What changed in this filing

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Item 2. Properties

2021-10-28 compared with 2020-10-29 · 55 added, 49 removed, 1007 unchanged (9% of the section changed)

1 unchanged sentence

States of Arizona, Colorado, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay by way of federal mining claims, state and private mineral leases and mineral concessions.

We also held a wholly-owned uranium processing facility located in the State of Texas, the Hobson Processing Facility, which processes material extracted from our Palangana Mine.

We also held a wholly-owned uranium processing facility located in the State of Texas, our Hobson Processing Facility, which processes material extracted from our Palangana Mine.

We have prepared and will continue to prepare, from time to time, various technical reports (each, a “Technical Report”), in accordance with the provisions and requirements of National Instrument 43-101 Standards of Disclosure for Mineral Properties (“NI 43-101”), of the Canadian Securities Administrators (the “CSA”), respecting various of our mineral projects.

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Furthermore, we have no plans to establish proven or probable reserves for any of our mineral projects for which we plan on utilizing ISR mining, such as the Palangana Mine.

On October 31, 2018, the SEC adopted the Modernization of Property Disclosures for Mining Registrants (again, the “New Rule”), introducing significant changes to the existing mining disclosure framework to better align it with international industry and regulatory practice, including NI 43-101.

The New Rule became effective as of February 25, 2019, and issuers are required to comply with the New Rule as of the annual report for their first fiscal year beginning on or after January 1, 2021, and earlier in certain circumstances.

The Company does not anticipate needing to comply with the New Rule until the filing of our annual report for the fiscal year ending July 31, 2022 and, at this time, the Company does not know the full effect of the New Rule on its mineral resources and, therefore, the disclosure related to the Company’s mineral resources may be significantly different when computed using the requirements set forth in the New Rule.

Texas Processing Facility and Projects

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Mineral Titles

At July 31, 2020, there were nine leases covering 6,987 acres at the Palangana Mine.

PAA-1 is on the de Hoyos leases while PAA-2, PAA-3 and the Dome trend are on the Palangana Ranch Management, LLC lease.

Bordering the east side of the Palangana Ranch Management, LLC lease is the White Bell Ranch lease, comprised of 1,006 acres, which contains the Jemison Fence and Jemison East trends.

The fourth major lease is the Garcia/Booth property comprised of 1,278 acres which borders the east side of the De Hoyos property and contains the NE Garcia and SW Garcia trends.

At July 31, 2021, there were seven leases covering 6,406 acres at the Palangana Mine.

PAA-1 is on the de Hoyos property while PAA-2, PAA-3 and the Dome trend are on the Palangana Ranch property.

Bordering the east side of the Palangana Ranch is the White Bell Ranch, which contains the Jemison Fence and Jemison East trends.

The fourth major property is the Garcia/Booth property comprised of 1,278 acres which borders the east side of the De Hoyos property and contains the NE Garcia and SW Garcia trends.

Lease ownership is held by STMV, which is wholly-owned by the Company.

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The road continues southward about six miles to the town of Benavides.

Access is excellent, with major two-lane roads connecting the three surrounding towns and unpaved secondary roads connecting to Palangana.

Access is excellent, with major two-lane roads connecting the three surrounding towns and unpaved secondary roads connecting to the Palangana Mine.

Surface Rights

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About 340,000 pounds of U 3 O 8 were produced from portions of a 31-acre wellfield area.

The extraction pounds indicate a 32% to 34% recovery rate.

The extraction pounds indicated a 32% to 34% recovery rate.

The push/pull injection/recovery system was later proven to be less productive than well configurations or patterns of injection wells around a recovery well.

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Generally, they overlap one another but there are differences making a concurrent, multiple-horizon recovery scenario not uniformly effective.

The table below summarizes the historical drilling results at the Palangana Mine prior to its acquisition by our Company on December 18, 2009.

Update to July 31, 2020

The table below summarizes the historical drilling results at the Palangana Mine as of July 31, 2021, including drilling results prior to its acquisition by our Company on December 18, 2009.

Since commencing uranium extraction at the Palangana Mine in November 2010 to July 31, 2021, the Hobson Processing Facility has processed 578,000 pounds of uranium concentrates extracted directly from the Palangana Mine utilizing ISR methods.

