Note 4 - Acquisition of the Roughrider Project

3 Months Ended

Oct. 31, 2022

Roughrider Acquisition [Member]

Notes to Financial Statements

Asset Acquisition [Text Block]

NOTE 4: ACQUISITION OF THE ROUGHRIDER PROJECT

On October 14, 2022, we completed the acquisition of all of the issued and outstanding shares of Roughrider Mineral Holdings Inc. (“Roughrider”) which owns the Roughrider uranium development project (the “Roughrider Project”) located in the Athabasca Basin, in Saskatchewan, Canada, from a subsidiary of Rio Tinto plc (the “Roughrider Acquisition”). The Roughrider Acquisition is accounted for as an acquisition of assets rather than a business as the Roughrider Project does not meet the definition of a business in accordance with ASC 805 Business Combinations.

The following table summarizes the fair value of the consideration paid, and the fair value of the assets acquired and liabilities assumed, on the closing date of the Roughrider Acquisition:

Consideration paid
Cash	$	80,000
Fair value of 17,805,815 UEC shares issued at $3.60 per share		64,101
Acquisition related costs		2,117
Total consideration paid	$	146,218
Assets acquired and liabilities assumed
Mineral rights and properties		178,438
Total assets		178,438
Asset retirement obligations		445
Deferred tax liabilities		31,775
Total liabilities		32,220
Total net assets	$	146,218