Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

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COMMITMENTS AND CONTINGENCIES (Tables)
9 Months Ended
Jan. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
SCHEDULE OF ROYALTY PAYABLE

 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 January 31, 2022 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  
Total   $ 5,440  
SCHEDULE OF RIGHT AND OPTION TO EARN-IN AND ACQUIRE UNDIVIDED INTEREST

The remaining required Initial Earn-in payments at January 31, 2022, as amended:

  

Fiscal 2022   $ 500,000  
Fiscal 2023     700,000  
Fiscal 2024     1,000,000  
Fiscal 2025     1,000,000  
Fiscal 2026     1,000,000  
    $ 4,200,000  
SCHEDULE OF ADVANCE MINIMUM ROYALTY PAYMENTS

The annual advance minimum royalty payments at January 31, 2022 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     25,000  
Fiscal 2027 and thereafter     125,000  
 Total   $ 250,000