| SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES |
The
deferred tax assets and deferred tax liabilities are summarized as follows:
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES
| Deferred tax assets: |
|
April 30, 2025 |
|
|
April 30, 2024 |
|
| Net operating loss carryover |
|
$ |
14,586,000 |
|
|
$ |
12,317,000 |
|
| Stock-based compensation |
|
|
1,350,000 |
|
|
|
948,000 |
|
| Exploration costs |
|
|
345,000 |
|
|
|
386,000 |
|
| Accrued remediation costs |
|
|
56,000 |
|
|
|
22,000 |
|
| Other |
|
|
12,000 |
|
|
|
15,000 |
|
| Subtotal |
|
|
16,349,000 |
|
|
|
13,688,000 |
|
| Less: valuation allowance |
|
|
(14,619,000 |
) |
|
|
(11,949,000 |
) |
| Total deferred tax assets |
|
$ |
1,730,000 |
|
|
$ |
1,739,000 |
|
| Deferred tax liabilities: |
|
April 30, 2025 |
|
|
April 30, 2024 |
|
| Acquired mineral rights in excess of tax basis in a tax-free merger |
|
$ |
(2,152,000 |
) |
|
$ |
(2,152,000 |
) |
| Other |
|
|
(8,000 |
) |
|
|
(17,000 |
) |
| Total deferred tax liabilities |
|
$ |
(2,160,000 |
) |
|
$ |
(2,169,000 |
) |
| Net deferred tax assets (liabilities) |
|
$ |
(430,000 |
) |
|
$ |
(430,000 |
) |
|
| SCHEDULE OF EFFECTIVE TAX RATE |
SCHEDULE OF EFFECTIVE TAX RATE
| |
|
Years Ended April 30, |
|
| |
|
2025 |
|
|
|
|
|
2024 |
|
|
|
|
| Federal income tax provision (benefit) based on statutory rate |
|
$ |
(4,317,000 |
) |
|
|
21.0 |
% |
|
$ |
(1,448,000 |
) |
|
|
21.0 |
% |
| State income tax provision (benefit), net of federal taxes |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
| Change in fair value of warrant liabilities |
|
|
1,620,000 |
|
|
|
(7.9 |
)% |
|
|
(66,000 |
) |
|
|
1.0 |
% |
| Change in prior year estimate |
|
|
(6,000 |
) |
|
|
— |
% |
|
|
(14,000 |
) |
|
|
0.2 |
% |
| Prior year deferred tax adjustment |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
| Federal net operating loss expiration |
|
|
— |
|
|
|
— |
% |
|
|
335,000 |
|
|
|
(4.9 |
)% |
| Other nondeductible expenses |
|
|
33,000 |
|
|
|
(0.1 |
)% |
|
|
18,000 |
|
|
|
(0.3 |
)% |
| Increase (decrease) in valuation allowance |
|
|
2,670,000 |
|
|
|
(13.0 |
)% |
|
|
1,175,000 |
|
|
|
(17.0 |
)% |
| Total tax provision (benefit) on income (loss) |
|
$ |
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
|