Texas Mineral Resources Corp. Files 2024 10-K

TL;DR

TMRC 10-K filed: FY24 results out, gold & silver focus.

AI Summary

Texas Mineral Resources Corp. filed its 2024 10-K report for the fiscal year ending August 31, 2024. The company, formerly known as Texas Rare Earth Resources Corp., is involved in gold and silver ores. The filing details financial information and operational aspects for the period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Texas Mineral Resources Corp.'s financial health and operational status for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The company operates in the volatile mining sector, which is subject to commodity price fluctuations and regulatory changes.

Key Numbers

• 6.25 — Common Stock Par Value (Represents the par value of common stock as of August 31, 2024.)
• 2024-08-31 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2023-08-31 — Prior Fiscal Year End (The end date of the previous reporting period.)

Key Players & Entities

• Texas Mineral Resources Corp. (company) — Filer of the 10-K
• August 31, 2024 (date) — Fiscal year end
• Texas Rare Earth Resources Corp. (company) — Former company name
• Standard Silver Corp. (company) — Earlier former company name
• GOLD & SILVER ORES (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.01 — (g) OF THE ACT: Common Stock, par value $0.01 Indicate by check mark if the registr

Filing Documents

• tmrc-10k_083124.htm (10-K) — 1325KB
• ex19-1.htm (EX-19.1) — 76KB
• ex21-1.htm (EX-21.1) — 3KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• tmrc083124001.jpg (GRAPHIC) — 40KB
• tmrc-10k_img001.jpg (GRAPHIC) — 7KB
• 0001839882-24-042431.txt ( ) — 4728KB
• tmrc-20240831.xsd (EX-101.SCH) — 30KB
• tmrc-20240831_cal.xml (EX-101.CAL) — 29KB
• tmrc-20240831_def.xml (EX-101.DEF) — 124KB
• tmrc-20240831_lab.xml (EX-101.LAB) — 302KB
• tmrc-20240831_pre.xml (EX-101.PRE) — 228KB
• tmrc-10k_083124_htm.xml (XML) — 503KB

BUSINESS

BUSINESS 8 ITEM 1A.

RISK FACTORS

RISK FACTORS 17 ITEM 1B. UNRESOLVED STAFF COMMENTS 31 ITEM 1C. CYBERSECURITY 31 ITEM 2.

PROPERTIES

PROPERTIES 31 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 34 ITEM 4. MINE SAFETY DISCLOSURES 34 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 35 ITEM 6. CLIMATE-RELATED DISCLOSURE 36 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 36 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 39 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 40 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 55 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 55 ITEM 9B. OTHER INFORMATION 56 ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 56 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 57 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 62 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 64 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 66 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 66 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 68 ITEM 16. FORM 10-K SUMMARY 70

SIGNATURES

SIGNATURES 71 PRELIMINARY NOTES As used in this Annual Report on Form 10-K ("Annual Report"), references to "Texas Mineral", "the Company," "we," "our," "us" or "TMRC" mean Texas Mineral Resources Corp. and its predecessors, as the context requires. GLOSSARY OF TERMS Alteration Any physical or chemical change in a rock or mineral subsequent to its formation. Concession A grant of a tract of land made by a government or other controlling authority in return for stipulated services or a promise that the land will be used for a specific purpose. Core The long cylindrical piece of a rock, about an inch in diameter, brought to the surface by diamond drilling. Diamond drilling A drilling method in which the cutting is done by abrasion using diamonds embedded in a matrix rather than by percussion. The drill cuts a core of rock, which is recovered in long cylindrical sections. Drift A horizontal underground opening that follows along the length of a vein or rock formation as opposed to a cross-cut which crosses the rock formation. Exploration Work involved in searching for ore, usually by drilling or driving a drift. Exploration expenditures Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects that may contain mineral deposit reserves. Geophysics Exploration techniques employing such indirect methods as gravity and electro-magnetism. GLO Texas General Land Office. Grade The average assay of a ton of ore, reflecting metal content. HREE Heavy rare earth element(s). Intrusive A body of igneous rock formed by the consolidation of magma intruded into other rocks, in contrast to lavas, which are extruded upon the surface. Lode A mineral deposit in solid rock. Mine development The work carried out for the purpose of opening up a mineral deposit and making the actual ore extraction possible. Mineral A naturally occurring homogeneous substance having

financial statements have been prepared assuming that the Company will continue as a

financial statements have been prepared assuming that the Company will continue as a going concern; We have a history of losses and will require immediate additional financing to fund operations; failure to obtain immediate additional financing could have a material adverse effect on our financial condition and results of operation and could cast uncertainty on our ability to continue as a going concern in future periods; We have a limited operating history on which to base an evaluation of our business and properties; The Round Top Project is in the exploration stage and there is no assurance that Round Top can establish the existence of any mineral reserve from the Round Top Project in commercially exploitable quantities; until then, we cannot earn any revenues from the Round Top Project, and our business could fail; There is no history of producing metals from the Round Top Project; If Round Top establishes the existence of a mineral reserve in the Round Top Project in a commercially exploitable quantity, of which there can be no assurance, we will require additional capital in order to maintain our current membership interest in Round Top and fund our proportionate costs to develop the property into a producing mine; if we cannot raise this additional capital, our membership interest in RTMD will be diluted, our membership interest will lose value, and our Company could fail; Our exploration activities may not be commercially successful; Increased costs could affect our financial condition; Macroeconomic conditions, domestic and global political turbulence could have a materially adverse impact on our business, financial condition, or results of operations; No assurance that the Company will enter into any agreement with respect to the Alhambra project owned by Santa Fe or that this project will proceed; Licensing and permitting of mining operations in the State of New Mexico is difficult and could have a material effect on the length of time

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View this 10-K filing on SEC EDGAR