Uranium Royalty (UROY) 40-F 27 Jul 22 2022 FY Annual report (Canada) Financial data

Cover Page

Cover Page	12 Months Ended
	Apr. 30, 2022 shares
Document Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Amendment Flag	false
Entity Registrant Name	Uranium Royalty Corp.
Entity Central Index Key	0001711570
Document Period End Date	Apr. 30, 2022
Current Fiscal Year End Date	--04-30
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity File Number	001-40359
Entity Incorporation, State or Country Code	Z4
Entity Primary SIC Number	1090
Entity Tax Identification Number	98-1507764
Entity Address, Address Line One	Suite 1830,
Entity Address, Address Line Two	1030 West Georgia Street,
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6E 2Y3
City Area Code	604
Local Phone Number	396-8222
Title of 12(b) Security	Common shares without par value
Trading Symbol	UROY
Security Exchange Name	NASDAQ
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding	95,546,314
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	271
Auditor Location	Vancouver, Canada
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	C T Corporation System
Entity Address, Address Line One	28 Liberty Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10005
City Area Code	212
Local Phone Number	894-8940

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021
Current Assets
Cash	$ 4,385	$ 7,214
Restricted cash	697	669
Short-term investments	51,787	30,045
Inventories	75,030	12,398
Prepaids and other receivables	2,131	280
Total current assets	134,030	50,606
Non-current Assets
Right-of-use asset	120	0
Royalties and royalty options	44,023	25,577
Total non-current Assets	44,143	25,577
Total Assets	178,173	76,183
Current Liabilities
Accounts payable and accrued liabilities	469	507
Current portion of lease liability	17	0
Total current liabilities	486	507
Non-current Liabilities
Government loan payable	40	40
Margin loan payable	12,908	0
Non-current portion of lease liability	103	0
Total Non-current liability	13,051	40
Total liabilities	13,537	547
Equity
Issued Capital	152,444	72,985
Reserves	5,488	6,352
Accumulated deficit	(12,143)	(7,886)
Accumulated other comprehensive income	18,847	4,185
Total equity	164,636	75,636
Total liabilities and equity	$ 178,173	$ 76,183

Consolidated Statements of Loss

Consolidated Statements of Loss and Other Comprehensive Income - CAD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Expenses
Depreciation	$ 2	$ 0
Consulting fees	144	197
Management and directors' fees	472	377
Salaries, wages and benefits	174	72
Uranium storage fee	214	21
Investor communications and marketing expenses	1,382	92
Office and technology expenses	109	91
Transfer agent and regulatory fees	464	198
Insurance fees	489	83
Professional fees	775	343
Write-off of royalty option	125	0
Share-based compensation	1,268	0
Operating loss	(5,618)	(1,474)
Other items
Interest expense	(722)	0
Interest income	37	56
Gain on sale of marketable securities	126	0
Net foreign exchange loss	(272)	(437)
Loss before taxes	(6,449)	(1,855)
Deferred income tax recovery	2,192	478
Net loss for the year	(4,257)	(1,377)
Items that will not subsequently be re-classified to net income:
Unrealized gain on revaluation of short-term investments	16,242	3,543
Deferred tax expense on short-term investments	(2,192)	(478)
Item that may subsequently be re-classified to net income:
Foreign currency translation differences	612	(1,681)
Total other comprehensive income for the year	14,662	1,384
Total comprehensive income for the year	$ 10,405	$ 7
Net loss per share, basic and diluted	$ (0.05)	$ (0.02)
Weighted average number of shares, outstanding, basic and diluted	88,268,372	72,031,196

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands	Total	Issued Capital [Member]	Reserves [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Apr. 30, 2020	$ 70,214	$ 66,846	$ 7,076	$ (6,843)	$ 3,135
Balance, Shares at Apr. 30, 2020		71,835,238
Common shares issued upon exercise of warrants	5,415	$ 6,139	(724)
Common shares issued upon exercise of warrants, Shares		2,769,293
Other comprehensive income, net of tax, gains (losses) from investments in equity instruments				334	(334)
Share-based compensation	1,268
Net loss for the year	(1,377)			(1,377)
Other comprehensive income	1,384				1,384
Balance at Apr. 30, 2021	75,636	$ 72,985	6,352	(7,886)	4,185
Balance, Shares at Apr. 30, 2021		74,604,531
Common shares issued upon exercise of warrants	14,968	$ 16,890	(1,922)
Common shares issued upon exercise of warrants, Shares		7,543,495
Common shares issued upon exercise of options	532	$ 742	(210)
Common shares issued upon exercise of options, Shares		152,500
Common shares issued to acquire royalties	4,113	$ 4,113
Common shares issued to acquire royalties, Shares		970,017
Public offering: Common shares issued for cash	25,010	$ 25,010
Public offering: Common shares issued for cash, Shares		6,100,000
Public offering: Underwriters' fees and issuance costs	(1,646)	$ (1,646)
At-the-Market offering: Common shares issued for cash	35,231	$ 35,231
At-the-Market offering: Common shares issued for cash, Shares		6,175,771
At-the-Market offering Agents' fees and issuance costs	(881)	$ (881)
Share-based compensation	1,268		1,268
Net loss for the year	(4,257)			(4,257)
Other comprehensive income	14,662				14,662
Balance at Apr. 30, 2022	$ 164,636	$ 152,444	$ 5,488	$ (12,143)	$ 18,847
Balance, Shares at Apr. 30, 2022		95,546,314

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Cash flows from (used in) operating activities [abstract]
Profit (loss) before tax	$ (6,449)	$ (1,855)
Adjustments to reconcile profit (loss) [abstract]
Depreciation	2	0
Interest expense	722	0
Interest income	(37)	(56)
Gain on sale of marketable securities	(126)	0
Share-based compensation	1,268	0
Write-off of royalty option	125	0
Net foreign exchange loss	326	427
Net changes in non-cash working capital items:
Inventories	(62,610)	(12,398)
Prepaids and other receivables	(1,963)	66
Accounts payable and accrued liabilities	(60)	107
Cash used in operating activities	(68,802)	(13,709)
Cash flows from (used in) investing activities [abstract]
Investment in royalties and royalty options	(13,753)	0
Interest received, classified as investing activities	37	62
Net proceeds from sale of marketable securities	4,296	4,681
Investment in short-term investments	(9,670)	(727)
Cash generated from (used in) investing activities	(19,090)	4,016
Cash flows from (used in) financing activities [abstract]
Proceeds from public offering, net of underwriters' fees and issuance costs	23,384	0
Proceeds from At-the-Market offering, net of agents' fees and issuance costs	34,350	0
Proceeds from common shares issued upon exercise of options and warrants	15,500	5,415
Net proceeds from margin loan payable	12,415	0
Payments of lease liability	(3)	0
Interest and fees paid	(582)	0
Cash generated from financing activities	85,064	5,415
Effect of exchange rate changes on cash	(1)	(345)
Net decrease in cash	(2,829)	(4,623)
Cash - Beginning of year	7,214	11,837
Cash - End of year	$ 4,385	$ 7,214

Corporate Information

Corporate Information	12 Months Ended
	Apr. 30, 2022
Corporate Information
Corporate Information	1. Corporate Information Uranium Royalty Corp. (“URC” or “the Company”) is a company incorporated in Canada on April 21, 2017 and domiciled in Canada. URC is principally engaged in acquiring and assembling a portfolio of royalties, , physical uranium holdings and investing in companies with direct exposure to uranium. The registered office of the Company is located at 1000 Cathedral Place, 925 West Georgia Street, Vancouver, British Columbia, V6C 3L2, Canada. The principal address of the Company is 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 2Y3, Canada. The Company has common shares and its common share purchase warrants, each of which is exercisable into one common share at an exercise price of $2.00 per share until December 6, 2024 (the “Listed Warrants”), listed on the TSX Venture Exchange (the “TSX-V”)

