current 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 (2) 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 (1) 535,000 230,267 (2) 309,634 162,227 |
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, 2014 5,009,524 $ 2.38 Issued 2,850,000 2.35 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 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | A summary of share purchase warrants outstanding and exercisable at July 31, 2017 are as follows: Weighted Weighted Average Average Number of Warrants Remaining Contractual Exercise Price Outstanding Expiry Date Life (Years) $ 1.20 4,604,631 March 10, 2019 1.61 1.35 2,600,000 January 30, 2020 2.50 1.95 50,000 June 3, 2018 0.84 2.00 9,571,929 January 20, 2020 2.47 2.35 2,850,000 June 25, 2018 0.90 $ 1.78 19,676,560 2.04 |
Schedule of Share based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Table Text Block] | Options Exercise Term Fair Expected Risk-Free Dividend Expected Date of Grant Granted Price (Years) Value Life (Years) Interest Rate Yield Volatility August 2, 2016 182,500 $ 0.93 5 $ 90,222 2.90 0.78 % 0.00 % 84.14 % August 12, 2016 190,000 1.12 5 106,339 2.90 0.81 % 0.00 % 78.07 % December 9, 2016 50,000 1.07 5 25,999 2.50 1.29 % 0.00 % 80.90 % December 9, 2016 100,000 1.07 5 53,819 2.90 1.40 % 0.00 % 77.87 % March 13, 2017 50,000 1.33 5 36,314 2.90 1.65 % 0.00 % 85.80 % April 4, 2017 50,000 1.35 5 36,785 2.90 1.44 % 0.00 % 85.86 % May 9, 2017 50,000 1.35 5 35,524 2.90 1.54 % 0.00 % 82.10 % Total 672,500 $ 385,002 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Number of Stock Weighted Average Remaining Contractual Options Exercise Price Term (Years) Balance, July 31, 2014 7,987,214 $ 2.10 4.97 Granted 7,640,000 1.32 4.10 Exercised (609,390) 1.16 3.87 Expired (15,599) 5.13 - Forfeited (126,250) 2.52 6.20 Cancelled (4,294,000) 2.59 5.59 Balance, July 31, 2015 10,581,975 1.38 3.68 Granted 3,033,000 1.02 4.65 Exercised (682,167) 0.33 0.01 Expired (1,950) 5.90 - Forfeited (825,000) 1.48 0.02 Balance, July 31, 2016 12,105,858 1.34 3.36 Granted 672,500 1.11 4.24 Exercised (412,134) 0.56 - Expired (100,724) 4.35 - Forfeited (5,000) 0.93 - Balance, July 31, 2017 12,260,500 $ 1.33 2.45 |
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, 2017 is as follows: Options Outstanding Options Exercisable Outstanding at Weighted Average Exercisable at Weighted Average Range of Exercise Prices July 31, 2017 Exercise Price July 31, 2017 Exercise Price $0.45 to $0.99 2,980,500 $ 0.79 2,484,750 $ 0.76 $1.00 to $1.99 8,007,500 1.29 7,737,500 1.29 $2.00 to $3.86 1,272,500 2.89 1,272,500 2.89 12,260,500 $ 1.33 11,494,750 $ 1.35 |
Schedule Of Stock based Compensation Expense [Table Text Block] | A summary of stock-based compensation expense for Fiscal 2017, Fiscal 2016, and Fiscal 2015 is as follows: Year Ended July 31, 2017 2016 2015 Stock-Based Compensation for Consultants Common stock issued for consulting services $ 1,184,660 $ 1,630,635 $ 1,869,074 Stock options issued to consultants 469,815 78,014 588,207 1,654,475 1,708,649 2,457,281 Stock-Based Compensation for Management Common stock issued to management 686,584 262,130 105,998 Stock options issued to management 473,811 735,991 1,617,937 1,160,395 998,121 1,723,935 Stock-Based Compensation for Employees Common stock issued to employees 584,837 205,860 111,492 Stock options issued to employees 369,663 171,533 1,325,040 954,500 377,393 1,436,532 $ 3,769,370 $ 3,084,163 $ 5,617,748 |
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 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 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 |
2015 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] | 1.60 Expected Risk Free Interest Rate 1.06 % Expected Annual Volatility 71.23 % Expected Contractual Life in Years 3.00 Expected Annual Dividend Yield 0 % |
Schedule of Stockholders Equity [Table Text Block] | The net proceeds from the June 2015 Offering were allocated to the fair value of the shares and share purchase warrants as presented below: Fair Value of Shares $ 8,000,000 Fair Value of Share Purchase Warrants 1,475,235 Total Fair Value Before Allocation to Net Proceeds $ 9,475,235 Gross Proceeds $ 10,000,000 Share Issuance Costs - Cash (891,635) Net Cash Proceeds Received $ 9,108,365 Relative Fair Value Allocation to: Shares $ 7,690,249 Share Purchase Warrants 1,418,116 $ 9,108,365 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
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 2017, Fiscal 2016, and Fiscal 2015: Year Ended July 31, 2017 2016 2015 Numerator Net Loss for the Year $ (17,971,056) $ (17,329,872) $ (23,361,928) Denominator Basic Weighted Average Number of Shares 128,244,751 106,086,782 92,397,547 Dilutive Stock Options and Warrants - - - Diluted Weighted Average Number of Shares 128,244,751 106,086,782 92,397,547 Net Loss per Share, Basic and Diluted $ (0.14) $ (0.16) $ (0.25) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
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, 2017 2016 2015 Federal income tax provision rate 35.00 % 35.00 % 35.00 % State income tax provision rate, net of federal income tax effect 0.43 % 0.35 % 0.32 % Total income tax provision rate 35.43 % 35.35 % 35.32 % |
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 the Company’s loss before income taxes. The components of these differences are as follows: Year Ended July 31, 2017 2016 2015 Loss before income taxes $ (18,005,411) $ (17,362,111) $ (23,397,341) Corporate tax rate 35.43 % 35.35 % 35.32 % Expected tax recovery (6,379,317) (6,137,506) (8,263,941) Increase (decrease) resulting from Foreign tax rate differences 185,700 230,148 223,980 Permanent differences 446,377 806,736 1,473,225 Prior year true-up (804,822) (647,307) 50,025 State tax rate true-up (223,770) (105,843) (205,285) Property acquisition (491,798) - - Foreign exchange rate differences (3,248) 129,015 144,242 Other 81,660 59,705 62,398 Change in valuation allowance 7,149,654 5,627,606 6,474,775 Tax adjustment from operations (39,564) (37,446) (40,581) Unrealized loss, other comprehensive loss 5,209 5,207 5,168 Deferred income tax benefit (34,355) $ (32,239) $ (35,413) |
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, 2017 2016 2015 United States $ (17,303,682) $ (16,488,447) $ (22,612,974) Canada 45,316 54,216 158,616 Paraguay $ (747,045) (927,880) (942,983) (18,005,411) $ (17,362,111) $ (23,397,341) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The Company’s deferred tax assets (liabilities) are as follows: July 31, 2017 July 31, 2016 Deferred tax assets (liabilities) Mineral property acquisitions $ 2,533,819 $ 1,917,796 Exploration costs 10,950,241 10,648,043 Stock option expense 7,031,732 7,081,853 Depreciable property (367,164) (66,912) Inventories (5,471,486) (3,632,178) Asset retirement obligations (130,740) (220,209) Other 179,518 271,468 Loss carry forward 57,989,069 49,565,476 72,714,989 65,565,337 Valuation allowance (72,720,198) (65,570,544) Deferred tax assets (5,209) (5,207) Deferred tax assets, other comprehensive loss 5,209 5,207 Deferred tax liabilities Mineral property acquisition (609,470) (643,825) Net deferred tax liabilities $ (609,470) $ (643,825) |
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 7,319,644 July 31, 2031 14,420,187 July 31, 2032 15,014,013 July 31, 2033 16,332,007 July 31, 2034 21,605,546 July 31, 2035 19,357,683 July 31, 2036 18,490,648 July 31, 2037 19,087,066 $ 160,714,784 |
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 1,035,403 July 31, 2031 2,210,551 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 $ 5,772,475 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
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, 2017 United States Balance Sheet Items Texas Arizona 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 $ 1,288,489 $ 162,861 $ 14,879,253 $ 48,585,837 July 31, 2016 United States Balance Sheet Items Texas Arizona Other States Canada Paraguay Total Mineral Rights and Properties $ 13,191,408 $ 10,891,861 $ 810,127 $ - $ 13,080,555 $ 37,973,951 Property, Plant and Equipment 6,573,079 - - 14,909 354,316 6,942,304 Reclamation Deposits 1,690,209 15,000 818 - - 1,706,027 Other Long-Term Assets - - - - 1,553,388 1,553,388 Total Long-Term Assets $ 21,454,696 $ 10,906,861 $ 810,945 $ 14,909 $ 14,988,259 $ 48,175,670 |
