Uranium Royalty (UROY) 40-F 28 Jul 21 2021 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Apr. 30, 2021shares
Cover [Abstract]
Entity Registrant Name	Uranium Royalty Corp.
Entity Central Index Key	0001711570
Document Type	40-F
Document Period End Date	Apr. 30, 2021
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding	74,604,531
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Document Annual Report	true

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($)	Apr. 30, 2021	Apr. 30, 2020
Current Assets
Cash and cash equivalents	$ 7,214,482	$ 11,837,162
Restricted cash	669,350	752,250
Short-term investments	30,044,870	30,456,461
Inventories	12,398,031
Prepaids and other receivables	279,478	351,396
Total current assets	50,606,211	43,397,269
Non-current Assets
Royalties and royalty options	25,577,108	27,256,357
Total non-current Assets	25,577,108	27,256,357
Total Assets	76,183,319	70,653,626
Current Liabilities
Accounts payable and accrued liabilities	506,944	399,558
Total current liabilities	506,944	399,558
Non-current Liability
Government loan payable	40,000	40,000
Total liabilities	546,944	439,558
Equity
Issued Capital	72,985,166	66,845,949
Warrant Reserves	6,352,151	7,076,311
Accumulated deficit	(7,885,993)	(6,842,984)
Accumulated other comprehensive income	4,185,051	3,134,792
Total equity	75,636,375	70,214,068
Total liabilities and equity	$ 76,183,319	$ 70,653,626

Consolidated Statements of Loss

Consolidated Statements of Loss and Other Comprehensive Income (Loss) - CAD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Expenses
Consulting fees	$ 197,275	$ 284,876
General and administrative	557,201	535,395
Management and directors' fees	376,771	526,691
Professional fees	343,045	815,303
Project expenditures		108,137
Operating loss	(1,474,292)	(2,270,402)
Other items
Interest expense		(1,201,801)
Interest income	55,729	158,085
Net gain on loan payable		272,939
Net foreign exchange (loss) gain	(436,277)	211,694
Loss before taxes	(1,854,840)	(2,829,485)
Deferred income tax recovery	478,319	128,127
Net loss for the year	(1,376,521)	(2,701,358)
Items that will not subsequently be re-classified to net income:
Unrealized gain on revaluation of short-term investments	3,543,105	949,085
Deferred tax expense on short-term investments	(478,319)	(128,127)
Item that may subsequently be re-classified to net income:
Foreign currency translation differences	(1,681,015)	593,311
Total other comprehensive income for the year	1,383,771	1,414,269
Total comprehensive income (loss) for the year	$ 7,250	$ (1,287,089)
Net loss per share, basic and diluted	$ (0.02)	$ (0.05)
Weighted average number of shares, outstanding, basic and diluted	72,031,196	54,319,292

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($)	Issued Capital [Member]	Warrant Reserves [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balance at Apr. 30, 2019	$ 30,052,484	$ 2,024,255	$ (4,141,626)	$ 1,720,523	$ 29,655,636
Balance, Shares at Apr. 30, 2019	41,594,938
Statement Line Items [Line Items]
Common shares issued upon exercise of special warrants	$ 4,805,506	(4,805,506)
Common shares issued upon exercise of special warrants, shares	3,203,670
Private placement of special warrants for cash		3,350,001			3,350,001
Special warrants issued to acquire royalties		2,031,251			2,031,251
Initial public offering: Common shares and common share purchase warrants issued for cash	$ 24,755,245	5,244,755			30,000,000
Initial public offering: Common shares and common share purchase warrants issued for cash, shares	20,000,000
Initial public offering: Common shares and common share purchase warrants issued on automatic exercise of qualifying special warrants	$ 2,145,455	(2,145,455)
Initial public offering: Common shares and common share purchase warrants issued on automatic exercise of qualifying special warrants, shares	1,733,334
Initial public offering: Common share purchase warrants issued on exercise of over-allotment option		215,250			215,250
Initial public offering: Agents' fees and issuance costs	(1,321,690)	(292,935)			(1,614,625)
Common shares and common share purchase warrants issued to settle other payable	$ 463,611	195,089			658,700
Common shares and common share purchase warrants issued to settle other payable, shares	500,000
Common shares and common share purchase warrants issued to acquire royalties	$ 5,945,338	1,259,606			7,204,944
Common shares and common share purchase warrants issued to acquire royalties, shares	4,803,296
Net loss for the year			(2,701,358)		(2,701,358)
Total other comprehensive income				1,414,269	1,414,269
Balance at Apr. 30, 2020	$ 66,845,949	7,076,311	(6,842,984)	3,134,792	70,214,068
Balance, Shares at Apr. 30, 2020	71,835,238
Statement Line Items [Line Items]
Common shares issued upon exercise of special warrants	$ 6,139,217	(724,160)			5,415,057
Common shares issued upon exercise of special warrants, shares	2,769,293
Transfer of gain on disposal of short-term investments at fair value through other comprehensive income to accumulated deficit			333,512	(333,512)
Net loss for the year			(1,376,521)		(1,376,521)
Total other comprehensive income				1,383,771	1,383,771
Balance at Apr. 30, 2021	$ 72,985,166	$ 6,352,151	$ (7,885,993)	$ 4,185,051	$ 75,636,375
Balance, Shares at Apr. 30, 2021	74,604,531

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Operating activities
Net loss before tax for the year	$ (1,854,840)	$ (2,829,485)
Adjustments for:
Interest expense		1,201,801
Interest income	(55,729)	(158,085)
Net gain on loan payable		(272,939)
Net foreign exchange loss (gain)	427,482	(40,950)
Net changes in non-cash working capital items:
Inventories	(12,398,031)
Prepaids and other receivables	65,610	(235,030)
Accounts payable and accrued liabilities	107,386	(143,597)
Cash used in operating activities	(13,708,122)	(2,478,285)
Investing activities
Investment in royalties		(3,684,362)
Acquisition of promissory note		(2,662,200)
Proceeds from repayment of promissory note		2,608,400
Interest received	62,037	150,821
Proceeds from sale of short-term investments	4,681,407
Investment in short-term investments	(726,711)	(998,583)
Restricted cash deposit		(752,250)
Cash generated from (used in) investing activities	4,016,733	(5,338,174)
Financing activities
Proceeds from common shares issued	5,415,057
Net proceeds from government loan payable		40,000
Transaction costs on modification of loan payable		(194,887)
Repayment of loan payable		(13,698,188)
Proceeds from private placement, net of issuance costs		3,350,001
Proceeds from initial public offering, net of agent's fees and issuance costs		28,600,625
Interest paid		(674,620)
Cash generated from financing activities	5,415,057	17,422,931
Effect of exchange rate changes on cash and cash equivalents	(346,348)
Net (decrease) increase in cash and cash equivalents	(4,622,680)	9,606,472
Cash and cash equivalents - Beginning of year	11,837,162	2,230,690
Cash and cash equivalents - End of year	$ 7,214,482	$ 11,837,162

Corporate Information

Corporate Information	12 Months Ended
	Apr. 30, 2021
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 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 located at 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 2Y3, Canada. The Company’s 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”), are listed on the TSX Venture Exchange (the “TSX-V”) under the symbols “URC” and “URC.WT”, respectively. The Company’s common shares are listed on the NASDAQ Capital Market under the symbol “UROY”.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Apr. 30, 2021
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 28, 2021. 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 Canadian dollars (“$” or “dollars”) which is also the functional currency of URC. All values are rounded to the nearest dollar 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, 2021
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 exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive loss. Royalties and royalty options All direct costs related to the acquisition of royalties and royalty options are capitalized on a property-by-property basis. The Company assesses the carrying costs for impairment when indicators of impairment exist. Project evaluation costs that are not related to a specific agreement are expensed in the period incurred. 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. 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 and cash equivalents, restricted cash, short-term investments, accounts payable and accrued liabilities and government loan payable. All financial instruments are initially recorded at fair value and designated as follows: Cash and cash equivalents and restricted cash are classified as financial assets at amortized cost. Accounts payable and accrued liabilities and government loan payable 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 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 recognized as a component of other comprehensive income. Cumulative gains and losses are not subsequently reclassified to profit or loss. Transaction costs on initial recognition of financial instruments classified as FVTOCI are recognized in other comprehensive income as part of a change in fair value at the next remeasurement. 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. 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. 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. Cash and cash equivalents Cash and cash equivalents comprise 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 and cash equivalents that have been pledged for credit facilities which are not available for immediate disbursement. 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. Significant accounting judgments and estimates The preparation of these consolidated financial statements requires management to make 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 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. Information about significant sources of estimation uncertainty and judgments made by management in preparing the consolidated financial statements 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 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 determination of whether an acquisition should be accounted for as a royalty or a financial instrument requires the consideration of factors such as the terms of the agreement and the applicability of the own use exemption under IFRS 9 Financial Instruments ● 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.