Basis of Presentation

Basis of Presentation	12 Months Ended
	Apr. 30, 2022
Basis Of Presentation
Basis of Presentation	2. Basis of Preparation 2.1 Statement of compliance The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). These consolidated financial statements were authorized for issue by the Company’s board of directors on July 27 2.2 Basis of presentation The Company’s consolidated financial statements have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. The Company’s consolidated financial statements are presented in thousands of Canadian dollars (“$” or “dollars”) which is also the functional currency of URC. All values are rounded to the nearest thousand except where otherwise indicated. 2.3 Basis of consolidation The consolidated financial statements include the financial statements of Uranium Royalty Corp. and Uranium Royalty (USA) Corp., a wholly owned subsidiary of the Company. Subsidiaries are consolidated from the date the Company obtains control, and continue to be consolidated until the date that control ceases. Control is achieved when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All inter-company transactions, balances, income and expenses are eliminated through the consolidation process. The accounts of Uranium Royalty (USA) Corp. are prepared for the same reporting period as the parent company, using consistent accounting policies. The functional currency of Uranium Royalty (USA) Corp. is the United States dollar. Foreign operations are translated into Canadian dollars using the period end exchange rate as to assets and liabilities and the average exchange rate as to income and expenses. All resulting exchange differences are recognized in other comprehensive income.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Apr. 30, 2022
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies Foreign currencies Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities are translated using the period end exchange rates. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at period-end Royalties and royalty options All direct costs related to the acquisition of royalties and royalty options are capitalized on a property-by-property Impairment of non-financial assets At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists or when annual impairment testing for an asset is required, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the assets belong. Recoverable amount is the higher of an asset’s (or cash-generating unit’s) fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in the consolidated statements of comprehensive loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount, net of depreciation, that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. Income taxes Income tax expense represents the sum of tax currently payable and deferred tax. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of each reporting period. Deferred income tax is provided using the liability method on temporary differences, at the end of each reporting period, between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except: ● where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and ● in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized except: ● where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and ● in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of each reporting period. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated statements of comprehensive loss. Deferred income tax assets and deferred income tax liabilities are offset if, and only if, a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to either settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. Cash Cash comprises of cash on deposit with banks and highly liquid short-term interest-bearing investments with a term to maturity at the date of purchase of 90 days or less which are subject to an insignificant risk of change in value. Restricted cash Restricted cash includes cash that has been pledged for credit facilities which are not available for immediate disbursement. Financial Instruments Financial instruments are recognized in the consolidated statements of financial position on the trade date, being the date in which the Company becomes a party to the contractual provisions of the financial instrument. The Company’s financial instruments consist of cash, restricted cash, short-term investments, accounts payable and accrued liabilities, government loan payable, margin loan payable and lease liability. All financial instruments are initially recorded at fair value and designated as follows: Cash and restricted cash are classified as financial assets at amortized cost. Accounts payable and accrued liabilities government loan payable, margin loan payable and lease liability are classified as financial liabilities at amortized cost. Both financial assets at amortized cost and financial liabilities at amortized cost are subsequently measured using the effective interest rate method. Investments in ordinary shares are held for strategic purposes and not for trading. The Company classified these investments as fair value through other comprehensive income (“FVTOCI”). Such investments are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement Financial assets are derecognized when the contractual rights to the cash flows from the asset expire. Financial liabilities are derecognized only when the Company’s obligations are discharged, cancelled or otherwise expire. On derecognition, the difference between the carrying amount (measured at the date or derecognition) and the consideration received (including any new asset obtained less any new liability obtained) is recognized in profit or loss. Leases At the inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has elected not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with short-term leases are recognized as expenses on a straight-line basis over the lease term. The Company recognizes a lease liability and a right-of-use asset at the lease commencement date. Leases are recognized as a right-of-use right-of-use Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Inventories Inventories are measured at the lower of cost and net realizable value. Cost of purchased inventory is determined by the weighted average cost method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Net loss per share Basic net loss per share includes no potential dilution and is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. The basic and diluted net loss per share are the same as there are no instruments that have a dilutive effect on earnings. Share-based payments The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of share options. The fair value of share options granted to employees is recognized as an expense over the vesting period with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes, provides services that could be provided by a direct employee, or has authority and responsibility for planning, directing and controlling the activities of the Company, including non-executive directors. The fair value is measured at the grant date and recognized over the period during which the options vest. Consideration received on the exercise of share options is recorded as issued capital and the related share-based compensation reserve is transferred to issued capital. Significant accounting judgments and estimates The preparation of these consolidated financial statements requires management to make accounting policy judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. On an ongoing basis, management evaluates its accounting policy judgments and estimates in relation to assets, liabilities, income and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes may differ from these estimates under different assumptions and conditions. Management is required to make judgements in the application of the Company’s accounting policies. The significant accounting policy judgements relevant to the current period are as follows: • The Company’s business is the acquisition of royalties. Each royalty has its own unique terms and judgement is required to assess the appropriate accounting treatment. The assessment of whether an acquisition meets the definition of a business or whether assets are acquired is an area of judgement. In evaluating whether a transaction is a business combination management must consider if the acquired assets or entities encompass an integrated set of activities and assets that is capable of being conducted and managed for the purpose of generating income. Additionally, an optional asset concentration test may be applied. If deemed to be a business combination, applying the acquisition method to business combinations requires each identifiable asset and liability to be measured at its acquisition date fair value. The excess, if any, of the fair value of the consideration over the fair value of the net identifiable assets acquired is recognized as goodwill. Information about significant sources of estimation uncertainty are described below. ● The Company estimates the attributable reserve and resource relating to the mineral properties underlying the royalties that are held by the Company. Reserves and resources are estimates of the amount of minerals that can be economically and legally extracted from the mining properties at which the Company has royalty interests, adjusted where applicable to reflect the Company’s percentage entitlement to minerals produced from such mines. The public disclosures of reserves and resources that are released by the operators of the interests involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. The estimates of reserves and resources may change based on additional knowledge gained subsequent to the initial assessment. Changes in the reserve or resource estimates may impact the carrying value of the Company’s royalty interests. ● The assessment of impairment of royalty and other interests requires the use of judgments, assumptions and estimates when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment test as well as in the assessment of fair values. When assessing whether there are indicators of impairment, management uses its judgment in evaluating the indicators such as significant changes in future commodity prices, discount rates, foreign exchange rates, taxes, operator reserve and resource estimates or other relevant information received from the operators that indicates production from royalty interests will not likely occur or may be significantly reduced in the future. In addition, the Company may use other approaches in determining fair value which may include estimates related to (i) dollar value per unit of mineral reserve/resource; (ii) cash-flow multiples; (iii) comparable transactions and (iv) market capitalization of comparable companies. Changes in any of the estimates used in determining the fair value of the royalty and other interests could impact the impairment analysis. ● The Company continues to closely monitor the ongoing COVID-19 pandemic. The COVID-19 pandemic and related restrictions and supply chain disruptions may impact the operators of the projects underlying the Company’s interests, including by resulting in delays in planned exploration and development activities and production delays or suspensions. To date, certain operators of the projects in which the Company holds interests have announced impacts to the operations underlying the Company’s interests. Given the nature of the Company’s operations, the pandemic has, to date, had relatively little direct impact on the Company’s day-to-day operations. However, restrictions and measures instituted by various governments around the world have reduced the ability of the Company’s personnel and advisors to travel and visit projects in connection with the review of potential acquisitions.

Cash and Restricted Cash

Cash and Restricted Cash	12 Months Ended
	Apr. 30, 2022
Cash and cash equivalents [abstract]
Cash and Restricted Cash	4. Cash and Restricted Cash As at April 30, 2022 As at April 30, 2021 Cash at bank 4,385 7,214 4,385 7,214 Restricted cash of $697 (2021: $669) includes $55 (2021: $55) held by the bank as security for a corporate credit card and $642 (US$500,000) (2021: $614 (US$500,000)) held by the bank as security for a foreign exchange facility. The Company has not utilized the foreign exchange facility as at April 30, 2022 and 2021. Subsequent to April 30, 2022, the Company canceled the foreign exchange facility and the restricted cash was released by the bank.

Short-term Investments

Short-term Investments	12 Months Ended
	Apr. 30, 2022
Current financial assets at fair value through other comprehensive income [abstract]
Disclosure of investments accounted for using equity method [text block]	5. Short-term Investments As at April 30, 2022 As at April 30, 2021 Fair value, at the beginning of the year 30,045 30,456 Additions for the year 9,670 727 Disposals for the year (4,170 ) (4,681 ) Fair value adjustment due to foreign exchange rate change for the year (1,451 ) (1,018 ) Fair value adjustment due to share price change for the year 17,693 4,561 Fair value, at the end of the year 51,787 30,045 As at April 30, 2022, the fair value of the Company’s investment in Yellow Cake plc (“Yellow Cake”) and Queen’s Road Capital Investment Ltd. (“QRC”) is $44,912 (2021: $30,045) and $6,875 (2021: Nil), respectively. Pursuant to an agreement between Yellow Cake and the Company, Yellow Cake granted the Company an option to acquire at market between US$2.5 million and US$10 million of tri-uranium 3 8 3 8 3 8 The ordinary shares of Yellow Cake and common shares of QRC are listed on the Alternative Investment Market of the London Stock Exchange and the TSX-V, respectively. During the year ended April 30, 2022, the Company recognized a change in fair value of short-term investments in an aggregate of $16,242 (2021: $3,543) and deferred income tax of $2,192 (2021: $478) in other comprehensive income. The ordinary shares of Yellow Cake are pledged as a security for the margin loan (Note 9).

Inventories

Inventories	12 Months Ended
	Apr. 30, 2022
Classes of current inventories [abstract]
Inventories	6. Inventories As at April 30, 2022, the Company holds 1,448,068 pounds (April 30, 2021:348,068 pounds) of U3O8 with a carrying value of $75,030 (April 30, 2021: $12,398).

Royalties and Royalty Options

Royalties and Royalty Options	12 Months Ended
	Apr. 30, 2022
Royalties And Royalty Options
Royalties and Royalty Options	7. Royalties and Royalty Options Royalties Royalty Options Total Balance, as at April 30, 2020 27,131 125 27,256 Foreign currency translation (1,679 ) - (1,679 ) Balance, as at April 30, 2021 25,452 125 25,577 Additions 17,814 143 17,957 Foreign currency translation 614 - 614 Write-off - (125 ) (125 ) Balance, as at April 30, 2022 43,880 143 44,023 As at April 30, 2022 As at April 30, 2021 Anderson project 7,348 7,027 Church Rock project 751 718 Cigar Lake project 4,704 — Dawn Lake project 143 — Dewey-Burdock project 76 72 Diabase project — 125 Lance project 1,688 72 Langer Heinrich project 2,822 2,822 McArthur River project 11,543 — Michelin project 4,262 4,262 Reno Creek project 289 277 Roca Honda project 159 152 Roughrider project 5,923 5,923 Slick Rock project 2,916 2,788 Workman Creek project 1,399 1,339 Total 44,023 25,577 The Company’s royalties and royalty options are detailed below: Diabase Project On January 31, 2018, the Company entered into an agreement (the “Diabase Agreement”) with Uranium Energy Corp. (“UEC”), Nuinsco Resources Limited (“Nuinsco”) and Mrs. Isabelle Clark (“Mrs. Clark”), in which UEC acquired 100% of the Diabase property located in Saskatchewan, Canada from Nuinsco. UEC is a shareholder of the Company and has the ability to exercise significant influence over the Company. Pursuant to the Diabase Agreement, the Company was granted an exclusive right to acquire a 3% gross revenues royalty held by Mrs. Clark on a portion of the Diabase property (the “Diabase Option”). The Diabase Option expired unexercised on February 7, 2022, resulting in write-off Anderson, Slick Rock and Workman Creek Projects The Company holds a one percent (1%) net smelter return royalty for uranium on UEC’s Anderson project, Slick Rock project, and Workman Creek project. Langer Heinrich Project The Company holds a production royalty of Australian $0.12 per kilogram of yellow cake produced from the Langer Heinrich uranium project in Namibia. Church Rock, Dewey-Burdock and Roca Honda Projects The Company holds a 4% net smelter return royalty on the Church Rock property, a 30% net proceeds royalty on a portion of the Dewey-Burdock property and a 4% gross revenues royalty on a portion of the Roca Honda property. Lance Project The Company holds a 4% gross revenues royalty on a portion of the Lance property and an additional 1% gross revenues royalty which covers the entirety of the current permitted project area. Such additional 1% gross revenues royalty was acquired by the Company on March 30, 2022 for a cash consideration of $1,560 (US$1,250,000). Reno Creek Project The Company holds a 0.5% net profit interest royalty on a portion of the Reno Creek property. The Reno Creek property is owned by UEC. Roughrider Project The Company holds a 1.97% net smelter return royalty on the Roughrider property. Michelin Project The Company holds a 2% gross revenues royalty on the Michelin property. Cigar Lake, McArthur River and Dawn Lake Projects On May 7, 2021, pursuant to an amended and restated royalty purchase agreement dated effective February 10, 2021 (the “Royalty Purchase Agreement”) with Reserve Minerals Inc. and Reserve Industries Corp., the Company acquired (i) a 1% gross overriding royalty on an approximate 9% share of uranium production derived from an approximate 30.195% ownership interest of Orano Canada Inc. (“Orano”) on the McArthur River Project located in Saskatchewan, Canada; (ii) a 10% to 20% sliding scale net profits interest (an “NPI”) royalty on a 3.75% share of overall uranium production, drawn from Orano’s approximate 40.453% ownership interest in the Waterbury Lake / Cigar Lake Project (the “Waterbury Lake / Cigar Lake Project”) located in Saskatchewan, Canada; and (iii) an option to purchase the 20% NPI on a 7.5% share of overall uranium production from the project lands that comprise the early exploration stage Dawn Lake Project, which are adjacent to portions of the Waterbury Lake / Cigar Lake Project. For both the Waterbury Lake / Cigar Lake royalty and Dawn Lake royalty option, the royalty rate adjusts to 10% in the future upon production of 200 million pounds from the combined royalty lands of the Dawn Lake and Waterbury Lake / Cigar Lake Projects. The purchase consideration of $16.4 million was satisfied by a cash payment of $12.3 million and the issuance of 970,017 common shares of the Company.

