Cover
Cover - shares | 9 Months Ended | |
May 31, 2023 | Jul. 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | May 31, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
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 | 73,728,263 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | May 31, 2023 | Aug. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,375,344 | $ 1,838,300 |
Short-term investments | 505,611 | |
Prepaid expenses and other current assets | 42,012 | 293,130 |
Total current assets | 1,417,356 | 2,637,041 |
Property and equipment, net | 23,853 | |
Mineral properties, net | 415,607 | 415,607 |
Deposits | 7,500 | 7,500 |
TOTAL ASSETS | 1,840,463 | 3,084,001 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 64,905 | 41,101 |
Total current liabilities and liabilities | 64,905 | 41,101 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and oustanding as of May 31, 2023 and August 31, 2022 | ||
Common stock, par value $0.01; 100,000,000 shares authorized, 73,716,036 and 72,869,220 shares issued and oustanding as of May 31, 2023 and August 31, 2022, respectively | 737,161 | 728,692 |
Additional paid-in capital | 42,983,384 | 42,066,269 |
Accumulated deficit | (41,944,987) | (39,752,061) |
Total shareholders’ equity | 1,775,558 | 3,042,900 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,840,463 | $ 3,084,001 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | May 31, 2023 | Aug. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 73,716,036 | 72,869,220 |
Common stock, outstanding | 73,716,036 | 72,869,220 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | |
OPERATING EXPENSES | ||||
Exploration costs | $ 91,275 | $ 519,853 | $ 720,834 | $ 1,101,604 |
General and administrative expenses | 870,345 | 295,360 | 1,496,723 | 986,642 |
Total operating expenses | 961,620 | 815,213 | 2,217,557 | 2,088,246 |
LOSS FROM OPERATIONS | (961,620) | (815,213) | (2,217,557) | (2,088,246) |
OTHER INCOME (EXPENSE) | ||||
Grant income (expense), net | 93 | |||
Other income (expense) | 9,706 | 1,203 | 24,631 | 4,569 |
Total other income (expense) | 9,706 | 1,203 | 24,631 | 4,662 |
NET LOSS | $ (951,914) | $ (814,010) | $ (2,192,926) | $ (2,083,584) |
Net loss per share: | ||||
Basic net loss per share | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.03) |
Diluted net loss per share | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.03) |
Weighted average shares outstanding: | ||||
Basic weighted average shares outstanding | 73,269,255 | 72,410,326 | 73,022,295 | 72,259,396 |
Diluted weighted average shares outstanding | 73,269,255 | 72,410,326 | 73,022,295 | 72,259,396 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 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 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 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 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 | ||||
Beginning balance, value at Aug. 31, 2022 | $ 728,692 | 42,066,269 | (39,752,061) | 3,042,900 | |
Beginning balance, shares at Aug. 31, 2022 | 72,869,220 | ||||
Common stock and stock options issued for services | 55,310 | 55,310 | |||
Stock based compensation | $ 269 | 48,896 | 49,165 | ||
Stock based compensation, shares | 26,833 | ||||
Net loss | (568,172) | (568,172) | |||
Ending balance, value at Nov. 30, 2022 | $ 728,961 | 42,170,475 | (40,320,233) | 2,579,203 | |
Ending balance, shares at Nov. 30, 2022 | 72,896,053 | ||||
Beginning balance, value at Aug. 31, 2022 | $ 728,692 | 42,066,269 | (39,752,061) | 3,042,900 | |
Beginning balance, shares at Aug. 31, 2022 | 72,869,220 | ||||
Net loss | (2,192,926) | ||||
Ending balance, value at May. 31, 2023 | $ 737,161 | 42,983,384 | (41,944,987) | 1,775,558 | |
Ending balance, shares at May. 31, 2023 | 73,716,036 | ||||
Beginning balance, value at Nov. 30, 2022 | $ 728,961 | 42,170,475 | (40,320,233) | 2,579,203 | |
Beginning balance, shares at Nov. 30, 2022 | 72,896,053 | ||||
Common stock and stock options issued for services | 37,905 | 37,905 | |||
Stock based compensation | $ 228 | 39,274 | 39,502 | ||
Stock based compensation, shares | 22,859 | ||||
Net loss | (672,840) | (672,840) | |||
Ending balance, value at Feb. 28, 2023 | $ 729,189 | 42,247,654 | (40,993,073) | 1,983,770 | |
Ending balance, shares at Feb. 28, 2023 | 72,918,912 | ||||
Common stock and stock options issued for services | $ 6,125 | 660,075 | 666,200 | ||
Common stock and stock options issued for services, shares | 612,498 | ||||
Stock based compensation | $ 747 | 38,755 | 39,502 | ||
Stock based compensation, shares | 74,626 | ||||
Common stock issued upon exercise of options | $ 1,100 | 36,900 | 38,000 | ||
Common stock issued upon exercise of options, shares | 110,000 | ||||
Net loss | (951,914) | (951,914) | |||
Ending balance, value at May. 31, 2023 | $ 737,161 | $ 42,983,384 | $ (41,944,987) | $ 1,775,558 | |
Ending balance, shares at May. 31, 2023 | 73,716,036 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
May 31, 2023 | May 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (2,192,926) | $ (2,083,584) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 1,164 | 5,236 |
Loss on disposal of property and equipment | 22,689 | |
Stock based compensation | 887,584 | 403,974 |
Changes in current assets and liabilities: | ||
Prepaid expenses and other current assets | 251,118 | 31,506 |
Accounts payable and accrued liabilities | 23,804 | 68,960 |
Net cash used in operating activities | (1,006,567) | (1,573,908) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturing short-term investment | 505,611 | |
Purchases of mineral properties | (234,451) | |
Payment of deposit | 5,120 | |
Net cash provided by (used in) investing activities | 505,611 | (229,331) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from exercise of common stock warrants and options | 38,000 | 238,500 |
Net cash provided by financing activities | 38,000 | 238,500 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (462,956) | (1,564,739) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,838,300 | 5,106,653 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,375,344 | 3,541,914 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest paid | ||
Taxes paid |
GENERAL
GENERAL | 9 Months Ended |
May 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 – GENERAL Exploration-Stage Company Since January 1, 2009, Texas Mineral Resources Corp. (the “Company”) has been classified as an “exploration stage” company for purposes of Regulation S-K Item 1300 of the U.S. Securities and Exchange Commission (“SEC”). Under SEC Regulation S-K Item 1300, companies engaged in significant mining operations are classified into three categories, referred to as “stages” - exploration, development, and production. Exploration stage includes all companies that do not have established reserves in accordance with Item 1300. Such companies are deemed to be “in the search for mineral deposits.” Notwithstanding the nature and extent of development-type or production-type activities that have been undertaken or completed, a company cannot be classified as a development or production stage company unless it has established reserves in accordance with Item 1300. 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 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, 2022, dated November 29, 2022 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, 2022 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. Going Concern These financial statements have been prepared assuming that the Company will continue as a going concern. The Company has an accumulated deficit from inception through May 31, 2023, of approximately $ 41,945,000 On May 31, 2023, the Company had a working capital surplus of approximately $ 1,352,000 In accordance with our current projected budget, the Company does not have sufficient capital to fund its share of total cash calls required under the RTMD operating agreement (“Operating Agreement”) as well as expected general and administrative expenses during the next twelve months. Failure by the Company to fund required cash calls to RTMD would result in dilution to its then current RTMD ownership interest ( 20 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
May 31, 2023 | |
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 – Debit 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, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
JOINT VENTURE ARRANGEMENTS | NOTE 3 – JOINT VENTURE ARRANGEMENTS 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, 2023 | |
Extractive Industries [Abstract] | |
MINERAL PROPERTIES | NOTE 4 – MINERAL PROPERTIES The following discussion under “RTMD Mineral Properties” provides a history of the ownership and obligations of the Round Top Project, of which we, as of May 31, 2023, held a 20 80 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 is obligated to pay the State of Texas a total lease bonus of $ 142,518 44,718 97,800 500,000 eight six and one quarter 1 Schedule of August 2010 Lease Per Acre Amount Total Amount September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 200 178,873 In August 2022, our joint venture partner 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 eight six and one quarter 1 Schedule of November 2011 Lease Per Acre Amount Total Amount November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 200 18,000 In August 2022, our joint venture partner 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 sixteen-year 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 In November 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 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 9 Months Ended |
May 31, 2023 | |
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. Shares of common stock have no pre-emptive, subscription, conversion or redemption rights and may be issued only as fully paid and non-assessable shares. Holders of common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by the Company’s Board of Directors (the “Board”) out of funds legally available. In the event of a liquidation, dissolution or winding up of the affairs of the Company, the holders of common stock are entitled to share ratably in all assets remaining available for distribution to them after payment or provision for all liabilities and any preferential liquidation rights of any preferred stock then outstanding. In October 2022, we issued 26,833 During the quarter ended November 30, 2022, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $ 49,165 22,859 During the quarter ended November 30, 2022, the Company granted a total of 30,000 0.30 55,310 4.00 201.75 0.00 5 55,310 During the quarter ended February 28, 2023, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $ 39,502 37,313 During the quarter ended February 28, 2023, the Company granted a total of 30,000 1.97 37,905 4.00 201.75 0.00 5 37,905 On March 3, 2023, the Company granted options to purchase up to 500,000 1.31 637,548 5.00 193.88 0.00 5 637,548 During the quarter ended May 31, 2023, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $ 39,500 37,313 49,540 12,227 During the quarter ended May 31, 2023, the Company granted options to purchase up to 30,000 1.97 28,652 4.00 201.75 0.00 5 28,652 During the quarter ended May 31, 2023, the holders of 110,000 38,000 0.22 0.45 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 87,501 612,498 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
May 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS On June 26, 2023, the Company, USARE and the manager amended and restated the Operating Agreement and the following material amendments to the Operating Agreement were adopted: Material Amendments Cash Calls On the basis of the adopted program and budget then in effect, the manager will submit to each member monthly cash calls at least 10 days 10 days 10 day Remedies for Failure to Meet Cash Calls Non-Contribution 5 Dilution Maximum Dilution 3 Adjustment of Interests If USARE contributes the Shortfall Amount, then the then current interest of the Company will be reduced (subject to the Minimum Percentage Interest), effective as of each cash call under an additional capital contribution for the applicable program and budget, by a fraction, expressed as a percentage: ● the numerator of which equals the Shortfall Amount actually funded by USARE; and ● the denominator of which equals the market capitalization of the Company. Distributions Cash in excess of authorized reserves will be distributed to the members pro-rata in proportion to their respective interests on a periodic basis as determined by the management committee. RTMD will be required to make tax distributions to each member. Once USARE has been paid the Priority Distribution, if applicable, all distributions made in connection with the sale or exchange of all or substantially all of RTMD’s assets and all distributions made in connection with the liquidation of RTMD will be made to the members pro-rata in accordance with their respective interests. July Cash Call On June 28, 2023, we notified USARE that we had elected not to contribute our proportionate interest of $ 166,800 834,000 20 19.951 |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 9 Months Ended |
May 31, 2023 | |
Extractive Industries [Abstract] | |
Schedule of August 2010 Lease | Schedule of August 2010 Lease Per Acre Amount Total Amount 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 Amount Total Amount November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 200 18,000 |
GENERAL (Details Narrative)
GENERAL (Details Narrative) - USD ($) | May 31, 2023 | Aug. 31, 2022 |
Accumulated deficit | $ (41,944,987) | $ (39,752,061) |
Working capital surplus | $ 1,352,000 | |
Round Top Mountain Development Company LLC [Member] | ||
Ownership interest | 20% |
Schedule of August 2010 Lease (
Schedule of August 2010 Lease (Details) | May 31, 2023 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, 2023 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 a mi | Oct. 29, 2014 USD ($) a well mi $ / gal | Mar. 06, 2013 USD ($) a shares | Nov. 01, 2011 USD ($) a | Aug. 17, 2010 USD ($) a | Aug. 31, 2022 USD ($) | May 31, 2023 | |
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 | ||||||
USA Rare Earth LLC [Member] | Round Top Mountain Development Company [Member] | |||||||
Controlling ownership interest | 80% | ||||||
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 | ||||||
Texas General Land Office [Member] | October 2014 Surface Option and Water Lease [Member] | |||||||
Surface rights - acres | a | 5,670 | ||||||
Mineral lease term | 16 years | ||||||
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 | 0.00095 | ||||||
Production payment, annual amount | $ 20,000 | ||||||
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 | ||||||
Santa Fe Gold Corporation [Member] | Santa Fe Joint Venture [Member] | |||||||
Ownership interest | 49.50% | ||||||
Round Top Mountain Development Company LLC [Member] | |||||||
Ownership interest | 20% |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 32 Months Ended | |||||||||
Mar. 03, 2023 | Jun. 30, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Oct. 31, 2022 | Jan. 31, 2020 | Jun. 30, 2023 | May 31, 2023 | Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | |
Class of Stock [Line Items] | ||||||||||||
Common stock, authorized | 100,000,000 | 100,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||||
Preferred stock, authorized | 10,000,000 | 10,000,000 | ||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||
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 | |||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Options exercised | 110,000 | |||||||||||
Total cash consideration | $ 38,000 | |||||||||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Option exercise price | $ 0.22 | |||||||||||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Option exercise price | $ 0.45 | |||||||||||
Director [Member] | Share-Based Payment Arrangement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares issued | 37,313 | 37,313 | 22,859 | 26,833 | ||||||||
Compensation expense | $ 39,500 | $ 39,502 | $ 49,165 | |||||||||
Director [Member] | Share-Based Payment Arrangement [Member] | Subsequent Event [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares issued | 12,227 | 49,540 | ||||||||||
Consultant [Member] | Share-Based Payment Arrangement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares issued | 612,498 | |||||||||||
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 | $ 28,652 | $ 37,905 | $ 55,310 | |||||||||
Number of options granted | 30,000 | 30,000 | 30,000 | |||||||||
Exercise price of options granted | $ 1.97 | $ 1.97 | $ 0.30 | |||||||||
Fair value of options granted | $ 28,652 | $ 37,905 | $ 55,310 | |||||||||
Fair value assumptions - Risk free interest rate | 4% | 4% | 4% | |||||||||
Fair value assumptions - Volatilty | 201.75% | 201.75% | 201.75% | |||||||||
Fair value assumptions - Dividend yield | 0% | 0% | 0% | |||||||||
Fair value assumptions - Expected term | 5 years | 5 years | 5 years | |||||||||
Board of Directors Chairman [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Compensation expense | $ 637,548 | |||||||||||
Number of options granted | 500,000 | |||||||||||
Exercise price of options granted | $ 1.31 | |||||||||||
Fair value of options granted | $ 637,548 | |||||||||||
Fair value assumptions - Risk free interest rate | 5% | |||||||||||
Fair value assumptions - Volatilty | 193.88% | |||||||||||
Fair value assumptions - Dividend yield | 0% | |||||||||||
Fair value assumptions - Expected term | 5 years |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Round Top Mountain Development Company LLC [Member] - USD ($) | Jun. 28, 2023 | Jun. 26, 2023 | May 31, 2023 |
Subsequent Event [Line Items] | |||
Ownership interest | 20% | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Period before last day of month for manager to submit cash call to members | 10 days | ||
Period after receipt for payment of cash call | 10 days | ||
Ownership interest | 19.951% | ||
Monthly cash call contribution portion not contributed | $ 166,800 | ||
Monthly cash call | $ 834,000 | ||
Subsequent Event [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Ownership interest | 3% | ||
Subsequent Event [Member] | USA Rare Earth LLC [Member] | |||
Subsequent Event [Line Items] | |||
Period of business days after non-contribution for shortfall contribution | 5 days |