2 unchanged sentences

With 69 monitor wells already in place prior to our acquisition of the Palangana Mine, we drilled a total of 201 holes for well control facilities and wellfields including injection and extraction wells and infill drilling efforts.

During Fiscal 2020, Fiscal 2019 and Fiscal 2018, no additional infill drilling took place;

During Fiscal 2021 and the year ended July 31, 2020 (“Fiscal 2020”), no additional infill drilling took place;

PAA-2 commenced uranium extraction in March 2012 and remains fully-permitted.

With 43 monitor wells already in place prior to our acquisition of the Palangana Mine, we drilled a total of 63 holes for well control facilities and wellfields including injection and extraction wells and infill drilling efforts.

During Fiscal 2020, Fiscal 2019 and Fiscal 2018, no additional infill drilling took place;

During Fiscal 2021 and Fiscal 2020, no additional infill drilling took place;

PAA-3 commenced uranium extraction in December 2012 and remains fully-permitted.

We drilled a total of 345 holes for mineral trend exploration and delineation, monitor wells, well control facilities and wellfields including injection and extraction wells and infill drilling efforts.

During Fiscal 2020, Fiscal 2019 and Fiscal 2018, no additional infill drilling took place;

We drilled a total of 345 holes for mineral trend exploration and delineation, monitor wells, well control facilities and wellfields including injection and extraction wells and infill drilling.

During Fiscal 2021 and Fiscal 2020, no additional infill drilling took place;

PAA-4 permitting was completed and approved in November 2014, including the approval of the Aquifer Exemption in March 2015.

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We drilled a total of 46 holes at PAA-5 and PAA-6 for mineral trend exploration and delineation and a monitor well.

During Fiscal 2020, Fiscal 2019, Fiscal 2018, no additional drilling took place.

During Fiscal 2020, Fiscal 2019 and Fiscal 2018, we reduced operations at the Palangana Mine to capture residual uranium only.

During Fiscal 2021 and Fiscal 2020, no additional drilling took place.

During Fiscal 2021 and Fiscal 2020, we reduced operations at the Palangana Mine to capture residual uranium only.

As a result, no material amount of U 3 O 8 was processed at the Hobson Processing Facility.

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The following table summarizes the drill holes completed by the Company from December 18, 2009, the date of our acquisition of STMV, to July 31, 2021:

We have not established proven or probable reserves, as defined by the SEC under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for the Palangana Mine.

We have not established proven or probable reserves, as defined by the SEC, through the completion of a “final” or “bankable” feasibility study for the Palangana Mine.

Furthermore, we have no plans to establish proven or probable reserves for any of our uranium projects for which we plan on utilizing ISR mining, such as the Palangana Mine.

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Property Description and Location

Our Burke Hollow Project is comprised of two leases covering 19,335 acres located in Texas along the eastern, down-dip side end of the South Texas Uranium Belt.

Our Burke Hollow Project is comprised of two leases covering 19,335 acres located in Texas along the eastern, down-dip side of the South Texas Uranium Belt.

These leases allow for the mining of uranium by ISR methods while utilizing the land surface (with variable conditions), as needed, for mining wells and aboveground facilities for fluid processing and uranium extraction during the mining and groundwater restoration phases of the project.

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There are no known environmental liabilities associated with the Burke Hollow Project.

We currently have an exploration permit for work in Bee County from the Texas Railroad Commission (“TRC”).

Prior to any mining activity at the Burke Hollow Project, we would be required to obtain a RML, a large area UIC Mine permit and a PAA permit for each wellfield developed for mining within the Mine Permit area.

We currently have an exploration permit for work in Bee County from the RCT.

Prior to any mining activity at the Burke Hollow Project, we would be required to obtain an RML, a large area UIC Mine permit and a PAA permit for each wellfield developed for mining within the Mine Permit area.

In addition, a waste disposal well would, if needed, would require a separate UIC Mine permit.

These permits would be issued by Texas regulatory agencies.

The TRC requires exploration companies to obtain exploration permits before conducting drilling in any area.

The RCT requires exploration companies to obtain exploration permits before conducting drilling in any area.

The permits include standards for the abandonment and remediation of test bore holes.

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The necessary rights for constructing the needed surface processing facilities are in-place on selected lease agreements.

Sufficient electric power is believed to be available in the area, however new lines may be needed to bring additional service to a plant site and well fields.