Government Loan Payable

Government Loan Payable	12 Months Ended
	Apr. 30, 2022
Government Loan Payable
Government Loan Payable	8. Government Loan Payable On April 23, 2020, the Company received a loan of $40 through the Canadian Emergency Business Account Program (“CEBA L oan d COVID-19 non-revolving non-interest

Margin Loan Payable

Margin Loan Payable	12 Months Ended
	Apr. 30, 2022
Bank Debt Instruments [Abstract]
Bank debt instruments	9. Margin Loan Payable On May 7, 2021, as amended on June 21, 2021 and December 13, 2021, the Company established with the Bank of Montreal. 3-month one-time The Facility is secured by a pledge of all the shares of Yellow Cake held by the Company. The Facility matures on May 5, 2023, unless repaid earlier, and is subject to customary margin requirements and share price triggers. The Company may voluntarily repay the outstanding amount during the term of the Facility. The following outlines the movement of the margin loan during the year ended at April 30, 2022: US$000 $ Draw-down 10,175 12,710 Less: transaction costs (239 ) (295 ) Interest expense 573 721 Interest and fees paid (462 ) (582 ) Unrealized foreign exchange loss — 354 Balance, as at April 30, 2022 10,047 12,908 Subsequent to April 30, 2022, the Company made an additional drawdown of $3,889 (US$3,000,000) and a partial principal repayment of $1,710 (US$1.3 million).

Issued Capital

Issued Capital	12 Months Ended
	Apr. 30, 2022
Disclosure of classes of share capital [abstract]
Issued Capital	10. Issued Capital 10.1 Common Shares The authorized share capital of the Company is comprised of an unlimited number of common shares and an unlimited number of preferred shares issuable in series without par value. Public Offering On May 20, 2021, the Company completed a public offering by way of short form prospectus of 6,100,000 common shares (the “Offered Shares”) at a price of $4.10 per Offered Share (the “Offering Price”) for gross proceeds of $25,010. Pursuant to an underwriting agreement dated May 10, 2021, among the Company and the underwriters, the Company granted the underwriters an option, exercisable at the Offering Price for a period of 30 days following the closing of the public offering, to purchase up to an additional 15% of the number of Offered Shares sold under the public offering to cover over-allotments, if any. The underwriters did not exercise the over-allotment option and it expired on June 18, 2021. UEC purchased 1,000,000 Offered Shares, representing 16.39% of the number of Offered Shares, on the same terms as the public offering. At-the-Market On August 18, 2021, the Company entered into an equity distribution agreement with a syndicate of agents led by BMO Nesbitt Burns Inc., and including BMO Capital Markets Corp., H.C. Wainwright & Co. LLC, Canaccord Genuity Corp., Canaccord Genuity LLC, Paradigm Capital Inc., TD Securities Inc. and TD Securities (USA) LLC (collectively, the “Agents”), for an at-the-market The Distribution Agreement allows the Company to distribute up to US$40 million (or the equivalent in Canadian dollars) of common shares of the Company (the “ATM Shares”) under the ATM Program. The ATM Shares are issued by the Company to the public from time to time, through the Agents, at the Company’s discretion. The ATM Shares sold under the ATM Program are sold at the prevailing market price at the time of sale. Unless earlier terminated by the Company or the Agents as permitted therein, the Distribution Agreement will terminate upon the earlier of (a) the date that the aggregate gross sales proceeds of the ATM Shares sold under the ATM Program reaches the aggregate amount of US$40 million (or the equivalent in Canadian dollars); or (b) September 1, 2022. During the year ended April 30, 2022, the Company issued 6,175,771 common shares under the ATM Program for gross proceeds of $35,231 with aggregate commissions paid or payable to the Agents and other share issue costs of $881. Trade Restrictions Common shares subject to certain hold periods are set out as follows: Number of Common shares issued at $0.10 per share 6,000,006 The common shares issued pursuant to the subscription agreements at $0.10 per share are subject to contractual hold periods, which will expire as follows: a) 2,999,994 common shares on June 11, 2022, which expired subsequent to April 30, 2022, and b) 3,000,012 common shares on December 11, 2022. 10.2 Reserves The following outlines the movements of the Company’s warrants and options: Warrants Share Options Total Balance, as at April 30, 2020 7,076 — 7,076 Common shares issued upon exercise of warrants (724 ) — (724 ) Balance, as at April 30, 2021 6,352 — 6,352 Common shares issued upon exercise of warrants (1,922 ) — (1,922 ) Common shares issued upon exercise of options — (210 ) (210 ) Share-based compensation — 1,268 1,268 Balance, as at April 30, 2022 4,430 1,058 5,488 Common Share Purchase Warrants During the year ended April 30, 2022, 7,543,495 warrants were exercised, and 17,584,842 warrants were outstanding as at April 30, 2022. As at April 30, 2022, there are 17,489,254 Listed Warrants at an exercise price of $2.00 per share (Note 1), and 95,588 unlisted common share purchase warrants (the “Unlisted Warrants”). The Unlisted Warrants are exercisable into one common share at an exercise price of $1.40 per share until December 6, 2024. Share Options The following outlines movements of the Company’s share options: Number of options Weighted Average Exercise Price ($) Balance at April 30, 2021 — — Granted 923,950 3.62 Forfeited (16,450 ) 3.96 Exercised (152,500 ) 3.49 Balance at April 30, 2022 755,000 3.64 On May 31, 2021, the Company granted 675,000 share options at an exercise price of $3.49 per share and 50,000 share options at an exercise price of $4.10 to directors, officers and employees. These share options are exercisable for a period of 5 years from the date of grant and will vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter. In addition, the Company granted 150,000 share options at an exercise price of $3.49 per share to a consultant. These share options are exercisable for a period of 2 years from the date of grant and will vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 4, 8 and 12 months thereafter. On September 15, 2021, the Company granted 43,950 share options at an exercise price of $5.46 per share to a director and an employee. These share options are exercisable for a period of 5 years from the date of grant and will vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter. On January 13, 2022, the Company granted 5,000 share options at an exercise price of $4.93 per share to an employee. These share options are exercisable for a period of 5 years from the date of grant and will vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter. Subsequent to April 30, 2022, 343,750 share options were granted by the Company (Note 17). During the year ended April 30, 2022, the Company issued 152,500 common shares in respect of share options exercised for gross proceeds of $532. The weighted average share price at exercise was $4.76. The fair value of the share options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Risk-free interest rate 0.48 % Expected life (years) 3.68 Expected volatility 61.77 % Expected dividend yield 0.00 % Estimated forfeiture rate 3.93 % As there is insufficient trading history of the Company’s common shares prior to the date of grant, the expected volatility is based on the historical share price volatility of a group of comparable companies in the sector in which the Company operates over a period similar to the expected life of the share options. A summary of share options outstanding and exercisable at April 30, 2022, are as follows: Options Outstanding Options Exercisable Exercise ($) Number of Weighted ($) Weighted (years) Number of Weighted ($) Weighted (years) 3.49 660,000 3.49 3.92 297,500 3.49 4.09 4.10 50,000 4.10 4.09 25,000 4.10 4.09 4.93 5,000 4.93 4.71 1,250 4.93 4.71 5.46 40,000 5.46 4.38 20,000 5.46 4.38 755,000 3.64 3.96 343,750 3.65 4.11 The Company uses the Black-Scholes option pricing model to calculate the fair value of share options. The amount of share-based compensation expense recognized by the Company during the year ended April 30, 2022 was $1,268 (2021: Nil). 10.3 Long Term Incentive Plan The Company has adopted the long term incentive plan (the “LTIP”) which provides that the Board of Directors may, from time to time, in its discretion, grant awards of restricted share units, performance share units, deferred share units, options and stock appreciation rights to directors, key employees and consultants. The LTIP is available to directors, key employees and consultants of the Company, as determined by the Board of Directors. The aggregate number of common shares issuable under the LTIP in respect of awards shall not exceed 10,775,285 common shares. As at April 30, 2022, 923,950 share options were granted and 9,867,785 common shares remain available for issuance under the LTIP. So long as it may be required by the rules and policies of the TSX-V: one-year non-executive The number of options to be granted, the exercise price(s) and the time(s) at which an option may be exercised shall be determined by the Board, in its sole discretion, provided that the exercise price of options shall not be lower than the exercise price permitted by the TSX-V, TSX-V: non-executive non-executive

Capital Risk Management

Capital Risk Management	12 Months Ended
	Apr. 30, 2022
Capital Risk Management
Capital Risk Management	11. Capital Risk Management The Company’s objectives are to safeguard the Company’s ability to continue as a going concern in order to support the Company’s normal operating requirements and future acquisitions of royalties and royalty options, and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, debt, acquire or dispose of assets or adjust the amount of cash. At April 30, 2022, the Company’s capital structure consists of the equity of the Company (Note 10), government loan payable (Note 8) and margin loan (Note 9). The Company is not subject to any externally imposed capital requirements. In order to maximize ongoing development efforts, the Company does not pay dividends.