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 the Company’s operating results by geographic segment. All intercompany transactions have been eliminated. Year Ended July 31, 2017 Statement of Operations United States Texas Arizona Other States Canada Paraguay Total Sales $ - $ - $ - $ - $ - $ - Costs and Expenses: Cost of sales - - - - - - Inventory write-down 60,694 - - - - 60,694 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 property 185,942 8,334 103,666 - - 297,942 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 Statement of Operations United States Texas Arizona Other States Canada Paraguay Total Sales $ - $ - $ - $ - $ - $ - Costs and Expenses: Cost of sales - - - - - - Inventory write-down - - - - - - 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 property - - 97,114 - - 97,114 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) Year Ended July 31, 2015 Statement of Operations United States Texas Arizona Other States Canada Paraguay Total Sales $ 3,080,000 $ - $ - $ - $ - $ 3,080,000 Costs and Expenses: Cost of sales 2,326,674 - - - - 2,326,674 Inventory write-down - - - - - - Mineral property expenditures 4,227,720 289,676 231,305 - 957,379 5,706,080 General and administrative 9,702,423 194,910 19,317 3,284,772 29,418 13,230,840 Depreciation, amortization and accretion 1,776,845 - 2,635 12,026 10,937 1,802,443 Impairment loss on mineral properties 349,805 - - - - 349,805 18,383,467 484,586 253,257 3,296,798 997,734 23,415,842 Loss from operations (15,303,467) (484,586) (253,257) (3,296,798) (997,734) (20,335,842) Other income (expenses) (3,042,084) (19,785) - (120) 490 (3,061,499) Loss before income taxes $ (18,345,551) $ (504,371) $ (253,257) $ (3,296,918) $ (997,244) $ (23,397,341) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
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 2018 $ 219,135 Fiscal 2019 81,730 Fiscal 2020 82,134 Fiscal 2021 54,756 Fiscal 2022 - $ 437,755 |
ACQUISITION OF RENO CREEK PRO37
ACQUISITION OF RENO CREEK PROJECT (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
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 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 257,000 Mineral rights & properties 25,003,928 Asset retirement obligations (73,973) $ 26,827,972 |
NATURE OF OPERATIONS (Details T
NATURE OF OPERATIONS (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 20, 2017 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 | |
Entity Incorporation, Date of Incorporation | May 16, 2003 | ||||
Working Capital | $ 21,100,000 | ||||
Cash and Cash Equivalents, at Carrying Value | 12,575,973 | $ 7,142,571 | $ 10,092,408 | $ 8,839,892 | |
Short-term Investments | 10,000,000 | 0 | |||
Stock Issued During Period, Value, New Issues | $ 19,421,351 | $ 8,365,037 | $ 7,659,139 | ||
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 | $ 26,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended |
Jul. 31, 2017 | |
Hobson processing facility [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 15 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 |
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 |
ACQUISITON OF ALTO PARANA TIT40
ACQUISITON OF ALTO PARANA TITANIUM PROJECT (Details) - USD ($) | Mar. 04, 2016 | Jul. 31, 2016 |
Consideration transferred | ||
Amount payable upon exercise the CIC Option | $ 250,000 | |
JDL Resources Inc [Member] | ||
Consideration transferred | ||
1,333,560 UEC common shares at $0.92 per share | $ 1,226,875 | |
Cash consideration | 50,000 | |
Amount payable upon exercise the CIC Option | 250,000 | |
Transaction costs | 63,090 | |
Total consideration transferred | 1,589,965 | |
Assets acquired and liabilities assumed | ||
Cash and cash equivalents | 3,916 | |
Prepaid expenses | 3,804 | |
Land | 344,376 | |
Other long-term asset | 1,553,388 | |
Due to CIC | (315,519) | |
Assets Acquired and Liabilities Assumed | $ 1,589,965 |
ACQUISITON OF ALTO PARANA TIT41
ACQUISITON OF ALTO PARANA TITANIUM PROJECT (Details) (Parenthetical) - JDL Resources Inc [Member] | Mar. 04, 2016$ / sharesshares |
Consideration transferred | |
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 1,333,560 |
Asset Acquisition Share Price | $ / shares | $ 0.92 |
ACQUISITON OF ALTO PARANA TIT42
ACQUISITON OF ALTO PARANA TITANIUM PROJECT (Details 1) - USD ($) | Jul. 07, 2017 | Jul. 31, 2016 | Jul. 31, 2017 |
Consideration transferred | |||
CIC Option exercise payment | $ 250,000 | ||
Assets acquired and liabilities assumed | |||
Mineral rights & properties | $ 37,973,951 | $ 38,931,976 | |
CIC Resources Inc [Member] | |||
Consideration transferred | |||
Consideration previously transferred | $ 1,303,388 | ||
CIC Option exercise payment | 275,000 | ||
Transaction costs | 57,926 | ||
Total consideration transferred | 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) | ||
Assets Acquired and Liabilities Assumed, Net | $ 1,636,314 |
ACQUISITON OF ALTO PARANA TIT43
ACQUISITON OF ALTO PARANA TITANIUM PROJECT (Details Textual) | Jul. 07, 2017USD ($)ashares | Mar. 04, 2016USD ($)$ / sharesshares | Jun. 29, 2017USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) |
Asset Acquisition Amount Payable Upon Exercise Options | $ 250,000 | |||||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ (49,002) | (46,968) | $ 0 | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 1,553,388 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 1,303,388 | |||||
Repayments of Related Party Debt | 36,030 | |||||
Other Liabilities, Noncurrent | $ 279,489 | 0 | 315,519 | |||
Annual Property Maintenance Fees | 146,000 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 1,107,937 | 1,372,381 | 1,851,074 | |||
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 | |||||
Business Acquisition Equity Interests Issued Or Issuable Per Shares | $ / shares | $ 0.92 | |||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total | $ 1,816,199 | $ (622,713) | $ 243,686 | |||
JDL Resources Inc [Member] | ||||||
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 1,333,560 | |||||
Asset Acquisition Amount Payable Upon Exercise Options | $ 250,000 | |||||
Property Maintenance Costs | $ 746,453 | |||||
Payment To Acquire Assets | 50,000 | |||||
Alto Parana Project [Member] | ||||||
Asset Acquisition Amount Payable Upon Exercise Options | $ 1,021,453 | |||||
Area of Land | a | 174,200 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | shares | 664,879 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 1,070,455 | |||||
Asset Acquisition Ownership Percentage | 100.00% | 100.00% | ||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total | $ 1,021,453 | |||||
Alto Parana Project [Member] | Minimum [Member] | ||||||
Asset Acquisition Amount Payable Upon Exercise Options | $ 250,000 | |||||
Alto Parana Project [Member] | Maximum [Member] | ||||||
Asset Acquisition Amount Payable Upon Exercise Options | $ 275,000 |
MINERAL RIGHTS AND PROPERTIES44
MINERAL RIGHTS AND PROPERTIES (Details) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | $ 42,755,064 | $ 41,728,434 |
Accumulated Depletion | (3,929,884) | (3,929,884) |
Mineral Rights and Properties, Net Of Accumulated Depletion | 38,825,180 | 37,798,550 |
Accumulated Amortization | (17,842) | (46,019) |
Finite-Lived Intangible Assets, Total | 88,954 | 129,382 |
Mineral Rights and Properties | 38,931,976 | 37,973,951 |
Alto Parana Titanium Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 1,433,030 | 0 |
Databases [Member] | ||
Mineral Rights and Properties | ||
Finite-Lived Intangible Assets, Gross | 2,410,038 | 2,410,038 |
Accumulated Amortization | (2,392,196) | (2,364,019) |
Land Use Agreements [Member] | ||
Mineral Rights and Properties | ||
Finite-Lived Intangible Assets, Gross | 404,310 | 404,310 |
Accumulated Amortization | (315,356) | (274,928) |
Palangana Mine [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 6,285,898 | 6,443,028 |
Accumulated Depletion | (3,929,884) | (3,929,884) |
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 |
Nichols Project [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | 0 | 154,774 |
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 | 1,520,680 | 1,472,008 |
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 | 615,650 | 615,650 |
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 |
Other Property Acquisitions [Member] | ||
Mineral Rights and Properties | ||
Mineral Rights and Properties, Gross | $ 91,080 | $ 234,248 |
MINERAL RIGHTS AND PROPERTIES45
MINERAL RIGHTS AND PROPERTIES (Details 1) | Jul. 31, 2017USD ($) |
Fiscal 2,018 | $ 52,028 |
Fiscal 2,019 | 39,376 |
Fiscal 2,020 | 11,350 |
Fiscal 2,021 | 1,542 |
Fiscal 2,022 | 291,132 |
Total | $ 395,428 |
MINERAL RIGHTS AND PROPERTIES46
MINERAL RIGHTS AND PROPERTIES (Details 2) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Mineral property expenditures | $ 4,120,388 | $ 4,061,159 | $ 5,706,080 |
Revaluation of Asset Retirement Obligations | (187,255) | (308,398) | 0 |
Mineral Property Expenditures, Net | 4,120,388 | 4,061,159 | 5,706,080 |
Alto Parana Titanium Project [Member] | |||
Mineral property expenditures | 800,023 | 0 | 0 |
Palangana Mine [Member] | |||
Mineral property expenditures | 880,633 | 1,273,002 | 2,147,293 |
Revaluation of Asset Retirement Obligations | (187,255) | ||
Goliad Project [Member] | |||
Mineral property expenditures | 114,286 | 92,588 | 105,282 |
Burke Hollow Project [Member] | |||
Mineral property expenditures | 1,020,965 | 1,034,888 | 1,316,321 |
Longhorn Project [Member] | |||
Mineral property expenditures | 32,796 | 10,149 | 66,135 |
Salvo Project [Member] | |||
Mineral property expenditures | 37,551 | 34,289 | 54,462 |
Anderson Project [Member] | |||
Mineral property expenditures | 68,303 | 178,212 | 240,519 |
Workman Creek Project [Member] | |||
Mineral property expenditures | 31,265 | 32,820 | 31,702 |
Slick Rock Project [Member] | |||
Mineral property expenditures | 44,231 | 53,861 | 53,313 |
Yuty Project [Member] | |||
Mineral property expenditures | 365,517 | 388,840 | 392,879 |
Oviedo Project [Member] | |||
Mineral property expenditures | 331,798 | 569,077 | 564,501 |
Other Mineral Property [Member] | |||
Mineral property expenditures | $ 580,275 | $ 701,831 | $ 733,673 |
MINERAL RIGHTS AND PROPERTIES47
MINERAL RIGHTS AND PROPERTIES (Details Textual) | 12 Months Ended | ||
Jul. 31, 2017USD ($)ashares | Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) | |
Exploration Abandonment and Impairment Expense | $ 297,942 | $ 97,114 | $ 349,805 |
Asset Retirement Obligation, Revision of Estimate | (344,385) | ||
Revaluation of Asset Retirement Obligations | 187,255 | 308,398 | $ 0 |
Annual Property Maintenance Fees | 146,000 | ||
Mineral Properties, Gross | 42,755,064 | 41,728,434 | |
Mineral Properties, Accumulated Depletion | 3,929,884 | 3,929,884 | |
Stock Issued During Period Value For Mineral Properties | 48,672 | ||
Palangana Mine [Member] | |||
Asset Retirement Obligation, Revision of Estimate | 157,130 | 144,107 | |
Revaluation of Asset Retirement Obligations | $ 187,255 | ||
Area of Land | a | 6,987 | ||
Mineral Properties, Gross | $ 6,285,898 | 6,443,028 | |
Mineral Properties, Accumulated Depletion | 3,929,884 | 3,929,884 | |
Mineral Rights Net Of Accumulated Depletion | 2,356,014 | 2,513,144 | |
Mining Properties and Mineral Rights [Member] | |||
Annual Property Maintenance Fees | $ 1,625,000 | ||
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 | ||
Mineral Properties, Gross | $ 9,154,268 | 9,154,268 | |
Interest on Property | 100.00% | ||
Workman Creek Project [Member] | |||
Area of Land | a | 4,036 | ||
Mineral Properties, Gross | $ 1,520,680 | 1,472,008 | |
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. The Company has 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. | ||
Interest on Property | 100.00% | ||
Stock Issued During Period Shares For Mineral Properties | shares | 46,800 | ||
Stock Issued During Period Value For Mineral Properties | $ 48,672 | ||
Los Cuatros Project [Member] | |||
Area of Land | a | 640 | ||
Mineral Properties, Gross | $ 257,250 | 257,250 | |
Interest on Property | 100.00% | ||
Slick Rock Project [Member] | |||
Exploration Abandonment and Impairment Expense | 45,621 | ||
Area of Land | a | 5,333 | ||
Mineral Properties, Gross | $ 615,650 | 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 $30,000 beginning in November 2017. | ||
Interest on Property | 100.00% | ||
Yuty Project [Member] | |||
Area of Land | a | 289,680 | ||
Mineral Properties, Gross | $ 11,947,144 | 11,947,144 | |
Overriding Royalty, per pound | 0.21 | ||
Interest on Property | 100.00% | ||
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 the Company has 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, 2017, | ||
Interest on Property | 100.00% | ||
Workman Creek Project, Arizona [Member] | |||
Mineral Properties, Gross | $ 615,650 | $ 615,650 |
PROPERTY, PLANT AND EQUIPMENT48
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 12,502,712 | $ 12,498,887 |
Accumulated Depreciation | (5,711,530) | (5,556,583) |
Net Book Value | 6,791,182 | 6,942,304 |
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 | 2,438,920 |
Accumulated Depreciation | (2,378,737) | (2,256,901) |
Net Book Value | 59,944 | 182,019 |
Logging Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,971,742 | 1,962,895 |
Accumulated Depreciation | (1,825,389) | (1,801,811) |
Net Book Value | 146,353 | 161,084 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 582,980 | 586,116 |
Accumulated Depreciation | (565,223) | (555,972) |
Net Book Value | 17,757 | 30,144 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 170,701 | 172,348 |
Accumulated Depreciation | (168,248) | (167,966) |
Net Book Value | 2,453 | 4,382 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 519,520 | 519,520 |
Accumulated Depreciation | 0 | 0 |
Net Book Value | $ 519,520 | $ 519,520 |
RECLAMATION DEPOSITS (Details)
RECLAMATION DEPOSITS (Details) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Reclamation Deposits | $ 1,706,028 | $ 1,706,027 |
Palangana Mine [Member] | ||
Reclamation Deposits | 1,102,981 | 1,102,981 |
Hobson Processing Facility [Member] | ||
Reclamation Deposits | 587,228 | 587,228 |
Arizona [Member] | ||
Reclamation Deposits | 15,000 | 15,000 |
Wyoming [Member] | ||
Reclamation Deposits | $ 819 | $ 818 |
EQUITY-ACCOUNTED INVESTMENT (De
EQUITY-ACCOUNTED INVESTMENT (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Payments to Acquire Equity Method Investments | $ 151,676 | $ 0 | $ 0 | |
Equity Method Investments | $ 151,676 | $ 151,676 | $ 0 | |
Uranium Royalty Corp [Member] | ||||
Payments to Acquire Equity Method Investments | $ 151,676 | |||
Number Of Shares Acquired | 2,000,000 | |||
Equity Method Investment, Ownership Percentage | 12.80% | 12.80% | ||
Officers [Member] | ||||
Equity Method Investment, Ownership Percentage | 16.00% | 16.00% |
DUE TO RELATED PARTIES AND RE51
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Related Party Transaction [Line Items] | |||
General and Administrative Expense, Total | $ 10,241,681 | $ 9,297,746 | $ 13,230,840 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | 1,107,937 | 1,372,381 | 1,851,074 |
Due to Related Parties, Current | 768 | 0 | |
Stock Issued During Period, Value, New Issues | 19,421,351 | 8,365,037 | 7,659,139 |
Due to Related Parties | 98,371 | ||
Restricted Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 1,107,937 | $ 1,372,381 | 1,851,074 |
Stock Issued During Period, Shares, New Issues | 148,368 | 117,998 | |
Stock Issued During Period, Value, New Issues | $ 170,060 | $ 109,738 | |
General and Administrative Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 18,150 | ||
Stock Issued During Period, Shares, New Issues | 15,000 | ||
Related Party Transaction, Gain Loss on Transactions with Related Party | 11,367 | ||
Director and Officer [Member] | |||
Related Party Transaction [Line Items] | |||
General and Administrative Expense, Total | $ 174,299 | $ 164,566 | $ 148,602 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) | 12 Months Ended |
Jul. 31, 2017 | |
Expected Life in Years | 3 years 11 months 23 days |
Expected Annual Volatility | 71.10% |
Expected Risk Free Interest Rate | 1.00% |
Expected Dividend Yield | 0.00% |
LONG-TERM DEBT (Details 1)
LONG-TERM DEBT (Details 1) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Debt Instrument [Line Items] | |||
Principal amount | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 |
Unamortized discount | (745,165) | (801,822) | |
Long-term debt, net of unamortized discount | $ 19,254,835 | $ 19,198,178 |
LONG-TERM DEBT (Details 2)
LONG-TERM DEBT (Details 2) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Fiscal 2,018 | $ 0 | ||
Fiscal 2,019 | 10,000,000 | ||
Fiscal 2,020 | 10,000,000 | ||
Total | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 |
LONG-TERM DEBT (Details Textual
LONG-TERM DEBT (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Feb. 01, 2019 | Feb. 01, 2018 | Feb. 01, 2017 | Mar. 31, 2014 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 30, 2013 | Feb. 09, 2016 | |
Debt Instrument [Line Items] | |||||||||
