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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December
31, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-41655
NioCorp Developments Ltd.
(Exact Name of Registrant as Specified in
its Charter)
British Columbia, Canada |
|
98-1262185 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
|
7000 South Yosemite Street, Suite
115 Centennial, CO
(Address of Principal Executive Offices)
|
|
80112
(Zip code)
|
|
|
|
Registrant’s telephone number, including area code: (720) 334-7066 |
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Shares, without par value |
|
NB |
|
The Nasdaq Stock Market LLC |
Warrants, each exercisable for 1.11829212 Common Shares |
|
NIOBW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting
company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large Accelerated Filer |
☐ |
Accelerated Filer |
☐ |
Non-Accelerated Filer |
☒ |
Smaller Reporting Company |
☒ |
|
Emerging Growth Company |
☐ |
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒
As of February 13, 2024, the registrant
had 34,915,511 Common Shares outstanding.
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Contents
NioCorp Developments Ltd.
Condensed Consolidated Balance Sheets
(expressed in thousands of U.S. dollars, except share data)
(unaudited)
| |
| | |
|
|
|
|
| |
| |
| | |
As of | |
| |
Note | | |
December 31,
2023 | | |
June 30,
2023 | |
ASSETS | |
| | |
| | |
| |
Current | |
| | |
| | |
| |
Cash and cash equivalents | |
| | |
$ | 634 | | |
$ | 2,341 | |
Prepaid expenses and other | |
| | |
| 432 | | |
| 1,385 | |
Total current assets | |
| | |
| 1,066 | | |
| 3,726 | |
Non-current | |
| | |
| | | |
| | |
Deposits | |
| | |
| 35 | | |
| 35 | |
Investment in equity securities | |
| | |
| 7 | | |
| 9 | |
Right-of-use assets | |
| | |
| 209 | | |
| 236 | |
Land and buildings, net | |
| | |
| 838 | | |
| 839 | |
Mineral properties | |
| | |
| 16,085 | | |
| 16,085 | |
Total assets | |
| | |
$ | 18,240 | | |
$ | 20,930 | |
| |
| | |
| | | |
| | |
LIABILITIES | |
| | |
| | | |
| | |
Current | |
| | |
| | | |
| | |
Accounts payable and accrued liabilities | |
4 | | |
$ | 4,001 | | |
$ | 3,491 | |
Convertible debt, current portion | |
5 | | |
| 5,506 | | |
| - | |
Warrant liability, at fair value | |
7c | | |
| 2,093 | | |
| - | |
Operating lease liability | |
9 | | |
| 95 | | |
| 71 | |
Total current liabilities | |
| | |
| 11,695 | | |
| 3,562 | |
Non-current | |
| | |
| | | |
| | |
Convertible debt | |
| | |
| - | | |
| 10,561 | |
Warrant liabilities, at fair value | |
7c | | |
| 3,040 | | |
| 4,989 | |
Earnout Shares liability, at fair value | |
6 | | |
| 7,622 | | |
| 10,521 | |
Operating lease liability | |
9 | | |
| 135 | | |
| 164 | |
Total liabilities | |
| | |
| 22,492 | | |
| 29,797 | |
Commitments and contingencies | |
9 | | |
| | | |
| | |
Redeemable noncontrolling interest | |
| | |
| 1,830 | | |
| 2,100 | |
SHAREHOLDERS’ DEFICIT | |
| | |
| | | |
| | |
Common shares, no par value, unlimited shares authorized; 34,091,844 and 31,202,131 shares outstanding, respectively
| |
7 | | |
| 151,810 | | |
| 140,421 | |
Accumulated deficit | |
| | |
| (156,981 | ) | |
| (150,477 | ) |
Accumulated other comprehensive loss | |
| | |
| (911 | ) | |
| (911 | ) |
Total shareholders’ deficit | |
| | |
| (6,082 | ) | |
| (10,967 | ) |
Total liabilities, redeemable noncontrolling interest, and shareholders’ deficit | |
| | |
$ | 18,240 | | |
$ | 20,930 | |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
NioCorp Developments Ltd.
Condensed Consolidated Statements of Operations and Comprehensive
Loss
(expressed in thousands of U.S. dollars, except share and
per share data) (unaudited)
| |
| | |
|
|
|
|
| | |
|
|
|
|
| |
| |
| | |
For the Three Months
Ended December 31, | | |
For the Six Months
Ended December 31, | |
| |
Note | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating expenses | |
| | |
| | | |
| | | |
| | | |
| | |
Employee related costs | |
| | |
$ | 328 | | |
$ | 291 | | |
$ | 650 | | |
$ | 584 | |
Professional fees | |
| | |
| 952 | | |
| 262 | | |
| 2,139 | | |
| 426 | |
Exploration expenditures | |
8 | | |
| 828 | | |
| 1,317 | | |
| 1,928 | | |
| 2,605 | |
Other operating expenses | |
| | |
| 809 | | |
| 331 | | |
| 1,643 | | |
| 668 | |
Total operating expenses | |
| | |
| 2,917 | | |
| 2,201 | | |
| 6,360 | | |
| 4,283 | |
Other gain | |
| | |
| - | | |
| (13 | ) | |
| - | | |
| (13 | ) |
Change in fair value of Earnout Shares liability | |
6 | | |
| (806 | ) | |
| - | | |
| (2,899 | ) | |
| - | |
Change in fair value of warrant liability | |
7c | | |
| 71 | | |
| 341 | | |
| 144 | | |
| 84 | |
Debt extinguishment | |
| | |
| - | | |
| - | | |
| - | | |
| 1,622 | |
Foreign exchange loss (gain) | |
| | |
| 28 | | |
| (64 | ) | |
| 17 | | |
| 109 | |
Interest expense (income) | |
5 | | |
| 1,176 | | |
| (38 | ) | |
| 3,251 | | |
| 220 | |
Loss on equity securities | |
| | |
| 1 | | |
| 2 | | |
| 2 | | |
| 1 | |
Income tax benefit | |
| | |
| - | | |
| - | | |
| (101 | ) | |
| - | |
Net loss | |
| | |
| 3,387 | | |
| 2,429 | | |
| 6,774 | | |
| 6,306 | |
Net loss attributable to redeemable noncontrolling interest | |
| | |
| 96 | | |
| - | | |
| 270 | | |
| - | |
Net loss attributable to the Company | |
2d | | |
$ | 3,291 | | |
$ | 2,429 | | |
$ | 6,504 | | |
$ | 6,306 | |
| |
| | |
| | | |
| | | |
| | | |
| | |
Other comprehensive loss: | |
| | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| | |
$ | 3,387 | | |
$ | 2,429 | | |
$ | 6,774 | | |
$ | 6,306 | |
Other comprehensive loss: | |
| | |
| | | |
| | | |
| | | |
| | |
Reporting currency translation | |
| | |
| - | | |
| 25 | | |
| - | | |
| 30 | |
Total comprehensive loss | |
| | |
| 3,387 | | |
| 2,454 | | |
| 6,774 | | |
| 6,336 | |
Comprehensive loss attributable to redeemable noncontrolling interest | |
| | |
| 96 | | |
| - | | |
| 270 | | |
| - | |
Comprehensive loss attributable to the Company | |
| | |
$ | 3,291 | | |
$ | 2,454 | | |
$ | 6,504 | | |
$ | 6,336 | |
| |
| | |
| | | |
| | | |
| | | |
| | |
Loss per common share, basic and diluted | |
2d | | |
$ | 0.09 | | |
$ | 0.09 | | |
$ | 0.18 | | |
$ | 0.23 | |
| |
| | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding, basic and diluted | |
| | |
| 33,255,557 | | |
| 28,056,263 | | |
| 32,555,092 | | |
| 27,924,447 | |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
NioCorp Developments Ltd.
Condensed Consolidated Statements of Cash Flows
(expressed in thousands of U.S. dollars) (unaudited)
| |
|
|
|
|
| |
| |
For the Six Months Ended
December 31, | |
| |
2023 | | |
2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss for the period | |
$ | (6,774 | ) | |
$ | (6,306 | ) |
Adjustments for: | |
| | | |
| | |
Change in fair value of Earnout Shares liability | |
| (2,899 | ) | |
| - | |
Change in fair value of warrant liabilities | |
| 144 | | |
| 84 | |
Accretion of convertible debt | |
| 3,251 | | |
| 121 | |
Loss on debt extinguishment | |
| - | | |
| 1,622 | |
Fair value of private placement warrants | |
| 102 | | |
| - | |
Loss on Yorkville equity facility shares issued | |
| 63 | | |
| - | |
Foreign exchange loss | |
| - | | |
| 151 | |
Gain on sale of assets | |
| - | | |
| (13 | ) |
Depreciation | |
| 1 | | |
| 1 | |
Unrealized loss on equity securities | |
| 2 | | |
| 1 | |
Non-cash lease activity | |
| 22 | | |
| (4 | ) |
Total | |
| (6,088 | ) | |
| (4,343 | ) |
Change in working capital items: | |
| | | |
| | |
Prepaid expenses and other | |
| 953 | | |
| 289 | |
Accounts payable and accrued liabilities | |
| 510 | | |
| (70 | ) |
Net cash used in operating activities | |
| (4,625 | ) | |
| (4,124 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Proceeds from sale of assets | |
| - | | |
| 21 | |
Net cash provided by investing activities | |
| - | | |
| 21 | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from issuance of capital stock | |
| 3,054 | | |
| 11 | |
Share issue costs | |
| (136 | ) | |
| (21 | ) |
Payment of deferred transaction costs | |
| - | | |
| (537 | ) |
Net cash provided by (used in) financing activities | |
| 2,918 | | |
| (547 | ) |
Exchange rate effect on cash and cash equivalents | |
| - | | |
| (206 | ) |
Change in cash and cash equivalents during period | |
| (1,707 | ) | |
| (4,856 | ) |
Cash and cash equivalents, beginning of period | |
| 2,341 | | |
| 5,280 | |
Cash and cash equivalents, end of period | |
$ | 634 | | |
$ | 424 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Amounts paid for interest | |
$ | - | | |
$ | - | |
Amounts paid for income taxes | |
| - | | |
| - | |
Non-cash investing and financing transactions: | |
| | | |
| | |
Conversion of debt for common shares | |
$ | 8,306 | | |
$ | 1,950 | |
Deferred transaction costs, accrued but not paid | |
| - | | |
| 3,800 | |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
NioCorp Developments Ltd.