Financial Instruments

Financial Instruments	12 Months Ended
	Apr. 30, 2022
Disclosure of nature and extent of risks arising from financial instruments [abstract]
Disclosure of financial instruments [text block]	12. Financial Instruments At April 30, 2022, the Company’s financial assets include cash, restricted cash and short-term investments. The Company’s financial liabilities include accounts payable and accrued liabilities, government loan payable, margin loan payable and lease liability. The Company uses the following hierarchy for determining and disclosing fair value of financial instruments: ● Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. ● Level 2: other techniques for which all inputs have a significant effect on the recorded fair value which are observable, either directly or indirectly. ● Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The Company’s cash, restricted cash, accounts payable and accrued liabilities and government loan payable approximate fair value due to their short terms to settlement. The Company’s margin loan payable and lease liability are measured at amortized cost and classified as level 2 within the fair value hierarchy. The fair value of the margin loan payable and lease liability approximate their carrying values as their interest rates are comparable to current market rates. The fair value of short-term investments is determined by obtaining the quoted market price of the short-term investment and multiplying it by foreign exchange rate, if applicable, and the quantity of shares held by the Company. 12.1 Financial risk management objectives and polices The financial risk arising from the Company’s operations are credit risk, liquidity risk, commodity price risk, interest rate risk, currency risk and other price risk. These risks arise from the normal course of operations and all transactions undertaken are to support the Company’s ability to continue as a going concern. The risks associated with these financial instruments and the policies on how the Company mitigates these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner. 12.2 Credit risk Credit risk is the risk of an unexpected loss if a customer or third-party to a financial instrument fails to meet its contractual obligations. Credit risk for the Company is primarily associated with the Company’s bank balances. The Company mitigates credit risk associated with its bank balance by holding cash and restricted cash with large, reputable financial institutions. 12.3 Liquidity risk Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. To manage liquidity risk, the Company closely monitors its liquidity position and ensures it has adequate sources of funding to finance its projects and operations. The Company believes that, taking into account its current cash reserves, it has sufficient working capital for its present obligations for at least the next twelve months commencing from April 30, 2022. The Company’s working capital (current assets minus current liabilities) as at April 30, 2022 was $133,544. The Company’s accounts payable and accrued liabilities and current portion of lease liability are expected to be realized or settled, respectively, within a one-year 12.4 Commodity price risk The Company’s future profitability will be dependent on the royalty income to be received from mine operators. Royalties are based on a percentage of the minerals or the products produced, or revenue or profits generated from the property which is typically dependent on the prices of the minerals the property operators are able to realize. Mineral prices are affected by numerous factors such as interest rates, exchange rates, inflation or deflation and global and regional supply and demand. 12.5 Interest rate risk The Company’s exposure to interest rate risk arises from the impact of interest rates on its cash and margin loan payable, which bear interest at fixed or variable rates. The interest rate risks on the Company’s cash balances are minimal. The Company’s margin loan payable bears a floating interest rate and an increase (decrease) of 10 basis point in 3-month 12.6 Currency risk Financial instruments that impact the Company’s net loss or other comprehensive income due to currency fluctuations include short-term investments denominated in UK pounds sterling and cash and restricted cash denominated in U.S. dollars. The impact of a Canadian dollar change against UK pounds sterling on short-term investments by 10% at April 30, 2022 would have an impact, net of tax, of approximately $3,885 on other comprehensive income. The impact of a Canadian dollar change against U.S. dollars on cash and restricted cash by 10% would have an impact of approximately $221 on net loss for the year ended April 30, 2022. The impact of a Canadian dollar change against the U.S. dollars on the margin loan by 10% would have an impact of approximately $1,117 on net loss for the year ended April 30, 2022. 12.7 Other price risk The Company is exposed to equity price risk as a result of holding investments in other mining companies. The Company does not actively trade these investments. The equity prices of these investments are impacted by various underlying factors including commodity prices. Based on the Company’s short-term investments held as at April 30, 2022, a 10% change in the equity prices of these investments would have an impact, net of tax, of approximately $4,480 on other comprehensive income.

Income Tax

Income Tax	12 Months Ended
	Apr. 30, 2022
Major components of tax expense (income) [abstract]
Disclosure of income tax [text block]	13. Income Tax The Company had no assessable profit for the years ended April 30, 2022 and 2021. A reconciliation of the provision for income taxes computed at the combined Canadian For the year ended April 30, 2022 ($) 2021 ($) Net loss before tax for the year 6,449 1,855 Statutory rate 27.00 % 27.00 % Recovery of income taxes at statutory rates 1,741 501 Non-deductible (400 ) (48) Change in unrecognized deferred income tax assets 851 25 Other — — Tax recovery for the year 2,192 478 The significant component of the Company’s deferred tax assets and liabilities recognized are as follows: As at April 30, ($) As at April 30, ($) Deferred tax liabilities: Excess of accounting value of short-term investments over tax value (3,062) (869 ) Deferred tax assets: Non-capital 3,062 869 — — The temporary differences for which deferred income tax assets are not recognized are as follows: As at April 30, ($) As at April 30, ($) Non-capital 3,995 6,798 Financing costs 2,927 1,025 Unrecognized deferred income tax assets 6,922 7,823 The deferred tax assets have not been recognized in the consolidated financial statements, as management does not consider it more likely than not that those assets will be realized in the near future. The Company has non-capital non-capital

Related Party Transactions

Related Party Transactions	12 Months Ended
	Apr. 30, 2022
Disclosure of transactions between related parties [abstract]
Disclosure of related party [text block]	14. Related Party Transactions 14.1 Related Party Transactions During the year ended April 30, 2022, the Company incurred $9 (2021: $5) in general and administrative expenses related to website hosting and maintenance services provided by a vendor that is controlled by a family member of the Chairman. Related party transactions are based on the amounts agreed to by the parties. During the years ended April 30, 2022 and 2021, the Company did not enter into any contracts or undertake any commitment or obligation with any related parties. 14.2 Transactions with Key Management Personnel Key management personnel are persons responsible for planning, directing and controlling the activities of an entity. The remuneration of directors and key management, for the years ended April 30, 2022 and 2021, comprised of: For the year ended April 30, 2022 ($) 2021 ($) Management salaries 290 225 Directors’ fees 182 152 Share-based compensation 540 — Total 1,012 377

Operating Segments

Operating Segments	12 Months Ended
	Apr. 30, 2022
Disclosure of operating segments [abstract]
Disclosure of operating segments [text block]	15. Operating Segments The Company conducts its business as a single operating segment, being the acquiring and assembling a portfolio of royalties, physical uranium holdings and investing in companies with direct exposure to uranium. Except for the short-term investments in Yellow Cake which is listed on the London Stock Exchange in the United Kingdom, the royalties on uranium projects located in the United States and Namibia, substantially all of the Company’s assets and liabilities are held within Canada.

Commitments

Commitments	12 Months Ended
	Apr. 30, 2022
Commitments
Commitments	16. Commitments On November 17, 2021, the Company entered into agreements with CGN Global Uranium Ltd (“CGN”), pursuant to which the Company agreed to purchase an aggregate 500,000 pounds of physical uranium at a weighted average price of US$47.71 per pound for a total of $30,649. CGN will deliver 300,000 pounds of physical uranium on October 20, 2023, 100,000 pounds of physical uranium on June 14, 2024, and 100,000 pounds of physical uranium on April 2, 2025. Payment for these purchases will be made by the Company in October 2023, June 2024 and April 2025.