Cash and Cash Equivalents and R

Cash and Cash Equivalents and Restricted Cash	12 Months Ended
	Apr. 30, 2021
Cash and cash equivalents [abstract]
Cash and Cash Equivalents and Restricted Cash	4. Cash and Cash Equivalents and Restricted Cash As at April 30, 2021 As at April 30, 2020 ($) ($) Cash at bank 7,214,482 245,412 Guaranteed Investment Certificates - 11,591,750 Cash and cash equivalents 7,214,482 11,837,162 Restricted cash of $669,350 (2020: $752,250) includes $55,000 (2020: $55,000) held by the bank as security for a corporate credit card and $614,350 (US$500,000) (2020: $697,250 (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, 2021 and 2020.

Short-term Investments

Short-term Investments	12 Months Ended
	Apr. 30, 2021
Current financial assets at fair value through other comprehensive income [abstract]
Short-term Investments	5. Short-term Investments As at April 30, 2021 As at April 30, 2020 ($) ($) Investment in ordinary shares of Yellow Cake plc Fair value, at the beginning of the period 30,456,461 28,508,793 Additions 726,711 998,583 Disposals (4,681,407 ) - Fair value adjustment due to foreign exchange rate change (1,017,949 ) 193,272 Fair value adjustment due to share price change 4,561,054 755,813 Fair value, at the end of the year 30,044,870 30,456,461 Pursuant to an agreement between Yellow Cake plc (“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 octoxide (“U 3 8 3 8 3 8 The ordinary shares of Yellow Cake are listed on the Alternative Investment Market of the London Stock Exchange. During the year ended April 30, 2021, the Company sold a portion of its shares in Yellow Cake for a fair value of $4,681,407 and realized a gain of $385,563 (2020: $Nil) which had already been included in other comprehensive income. This gain is transferred to accumulated deficit, net of tax of $52,051 (2020: $Nil). During the year ended April 30, 2021, the Company recognized a change in fair value of Yellow Cake’s ordinary shares in an aggregate amount of $3,543,105 (2020: $949,085) and deferred income tax of $478,319 (2020: $128,127) in other comprehensive income. Subsequent to April 30, 2021, the Company granted to a bank a first priority security interest in the Yellow Cake ordinary shares for a margin loan facility (Note 16).

Inventories

Inventories	12 Months Ended
	Apr. 30, 2021
Classes of current inventories [abstract]
Inventories	6. Inventories During the year ended April 30, 2021, the Company acquired 348,068 pounds of U 3 8

Royalties and Royalty Options

Royalties and Royalty Options	12 Months Ended
	Apr. 30, 2021
Royalties And Royalty Options
Royalties and Royalty Options	7. Royalties and Royalty Options Royalties Royalty Options Total ($) ($) ($) Balance, as at April 30, 2019 12,153,132 885,138 13,038,270 Additions 14,404,174 (760,138 ) 13,644,036 Foreign currency translation 574,051 - 574,051 Balance, as at April 30, 2020 27,131,357 125,000 27,256,357 Foreign currency translation (1,679,249 ) - (1,679,249 ) Balance, as at April 30, 2021 25,452,108 125,000 25,577,108 April 30, 2021 April 30, 2020 ($) ($) Diabase project 125,000 125,000 Langer Heinrich project 2,822,267 2,822,267 Anderson project 7,026,821 7,975,016 Slick Rock project 2,788,422 3,164,689 Workman Creek project 1,338,443 1,519,051 Church Rock project 718,035 814,926 Dewey-Burdock project 72,363 82,128 Lance project 72,283 82,037 Roca Honda project 151,652 172,116 Reno Creek project 276,458 313,763 Roughrider project 5,923,135 5,923,135 Michelin project 4,262,229 4,262,229 Total 25,577,108 27,256,357 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 100% of the royalty held by Mrs. Clark in respect of the Diabase property (the “Diabase Option”). The Diabase Option, being an option to purchase a 3% gross revenues royalty on a portion of the Diabase property, may be exercised by the Company in its sole and absolute discretion by paying to Mrs. Clark: (i) $125,000 at closing of the transaction (paid on February 7, 2018); and (ii) $1,750,000 on or before the date that is four years after the closing of the transaction. Anderson, Slick Rock and Workman Creek Projects On August 20, 2018, the Company entered into a royalty purchase agreement with UEC in connection with the purchase of a one percent (1%) net smelter return royalty for uranium on UEC’s Anderson project, Slick Rock project, and Workman Creek project. Pursuant to the royalty purchase agreement, the wholly owned subsidiary of the Company purchased the royalties by issuing 12,000,000 common shares of the Company (the “Consideration Shares”) to UEC. The Consideration Shares are subject to escrow provisions pursuant to the escrow agreements (Note 9.3) and contractual hold periods as set out in the royalty purchase agreement. As at April 30, 2021, 4,000,000 common shares are subject to a contractual hold period until June 11, 2021. Langer Heinrich Project On November 23, 2018, the Company entered into an agreement (the “Langer Heinrich Agreement”) with Mega Uranium Ltd., a shareholder of the Company, and Mega Royalty Holdings Pty Ltd Acn 166 287 261 (collectively referred to as “Mega”), in which Mega granted an option (the “Langer Heinrich Option”) to the Company to purchase a production royalty of Australian $0.12 per kilogram of yellow cake produced from the Langer Heinrich uranium project in Namibia. The Company issued 750,000 common shares (the “Option Shares”) to Mega in payment of the Langer Heinrich Option. The Option Shares are subject to escrow provisions pursuant to the escrow agreements (Note 9.3) and contractual hold periods as set out in the Langer Heinrich Agreement. As at April 30, 2021, 250,000 common shares remain subject to a contractual hold period until June 11, 2021. During the year ended April 30, 2020, the Company exercised the Langer Heinrich Option by issuing 1,354,167 special warrants (the “Option SW”) to Mega. On October 28, 2019, the Company issued 1,354,167 common shares as a result of the exercise of the Option SW. The common shares are subject to escrow provisions pursuant to the escrow agreements (Note 9.3). Church Rock, Dewey-Burdock, Lance and Roca Honda Projects On August 30, 2019, upon completion of an asset purchase agreement with Westwater Resources Inc. (“Westwater”) the Company acquired a 4% net smelter return royalty on the Church Rock property, a 30% net proceeds royalty on a portion of the Dewey-Burdock property, a 4% gross revenues royalty on a portion of the Lance property, a 4% gross revenues royalty on a portion of the Roca Honda property and a convertible promissory note (the “Laramide Promissory Note”) issued by Laramide Resources Ltd. to Westwater. The Laramide Promissory Note was fully settled on January 16, 2020. Reno Creek Project On December 10, 2019, the Company acquired a 0.5% net profit interest royalty on a portion of the Reno Creek property from a group of third parties. The Reno Creek property is wholly owned by UEC. Roughrider Project On December 10, 2019, the Company acquired a 1.97% net smelter return royalty for total consideration of $5.9 million, of which 50% was paid in cash and 50% was satisfied by the issuance of units of the Company (the “Units”), with each unit comprised of one common share and one Listed Warrant of the Company, at a price of $1.50 per Unit. The Company made a cash payment of $2,955,150 and issued 1,969,964 Units for $2,954,946. As at April 30, 2021, the Units which are subject to contractual hold periods will expire as follows: a) 492,491 common shares and 492,491 Listed Warrants on June 11, 2021, and b) 492,491 common shares and 492,491 Listed Warrants on December 11, 2021. Michelin Project On December 10, 2019, the Company acquired a 2% gross revenues royalty on the Michelin property for total consideration of $4.3 million from Altius Minerals Corporation and Altius Royalty Corp. (collectively referred to as “Altius”). The purchase consideration was satisfied by the issuance of Units of the Company at a price of $1.50 per Unit. The Company issued 2,833,332 Units for $4,249,998. As at April 30, 2021, the Units which are subject to contractual hold periods will expire as follows: a) 708,333 common shares and 708,333 Listed Warrants on June 11, 2021, and b) 708,333 common shares and 708,333 Listed Warrants on December 11, 2021.