Condensed Consolidated Statements of Shareholders’
(Deficit) Equity and Redeemable Noncontrolling Interest
(expressed in thousands of U.S. dollars, except for share
amounts) (unaudited)
| |
Common
Shares
Outstanding | | |
Common
Stock | | |
Accumulated
Deficit | | |
Accumulated
Other
Comprehensive
Loss | | |
Total | | |
Redeemable Noncontrolling Interest | |
Balance, September 30, 2022 | |
| 27,939,322 | | |
$ | 130,684 | | |
$ | (114,274 | ) | |
$ | (998 | ) | |
$ | 15,412 | | |
$ | - | |
Exercise of options | |
| 260,581 | | |
| 11 | | |
| - | | |
| - | | |
| 11 | | |
| - | |
Debt conversions | |
| 42,160 | | |
| 300 | | |
| - | | |
| - | | |
| 300 | | |
| - | |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| (25 | ) | |
| (25 | ) | |
| - | |
Loss for the period | |
| - | | |
| - | | |
| (2,429 | ) | |
| - | | |
| (2,429 | ) | |
| - | |
Balance, December 31, 2022 | |
| 28,242,063 | | |
$ | 130,995 | | |
$ | (116,703 | ) | |
$ | (1,023 | ) | |
$ | 13,269 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, September 30, 2023 | |
| 32,913,419 | | |
$ | 147,697 | | |
$ | (153,690 | ) | |
$ | (911 | ) | |
$ | (6,904 | ) | |
$ | 1,926 | |
Exercise of options | |
| 7,800 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Private placement | |
| 413,432 | | |
| 1,393 | | |
| - | | |
| - | | |
| 1,393 | | |
| - | |
Yorkville equity facility draws | |
| 75,000 | | |
| 244 | | |
| - | | |
| - | | |
| 244 | | |
| - | |
Debt conversions | |
| 682,193 | | |
| 2,577 | | |
| - | | |
| - | | |
| 2,577 | | |
| - | |
Share issuance costs | |
| - | | |
| (101 | ) | |
| - | | |
| - | | |
| (101 | ) | |
| - | |
Loss for the period | |
| - | | |
| - | | |
| (3,291 | ) | |
| - | | |
| (3,291 | ) | |
| (96 | ) |
Balance, December 31, 2023 | |
| 34,091,844 | | |
$ | 151,810 | | |
$ | (156,981 | ) | |
$ | (911 | ) | |
$ | (6,082 | ) | |
$ | 1,830 | |
| |
Common
Shares
Outstanding | | |
Common
Stock | | |
Accumulated
Deficit | | |
Accumulated
Other
Comprehensive
Loss | | |
Total | | |
Redeemable Noncontrolling Interest | |
Balance, June 30, 2022 | |
| 27,667,060 | | |
$ | 129,055 | | |
$ | (110,397 | ) | |
$ | (993 | ) | |
$ | 17,665 | | |
$ | - | |
Exercise of options | |
| 260,581 | | |
| 11 | | |
| - | | |
| - | | |
| 11 | | |
| - | |
Debt conversions | |
| 314,422 | | |
| 1,950 | | |
| - | | |
| - | | |
| 1,950 | | |
| - | |
Share issuance costs | |
| - | | |
| (21 | ) | |
| - | | |
| - | | |
| (21 | ) | |
| - | |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| (30 | ) | |
| (30 | ) | |
| - | |
Loss for the period | |
| - | | |
| - | | |
| (6,306 | ) | |
| - | | |
| (6,306 | ) | |
| - | |
Balance, December 31, 2022 | |
| 28,242,063 | | |
$ | 130,995 | | |
$ | (116,703 | ) | |
$ | (1,023 | ) | |
$ | 13,269 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 31,202,131 | | |
$ | 140,421 | | |
$ | (150,477 | ) | |
$ | (911 | ) | |
$ | (10,967 | ) | |
$ | 2,100 | |
Exercise of options | |
| 7,800 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Private placements | |
| 663,432 | | |
| 2,393 | | |
| - | | |
| - | | |
| 2,393 | | |
| - | |
Yorkville equity facility draws | |
| 220,000 | | |
| 829 | | |
| - | | |
| - | | |
| 829 | | |
| - | |
Debt conversions | |
| 1,998,481 | | |
| 8,306 | | |
| - | | |
| - | | |
| 8,306 | | |
| - | |
Share issuance costs | |
| - | | |
| (139 | ) | |
| - | | |
| - | | |
| (139 | ) | |
| - | |
Loss for the period | |
| - | | |
| - | | |
| (6,504 | ) | |
| - | | |
| (6,504 | ) | |
| (270 | ) |
Balance, December 31, 2023 | |
| 34,091,844 | | |
$ | 151,810 | | |
$ | (156,981 | ) | |
$ | (911 | ) | |
$ | (6,082 | ) | |
$ | 1,830 | |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
NioCorp
Developments Ltd.
Notes
to the Condensed Consolidated Financial Statements
December
31, 2023
(expressed
in thousands of U.S. dollars, except per share amounts or as otherwise stated) (unaudited)
1. | DESCRIPTION
OF BUSINESS |
NioCorp
Developments Ltd. (“we,” “us,” “our,” “NioCorp” or the “Company”)
was incorporated on February 27, 1987, under the laws of the Province of British Columbia and currently operates in one reportable
operating segment consisting of exploration and development of mineral deposits in North America, specifically, the Elk Creek
development-stage property (the “Elk Creek Project”) located in southeastern Nebraska.
In
October 2023, NioCorp Technologies Ltd. (“Technologies”), a wholly owned subsidiary of the Company, was incorporated
in the United Kingdom (the “UK”). The initial capital contribution in Technologies was £100 for 100 ordinary
shares. Technologies was formed to provide the ability to take advantage of various business opportunities in the UK, including
research and development of aluminum-scandium alloys.
These
interim condensed consolidated financial statements have been prepared on a going concern basis that contemplates the realization
of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These
financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.
The
Company currently earns no operating revenues and will require additional capital in order to advance the Elk Creek Project to
construction and commercial operation. As further discussed in Note 3, these matters raised substantial doubt about the Company’s
ability to continue as a going concern, and the Company is dependent upon the generation of profits from mineral properties, obtaining
additional financing and maintaining continued support from its shareholders and creditors.
| a) | Basis
of Preparation and Consolidation |
The
accompanying interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting
principles of the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange
Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the
Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed
in preparing these interim condensed consolidated financial statements are those used by the Company as set out in the audited
consolidated financial statements for the year ended June 30, 2023. Certain transactions include reference to Canadian dollars
(“C$”) where applicable.
In
the opinion of management, all adjustments considered necessary (including normal recurring adjustments) for a fair statement
of the financial position, results of operations, and cash flows at December 31, 2023, and for all periods presented, have been
included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included
in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to appropriate
SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited
consolidated financial statements for the year ended June 30, 2023. The interim results are not necessarily indicative of results
for the full year ending June 30, 2024, or future operating periods.
|
b) |
Recent
Accounting Standards |
Issued
and Not Effective
In
October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06, Disclosure Improvements
- Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in
this update modify the disclosure or presentation requirements of a variety of Topics in the Accounting Standards Codification
(“ASC”) in response to the SEC’s Release No. 33-10532,
NioCorp
Developments Ltd.
Notes
to the Condensed Consolidated Financial Statements
December
31, 2023
(expressed
in thousands of U.S. dollars, except per share amounts or as otherwise stated) (unaudited)
Disclosure Update and Simplification Initiative, and
align the ASC’s requirements with the SEC’s regulations. For entities subject to the SEC’s existing disclosure
requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure
from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure
from its regulations, the amendments will be removed from the ASC and not become effective. Early adoption is prohibited. We are
currently in the process of evaluating the impact of the amendment on our consolidated financial statements and related disclosures.
In
November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through
enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses
that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments
are effective for the Company’s annual periods beginning July 1, 2024, and interim periods beginning July 1, 2025, with
early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The
Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments
that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories
and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning June 1, 2025,
with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating
the ASU to determine its impact on the Company’s disclosures.
From
time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective
date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a
material impact on the Company’s consolidated financial statements upon adoption.
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates
estimates and assumptions related to the carrying value of long-term assets, deferred income tax assets and related valuations,
liabilities related to the Earnout Shares, Private Warrants, and Contingent Consent Warrants (each, as defined below), and share-based
compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors
that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the
other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates.
To the extent there are material differences between estimates and the actual results, future results of operations will be affected.
| d) | Basic
and Diluted Earnings per Share |
The
Company utilizes the weighted average method to determine the impact of changes in a participating security on the calculation
of loss per share. The following table sets forth the computation of the Company’s basic and diluted net loss per share
attributable to common shareholders:
NioCorp
Developments Ltd.
Notes
to the Condensed Consolidated Financial Statements
December
31, 2023
(expressed
in thousands of U.S. dollars, except per share amounts or as otherwise stated) (unaudited)
| |
For the Three Months Ended
December 31, | | |
For the Six Months Ended
December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss | |
$ | 3,387 | | |
| 2,429 | | |
$ | 6,774 | | |
$ | 6,306 | |
Adjust: Net loss attributable to noncontrolling interest | |
| (96 | ) | |
| - | | |
| (270 | ) | |
| - | |
Net loss available to participating securities | |
| 3,291 | | |
| 2,429 | | |
| 6,504 | | |
| 6,306 | |
Net loss attributable to vested shares of ECRC Class B common stock | |
| (321 | ) | |
| - | | |
| (580 | ) | |
| - | |
Net loss attributed to common shareholders - basic and diluted | |
$ | 2,970 | | |
| 2,429 | | |
$ | 5,924 | | |
$ | 6,306 | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding – basic and diluted | |
| 33,255,557 | | |
| 28,056,263 | | |
| 32,555,092 | | |
| 27,924,447 | |
| |
| | | |
| | | |
| | | |
| | |
Loss per Common Share outstanding – basic and diluted | |
$ | 0.09 | | |
| 0.09 | | |
$ | 0.18 | | |
$ | 0.23 | |
The
following common shares, no par value, of the Company (“Common Shares”) underlying options to purchase Common Shares
(“Options”), Common Share purchase warrants (“Warrants”), and outstanding convertible debt were antidilutive due
to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation for the three- and
six-month periods indicated below.
Schedule of excluded from the dilutive securities
| |
For the Three and Six Months Ended
December 31, | |
Excluded potentially dilutive securities (1)(2): | |
2023 | | |
2022 | |
Options | |
| 938,000 | | |
| 996,000 | |
Warrants | |
| 19,032,421 | | |
| 1,801,624 | |
Convertible debt | |
| 2,089,860 | | |
| 81,600 | |
Total potential dilutive securities | |
| 22,060,281 | | |
| 2,879,224 | |
The
Company incurred a loss of $6,774 for the six months ended December 31, 2023 (2022 - $6,306) and had a working capital deficit
of $10,629 and an accumulated deficit of $156,981 as of December 31, 2023. As a development stage issuer, the Company has not
yet commenced its mining operations and accordingly does not generate any revenue. As of December 31, 2023, the Company had cash
of $634, which will not be sufficient to fund normal operations for the next twelve months. These conditions and events raise substantial doubt about the Company’s ability to continue as a going
concern.
