Note 11 - Asset Retirement Obligations

9 Months Ended

Apr. 30, 2023

Notes to Financial Statements

Asset Retirement Obligation Disclosure [Text Block]

NOTE 11: ASSET RETIREMENT OBLIGATIONS

Asset retirement obligations (“ARO”s) relate to future remediation and decommissioning activities for our plants, processing facilities and various projects, and are summarized as follows:

Balance, July 31, 2022	$	17,276
Accretion		710
Assumed from Roughrider Acquisition (Note 4)		445
Assumed from UEX Acquisition (Note 3)		211
Liabilities settled in cash		(6	)
Foreign exchange difference		(9	)
Balance, April 30, 2023		18,627
Asset retirement obligations, current		362
Asset retirement obligations, non-current	$	18,265

The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:

		April 30, 2023				July 31, 2022
Undiscounted amount of estimated cash flows	$			29,212	$			28,739
Payable in years		1	to	23		1	to	23
Inflation rate		1.56%	to	5.32%		1.56%	to	5.32%
Discount rate		3.72%	to	6.35%		3.72%	to	6.35%

Our undiscounted amounts of estimated cash flows for the next five fiscal years and beyond are as follows:

Fiscal 2023	$	362
Fiscal 2024		1,300
Fiscal 2025		1,472
Fiscal 2026		2,489
Fiscal 2027		2,509
Remaining balance		21,080
	$	29,212