Government Loan Payable

Government Loan Payable	12 Months Ended
	Apr. 30, 2021
Government Loan Payable
Government Loan Payable	8. Government Loan Payable On April 23, 2020, the Company received a loan of $40,000 through the Canadian Emergency Business Account Program (“CEBA Loan”), which provides financial relief for Canadian businesses during the COVID-19 pandemic. The CEBA Loan has a maturity date of December 31, 2022 and may be extended to December 31, 2025. The CEBA Loan is unsecured, non-revolving and non-interest bearing prior to December 31, 2022. The CEBA Loan is subject to an interest rate of 5% per annum during any extended term, and is repayable at any time without penalty. If at least 75% of the CEBA Loan is repaid prior to December 31, 2022, the remaining balance of the CEBA Loan will be forgiven.

Issued Capital

Issued Capital	12 Months Ended
	Apr. 30, 2021
Disclosure of classes of share capital [abstract]
Issued Capital	9. Issued Capital 9.1 Common Shares The authorized share capital of the Company is comprised of an unlimited number of common shares and unlimited number of preferred shares issuable in series without par value. Common shares subject to certain hold periods are set out as follows: Number of Common Shares Common shares issued at $0.10 per share 9,000,000 Common shares issued at $0.25 per share 1,166,690 Common shares issued to acquire royalties and royalty options (Note 7) 6,651,648 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) one-third (1/3) on December 11, 2021, b) one-third (1/3) on June 11, 2022, and c) one-third (1/3) on December 11, 2022. As at April 30, 2021, 1,166,690 common shares issued pursuant to the subscription agreements at $0.25 per share are subject to a contractual hold period until June 11, 2021. Common shares subject to escrow provisions (Note 9.3) are set out as follows: Number of Common Shares Common shares issued in private placements 902,500 Common shares issued to UEC to acquire royalties 3,000,000 Common shares issued to Mega to acquire royalty option and upon exercise of Option SW 526,044 9.2 Warrant Reserves The following outlines the movements of the Company’s warrants and special warrants: Number of Number of Amount ($) Balance, as at April 30, 2019 - 1,349,503 2,024,255 Special warrants issued at fair value of $1.50 per warrant - 2,233,334 3,350,001 Special warrants issued to acquire royalties - 1,354,167 2,031,251 Common shares issued upon exercise of special warrants - (3,203,670 ) (4,805,506 ) Initial public offering: Listed warrants issued for cash 20,000,000 - 5,244,755 Listed warrants issued on automatic exercise of qualifying special warrants 1,733,334 (1,733,334 ) (2,145,455 ) Listed Warrants issued on exercise of over-allotment option 861,000 - 215,250 Agents’ fees and issuance costs - - (292,935 ) Common share purchase warrants issued to settle other payable 500,000 - 195,089 Listed Warrants issued to acquire royalties (Note 7) 4,803,296 - 1,259,606 Balance, as at April 30, 2020 27,897,630 - 7,076,311 Common shares issued upon exercise of warrants (2,769,293 ) - (724,160 ) Balance, as at April 30, 2021 25,128,337 - 6,352,151 As at April 30, 2021, there are 24,834,219 Listed Warrants, and 294,118 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. Common share purchase warrants subject to certain hold periods are set out as follows: Number of Warrants Listed Warrants issued to acquire royalties (Note7) 2,401,648 9.3 Escrow Agreements The Company has entered into escrow agreements (the “Escrow Agreements”) with several directors and senior officers of the Company, Mega and UEC pursuant to the National Policy and the TSX-V Policy. As at April 30, 2021, 4,428,544 common shares are subject to escrow provisions as set out in the Escrow Agreements. Such common shares are released from escrow on June 11, 2021. 9.4 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. So long as it may be required by the rules and policies of the TSX-V: (a) 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. 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, and further provided that the term of any option shall not exceed ten years. So long as it may be required by the rules and policies of the TSX-V: (a) options shall not be granted if the exercise thereof would result in the issuance of more than 2% of the issued common shares in any twelve-month period to any one consultant or to persons conducting investor relations activities; and (b) the grant value of common shares issued or reserved for issuance pursuant to options granted under the LTIP to any one non-executive director (excluding the Chair of the Board, if any) plus the number of common shares that are reserved at that time for issue or are issuable to such non-executive director pursuant to any other security-based compensation agreement shall not exceed $100,000 in any fiscal year, calculated by the Company as of the grant date. All options granted under the LTIP to persons providing investor relations activities will vest and become exercisable over a period of not less than twelve months, with no more than one quarter of such options vesting and becoming exercisable in any three month period. No share-based awards have been granted by the Company during the year ended April 30, 2021 and 2020. 875,000 stock options were granted by the Company subsequent to April 30, 2021. (Note 16).

Capital Risk Management

Capital Risk Management	12 Months Ended
	Apr. 30, 2021
Capital Risk Management
Capital Risk Management	10. 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, 2021, the Company’s capital structure consists of the equity of the Company (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, 2021
Disclosure of nature and extent of risks arising from financial instruments [abstract]
Financial Instruments	11. Financial Instruments At April 30, 2021, the Company’s financial assets include cash and cash equivalents, restricted cash and short-term investments. The Company’s financial liabilities include accounts payable and accrued liabilities and government loan payable. 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 and cash equivalents, restricted cash, accounts payable and accrued liabilities and government loan payable approximate fair value due to their short terms to settlement. The Company’s short-term investment is measured at fair value on a recurring basis and classified as level 1 within the fair value hierarchy. 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. 11.1 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. 11.2 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 cash equivalents and restricted cash with large, reputable financial institutions. 11.3 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, 2021. The Company’s working capital as at April 30, 2021 was $50,099,267. The Company’s accounts payable and accrued liabilities are expected to be realized or settled, respectively, within a one-year period. 11.4 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. 11.5 Interest rate risk The Company’s exposure to interest rate risk arises from the impact of interest rates on its cash and guaranteed investment certificates, which bear interest at fixed or variable rates. The interest rate risks on the Company’s cash and cash equivalents and restricted cash balances are minimal. 11.6 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 cash equivalents 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, 2021 would have an impact, net of tax, of approximately $2,599,000 on other comprehensive income. The impact of a Canadian dollar change against U.S. dollars on cash and cash equivalents and restricted cash by 10% would have an impact of approximately $153,000 on net loss for the year ended April 30, 2021. 11.7 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, 2021, a 10% change in the equity prices of these investments would have an impact, net of tax, of approximately $2,599,000 on other comprehensive income.