In
response to these conditions and events, the Company plans to obtain additional financing. NioCorp expects to have access to
up to $61,796
in net proceeds from the Standby Equity Purchase Agreement, dated January 26, 2023 (the “Yorkville Equity Facility
Financing Agreement”), between
NioCorp
Developments Ltd.
Notes
to the Condensed Consolidated Financial Statements
December
31, 2023
(expressed
in thousands of U.S. dollars, except per share amounts or as otherwise stated) (unaudited)
the
Company and YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP (“Yorkville”), through
April 1, 2026. In addition, the Company may pursue additional sources of financing, and while it has been successful in doing
so in the past, there can be no assurance it will be able to do so in the future. Other than the potential issuance of Common
Shares under the Yorkville Equity Facility Financing Agreement, the Company did not have any further funding commitments or
arrangements for additional financing as of December 31, 2023. The Company’s plans to obtain additional financing have
not been finalized, are subject to market conditions, and are not within the Company’s control and therefore cannot be
deemed probable. Further, the Company will be required to raise additional funds for the construction and commencement of
operations. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the
Company’s ability to continue as a going concern.
These interim condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.
| 4. | ACCOUNTS
PAYABLE AND ACCRUED LIABILITIES |
Schedule of account payable and accrued liabilities
| |
|
|
|
|
| |
| |
As of | |
| |
December 31, 2023 | | |
June 30, 2023 | |
Accounts payable, trade | |
$ | 3,160 | | |
$ | 1,990 | |
Trade payable accruals | |
| 765 | | |
| 1,324 | |
Income taxes payable | |
| - | | |
| 101 | |
Environmental accruals | |
| 48 | | |
| 48 | |
Loan origination fees payable to related party | |
| 28 | | |
| 28 | |
Total accounts payable and accrued liabilities | |
$ | 4,001 | | |
$ | 3,491 | |
The
unsecured convertible debentures (the “Convertible Debentures”) issued to Yorkville pursuant to the Securities Purchase
Agreement, dated January 26, 2023 (as amended, the “Yorkville Convertible Debt Financing Agreement”), between the
Company and Yorkville, have a maturity date of September 17, 2024, and are classified as a current liability as of December 31,
2023. Changes in the Convertible Debentures are as follows:
Changes in the Convertible Debentures are as follows
| |
Amount | |
Opening balance, June 30, 2023 | |
$ | 10,561 | |
Accretion expense | |
| 3,251 | |
Principal and accrued interest converted | |
| (8,306 | ) |
Balance, December 31, 2023 | |
$ | 5,506 | |
Add: Unamortized debt issuance costs | |
| 494 | |
Remaining principal balance, December 31, 2023 | |
$ | 6,000 | |
Based
on the Company’s closing Common Share price of $3.19 as of December 31, 2023, conversion of the remaining Convertible Debenture
balance, including accrued interest, would require the issuance of approximately 2,089,860 Common Shares. For each $0.10 change
in the fair value of one Common Share, the total shares the Company would be obligated to issue would change by approximately
67,600 shares.
NioCorp
Developments Ltd.
Notes
to the Condensed Consolidated Financial Statements
December
31, 2023
(expressed
in thousands of U.S. dollars, except per share amounts or as otherwise stated) (unaudited)
6. | CLASS
B COMMON STOCK OF ECRC |
The
shares of Class B common stock of Elk Creek Resource Corporation (“ECRC”), an indirect, majority-owned subsidiary
of NioCorp formerly known as GX Acquisition Corp. II (“GXII”), the rights of the holders of which to exchange such
shares into Common Shares are subject to certain vesting conditions (such shares of ECRC Class B common stock, the “Earnout
Shares”), were valued utilizing a Monte Carlo Simulation pricing model with the following primary inputs:
Key Valuation Input | |
December 31,
2023 | |
June 30,
2023 |
Closing Common Share price | |
$3.19 | |
$5.03 |
Term (expiry) | |
March 17, 2033 | |
March 17, 2033 |
Volatility | |
54.8% | |
33.5% |
Risk-free rate | |
3.88% | |
3.83% |
The
following table sets forth a summary of the changes in the fair value of the Earnout Shares liability for the three- and six-month
periods ended December 31, 2023:
| |
Amount | |
Fair value as of June 30, 2023 | |
$ | 10,521 | |
Change in fair value | |
| (2,093 | ) |
Fair value as of September 30, 2023 | |
| 8,428 | |
Change in fair value | |
| (806 | ) |
Fair value as of December 31, 2023 | |
$ | 7,622 | |
On
September 1, 2023, the Company closed a non-brokered private placement (the “September 2023 Private Placement”) of
units of the Company (the “September 2023 Units”). A total of 250,000 September 2023 Units were issued at a price
per September 2023 Unit of $4.00, for total gross proceeds to the Company of $1,000. Each September 2023 Unit consists of one
Common Share and one Warrant (“September 2023 Warrant”). Each September 2023 Warrant entitles the holder to acquire
one Common Share at a price of $4.60 at any time prior to September 1, 2025. Proceeds of the September 2023 Private Placement
will be used for continued advancement of the Company’s Elk Creek Critical Minerals Project and for working capital and
general corporate purposes.
The
September 2023 Warrants were classified as an equity instrument and accordingly, the net proceeds of $962 were allocated based
on the relative fair values of the Common Shares and the September 2023 Warrants on the date of issuance. The amount allocated
to the fair value of the September 2023 Warrants was $254 and the balance of the proceeds of $708 was allocated to the Common
Shares. The fair value of the September 2023 Warrants issued was computed using the Black Scholes option pricing model using the
following assumptions: an expected life of 2.0 years, a risk-free interest rate of 4.85%, an expected volatility of 71.63%, and
an expected dividend rate of 0%.
On
December 22, 2023, the Company closed a non-brokered private placement (the “December 2023 Private Placement”) of
413,432 units of the Company (the “December 2023 Units”). Each December 2023 Unit consists of one Common Share and
one Warrant (“December 2023 Warrant”). Each December 2023 Warrant entitles the holder to acquire one Common Share
at a price of $3.54 at any time until December 22, 2025. 274,587 of the December 2023 Units were issued and sold to certain accredited
investors, who are not affiliated
NioCorp
Developments Ltd.
Notes
to the Condensed Consolidated Financial Statements
December
31, 2023
(expressed
in thousands of U.S. dollars, except per share amounts or as otherwise stated) (unaudited)
with the Company but with whom the Company had a pre-existing relationship, at a price of $3.08
per December 2023 Unit, and 138,845 of the December 2023 Units were issued and sold to certain officers and directors of the Company
(the “Insider Investors”), at a price of $3.205 per December 2023 Unit. The price per December 2023 Unit paid by the
Insider Investors included $0.125 per December 2023 Warrant underlying each December 2023 Unit purchased by the Insider Investors
which allowed the Insider Investors to participate in the December 2023 Private Placement in accordance with the rules of The
Nasdaq Stock Market LLC (“Nasdaq”). The Company received aggregate gross proceeds from the December 2023 Private Placement
of approximately $1,290. Proceeds of the December 2023 Private Placement will be used for continued advancement of the Elk Creek
Project and for working capital and general corporate purposes. The Company recorded a non-cash expense of $92 and $10 to other operating expense and employee related costs, respectively, representing the excess of fair value of the December 2023 Units over the purchase price paid by Insider Investors.
The
December 2023 Warrants were classified as an equity instrument and accordingly, the estimated net proceeds of $1,241 were allocated
based on the relative fair values of the Common Shares and the December 2023 Warrants on the date of issuance. The amount allocated
to the fair value of the December 2023 Warrants was $264 and the balance of the proceeds of $977 was allocated to the Common Shares.
The fair value of the December 2023 Warrants issued was computed using the Black Scholes option pricing model using the following
assumptions: an expected life of 2.0 years, a risk-free interest rate of 4.33%, an expected volatility of 54.8%, and an expected
dividend rate of 0%.
The
Company issued the following Common Shares under the Yorkville Equity Facility Financing Agreement during the six months ended
December 31, 2023:
Date | | |
Common Shares
Issued | | |
Gross Funds
Received | | |
Market Value of
Shares Issued | | |
Loss on
Transaction | |
September 12, 2023 | | |
| 70,000 | | |
$ | 259 | | |
$ | 271 | | |
$ | 12 | |
September 18, 2023 | | |
| 75,000 | | |
| 273 | | |
| 314 | | |
| 41 | |
November 30, 2023 | | |
| 75,000 | | |
| 234 | | |
| 244 | | |
| 10 | |
Loss
on transaction represents a non-cash expense equal to the difference between the proceeds received and the fair value of the Common
Shares issued based on the Nasdaq closing price per Common Share on the issuance date and is recorded in other operating expenses
in the consolidated statement of operations and comprehensive loss.
Schedule of stock options
| | |
Number of Options | | |
Weighted Average Exercise Price | |
Balance, June 30, 2023 | | |
| 1,541,500 | | |
C$ |
9.64 | |
Exercised | | |
| (7,800 | ) | |
|
5.40 | |
Cancelled/expired | | |
| (595,700 | ) | |
|
7.37 | |
Balance, December 31, 2023 | | |
| 938,000 | | |
C$ |
11.12 | |
The
following table summarizes information about Options outstanding at December 31, 2023:
Exercise Price | | |
Expiry Date | |
Number
Outstanding | | |
Aggregate
Intrinsic Value | | |
Number
Exercisable | | |
Aggregate
Intrinsic Value | |
C$ |
13.60 | | |
December 17, 2024 | |
| 350,000 | | |
| - | | |
| 350,000 | | |
| - | |
C$ |
11.00 | | |
May 30, 2025 | |
| 50,000 | | |
| - | | |
| 50,000 | | |
| - | |
C$ |
9.52 | | |
March 27, 2026 | |
| 538,000 | | |
| - | | |
| 538,000 | | |
| - | |
|
| | |
| |
| 938,000 | | |
$ | - | | |
| 938,000 | | |
$ | - | |
NioCorp
Developments Ltd.
Notes
to the Condensed Consolidated Financial Statements
December
31, 2023
(expressed
in thousands of U.S. dollars, except per share amounts or as otherwise stated) (unaudited)
Schedule of warrant transactions
| | |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, June 30, 2023 | | |
| 18,816,304 | | |
$ | 10.98 | |
Granted | | |
| 663,432 | | |
| 3.94 | |
Exercised | | |
| - | | |
| - | |
Cancelled | | |
| (447,315 | ) | |
| 8.94 | |
Balance, December 31, 2023 | | |
| 19,032,421 | | |
$ | 10.78 | |
At
December 31, 2023, the Company had outstanding exercisable Warrants, as follows:
Number | | |
Exercise
Price | | |
Expiry
Date | |
| 504,611 | | |
C$ | 11.00 | | |
| June
30, 2024 | |
| 1,341,952 | | |
$ | 8.94 | | |
| (1) | |
| 855,800 | | |
C$ | 9.70 | | |
| February
19, 2025 | |
| 250,000 | | |
$ | 4.60 | | |
| September
1, 2025 | |
| 413,432 | | |
$ | 3.54 | | |
| December
22, 2025 | |
| 15,666,626 | | |
$ | 11.50 | | |
| March
17, 2028 | |
| 19,032,421 | | |
| | | |
| | |
(1) | These
Warrants expire in equal monthly tranches from January 17, 2024 through September 17, 2024 |
Private
Warrants
In
connection with the closing of the previously publicly disclosed business combination transaction on March 17, 2023 (the “Closing”),
the Company assumed GXII’s obligations under the agreement governing the GXII Warrants, as amended by an assignment, assumption
and amendment agreement (the “NioCorp Assumed Warrant Agreement”), and issued an aggregate of 15,666,626 Warrants
(the “NioCorp Assumed Warrants”). The Company issued (a) 9,999,959 public NioCorp Assumed Warrants (the “Public
Warrants”) in respect of the GXII Warrants that were publicly traded prior to the Closing and (b) 5,666,667 NioCorp Assumed
Warrants (the “Private Warrants”) to GX Sponsor II LLC (the “Sponsor”).
