Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.19.3.a.u2
Commitments and Contingencies (Tables)
 6 Months Ended
Oct. 31, 2019
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 under these mining leases are as follows:

 

2020   $    2,240  
2021     2,240  
2022     2,240  
2023     2,240  
2024     960  
    $ 9,920  

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:

 

First agreement year   $ 100,000  
Second agreement year     200,000  
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