Cover
Cover - shares | 9 Months Ended | |
May 31, 2022 | Jul. 07, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | May 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --08-31 | |
Entity File Number | 000-53482 | |
Entity Registrant Name | TEXAS MINERAL RESOURCES CORP. | |
Entity Central Index Key | 0001445942 | |
Entity Tax Identification Number | 87-0294969 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 539 El Paso Street | |
Entity Address, City or Town | Sierra Blanca | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 79851 | |
City Area Code | 915 | |
Local Phone Number | 369-2133 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 72,863,221 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | May 31, 2022 | Aug. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 3,541,914 | $ 5,106,653 |
Prepaid expenses and other current assets | 41,523 | 73,029 |
Total current assets | 3,583,437 | 5,179,682 |
Property and equipment, net | 25,598 | 30,834 |
Mineral properties, net | 416,206 | 181,755 |
Deposits | 7,500 | 12,620 |
TOTAL ASSETS | 4,032,741 | 5,404,891 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 265,354 | 191,394 |
Advances due to related party | 5,000 | 10,000 |
Total current liabilities | 270,354 | 201,394 |
Total liabilities | 270,354 | 201,394 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and oustanding as of May 31, 2022 and August 31, 2021 | ||
Common stock, par value $0.01; 100,000,000 shares authorized, 72,752,453 and 71,934,065 shares issued and oustanding as of May 31, 2022 and August 31, 2021, respectively | 727,525 | 719,341 |
Additional paid-in capital | 41,966,768 | 41,332,478 |
Accumulated deficit | (38,931,906) | (36,848,322) |
Total shareholders’ equity | 3,762,387 | 5,203,497 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 4,032,741 | $ 5,404,891 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | May 31, 2022 | Aug. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Outstanding | 72,752,453 | 71,934,065 |
Common Stock, Shares, Issued | 72,752,453 | 71,934,065 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2022 | May 31, 2021 | |
OPERATING EXPENSES | ||||
Exploration costs | $ 519,853 | $ 63,408 | $ 1,101,604 | $ 159,755 |
General and administrative expenses | 295,360 | 345,307 | 986,642 | 1,080,184 |
Total operating expenses | 815,213 | 408,715 | 2,088,246 | 1,239,939 |
LOSS FROM OPERATIONS | (815,213) | (408,715) | (2,088,246) | (1,239,939) |
OTHER INCOME (EXPENSE) | ||||
Gain on sale of interest in mineral properties | 3,326,899 | 3,326,899 | ||
Grant income, net of grant related expenses | 93 | 11,078 | ||
Other income (expense) | 1,203 | 716 | 4,569 | 4,067 |
Total other income (expense) | 1,203 | 3,327,615 | 4,662 | 3,342,044 |
NET INCOME (LOSS) | $ (814,010) | $ 2,918,900 | $ (2,083,584) | $ 2,102,105 |
Net income (loss) per share: | ||||
Basic | $ (0.01) | $ 0.04 | $ (0.03) | $ 0.03 |
Diluted | $ (0.01) | $ 0.04 | $ (0.03) | $ 0.03 |
Weighted average shares outstanding: | ||||
Basic | 72,410,326 | 71,697,503 | 72,259,396 | 71,558,951 |
Diluted | 72,410,326 | 73,051,883 | 72,259,396 | 72,844,871 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASHFLOWS (Unaudited) - USD ($) | 9 Months Ended | |
May 31, 2022 | May 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (2,083,584) | $ 2,102,105 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Stock based compensation | 136,505 | 606,107 |
Common stock and stock options issued for services | 267,469 | |
Gain on sale of interest in mineral properties | (3,326,899) | |
Depreciation expense | 5,236 | 2,327 |
Changes in current assets and liabilities: | ||
Prepaid expenses and other current assets | 31,506 | 67,349 |
Accounts payable and accrued liabilities | 68,960 | (265,712) |
Net cash used in operating activities | (1,573,908) | (814,723) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sale of interest in mineral properties | 3,000,000 | |
Purchases of property and equipment | (34,907) | |
Purchases of mineral properties | (234,451) | (212,444) |
Refund (payment) of deposit | 5,120 | (5,120) |