Income Tax

Income Tax	12 Months Ended
	Apr. 30, 2021
Major components of tax expense (income) [abstract]
Income Tax	12. Income Tax The Company had no assessable profit for the years ended April 30, 2021 and 2020. A reconciliation of the provision for income taxes computed at the combined Canadian federal and provincial statutory rate to the provision for income taxes as shown in the statements of comprehensive loss for the years ended April 30, 2021 and 2020 is as follows: For the year ended 2021 2020 ($) Net loss for the year 1,854,840 2,829,485 Statutory rate 27.00 % 27.00 % Recovery of income taxes at statutory rates 500,807 763,961 Non-deductible permanent differences (48,142 ) 17,510 Change in unrecognized deferred income tax assets 25,654 (623,507 ) Other - (29,837 ) Tax recovery for the year 478,319 128,127 The significant component of the Company’s deferred tax assets and liabilities recognized are as follows: As at April 30, 2021 As at April 30, 2020 Deferred tax liabilities: Excess of accounting value of short-term investments over tax value (869,467 ) (530,089 ) Deferred tax assets: Non-capital losses carry-forward 869,467 530,089 - - The temporary differences for which deferred income tax assets are not recognized are as follows: As at April 30, 2021 As at April 30, 2020 Non-capital loss carry-forward 6,798,494 5,818,002 Financing costs 1,024,773 1,906,148 Unrecognized deferred income tax assets 7,823,267 7,724,150 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 losses which may be carried-forward to reduce taxable income in future years. The non-capital losses of $320,817, $3,281,631, $4,901,922 and $1,506,171 in Canada will expire on April 30, 2038, 2039, 2040 and 2041, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Apr. 30, 2021
Disclosure of transactions between related parties [abstract]
Related Party Transactions	13. Related Party Transactions 13.1 Related Party Transactions During the year ended April 30, 2021, the Company incurred $5,335 (2020: $14,892) in general and administrative expenses related to website hosting and maintenance services provided by a vendor that is controlled by a direct family member of the Chairman. Related party transactions are based on the amounts agreed to by the parties. During the years ended April 30, 2021 and 2020, the Company did not enter into any contracts or undertake any commitment or obligation with any related parties other than as described herein and in Note 7. 13.2 Transactions with Key Management Personnel Key management personnel are persons responsible for planning, directing and controlling the activities of an entity. The remuneration of directors and key management, for the years ended April 30, 2021 and 2020, comprised of: For the year ended April 30, 2021 2020 ($) ($) Scott Melbye - Chief Executive Officer (1) 141,874 99,778 Scott Melbye - Former Chairman (2) - 59,904 Philip Williams - Former Chief Executive Officer (3) - 157,494 Josephine Man - Chief Financial Officer (4) 83,373 133,015 Amir Adnani - Chairman (5) 102,000 46,500 Independent directors (6) 49,524 30,000 Total 376,771 526,691 (1) Management fee of $141,874 (2020: $99,778) for the year ended April 30, 2021 represented salaries paid to a company controlled by Scott Melbye, who is the President, Chief Executive Officer and a director of the Company. (2) Chair fee of $Nil (2020: $59,904) for the year ended April 30, 2021 was charged by a company controlled by Scott Melbye, in his capacity at such time as the Chairman and as a member of the Company’s Advisory Committee. (3) Management fee of $Nil (2020: $157,494) for the year ended April 30, 2021 represented salaries and other expenses incurred for services provided by a company controlled by this is controlled by Philip Williams, who was the President, Chief Executive Officer and a director of the Company until October 2019. The amount payable to a company controlled by Mr. Williams of $102,896 as at April 30, 2020 was paid during the year ended April 30, 2021. (4) Management fee of $83,373 (2020: $133,015) for the year ended April 30, 2021 represented salaries and other expenses for services provided by Josephine Man, the Company’s Chief Financial Officer, and a company controlled by Ms. Man. The amount payable to a company controlled by Ms. Man of $6,327 as at April 30, 2020 was paid during the year ended April 30, 2021. (5) Chair fee of $102,000 (2020: $46,500) for the year ended April 30, 2021 was charged by a company controlled by Amir Adnani, the Chairman of the Company. (6)

Operating Segments

Operating Segments	12 Months Ended
	Apr. 30, 2021
Disclosure of operating segments [abstract]
Operating Segments	14. Operating Segments The Company conducts its business as a single operating segment, being the acquiring and assembling a portfolio of royalties 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, 2021
Commitments
Commitments	15. Commitments The Company is leasing its office in Vancouver, Canada with a term of 12 months or less from the date of the lease agreement. As at April 30, 2021, future rental payment due within one year is approximately $30,000.

Subsequent Events

Subsequent Events	12 Months Ended
	Apr. 30, 2021
Disclosure of non-adjusting events after reporting period [abstract]
Subsequent Events	16. Subsequent Events Margin Loan On May 7, 2021, as amended on June 21, 2021, the Company received a margin loan facility for a maximum amount of $12 million (US$10 million) (the “Facility”) from a bank. The amount of the unutilized portion of the Facility may not exceed US$5,000,000 before May 7, 2022 (the “Unutilized Portion”). The margin loan is subject to an interest rate of 3-month USD LIBOR plus 5.50% per annum and the unutilized portion of the Facility is subject to a standby fee of 2.50% per annum. In addition, the Company agreed to pay a one-time facility fee equal to 1.25% of the Facility. The Facility is secured by a pledge of all the shares of Yellow Cake held by the Company. The Facility matures on the earlier of: (i) May 5, 2023; or (ii) the early payment date on which the outstanding loan amount is fully and finally paid and is subject to customary margin requirements, with margin calls being triggered in the event, among other things, that the loan-to-value ratio is at or above 50%. The Company may voluntarily repay the outstanding amount during the term of the Facility, provided that the outstanding balance of the loan shall not be less than the Unutilized Portion. The amounts that are voluntarily repaid may be reborrowed by the Company up to the maximum amount of the Facility. The bank has the option to set the early repayment date when the closing price of Yellow Cake share is equal to or less than GBP1.605. On May 7, 2021, approximately $6.3 million (US$5,175,000) of the Facility was drawn down by the Company. Acquisition of Royalties and Royalty Option 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. (collectively, the “Royalty Vendors”), 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 37.1% 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. 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 consideration paid by the Company under the Royalty Purchase Agreement was approximately $16.3 million, which was satisfied by the Company by paying to the Royalty Vendors approximately $12.1 million (US$10.0 million) in cash and issuing to the Royalty Vendors 970,017 common shares of the Company. Bought Deal Offering On May 20, 2021, the Company completed a bought deal 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 $25,010,000. 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 bought deal 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 bought deal offering. Grant of Stock Options On May 31, 2021, the Company granted 675,000 stock options at an exercise price of $3.49 per share and 50,000 stock 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 stock 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. Base Shelf Prospectus On June 16, 2021, the Company filed a final short form base shelf prospectus, providing for the public offer and sale of certain securities of the Company from time to time, during the 25-month period, of up to $130,000,000.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Apr. 30, 2021
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 exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive loss.
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 basis. The Company assesses the carrying costs for impairment when indicators of impairment exist. Project evaluation costs that are not related to a specific agreement are expensed in the period incurred.
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.
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 and cash equivalents, restricted cash, short-term investments, accounts payable and accrued liabilities and government loan payable. All financial instruments are initially recorded at fair value and designated as follows: Cash and cash equivalents and restricted cash are classified as financial assets at amortized cost. Accounts payable and accrued liabilities and government loan payable 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 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 recognized as a component of other comprehensive income. Cumulative gains and losses are not subsequently reclassified to profit or loss. Transaction costs on initial recognition of financial instruments classified as FVTOCI are recognized in other comprehensive income as part of a change in fair value at the next remeasurement. 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.
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.
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.
Cash and Cash Equivalents	Cash and cash equivalents Cash and cash equivalents comprise 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 and cash equivalents that have been pledged for credit facilities which are not available for immediate disbursement.
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.
Significant Accounting Judgments and Estimates	Significant accounting judgments and estimates The preparation of these consolidated financial statements requires management to make 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 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. Information about significant sources of estimation uncertainty and judgments made by management in preparing the consolidated financial statements 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 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 determination of whether an acquisition should be accounted for as a royalty or a financial instrument requires the consideration of factors such as the terms of the agreement and the applicability of the own use exemption under IFRS 9 Financial Instruments ● 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.

