7. EXPLORATION AND EVALUATION ASSETS

British Columbia, Canada

The Company holds mineral claims in British Columbia under the CAP and Carbo properties comprised of two distinct claim groups within the Rocky Mountain Rare Metal Belt.

CAP property

In February 2019, the Company acquired a 100% interest in certain mineral claims (“CAP Claims”), located approximately 85 km northeast of Prince George, British Columbia.  The CAP property is subject to a 2% Net Smelter Return (“NSR”) royalty in favour of the original vendors. Subsequent to this acquisition, the Company staked 3 additional claims contiguous to the acquired CAP Claims. As of July 31, 2026, the CAP property consists of 6 claims totalling 2,824 hectares (July 31, 2025 – 6 claims).

Carbo property

The Company acquired a 100% interest in the Carbo property through various share issuances and cash payments to certain property vendors in 2021 and 2022.  The Carbo property is located north-east and in close proximity to the CAP property.  As of July 31, 2026, the property consists of 17 claims totalling 2,048 hectares (July 31, 2025 – 17 claims).

Quebec, Canada

West James Bay property

Lac Le Moyne Carbonatite property

In February 2025, the Company entered into a mineral property acquisition agreement to acquire a 100% interest in certain mineral claims for total consideration of:

• $100,000 in aggregate cash payable over a 3-year period ($50,000 paid to date);
• 200,000 in common shares payable over a 2-year period. 100,000 common shares were issued in February 2025 with a fair value of $87,000, and 100,000 in January 2026 with a fair value of $265,000;
• If a material drill intersection of niobium mineralization is identified on the project, an additional 500,000 common shares are payable to the vendor of the property; and
• The property is subject to a 2% NSR to the vendor on future production.

Ontario, Canada

Bianco property

In November 2024, the Company acquired certain mineral claims, situated approximately 12.5 km southwest of the Kingfisher Lake First Nation and 156 km north of Pickle Lake, Ontario from DG Resource Management Ltd., a company controlled by Jody Dahrouge, a director of the Company, for $30,000.  The Bianco property is subject to a 2% NSR to the vendor on future production.

Nebraska, USA

Rift property

During the year ended July 31, 2025, the Company executed agreements with individual landholders to acquire the right to explore for and the option to purchase the mineral and surface rights over 2,217 acres of land.  During the year ended July 31, 2026, the Company has optioned an additional 1,741 acres, bringing the aggregate property holdings to 3,958 acres as at July 31, 2026. All agreements were facilitated by Key Landmark LLC acting as the landman on behalf of the Company. The Rift property is subject to a 0.5% NSR on future production payable to the landman, and the underlying landowners retain a 2.0% NSR royalty, for an aggregate NSR royalty of 2.5%.  All agreements have a 5-year term from signing.

Subsequent to July 31, 2026, the Company optioned a further 432 acres bringing the Company's holdings to 4,390 acres.

Colorado, USA

Iron Hills property

 

The following table summarizes exploration and evaluation asset changes during the applicable periods: