Texas Mineral Resources (TMRC) 10-Q 14 Jan 25 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Nov. 30, 2024	Jan. 06, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Nov. 30, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
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		74,833,025

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Nov. 30, 2024	Aug. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 269,387	$ 428,197
Prepaid expenses and other current assets	19,257	46,090
Total current assets	288,644	474,287
Restricted investment	37,600
Mineral properties, net	432,206	432,206
TOTAL ASSETS	758,450	906,493
CURRENT LIABILITIES
Accounts payable and accrued liabilities	70,881	42,664
Total current liabilities	70,881	42,664
SHAREHOLDERS’ EQUITY
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and oustanding as of November 30, 2024 and August 31, 2024
Common stock, par value $0.01; 100,000,000 shares authorized, 74,588,426 and 74,343,827 shares issued and oustanding as of November 30, 2024 and August 31, 2024, respectively	745,885	743,439
Additional paid-in capital	43,347,812	43,297,421
Accumulated deficit	(43,406,128)	(43,177,031)
Total shareholders’ equity	687,569	863,829
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 758,450	$ 906,493

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Nov. 30, 2024	Aug. 31, 2024
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 issued	74,588,426	74,343,827
Common stock, shares outstanding	74,588,426	74,343,827

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
OPERATING EXPENSES
Exploration costs	$ 21,735
General and administrative expenses	211,009	232,909
Total operating expenses	232,744	232,909
LOSS FROM OPERATIONS	(232,744)	(232,909)
OTHER INCOME
Interest income	3,647	11,498
Total other income	3,647	11,498
NET LOSS	$ (229,097)	$ (221,411)
Net loss per share:
Basic	$ 0	$ 0
Diluted	$ 0	$ 0
Weighted average shares outstanding:
Basic	74,443,279	73,766,161
Diluted	74,443,279	73,766,161

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (229,097)	$ (221,411)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	52,837	57,834
Changes in current assets and liabilities:
Prepaid expenses and other current assets	26,833	15,130
Accounts payable and accrued liabilities	28,217	(26,373)
Net cash used in operating activities	(121,210)	(174,820)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of restricted investment	(37,600)
Net cash used in investing activities	(37,600)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(158,810)	(174,820)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	428,197	1,079,307
CASH AND CASH EQUIVALENTS, END OF PERIOD	269,387	904,487
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid
Taxes paid

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, 2023		$ 737,283	$ 43,047,824	$ (42,344,022)	$ 1,441,085
Beginning balance (in shares) at Aug. 31, 2023		73,728,262
Options issued for services			11,330		11,330
Common stock issued for services		$ 565	45,939		46,504
Common stock issued for services, shares		56,537
Net loss				(221,411)	(221,411)
Ending balance, value at Nov. 30, 2023		$ 737,848	43,105,093	(42,565,433)	1,277,508
Ending balance, shares at Nov. 30, 2023		73,784,799
Beginning balance, value at Aug. 31, 2024		$ 743,439	43,297,421	(43,177,031)	863,829
Beginning balance (in shares) at Aug. 31, 2024		74,343,827
Common stock issued for services		$ 2,446	50,391		52,837
Common stock issued for services, shares		244,599
Net loss				(229,097)	(229,097)
Ending balance, value at Nov. 30, 2024		$ 745,885	$ 43,347,812	$ (43,406,128)	$ 687,569
Ending balance, shares at Nov. 30, 2024		74,588,426

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (229,097)	$ (221,411)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Nov. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

GENERAL

GENERAL	3 Months Ended
	Nov. 30, 2024
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, 2024, dated November 29, 2024 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, 2024 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 November 30, 2024, of approximately $43,406,000 At November 30, 2024, the Company had a working capital surplus of approximately $218,000 We do not have sufficient cash on hand to fund any portion of the Round Top Budget during our current fiscal year nor to fund general and administrative expenditures throughout our current fiscal year (we have sufficient capital to fund our estimated general and administrative expenses only through February 2025). In accordance with our current projected budget, the Company does not have sufficient capital to fund its total cash calls and expected general and administrative expenses during the fiscal year ending August 31, 2025. Failure by the Company to make required cash calls to Round Top during the twelve-month period from the issuance date of these financial statements, would result in dilution to its membership interest in Round Top, which is 19.323