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Apr. 30, 2021
Cash and cash equivalents [abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	As at April 30, 2021 As at April 30, 2020 ($) ($) Cash at bank 7,214,482 245,412 Guaranteed Investment Certificates - 11,591,750 Cash and cash equivalents 7,214,482 11,837,162

Short-term Investments (Tables)

Short-term Investments (Tables)	12 Months Ended
	Apr. 30, 2021
Current financial assets at fair value through other comprehensive income [abstract]
Schedule of Short-term Investments	As at April 30, 2021 As at April 30, 2020 ($) ($) Investment in ordinary shares of Yellow Cake plc Fair value, at the beginning of the period 30,456,461 28,508,793 Additions 726,711 998,583 Disposals (4,681,407 ) - Fair value adjustment due to foreign exchange rate change (1,017,949 ) 193,272 Fair value adjustment due to share price change 4,561,054 755,813 Fair value, at the end of the year 30,044,870 30,456,461

Royalties and Royalty Options (

Royalties and Royalty Options (Tables)	12 Months Ended
	Apr. 30, 2021
Royalties And Royalty Options
Schedule of Royalties and Royalty Options	Royalties Royalty Options Total ($) ($) ($) Balance, as at April 30, 2019 12,153,132 885,138 13,038,270 Additions 14,404,174 (760,138 ) 13,644,036 Foreign currency translation 574,051 - 574,051 Balance, as at April 30, 2020 27,131,357 125,000 27,256,357 Foreign currency translation (1,679,249 ) - (1,679,249 ) Balance, as at April 30, 2021 25,452,108 125,000 25,577,108
Schedule of Royalties	April 30, 2021 April 30, 2020 ($) ($) Diabase project 125,000 125,000 Langer Heinrich project 2,822,267 2,822,267 Anderson project 7,026,821 7,975,016 Slick Rock project 2,788,422 3,164,689 Workman Creek project 1,338,443 1,519,051 Church Rock project 718,035 814,926 Dewey-Burdock project 72,363 82,128 Lance project 72,283 82,037 Roca Honda project 151,652 172,116 Reno Creek project 276,458 313,763 Roughrider project 5,923,135 5,923,135 Michelin project 4,262,229 4,262,229 Total 25,577,108 27,256,357

Issued Capital (Tables)

Issued Capital (Tables)	12 Months Ended
	Apr. 30, 2021
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 Common shares issued at $0.10 per share 9,000,000 Common shares issued at $0.25 per share 1,166,690 Common shares issued to acquire royalties and royalty options (Note 7) 6,651,648 Common shares subject to escrow provisions (Note 9.3) are set out as follows: Number of Common Shares Common shares issued in private placements 902,500 Common shares issued to UEC to acquire royalties 3,000,000 Common shares issued to Mega to acquire royalty option and upon exercise of Option SW 526,044
Schedule of Warrants and Special Warrants	The following outlines the movements of the Company’s warrants and special warrants: Number of Number of Amount ($) Balance, as at April 30, 2019 - 1,349,503 2,024,255 Special warrants issued at fair value of $1.50 per warrant - 2,233,334 3,350,001 Special warrants issued to acquire royalties - 1,354,167 2,031,251 Common shares issued upon exercise of special warrants - (3,203,670 ) (4,805,506 ) Initial public offering: Listed warrants issued for cash 20,000,000 - 5,244,755 Listed warrants issued on automatic exercise of qualifying special warrants 1,733,334 (1,733,334 ) (2,145,455 ) Listed Warrants issued on exercise of over-allotment option 861,000 - 215,250 Agents’ fees and issuance costs - - (292,935 ) Common share purchase warrants issued to settle other payable 500,000 - 195,089 Listed Warrants issued to acquire royalties (Note 7) 4,803,296 - 1,259,606 Balance, as at April 30, 2020 27,897,630 - 7,076,311 Common shares issued upon exercise of warrants (2,769,293 ) - (724,160 ) Balance, as at April 30, 2021 25,128,337 - 6,352,151
Schedule of Common Share Purchase Warrants	Common share purchase warrants subject to certain hold periods are set out as follows: Number of Warrants Listed Warrants issued to acquire royalties (Note7) 2,401,648

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
	Apr. 30, 2021
Major components of tax expense (income) [abstract]
Schedule of Provision for Income Taxes	A reconciliation of the provision for income taxes computed at the combined Canadian federal and provincial statutory rate to the provision for income taxes as shown in the statements of comprehensive loss for the years ended April 30, 2021 and 2020 is as follows: For the year ended 2021 2020 ($) Net loss for the year 1,854,840 2,829,485 Statutory rate 27.00 % 27.00 % Recovery of income taxes at statutory rates 500,807 763,961 Non-deductible permanent differences (48,142 ) 17,510 Change in unrecognized deferred income tax assets 25,654 (623,507 ) Other - (29,837 ) Tax recovery for the year 478,319 128,127
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, 2021 As at April 30, 2020 Deferred tax liabilities: Excess of accounting value of short-term investments over tax value (869,467 ) (530,089 ) Deferred tax assets: Non-capital losses carry-forward 869,467 530,089 - -
Schedule of Temporary Differences for Deferred Income Tax Assets	The temporary differences for which deferred income tax assets are not recognized are as follows: As at April 30, 2021 As at April 30, 2020 Non-capital loss carry-forward 6,798,494 5,818,002 Financing costs 1,024,773 1,906,148 Unrecognized deferred income tax assets 7,823,267 7,724,150

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Apr. 30, 2021
Disclosure of transactions between related parties [abstract]
Schedule of Related Party Transactions	The remuneration of directors and key management, for the years ended April 30, 2021 and 2020, comprised of: For the year ended April 30, 2021 2020 ($) ($) Scott Melbye - Chief Executive Officer (1) 141,874 99,778 Scott Melbye - Former Chairman (2) - 59,904 Philip Williams - Former Chief Executive Officer (3) - 157,494 Josephine Man - Chief Financial Officer (4) 83,373 133,015 Amir Adnani - Chairman (5) 102,000 46,500 Independent directors (6) 49,524 30,000 Total 376,771 526,691 (1) Management fee of $141,874 (2020: $99,778) for the year ended April 30, 2021 represented salaries paid to a company controlled by Scott Melbye, who is the President, Chief Executive Officer and a director of the Company. (2) Chair fee of $Nil (2020: $59,904) for the year ended April 30, 2021 was charged by a company controlled by Scott Melbye, in his capacity at such time as the Chairman and as a member of the Company’s Advisory Committee. (3) Management fee of $Nil (2020: $157,494) for the year ended April 30, 2021 represented salaries and other expenses incurred for services provided by a company controlled by this is controlled by Philip Williams, who was the President, Chief Executive Officer and a director of the Company until October 2019. The amount payable to a company controlled by Mr. Williams of $102,896 as at April 30, 2020 was paid during the year ended April 30, 2021. (4) Management fee of $83,373 (2020: $133,015) for the year ended April 30, 2021 represented salaries and other expenses for services provided by Josephine Man, the Company’s Chief Financial Officer, and a company controlled by Ms. Man. The amount payable to a company controlled by Ms. Man of $6,327 as at April 30, 2020 was paid during the year ended April 30, 2021. (5) Chair fee of $102,000 (2020: $46,500) for the year ended April 30, 2021 was charged by a company controlled by Amir Adnani, the Chairman of the Company. (6)

Corporate Information (Details

Corporate Information (Details Narrative)	12 Months Ended
	Apr. 30, 2021shares$ / shares
Corporate Information
Number of stock exercisable | shares	1
Exercise price of warrant | $ / shares	$ 2

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Restricted Cash (Details Narrative) - CAD ($)	Apr. 30, 2021	Apr. 30, 2020
Statement Line Items [Line Items]
Restricted cash	$ 669,350	$ 752,250
Corporate Credit Card [Member]
Statement Line Items [Line Items]
Restricted cash	55,000	55,000
Foreign Exchange Facility [Member]
Statement Line Items [Line Items]
Restricted cash	614,350	697,250
Foreign Exchange Facility [Member] | United States of America, Dollars
Statement Line Items [Line Items]
Restricted cash	$ 500,000	$ 500,000

Cash and Cash Equivalents and_4

Cash and Cash Equivalents and Restricted Cash - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - CAD ($)	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Cash and cash equivalents [abstract]
Cash at bank	$ 7,214,482	$ 245,412
Guaranteed Investment Certificates		11,591,750
Cash and cash equivalents	$ 7,214,482	$ 11,837,162	$ 2,230,690

