Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

Commitments and Contingencies (Tables)

6 Months Ended

Oct. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

In connection with the Wyoming Mining Leases, the following production royalties must be paid to the State of Wyoming, although once the project is in operation, the Board of Land Commissioners has the authority to reduce the royalty payable to the State of Wyoming:

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 October 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 Maggie Creek option agreement grants the Company 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:

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

Schedule of Advance Minimum Royalty Payments

The annual advance minimum royalty payments at October 31, 2020 under the option agreement are as follows, each payment to be made in the beginning on the first anniversary of the effective date of this option agreement and continuing until the tenth anniversary:

Fiscal 2022	$	25,000
Fiscal 2023		25,000
Fiscal 2024		25,000
Fiscal 2025		25,000
Fiscal 2026 and thereafter		150,000
	$	250,000