Subsequent Events

Subsequent Events	12 Months Ended
	Apr. 30, 2022
Disclosure of non-adjusting events after reporting period [abstract]
Disclosure of events after reporting period [text block]	17. Subsequent Events Other than as disclosed elsewhere in these consolidated financial statements, the following material events occurred subsequent to April 30, 2022: Grant of share options On May 13, 2022, the Company granted 343,750 share options to certain directors, officers, employees and consultants of the Company. These options have an exercise price of $3.31 per share and are valid for a period of five years. The options will vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter. In addition, the Company granted share options to purchase 100,000 Common Shares to a contractor. Such options have an exercise price of $3.31 per share and are valid for a period of two years. The options vest incrementally over a 12-month period. On June 20, 2022 and July 7, 2022, the Company granted 25,000 and 25,000 share options, each at an exercise price of $3.26 per share and $2.88 per share, respectively, to its employees. The options are valid for a period of five years and will vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter. ATM Program Subsequent to the year ended April 30, 2022, the Company issued 1,062,248 common shares under the ATM Program for gross proceeds of $3,862 with aggregate commissions paid or payable to the Agents and other share issue costs of $97. Uranium inventory purchases On May 20, 2022, the Company purchased 100,000 pounds of uranium at a price of US$58.30 for $7,513.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Apr. 30, 2022
Significant Accounting Policies
Foreign Currencies	Foreign currencies Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities are translated using the period end exchange rates. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at period-end
Royalties and Royalty Options	Royalties and royalty options All direct costs related to the acquisition of royalties and royalty options are capitalized on a property-by-property
Impairment of Non-financial Assets	Impairment of non-financial assets At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists or when annual impairment testing for an asset is required, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the assets belong. Recoverable amount is the higher of an asset’s (or cash-generating unit’s) fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in the consolidated statements of comprehensive loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount, net of depreciation, that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years.
Income Taxes	Income taxes Income tax expense represents the sum of tax currently payable and deferred tax. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of each reporting period. Deferred income tax is provided using the liability method on temporary differences, at the end of each reporting period, between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except: ● where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and ● in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized except: ● where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and ● in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of each reporting period. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated statements of comprehensive loss. Deferred income tax assets and deferred income tax liabilities are offset if, and only if, a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to either settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
Cash	Cash Cash comprises of cash on deposit with banks and highly liquid short-term interest-bearing investments with a term to maturity at the date of purchase of 90 days or less which are subject to an insignificant risk of change in value.
Restricted Cash	Restricted cash Restricted cash includes cash that has been pledged for credit facilities which are not available for immediate disbursement.
Financial Instruments	Financial Instruments Financial instruments are recognized in the consolidated statements of financial position on the trade date, being the date in which the Company becomes a party to the contractual provisions of the financial instrument. The Company’s financial instruments consist of cash, restricted cash, short-term investments, accounts payable and accrued liabilities, government loan payable, margin loan payable and lease liability. All financial instruments are initially recorded at fair value and designated as follows: Cash and restricted cash are classified as financial assets at amortized cost. Accounts payable and accrued liabilities government loan payable, margin loan payable and lease liability are classified as financial liabilities at amortized cost. Both financial assets at amortized cost and financial liabilities at amortized cost are subsequently measured using the effective interest rate method. Investments in ordinary shares are held for strategic purposes and not for trading. The Company classified these investments as fair value through other comprehensive income (“FVTOCI”). Such investments are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement Financial assets are derecognized when the contractual rights to the cash flows from the asset expire. Financial liabilities are derecognized only when the Company’s obligations are discharged, cancelled or otherwise expire. On derecognition, the difference between the carrying amount (measured at the date or derecognition) and the consideration received (including any new asset obtained less any new liability obtained) is recognized in profit or loss.
Leases	Leases At the inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has elected not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with short-term leases are recognized as expenses on a straight-line basis over the lease term. The Company recognizes a lease liability and a right-of-use asset at the lease commencement date. Leases are recognized as a right-of-use right-of-use Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Inventories	Inventories Inventories are measured at the lower of cost and net realizable value. Cost of purchased inventory is determined by the weighted average cost method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.
Related Party Transactions	Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Net Loss Per Share	Net loss per share Basic net loss per share includes no potential dilution and is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. The basic and diluted net loss per share are the same as there are no instruments that have a dilutive effect on earnings.
Share-based payments	Share-based payments The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of share options. The fair value of share options granted to employees is recognized as an expense over the vesting period with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes, provides services that could be provided by a direct employee, or has authority and responsibility for planning, directing and controlling the activities of the Company, including non-executive directors. The fair value is measured at the grant date and recognized over the period during which the options vest. Consideration received on the exercise of share options is recorded as issued capital and the related share-based compensation reserve is transferred to issued capital.
Significant Accounting Judgments and Estimates	Significant accounting judgments and estimates The preparation of these consolidated financial statements requires management to make accounting policy judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. On an ongoing basis, management evaluates its accounting policy judgments and estimates in relation to assets, liabilities, income and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes may differ from these estimates under different assumptions and conditions. Management is required to make judgements in the application of the Company’s accounting policies. The significant accounting policy judgements relevant to the current period are as follows: • The Company’s business is the acquisition of royalties. Each royalty has its own unique terms and judgement is required to assess the appropriate accounting treatment. The assessment of whether an acquisition meets the definition of a business or whether assets are acquired is an area of judgement. In evaluating whether a transaction is a business combination management must consider if the acquired assets or entities encompass an integrated set of activities and assets that is capable of being conducted and managed for the purpose of generating income. Additionally, an optional asset concentration test may be applied. If deemed to be a business combination, applying the acquisition method to business combinations requires each identifiable asset and liability to be measured at its acquisition date fair value. The excess, if any, of the fair value of the consideration over the fair value of the net identifiable assets acquired is recognized as goodwill. Information about significant sources of estimation uncertainty are described below. ● The Company estimates the attributable reserve and resource relating to the mineral properties underlying the royalties that are held by the Company. Reserves and resources are estimates of the amount of minerals that can be economically and legally extracted from the mining properties at which the Company has royalty interests, adjusted where applicable to reflect the Company’s percentage entitlement to minerals produced from such mines. The public disclosures of reserves and resources that are released by the operators of the interests involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. The estimates of reserves and resources may change based on additional knowledge gained subsequent to the initial assessment. Changes in the reserve or resource estimates may impact the carrying value of the Company’s royalty interests. ● The assessment of impairment of royalty and other interests requires the use of judgments, assumptions and estimates when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment test as well as in the assessment of fair values. When assessing whether there are indicators of impairment, management uses its judgment in evaluating the indicators such as significant changes in future commodity prices, discount rates, foreign exchange rates, taxes, operator reserve and resource estimates or other relevant information received from the operators that indicates production from royalty interests will not likely occur or may be significantly reduced in the future. In addition, the Company may use other approaches in determining fair value which may include estimates related to (i) dollar value per unit of mineral reserve/resource; (ii) cash-flow multiples; (iii) comparable transactions and (iv) market capitalization of comparable companies. Changes in any of the estimates used in determining the fair value of the royalty and other interests could impact the impairment analysis. ● The Company continues to closely monitor the ongoing COVID-19 pandemic. The COVID-19 pandemic and related restrictions and supply chain disruptions may impact the operators of the projects underlying the Company’s interests, including by resulting in delays in planned exploration and development activities and production delays or suspensions. To date, certain operators of the projects in which the Company holds interests have announced impacts to the operations underlying the Company’s interests. Given the nature of the Company’s operations, the pandemic has, to date, had relatively little direct impact on the Company’s day-to-day operations. However, restrictions and measures instituted by various governments around the world have reduced the ability of the Company’s personnel and advisors to travel and visit projects in connection with the review of potential acquisitions.

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	12 Months Ended
	Apr. 30, 2022
Cash and cash equivalents [abstract]
Schedule of Cash and Restricted Cash	As at April 30, 2022 As at April 30, 2021 Cash at bank 4,385 7,214 4,385 7,214

Short-term Investments (Tables)

Short-term Investments (Tables)	12 Months Ended
	Apr. 30, 2022
Current financial assets at fair value through other comprehensive income [abstract]
Schedule of Short-term Investments	As at April 30, 2022 As at April 30, 2021 Fair value, at the beginning of the year 30,045 30,456 Additions for the year 9,670 727 Disposals for the year (4,170 ) (4,681 ) Fair value adjustment due to foreign exchange rate change for the year (1,451 ) (1,018 ) Fair value adjustment due to share price change for the year 17,693 4,561 Fair value, at the end of the year 51,787 30,045

Royalties and Royalty Options (

Royalties and Royalty Options (Tables)	12 Months Ended
	Apr. 30, 2022
Royalties And Royalty Options
Schedule of Royalties and Royalty Options	Royalties Royalty Options Total Balance, as at April 30, 2020 27,131 125 27,256 Foreign currency translation (1,679 ) - (1,679 ) Balance, as at April 30, 2021 25,452 125 25,577 Additions 17,814 143 17,957 Foreign currency translation 614 - 614 Write-off - (125 ) (125 ) Balance, as at April 30, 2022 43,880 143 44,023
Schedule of Royalties	As at April 30, 2022 As at April 30, 2021 Anderson project 7,348 7,027 Church Rock project 751 718 Cigar Lake project 4,704 — Dawn Lake project 143 — Dewey-Burdock project 76 72 Diabase project — 125 Lance project 1,688 72 Langer Heinrich project 2,822 2,822 McArthur River project 11,543 — Michelin project 4,262 4,262 Reno Creek project 289 277 Roca Honda project 159 152 Roughrider project 5,923 5,923 Slick Rock project 2,916 2,788 Workman Creek project 1,399 1,339 Total 44,023 25,577

Margin Loan Payable (Tables)

Margin Loan Payable (Tables)	12 Months Ended
	Apr. 30, 2022
Margin Loan Payable [Abstract]
Schedule of Movement of the Margin Loan	The following outlines the movement of the margin loan during the year ended at April 30, 2022: US$000 $ Draw-down 10,175 12,710 Less: transaction costs (239 ) (295 ) Interest expense 573 721 Interest and fees paid (462 ) (582 ) Unrealized foreign exchange loss — 354 Balance, as at April 30, 2022 10,047 12,908

Issued Capital (Tables)

Issued Capital (Tables)	12 Months Ended
	Apr. 30, 2022
Disclosure of classes of share capital [abstract]
Schedule of Common Shares	Common shares subject to certain hold periods are set out as follows: Number of Common shares issued at $0.10 per share 6,000,006
Schedule of Warrants and Options	The following outlines the movements of the Company’s warrants and options: Warrants Share Options Total Balance, as at April 30, 2020 7,076 — 7,076 Common shares issued upon exercise of warrants (724 ) — (724 ) Balance, as at April 30, 2021 6,352 — 6,352 Common shares issued upon exercise of warrants (1,922 ) — (1,922 ) Common shares issued upon exercise of options — (210 ) (210 ) Share-based compensation — 1,268 1,268 Balance, as at April 30, 2022 4,430 1,058 5,488
Schedule of Share Options	The following outlines movements of the Company’s share options: Number of options Weighted Average Exercise Price ($) Balance at April 30, 2021 — — Granted 923,950 3.62 Forfeited (16,450 ) 3.96 Exercised (152,500 ) 3.49 Balance at April 30, 2022 755,000 3.64
Schedule of Black Scholes Options Pricing Model	The fair value of the share options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Risk-free interest rate 0.48 % Expected life (years) 3.68 Expected volatility 61.77 % Expected dividend yield 0.00 % Estimated forfeiture rate 3.93 %
Schedule of Share Options Outstanding and Exercisable	A summary of share options outstanding and exercisable at April 30, 2022, are as follows: Options Outstanding Options Exercisable Exercise ($) Number of Weighted ($) Weighted (years) Number of Weighted ($) Weighted (years) 3.49 660,000 3.49 3.92 297,500 3.49 4.09 4.10 50,000 4.10 4.09 25,000 4.10 4.09 4.93 5,000 4.93 4.71 1,250 4.93 4.71 5.46 40,000 5.46 4.38 20,000 5.46 4.38 755,000 3.64 3.96 343,750 3.65 4.11

