The Company held 8,000,000 share purchase warrants of HPQ Silicon Resources Inc. (formerly Uragold Bay Resources Inc.) at January 31, 2020 (2019 – 8,000,000 share purchase warrants). The share purchase warrants are exercisable at $0.20 in the first 24 months, $0.27 in the 25th month to the 48th month, at $0.36 in the 49th month to the 60th month. The share purchase warrants were valued at $37,760 as at April 30, 2019 (2018 - $73,716). The fair value of share purchase warrants was estimated using the Black-Scholes model with weighted average assumptions for the grant as follows:

stock price – $0.09, risk-free interest rate – 1.60%, expected life of warrants – 0.73 years, annualized volatility – 108.61%, and dividend rate – 0%