Net cash (used in) provided by investing activities | (229,331) | 2,747,529 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related parties | 148,826 | |
Proceeds from exercise of common stock warrants and options | 238,500 | 81,300 |
Net cash provided by financing activities | 238,500 | 230,126 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,564,739) | 2,162,932 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 5,106,653 | 2,746,451 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 3,541,914 | 4,909,383 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest paid | ||
Taxes paid | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued as payment of accrued expenses | 92,500 | |
Advances from related parties assumed in sale of interest in mineral properties | $ 729,227 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Aug. 31, 2020 | $ 713,233 | $ 40,376,847 | $ (38,892,524) | $ 2,197,556 | |
Beginning balance, shares at Aug. 31, 2020 | 71,323,278 | ||||
Stock based compensation | 190,367 | 190,367 | |||
Common stock issued as payment of accrued director’s fees | $ 619 | 91,881 | 92,500 | ||
Common stock issued as payment of accrued director's fees, shares | 61,936 | ||||
Warrant conversion | 24,500 | 24,500 | |||
Net income (loss) | (339,683) | (339,683) | |||
Ending balance, value at Nov. 30, 2020 | $ 713,852 | 40,683,595 | (39,232,207) | 2,165,240 | |
Ending balance, shares at Nov. 30, 2020 | 71,385,214 | ||||
Beginning balance, value at Aug. 31, 2020 | $ 713,233 | 40,376,847 | (38,892,524) | 2,197,556 | |
Beginning balance, shares at Aug. 31, 2020 | 71,323,278 | ||||
Net income (loss) | 2,102,105 | ||||
Ending balance, value at May. 31, 2021 | $ 719,040 | 41,150,947 | (36,790,419) | 5,079,568 | |
Ending balance, shares at May. 31, 2021 | 71,904,028 | ||||
Beginning balance, value at Nov. 30, 2020 | $ 713,852 | 40,683,595 | (39,232,207) | 2,165,240 | |
Beginning balance, shares at Nov. 30, 2020 | 71,385,214 | ||||
Stock based compensation | $ 400 | 203,922 | 204,322 | ||
Stock based compensation, shares | 40,042 | ||||
Cashless exercise of warrants and options | $ 1,696 | (1,696) | |||
Cashless exercise of warrants and options, shares | 169,506 | ||||
Issuance of common stock previously unissued | $ 700 | (700) | |||
Issuance of common stock previously unissued, shares | 70,000 | ||||
Net income (loss) | (477,112) | (477,112) | |||
Ending balance, value at Feb. 28, 2021 | $ 716,648 | 40,885,121 | (39,709,319) | 1,892,450 | |
Ending balance, shares at Feb. 28, 2021 | 71,664,762 | ||||
Stock based compensation | $ 132 | 211,286 | 211,418 | ||
Stock based compensation, shares | 13,266 | ||||
Common stock issued upon exercise of options and warrants | $ 2,260 | 54,540 | 56,800 | ||
Common stock issued upon exercise of options and warrants, shares | 226,000 | ||||
Net income (loss) | 2,918,900 | 2,918,900 | |||
Ending balance, value at May. 31, 2021 | $ 719,040 | 41,150,947 | (36,790,419) | 5,079,568 | |
Ending balance, shares at May. 31, 2021 | 71,904,028 | ||||
Beginning balance, value at Aug. 31, 2021 | $ 719,341 | 41,332,478 | (36,848,322) | 5,203,497 | |
Beginning balance, shares at Aug. 31, 2021 | 71,934,065 | ||||
Common stock and stock options issued for services | 129,788 | 129,788 | |||
Stock based compensation | $ 412 | 41,090 | 41,502 | ||
Stock based compensation, shares | 41,231 | ||||
Net income (loss) | (338,862) | (338,862) | |||
Ending balance, value at Nov. 30, 2021 | $ 719,753 | 41,503,356 | (37,187,184) | 5,035,925 | |
Ending balance, shares at Nov. 30, 2021 | 71,975,296 | ||||
Beginning balance, value at Aug. 31, 2021 | $ 719,341 | 41,332,478 | (36,848,322) | 5,203,497 | |
Beginning balance, shares at Aug. 31, 2021 | 71,934,065 | ||||
Net income (loss) | (2,083,584) | ||||
Ending balance, value at May. 31, 2022 | $ 727,525 | 41,966,768 | (38,931,906) | 3,762,387 | |
Ending balance, shares at May. 31, 2022 | 72,752,453 | ||||
Beginning balance, value at Nov. 30, 2021 | $ 719,753 | 41,503,356 | (37,187,184) | 5,035,925 | |
Beginning balance, shares at Nov. 30, 2021 | 71,975,296 | ||||
Common stock and stock options issued for services | 78,896 | 78,896 | |||