Each
Private Warrant entitles the holder to the right to purchase 1.11829212 Common Shares at an exercise price of $11.50 per 1.11829212
Common Shares (subject to adjustments for stock splits, stock dividends, reorganizations, recapitalizations and the like). No
fractional shares will be issued upon exercise of any Private Warrants, and fractional shares that would otherwise be due to the
exercising holder will be rounded down to the nearest whole Common Share. In no event will the Company be required to net cash
settle any Private Warrant.
The
Private Warrants: (i) will be exercisable either for cash or on a cashless basis at the holder’s option and (ii) will not
be redeemable by the Company, in either case as long as the Private Warrants are held by the Sponsor, its members or any of their
permitted transferees (as prescribed in the NioCorp Assumed Warrant Agreement). In accordance with the NioCorp Assumed Warrant
Agreement, any Private Warrants that are held by someone other than the Sponsor, its members or any their permitted transferees
are treated as Public Warrants.
NioCorp Developments Ltd.
Notes to the Condensed Consolidated Financial Statements
December 31, 2023
(expressed in thousands of
U.S. dollars, except per share amounts or as otherwise stated) (unaudited)
The
Company classifies Private Warrants as Level 2 instruments under the fair value hierarchy as inputs into our pricing model are based on observable data points. The following observable data points were used in calculating the fair value of the Private Warrants using a
Black Scholes model:
Key Valuation Input | |
December 31,
2023 | | |
June 30, 2023 | |
Stock price on valuation date | |
$ | 3.19 | | |
$ | 5.03 | |
Strike price | |
$ | 11.50 | | |
$ | 11.50 | |
Implied volatility of Public Warrants | |
| 54.8 | % | |
| 33.5 | % |
Risk free rate | |
| 3.91 | % | |
| 4.18 | % |
Dividend yield | |
| 0 | % | |
| 0 | % |
Expected warrant life in years | |
| 4.22 | | |
| 4.73 | |
The
change in the Private Warrants liability is presented below:
| |
Amount | |
Fair value at June 30, 2023 | |
$ | 3,279 | |
Change in fair value | |
| (181 | ) |
Fair value at September 30, 2023 | |
$ | 3,098 | |
Change in fair value | |
| (58 | ) |
Fair value at December 31, 2023 | |
$ | 3,040 | |
Contingent
Consent Warrants
As
consideration for entering into the previously publicly disclosed Waiver and Consent Agreement, dated September 25, 2022 (the
“Lind Consent”), between the Company and Lind Global Asset Management III, LLC (“Lind”), Lind received,
amongst other things, the right to receive additional Warrants (the “Contingent Consent Warrants”) if on September
17, 2024, the closing trading price of the Common Shares on the TSX or such other stock exchange on which such shares may then
be listed, is less than C$10.00, subject to adjustments. The number of Contingent Consent Warrants to be issued, if any, is based
on the Canadian dollar equivalent (based on the then current Canadian to US dollar exchange rate as reported by Bloomberg, LP)
of $5,000 divided by the five-day volume weighted average price of the Common Shares on the date of issuance. Further, the number
of Contingent Consent Warrants issued will be proportionately adjusted based on the percentage of Warrants currently held by Lind
that are exercised, if any, prior to the issuance of any Contingent Consent Warrants.
The
Contingent Consent Warrants are classified as a Level 3 financial instrument and were valued utilizing a Monte Carlo simulation
pricing model, which calculates multiple potential outcomes for future share prices based on historic volatility of the Common
Shares to determine the probability of issuance at 18 months following the applicable valuation date and to determine the value
of the Contingent Consent Warrants. The following table discloses the primary inputs into the Monte Carlo model at the balance
sheet date and the probability of issuance calculated by the model.
Key Valuation Input | |
December 31, 2023 | | |
June 30, 2023 | |
Share price on valuation date | |
$ | 3.19 | | |
$ | 5.03 | |
Volatility | |
| 64.0 | % | |
| 63.0 | % |
Risk free rate | |
| 3.86 | % | |
| 4.11 | % |
Probability of issuance | |
| 96.6 | % | |
| 80.8 | % |
NioCorp Developments Ltd.
Notes to the Condensed Consolidated Financial Statements
December 31, 2023
(expressed in thousands of
U.S. dollars, except per share amounts or as otherwise stated) (unaudited)
The
change in the fair value of the Contingent Consent Warrants is presented below:
| |
Amount | |
Fair value at June 30, 2023 | |
$ | 1,710 | |
Change in fair value | |
| 254 | |
Fair value at September 30, 2023 | |
| 1,964 | |
Change in fair value | |
| 129 | |
Fair value at December 31, 2023 | |
$ | 2,093 | |
The
measurement date for the potential issuance of Contingent Consent Warrants is September 17, 2024, and therefore, as of December
31, 2023, the Contingent Consent Warrants are classified as a current liability.
8. |
EXPLORATION
EXPENDITURES |
Schedule of exploration expenditures
| |
For the Three Months
Ended December 31 | | |
For the Six Months
Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Technical studies and engineering | |
$ | 97 | | |
$ | 28 | | |
$ | 297 | | |
$ | 137 | |
Field management and other | |
| 147 | | |
| 207 | | |
| 282 | | |
| 393 | |
Metallurgical development | |
| 584 | | |
| 1,080 | | |
| 1,330 | | |
| 2,073 | |
Geologists and field staff | |
| - | | |
| 2 | | |
| 19 | | |
| 2 | |
Total | |
$ | 828 | | |
$ | 1,317 | | |
$ | 1,928 | | |
$ | 2,605 | |
The
Company incurred lease costs as follows:
| |
|
|
|
|
| | |
|
|
|
|
| |
| |
For the Three Months
Ended December 31, | | |
For the Six Months
Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating Lease Cost: | |
| | | |
| | | |
| | | |
| | |
Fixed rent expense | |
$ | 23 | | |
$ | 23 | | |
$ | 45 | | |
$ | 43 | |
Variable rent expense | |
| 3 | | |
| 3 | | |
| 7 | | |
| 5 | |
Short-term lease cost | |
| 2 | | |
| 3 | | |
| 5 | | |
| 9 | |
Sublease income | |
| (10 | ) | |
| (12 | ) | |
| (16 | ) | |
| (15 | ) |
Net lease cost – other operating expense | |
$ | 18 | | |
$ | 17 | | |
$ | 41 | | |
$ | 42 | |
The
maturities of lease liabilities are as follows at December 31, 2023:
|
| Future Lease Maturities | |
Total remaining lease payments | |
$ | 291 | |
Less portion of payments representing interest | |
| (61 | ) |
Present value of lease payments | |
| 230 | |
Less current portion of lease payments | |
| 95 | |
Non-current lease liability | |
$ | 135 | |
NioCorp Developments Ltd.
Notes to the Condensed Consolidated Financial Statements
December 31, 2023
(expressed in thousands of
U.S. dollars, except per share amounts or as otherwise stated) (unaudited)
10. |
FAIR
VALUE MEASUREMENT |
The
following tables present information about the assets and liabilities that are measured at fair value on a recurring basis as
of December 31, 2023, and June 30, 2023, respectively, and indicate the fair value hierarchy of the valuation techniques the Company
utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted)
in active markets for identical instruments. Fair values determined by Level 2 inputs utilize data points that are observable,
such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points
for the financial instrument and include situations where there is little, if any, market activity for the instrument.
Schedule of fair values determined by level 3 inputs are unobservable data
| |
| | |
As of December 31, 2023 | |
| |
Note | | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets: | |
| | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
| | |
$ | 634 | | |
$ | 634 | | |
$ | - | | |
$ | - | |
Investment in equity securities | |
| | |
| 7 | | |
| 7 | | |
| - | | |
| - | |
Total | |
| | |
$ | 641 | | |
$ | 641 | | |
$ | - | | |
$ | - | |
Liabilities: | |
| | |
| | | |
| | | |
| | | |
| | |
Earnout Shares liability | |
6 | | |
$ | 7,622 | | |
$ | - | | |
$ | - | | |
$ | 7,622 | |
Warrant liabilities | |
7c | | |
| 5,133 | | |
| - | | |
| 3,098 | | |
| 2,035 | |
Total | |
| | |
$ | 12,755 | | |
$ | - | | |
$ | 3,098 | | |
$ | 9,657 | |
| |
As of June 30, 2023 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets: | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
$ | 2,341 | | |
$ | 2,341 | | |
$ | - | | |
$ | - | |
Investment in equity securities | |
| 9 | | |
| 9 | | |
| - | | |
| - | |
Total | |
$ | 2,350 | | |
$ | 2,350 | | |
$ | - | | |
$ | - | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Earnout Shares liability | |
$ | 10,521 | | |
$ | - | | |
$ | - | | |
$ | 10,521 | |
Warrant liabilities | |
| 4,989 | | |
| - | | |
| 3,279 | | |
| 1,710 | |
Total | |
$ | 15,510 | | |
$ | - | | |
$ | 3,279 | | |
$ | 12,231 | |
The
Convertible Debentures discussed in Note 5 were initially recorded
at fair value, which represented a nonrecurring fair value measurement using a Level 3 input. At December 31, 2023, the estimated
fair value of this instrument approximated carrying value given that the instrument was issued in March 2023 and has a short time
period until maturity.
ITEM
2. | MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
The following discussion and analysis should be read in conjunction with our historical interim condensed consolidated financial statements
and related notes included elsewhere in this Form 10-Q and the Annual Report on Form 10-K filed with the Securities and Exchange
Commission for the year ended June 30, 2023, which have been prepared in accordance with generally
accepted accounting principles in the United States (“U.S. GAAP”). This discussion and analysis contains forward-looking
statements and forward-looking information that involve risks, uncertainties, and assumptions. Our actual results may differ materially
from those anticipated in these forward-looking statements and information as a result of many factors, including, but not limited
to, those set forth elsewhere in this Quarterly Report on Form 10-Q. See “Note Regarding Forward-Looking Statements”
below.