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
	Apr. 30, 2022
Major components of tax expense (income) [abstract]
Schedule of Provision for Income Taxes	The Company had no assessable profit for the years ended April 30, 2022 and 2021. A reconciliation of the provision for income taxes computed at the combined Canadian For the year ended April 30, 2022 ($) 2021 ($) Net loss before tax for the year 6,449 1,855 Statutory rate 27.00 % 27.00 % Recovery of income taxes at statutory rates 1,741 501 Non-deductible (400 ) (48) Change in unrecognized deferred income tax assets 851 25 Other — — Tax recovery for the year 2,192 478
Schedule of Deferred Tax Assets and Liabilities	The significant component of the Company’s deferred tax assets and liabilities recognized are as follows: As at April 30, ($) As at April 30, ($) Deferred tax liabilities: Excess of accounting value of short-term investments over tax value (3,062) (869 ) Deferred tax assets: Non-capital 3,062 869 — —
Disclosure of temporary difference, unused tax losses and unused tax credits [text block]	The temporary differences for which deferred income tax assets are not recognized are as follows: As at April 30, ($) As at April 30, ($) Non-capital 3,995 6,798 Financing costs 2,927 1,025 Unrecognized deferred income tax assets 6,922 7,823

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Apr. 30, 2022
Disclosure of transactions between related parties [abstract]
Schedule of Related Party Transactions	Key management personnel are persons responsible for planning, directing and controlling the activities of an entity. The remuneration of directors and key management, for the years ended April 30, 2022 and 2021, comprised of: For the year ended April 30, 2022 ($) 2021 ($) Management salaries 290 225 Directors’ fees 182 152 Share-based compensation 540 — Total 1,012 377

Corporate Information (Details

Corporate Information (Details Narrative)	12 Months Ended
	Apr. 30, 2022 shares $ / shares
Corporate Information
Number of stock exercisable | shares	1
Exercise price of warrant | $ / shares	$ 2

Cash and Restricted Cash (Detai

Cash and Restricted Cash (Details Narrative) $ in Thousands, $ in Thousands	Apr. 30, 2022 CAD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2021 CAD ($)	Apr. 30, 2021 USD ($)
Statement Line Items [Line Items]
Restricted cash and cash equivalents	$ 697		$ 669
Corporate Credit Card [Member]
Statement Line Items [Line Items]
Restricted cash and cash equivalents	55		55
Foreign Exchange Facility [Member]
Statement Line Items [Line Items]
Restricted cash and cash equivalents	$ 642		$ 614
Foreign Exchange Facility [Member] | United States of America, Dollars
Statement Line Items [Line Items]
Restricted cash and cash equivalents		$ 500,000		$ 500,000

Cash and Restricted Cash - Sche

Cash and Restricted Cash - Schedule of Cash and Restricted Cash (Details) - CAD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Cash and cash equivalents [abstract]
Cash at bank	$ 4,385	$ 7,214
Cash and restricted cash	$ 4,385	$ 7,214	$ 11,837

Short-term Investments (Details

Short-term Investments (Details Narrative) $ in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2022 CAD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2021 CAD ($)	Apr. 30, 2021 USD ($)
Yellow Cake [Member]
Statement Line Items [Line Items]
Fair value of investment	$ 44,912		$ 30,045
Fair value gain loss recognized on short term investments	16,242		3,543
Deferred tax liabilities	2,192		478
Queens Road Capital Investment Ltd [Member]
Statement Line Items [Line Items]
Fair value of investment	$ 6,875		$ 0
United States of America, Dollars | Yellow Cake [Member]
Statement Line Items [Line Items]
Option to acquire inventory		$ 2,500		$ 10,000
Maximum aggregate amount of options to aquire inventory		$ 31,250

Short-term Investments - Schedu

Short-term Investments - Schedule of Short-term Investments (Details) - Yellow Cake And Queen Road Capital [Member] - CAD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Statement Line Items [Line Items]
Fair value, at the beginning of the period	$ 30,045	$ 30,456
Additions	9,670	727
Disposals	(4,170)	(4,681)
Fair value adjustment due to foreign exchange rate change	(1,451)	(1,018)
Fair value adjustment due to share price change	17,693	4,561
Fair value, at the end of the year	$ 51,787	$ 30,045

Inventories (Details Narrative)

Inventories (Details Narrative) $ in Thousands	12 Months Ended
	Apr. 30, 2022 CAD ($) lb	Apr. 30, 2021 CAD ($) lb
Statement Line Items [Line Items]
Number Of Pounds Of Inventories Hold | lb	1,448,068	348,068
Current inventories | $	$ 75,030	$ 12,398

Royalties and Royalty Options_2

Royalties and Royalty Options (Details Narrative) $ / shares in Units, $ in Thousands, lb in Millions					12 Months Ended
	Mar. 30, 2022 CAD ($)	Mar. 30, 2022 USD ($)	May 07, 2021 CAD ($) lb shares	Jan. 31, 2018	Apr. 30, 2022 $ / shares
McArthur River Project [Member]
Statement Line Items [Line Items]
Percentage of gross overriding royalty acquired			1%
Percentage Share Of Uranium Production On Which Gross Overriding Royalty Was Acquired			9%
Anderson, Slick Rock and Workman Creek Projects [Member]
Statement Line Items [Line Items]
Smelter Return Royalty Percentage Holds On Projects					1%
Australian Dollar [Member] | Langer Heinrich Projects [Member]
Statement Line Items [Line Items]
Production Royalty Per Kilogram Holds On Project | $ / shares					$ 0.12
Church Rock Project [Member]
Statement Line Items [Line Items]
Royalty percentage					4%
Dewey-Burdock Project [Member]
Statement Line Items [Line Items]
Royalty percentage					30%
Lance Project [Member]
Statement Line Items [Line Items]
Consideration paid (received)	$ 1,560	$ 1,250,000
Percentage Of Gross Revenues Royalty Holds On Portion Of Property					4%
Additional Percentage Of Gross Revenues Royalty Holds On Entire Project Area	1%	1%			1%
Roca Honda Project [Member]
Statement Line Items [Line Items]
Royalty percentage					4%
Reno Creek Project [Member]
Statement Line Items [Line Items]
Profit interest royalty percentage					0.50%
Roughrider Project [Member]
Statement Line Items [Line Items]
Smelter Return Royalty Percentage Holds On Projects					1.97%
Michelin Project [Member]
Statement Line Items [Line Items]
Royalty percentage					2%
Diabase Agreement [Member] | Mrs. Isabelle Clark [Member]
Statement Line Items [Line Items]
Royalty percentage				3%
Diabase Agreement [Member] | Nuinsco Resources Limited [Member] | Mrs. Isabelle Clark [Member]
Statement Line Items [Line Items]
Percentage of voting equity interests acquired				100%
Royalty Purchase Agreement [Member]
Statement Line Items [Line Items]
Consideration paid (received)			$ 16,400
Cash payment			$ 12,300
Stock Issued During The Period Shares | shares			970,017
Royalty Purchase Agreement [Member] | McArthur River Project [Member]
Statement Line Items [Line Items]
Percentage Of Ownership Interest Base			30.195%
Royalty Purchase Agreement [Member] | Waterbury Lake And Cigar Project [Member]
Statement Line Items [Line Items]
Percentage Of Ownership Interest Base			40.453%
Percentage Share Of Uranium Production On Which Net Royalty Percentage Share Is Determined			3.75%
Royalty Purchase Agreement [Member] | Dawn Lake Project [Member]
Statement Line Items [Line Items]
Net profit interest royalty percentage share			20%
Percentage Share Of Uranium Production On Which Net Royalty Percentage Share Is Determined			7.50%
Royalty Purchase Agreement [Member] | Waterbury Lake And Dawn Lake Project [Member]
Statement Line Items [Line Items]
Net Profit Interest Royalty Adjusted Percentage Share			10%
Royalty Purchase Agreement [Member] | Waterbury Lake Dawn Lake And Cigar Lake [Member]
Statement Line Items [Line Items]
Aggregate Production Capacity | lb			200
Royalty Purchase Agreement [Member] | Bottom of range [member] | Waterbury Lake And Cigar Project [Member]
Statement Line Items [Line Items]
Net profit interest royalty percentage share			10%
Royalty Purchase Agreement [Member] | Top of range [member] | Waterbury Lake And Cigar Project [Member]
Statement Line Items [Line Items]
Net profit interest royalty percentage share			20%

Royalties and Royalty Options -

Royalties and Royalty Options - Schedule of Royalties and Royalty Options (Details) - CAD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Statement Line Items [Line Items]
Royalties and Royalty Options, Beginning balance	$ 25,577	$ 27,256
Royalties and Royalty Options, Additions	17,957
Royalties and Royalty Options, Foreign currency translation	614	(1,679)
Royalties And Royalty Options Write off	(125)
Royalties and Royalty Options, Ending balance	44,023	25,577
Royalties [Member]
Statement Line Items [Line Items]
Royalties and Royalty Options, Beginning balance	25,452	27,131
Royalties and Royalty Options, Additions	17,814
Royalties and Royalty Options, Foreign currency translation	614	(1,679)
Royalties And Royalty Options Write off
Royalties and Royalty Options, Ending balance	43,880	25,452
Royalty Options [Member]
Statement Line Items [Line Items]
Royalties and Royalty Options, Beginning balance	125	125
Royalties and Royalty Options, Additions	143
Royalties and Royalty Options, Foreign currency translation
Royalties And Royalty Options Write off	(125)
Royalties and Royalty Options, Ending balance	$ 143	$ 125