Sufficient electric power is believed to be available in the area;

however, new lines may be needed to bring additional service to a plant site and well fields.

Within a 20-mile radius of the planned Burke Hollow facility there is sufficient population to supply the necessary number of suitable mining personnel.

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Drill cuttings were typically collected from the drilling fluid returns circulating up the annulus of the borehole.

These samples were generally taken at five foot intervals and laid out on the ground in consecutive rows of twenty by the drill crew for review and description by a geologist.

These samples were generally taken at five foot intervals and laid out on the ground in consecutive rows of 20 by the drill crew for review and description by a geologist.

Upon completion, the holes were logged for gamma ray, self-potential and resistance by contract logging companies.

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Update to July 31, 2021

During Fiscal 2020, a total of 26 exploration holes and 21 cased monitor wells totaling 21,069 feet were drilled at the Burke Hollow Project to depths ranging from a minimum of 400 feet to a maximum 500 feet, with an average depth of 448 feet.

During Fiscal 2021, a total of 81 exploration holes totaling 38,785 feet were drilled at the Burke Hollow Project to depths ranging from a minimum of 420 feet to a maximum 500 feet, with an average depth of 479 feet.

Cumulative to July 31, 2021, a total of 810 exploration holes and 107 monitor wells totaling 423,049 feet have been drilled to depths ranging from a minimum of 150 feet to a maximum of 1,100 feet, with an average depth of 460 feet.

6 unchanged sentences

The final Mine Area Permit was issued by the TCEQ in December 2016 and an Aquifer Exemption was approved by the EPA in March 2017.

The final RML was issued by TCEQ in February 2019.

The final RML was issued by the TCEQ in February 2019.

An earlier Technical Report dated February 27, 2013 for the Burke Hollow Project was prepared in accordance with the provisions of NI 43-101 by Thomas A.

6 unchanged sentences

Property Description and Location

The Goliad Project is comprised of nine leases covering 995-acres located in Texas near the northeast end of the extensive South Texas Uranium Trend.

The Goliad Project is comprised of seven leases covering 637 acres located in Texas near the northeast end of the extensive South Texas Uranium Trend.

The Goliad Project consists of multiple leases that would allow the mining of uranium by ISR methods while utilizing the land surface (with variable conditions), as needed, for mining wells and aboveground facilities for fluid processing and ore capture during the mining and groundwater restoration phases of the Project.

6 unchanged sentences

We obtained mining leases from individuals and by assignment from a private entity in 2006.

At July 31, 2017, we held nine leases ranging in size from 42-acres to 253-acres, for a total of 995-acres.

The majority of the leases have starting dates in 2005 or 2006 with an initial term of five years and a five-year renewal option.

The majority of the Goliad leases have starting dates in 2005 or 2006 with an initial term of five years and a five-year renewal option.

The various lease fees and royalty conditions are negotiated with individual lessors and terms may vary from lease to lease.

We have amended the majority of the leases to extend the time period for an additional five years past the five-year renewal period.

We have amended or renewed all of these leases that had past their five-year renewal periods to extend the time period for an additional 10 years.

No historic uranium mining is known to have occurred on any of the Goliad Project lease properties and only state permitted uranium exploration drilling has taken place.

There are believed to be no existing environmental liabilities at the property leases.

Prior to any mining activity at the Goliad Project, we are required to obtain a RML, a large area Underground Injection Control Mine Permit and a PAA Permit for each wellfield developed for mining within the Mine Permit area.

Prior to any mining activity at the Goliad Project, we are required to obtain an RML, a large area UIC Permit and a PAA Permit for each wellfield developed for mining within the Mine Permit area.

In addition, a waste disposal well will, if needed, require a separate UIC Mine permit.

These permits will be issued by Texas regulatory agencies.

The current drilling and abandonment of uranium exploration holes on any of the leases is permitted by the TRC.

The current drilling and abandonment of uranium exploration holes on any of the leases is permitted by the RCT.

Potential future environmental liability as a result of the mining must be addressed by the permit holder jointly with the permit granting agency.

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The Goliad Project site area generally has very good accessibility for light to heavy equipment.

There is an excellent network of county, state and federal highways that serve the region and the moderate topography, with dominantly sandy, well-drained soils, provides good construction conditions for building gravel site roads necessary for site access.