Stock based compensation | $ 312 | 41,190 | 41,502 | ||
Stock based compensation, shares | 31,218 | ||||
Warrant conversion | $ 5,700 | 165,300 | 171,000 | ||
Warrant conversion, shares | 570,001 | ||||
Net income (loss) | (930,712) | (930,712) | |||
Ending balance, value at Feb. 28, 2022 | $ 725,765 | 41,788,742 | (38,117,896) | 4,396,611 | |
Ending balance, shares at Feb. 28, 2022 | 72,576,515 | ||||
Common stock and stock options issued for services | 58,785 | 58,785 | |||
Stock based compensation | $ 260 | 53,241 | 53,501 | ||
Stock based compensation, shares | 25,938 | ||||
Common stock issued upon exercise of options and warrants | $ 1,500 | 66,000 | 67,500 | ||
Common stock issued upon exercise of options and warrants, shares | 150,000 | ||||
Net income (loss) | (814,010) | (814,010) | |||
Ending balance, value at May. 31, 2022 | $ 727,525 | $ 41,966,768 | $ (38,931,906) | $ 3,762,387 | |
Ending balance, shares at May. 31, 2022 | 72,752,453 |
GENERAL
GENERAL | 9 Months Ended |
May 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 – GENERAL Basis of Presentation The accompanying unaudited interim consolidated financial statements of Texas Mineral Resources Corp. (“we”, “us”, “our”, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in our annual report on Form 10-K, for the year ended August 31, 2021, dated November 29, 2021 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended August 31, 2021 as reported in our annual report on Form 10-K, have been omitted. Principles of Consolidation The consolidated financial statements include the accounts of Texas Mineral Resources Corp. and its proportionate interest in the assets, liabilities, and operations of Round Top Mountain Development Company, LLC (“RTMD”). All significant intercompany balances and transactions have been eliminated. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
May 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. |
JOINT VENTURE ARRANGEMENTS
JOINT VENTURE ARRANGEMENTS | 9 Months Ended |
May 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
JOINT VENTURE ARRANGEMENTS | NOTE 3 – JOINT VENTURE ARRANGEMENTS In connection with USARE meeting its obligations to acquire a 70 10 3,728,000 3 million 728,000 80 402,000 3,326,000 The Company accounts for its interest in RTMD using the proportionate consolidation method, which is an exception available to entities in the extractive industries, thereby recognizing its pro-rata share of the assets, liabilities, and operations of RTMD in the appropriate classifications in the financial statements. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 9 Months Ended |
May 31, 2022 | |
Extractive Industries [Abstract] | |
MINERAL PROPERTIES | NOTE 4 – MINERAL PROPERTIES As set forth in Note 3 - Joint Venture Arrangements, the ownership of and obligations associated with the leases and options maintained with the Texas Land Office and other third parties were transferred to RTMD in May 2021. The below discussion under the heading “RTMD Mineral Properties” provides a history of such ownership and obligations. RTMD Mineral Properties August 2010 Lease On August 17, 2010, the Company executed a new mining lease with the Texas General Land Office covering Sections 7 and 18 of Township 7, Block 71 and Section 12 of Block 72, covering approximately 860 Under the terms of the lease, the Company will pay the State of Texas a total lease bonus of $ 142,518 44,718 97,800 500,000 Thereafter, if paying quantities of minerals are obtained, RTMD will pay the State of Texas a production royalty equal to eight percent ( 8 6 1/4 1 Schedule of August 2010 Lease Per Acre Total September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 $ 200 $ 178,873 In August 2021, RTMD paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $ 134,155 November 2011 Lease On November 1, 2011, the Company executed a mining lease with the State of Texas covering approximately 90 20,700 50,000 Thereafter, if paying quantities of minerals are obtained, RTMD will pay the State of Texas a production royalty equal to eight percent ( 8 6 1/4 1 Schedule of November 2011 Lease Per Acre Total