Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

Commitments and Contingencies (Tables)
9 Months Ended
Jan. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Royalty Payable

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 January 31, 2021 under these mining leases are as follows, each payment to be made in the fourth quarter of the respective fiscal years:


Fiscal 2022   $ 2,240  
Fiscal 2023     2,240  
Fiscal 2024     960  
    $ 5,440  
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   $ -  
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 January 31, 2021 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