Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.20.2
Commitments and Contingencies (Tables)
3 Months Ended
Jul. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Royalty Payable
FOB Mine Value per Ton   Percentage Royalty  
$00.00 to $50.00     5 %
$50.01 to $100.00     7 %
$100.01 to $150.00     9 %
$150.01 and up     10 %
Schedule of Future Minimum Lease Payments

The future minimum lease payments at July 31, 2020 under these mining leases are as follows, each payment to be made in the fourth quarter of the respective fiscal years:

 

Fiscal 2021   $ 2,240  
Fiscal 2022     2,240  
Fiscal 2023     2,240  
Fiscal 2024     960  
    $ 7,680  
Schedule of Right and Option to Earn-in and Acquire Undivided Interest

The option agreement grants Orevada the exclusive right and option to earn-in and acquire up to 50% undivided interest in a property called Maggie Creek, located in Eureka County, Nevada by completing the Initial Earn-in over a seven-year period, as amended for year one and two to move the $100,000 first year earn-in into the second year:

 

First agreement year   $ 0  
Second agreement year     300,000  
Third agreement year     500,000  
Fourth agreement year     700,000  
Fifth agreement year     1,000,000  
Sixth agreement year     1,000,000  
Seventh agreement year     1,000,000  
    $ 4,500,000