JOINT VENTURE ARRANGEMENTS

JOINT VENTURE ARRANGEMENTS	3 Months Ended
	Nov. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
JOINT VENTURE ARRANGEMENTS	NOTE 2 – 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	3 Months Ended
	Nov. 30, 2024
Extractive Industries [Abstract]
MINERAL PROPERTIES	NOTE 3 – 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 November 30, 2024, held a 19.323 80.677 RTMD Mineral Properties Au ust 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, Round Top 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 2024, Round Top 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 2024, Round Top 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 groundwater lease. 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 $5,000 0.95 $20,000 Santa Fe Gold Corporation/Alhambra Project In November 2021, the Company entered into a mineral exploration and option agreement with Santa Fe Gold Corporation (“Santa Fe”), which agreement was amended in May 2024. Under the option agreement, the Company has the right to pursue a joint venture arrangement with Santa Fe to jointly explore and develop one or more target silver properties to be selected by the Company among patented and unpatented mining claims held by Santa Fe within the project area located in 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 planned 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, as well as the area of interest, consisting of geologic mapping, sampling, trenching, radiometric surveying, geophysics, drilling and/or other methods as warranted. Based on the district-wide evaluation, the Company would designate a “project area or areas,” the size or sizes of which will be decided at the time, and commence development work. The property covered in the option agreement is approximately 1,600 75 60

RECLAMATION

RECLAMATION	3 Months Ended
	Nov. 30, 2024
Environmental Remediation Obligations [Abstract]
RECLAMATION	NOTE 4 – RECLAMATION In connection with a Minimum Impact Exploration Permit No. GR094EM issued by the New Mexico Mining and Minerals Division, the Company was required to provide an irrevocable standby letter of credit as financial support for reclamation costs. As of November 30, 2024 and August 31, 2024, there were $37,600 $0 $37,600

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	3 Months Ended
	Nov. 30, 2024
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 2024, we issued 244,599 During the quarter ended November 30, 2024, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $52,837 244,599

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Nov. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS Carlisle Mine In December 2024, Dan Gorski, our chief executive officer $75,000 ● Carlisle Millsite, patent No. 280, described as Section 12, township 17S, range 21W, comprising 5.00 ● Homestead Lode, patent No. 283, described as Section 12, township 17S, range 21W, comprising 17.91 ● Columbia Lode, patent No. 284, Described as Section 12, township 17S, range 21W, comprising 19.46 ● Carlisle Lode, patent No. 279, described as Section 01, township 17S, range 21W, compromising 20.660

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	3 Months Ended
	Nov. 30, 2024
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 ($)	Nov. 30, 2024	Aug. 31, 2024
Accumulated deficit	$ (43,406,128)	$ (43,177,031)
Working capital surplus	$ 218,000
Round Top Mountain Development Company LLC [Member]
Ownership interest	19.323%

Schedule of August 2010 Lease (

Schedule of August 2010 Lease (Details)	Nov. 30, 2024 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)	Nov. 30, 2024 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	Oct. 29, 2014 USD ($) a mi $ / gal	Mar. 06, 2013 USD ($) a shares	Nov. 01, 2011 USD ($) a	Aug. 17, 2010 USD ($) a	Aug. 31, 2024 USD ($)	Nov. 30, 2024
Santa Fe Joint Venture [Member]
Controlling ownership interest	50.50%
Area of property covered under agreement | a	1,600
Percentage of known mining district covered	75%
Exercise period of option	60 days
USA Rare Earth LLC [Member] | Round Top Mountain Development Company [Member]
Controlling ownership interest							80.677%
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
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							19.323%

RECLAMATION (Details Narrative)

RECLAMATION (Details Narrative) - USD ($)	Nov. 30, 2024	Aug. 31, 2024
Environmental Remediation Obligations [Abstract]
Outstanding letters of credit	$ 37,600	$ 0
Restricted investment	$ 37,600

SHAREHOLDERS_ EQUITY (Details N

SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended
	Jan. 14, 2025	Oct. 31, 2024	Nov. 30, 2024	Aug. 31, 2024
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
Director [Member] | Share-Based Payment Arrangement [Member]
Class of Stock [Line Items]
Number of shares issued		244,599
Compensation expense			$ 52,837
Director [Member] | Share-Based Payment Arrangement [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Number of shares issued	244,599

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member]	Dec. 31, 2024 USD ($) a
Subsequent Event [Line Items]
Notes Payable, Related Party [Extensible Enumeration]	Chief Executive Officer [Member]
Notes Payable | $	$ 75,000
Carlisle Millsite [Member]
Subsequent Event [Line Items]
Mine and related real estate - acres	5
Homestead Lode [Member]
Subsequent Event [Line Items]
Mine and related real estate - acres	17.91
Columbia Lode [Member]
Subsequent Event [Line Items]
Mine and related real estate - acres	19.46
Carlisle Lode [Member]
Subsequent Event [Line Items]
Mine and related real estate - acres	20.660