There is an excellent network of county, state and federal highways that serve the region and the moderate topography, with dominantly sandy, well-drained soils, which provide good construction conditions for building gravel site roads necessary for site access.

The climate in Goliad County is mild with hot summers and cool to warm winters.

21 unchanged sentences

We obtained leases through an assignment from a private entity in 2006 and from individual mineral owners thereafter and began confirmation drilling in May 2006.

In December 2010, the TCEQ approved the mine permit and the production area authorization for PAA-1 and granted the request for the designation of an Exempt Aquifer for us.

In December 2011, a RML was issued by the TCEQ.

In December 2010, the TCEQ approved the mine permit and the production area authorization for PAA-1 and granted the request for the designation of an Aquifer Exemption for us.

In December 2011, an RML was issued by the TCEQ.

All other state-level permits and authorizations have been received including a Class III Injection Well Permit (Mine Permit), two Class I Injection Well Permits (disposal well permits), a PAA for its first production area, a Permit by Rule (air permit exemption) and an Aquifer Exemption for which we received concurrence from the regional EPA.

155 unchanged sentences

Maximum local topographic relief at the site is approximately 700 feet.

Vegetation on the property is typical of the Sonoran Desert of central Arizona and consists predominately of Joshua trees, palo verde bushes, saguaro, cholla, ocotillo, creosote bushes and desert grasses.

Vegetation on the property is typical of the Sonoran Desert of central Arizona and consists predominantly of Joshua trees, palo verde bushes, saguaro, cholla, ocotillo, creosote bushes and desert grasses.

Fauna includes jackrabbits, rattlesnakes, roadrunners, desert tortoise, various lizards and less common mule deer, wild burros and mules.

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Mineralization

Uranium mineralization in outcrops and the pit floor at the old Anderson mine was reported by the US Bureau of Mines in Salt Lake City as tyuyamunite (Ca(UO 2 ) 2 (VO 4 ) 2 •5-8H 2 O).

Uranium mineralization in outcrops and the pit floor at the old Anderson mine was reported by the U.S.

Bureau of Mines in Salt Lake City as tyuyamunite (Ca(UO 2 ) 2 (VO 4 ) 2 ·5-8H 2 O).

Carnotite (K(UO 2 ) 2 (VO 4 ) 2 ·3H 2 O), and a rarer silicate mineral, weeksite (K 2 (UO 2 ) 2 (Si 2 O 5 ) 3 ·4H 2 O), were also reported in outcrop samples.

58 unchanged sentences

Pursuant to a Uranium Mining Lease dated May 23, 2012, we acquired from UR-Energy LLC a mining lease for uranium on our Slick Rock Project located in San Miguel and Montrose Counties, Colorado.

Since January 2011 we staked a total of 129 claims in the Slick Rock district of the Uravan Mineral Belt.

Since January 2011 we have staked a total of 129 claims in the Slick Rock district of the Uravan Mineral Belt.

In June 2011 we acquired 103 claims from Spider Rock Mining also in the Slick Rock District for a one-time payment of $500,000.

36 unchanged sentences

6 mineral deeds

At July 31, 2020, we currently own various exploration projects located in the South Texas Uranium Belt.

As at July 31, 2021, we currently own various exploration projects located in the South Texas Uranium Belt.

The location and acquisition of these leases are based on historical information contained within our extensive database, as well as current, ongoing geologic analyses by our exploration staff.

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and Strata’s Lance project.

The project is 13 miles from the nearest town, Wright, Wyoming, with a population of 1,800.

The project consists of 18,763 gross acres of properties including a 40-acre, Company-owned central processing plant (the “CPP”) site, and five major resource units, all within ten miles of the proposed CPP.

The planned central processing plant (“CPP”) for the Reno Creek Project is located approximately 12 miles from the nearest town, Wright, Wyoming, with a population of 1,266 in 2019.

The project consists of 18,763 gross acres of properties including a 40-acre CPP site and five major resource units, all within ten miles of the proposed CPP.

Uranium was originally discovered within the project area by several 1960s/1970s mining companies, including Rocky Mountain Energy, Cleveland Cliffs, American Nuclear and TVA, Pathfinder Mines and others.

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The NRC issued its Draft Environmental Impact Statement in July 2016, and the final in December of 2016.

In its release the NRC noted that that “only small environmental impacts would result from the construction, operation, aquifer restoration and decommissioning of the proposed in-situ recovery facility.