Amortization of Debt Discount (Premium) | $ 1,156,657 | $ 1,245,615 | $ 1,353,773 | ||||||
Stock Issued During Period, Value, Other | 1,100,000 | 1,700,000 | |||||||
Long-term Debt, Gross | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | ||||||
Rate of Second Extension Anniversary Fee Payable In Second Year | 4.50% | ||||||||
Rate of Second Extension Anniversary Fee Payable In Next Twelve Months | 5.50% | 5.50% | |||||||
Percentage of Discount on Volume Weighted Average Price | 10.00% | ||||||||
Working Capital Ratio | 1:1 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,600,000 | ||||||||
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 Companys shares equal or exceed $2.70; | ||||||||
Stock Issued, Value, Issued for Second Extension Fees | $ 800,000 | ||||||||
Stock Issued, Shares, Issued for Second Extension Fees | 959,613 | ||||||||
Second Extension Fees, Percentage | 4.00% | ||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 104,915 | ||||||||
Proceeds from Lines of Credit | $ 10,000,000 | $ 10,000,000 | |||||||
Anniversary Fees Payable In Next Twelve Month | $ 20,000,000 | ||||||||
Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Rate of Second Extension Anniversary Fee Payable In Second Year | 4.50% | ||||||||
Rate of Second Extension Anniversary Fee Payable In Third Year | 4.50% | ||||||||
After Amendment [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stock Purchase Warrants Expiration Date | Jan. 30, 2020 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.35 | $ 1.35 | |||||||
Before Amendment [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stock Purchase Warrants Extended Expiration Date | Jul. 30, 2018 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.50 | $ 2.50 | |||||||
Non-Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate During Period | 8.00% | ||||||||
Restated Credit Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||
Debt Instrument Amended Terms | maturity date from July 31, 2017 to January 1, 2020; | ||||||||
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 | ||||||||
Secured Debt [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Anniversary Fees Payable In Second Year | $ 900,000 | ||||||||
Anniversary Fees Payable In Third Year | $ 900,000 | ||||||||
Restricted Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stock Issued During Period, Shares, Other | 738,503 | 752,320 | |||||||
Stock Issued During Period, Value, Other | $ 1,100,000 | $ 900,000 |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details) | 12 Months Ended |
Jul. 31, 2017USD ($) | |
Schedule of Change in Asset Retirement Obligations | |
Beginning Balance | $ 3,746,464 |
Accretion | 224,873 |
Assumed from CIC Acquisition | 102,950 |
Revision in estimate of asset retirement obligations | (344,385) |
Ending Balance | $ 3,729,902 |
ASSET RETIREMENT OBLIGATIONS 57
ASSET RETIREMENT OBLIGATIONS (Details 1) - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Assumptions Used For ARO Estimates [Line Items] | ||
Undiscounted amount of estimated cash flows | $ 7,098,581 | $ 6,650,255 |
Minimum [Member] | ||
Assumptions Used For ARO Estimates [Line Items] | ||
Payable in years | 5 years | 4 years 1 month 6 days |
Inflation rate | 1.37% | 1.15% |
Discount rate | 5.48% | 5.02% |
Maximum [Member] | ||
Assumptions Used For ARO Estimates [Line Items] | ||
Payable in years | 17 years | 15 years |
Inflation rate | 2.14% | 2.25% |
Discount rate | 6.40% | 8.00% |
ASSET RETIREMENT OBLIGATIONS 58
ASSET RETIREMENT OBLIGATIONS (Details 2) | 12 Months Ended |
Jul. 31, 2017USD ($) | |
Undiscounted Amount Of Estimated Cash Flow | |
Undiscounted Amount of Estimated Cash Flows | $ 7,098,581 |
Fiscal 2018 [Member] | |
Undiscounted Amount Of Estimated Cash Flow | |
Undiscounted Amount of Estimated Cash Flows | 0 |
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 | 148,391 |
Remaining balance [Member] | |
Undiscounted Amount Of Estimated Cash Flow | |
Undiscounted Amount of Estimated Cash Flows | $ 6,950,190 |
ASSET RETIREMENT OBLIGATIONS 59
ASSET RETIREMENT OBLIGATIONS (Details Textual) - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Asset Retirement Obligations [Line Items] | ||
Asset Retirement Obligation, Revision of Estimate | $ (344,385) | |
Asset Retirement Obligations, Noncurrent | 3,729,902 | $ 3,746,464 |
Palangana Mine [Member] | ||
Asset Retirement Obligations [Line Items] | ||
Asset Retirement Obligation, Period Increase (Decrease), Total | (344,385) | (452,505) |
Asset Retirement Obligation, Revision of Estimate | 157,130 | 144,107 |
Asset Retirement Obligations, Noncurrent | $ 187,255 | $ 308,398 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) | 12 Months Ended |
Jul. 31, 2017 | |
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% |
2015 Offering Warrant [Member] | |
Expected Risk Free Interest Rate | 1.06% |
Expected Annual Volatility | 71.23% |
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, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Gross Proceeds | $ 26,889,996 | $ 10,209,632 | $ 9,650,530 |
Relative Fair Value Allocation to: | |||
Shares | 19,421,351 | 8,365,037 | 7,659,139 |
Equity Financing [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, Total | 24,445,411 | ||
Warrant [Member] | Equity Financing [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | 5,873,932 | ||
Common Stock [Member] | |||
Relative Fair Value Allocation to: | |||
Shares | 17,331 | 12,365 | 5,280 |
Common Stock [Member] | Equity Financing [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | $ 26,689,487 | ||
2016 Offering [Member] | Equity Financing [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, Total | 9,984,517 | ||
2016 Offering [Member] | Warrant [Member] | Equity Financing [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | 1,938,995 | ||
2016 Offering [Member] | Common Stock [Member] | Equity Financing [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | $ 10,015,410 | ||
2015 Offering [Member] | Equity Financing [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | 9,475,235 | ||
Gross Proceeds | 10,000,000 | ||
Share Issuance Costs - Cash | (891,635) | ||
Net Cash Proceeds Received | 9,108,365 | ||
Relative Fair Value Allocation to: | |||
Shares | 7,690,249 | ||
Share Purchase Warrants | 1,418,116 | ||
Proceeds from Issuance or Sale of Equity, Total | 9,108,365 | ||
2015 Offering [Member] | Warrant [Member] | Equity Financing [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | 1,475,235 | ||
2015 Offering [Member] | Common Stock [Member] | Warrant [Member] | Equity Financing [Member] | |||
Total Fair Value Before Allocation to Net Proceeds | $ 8,000,000 |
CAPITAL STOCK (Details 2)
CAPITAL STOCK (Details 2) - USD ($) | 12 Months Ended | ||||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |||
Share Transactions [Line Items] | |||||
Equity Financing | $ 19,421,351 | $ 8,365,037 | $ 7,659,139 | ||
Consulting Services | 1,107,937 | 1,372,381 | 1,851,074 | ||
Options Exercised | 56,925 | 225,115 | 24,550 | ||
Share Bonuses / Shares Issued Under Stock Incentive Plan | 1,584,394 | 726,244 | $ 235,490 | ||
Credit Facility | 1,100,000 | 1,700,000 | |||
Asset Acquisition | 87,617 | 1,226,875 | |||
Settlement of Current Liabilities | 1,524,650 | $ 453,444 | |||
Mineral Property | 48,672 | ||||
Warrants Exercised | $ 2,387,660 | ||||
Common Stock [Member] | |||||
Share Transactions [Line Items] | |||||
Balance (in shares) | 116,670,457 | 97,834,087 | 90,966,558 | ||
Equity Financing (in shares) | 17,330,836 | 12,364,704 | 5,280,045 | ||
Equity Financing | $ 17,331 | $ 12,365 | $ 5,280 | ||
Consulting Services (in shares) | 865,386 | 1,429,650 | 1,108,390 | ||
Consulting Services | $ 862 | $ 1,429 | $ 1,111 | ||
Options Exercised (in shares) | 264,727 | 682,167 | 304,657 | ||
Options Exercised | $ 266 | $ 682 | $ 305 | ||
Share Bonuses / Shares Issued Under Stock Incentive Plan (in shares) | 830,819 | 826,782 | 174,437 | ||
Share Bonuses / Shares Issued Under Stock Incentive Plan | $ 834 | $ 820 | $ 173 | ||
Credit Facility (in shares) | 738,503 | 1,711,933 | |||
Credit Facility | $ 739 | $ 1,712 | |||
Asset Acquisition (in shares) | 61,939 | 1,333,560 | |||
Asset Acquisition | $ 62 | $ 1,334 | |||
Settlement of Current Liabilities (in shares) | 1,015,940 | 487,574 | |||
Settlement of Current Liabilities | $ 1,016 | $ 487 | |||
Mineral Property (in shares) | 46,800 | ||||
Mineral Property | $ 46 | ||||
Warrants Exercised (in shares) | 1,989,717 | ||||
Warrants Exercised | $ 1,989 | ||||
Balance (in shares) | 139,815,124 | 116,670,457 | 97,834,087 | ||
Minimum [Member] | Mining Properties and Mineral Rights [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.04 | ||||
Maximum [Member] | Mining Properties and Mineral Rights [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 1.04 | ||||
Shares Issued For Credit Facility [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 1.49 | $ 0.83 | |||
Shares Issued For Credit Facility [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.49 | $ 1.20 | |||
Settlement of Current Liabilities [Member] | |||||
Share Transactions [Line Items] | |||||
Equity Financing (in shares) | 487,574 | ||||
Equity Financing | $ 453,444 | ||||
Settlement of Current Liabilities (in shares) | 664,879 | ||||
Settlement of Current Liabilities | $ 1,070,455 | ||||
Settlement of Current Liabilities [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.03 | $ 0.93 | |||
Settlement of Current Liabilities [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.54 | 0.93 | |||
Equity Financing [Member] | |||||
Share Transactions [Line Items] | |||||
Equity Financing | $ 20,035,841 | ||||
Equity Financing [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.50 | 0.85 | $ 1.70 | ||
Equity Financing [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 1.50 | 0.85 | 2 | ||
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 | |||
Consulting Services [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 0.86 | 0.72 | 1.07 | ||
Consulting Services [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 1.64 | 1.38 | 2.90 | ||
Share Compensation [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 1.35 | ||||
Share Compensation [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 1.35 | ||||
Options Exercised [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 0.45 | [1] | 0.33 | 0.33 | [2] |
Options Exercised [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 1.32 | [1] | 0.33 | $ 1.32 | [2] |
Stock Incentive Plan [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 0.88 | 0.73 | |||
Stock Incentive Plan [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 1.61 | $ 1.08 | |||
Warrants Exercised Member [Member] | Minimum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | 1.20 | ||||
Warrants Exercised Member [Member] | Maximum [Member] | |||||
Share Transactions [Line Items] | |||||
Value per Share | $ 1.20 | ||||
[1] | 309,634 options were exercised on a forfeiture basis resulting in 162,227 net shares issued. | ||||
[2] | 535,000 options were exercised on a forfeiture basis resulting in 230,267 net shares issued. |
CAPITAL STOCK (Details 3)
CAPITAL STOCK (Details 3) - Warrant [Member] - $ / shares | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Number of Warrants, Beginning Balance | 13,953,872 | 7,859,524 | 5,009,524 |
Number of Warrants, Issued | 9,571,929 | 6,594,348 | 2,850,000 |
Number of Warrants, Exercised | (1,989,717) | ||
Number of Warrants, Expired | (1,859,524) | (500,000) | |
Number of Warrants, Ending Balance | 19,676,560 | 13,953,872 | 7,859,524 |
Weighted Average Exercise Price, Beginning Balance | $ 1.65 | $ 2.38 | $ 2.38 |
Weighted Average Exercise Price, Issued | 2 | 1.20 | 2.35 |
Weighted Average Exercise Price, Exercised | 1.20 | ||
Weighted Average Exercise Price, Expired | 2.60 | 1 | |
Weighted Average Exercise Price, Ending Balance | $ 1.78 | $ 1.65 | $ 2.38 |
CAPITAL STOCK (Details 4)
CAPITAL STOCK (Details 4) | 12 Months Ended |
Jul. 31, 2017$ / sharesshares | |
Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 1.78 |
Number of Warrants Outstanding | shares | 19,676,560 |
Weighted Average Remaining Contractual Remaining Contractual Life (Years) | 2 years 14 days |
Warrants1 [Member] | |
Class of Warrant or Right [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 1.20 |
Number of Warrants Outstanding | shares | 4,604,631 |
Expiry Date | Mar. 10, 2019 |
Weighted Average Remaining Contractual Remaining Contractual Life (Years) | 1 year 7 months 10 days |
Warrants2 [Member] | |
Class of Warrant or Right [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 1.35 |
Number of Warrants Outstanding | shares | 2,600,000 |
Expiry Date | Jan. 30, 2020 |
Weighted Average Remaining Contractual Remaining Contractual Life (Years) | 2 years 6 months |
Warrants3 [Member] | |
Class of Warrant or Right [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 1.95 |
Number of Warrants Outstanding | shares | 50,000 |
Expiry Date | Jun. 3, 2018 |
Weighted Average Remaining Contractual Remaining Contractual Life (Years) | 10 months 2 days |
Warrants4 [Member] | |
Class of Warrant or Right [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 2 |
Number of Warrants Outstanding | shares | 9,571,929 |
Expiry Date | Jan. 20, 2020 |
Weighted Average Remaining Contractual Remaining Contractual Life (Years) | 2 years 5 months 19 days |
Warrants5 [Member] | |
Class of Warrant or Right [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 2.35 |
Number of Warrants Outstanding | shares | 2,850,000 |
Expiry Date | Jun. 25, 2018 |
Weighted Average Remaining Contractual Remaining Contractual Life (Years) | 10 months 24 days |
CAPITAL STOCK (Details 5)
CAPITAL STOCK (Details 5) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items] | |||
Options Granted | 672,500 | 3,033,000 | 7,640,000 |
Fair Value | $ 385,002 | ||
August 2, 2016 [Member] | |||
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items] | |||
Options Granted | 182,500 | ||
Exercise Price | $ 0.93 | ||
Term (Years) | 5 years | ||
Fair Value | $ 90,222 | ||
Expected Life (Years) | 2 years 10 months 24 days | ||
Risk-Free Interest Rate | 0.78% | ||
Dividend Yield | 0.00% | ||
Expected Volatility | 84.14% | ||
August 12, 2016 [Member] | |||
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items] | |||
Options Granted | 190,000 | ||
Exercise Price | $ 1.12 | ||
Term (Years) | 5 years | ||
Fair Value | $ 106,339 | ||
Expected Life (Years) | 2 years 10 months 24 days | ||
Risk-Free Interest Rate | 0.81% | ||
Dividend Yield | 0.00% | ||
Expected Volatility | 78.07% | ||
December 9, 2016 [Member] | |||
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items] | |||
Options Granted | 50,000 | ||
Exercise Price | $ 1.07 | ||
Term (Years) | 5 years | ||
Fair Value | $ 25,999 | ||
Expected Life (Years) | 2 years 6 months | ||
Risk-Free Interest Rate | 1.29% | ||
Dividend Yield | 0.00% | ||
Expected Volatility | 80.90% | ||
March 13, 2017 [Member] | |||
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items] | |||
Options Granted | 50,000 | ||
Exercise Price | $ 1.33 | ||
Term (Years) | 5 years | ||
Fair Value | $ 36,314 | ||
Expected Life (Years) | 2 years 10 months 24 days | ||
Risk-Free Interest Rate | 1.65% | ||
Dividend Yield | 0.00% | ||
Expected Volatility | 85.80% | ||
April 4, 2017 [Member] | |||
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items] | |||
Options Granted | 50,000 | ||
Exercise Price | $ 1.35 | ||
Term (Years) | 5 years | ||
Fair Value | $ 36,785 | ||
Expected Life (Years) | 2 years 10 months 24 days | ||
Risk-Free Interest Rate | 1.44% | ||
Dividend Yield | 0.00% | ||
Expected Volatility | 85.86% | ||
May 9, 2017 [Member] | |||
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items] | |||
Options Granted | 50,000 | ||
Exercise Price | $ 1.35 | ||
Term (Years) | 5 years | ||
Fair Value | $ 35,524 | ||
Expected Life (Years) | 2 years 10 months 24 days | ||
Risk-Free Interest Rate | 1.54% | ||
Dividend Yield | 0.00% | ||
Expected Volatility | 82.10% | ||
December 9, 2016 | |||
Schedule of Share Based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Line Items] | |||
Options Granted | 100,000 | ||
Exercise Price | $ 1.07 | ||
Term (Years) | 5 years | ||
Fair Value | $ 53,819 | ||
Expected Life (Years) | 2 years 10 months 24 days | ||
Risk-Free Interest Rate | 1.40% | ||
Dividend Yield | 0.00% | ||
Expected Volatility | 77.87% |
CAPITAL STOCK (Details 6)
CAPITAL STOCK (Details 6) - $ / shares | 12 Months Ended | |||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 | |
Share Based Compensation Stock Options Activity [Line Items] | ||||
Number of Stock Options, Granted | 672,500 | 3,033,000 | 7,640,000 | |
Employee Stock Option [Member] | ||||
Share Based Compensation Stock Options Activity [Line Items] | ||||
Number of Stock Options, Begining Balance | 12,105,858 | 10,581,975 | 7,987,214 | |
Number of Stock Options, Granted | 672,500 | 3,033,000 | 7,640,000 | |
Number of Stock Options, Exercised | (412,134) | (682,167) | (609,390) | |
Number of Stock Options, Expired | (100,724) | (1,950) | (15,599) | |
Number of Stock Options, Forfeited | (5,000) | (825,000) | (126,250) | |
Number of Stock Options, Cancelled | (4,294,000) | |||
Number of Stock Options, Ending Balance | 12,260,500 | 12,105,858 | 10,581,975 | 7,987,214 |
Weighted Average Exercise Price, Begining Balance | $ 1.34 | $ 1.38 | $ 2.10 | |
Weighted Average Exercise Price, Granted | 1.11 | 1.02 | 1.32 | |
Weighted Average Exercise Price, Exercised | 0.56 | 0.33 | 1.16 | |
Weighted Average Exercise Price, Expired | 4.35 | 5.90 | 5.13 | |
Weighted Average Exercise Price, Forfeited | 0.93 | 1.48 | 2.52 | |
Weighted Average Exercise Price, Cancelled | 2.59 | |||
Weighted Average Exercise Price, Ending Balance | $ 1.33 | $ 1.34 | $ 1.38 | $ 2.10 |
Weighted Average Remaining Contractual Term, Granted | 4 years 2 months 26 days | 4 years 7 months 24 days | 4 years 1 month 6 days | |
Weighted Average Remaining Contractual Term, Exercised | 0 years | 4 days | 3 years 10 months 13 days | |
Weighted Average Remaining Contractual Term, Forfeited | 0 years | 7 days | 6 years 2 months 12 days | |
Weighted Average Remaining Contractual Term, Cancelled | 5 years 7 months 2 days | |||
Weighted Average Remaining Contractual Term | 2 years 5 months 12 days | 3 years 4 months 10 days | 3 years 8 months 5 days | 4 years 11 months 19 days |
CAPITAL STOCK (Details 7)
CAPITAL STOCK (Details 7) | 12 Months Ended |
Jul. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Ending balance | shares | 12,260,500 |
Options Outstanding, Weighted Average Exercise Price, Ending balance | $ 1.33 |
Options Exercisable, Ending balance | shares | 11,494,750 |
Options Exercisable, Weighted Average Exercise Price, Ending balance | $ 1.35 |
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 | 2,980,500 |
Options Outstanding, Weighted Average Exercise Price, Ending balance | $ 0.79 |
Options Exercisable, Ending balance | shares | 2,484,750 |
Options Exercisable, Weighted Average Exercise Price, Ending balance | $ 0.76 |
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 | $ 1.99 |
Options Outstanding, Ending balance | shares | 8,007,500 |
Options Outstanding, Weighted Average Exercise Price, Ending balance | $ 1.29 |
Options Exercisable, Ending balance | shares | 7,737,500 |
Options Exercisable, Weighted Average Exercise Price, Ending balance | $ 1.29 |
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 | 2 |
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 Exercisable, Ending balance | shares | 1,272,500 |
Options Exercisable, Weighted Average Exercise Price, Ending balance | $ 2.89 |
CAPITAL STOCK (Details 8)
CAPITAL STOCK (Details 8) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Share Based Compensation [Line Items] | |||
Share-based Compensation, Total | $ 3,769,370 | $ 3,084,163 | $ 5,617,748 |
Stock-Based Compensation for Management [Member] | |||
Share Based Compensation [Line Items] | |||
Common stock issued | 686,584 | 262,130 | 105,998 |
Stock options issued | 473,811 | 735,991 | 1,617,937 |
Share-based Compensation, Total | 1,160,395 | 998,121 | 1,723,935 |
Stock-Based Compensation for Consultants [Member] | |||
Share Based Compensation [Line Items] | |||
Common stock issued | 1,184,660 | 1,630,635 | 1,869,074 |
Stock options issued | 469,815 | 78,014 | 588,207 |
Share-based Compensation, Total | 1,654,475 | 1,708,649 | 2,457,281 |
Stock-Based Compensation for Employees [Member] | |||
Share Based Compensation [Line Items] | |||
Common stock issued | 584,837 | 205,860 | 111,492 |
Stock options issued | 369,663 | 171,533 | 1,325,040 |
Share-based Compensation, Total | $ 954,500 | $ 377,393 | $ 1,436,532 |
CAPITAL STOCK (Details Textual)
CAPITAL STOCK (Details Textual) - USD ($) | Mar. 10, 2016 | Feb. 09, 2016 | Jan. 20, 2017 | Jun. 25, 2015 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 |
Capital Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 4,910,235 | |||||||
Share Price | $ 0.81 | $ 1.54 | $ 1.60 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,600,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 672,500 | 3,033,000 | 7,640,000 | |||||
Share-based Compensation Arrangement By Share Based Payment Award Options Unvested In Period Fair Value1 | $ 436,253 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 4,473,982 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Contractual Term | 5 years | 5 years | 5 years | |||||
Stock Issued During Period, Value, New Issues | $ 19,421,351 | $ 8,365,037 | $ 7,659,139 | |||||
Number Of Warrants Issued | 9,571,929 | |||||||
Number Of Warrants To Be Issued | 9,571,934 | |||||||
Employee Stock Option [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 412,134 | 682,167 | 609,390 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 672,500 | 3,033,000 | 7,640,000 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.11 | $ 1.02 | $ 1.32 | |||||
After Amendment [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.35 | 1.35 | ||||||
Before Amendment [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.50 | 2.50 | ||||||
Minimum [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0.93 | 0.93 | 1.20 | |||||
Maximum [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.35 | 1.32 | 1.32 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Contractual Term | 10 years | |||||||
Warrant [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 2,600,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.78 | $ 1.65 | $ 2.38 | $ 2.38 | ||||
Options Exercised [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 162,227 | 309,634 | 230,267 | |||||
Options Exercised [Member] | Employee Stock Option [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 535,000 | |||||||
June 25,2015 [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 5,000,000 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ 10,000,000 | |||||||
Sale of Stock, Price Per Share | $ 2 | |||||||
Agents [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.35 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 350,000 | |||||||
2014 Shelf Offering | ||||||||
Capital Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 12,364,704 | |||||||
Share Price | $ 0.85 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.20 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ 10,510,000 | |||||||
Aggregate Offering Amount Of 2014 Shelf | $ 100,000,000 | |||||||
2014 Shelf Offering | Agents [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.20 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 411,997 | |||||||
2011 Shelf Offering [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 280,045 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ 474,788 | |||||||
Sale of Stock, Price Per Share | $ 1.70 | |||||||
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 | |||||||
Equity Financing [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 17,330,836 | |||||||
Shares Issued, Price Per Share | $ 1.50 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | |||||||
Stock Issued During Period, Value, New Issues | $ 26,000,000 | |||||||
2016 Stock Incentive Plan [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,133,920 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 187,530 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 7 months 13 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 12,305,500 | |||||||
2017 Stock Incentive Plan [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 6,000,000 | |||||||
2017 Stock Incentive Plan [Member] | Employee Stock Option [Member] | ||||||||
Capital Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 22,439,420 |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Numerator | |||
Net Loss for the Year | $ (17,971,056) | $ (17,329,872) | $ (23,361,928) |
Denominator | |||
Basic Weighted Average Number of Shares | 128,244,751 | 106,086,782 | 92,397,547 |
Dilutive Stock Options and Warrants | 0 | 0 | 0 |
Diluted Weighted Average Number of Shares | 128,244,751 | 106,086,782 | 92,397,547 |
Net Loss per Share, Basic and Diluted | $ (0.14) | $ (0.16) | $ (0.25) |
INCOME TAXES (Details)
INCOME TAXES (Details) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Federal income tax provision rate | 35.00% | 35.00% | 35.00% |
State income tax provision rate, net of federal income tax effect | 0.43% | 0.35% | 0.32% |
