Cover
Cover - shares | 6 Months Ended | |
Feb. 29, 2024 | Apr. 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Feb. 29, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
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 | 73,932,576 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Feb. 29, 2024 | Aug. 31, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 764,493 | $ 1,079,307 |
Prepaid expenses and other current assets | 49,710 | 39,577 |
Total current assets | 814,203 | 1,118,884 |
Mineral properties, net | 415,607 | 415,607 |
TOTAL ASSETS | 1,229,810 | 1,534,491 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 41,114 | 93,406 |
Total current liabilities and liabilities | 41,114 | 93,406 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and oustanding as of February 29, 2024 and August 31, 2023 | ||
Common stock, par value $0.01; 100,000,000 shares authorized, 73,932,575 and 73,728,263 shares issued and oustanding as of February 29, 2024 and August 31, 2023, respectively | 739,326 | 737,283 |
Additional paid-in capital | 43,156,045 | 43,047,824 |
Accumulated deficit | (42,706,675) | (42,344,022) |
Total shareholders' equity | 1,188,696 | 1,441,085 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,229,810 | $ 1,534,491 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Feb. 29, 2024 | Aug. 31, 2023 |
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 | 73,932,575 | 73,728,263 |
Common stock, shares outstanding | 73,932,575 | 73,728,263 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
OPERATING EXPENSES | ||||
Exploration costs | $ 7,878 | $ 398,184 | $ 7,878 | $ 629,559 |
General and administrative expenses | 228,257 | 284,187 | 461,166 | 626,378 |
Total operating expenses | 236,135 | 682,371 | 469,044 | 1,255,937 |
LOSS FROM OPERATIONS | (236,135) | (682,371) | (469,044) | (1,255,937) |
OTHER INCOME | ||||
Other income | 94,893 | 9,531 | 106,391 | 14,925 |
Total other income | 94,893 | 9,531 | 106,391 | 14,925 |
NET LOSS | $ (141,242) | $ (672,840) | $ (362,653) | $ (1,241,012) |
Net loss per share: | ||||
Basic | $ 0 | $ (0.01) | $ 0 | $ (0.02) |
Diluted | $ 0 | $ (0.01) | $ 0 | $ (0.02) |
Weighted average shares outstanding: | ||||
Basic | 73,801,039 | 72,911,801 | 73,791,720 | 72,896,768 |
Diluted | 73,801,039 | 72,911,801 | 73,791,720 | 72,896,768 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (362,653) | $ (1,241,012) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 1,164 | |
Loss on disposal of property and equipment | 22,689 | |
Stock based compensation | 110,264 | 181,882 |
Changes in current assets and liabilities: | ||
Prepaid expenses and other current assets | (10,133) | 228,984 |
Accounts payable and accrued liabilities | (52,292) | (203) |
Net cash used in operating activities | (314,814) | (806,496) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturing short-term investment | 505,611 | |
Net cash provided by (used in) investing activities | 505,611 | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (314,814) | (300,885) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,079,307 | 1,838,300 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 764,493 | 1,537,415 |
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, 2022 | $ 728,692 | $ 42,066,269 | $ (39,752,061) | $ 3,042,900 | |
Beginning balance (in shares) at Aug. 31, 2022 | 72,869,220 | ||||
Common stock and stock options issued for services | 55,310 | 55,310 | |||
Common stock and stock options issued for services, shares | |||||
Stock based compensation | $ 269 | 48,896 | 49,165 | ||
Stock based compensation (in 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 (in shares) at Aug. 31, 2022 | 72,869,220 | ||||
Net loss | (1,241,012) | ||||
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 | ||||
Beginning balance, value at Nov. 30, 2022 | $ 728,961 | 42,170,475 | (40,320,233) | 2,579,203 | |
Beginning balance (in shares) at Nov. 30, 2022 | 72,896,053 | ||||
Common stock and stock options issued for services | 37,905 | 37,905 | |||
Common stock and stock options issued for services, shares | |||||
Stock based compensation | $ 228 | 39,274 | 39,502 | ||
Stock based compensation (in 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 | ||||
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 | ||||
Common stock and stock options issued for services | 11,330 | 11,330 | |||
Common stock and stock options issued for services, shares | |||||
Stock based compensation | $ 565 | 45,939 | 46,504 | ||
Stock based compensation (in 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, 2023 | $ 737,283 | 43,047,824 | (42,344,022) | 1,441,085 | |
Beginning balance (in shares) at Aug. 31, 2023 | 73,728,262 | ||||
Net loss | (362,653) | ||||
Ending balance, value at Feb. 29, 2024 | $ 739,326 | 43,156,045 | (42,706,675) | 1,188,696 | |
Ending balance, shares at Feb. 29, 2024 | 73,932,575 | ||||
Beginning balance, value at Nov. 30, 2023 | $ 737,848 | 43,105,093 | (42,565,433) | 1,277,508 | |
Beginning balance (in shares) at Nov. 30, 2023 | 73,784,799 | ||||
Common stock and stock options issued for services | 10,930 | 10,930 | |||
Common stock and stock options issued for services, shares | |||||
Stock based compensation | $ 1,478 | 40,022 | 41,500 | ||
Stock based compensation (in shares) | 147,776 | ||||
Net loss | (141,242) | (141,242) | |||
Ending balance, value at Feb. 29, 2024 | $ 739,326 | $ 43,156,045 | $ (42,706,675) | $ 1,188,696 | |
Ending balance, shares at Feb. 29, 2024 | 73,932,575 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Feb. 29, 2024 | Nov. 30, 2023 | Feb. 28, 2023 | Nov. 30, 2022 | Feb. 29, 2024 | Feb. 28, 2023 | |