Short-term Investments (Details

Short-term Investments (Details Narrative) - Yellow Cake [Member] - CAD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Statement Line Items [Line Items]
Fair value of shares disposed	$ 4,681,407
Realized gain on investment	385,563
Tax on realized gain on investment	52,051
Change in fair value realized	3,543,105	949,085
Deferred income tax	478,319	128,127
United States of America, Dollars
Statement Line Items [Line Items]
Option to acquire inventory	2,500,000	$ 10,000,000
Maximum aggregate amount of options to aquire inventory	$ 31,250,000

Short-term Investments - Schedu

Short-term Investments - Schedule of Short-term Investments (Details) - Yellow Cake [Member] - CAD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Statement Line Items [Line Items]
Fair value, at the beginning of the period	$ 30,456,461	$ 28,508,793
Additions	726,711	998,583
Disposals	(4,681,407)
Fair value adjustment due to foreign exchange rate change	(1,017,949)	193,272
Fair value adjustment due to share price change	4,561,054	755,813
Fair value, at the end of the year	$ 30,044,870	$ 30,456,461

Inventories (Details Narrative)

Inventories (Details Narrative)	12 Months Ended
	Apr. 30, 2021lb$ / lb$ / lb
Statement Line Items [Line Items]
Number of inventories acquired | lb	348,068
Inventory price	35.62
United States of America, Dollars
Statement Line Items [Line Items]
Inventory price	28.73

Royalties and Royalty Options_2

Royalties and Royalty Options (Details Narrative) - CAD ($)	Dec. 10, 2019	Aug. 30, 2019	Aug. 20, 2018	Jan. 31, 2018	Apr. 30, 2021	Apr. 30, 2020	Oct. 28, 2019	Nov. 23, 2018
Statement Line Items [Line Items]
Listed warrants					2,401,648
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	1.97%
Production royalty per kilogram	$ 1.50
Consideration Paid	$ 5,900,000
Cash payment	$ 2,955,150
Units issued	1,969,964
Cash payment	$ 2,954,946
Roughrider Project [Member] | June 11, 2021 [Member]
Statement Line Items [Line Items]
Common shares					492,491
Listed warrants					492,491
Roughrider Project [Member] | December 11, 2021 [Member]
Statement Line Items [Line Items]
Common shares					492,491
Listed warrants					492,491
Michelin Project [Member]
Statement Line Items [Line Items]
Royalty percentage	2.00%
Production royalty per kilogram	$ 1.50
Purchase consideration	$ 4,300,000
Units issued	2,833,332
Payment for units	$ 4,249,998
Michelin Project [Member] | June 11, 2021 [Member]
Statement Line Items [Line Items]
Common shares					708,333
Listed warrants					708,333
Michelin Project [Member] | December 11, 2021 [Member]
Statement Line Items [Line Items]
Common shares					708,333
Listed warrants					708,333
Diabase Agreement [Member] | Paid on February 7, 2018 [Member]
Statement Line Items [Line Items]
Transaction cost				$ 125,000
Diabase Agreement [Member] | Four Years After Closing [Member]
Statement Line Items [Line Items]
Transaction cost				$ 1,750,000
Diabase Agreement [Member] | Mrs. Isabelle Clark [Member]
Statement Line Items [Line Items]
Acquire percentage				100.00%
Royalty percentage				3.00%
Diabase Agreement [Member] | Nuinsco Resources Limited [Member]
Statement Line Items [Line Items]
Acquire percentage				100.00%
Royalty Purchase Agreement [Member]
Statement Line Items [Line Items]
Smelter return royalty percentage			1.00%
Royalty Purchase Agreement [Member] | Consideration Shares [Member]
Statement Line Items [Line Items]
Common shares			12,000,000		4,000,000
Langer Heinrich Agreement [Member] | Australian Dollar [Member]
Statement Line Items [Line Items]
Production royalty per kilogram								$ 0.12
Langer Heinrich Agreement [Member] | Option Shares [Member]
Statement Line Items [Line Items]
Common shares					250,000			750,000
Langer Heinrich Agreement [Member] | Option Special Warrants [Member]
Statement Line Items [Line Items]
Common shares							1,354,167
Special warrants						1,354,167
Asset Purchase Agreement [Member] | Church Rock Project [Member]
Statement Line Items [Line Items]
Royalty percentage		4.00%
Asset Purchase Agreement [Member] | Dewey-Burdock Project [Member]
Statement Line Items [Line Items]
Royalty percentage		30.00%
Asset Purchase Agreement [Member] | Lance Project [Member]
Statement Line Items [Line Items]
Royalty percentage		4.00%
Asset Purchase Agreement [Member] | Roca Honda Project [Member]
Statement Line Items [Line Items]
Royalty percentage		4.00%

Royalties and Royalty Options -

Royalties and Royalty Options - Schedule of Royalties and Royalty Options (Details) - CAD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Statement Line Items [Line Items]
Royalties and Royalty Options, Beginning balance	$ 27,256,357	$ 13,038,270
Royalties and Royalty Options, Additions		13,644,036
Royalties and Royalty Options, Foreign currency translation	(1,679,249)	574,051
Royalties and Royalty Options, Ending balance	25,577,108	27,256,357
Royalties [Member]
Statement Line Items [Line Items]
Royalties and Royalty Options, Beginning balance	27,131,357	12,153,132
Royalties and Royalty Options, Additions		14,404,174
Royalties and Royalty Options, Foreign currency translation	(1,679,249)	574,051
Royalties and Royalty Options, Ending balance	25,452,108	27,131,357
Royalty Options [Member]
Statement Line Items [Line Items]
Royalties and Royalty Options, Beginning balance	125,000	885,138
Royalties and Royalty Options, Additions		(760,138)
Royalties and Royalty Options, Foreign currency translation
Royalties and Royalty Options, Ending balance	$ 125,000	$ 125,000

Royalties and Royalty Options_3

Royalties and Royalty Options - Schedule of Royalties (Details) - CAD ($)	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Statement Line Items [Line Items]
Total	$ 25,577,108	$ 27,256,357	$ 13,038,270
Michelin Project [Member]
Statement Line Items [Line Items]
Total	4,262,229
Diabase Project [Member]
Statement Line Items [Line Items]
Total	125,000	125,000
Langer Heinrich Project [Member]
Statement Line Items [Line Items]
Total	2,822,267
Anderson Project [Member]
Statement Line Items [Line Items]
Total	7,026,821	7,975,016
Slick Rock Project [Member]
Statement Line Items [Line Items]
Total	2,788,422	3,164,689
Workman Creek Project [Member]
Statement Line Items [Line Items]
Total	1,338,443	1,519,051
Church Rock Project [Member]
Statement Line Items [Line Items]
Total	718,035	814,926
Dewey-Burdock Project [Member]
Statement Line Items [Line Items]
Total	72,363	82,128
Lance Project [Member]
Statement Line Items [Line Items]
Total	72,283	82,037
Roca Honda Project [Member]
Statement Line Items [Line Items]
Total	151,652	172,116
Reno Creek Project [Member]
Statement Line Items [Line Items]
Total	276,458	313,763
Roughrider Project [Member]
Statement Line Items [Line Items]
Total	$ 5,923,135	5,923,135
Langer Heinrich Agreement [Member]
Statement Line Items [Line Items]
Total		2,822,267
Michelin Project [Member]
Statement Line Items [Line Items]
Total		$ 4,262,229

Government Loan Payable (Detail

Government Loan Payable (Details Narrative) - Canadian Emergency Business Account Program [Member]	Apr. 23, 2020CAD ($)
Statement Line Items [Line Items]
Proceeds from loan	$ 40,000
Maturity	The CEBA Loan has a maturity date of December 31, 2022 and may be extended to December 31, 2025. The CEBA Loan is unsecured, non-revolving and non-interest bearing prior to December 31, 2022.
Interest rate	5.00%
Loan repayment, description	If at least 75% of the CEBA Loan is repaid prior to December 31, 2022, the remaining balance of the CEBA Loan will be forgiven.

Issued Capital (Details Narrati

Issued Capital (Details Narrative)	May 31, 2021shares	Jul. 15, 2021CAD ($)	Apr. 30, 2021CAD ($)shares$ / shares	Apr. 30, 2020shares
Statement Line Items [Line Items]
Listed warrants			2,401,648
Number of share options granted	675,000
Warrants [Member]
Statement Line Items [Line Items]
Listed warrants			24,834,219
Unlisted common share purchase warrants			294,118
Warrants exercise price | $ / shares			$ 1.40
Warrants expiry date			Dec. 6, 2024
Subscription Agreements [Member]
Statement Line Items [Line Items]
Common shares per share | $ / shares			$ 0.10
Subscription Agreements [Member] | June 11, 2021 [Member]
Statement Line Items [Line Items]
Common shares per share | $ / shares			$ 0.25
Common shares			1,166,690
Escrow Agreements [Member] | June 11, 2021 [Member]
Statement Line Items [Line Items]
Common shares			4,428,544
Long Term Incentive Plan [Member]
Statement Line Items [Line Items]
Common shares			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
Number of share options granted
Long Term Incentive Plan [Member] | Non-adjusting Events After Reporting Period [Member]
Statement Line Items [Line Items]
Number of share options granted | $		875,000

Issued Capital - Schedule of Co

Issued Capital - Schedule of Common Shares (Details)	Apr. 30, 2021shares
Common Shares One [Member]
Statement Line Items [Line Items]
Common shares issued	9,000,000
Common Shares Two [Member]
Statement Line Items [Line Items]
Common shares issued	1,166,690
Common Shares to Acquire Royalties and Royalty Options [Member]
Statement Line Items [Line Items]
Common shares issued	6,651,648
Common Shares Private Placements [Member]
Statement Line Items [Line Items]
Common shares issued	902,500
Common Shares UEC to Acquire Royalties [Member]
Statement Line Items [Line Items]
Common shares issued	3,000,000
Common Shares Mega to Acquire Royalty Option [Member]
Statement Line Items [Line Items]
Common shares issued	526,044

Issued Capital - Schedule of _2

Issued Capital - Schedule of Common Shares (Details) (Parenthetical)	Apr. 30, 2021$ / shares
Common Shares One [Member]
Statement Line Items [Line Items]
Common shares per share	$ 0.10
Common Shares Two [Member]
Statement Line Items [Line Items]
Common shares per share	$ 0.25

Issued Capital - Schedule of Wa

Issued Capital - Schedule of Warrants and Special Warrants (Details) - CAD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Statement Line Items [Line Items]
Amount, Special warrants issued to acquire royalties		$ 2,031,251
Amount, Listed warrants issued for cash		30,000,000
Amount, Listed warrants issued on automatic exercise of qualifying special warrants
Amount, Listed Warrants issued on exercise of over-allotment option		215,250
Amount, Agents' fees and issuance costs		$ (1,614,625)
Warrant Reserves [Member]
Statement Line Items [Line Items]
Number of Warrants, Outstanding, Beginning balance	27,897,630
Number of Warrants, Special warrants issued at fair value
Number of Warrants, Special warrants issued to acquire royalties
Number of Warrants, Common shares issued upon exercise of warrants	(2,769,293)
Number of Warrants, Listed warrants issued for cash		20,000,000
Number of Warrants, Listed warrants issued on automatic exercise of qualifying special warrants		1,733,334
Number of Warrants, Listed Warrants issued on exercise of over-allotment option		861,000
Number of Warrants, Agents 'fees and issuance costs
Number of Warrants, Common share purchase warrants issued to settle other payable		500,000
Number of Warrants, Listed Warrants issued to acquire royalties		4,803,296
Number of Warrants, Outstanding, Ending balance	25,128,337	27,897,630
Number of Special Warrants, Outstanding, Beginning balance		1,349,503
Number of Special Warrants, Special warrants issued at fair value		2,233,334
Number of Special Warrants, Special warrants issued to acquire royalties		1,354,167
Number of Special Warrants, Common shares issued upon exercise of warrants		(3,203,670)
Number of Special Warrants, Listed warrants issued for cash
Number of Special Warrants, Listed warrants issued on automatic exercise of qualifying special warrants		(1,733,334)
Number of Special Warrants, Listed Warrants issued on exercise of over-allotment option
Number of Special Warrants, Agents' fees and issuance costs
Number of Special Warrants, Common share purchase warrants issued to settle other payable
Number of Special Warrants, Listed Warrants issued to acquire royalties
Number of Special Warrants, Outstanding, Ending balance
Amount, Outstanding, Beginning balance	$ 7,076,311	$ 2,024,255
Amount, Special warrants issued at fair value		3,350,001
Amount, Special warrants issued to acquire royalties		2,031,251
Amount, Common shares issued upon exercise of warrants	(724,160)	(4,805,506)
Amount, Listed warrants issued for cash		5,244,755
Amount, Listed warrants issued on automatic exercise of qualifying special warrants		(2,145,455)
Amount, Listed Warrants issued on exercise of over-allotment option		215,250
Amount, Agents' fees and issuance costs		(292,935)
Amount, Common share purchase warrants issued to settle other payable		195,089
Amount, Listed Warrants issued to acquire royalties		$ 1,259,606
Amount, Outstanding, Ending balance	$ 6,352,151

Issued Capital - Schedule of _3

Issued Capital - Schedule of Warrants and Special Warrants (Details) (Parenthetical)	Apr. 30, 2020$ / shares
Warrant Reserves [Member]
Statement Line Items [Line Items]
Warrants exercise price	$ 1.50

Issued Capital - Schedule of _4

Issued Capital - Schedule of Common Share Purchase Warrants (Details)	Apr. 30, 2021shares
Disclosure of classes of share capital [abstract]
Listed Warrants issued to acquire royalties	2,401,648

Financial Instruments (Details

Financial Instruments (Details Narrative) - CAD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Statement Line Items [Line Items]
Working capital	$ 50,099,267
Other comprehensive income	1,383,771	$ 1,414,269
Net loss	$ (1,376,521)	$ (2,701,358)
Currency Risk [member]
Statement Line Items [Line Items]
Short-term investments, percentage	10.00%
Other comprehensive income	$ 2,599,000
Cash and cash equivalents and restricted cash, percentage	10.00%
Net loss	$ 153,000
Other Price Risk [member]
Statement Line Items [Line Items]
Short-term investments, percentage	10.00%
Other comprehensive income	$ 2,599,000

Income Tax (Details Narrative)

Income Tax (Details Narrative)	12 Months Ended
	Apr. 30, 2021CAD ($)
April 30, 2038 [Member]
Statement Line Items [Line Items]
Non-capital losses	$ 320,817
April 30, 2039 [Member]
Statement Line Items [Line Items]
Non-capital losses	3,281,631
April 30, 2040 [Member]
Statement Line Items [Line Items]
Non-capital losses	4,901,922
April 30, 2041 [Member]
Statement Line Items [Line Items]
Non-capital losses	$ 1,506,171

Income Tax - Schedule of Provis

Income Tax - Schedule of Provision for Income Taxes (Details) - CAD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Major components of tax expense (income) [abstract]
Net loss for the year	$ 1,854,840	$ 2,829,485
Statutory rate	27.00%	27.00%
Recovery of income taxes at statutory rates	$ 500,807	$ 763,961
Non-deductible permanent differences	(48,142)	17,510
Change in unrecognized deferred income tax assets	25,654	(623,507)
Other		(29,837)
Tax recovery for the year	$ 478,319	$ 128,127

Income Tax - Schedule of Deferr

Income Tax - Schedule of Deferred Tax Assets and Liabilities (Details) - CAD ($)	Apr. 30, 2021	Apr. 30, 2020
Major components of tax expense (income) [abstract]
Deferred tax liabilities: Excess of accounting value of short-term investments over tax value	$ (869,467)	$ (530,089)
Deferred tax assets: Non-capital losses carry-forward	869,467	530,089
Deferred tax assets and liabilities

