| SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES |
The
deferred tax assets and deferred tax liabilities are approximated and summarized as follows:
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES
| Deferred tax assets: | |
April 30, 2026 | | |
April 30, 2025 | |
| Net operating loss carryover | |
$ | 18,303,000 | | |
$ | 14,586,000 | |
| Stock-based compensation | |
| 1,608,000 | | |
| 1,350,000 | |
| Exploration costs | |
| 285,000 | | |
| 345,000 | |
| Accrued remediation costs | |
| 68,000 | | |
| 56,000 | |
| Other | |
| 35,000 | | |
| 12,000 | |
| Subtotal | |
| 20,299,000 | | |
| 16,349,000 | |
| Less: valuation allowance | |
| (18,557,000 | ) | |
| (14,619,000 | ) |
| Total deferred tax assets | |
$ | 1,742,000 | | |
$ | 1,730,000 | |
| Deferred tax liabilities: | |
April 30, 2026 | | |
April 30, 2025 | |
| Acquired mineral rights in excess of tax basis in a tax-free merger | |
$ | (2,152,000 | ) | |
$ | (2,152,000 | ) |
| Other | |
| (20,000 | ) | |
| (8,000 | ) |
| Total deferred tax liabilities | |
$ | (2,172,000 | ) | |
$ | (2,160,000 | ) |
| Net deferred tax assets (liabilities) | |
$ | (430,000 | ) | |
$ | (430,000 | ) |
|
| SCHEDULE OF EFFECTIVE TAX RATE |
SCHEDULE OF EFFECTIVE TAX RATE
| | |
Years
Ended April 30, | |
| | |
2026 | | |
| | |
2025 | | |
| |
| Federal income tax provision (benefit) based on statutory rate | |
$ | (3,614,000 | ) | |
| 21.0 | % | |
$ | (4,317,000 | ) | |
| 21.0 | % |
| State income tax provision (benefit), net of federal taxes | |
| — | | |
| — | % | |
| — | | |
| — | % |
| Change in fair value of warrant liabilities | |
| (314,000 | ) | |
| 1.8 | % | |
| 1,620,000 | | |
| (7.9 | )% |
| Change in prior year estimate | |
| — | | |
| — | % | |
| (6,000 | ) | |
| — | % |
| Other nondeductible expenses | |
| 7,000 | | |
| (0.1 | )% | |
| 33,000 | | |
| (0.1 | )% |
| Other nontaxable items | |
| (17,000 | ) | |
| 0.1 | % | |
| — | | |
| — | )% |
| Increase (decrease) in valuation allowance | |
| 3,938,000 | | |
| (22.8 | )% | |
| 2,670,000 | | |
| (13.0 | )% |
| Total tax provision (benefit) on income (loss) | |
$ | — | | |
| — | % | |
$ | — | | |
| — | % |
|