All
currency amounts are stated in U.S. dollars unless noted otherwise.
As
used in this report, unless the context otherwise indicates, references to “we,” “our,” the “Company,”
“NioCorp,” and “us” refer to NioCorp Developments Ltd. and its subsidiaries, collectively.
Note
Regarding Forward-Looking Statements
This
Quarterly Report on Form 10-Q and the exhibits attached hereto contain “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and “forward-looking information” within the meaning
of applicable Canadian securities legislation (collectively, “forward-looking statements”). Such forward-looking statements
concern our anticipated results and developments in the operations of the Company in future periods, planned exploration activities,
the adequacy of the Company’s financial resources, and other events or conditions that may occur in the future.
Forward-looking
statements have been based upon our current business and operating plans, as approved by the Company’s Board of Directors,
and may include statements regarding the anticipated benefits of the transactions (the “Transactions”) contemplated
by the previously disclosed Business Combination Agreement, dated September 25, 2022 (the “Business Combination Agreement”),
among the Company, GX Acquisition Corp. II and Big Red Merger Sub Ltd, including NioCorp’s ability to access the full amount
of the expected net proceeds of the Standby Equity Purchase Agreement, dated January 26, 2023 (the “Yorkville Equity Facility
Financing Agreement”), between the Company and YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global,
LP (“Yorkville”), through April 1, 2026; NioCorp’s ability to receive a final commitment of financing from the
Export-Import Bank of the United States (“EXIM”); anticipated benefits of the listing of NioCorp’s common shares,
without par value (the “Common Shares”), on The Nasdaq Stock Market LLC (“Nasdaq”); the financial and
business performance of NioCorp; NioCorp’s anticipated results and developments in the operations of NioCorp in future periods;
NioCorp’s planned exploration activities; the adequacy of NioCorp’s financial resources; NioCorp’s ability to
secure sufficient project financing to complete construction and commence operation of the Elk Creek Project; NioCorp’s
expectation and ability to produce niobium, scandium, and titanium at the Elk Creek Project; NioCorp’s plans to produce
and supply specific products and market demand for those products; the outcome of current recovery process improvement testing,
and NioCorp’s expectation that such process improvements could lead to greater efficiencies and cost savings in the Elk
Creek Project; the Elk Creek Project’s ability to produce multiple critical metals; the Elk Creek Project’s projected
ore production and mining operations over its expected mine life; the completion of technical and economic analyses on the potential
addition of magnetic rare earth oxides to NioCorp’s planned product suite; the exercise of options to purchase additional
land parcels; the execution of contracts with engineering, procurement and construction companies; NioCorp’s ongoing evaluation
of the impact of inflation, supply chain issues and geopolitical unrest on the Elk Creek Project’s economic model; and the
creation of full time and contract construction jobs over the construction period of the Elk Creek Project.
Forward-looking
statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,”
“intends,” “estimates,” “potential,” “possible,” and similar expressions, or statements
that events, conditions, or results “will,” “may,” “could,” or “should” (or the
negative and grammatical variations of any of these terms) occur or be achieved. Any statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance
(often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,”
“anticipates” or “does not
anticipate,” “plans,” “estimates,” or “intends,”
or stating that certain actions, events, or results “may,” “could,” “would,” “might,”
or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Such forward-looking statements reflect the Company’s current views with respect to future events and are subject to certain
known and unknown risks, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements
to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking
statements, including, among others, risks related to the following: NioCorp’s ability to recognize the anticipated benefits
of the Transactions, including NioCorp’s ability to access the full amount of the expected net proceeds under the Yorkville
Equity Facility Financing Agreement over the next three years; unexpected costs related to the Transactions; the outcome of any
legal proceedings that may be instituted against NioCorp following closing of the Transactions; NioCorp’s ability to receive
a final commitment of financing from EXIM on the anticipated timeline, on acceptable terms, or at all; NioCorp’s ability
to continue to meet Nasdaq listing standards; NioCorp’s ability to operate as a going concern; risks relating to the Common
Shares, including price volatility, lack of dividend payments and dilution or the perception of the likelihood any of the foregoing;
NioCorp’s requirement of significant additional capital; the extent to which NioCorp’s level of indebtedness and/or
the terms contained in agreements governing NioCorp’s indebtedness or the Yorkville Equity Facility Financing Agreement
may impair NioCorp’s ability to obtain additional financing; covenants contained in agreements with NioCorp’s secured
creditors that may affect its assets; NioCorp’s limited operating history; NioCorp’s history of losses; the material
weaknesses in NioCorp’s internal control over financial reporting, NioCorp’s efforts to remediate such material weaknesses
and the timing of remediation; the possibility that NioCorp may qualify as a PFIC under the Code; the potential that the Transactions
could result in NioCorp becoming subject to materially adverse U.S. federal income tax consequences as a result of the application
of Section 7874 and related sections of the Code; cost increases for NioCorp’s exploration and, if warranted, development
projects; a disruption in, or failure of, NioCorp’s information technology systems, including those related to cybersecurity;
equipment and supply shortages; variations in the market demand for, and prices of, niobium, scandium, titanium and rare earth
products; current and future offtake agreements, joint ventures, and partnerships; NioCorp’s ability to attract qualified
management; the effects of global health crises on NioCorp’s business plans, financial condition and liquidity; estimates
of mineral resources and reserves; mineral exploration and production activities; feasibility study results; the results of metallurgical
testing; changes in demand for and price of commodities (such as fuel and electricity) and currencies; competition in the mining
industry; changes or disruptions in the securities markets; legislative, political or economic developments, including changes
in federal and/or state laws that may significantly affect the mining industry; the impacts of climate change, as well as actions
taken or required by governments related to strengthening resilience in the face of potential impacts from climate change; the
need to obtain permits and comply with laws and regulations and other regulatory requirements; the timing and reliability of sampling
and assay data; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived
potential of NioCorp’s projects; risks of accidents, equipment breakdowns, and labor disputes or other unanticipated difficulties
or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties
in connection with exploration, mining, or development activities; the management of the water balance at the Elk Creek Project
site; land reclamation requirements related to the Elk Creek Project; the speculative nature of mineral exploration and development,
including the risks of diminishing quantities of grades of reserves and resources; claims on the title to NioCorp’s properties;
potential future litigation; and NioCorp’s lack of insurance covering all of NioCorp’s operations.
Should
one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may
vary materially from those described herein. This list is not exhaustive of the factors that may affect any of the Company’s
forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual
achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking
statements due to a variety of risks, uncertainties, and other factors, including without limitation those discussed under the
heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, as well as other
factors described elsewhere in this report and the Company’s other reports filed with the Securities and Exchange Commission
(“SEC”).
The
Company’s forward-looking statements contained in this Quarterly Report on Form 10-Q are based on the beliefs, expectations,
and opinions of management as of the date of this report. The Company does not assume any obligation to update forward-looking
statements if circumstances or management’s beliefs, expectations, or opinions should change, except as required by law.
For the reasons set forth above, investors should not attribute undue certainty to, or place undue reliance on, forward-looking
statements.
Qualified
Person
All
technical and scientific information that forms the basis for the Elk Creek Project disclosure included in this Quarterly Report
on Form 10-Q has been reviewed and approved by Scott Honan, M.Sc., SME-RM, NioCorp’s Chief Operating Officer. Mr. Honan
is a “Qualified Person” as such term is defined in National Instrument 43-101 – Standards of Disclosure for
Mineral Projects and subpart 1300 of Regulation S-K.
Company
Overview
NioCorp
is developing the Elk Creek Project, located in southeast Nebraska. The Elk Creek Project is a development-stage property that
has disclosed niobium, scandium, and titanium mineral reserves and resources and disclosed rare earth oxide mineral resources.
The Company is continuing technical and economic studies around the rare earths contained in the Project’s Mineral Resource.
Niobium is used to produce various superalloys that are extensively used in high performance aircraft and jet turbines. It also
is used in High-Strength, Low-Alloy steel, a stronger steel used in automobiles, bridges, structural systems, buildings, pipelines,
and other applications that generally increases strength and/or reduces weight, which can result in environmental benefits, including
reduced fuel consumption and material usage and fewer air emissions. Scandium can be combined with aluminum to make high-performance
alloys with increased strength and improved corrosion resistance. Scandium also is a critical component of advanced solid oxide
fuel cells, an environmentally preferred technology for high-reliability, distributed electricity generation. Titanium is a component
of various superalloys and other applications that are used for aerospace applications, weapons systems, protective armor, medical
implants, and many others. It also is used in pigments for paper, paint, and plastics. Rare earths are critical to electrification
and decarbonization initiatives and can be used to manufacture the strongest permanent magnets commercially available.
Our
primary business strategy is to advance our Elk Creek Project to commercial production. We are focused on obtaining additional
funds to carry out our near-term planned work programs associated with securing the project financing necessary to complete mine
development and construction of the Elk Creek Project.
Recent
Corporate Events
On
December 22, 2023, the Company closed a non-brokered private placement (the “December 2023 Private Placement”) of
413,432 units of the Company (the “December 2023 Units”). Each December 2023 Unit consists of one Common Share and
one Warrant (“December 2023 Warrant”). Each December 2023 Warrant entitles the holder to acquire one Common Share
at a price of $3.54 at any time until December 22, 2025. 274,587 of the December 2023 Units were issued and sold to certain accredited
investors, who are not affiliated with the Company but with whom the Company had a pre-existing relationship, at a price of $3.08
per December 2023 Unit, and 138,845 of the December 2023 Units were issued and sold to certain officers and directors of the Company
(the “Insider Investors”), at a price of $3.205 per December 2023 Unit. The price per December 2023 Unit paid by the
Insider Investors included $0.125 per December 2023 Warrant underlying each December 2023 Unit purchased by the Insider Investors
which allowed the Insider Investors to participate in the December 2023 Private Placement in accordance with the rules of The
Nasdaq Stock Market LLC (“Nasdaq”). The Company received aggregate gross proceeds from the December 2023 Private Placement
of approximately $1.29 million. Proceeds of the December 2023 Private Placement will be used for continued advancement of the
Elk Creek Project and for working capital and general corporate purposes.
In
May 2023, we announced an aluminum-scandium (“Al-Sc”) master alloy initiative (the “Al-Sc master alloy initiative”),
in partnership with Boston-based Nanoscale Powders LLC (“Nanoscale”). Al-Sc master alloy, which generally contains
2% by weight scandium, is used to introduce scandium into aluminum for the purpose of producing various Al-Sc alloys, which generally
contain a fraction of a percent scandium by weight. These alloys help to reduce weight, increase strength and corrosion resistance,
and make the material weldable in automotive and mass transit, aerospace, defense, space, and other systems. Two of the three
planned 1-kilogram ingots were manufactured at a contract metallurgical facility operated by Creative Engineers in the quarter
ended December 31, 2023. As funds become available, the Company plans to manufacture a third ingot and pursue the scale-up of
the Nanoscale technology, with an aim towards larger sized ingots and a continuous or semi-continuous production process.
Elk
Creek Project Update
During
the quarter ended December 31, 2023, the Company’s demonstration scale processing plant located in Trois-Rivieres, Quebec
(the “Demonstration Plant”) also completed the production of waste materials for follow-on characterization to support
tailings impoundment and paste backfill engineering design. Additional work at the Demonstration Plant is underway to further
explore improvements to solvent extraction operations and to produce product samples for prospective customers.
During
the quarter ended December 31, 2023, the Company, through a contract engineering firm (Olsson), completed a 90% engineering package
for various road improvements in the vicinity of the Elk Creek Project site, and shared the 90% engineering drawings with the
Nebraska Department of Transportation and Johnson County as part of the normal process for approving the improvements.
Other
Activities
Our
long-term financing efforts continued during the quarter ended December 31, 2023. As previously disclosed, on March 6, 2023, the
Company announced the receipt of a Letter of Interest from the EXIM for potential debt financing of up to $800 million through
EXIM’s “Make More In America” initiative to fund a portion of the project costs of the Elk Creek Project. A
project finance letter of interest from EXIM represents only a preliminary step in the formal EXIM application process, and the
Letter of Interest states that the communication “does not represent a financing commitment” and “is not an
explicit indication of the financial or commercial viability of a transaction.” As stated in the Letter of Interest, “Upon
receipt of NioCorp’s application for financing, EXIM will conduct all requisite due diligence necessary to determine if
a Final Commitment may be issued for this transaction.” The process from submission of an application to a final commitment
of financing by EXIM, if any, is subject to a number of risks and uncertainties. As explained in the Letter of Interest, “Any
final commitment will be dependent on meeting EXIM’s underwriting criteria, authorization process, and finalization and
satisfaction of terms and conditions. All Final Commitments must be in compliance with EXIM policies as well as program, legal,
and eligibility requirements.” The debt financing is subject to the satisfactory completion of due diligence, the negotiation
and settlement of final terms, and the negotiation of definitive documentation.
NioCorp
submitted a formal application to EXIM for a loan under EXIM’s “Make More in America” initiative on June 6,
2023. The Company was informed that its application received approval by the first of three reviews by the EXIM Transaction Review
Committee on October 2, 2023. EXIM has indicated that they will now devote additional resources to the processing of the Company’s
application and will require the Company to execute indemnity fee agreements with external consultants who will be tasked with
conducting detailed reviews of the financial and technical (including environmental) aspects of the Company’s application.
We are currently unable to estimate how long the application process may take, and there can be no assurances that we will be
able to successfully negotiate a final commitment of debt financing from EXIM.
As
funds become available through the Company’s fundraising efforts, we expect to undertake the following activities:
|
● |
Continuation
of the Company’s efforts to secure federal, state and local operating permits; |
|
● |
Continued
evaluation of the potential to produce rare earth products and sell such products under offtake agreements; |
|
● |
Negotiation
and completion of offtake agreements for the remaining uncommitted production of niobium, scandium, and titanium from the
project, including the potential sale of titanium as titanium tetrachloride; |
|
● |
Negotiation
and completion of engineering, procurement, and construction agreements; |
|
● |
Completion
of the final detailed engineering for the underground portion of the Elk Creek Project; |
|
● |
Initiation
and completion of the final detailed engineering for surface project facilities; |
|
● |
Construction of
natural gas and electrical infrastructure under existing agreements to serve the Elk Creek |
Project site;
|
● |
Completion
of water supply agreements and related infrastructure to deliver fresh water to the project site; |
|
● |
Initiation
of revised mine groundwater investigation and control activities; |
|
● |
Initiation
of long-lead equipment procurement activities; |
|
● |
As a follow-on
to the Company’s Demonstration Plant operations, complete characterization and testing of waste materials to support
tailings impoundment and paste backfill plant designs; and |
|
● |
Completion
of design and permitting efforts related to improvements to the junction of Nebraska state highways 50 and 62 and improvements
and paving of County Road 721 to the proposed entrance to the Elk Creek Project mine site. |
Financial
and Operating Results
The
Company has no revenues from mining operations. Operating expenses incurred related primarily to costs incurred for the advancement
of the Elk Creek Project and the activities necessary to support corporate and shareholder duties and are detailed in the following
table (in thousands of dollars).
| |
For the Three Months Ended
December 31, | | |
For the Six Months Ended
December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Employee-related costs | |
$ | 328 | | |
$ | 291 | | |
$ | 650 | | |
$ | 584 | |
Professional fees | |
| 952 | | |
| 262 | | |
| 2,139 | | |
| 426 | |
Exploration expenditures | |
| 828 | | |
| 1,317 | | |
| 1,928 | | |
| 2,605 | |
Other operating expenses | |
| 809 | | |
| 331 | | |
| 1,643 | | |
| 668 | |
Total operating expenses | |
| 2,917 | | |
| 2,201 | | |
| 6,360 | | |
| 4,283 | |
Change in fair value of Earnout Shares liability | |
| (806 | ) | |
| - | | |
| (2,899 | ) | |
| - | |
Change in fair value of warrant liabilities | |
| 71 | | |
| 341 | | |
| 144 | | |
| 84 | |
Loss on debt extinguishment | |
| - | | |
| - | | |
| - | | |
| 1,622 | |
Interest expense (income) | |
| 1,176 | | |
| (38 | ) | |
| 3,251 | | |
| 220 | |
Other gains | |
| - | | |
| (13 | ) | |
| | | |
| (13 | ) |
Foreign exchange loss (gain) | |
| 28 | | |
| (64 | ) | |
| 17 | | |
| 109 | |
Loss on equity securities | |
| 1 | | |
| 2 | | |
| 2 | | |
| 1 | |
Income tax benefit | |
| - | | |
| - | | |
| (101 | ) | |
| - | |
Loss attributable to noncontrolling interest | |
| 96 | | |
| - | | |
| 270 | | |
| - | |
Net loss attributable to the Company | |
$ | 3,291 | | |
$ | 2,429 | | |
$ | 6,504 | | |
$ | 6,306 | |
Three- and six-month periods ended December
31, 2023 compared to the three- and six-month periods ended December 31, 2022:
Significant
items affecting operating expenses are noted below:
Employee-related
costs increased for the three- and six-month periods in 2023 as compared to 2022, primarily due to the impact of board-authorized
employee salary increases, which became effective April 1, 2023.
Professional
fees increased for the six-month period in 2023 as compared to 2022, primarily due to the timing of legal services associated
with the Company’s SEC registration statements filed in October 2023, as well as increased audit and review fees associated
with the Company’s June 30, 2023 and September 30, 2023 financial statements, respectively. These costs increased for the
three-month period ended December 31,2023 as compared to 2022, as 2023 costs included additional accounting fees associated with
quarterly financial statement review procedures as well as increased legal fees associated with the Company’s Annual General
Meeting preparation, our registration statements on Form S-1 filed in October 2023, and the change in our auditors.
Exploration
expenditures decreased for the six-month period in 2023 as compared to 2022, as 2022 costs included Demonstration Plant development
and start-up costs, as well as costs related to the completion and filing of the Technical Report Summary based on the Company’s
2022 Feasibility Study for the Elk Creek Project, which was filed with the SEC on September 6, 2022. These costs decreased for
the three-month period ended December 31, 2023 as compared to 2022, as 2022 costs included Demonstration Plant development and
start-up
costs, while overall Demonstration Plant operations were winding down during the three-month period in 2023.
Other
operating expenses include costs related to investor relations, general office expenditures, equity offering and proxy expenditures,
board-related expenditures, and other miscellaneous costs. These costs increased for the six-month period 2023 as compared to
2022 primarily due to the impact of increased director and officer insurance costs associated with the Company’s listing
on the Nasdaq, which began in March 2023, as well as expenditures related to our Al-Sc master alloy initiative, fair value losses
on Yorkville Equity Facility Financing Agreement transactions, and Delaware franchise fees, partially offset by reduced investor
relations expenditures. These costs increased for the three-month period ended December 31, 2023 as compared to 2022 primarily
due to the impact of increased director and officer insurance costs associated with the Company’s listing on the Nasdaq,
which began in March 2023.
Other
significant items impacting the change in the Company’s net loss are noted below:
Change
in fair value of Earnout Shares liability represents the changes in fair value related to the shares of Class B common stock
of Elk Creek Resource Corporation (“ECRC”), an indirect, majority-owned subsidiary of NioCorp formerly known as GX
Acquisition Corp. II, the rights of the holders of which to exchange such shares into Common Shares are subject to certain vesting
conditions (such shares of ECRC Class B common stock, the “Earnout Shares”) for 2023, based on the results of Monte
Carlo financial modeling. The Company recognized this liability in connection with the Transactions, which closed in March 2023.
Change
in fair value of warrant liability primarily represents the changes in fair value related to Lind Global Asset Management
III, LLC’s (“Lind”) right to receive additional Warrants (the “Contingent Consent Warrants”) as
consideration for entering into the previously disclosed Waiver and Consent Agreement, dated September 25, 2022 (the “Lind
Consent”), between the Company and Lind, based on the impact of a lower closing Common Share price, which increases the
probability of these Contingent Consent Warrants being issued on the 18-month anniversary. This expense was partially offset by
a slight decrease in the valuation of the Warrants issued to GX Sponsor II LLC (the “Sponsor”) in connection with
the closing of the Transactions (the “Private Warrants”).
Interest
expense increased for both the six-month and three-month periods in 2023 as compared to 2022 due to accretion expense associated
with the unsecured convertible debentures (the “Convertible Debentures”) issued to Yorkville, which were issued in
March 2023.
Foreign
exchange loss is primarily due to changes in the U.S. dollar against the Canadian dollar. During 2022, the functional currency
of the parent company was Canadian dollars, and the loss for the period was primarily due to changes in the foreign exchange rates
applied to U.S. dollar-denominated debt instruments. Effective March 17, 2023, the parent company’s functional currency
became the U.S. dollar.
Loss
on debt extinguishment incurred in 2022 represents the loss incurred under Accounting Standards Codification (“ASC”)
Topic 470, Debt, related to the convertible security issued to Lind (the “Lind III Convertible Security”) pursuant
to the Convertible Security Funding Agreement, dated February 26, 2021, as amended by Amendment #1 to the Convertible Security
Funding Agreement, dated December 2, 2021, between the Company and Lind).
Loss
attributable to noncontrolling interest represents the portion of net loss in ECRC not owned by the Company.
Liquidity
and Capital Resources
We
have no revenue generating operations from which we can internally generate funds. To date, our ongoing operations have been financed
by the sale of our equity securities by way of private placements, convertible securities issuances, the exercise of incentive
options to purchase Common Shares (“Options”) and Warrants, and related party loans. With respect to currently outstanding
Options and Warrants, we believe that exercise of these instruments, and cash proceeds from such exercises, will not occur unless
and until the market price for our Common Shares equals or exceeds the related exercise price of each instrument.
The
Yorkville Equity Facility Financing Agreement is expected to provide near-term and longer-term access to capital. The ability
of the Company to draw down on the Yorkville Equity Facility Financing Agreement, at its discretion, is subject to certain limitations
and the satisfaction of certain conditions and, when available, provides an opportunity to actively manage the cash needs of the
Company more closely. Historically, cash has generally been available to the Company through private placements of equity for
which the timing did not always coincide with the Company’s cash needs. The Company may utilize the Yorkville Equity Facility
Financing Agreement to potentially generate funds at a time when they are in need. Alternatively, the Company can also utilize
the Yorkville Equity Facility Financing Agreement for opportunistic share sales.
As
of December 31, 2023, the Company had cash of $0.6 million and a working capital deficit of $10.6 million, compared to cash of
$2.3 million and working capital of $0.2 million on June 30, 2023.
We
expect that the Company will operate at a loss for the foreseeable future. The Company’s current planned cash needs are
approximately $7.7 million until June 30, 2024, inclusive of repayments of principal and interest on the Yorkville Convertible
Debentures. In addition to outstanding accounts payable and short-term liabilities, our average monthly planned expenditures through
June 30, 2024 are expected to be approximately $805,000 per month where approximately $660,000 is for corporate overhead and estimated
costs related to securing financing necessary for advancement of the Elk Creek Project. Approximately $145,000 per month is planned
for expenditures relating to the advancement of the Elk Creek Project by ECRC. The Company’s ability to continue operations
and fund our current work plan is dependent on management’s ability to secure additional financing.
The
Company anticipates that it does not have sufficient cash on hand to continue to fund basic operations for the next twelve months,
and additional funds totaling $10.0 million to $11.0 million are likely to be necessary to continue advancing the project in the
areas of financing, permitting, and detailed engineering. While the Yorkville Equity Facility Financing Agreement may provide
the Company with access to additional capital, the Company may require additional capital to meet its cash needs. Management is
actively pursuing such additional sources of debt and equity financing, and while it has been successful in doing so in the past,
there can be no assurance it will be able to do so in the future.
Elk
Creek property lease commitments are $19,000 until June 30, 2024. To maintain our currently held properties and fund our currently
anticipated general and administrative costs and planned exploration and development activities at the Elk Creek Project for the
fiscal year ending June 30, 2024, the Company will likely require additional financing during the current fiscal year. Should
such financing not be available in that timeframe, we will be required to reduce our activities and will not be able to carry
out all our presently planned activities at the Elk Creek Project.
On
June 6, 2023, the Company announced that it had submitted an application to EXIM for debt financing (the “EXIM Financing”)
to fund the project costs for the Elk Creek Project, under EXIM’s “Make More in America” initiative. The EXIM
Financing is subject to, among other matters, the satisfactory completion of due diligence, the negotiation and settlement of
final terms, and the negotiation of definitive documentation. There can be no assurance that the EXIM Financing will be completed
on the terms described herein or at all.
Except
for potential funding under the Yorkville Equity Facility Financing Agreement, discussed above, and the potential exercise of
Options and Warrants, we currently have no further funding commitments or arrangements for additional financing at this time,
and there is no assurance that we will be able to obtain any such additional financing on acceptable terms, if at all. Pursuant
to the Exchange Agreement, dated as of March 17, 2023 (as amended, supplemented or otherwise modified, the “Exchange Agreement”),
by and among NioCorp, ECRC and the Sponsor, NioCorp is restricted from issuing equity or equity-linked securities (other than
Common Shares) or any preferred equity or non-voting equity if such issuance would adversely impact the rights of the holders
of the shares of Class B common stock of ECRC, without the consent of the holders of a majority of the shares of Class B common
stock of ECRC. The Yorkville Convertible Debt Financing Agreement also contains certain covenants that, among other things, limit
NioCorp’s ability to use the proceeds from the issuance of the securities pursuant to the Yorkville Convertible Debt Financing
Agreement to repay related party debt or to enter into any variable rate transaction, including issuances of equity or debt securities
that are convertible into Common Shares at variable rates and any equity line of credit, ATM agreement or other continuous offering
of Common Shares, other than with Yorkville, subject to certain exceptions. Notwithstanding the restrictions set forth in the
Exchange Agreement and
the Yorkville Convertible Debt Financing Agreement, there is significant uncertainty that we would be able
to secure any additional financing in the current equity or debt markets. The quantity of funds to be raised and the terms of
any proposed equity or debt financing that may be undertaken will be negotiated by management as opportunities to raise funds
arise. Management may pursue funding sources of both debt and equity financing, including but not limited to the issuance of equity
securities in the form of Common Shares, Warrants, subscription receipts, or any combination thereof in units of the Company pursuant
to private placements to accredited investors or pursuant to public offerings in the form of underwritten/brokered offerings,
registered direct offerings, or other forms of equity financing and public or private issuances of debt securities including secured
and unsecured convertible debt instruments or secured debt project financing. Management does not currently know the terms pursuant
to which such financings may be completed in the future, but any such financings will be negotiated at arm’s-length. Future
financings involving the issuance of equity securities or derivatives thereof will likely be completed at a discount to the then-current
market price of the Company’s securities and will likely be dilutive to current shareholders. In addition, we could raise
funds through the sale of interests in our mineral properties, although current market conditions and other recent worldwide events
have substantially reduced the number of potential buyers/acquirers of any such interests. However, we cannot provide any assurances
that we will be able to be successful in raising such funds.
Based
on the conditions described within, management has concluded, as supported by the notes that accompany our financial statements
for the year ended June 30, 2023, that substantial doubt exists as to our ability to continue in business. The financial statements
included in this Quarterly Report on Form 10-Q have been prepared under the assumption that we will continue as a going concern.
We are a development stage issuer and we have incurred losses since our inception. We may not have sufficient cash to fund normal
operations and meet debt obligations for the next twelve months without deferring payment on certain current liabilities and raising
additional funds. Recent worldwide events have created general global economic uncertainty as well as uncertainty in capital markets,
supply chain disruptions, increased interest rates and inflation, and the potential for geographic recessions. During fiscal year
2023 and continuing into fiscal year 2024, these events continued to create uncertainty with respect to overall project funding
and timelines. We believe that the going concern uncertainty cannot be alleviated with confidence until the Company has entered
into a business climate where funding of its planned ongoing operating activities is secured. Therefore, these factors raise substantial
doubt as to our ability to continue as a going concern.
We
have no exposure to any asset-backed commercial paper. Other than cash held by our subsidiaries for their immediate operating
needs in Colorado and Nebraska, all of our cash reserves are on deposit with major U.S. and Canadian chartered banks. We do not
believe that the credit, liquidity, or market risks with respect thereto have increased as a result of the current market conditions.
However, in order to achieve greater security for the preservation of our capital, we have, of necessity, been required to accept
lower rates of interest, which has also lowered our potential interest income.
Operating
Activities
During
the six months ended December 31, 2023, the Company’s operating activities consumed $4.6 million of cash (2022: $4.1 million).
The cash used in operating activities for the six months ended December 31, 2023, reflects the Company’s funding of losses
of $6.8 million and Convertible Debenture accretion, partially offset by a reduction in the Earnout Shares liability and other
non-cash transactions. Overall, operational outflows during the six months ended December 31, 2023, increased from the corresponding
period of 2022 due to increased professional services performed in 2023. Going forward, the Company’s working capital requirements
are expected to increase substantially in connection with the development of the Elk Creek Project.
Financing
Activities
Financing inflows were $2.9 million during
the six months ended December 31, 2023 (2022: $0.5 million outflow), with 2023 inflows reflecting the gross receipts of $1.0 million
from the September 2023 Private Placement, $1.3 million from the December 2023 Private Placement, and $0.8 million from Common
Share issuances under the Yorkville Equity Facility Financing Agreement.
Cash
Flow Considerations
The
Company has historically relied upon debt and equity financings to finance its activities. Subject to the restrictions set forth
in the Exchange Agreement and the Yorkville Convertible Debt Financing Agreement, the Company may pursue additional debt and/or
equity financing in the medium term; however, there can be no assurance the Company will be able to obtain any required financing
in the future on acceptable terms.
The
Company has limited financial resources compared to its proposed expenditures, no source of operating income, and no assurance
that additional funding will be available to it for current or future projects, although the Company has been successful in the
past in financing its activities through the sale of equity securities.
The
ability of the Company to arrange additional financing in the future will depend, in part, on the prevailing capital market conditions,
and its success in developing the Elk Creek Project. Any quoted market for the Common Shares may be subject to market trends generally,
notwithstanding any potential success of the Company in creating revenue, cash flows, or earnings, and any depression of the trading
price of the Common Shares could impact its ability to obtain equity financing on acceptable terms.
Historically,
the Company has used net proceeds from issuances of Common Shares to provide sufficient funds to meet its near-term exploration
and development plans and other contractual obligations when due. However, development and construction of the Elk Creek Project
will require substantial additional capital resources. This includes near-term funding and, ultimately, funding for Elk Creek
Project construction and other costs. See “Liquidity and Capital Resources” above for the Company’s discussion
of arrangements related to possible future financings.
Critical
Accounting Estimates
There
have been no material changes in our critical accounting estimates discussed in “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” under the heading “Critical Accounting Estimates and Recent Accounting
Pronouncements” as of June 30, 2023, in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023.
Certain
U.S. Federal Income Tax Considerations
If
NioCorp (or a subsidiary) is a “passive foreign investment company” (“PFIC”) for any taxable year (or
portion thereof) that is included in the holding period of a U.S. holder of Common Shares or other NioCorp securities (as determined
under applicable U.S. federal income tax law), then certain significant adverse tax consequences could apply to such U.S. holder,
including requirements to treat any gain realized upon a disposition of Common Shares (or other securities) as ordinary income,
to include certain “excess distributions” on Common Shares in income, and to pay an interest charge on a portion of
any such gain or distribution. NioCorp believes that it was classified as a PFIC during the taxable years ended June 30, 2023
and 2022, and, based on the current composition of its income and assets, as well as current business plans and financial expectations,
that it may be classified as a PFIC for its current taxable year or in future taxable years. No opinion of legal counsel or ruling
from the Internal Revenue Service (the “IRS”) concerning the PFIC status of NioCorp or any subsidiary has been obtained
or is currently planned to be requested. The determination of whether any corporation was, or will be, a PFIC for a taxable year
depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations.
