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Note 12 - Asset Retirement Obligations
 9 Months Ended
Apr. 30, 2021
Notes to Financial Statements  
Asset Retirement Obligation Disclosure [Text Block]
NOTE
12:
ASSET RETIREMENT OBLIGATIONS
 
Asset retirement obligations (“ARO”s) relate to future remediation and decommissioning activities at our Palangana Mine, Hobson Processing Facility, Reno Creek Project and Alto Paraná Titanium Project.
 
Balance, July 31, 2020
   $
3,734,314
  
Accretion
    
153,255
  
Balance, April 30, 2021
  
$
3,887,569
  
 
The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:
 
   
April 30, 2021
    
July 31, 2020
  
Undiscounted amount of estimated cash flows
  
$
8,221,018
     $
8,221,018
  
                         
Payable in years
  
 
9
to
21
      
9
to
21
  
Inflation rate
    
 1.56%
to
2.17%
      
1.56%
to
2.17%
  
Discount rate
  
 
5.50%
to
5.96%
      
5.50%
to
5.96%
  
 
The undiscounted amounts of estimated cash flows for the next
five
fiscal years and beyond are as follows:
 
 
        
Fiscal 2022
   $
-
  
Fiscal 2023
    
-
  
Fiscal 2024
    
-
  
Fiscal 2025
    
-
  
Fiscal 2026
    
-
  
Remaining balance
    
8,221,018
  
    $
8,221,018