In its release the NRC noted that “only small environmental impacts would result from the construction, operation, aquifer restoration and decommissioning of the proposed in-situ recovery facility.

Small impacts are defined as those that would be undetectable or so minor that they would not noticeably alter any important attribute of the environmental resource in question”.

The NRC then issued the License for the project in February 2017 covering 6,057 acres and approximately 13.74 million pounds of U 3 O 8 .

The NRC then issued the License for the project in February 2017 covering 6,057 acres.

Subsequently, the NRC approved of the transfer of control to us on July 31, 2017.

Additionally, the State of Wyoming became an NRC Agreement state in September 2018 and, therefore, the Reno Creek Project is now permitted and licensed by the WDEQ.

The permits and license provide for a full central processing plant on 40 acres owned by us, which lies approximately a quarter mile from two all-weather highways and high voltage power lines, and less than three miles from natural gas lines.

The permits and license provide for a full CPP on 40 acres owned by us, which lies approximately a quarter mile from two all-weather highways and high voltage power lines, and less than three miles from natural gas lines.

The project is licensed to produce up to two million pounds of U 3 O 8 per year, and may also treat by tolling either lixiviant or resin produced by others, or alternate feed material.

Included in the current license are the two largest resource units, North Reno Creek and Southwest Reno Creek.

The outlying resource units will be added for extraction by amending the current License.

The outlying resource units will be added for extraction by amending the current Permit to Mine License.

The North Reno Creek Project is situated within and adjacent to our existing permit boundary at the Reno Creek Project, in the Powder River Basin, Campbell County, Wyoming, approximately 80 miles northeast of Casper, Wyoming.

16 unchanged sentences

A Technical Report, dated December 31, 2018, for the Reno Creek Project, prepared in accordance with NI 43-101, was completed by Behre Dolbear and filed by us on SEDAR.

D iabase Project

Diabase Project

Our Diabase Project is at the exploration stage, with exploration focused on testing the Cable Bay fault corridor, interpreted to represent a suture zone between the Archean Mudjatik and Talston domains within the Trans-Hudson orogeny.

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A radon extraction survey is being completed along the western basin margins, following up on historic airborne radiometric anomalies and outcrop sampling results that indicate a potential for shallow uranium mineralization.

Other radon flux monitoring processes were carried out near the town of RI3 Corrales around wells UEC015 and UEC036, which obtained encouraging results that indicate the extension of mineralized levels towards the northeast of these holes.

Property Description and Location

1 unchanged sentence

It is located within the Paraná Basin, which is host to a number of known uranium deposits, including Figueira and Amorinópolis in Brazil.

Preliminary studies indicate amenability to extraction by ISR, which is the same process currently used by our Company at its Texas operations.

Cue spent over CAD$16 million developing Yuty since 2006.

Exploration for uranium in southeastern Paraguay was started in 1976 by Anschutz, after a Concession Agreement between the Government of Paraguay and Anschutz in December 1975.

Preliminary studies indicate amenability to extraction by ISR, which is the same process currently used by us at our Texas operations.

Cue spent over CA$16 million developing Yuty since 2006.

Exploration for uranium in southeastern Paraguay was started in 1976 by Anschutz, after a Concession Agreement was entered into between the Government of Paraguay and Anschutz in December 1975.

This agreement allowed Anschutz to explore for all minerals, excluding oil, gas and construction materials.

74 unchanged sentences

CIC also conducted extensive process development work with the objective of a viable process flow sheet for beneficiation of the heavy minerals from the laterite.

This work carried out by Mineral Advisory Group, and included design, construction and operation of a 1.5 tonne per hour pilot plant in Paraguay.

This work was carried out by Mineral Advisory Group, and included design, construction and operation of a 1.5 tonne per hour pilot plant in Paraguay.

During operations the plant underwent continual process improvements and eventually produced 108 tonnes of concentrate over a three-month period.

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an office lease at $1,800 per month for the Wyoming office at 409 West Birch Street, Glenrock, Wyoming, 82637.

The lease expires on April 30, 2021.

The lease expires on June 30, 2022;

an office lease at $1,240 per month for the Arizona office at 4020 E Industrial Way, Suite 150, Wickenburg, Arizona 85390.

The lease expires on May 31, 2022.

Our Databases

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties