Note 6 - Equity-accounted Investment

6 Months Ended

Jan. 31, 2020

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE

6

:      EQUITY-ACCOUNTED INVESTMENT

As at

January 31, 2020,

we own

14,000,000

shares of Uranium Royalty Corp. (“URC”).

During the

three

months ended

January 31, 2020,

URC completed an initial public offering which consisted of the issuance of

20,000,000

units of URC (each, a “URC Unit”). Each URC Unit is comprised of

one

common share and

one

common share purchase warrant of URC. URC is now listed for trading on the TSX Venture Exchange with the trading symbol “URC.V”.

As at

January 31, 2020,

we owned a

19.5%

(

July 31, 2019:

32.6%

) interest in URC. In addition,

two

of our officers are members of URC’s board of directors,

one

of which is an officer of URC. As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the

three

and

six

months ended

January 31, 2020.

During the

three

months ended

January 31, 2020,

URC acquired a

0.5%

net profit interest royalty in our Reno Creek Project from a

third

party.

During the

six

months ended

January 31, 2020,

the change in carrying value of our investment in URC is summarized as follows:

Balance, July 31, 2019	$	8,680,449
Share of loss from URC		(692,880	)
Gain on ownership interest dilution		3,056,656
Translation loss		(49,542	)
Balance, January 31, 2020	$	10,994,683