Royalties and Royalty Options_3

Royalties and Royalty Options - Schedule of Royalties (Details) - CAD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Statement Line Items [Line Items]
Total	$ 44,023	$ 25,577	$ 27,256
Michelin Project [Member]
Statement Line Items [Line Items]
Total	4,262	4,262
Diabase Project [Member]
Statement Line Items [Line Items]
Total		125
Anderson Project [Member]
Statement Line Items [Line Items]
Total	7,348	7,027
Slick Rock Project [Member]
Statement Line Items [Line Items]
Total	2,916	2,788
Workman Creek Project [Member]
Statement Line Items [Line Items]
Total	1,399	1,339
Church Rock Project [Member]
Statement Line Items [Line Items]
Total	751	718
Dewey-Burdock Project [Member]
Statement Line Items [Line Items]
Total	76	72
Lance Project [Member]
Statement Line Items [Line Items]
Total	1,688	72
Roca Honda Project [Member]
Statement Line Items [Line Items]
Total	159	152
Reno Creek Project [Member]
Statement Line Items [Line Items]
Total	289	277
Roughrider Project [Member]
Statement Line Items [Line Items]
Total	5,923	5,923
Langer Heinrich Agreement [Member]
Statement Line Items [Line Items]
Total	2,822	$ 2,822
Cigar Lake Project [Member]
Statement Line Items [Line Items]
Total	4,704
McArthur River Project [Member]
Statement Line Items [Line Items]
Total	11,543
Dawn Lake Project [Member]
Statement Line Items [Line Items]
Total	$ 143

Government Loan Payable (Detail

Government Loan Payable (Details Narrative) - CAD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 23, 2020
Disclosure Of Government Grants Explanatory [Line Items]
Description of nature and extent of government grants recognised in financial statements	The CEBA Loan has a maturity date of December 31, 2023 and may be extended to December 31, 2025.
Government grant explanatory	$ 40
Canadian Emergency Business Account Program [Member]
Disclosure Of Government Grants Explanatory [Line Items]
Description of nature and extent of government grants recognised in financial statements	If at least 75% of the CEBA Loan is repaid prior to December 31, 2023, the remaining balance of the CEBA Loan will be forgiven.
Interest rate		5%

Margin Loan Payable - Additiona

Margin Loan Payable - Additional Information (Detail) - Margin Loan Facility [Member] $ in Thousands	May 01, 2022 CAD ($)	May 01, 2022 USD ($)	Jun. 21, 2021 CAD ($)	Jun. 21, 2021 USD ($)
Disclosure of detailed information about borrowings [line items]
Proceeds from loan			$ 18,552	$ 15,000,000
Standby fee			2.50%	2.50%
Facility fee			1.25%	1.25%
Borrowings maturity			May 5, 2023	May 5, 2023
LIBOR [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings adjustment to interest rate percentage			5.50%	5.50%
Non adjusting Event Member
Disclosure of detailed information about borrowings [line items]
Proceeds from loan	$ 3,889	$ 3,000,000
Partial principal amount repaid on loan	$ 1,710	$ 1,300,000

Margin Loan Payable - Schedule

Margin Loan Payable - Schedule of Movement of the Margin Loan (Detail) - 12 months ended Apr. 30, 2022 $ in Thousands, $ in Thousands	USD ($)	CAD ($)
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Draw-down	$ 10,047	$ 12,908
Margin Loan Facility [Member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Draw-down	10,175	12,710
Less: transaction costs and fees	(239)	(295)
Interest expense	573	721
Interest paid	$ (462)	(582)
Unrealized foreign exchange loss		$ 354

Issued Capital (Details Narrati

Issued Capital (Details Narrative) $ / shares in Units, $ / shares in Units, $ in Millions						12 Months Ended
	Apr. 30, 2022 $ / shares shares	Jan. 13, 2022 shares $ / shares	Sep. 15, 2021 shares $ / shares	May 31, 2021 shares $ / shares	May 20, 2021 CAD ($)	Apr. 30, 2022 CAD ($) shares $ / shares	Apr. 30, 2021 CAD ($)	Dec. 11, 2022 shares	Sep. 01, 2022 USD ($)	Jun. 11, 2022 shares	May 20, 2021 $ / shares shares
Statement Line Items [Line Items]
Common shares issued	152,500					152,500		3,000,012		2,999,994
Listed warrants	17,489,254					17,489,254
Unlisted common share purchase warrants	95,588					95,588
Warrants exercise price | $ / shares	$ 1.4					$ 1.4
Warrants expiry date						Dec. 06, 2024
Number Of Share Options Granted In Share based Payment Arrangement						923,950
Proceeds From Sale Of Shares | $									$ 40
Payments for share issue costs | $						$ 881,000
Number Of Class Of Warrants Exercised						7,543,495
Number Of Class Of Warrants Outstanding						17,584,842
Exercise Price Of Outstanding Share Options 2019 | $ / shares				$ 3.49
ShareBasedPaymentArrangementVestingAwardPercentage	25%
Weighted Average Exercise Price Exercisable | $ / shares	$ 3.65					$ 3.65
Share based compensation expenses | $						$ 1,268,000
Listed warrants exercise price | $ / shares	$ 2					$ 2
Public Offering [Member]
Statement Line Items [Line Items]
Par value per share | $ / shares											$ 4.1
Common shares issued											6,100,000
Proceeds from issuing shares | $					$ 25,010
Rights, preferences and restrictions attaching to class of share capital					Pursuant to an underwriting agreement dated May 10, 2021, among the Company and the underwriters, the Company granted the underwriters an option, exercisable at the Offering Price for a period of 30 days following the closing of the public offering, to purchase up to an additional 15% of the number of Offered Shares sold under the public offering to cover over-allotments, if any.
Over Allotment Option [Member]
Statement Line Items [Line Items]
Option exercisable term					30 days
Percentage of shares issued											15%
UEC [Member] | Public Offering [Member]
Statement Line Items [Line Items]
Common shares issued											1,000,000
Rights, preferences and restrictions attaching to class of share capital					UEC purchased 1,000,000 Offered Shares, representing 16.39% of the number of Offered Shares, on the same terms as the public offering.
Percentage of shares issued											16.39%
Share Option [Member]
Statement Line Items [Line Items]
Number Of Share Options Granted In Share based Payment Arrangement		5,000	43,950	675,000
Exercise Price Of Outstanding Share Options 2019 | $ / shares		$ 4.93	$ 5.46
ShareBasedPaymentArrangementVestingAwardPercentage	25%	25%	25%	25%
Proceeds From Exercise Of Options | $						$ 532,000
Weighted Average Exercise Price Exercisable | $ / shares	$ 4.76					$ 4.76
Share Option [Member] | Non-adjusting Events After Reporting Period [Member]
Statement Line Items [Line Items]
Number Of Share Options Granted In Share based Payment Arrangement						343,750
Long Term Incentive Plan [Member]
Statement Line Items [Line Items]
Common shares issued	10,775,285					10,775,285
Options issued and outstanding, description						the total number of common shares issuable to any participant under the LTIP, at any time, together with common shares reserved for issuance to such participant under any other security-based compensation arrangements of the Company, shall not exceed 5% of the issued and outstanding common shares; (b) the total number of common shares issuable to insiders within any one-year period and at any given time under the LTIP, together with any other security-based compensation arrangement of the Company, shall not exceed 10% of the issued and outstanding common shares; and (c) the total number of common shares issuable to non-executive directors (excluding the Chair of the Board, if any) under the LTIP shall not exceed 3% of the issued and outstanding common shares.
Grant value of common shares | $						$ 100,000,000
Number Of Share Options Granted In Share based Payment Arrangement						923,950
Number Of Common Shares Remain Available For Future Issuance	9,867,785					9,867,785
ATM Program [Member]
Statement Line Items [Line Items]
Common shares issued	6,175,771					6,175,771
Proceeds from issue of ordinary shares | $						$ 35,231,000
Director Employees and Officers [Member] | Share Option [Member]
Statement Line Items [Line Items]
Number Of Share Options Granted In Share based Payment Arrangement				50,000
Exercise Price Of Outstanding Share Options 2019 | $ / shares				$ 4.1
consultant [Member] | Share Option [Member]
Statement Line Items [Line Items]
Number Of Share Options Granted In Share based Payment Arrangement				150,000
Exercise Price Of Outstanding Share Options 2019 | $ / shares				$ 3.49

Issued Capital - Schedule of Co

Issued Capital - Schedule of Common Shares (Details) - shares	Dec. 11, 2022	Jun. 11, 2022	Apr. 30, 2022
Statement Line Items [Line Items]
Common shares issued	3,000,012	2,999,994	152,500
Common Shares One [Member]
Statement Line Items [Line Items]
Common shares issued			6,000,006

Issued Capital - Schedule of _2

Issued Capital - Schedule of Common Shares (Details) (Parenthetical)	Apr. 30, 2022 $ / shares
Common Shares One [Member]
Statement Line Items [Line Items]
Par value per share	$ 0.1

Issued Capital - Schedule of Wa

Issued Capital - Schedule of Warrants and Options (Details) - CAD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Share-based compensation	$ 1,268	$ 1,268
Warrant Reserves [Member]
Number of Warrants, Outstanding, Beginning balance	4,430	6,352	7,076
Number of Warrants, Common shares issued upon exercise of warrants		$ (1,922)	$ (724)
Share-based compensation	$ 1,268
Reserve for Share Options
Number of Warrants, Outstanding, Beginning balance	1,058
Common shares issued upon exercise of options		$ (210)
Reserves
Number of Warrants, Outstanding, Beginning balance	5,488	6,352	7,076
Number of Warrants, Common shares issued upon exercise of warrants		$ (1,922)	$ (724)
Common shares issued upon exercise of options		(210)
Share-based compensation		$ 1,268

Issued Capital - Schedule of Sh

Issued Capital - Schedule of Share Options (Details)	12 Months Ended
	Apr. 30, 2022 shares $ / shares	Apr. 30, 2022 shares $ / shares
Text Block [Abstract]
Number of options, Opening	0	0
Number Of Share Options Granted In Share based Payment Arrangement	923,950	923,950
Number of options, Forfeited	(16,450)	(16,450)
Number of options, Exercised	(152,500)	(152,500)
Number of options, Closing	755,000	755,000
Weighted average exercise price, Opening | $ / shares	$ 0
Weighted average exercise price, Granted | $ / shares		$ 3.62
Weighted average exercise price, Forfeited | $ / shares		3.96
Weighted average exercise price, Exercised | $ / shares		3.49
Weighted average exercise price, Ending | (per share)	$ 3.64	$ 3.64