Total income tax provision rate | 35.43% | 35.35% | 35.32% |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Loss before income taxes | $ (18,005,411) | $ (17,362,111) | $ (23,397,341) |
Corporate tax rate | 35.43% | 35.35% | 35.32% |
Expected tax recovery | $ (6,379,317) | $ (6,137,506) | $ (8,263,941) |
Foreign tax rate differences | 185,700 | 230,148 | 223,980 |
Permanent differences | 446,377 | 806,736 | 1,473,225 |
Prior year true-up | (804,822) | (647,307) | 50,025 |
State tax rate true-up | (223,770) | (105,843) | (205,285) |
Property acquisition | (491,798) | 0 | 0 |
Foreign exchange rate differences | (3,248) | 129,015 | 144,242 |
Other | 81,660 | 59,705 | 62,398 |
Change in valuation allowance | 7,149,654 | 5,627,606 | 6,474,775 |
Tax adjustment from operations | (39,564) | (37,446) | (40,581) |
Unrealized loss, other comprehensive loss | 5,209 | 5,207 | 5,168 |
Deferred income tax benefit | $ (34,355) | $ (32,239) | $ (35,413) |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | $ (18,005,411) | $ (17,362,111) | $ (23,397,341) |
UNITED STATES | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | (17,303,682) | (16,488,447) | (22,612,974) |
CANADA | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 45,316 | 54,216 | 158,616 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | (3,071,291) | (2,643,806) | (3,296,918) |
PARAGUAY | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (747,045) | (927,880) | (942,983) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | $ (1,581,655) | $ (969,800) | $ (997,244) |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Deferred tax assets (liabilities) | ||
Mineral property acquisitions | $ 2,533,819 | $ 1,917,796 |
Exploration costs | 10,950,241 | 10,648,043 |
Stock option expense | 7,031,732 | 7,081,853 |
Depreciable property | (367,164) | (66,912) |
Inventories | (5,471,486) | (3,632,178) |
Asset retirement obligations | (130,740) | (220,209) |
Other | 179,518 | 271,468 |
Loss carry forward | 57,989,069 | 49,565,476 |
Deferred Tax Assets, Gross | 72,714,989 | 65,565,337 |
Valuation allowance | (72,720,198) | (65,570,544) |
Deferred tax assets | (5,209) | (5,207) |
Deferred tax assets, other comprehensive loss | 5,209 | 5,207 |
Deferred tax liabilities | ||
Mineral property acquisition | (609,470) | (643,825) |
Net deferred tax liabilities | $ (609,470) | $ (643,825) |
INCOME TAXES (Details 4)
INCOME TAXES (Details 4) | Jul. 31, 2017USD ($) |
Operating Loss Carryforwards | $ 160,714,784 |
UNITED STATES | |
Operating Loss Carryforwards | 160,700,000 |
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 | 7,319,644 |
Tax Year 2031 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 14,420,187 |
Tax Year 2032 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 15,014,013 |
Tax Year 2033 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 16,332,007 |
Tax Year 2034 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 21,605,546 |
Tax Year 2035 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 19,357,683 |
Tax Year 2036 [Member] | UNITED STATES | |
Operating Loss Carryforwards | 18,490,648 |
Tax Year 2037 [Member] | UNITED STATES | |
Operating Loss Carryforwards | $ 19,087,066 |
INCOME TAXES (Details 5)
INCOME TAXES (Details 5) | Jul. 31, 2017USD ($) |
Operating Loss Carryforwards | $ 160,714,784 |
CANADA | |
Operating Loss Carryforwards | 5,772,475 |
Tax Year 2027 [Member] | CANADA | |
Operating Loss Carryforwards | 183,105 |
Tax Year 2028 [Member] | CANADA | |
Operating Loss Carryforwards | 629,788 |
Tax Year 2029 [Member] | CANADA | |
Operating Loss Carryforwards | 769,072 |
Tax Year 2030 [Member] | CANADA | |
Operating Loss Carryforwards | 1,035,403 |
Tax Year 2031 [Member] | CANADA | |
Operating Loss Carryforwards | 2,210,551 |
Tax Year 2032 [Member] | CANADA | |
Operating Loss Carryforwards | 761,843 |
Tax Year 2033 [Member] | CANADA | |
Operating Loss Carryforwards | 69,854 |
Tax Year 2034 [Member] | CANADA | |
Operating Loss Carryforwards | 61,769 |
Tax Year 2035 [Member] | CANADA | |
Operating Loss Carryforwards | 41,173 |
Tax Year 2036 [Member] | CANADA | |
Operating Loss Carryforwards | $ 9,917 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Operating Loss Carryforwards | $ 160,714,784 | ||
Deferred Income Tax Expense (Benefit) | $ (34,355) | $ (32,239) | $ (35,413) |
Percentage of Valuation Allowance Recorded from Income Taxes | 100.00% | ||
UNITED STATES | |||
Operating Loss Carryforwards | $ 160,700,000 | ||
CANADA | |||
Operating Loss Carryforwards | $ 5,772,475 |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Mineral Rights and Properties | $ 38,931,976 | $ 37,973,951 |
Property, Plant and Equipment | 6,791,182 | 6,942,304 |
Reclamation Deposits | 1,706,028 | 1,706,027 |
Equity-Accounted Investment | 151,676 | 0 |
Other Long-Term Assets | 1,004,975 | 1,553,388 |
Total Long-Term Assets | 48,585,837 | 48,175,670 |
United States Texas [Member] | ||
Mineral Rights and Properties | 12,780,728 | 13,191,408 |
Property, Plant and Equipment | 6,414,329 | 6,573,079 |
Reclamation Deposits | 1,690,209 | 1,690,209 |
Equity-Accounted Investment | 0 | |
Other Long-Term Assets | 422,769 | 0 |
Total Long-Term Assets | 21,308,035 | 21,454,696 |
United States Arizona [Member] | ||
Mineral Rights and Properties | 10,932,199 | 10,891,861 |
Property, Plant and Equipment | 0 | 0 |
Reclamation Deposits | 15,000 | 15,000 |
Equity-Accounted Investment | 0 | |
Other Long-Term Assets | 0 | 0 |
Total Long-Term Assets | 10,947,199 | 10,906,861 |
United States Other States [Member] | ||
Mineral Rights and Properties | 705,464 | 810,127 |
Property, Plant and Equipment | 0 | 0 |
Reclamation Deposits | 819 | 818 |
Equity-Accounted Investment | 0 | |
Other Long-Term Assets | 582,206 | 0 |
Total Long-Term Assets | 1,288,489 | 810,945 |
Canada [Member] | ||
Mineral Rights and Properties | 0 | 0 |
Property, Plant and Equipment | 11,185 | 14,909 |
Reclamation Deposits | 0 | 0 |
Equity-Accounted Investment | 151,676 | |
Other Long-Term Assets | 0 | 0 |
Total Long-Term Assets | 162,861 | 14,909 |
Paraguay [Member] | ||
Mineral Rights and Properties | 14,513,585 | 13,080,555 |
Property, Plant and Equipment | 365,668 | 354,316 |
Reclamation Deposits | 0 | 0 |
Equity-Accounted Investment | 0 | |
Other Long-Term Assets | 0 | 1,553,388 |
Total Long-Term Assets | $ 14,879,253 | $ 14,988,259 |
SEGMENTED INFORMATION (Details
SEGMENTED INFORMATION (Details 1) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Sales | $ 0 | $ 0 | $ 3,080,000 |
Costs and Expenses: | |||
Cost of sales | 0 | 0 | 2,326,674 |
Inventory write-down | 60,694 | 0 | 0 |
Mineral property expenditures | 4,120,388 | 4,061,159 | 5,706,080 |
General and administrative | 10,241,681 | 9,297,746 | 13,230,840 |
Depreciation, amortization and accretion | 497,728 | 875,724 | 1,802,443 |
Impairment loss on mineral property | 297,942 | 97,114 | 349,805 |
Total Cost and Expenses | 15,218,433 | 14,331,743 | 23,415,842 |
Loss from operations | (15,218,433) | (14,331,743) | (20,335,842) |
Other income (expenses) | (2,786,978) | (3,030,368) | (3,061,499) |
Loss before income taxes | (18,005,411) | (17,362,111) | (23,397,341) |
United States Texas [Member] | |||
Sales | 0 | 0 | 3,080,000 |
Costs and Expenses: | |||
Cost of sales | 0 | 0 | 2,326,674 |
Inventory write-down | 60,694 | 0 | 0 |
Mineral property expenditures | 2,450,834 | 2,733,007 | 4,227,720 |
General and administrative | 7,053,270 | 6,447,801 | 9,702,423 |
Depreciation, amortization and accretion | 487,288 | 857,966 | 1,776,845 |
Impairment loss on mineral property | 185,942 | 0 | 349,805 |
Total Cost and Expenses | 10,238,028 | 10,038,774 | 18,383,467 |
Loss from operations | (10,238,028) | (10,038,774) | (15,303,467) |
Other income (expenses) | (2,772,617) | (3,012,281) | (3,042,084) |
Loss before income taxes | (13,010,645) | (13,051,055) | (18,345,551) |
United States Arizona [Member] | |||
Sales | 0 | 0 | 0 |
Costs and Expenses: | |||
Cost of sales | 0 | 0 | 0 |
Inventory write-down | 0 | 0 | 0 |
Mineral property expenditures | 101,628 | 236,717 | 289,676 |
General and administrative | 33,761 | 205,591 | 194,910 |
Depreciation, amortization and accretion | 0 | 0 | 0 |
Impairment loss on mineral property | 8,334 | 0 | 0 |
Total Cost and Expenses | 143,723 | 442,308 | 484,586 |
Loss from operations | (143,723) | (442,308) | (484,586) |
Other income (expenses) | (18,914) | (18,965) | (19,785) |
Loss before income taxes | (162,637) | (461,273) | (504,371) |
United States Other States [Member] | |||
Sales | 0 | 0 | 0 |
Costs and Expenses: | |||
Cost of sales | 0 | 0 | 0 |
Inventory write-down | 0 | 0 | 0 |
Mineral property expenditures | 70,588 | 133,518 | 231,305 |
General and administrative | 3,933 | 2,724 | 19,317 |
Depreciation, amortization and accretion | 996 | 2,821 | 2,635 |
Impairment loss on mineral property | 103,666 | 97,114 | 0 |
Total Cost and Expenses | 179,183 | 236,177 | 253,257 |
Loss from operations | (179,183) | (236,177) | (253,257) |
Other income (expenses) | 0 | 0 | 0 |
Loss before income taxes | (179,183) | (236,177) | (253,257) |
Canada [Member] | |||
Sales | 0 | 0 | 0 |
Costs and Expenses: | |||
Cost of sales | 0 | 0 | 0 |
Inventory write-down | 0 | 0 | 0 |
Mineral property expenditures | 0 | 0 | 0 |
General and administrative | 3,063,839 | 2,636,514 | 3,284,772 |
Depreciation, amortization and accretion | 8,088 | 8,142 | 12,026 |
Impairment loss on mineral property | 0 | 0 | 0 |
Total Cost and Expenses | 3,071,927 | 2,644,656 | 3,296,798 |
Loss from operations | (3,071,927) | (2,644,656) | (3,296,798) |
Other income (expenses) | 636 | 850 | (120) |
Loss before income taxes | (3,071,291) | (2,643,806) | (3,296,918) |
Paraguay [Member] | |||
Sales | 0 | 0 | 0 |
Costs and Expenses: | |||
Cost of sales | 0 | 0 | 0 |
Inventory write-down | 0 | 0 | 0 |
Mineral property expenditures | 1,497,338 | 957,917 | 957,379 |
General and administrative | 86,878 | 5,116 | 29,418 |
Depreciation, amortization and accretion | 1,356 | 6,795 | 10,937 |
Impairment loss on mineral property | 0 | 0 | 0 |
Total Cost and Expenses | 1,585,572 | 969,828 | 997,734 |
Loss from operations | (1,585,572) | (969,828) | (997,734) |
Other income (expenses) | 3,917 | 28 | 490 |
Loss before income taxes | $ (1,581,655) | $ (969,800) | $ (997,244) |
SEGMENTED INFORMATION (Detail80
SEGMENTED INFORMATION (Details Textual) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Assets, Noncurrent, Total | $ 48,585,837 | $ 48,175,670 |
Percentage of Long Term Assets | 69.00% | |
UNITED STATES | ||
Assets, Noncurrent, Total | $ 33,543,723 |
SUPPLEMENTAL CASH FLOW INFORM81
SUPPLEMENTAL CASH FLOW INFORMATION (Details Textual) - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 1,107,937 | $ 1,372,381 | $ 1,851,074 |
Stock Issued During Period, Value, Share-based Compensation, Gross | 967,369 | 726,244 | 235,490 |
Interest Expense, Debt | 1,622,222 | 1,626,667 | 1,484,444 |
Stock Issued During Period, Value, New Issues | 19,421,351 | 8,365,037 | $ 7,659,139 |
Accounts Payable, Current | 454,195 | 406,476 | |
Stock Issued During Period, Value, Purchase of Assets | 87,617 | 1,226,875 | |
Stock Issued During Period, Value, For Settlement of Current Liabilities | 1,524,650 | $ 453,444 | |
Debt Conversion, Original Debt, Amount | 1,021,453 | ||
Stock Issued During Period Value For Mineral Properties | $ 48,672 | ||
Common Stock [Member] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 865,386 | 1,429,650 | 1,108,390 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 862 | $ 1,429 | $ 1,111 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 846,069 | 826,782 | 174,437 |
Stock Issued During Period, Shares, New Issues | 17,330,836 | 12,364,704 | 5,280,045 |
Stock Issued During Period, Value, New Issues | $ 17,331 | $ 12,365 | $ 5,280 |
Stock Issued During Period, Value, Purchase of Assets | $ 62 | $ 1,334 | |
Stock Issued During Period, Shares, For Settlement of Current Liabilities | 1,015,940 | 487,574 | |
Stock Issued During Period, Value, For Settlement of Current Liabilities | $ 1,016 | $ 487 | |
Issued for Mineral Property (in shares) | 46,800 | ||
Stock Issued During Period Value For Mineral Properties | $ 46 | ||
Surety Bond Premiums [Member] | |||
Interest Expense, Debt | $ 117,069 | $ 114,145 | $ 112,681 |
Restricted Stock [Member] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 865,386 | 1,429,650 | 1,108,390 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 1,107,937 | $ 1,372,381 | $ 1,851,074 |
Stock Issued During Period, Shares, New Issues | 148,368 | 117,998 | |
Stock Issued During Period, Value, New Issues | $ 170,060 | $ 109,738 | |
Restricted Stock [Member] | Workman Creek Project [Member] | |||
Issued for Mineral Property (in shares) | 46,800 | ||
Stock Issued During Period Value For Mineral Properties | $ 48,672 | ||
JDL Resources Inc [Member] | |||
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,333,560 | ||
Payments to Acquire Businesses, Gross | $ 50,000 | ||
Stock Issued During Period, Value, Purchase of Assets | $ 1,226,875 | ||
Settlement of Current Liabilities [Member] | |||
Stock Issued During Period, Shares, New Issues | 487,574 | ||
Stock Issued During Period, Value, New Issues | $ 453,444 | ||
Stock Issued During Period, Shares, For Settlement of Current Liabilities | 664,879 | ||
Stock Issued During Period, Value, For Settlement of Current Liabilities | $ 1,070,455 | ||
Settlement of Current Liabilities [Member] | Restricted Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | 351,061 | ||
Stock Issued During Period, Value, New Issues | $ 454,195 |
COMMITMENTS AND CONTINGENCIES82
COMMITMENTS AND CONTINGENCIES (Details) | Jul. 31, 2017USD ($) |
Fiscal 2,018 | $ 219,135 |
Fiscal 2,019 | 81,730 |
Fiscal 2,020 | 82,134 |
Fiscal 2,021 | 54,756 |
Fiscal 2,022 | 0 |
Total | $ 437,755 |
COMMITMENTS AND CONTINGENCIES83
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2015 | Apr. 03, 2012 | Jul. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 19,318 | ||
Management Fee Payable | $ 712,000 | ||
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 |
ACQUISITION OF RENO CREEK PRO84
ACQUISITION OF RENO CREEK PROJECT (Details) - USD ($) | Aug. 09, 2017 | Jul. 31, 2017 | Jul. 31, 2016 |
Assets acquired and liabilities assumed | |||
Asset retirement obligations | $ (3,729,902) | $ (3,746,464) | |
Reno Creek Project [Member] | Subsequent Event [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 | 257,000 | ||
Mineral rights & properties | 25,003,928 | ||
Asset retirement obligations | (73,973) | ||
Assets acquired and liabilities assumed, Net | $ 26,827,972 |
ACQUISITION OF RENO CREEK PRO85
ACQUISITION OF RENO CREEK PROJECT (Details) (Parenthetical) - Reno Creek Project [Member] - Subsequent Event [Member] | Aug. 09, 2017$ / sharesshares |
Asset Acquisition [Line Items] | |
Asset Acquisition Share Price | $ 1.37 |
Asset Acquisition, Number of Warrants Issued | shares | 11,308,728 |
Asset Acquisition, Warrants Price | $ 0.45 |
ACQUISITION OF RENO CREEK PRO86
ACQUISITION OF RENO CREEK PROJECT (Details Textual) - Subsequent Event [Member] | Aug. 09, 2017USD ($)$ / sharesshares |
Asset Acquisition [Line Items] | |
Approved Distribution Amount | $ 1,743,666 |
Asset Acquisition Deemed Share Price | $ / shares | $ 1.406 |
Asset Acquisition Equity Interest Issued | shares | 353,160 |
Reimbursable Expenses | $ 483,829 |
Reno Creek Project [Member] | |
Asset Acquisition [Line Items] | |
Payment To Acquire Assets | $ 909,930 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 14,392,927 |
Asset Acquisition, Equity Interest Issued or Issuable, Additional Number of Shares | shares | 241,821 |
Asset Acquisition Deemed Share Price | $ / shares | $ 1.406 |
General Insurance Expense | $ 340,000 |
Warrants Issuance Terms | 11,308,728 warrants of the Company (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 common 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, the Company may accelerate the expiry date of the Warrants to within 30 days by providing written notice to the holders; |
Business Acquisition, Transaction Costs | $ 779,510 |
Asset Acquisition Ownership Percentage | 100.00% |
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% |
SUBSEQUENT EVENT (Details Textu
SUBSEQUENT EVENT (Details Textual) - USD ($) | Oct. 10, 2017 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Subsequent Event [Line Items] | ||||
Share Issuance Obligation, Shares | 398,839 | |||
Share Issuance Obligation, Amount | $ 638,142 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 672,500 | 3,033,000 | 7,640,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Contractual Term | 5 years | 5 years | 5 years | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Employees Directors Officers Bonus | $ 393,800 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,854,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 1.28 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 24 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Contractual Term | 5 years |