November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 $ 200 $ 18,000 In August 2021, RTMD paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $ 13,500 March 2013 Lease On March 6, 2013, the Company purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (since renamed the Rio Grande Foundation) for $ 500,000 1,063,830 500,000 45,000 ten years 54,990 October 2014 Surface Option and Water Lease On October 29, 2014, the Company announced the execution of agreements with the Texas General Land Office securing the option to purchase the surface rights covering the potential Round Top Project mine and plant areas and, separately, a lease to develop the water necessary for the potential Round Top Project mine operations. The option to purchase the surface rights covers approximately 5,670 10,000 The ground water lease secures the right to develop the ground water within a 13,120 4 five 5,000 0.95 20,000 Santa Fe Gold Corporation On November 8, 2021, the Company entered into a mineral exploration and option agreement with Santa Fe Gold Corporation (“Santa Fe”). Under the option agreement, the Company and Santa Fe plan to pursue, negotiate and subsequently enter into a joint venture agreement to jointly explore and develop a target silver property to be selected by the Company among patented and unpatented mining claims held by Santa Fe within the Black Hawk Mining District in Grant County, New Mexico. Completion of a joint venture agreement, if any, is subject to the successful outcome of a multi-phase exploration plan leading to a bankable feasibility study to be undertaken in the near future by the Company. Under the contemplated terms of the proposed joint venture agreement, the Company would be project operator and initially own 50.5 49.5 Under the terms of the option agreement, the Company plans to conduct a district-wide evaluation among the patented and unpatented claims held by Santa Fe, consisting of geologic mapping, sampling, trenching, radiometric surveying, geophysics, drilling and/or other methods as warranted. Based on the district-wide evaluation, the Company will designate one 80 1,300 75 two 60 Additionally, on November 8, 2021, the Company entered into a financing and purchase option agreement with Greentech Minerals Holdings, Inc. (“Greentech”). Under the financing agreement, Greentech is responsible for funding initial exploration activities and the bankable feasibility study, estimated to cost approximately $ 6.5 five twelve fifteen months Upon successful completion of the study, Greentech will be entitled to received 20 10.1 15 20 10.1 20.2 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 9 Months Ended |
May 31, 2022 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 5 – SHAREHOLDERS’ EQUITY The Company’s authorized capital stock consists of 100,000,000 0.01 10,000,000 0.001 All shares of common stock have equal voting rights and, when validly issued and outstanding, are entitled to one non-cumulative vote per share in all matters to be voted upon by shareholders In October 2021, the Company issued 41,231 During the quarter ended November 30, 2021, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $ 41,502 31,218 During the quarter ended November 30, 2021, the Company granted a total of 43,500 73,788 0.25 201.75 0.00 5 In January 2020, the Company entered into three separate consulting agreements for total consideration of 699,999 233,333 448,000 0.64 24 699,999 87,501 0 74,666 56,000 168,000 During the quarter ended February 28, 2022, the Company granted a total of 30,000 60,230 0.25 201.75 0.00 5 60,230 During the quarter ended February 28, 2022, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $ 41,502 25,938 During the quarter ended February 28, 2022, the Company issued 570,001 171,000 During the quarter ended May 31, 2022, the Company issued a total of 30,000 58,785 1 198.67 0.00 5 During the quarter ended May 31, 2022, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $ 53,501 33,438 During the quarter ended May 31, 2022, the Company issued 150,000 67,500 |
GRANT INCOME
GRANT INCOME | 9 Months Ended |
May 31, 2022 | |
Other Income and Expenses [Abstract] | |
