Advanced Royalty Payments
|12 Months Ended|
Aug. 31, 2021
|Disclosure of Advanced Royalty Payment [Abstract]|
|ADVANCED ROYALTY PAYMENTS||
Advance royalty payments to Asphalt Ridge, Inc.
During the year ended August 31, 2015, the Company acquired TMC, which has a mining and mineral lease with Asphalt Ridge, Inc. (the “TMC Mineral Lease”) (Note 8(a)). The mining and mineral lease with Asphalt Ridge, Inc. required the Company to make minimum advance royalty payments which could be used to offset future production royalties for a maximum of two years following the year the advance royalty payment was made.
As at August 31, 2020, the Company has paid advance royalties of $2,370,336 to the lease holder, of which all had been expensed as of August 31, 2020 due to the termination of the TMC Mineral Lease as discussed in note 8(a) below.