v3.26.1
Segment Information
 12 Months Ended
Apr. 30, 2026
Segment Reporting [Abstract]  
Segment Information

12. Segment Information

 

The Company conducts its business as a single operating segment, being the acquiring and assembling a portfolio of royalties, investing in companies with exposure to uranium and physical uranium. The Company also engages in the purchase and sale of physical uranium from time to time.

 

Our Chief Executive Officer, who serves as our Chief Operating Decision Maker (“CODM”), evaluates performance and allocates resources for the Company (being one reportable segment) based on income (loss) before income taxes, which are consistent with the results in the Company’s Consolidated Statements of Income (Loss). The CODM uses income (loss) before income taxes to allocate resources, including decisions related to capital investments and potential royalty expansion opportunities. The significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in the Company’s Consolidated Statements of Income (Loss).

 

Sales of Uranium Inventory

 

The Company attributes revenues from external customers based on the country in which the sale takes place, regardless of the domicile of the customer. Sales of uranium inventory for the years ended April 30, 2026 and 2025 all occurred at a third party storage facility in Canada.

 

Major Customers

 

Revenue from sales of uranium inventory from major customers for the years ended April 30, 2026, 2025, and 2024 is summarized as follows:

 

 

For the year ended April 30,

 

 

2026

 

 

2025

 

 

2024

 

 

($)

 

 

($)

 

 

($)

 

Customer A

 

 

31,630

 

 

 

7,975

 

 

 

—

 

Customer B

 

 

24,245

 

 

 

—

 

 

 

11,230

 

Customer C

 

 

8,100

 

 

 

—

 

 

 

16,275

 

Customer D

 

 

8,725

 

 

 

3,238

 

 

 

—

 

Customer E

 

 

17,000

 

 

 

—

 

 

 

—

 

Customer F

 

 

37,788

 

 

 

—

 

 

 

—

 

Customer G

 

 

—

 

 

 

—

 

 

 

3,700

 

All other customers

 

 

59,319

 

 

 

—

 

 

 

—

 

Total

 

 

186,807

 

 

 

11,213

 

 

 

31,205

 

 

100% of the royalty revenue for the years ended April 30, 2026 and 2025 is from Langer Heinrich.

 

 

Non-current assets by geographical region

 

The following table summarizes the Company’s non-current assets by geographical region, as of April 30, 2026 and April 30, 2025. Geographical region of royalties is determined by the location of the properties related to the royalties.

 

Non-current assets by geographical region as of:

 

As at April 30, 2026
($)

 

 

As at April 30, 2025
($)

 

Canada

 

 

25,188

 

 

 

24,605

 

Namibia

 

 

1,906

 

 

 

1,998

 

Spain

 

 

499

 

 

 

494

 

USA

 

 

16,428

 

 

 

16,428

 

 

 

 

44,021

 

 

 

43,525