GRANT INCOME | NOTE 6 – GRANT INCOME Grants received from government and other agencies in advance of a specific project are deferred and recognized as other income in the statements of operations in the period they are earned and the related project costs are incurred. For the nine months ended May 31, 2022 and 2021, the Company recognized $ 561,950 150,000 561,857 138,922 |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 9 Months Ended |
May 31, 2022 | |
Extractive Industries [Abstract] | |
Schedule of August 2010 Lease | Schedule of August 2010 Lease Per Acre Total September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 $ 200 $ 178,873 |
Schedule of November 2011 Lease | Schedule of November 2011 Lease Per Acre Total November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 $ 200 $ 18,000 |
JOINT VENTURE ARRANGEMENTS (Det
JOINT VENTURE ARRANGEMENTS (Details Narrative) - Round Top Mountain Development Company, LLC [Member] - USD ($) | 3 Months Ended | |
May 17, 2021 | May 31, 2021 | |
Consideration received from joint venture | $ 3,728,000 | |
Consideration received from exercise of option | 3,000,000 | |
Proceeds from previous advances | $ 728,000 | |
Derecognized percentage of mineral properties | 80% | |
Derecognized amount of mineral properties | $ 402,000 | |
Gain on sale of interest in projects | $ 3,326,000 | |
USARE [Member] | ||
Initial ownership interest acquired | 70% | |
Additional ownership interest acquired | 10% |
Schedule of August 2010 Lease (
Schedule of August 2010 Lease (Details) | May 31, 2022 USD ($) $ / a |
September 2, 2020 - 2024 [Member] | |
Property, Plant and Equipment [Line Items] | |
Per Acre Amount | $ / a | 150 |
Total Amount | $ | $ 134,155 |
September 2, 2025 - 2029 [Member] | |
Property, Plant and Equipment [Line Items] | |
Per Acre Amount | $ / a | 200 |
Total Amount | $ | $ 178,873 |
Schedule of November 2011 Lease
Schedule of November 2011 Lease (Details) | May 31, 2022 USD ($) $ / a |
November 1, 2020 - 2024 [Member] | |
Property, Plant and Equipment [Line Items] | |
Per Acre Amount | $ / a | 150 |
Total Amount | $ | $ 13,500 |
November 1, 2025 - 2029 [Member] | |
Property, Plant and Equipment [Line Items] | |
Per Acre Amount | $ / a | 200 |
Total Amount | $ | $ 18,000 |
MINERAL PROPERTIES (Details Nar
MINERAL PROPERTIES (Details Narrative) | 1 Months Ended | |||||
Nov. 08, 2021 USD ($) a tranche mi | Oct. 29, 2014 USD ($) a well mi $ / gal | Mar. 06, 2013 USD ($) a shares | Nov. 01, 2011 USD ($) a | Aug. 17, 2010 USD ($) a | Aug. 31, 2021 USD ($) | |
Santa Fe Joint Venture [Member] | ||||||
Controlling ownership interest | 50.50% | |||||
Area of project | a | 80 | |||||
Area of property covered under agreement | a | 1,300 | |||||
Percentage of known mining district covered | 75% | |||||
Area of interest radius | mi | 2 | |||||
Exercise period of option | 60 days | |||||
Texas General Land Office [Member] | August 2010 Lease [Member] | ||||||
Mining lease - acres | a | 860 | |||||
Lease Bonus | $ 142,518 | |||||
Payment of lease bonus | 44,718 | |||||
Lease bonus due | 97,800 | |||||
Minimum advance royalty due | $ 500,000 | |||||
Production royalty of market value of uranium and fissionable materials | 8% | |||||
Production royalty of market value of other minerals | 6.25% | |||||
Lease extension period | 1 year | |||||
Payment of delay rental | $ 134,155 | |||||
Texas General Land Office [Member] | November 2011 Lease [Member] | ||||||
Mining lease - acres | a | 90 | |||||
Lease Bonus | $ 20,700 | |||||
Minimum advance royalty due | $ 50,000 | |||||
Production royalty of market value of uranium and fissionable materials | 8% | |||||
Production royalty of market value of other minerals | 6.25% | |||||
Lease extension period | 1 year | |||||
Payment of delay rental | $ 13,500 | |||||
Rio Grande Foundation [Member] | March 2013 Lease [Member] | ||||||
Cash paid for lease | $ 500,000 | |||||
Shares issued for lease | shares | 1,063,830 | |||||
Value of shares issued for lease | $ 500,000 | |||||
Periodic payment for conservation efforts | $ 45,000 | |||||
Payment period for conservation efforts | 10 years | |||||
Surface rights - acres | a | 54,990 | |||||
Rio Grande Foundation [Member] | October 2014 Surface Option and Water Lease [Member] | ||||||
Surface rights - acres | a | 5,670 | |||||
Periodic option annual payment due | $ 10,000 | |||||
Ground water lease - acres | a | 13,120 | |||||
Distance from project mine | mi | 4 | |||||
Number of existing water wells | well | 5 | |||||
Annual minimum production payment | $ 5,000 | |||||
Production payment, amount per gallon | $ / gal | 0.95 | |||||
Production payment, annual amount | $ 20,000 | |||||
Santa Fe Gold Corporation [Member] | Santa Fe Joint Venture [Member] | ||||||
Ownership interest | 49.50% | |||||
Greentech [Member] | Santa Fe Joint Venture [Member] | ||||||
Exploration activities and feasibility study funding | $ 6,500,000 | |||||
Feasibility study number of tranches | tranche | 5 | |||||
Percentage of initial equity entitled to receive | 20% | |||||
Percentage of total equity of joint venture | 10.10% | |||||
Option to participate in funding | $ 15,000,000 | |||||
Entitled to receive additional percentage of initial equity | 20% | |||||
Option percentage of total equity | 10.10% | |||||
Option to receive percentage in exchange for funding | 20.20% | |||||
Greentech [Member] | Santa Fe Joint Venture [Member] | Minimum [Member] | ||||||
Feasibility study period | 12 months | |||||
Greentech [Member] | Santa Fe Joint Venture [Member] | Maximum [Member] | ||||||
Feasibility study period | 15 months |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 29 Months Ended | |||||||||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Jan. 31, 2020 | May 31, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | May 31, 2021 | Feb. 28, 2021 | Nov. 30, 2020 | May 31, 2022 | May 31, 2021 | May 31, 2022 | Aug. 31, 2021 | |
Class of Stock [Line Items] | |||||||||||||||
Common stock, authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Preferred stock, authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common stock voting rights | one non-cumulative vote per share in all matters to be voted upon by shareholders | ||||||||||||||
Fair value of options granted | $ 53,501 | $ 41,502 | $ 41,502 | $ 211,418 | $ 204,322 | $ 190,367 | |||||||||
Consulting agreements, number of shares | 699,999 | ||||||||||||||
Consulting agreements, number of shares per agreement | 233,333 | ||||||||||||||
Consulting agreements, value of shares | $ 448,000 | ||||||||||||||
Share price | $ 0.64 | ||||||||||||||
Number of options exercised | 150,000 | 570,001 | |||||||||||||
Proceeds from exercise of options | $ 67,500 | $ 171,000 | |||||||||||||
Director [Member] | Share-Based Payment Arrangement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares issued | 25,938 | 31,218 | 41,231 | ||||||||||||
Compensation expense | 53,501 | 41,502 | $ 41,502 | ||||||||||||
Director [Member] | Share-Based Payment Arrangement [Member] | Subsequent Event [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares issued | 33,438 | ||||||||||||||
Consultant [Member] | Share-Based Payment Arrangement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Compensation expense | $ 0 | $ 56,000 | $ 74,666 | $ 168,000 | |||||||||||
Share vesting period | 24 months | ||||||||||||||
Number of shares vested | 699,999 | ||||||||||||||
Number of shares issued | 87,501 | ||||||||||||||
Consultant [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Compensation expense | $ 60,230 | ||||||||||||||
Number of options granted | 30,000 | 30,000 | 43,500 | ||||||||||||
Fair value of options granted | $ 58,785 | $ 60,230 | $ 73,788 | ||||||||||||
Fair value assumptions - Risk free interest rate | 1% | 0.25% | 0.25% | ||||||||||||
Fair value assumptions - Volatilty | 198.67% | 201.75% | 201.75% | ||||||||||||
Fair value assumptions - Dividend yield | 0% | 0% | 0% | ||||||||||||
Fair value assumptions - Expected term | 5 years | 5 years | 5 years |
GRANT INCOME (Details Narrative
GRANT INCOME (Details Narrative) - USD ($) | 9 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Other Income and Expenses [Abstract] | ||
Grant income | $ 561,950 | $ 150,000 |
Grant related expenses | $ 561,857 | $ 138,922 |