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Note 3 - Acquisition of Uranium One Americas Inc. - Assets Acquired and Liabilities Assumed (Details) - USD ($)
6 Months Ended
Dec. 17, 2021
Jan. 31, 2022
Jan. 31, 2021
Jul. 31, 2021
Cash   $ 113,587,952 $ (0)  
Mineral rights and properties (2)   178,640,630   $ 67,711,387
Restricted cash   13,754,533   $ 0
Asset retirement obligations (5)   $ 12,707,248    
U1A Acquisition [Member]        
Cash $ 125,592,602      
Working capital adjustment (1) [1] 2,901,943      
Total consideration paid 128,494,545      
Cash & cash equivalents (1) [1] 1,183,369      
Prepaid expenses and deposits (1) [1] 1,549,166      
Other current assets (1) [1] 73,200      
Inventories (1) [1] 192,015      
Mineral rights and properties (2) [2] 110,413,823      
Property, plant and equipment (3) [3] 13,159,570      
Restricted cash 13,754,533      
Other non-current assets (4) [4] 1,736,527      
Total assets 142,062,203      
Accounts payable and accrued liabilities (1) [1] 95,807      
Other liabilities (4) [4] 764,603      
Asset retirement obligations (5) [5] 12,707,248      
Total liabilities 13,567,658      
Total net assets $ 128,494,545      
[1] Working capital adjustment represents the working capital of UEC Wyoming at the date of acquisition, which was comprised of: (i) cash and cash equivalents of $1,183,369; (ii) prepaid expenses and deposits of $1,549,166; (iii) other current assets of $73,200; (iv) inventories of $192,015; and (v) accounts payable and accrued liabilities of $95,807. The fair value of these working capital items approximates their respective carrying values at the date of the acquisition.
[2] Preliminary fair value of mineral rights and properties was determined using a discounted cash flow model (being the net present value of expected future cash flows). Expected future cash flows are based on estimates of future uranium prices and projected future revenues, estimated quantities of mineral resources and production, expected future production costs, and capital expenditures based on the life of mine plans as at the acquisition date.
[3] Preliminary fair value of property, plant and equipment was determined using a replacement cost approach.
[4] Other non-current assets included certain material and supply inventories classified as non-current and right-of-use ("ROU") assets associated with UEC Wyoming's operating leases. The preliminary fair value of long-term inventory was determined to approximate its carrying value. ROU assets and lease liabilities for operating leases are measured based on the present value of the future lease payments over the remaining lease terms at the acquisition date.
[5] Preliminary fair value of asset retirement obligations was measured based on the expected costs and timing for final well closure, plant and equipment decommissioning and removal, and environmental remediation, which are discounted to present value using credit adjusted risk-free rates.