Income Tax - Schedule of Tempor

Income Tax - Schedule of Temporary Differences for Deferred Income Tax Assets (Details) - CAD ($)	Apr. 30, 2021	Apr. 30, 2020
Major components of tax expense (income) [abstract]
Non-capital loss carry-forward	$ 6,798,494	$ 5,818,002
Financing costs	1,024,773	1,906,148
Unrecognized deferred income tax assets	$ 7,823,267	$ 7,724,150

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - CAD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Statement Line Items [Line Items]
General and administrative expense	$ 557,201	$ 535,395
Website Hosting and Maintenance Services [Member]
Statement Line Items [Line Items]
General and administrative expense	$ 5,335	$ 14,892

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - CAD ($)		12 Months Ended
		Apr. 30, 2021	Apr. 30, 2020
Statement Line Items [Line Items]
Total		$ 376,771	$ 526,691
Scott Melbye - Chief Executive Officer [Member]
Statement Line Items [Line Items]
Total	[1]	141,874	99,778
Scott Melbye - Former Chairman [Member]
Statement Line Items [Line Items]
Total	[2]		59,904
Philip Williams - Former Chief Executive Officer [Member]
Statement Line Items [Line Items]
Total	[3]		157,494
Josephine Man - Chief Financial Officer [Member]
Statement Line Items [Line Items]
Total	[4]	83,373	133,015
Amir Adnani - Chairman [Member]
Statement Line Items [Line Items]
Total	[5]	102,000	46,500
Independent Directors [Member]
Statement Line Items [Line Items]
Total	[6]	$ 49,524	$ 30,000
[1]	Management fee of $141,874 (2020: $99,778) for the year ended April 30, 2021 represented salaries paid to a company controlled by Scott Melbye, who is the President, Chief Executive Officer and a director of the Company.
[2]	Chair fee of $Nil (2020: $59,904) for the year ended April 30, 2021 was charged by a company controlled by Scott Melbye, in his capacity at such time as the Chairman and as a member of the Company's Advisory Committee.
[3]	Management fee of $Nil (2020: $157,494) for the year ended April 30, 2021 represented salaries and other expenses incurred for services provided by a company controlled by Philip Williams, who was the President, Chief Executive Officer and a director of the Company until October 2019. The amount payable to a company controlled by Mr. Williams of $102,896 as at April 30, 2020 was paid during the year ended April 30, 2021.
[4]	Management fee of $83,373 (2020: $133,015) for the year ended April 30, 2021 represented salaries and other expenses for services provided by Josephine Man, the Company's Chief Financial Officer, and a company controlled by Ms. Man. The amount payable to a company controlled by Ms. Man of $6,327 as at April 30, 2020 was paid during the year ended April 30, 2021.
[5]	Chair fee of $102,000 (2020: $46,500) for the year ended April 30, 2021 was charged by a company controlled by Amir Adnani, the Chairman of the Company.
[6]	Consisted of independent directors' fees.

Related Party Transactions - _2

Related Party Transactions - Schedule of Related Party Transactions (Details) (Parenthetical) - CAD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Scott Melbye - Chief Executive Officer [Member]
Statement Line Items [Line Items]
Management fee	$ 141,874	$ 99,778
Scott Melbye - Former Chairman [Member]
Statement Line Items [Line Items]
Chair fee		59,904
Philip Williams - Former Chief Executive Officer [Member]
Statement Line Items [Line Items]
Management fee		157,494
Amount payable to related party	102,896
Josephine Man - Chief Financial Officer [Member]
Statement Line Items [Line Items]
Management fee	83,373	133,015
Amount payable to related party	6,327
Amir Adnani - Chairman [Member]
Statement Line Items [Line Items]
Chair fee	$ 102,000	$ 46,500

Commitments (Details Narrative)

Commitments (Details Narrative) - Lease Agreement [Member]	12 Months Ended
	Apr. 30, 2021CAD ($)
Statement Line Items [Line Items]
Rental payment due	1 year
Rental payment	$ 30,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	Jun. 21, 2021CAD ($)	Jun. 16, 2021CAD ($)	May 31, 2021shares$ / shares	May 20, 2021CAD ($)$ / sharesshares	May 07, 2021CAD ($)shares	May 06, 2021CAD ($)
Disclosure of non-adjusting events after reporting period [line items]
Stock option granted | shares			675,000
Exercise price of option granted | $ / shares			$ 3.49
Exercisable period			5 years
Vesting percentage			25.00%
Vesting description			25% on each of the dates that are 6, 12 and 18 months thereafter.
Non-adjusting Events After Reporting Period [Member] | Directors Officers and Employees [Member]
Disclosure of non-adjusting events after reporting period [line items]
Stock option granted | shares			50,000
Exercise price of option granted | $ / shares			$ 4.10
Exercisable period			5 years
Vesting percentage			25.00%
Vesting description			25% on each of the dates that are 6, 12 and 18 months thereafter.
Non-adjusting Events After Reporting Period [Member] | Consultant [Member]
Disclosure of non-adjusting events after reporting period [line items]
Stock option granted | shares			150,000
Exercise price of option granted | $ / shares			$ 3.49
Exercisable period			2 years
Vesting percentage			25.00%
Vesting description			25% on each of the dates that are 4, 8 and 12 months thereafter.
Non-adjusting Events After Reporting Period [Member] | Bought Deal Offering [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued | shares				6,100,000
Share price per share | $ / shares				$ 4.10
Proceeds from issuance of shares				$ 25,010,000
Share issuance description				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.
Non-adjusting Events After Reporting Period [Member] | Bought Deal Offering [Member] | UEC [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued | shares				1,000,000
Share issuance description				UEC purchased 1,000,000 Offered Shares, representing 16.39% of the number of Offered Shares, on the same terms as the public offering.
Non-adjusting Events After Reporting Period [Member] | Royalty Purchase Agreement [Member]
Disclosure of non-adjusting events after reporting period [line items]
Royalty acquisition					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. (collectively, the "Royalty Vendors"), 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 37.1% 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. 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.
Consideration paid					$ 16,300,000
Consideration paid as cash					$ 12,100,000
Shares issued to acquire | shares					970,017
Non-adjusting Events After Reporting Period [Member] | United States of America, Dollars | Royalty Purchase Agreement [Member]
Disclosure of non-adjusting events after reporting period [line items]
Consideration paid as cash					$ 10,000,000
Non-adjusting Events After Reporting Period [Member] | Maximum [Member]
Disclosure of non-adjusting events after reporting period [line items]
Issuance of base shelf prospectus, value		$ 130,000,000
Non-adjusting Events After Reporting Period [Member] | Margin Loan Facility [Member]
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from loan					6,300,000
Non-adjusting Events After Reporting Period [Member] | Margin Loan Facility [Member] | LIBOR [Member]
Disclosure of non-adjusting events after reporting period [line items]
Interest rate	5.50%
Standby fee	2.50%
Facility fee	1.25%
Non-adjusting Events After Reporting Period [Member] | Margin Loan Facility [Member] | United States of America, Dollars
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from loan					$ 5,175,000
Non-adjusting Events After Reporting Period [Member] | Margin Loan Facility [Member] | Maximum [Member]
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from loan	$ 12,000,000
Unutilized portion of loan facility						$ 5,000,000
Credit facility description						The Facility is secured by a pledge of all the shares of Yellow Cake held by the Company. The Facility matures on the earlier of: (i) May 5, 2023; or (ii) the early payment date on which the outstanding loan amount is fully and finally paid and is subject to customary margin requirements, with margin calls being triggered in the event, among other things, that the loan-to-value ratio is at or above 50%. The Company may voluntarily repay the outstanding amount during the term of the Facility, provided that the outstanding balance of the loan shall not be less than the Unutilized Portion. The amounts that are voluntarily repaid may be reborrowed by the Company up to the maximum amount of the Facility. The bank has the option to set the early repayment date when the closing price of Yellow Cake share is equal to or less than GBP1.605.
Non-adjusting Events After Reporting Period [Member] | Margin Loan Facility [Member] | Maximum [Member] | United States of America, Dollars
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from loan	$ 10,000,000