Pay vs Performance Disclosure [Table] | ||||||
Net Income (Loss) Attributable to Parent | $ (141,242) | $ (221,411) | $ (672,840) | $ (568,172) | $ (362,653) | $ (1,241,012) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Feb. 29, 2024 | |
Trading Arrangements, by Individual [Table] | |
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 | 6 Months Ended |
Feb. 29, 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, 2023, dated November 29, 2023 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, 2023 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 February 29, 2024, of approximately $ 42,707,000 On February 29, 2024, the Company had a working capital surplus of approximately $ 773,000 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, as amended in June 2023 (“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 ( 19.575 191,623 The Company provided notices of non-contribution stating that it would not contribute the $ 191,623 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Feb. 29, 2024 | |
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 | 6 Months Ended |
Feb. 29, 2024 | |
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 | 6 Months Ended |
Feb. 29, 2024 | |
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 February 29, 2024, held a 19.575 80.425 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 Total September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 200 178,873 In August 2023, 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 Total November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 200 18,000 In August 2023, 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”). 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 $85,000 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 6 Months Ended |
Feb. 29, 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 2023, we issued 56,537 During the quarter ended November 30, 2023, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $ 46,504 147,776 During the quarter ended November 30, 2023, the Company granted a total of 30,000 1.97 11,330 4.23 190.22 0.00 5 years 11,330 During the quarter ended February 29, 2024, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $ 41,500 131,886 During the quarter ended February 29, 2024, the Company granted a total of 30,000 1.97 10,930 4.20 189.21 0.00 5 years 10,930 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Feb. 29, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS March Cash Call In February 2024, we notified USARE that we had elected not to contribute our March cash call of $ 113,162 19.575 19.505 |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
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 |
GENERAL (Details Narrative)
GENERAL (Details Narrative) - USD ($) | 3 Months Ended | |
Feb. 29, 2024 | Aug. 31, 2023 | |
Accumulated deficit | $ (42,706,675) | $ (42,344,022) |
Working capital surplus | $ 773,000 | |
Round Top Mountain Development Company LLC [Member] | ||
Ownership interest | 19.575% | |
Cash call contribution requested | $ 191,623 | |
Cash call contribution portion not contributed | $ 191,623 |
Schedule of August 2010 Lease (
Schedule of August 2010 Lease (Details) | Feb. 29, 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) | Feb. 29, 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 | 3 Months Ended | |||||
Nov. 08, 2021 a mi | Oct. 29, 2014 USD ($) a mi $ / gal | Mar. 06, 2013 USD ($) a shares | Nov. 01, 2011 USD ($) a | Aug. 17, 2010 USD ($) a | Aug. 31, 2023 USD ($) | Feb. 29, 2024 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 | ||||||
Reimbursement of exploration expenses | $ 85,000 | ||||||
USA Rare Earth LLC [Member] | Round Top Mountain Development Company [Member] | |||||||
Controlling ownership interest | 80.425% | ||||||
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 | 19.575% |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||
Apr. 30, 2024 | Jan. 31, 2024 | Oct. 31, 2023 | Feb. 29, 2024 | Nov. 30, 2023 | Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2023 | |
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 | ||||||
Fair value of options granted | $ 41,500 | $ 46,504 | $ 39,502 | $ 49,165 | ||||
Director [Member] | Share-Based Payment Arrangement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issued | 147,776 | 56,537 | ||||||
Compensation expense | 41,500 | 46,504 | ||||||
Director [Member] | Share-Based Payment Arrangement [Member] | Scenario, Plan [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issued | 131,886 | |||||||
Consultant [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Compensation expense | $ 10,930 | $ 11,330 | ||||||
Number of options granted | 30,000 | 30,000 | ||||||
Exercise price of options granted | $ 1.97 | $ 1.97 | ||||||
Fair value of options granted | $ 10,930 | $ 11,330 | ||||||
Fair value assumptions - Risk free interest rate | 4.20% | 4.23% | ||||||
Fair value assumptions - Volatilty | 189.21% | 190.22% | ||||||
Fair value assumptions - Dividend yield | 0% | 0% | ||||||
Fair value assumptions - Expected life | 5 years | 5 years |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Round Top Mountain Development Company LLC [Member] - USD ($) | 1 Months Ended | |
Mar. 31, 2024 | Feb. 29, 2024 | |
Subsequent Event [Line Items] | ||
Ownership interest | 19.575% | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Monthly cash call contribution portion not contributed | $ 113,162 | |
Ownership interest | 19.505% |