Issued Capital - Schedule of Bl

Issued Capital - Schedule of Black Scholes Options Pricing Model (Details)	12 Months Ended
	Apr. 30, 2022 yr
Disclosure of Inputs into Black Scholes Option Pricing Model [Line Items]
Risk-free interest rate	0.48%
Expected life (years)	3.68
Expected volatility	61.77%
Expected dividend yield	0%
Estimated forfeiture rate	3.93%

Issued Capital - Schedule of _3

Issued Capital - Schedule of Share Options Outstanding and Exercisable (Details)	12 Months Ended
	Apr. 30, 2022 shares $ / shares	Apr. 30, 2022 shares $ / shares	May 31, 2021 $ / shares	Apr. 30, 2021 shares $ / shares
Disclosure of Ranges of Exercises Price of Outstanding and Exercisable Share Options [Line Items]
Exercise Price			$ 3.49
Number of Options Outstanding | shares	755,000	755,000		0
Weighted Average Exercise Price Outstanding | (per share)	$ 3.64	$ 3.64		$ 0
Weighted Average Remaining Contractual Life (years) Outstanding	3 years 11 months 15 days
Number of Options Exercisable | shares	343,750	343,750
Weighted Average Exercise Price Exercisable		$ 3.65
Weighted Average Remaining Contractual Life (years) Exercisable	4 years 1 month 9 days
Exercise Price of 3.49
Disclosure of Ranges of Exercises Price of Outstanding and Exercisable Share Options [Line Items]
Exercise Price		$ 3.49
Number of Options Outstanding | shares	660,000	660,000
Weighted Average Exercise Price Outstanding		$ 3.49
Weighted Average Remaining Contractual Life (years) Outstanding	3 years 11 months 1 day
Number of Options Exercisable | shares	297,500	297,500
Weighted Average Exercise Price Exercisable		$ 3.49
Weighted Average Remaining Contractual Life (years) Exercisable	4 years 1 month 2 days
Exercise Price of 4.1
Disclosure of Ranges of Exercises Price of Outstanding and Exercisable Share Options [Line Items]
Exercise Price		$ 4.1
Number of Options Outstanding | shares	50,000	50,000
Weighted Average Exercise Price Outstanding		$ 4.1
Weighted Average Remaining Contractual Life (years) Outstanding	4 years 1 month 2 days
Number of Options Exercisable | shares	25,000	25,000
Weighted Average Exercise Price Exercisable		$ 4.1
Weighted Average Remaining Contractual Life (years) Exercisable	4 years 1 month 2 days
Exercise Price of 4.93
Disclosure of Ranges of Exercises Price of Outstanding and Exercisable Share Options [Line Items]
Exercise Price		$ 4.93
Number of Options Outstanding | shares	5,000	5,000
Weighted Average Exercise Price Outstanding		$ 4.93
Weighted Average Remaining Contractual Life (years) Outstanding	4 years 8 months 15 days
Number of Options Exercisable | shares	1,250	1,250
Weighted Average Exercise Price Exercisable		$ 4.93
Weighted Average Remaining Contractual Life (years) Exercisable	4 years 8 months 15 days
Exercise Price of 5.46
Disclosure of Ranges of Exercises Price of Outstanding and Exercisable Share Options [Line Items]
Exercise Price		$ 5.46
Number of Options Outstanding | shares	40,000	40,000
Weighted Average Exercise Price Outstanding		$ 5.46
Weighted Average Remaining Contractual Life (years) Outstanding	4 years 4 months 17 days
Number of Options Exercisable | shares	20,000	20,000
Weighted Average Exercise Price Exercisable		$ 5.46
Weighted Average Remaining Contractual Life (years) Exercisable	4 years 4 months 17 days

Financial Instruments (Details

Financial Instruments (Details Narrative) - CAD ($)	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Statement Line Items [Line Items]
Other comprehensive income	$ 14,662,000	$ 1,384,000
Net loss	(4,257,000)	$ (1,377,000)
Working capital	$ 133,544,000
Currency risk [member]
Statement Line Items [Line Items]
Short-term investments, percentage	10%
Other comprehensive income	$ 3,885,000
Net loss	$ 221,000
Cash percentage	10%
Currency risk [member] | Margin Loan [Member]
Statement Line Items [Line Items]
Net loss	$ 1,117,000
Percentage of risk exposure	10%
Other price risk [member]
Statement Line Items [Line Items]
Short-term investments, percentage	10%
Other comprehensive income	$ 4,480,000
Interest rate risk [member] | Margin Loan [Member] | Floating interest rate [member]
Statement Line Items [Line Items]
Net loss	$ 0
Interest rate risk [member] | Margin Loan [Member] | Floating interest rate [member] | Would not have a Significant impact on the Net Income Loss [Member]
Statement Line Items [Line Items]
Borrowings, Adjustment to interest rate basis	10%
Borrowings, Interest rate basis	3-month USD LIBOR

Income Tax (Details Narrative)

Income Tax (Details Narrative) $ in Thousands	12 Months Ended
	Apr. 30, 2022 CAD ($)
April 30, 2038 [Member]
Disclosure Of Income Tax [Line Items]
Tax effect of tax losses	$ 321
April 30, 2039 [Member]
Disclosure Of Income Tax [Line Items]
Tax effect of tax losses	3,282
April 30, 2040 [Member]
Disclosure Of Income Tax [Line Items]
Tax effect of tax losses	4,902
April 30, 2041 [Member]
Disclosure Of Income Tax [Line Items]
Tax effect of tax losses	1,680
April 30, 2042 [Member]
Disclosure Of Income Tax [Line Items]
Tax effect of tax losses	$ 5,152

Income Tax - Schedule of Provis

Income Tax - Schedule of Provision for Income Taxes (Details) - CAD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Major components of tax expense (income) [abstract]
Net loss before tax for the year	$ 6,449	$ 1,855
Statutory rate	27%	27%
Recovery of income taxes at statutory rates	$ 1,741	$ 501
Non-deductible permanent differences	(400)	(48)
Change in unrecognized deferred income tax assets	851	25
Other	0	0
Tax recovery for the year	$ 2,192	$ 478

Income Tax - Schedule of Deferr

Income Tax - Schedule of Deferred Tax Assets and Liabilities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Major components of tax expense (income) [abstract]
Deferred tax liabilities: Excess of accounting value of short-term investments over tax value	$ (3,062)	$ (869)
Deferred tax assets: Non-capital losses carry-forward	3,062	869
Deferred tax assets and liabilities	$ 0	$ 0

Income Tax - Schedule of Tempor

Income Tax - Schedule of Temporary Differences for Deferred Income Tax Assets (Details) - CAD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021
Major components of tax expense (income) [abstract]
Non-capital loss carry-forward	$ 3,995	$ 6,798
Financing costs	2,927	1,025
Unrecognized deferred income tax assets	$ 6,922	$ 7,823

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - CAD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Website Hosting and Maintenance Services [Member]
Disclosure of transactions between related parties [line items]
General and administrative expense	$ 9	$ 5

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - CAD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Disclosure Of Related Party [Line Items]
Management salaries	$ 290	$ 225
Directors' fees	182	152
Share-based compensation	540	0
Total	$ 1,012	$ 377

Commitments (Details Narrative)

Commitments (Details Narrative) - Physical Uranium - C G N Global Uranium Ltd $ in Thousands	Nov. 17, 2021 CAD ($) USperunit lb
Statement Line Items [Line Items]
Purchase commitments, Pounds of physical uranium committed	500,000
Purchase commitments, Weighted average price per pound of physical uranium committed | USperunit	47.71
Purchase commitments | $	$ 30,649
Purchase commitments, Payment terms	Payment for these purchases will be made by the Company in October 2023, June 2024 and April 2025
OctoberTwentyTwoThousandAndTwentyThree [Member]
Statement Line Items [Line Items]
Purchase commitments, Pounds of physical uranium receivable	300,000
JuneFourteenTwoThousandAndTwentyFour [Member]
Statement Line Items [Line Items]
Purchase commitments, Pounds of physical uranium receivable	100,000
AprilTwoTwoThousandAndTwentyFive [Member]
Statement Line Items [Line Items]
Purchase commitments, Pounds of physical uranium receivable	100,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ / shares in Units, $ in Thousands						12 Months Ended
	Jul. 07, 2022 $ / shares	Jun. 20, 2022 $ / shares	May 20, 2022 CAD ($) lb	May 20, 2022 $ / shares	May 13, 2022 $ / shares	Apr. 30, 2022 CAD ($) shares	Dec. 11, 2022 shares	Jun. 11, 2022 shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued | shares						152,500	3,000,012	2,999,994
Stock option granted | shares						923,950
Payments for share issue costs | $						$ 881
Directors Officers Employees and Consultant [Member]
Disclosure of non-adjusting events after reporting period [line items]
Stock option granted	25,000	25,000
Exercise price, share options granted | $ / shares	$ 2.88	$ 3.26
Exercisable period		5 years
Vesting percentage		25%
Description of vesting requirements for share-based payment arrangement		25% on each of the dates that are 6, 12 and 18 months thereafter.
Non adjusting Event Member
Disclosure of non-adjusting events after reporting period [line items]
Stock option granted					343,750
Exercise price, share options granted | $ / shares					$ 3.31
Exercisable period					5 years
Vesting percentage					25%
Description of vesting requirements for share-based payment arrangement					25% on each of the dates that are 6, 12 and 18 months thereafter
Inventories Purchased | $			$ 7,513
Number of inventories acquired | lb			100,000
Inventory price | $ / shares				$ 58.3
Non adjusting Event Member | UROY Atm Program [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued | shares						1,062,248
Proceeds from issue of ordinary shares | $						$ 3,862
Payments for share issue costs | $						$ 97
Non adjusting Event Member | Additional Contract [Member]
Disclosure of non-adjusting events after reporting period [line items]
Stock option granted					100,000
Exercise price, share options granted | $ / shares					$ 3.31
Exercisable period					2 years
Description of vesting requirements for share-based payment arrangement					over a 12-month period