In addition, whether any corporation will be a PFIC for any taxable year depends on the assets and income of such corporation
over the course of each such taxable year and, as a result, cannot be predicted with certainty as of the date of this Quarterly
Report on Form 10-Q. In addition, even if NioCorp concluded that it or any subsidiary was not classified as a PFIC, the IRS could
challenge such determination and a court could sustain the challenge. Accordingly, there can be no assurance that NioCorp or any
subsidiary will not be classified as a PFIC for any taxable year. Each holder of Common Shares or other NioCorp securities should
consult its own tax advisors regarding the PFIC status of NioCorp and each subsidiary thereof and the resulting tax consequences
to the holder, as well as any potential to mitigate such tax consequences through a “QEF” or “mark-to-market”
election. See the “Risk Factors” section of NioCorp’s Annual Report on Form 10-K for the fiscal year ended June
30, 2023.
Other
The
Company has one class of shares, being Common Shares. A summary of outstanding shares, Options, Warrants, and convertible debt
as of February 13, 2024, is set out below, on a fully diluted basis.
| |
Common Shares Outstanding (Fully Diluted) | |
Common Shares | |
| 34,915,511 | |
Vested shares of ECRC Class B common stock1 | |
| 4,565,808 | |
Stock options2 | |
| 938,000 | |
Warrants3 | |
| 18,883,316 | |
Convertible debt4 | |
| 1,417,300 | |
| 1 | Each
exchangeable into one Common Share at any time, and from time to time, until March 17,
2033. |
| 2 | Each
exercisable into one Common Share. |
| 3 | Includes
15,666,626 NioCorp Assumed Warrants that are each exercisable into 1.11829212 Common
Shares, and 3,216,690 Warrants that are each exercisable into one Common Share. |
| 4 | Represents
Common Shares issuable on conversion of Convertible Debentures with an aggregate outstanding
principal and accrued interest amount of $3.87 million as of February 13,
2024, assuming a market price per Common Share of $3.17 on that date. |
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest
rate risk
The
Company’s exposure to changes in market interest rates relates primarily to the Company’s earned interest income on
cash deposits and short-term investments. The Company maintains a balance between the liquidity of cash assets and the interest
rate return thereon. The carrying amount of financial assets, net of any provisions for losses, represents the Company’s
maximum exposure to credit risk.
Foreign
currency exchange risk
The
Company incurs expenditures in both U.S. dollars and Canadian dollars. Canadian dollar expenditures are primarily related to certain
Common Share-related costs and corporate professional services. As a result, currency exchange fluctuations may impact the costs
of our operating activities. To reduce this risk, we maintain sufficient cash balances in Canadian dollars to fund expected near-term
expenditures.
Commodity
price risk
The
Company is exposed to commodity price risk related to the elements associated with the Elk Creek Project. A significant decrease
in the global demand for these elements may have a material adverse effect on our business. The Elk Creek Project is not in production,
and the Company does not currently hold any commodity derivative positions.
ITEM
4. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
At
the end of the period covered by this Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, an evaluation was
carried out under the supervision of and with the participation of our management, including the CEO and the Chief Financial Officer
(“CFO”), of the effectiveness of the design and operations of our disclosure controls and procedures (as defined in
Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). Based on that evaluation, the CEO and the CFO have concluded that,
as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were not effective due to
the material weaknesses in internal control over financial reporting described below.
The
Company’s disclosure controls and procedures have been designed to ensure that: (i) information required to be disclosed
by us in reports that we file or submit to the SEC under the Exchange Act is recorded, processed, summarized, and reported within
the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports
filed under the Exchange Act is accumulated and communicated to management, including the CEO and the CFO, as appropriate, to
allow for accurate and timely decisions regarding required disclosure.
Management
does not expect that our disclosure controls and procedures will prevent all error and all fraud. The effectiveness of our or
any system of disclosure controls and procedures, however well designed and operated, can provide only reasonable assurance that
the objectives of the system will be met and is subject to certain limitations, including the exercise of judgment in designing,
implementing, and evaluating controls and procedures and the assumptions used in identifying the likelihood of future events.
Material
Weaknesses in Internal Control over Financing Reporting Existing as of December 31, 2023
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be
prevented or detected on a timely basis.
Management
concluded that the material weaknesses disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended June
30, 2023 continued to exist as of December 31, 2023. Specifically, management concluded that the following material weaknesses
exist as of December 31, 2023:
| ● | Control
Environment: Management did not design and maintain an effective control environment
based on the criteria established by the Committee of Sponsoring Organizations Integrated
Framework (2013) (“COSO Framework”). Specifically, the Company does not have
sufficient personnel with the appropriate levels of knowledge, experience, and training
in accounting and internal control over financial reporting commensurate with the complexity
of the Company’s business. This material weakness contributed to additional material
weaknesses related to the Company’s control activities as further described below. |
| ● | Risk
Assessment: Management did not design and maintain effective controls over the risk assessment
process. Specifically, management does not have a formal process to identify, update,
and assess risks due to changes in the Company’s business practices, including
entering into increasingly complex transactions that could significantly impact the design
and operation of the Company’s control activities. |
| ● | Control
Activities: Management did not design and maintain effective controls, including management
review controls, related to non-routine transactions. Specifically, management did not
maintain effective controls over monitoring and assessing the work of third-party specialists,
including the evaluation of the appropriateness of accounting conclusions that has resulted
in misstatements. In addition, the Company did not design and maintain effective controls
related to the evaluation of certain inputs and assumptions used to estimate the fair
value of instruments and features associated with complex debt and equity transactions.
Finally, management did not have policies and procedures for the reconsideration of existing
agreements when infrequent transactions occur. |
| ● | Monitoring
Activities: Management did not design and maintain effective monitoring controls to support
timely evaluation of remediation of identified internal control deficiencies. |
As
previously disclosed, these material weaknesses were initially identified at various points during the fiscal year ended June
30, 2023 in connection with the Company’s normal quarterly close and review procedures, and certain of these material weaknesses
resulted in errors that required the restatement of Company’s consolidated financial statements as of and for the fiscal
years ended June 30, 2022 and 2021, as well as the restatement of the Company’s condensed consolidated financial statements
as of and for the interim periods ended September 30, 2021, December 31, 2021, March 31, 2022, September 30, 2022 and December
31, 2022. Additionally, these material weaknesses could result in a misstatement of the account balances or disclosures that would
result in a material misstatement to the annual or interim consolidated financial statements that would not be prevented or timely
detected.
Remediation
Plan for the Material Weaknesses
To
address our material weaknesses existing as of December 31, 2023, we have implemented a detailed plan to address each individual
material weakness identified, as well as the overall monitoring process, including the following:
| ● | In
order to remediate the material weaknesses relating to the Company’s control environment
and risk assessment process, the following control procedures are in the process of being implemented: |
|
○ |
In
consultation with our third-party advisors, we are in the process of implementing a technical accounting policy that
provides for separation of the analysis and review of identified accounting issues from the
detailed review steps to be performed by the Corporate Controller. Initially, this policy
includes transactions related to warrants, convertible debt, debt modifications, and earnout
share liabilities. This policy will be maintained to ensure that additional non-routine transactions
identified in our normal course of business (as discussed below), are included in the review
process.
|
|
|
|
|
○ |
We are in the process of developing and implementing a non-routine transactions policy to
ensure the timely identification, analysis, and monitoring of potential non-routine transactions.
Further, the policy provides for third-party assistance, as needed, in the review of U.S.
GAAP issues related to the proposed transaction.
|
| ● | In
order to remediate the material weakness relating to the Company’s controls activities,
we are in the process of implementing the technical accounting policy discussed above to ensure the completeness and accuracy of identifying
and adequately assessing the assumptions utilized in the valuation analysis of complex
financial instruments. In addition, we have engaged third-party consultants with the relevant
background and expertise to perform the appropriate complex valuation analyses under
the control and oversight of Company personnel. |
| ● | In
order to remediate the material weakness relating to the Company’s controls over
monitoring activities, we are in the process of enhancing controls over our financial statement close and reporting
process, and designing and implementing additional closing steps to review, manage and monitor our progress towards
the remediation of internal control deficiencies and material weaknesses, including periodic reporting of progress to the
Audit
Committee. |
The
process of designing and maintaining effective internal control over financial reporting is a continuous effort that requires
management to anticipate and react to changes in our business, economic and regulatory environments and to expend significant
resources. As we continue to evaluate our internal control over financial reporting, we may take additional actions to remediate
the material weaknesses or modify the remediation actions described above.
While
we continue to devote significant time and attention to these remediation efforts, the material weaknesses will not be considered
remediated until management completes the design and implementation of the actions described above and the controls operate for
a sufficient period of time, and management has concluded, through testing, that these controls are effective.
Changes
in Internal Control over Financial Reporting
Other
than as discussed above, there have been no changes in the Company’s internal control over financial reporting during the
three months ended December 31, 2023, that have materially affected, or are reasonably likely to materially affect, the Company’s
internal control over financial reporting.
PART II
— OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
We
know of no material, active, or pending legal proceedings against the Company, nor are we involved as a plaintiff in any material
proceeding or pending litigation. There are no proceedings in which any of our directors, officers, or affiliates, or any registered
or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
ITEM
1A. RISK FACTORS
There
have been no changes to the risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 10-K
for the fiscal year ended June 30, 2023.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The
Company issued and sold the following Common Shares in reliance on exemptions from the registration requirements of the Securities
Act:
Date |
Gross
Proceeds |
Shares
Issued |
Price/Share |
October
26, 2023(1) |
$787,260 |
228,861 |
$3.4399 |
November
27, 2023(1) |
282,774 |
86,562 |
3.2667 |
November
30, 2023(2) |
233,888 |
75,000 |
3.1185 |
December
11, 2023(1) |
513,425 |
180,554 |
2.8436 |
December
19, 2023(1) |
507,123 |
186,216 |
2.7233 |
(1) |
Issued
in reliance on Section 3(a)(9) of the Securities Act, in connection with the voluntary conversion of a portion of the amount
outstanding under the Convertible Debentures and based upon representations and warranties of Yorkville in connection therewith. |
(2) |
Issued
in reliance on Section 4(a)(2) of the Securities Act in connection with the closing of an advance under the Yorkville Equity
Facility Financing Agreement and based upon representations and warranties of Yorkville in connection therewith. |
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Pursuant
to Section 1503(a) of the Dodd-Frank Act, issuers that are operators, or that have a subsidiary that is an operator, of a coal
or other mine in the United States are required to disclose specified information about mine health and safety in their periodic
reports. These reporting requirements are based on the safety and health requirements applicable to mines under the Federal Mine
Safety and Health Act of 1977 (the “Mine Act”) which is administered by the U.S. Department of Labor’s Mine
Safety and Health Administration (“MSHA”). During the three-month period ended December 31, 2023, the Company and
its subsidiaries and their properties or operations were not subject to regulation by MSHA under the Mine Act and thus no disclosure
is required under Section 1503(a) of the Dodd-Frank Act.
ITEM
5. OTHER INFORMATION
During
the quarter ended December 31, 2023, no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of
the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”
(as each term is defined in Item 408 of Regulation S-K).
ITEM
6. EXHIBITS
Exhibit
No. |
|
Title |
3.1(1) |
|
Notice of Articles dated April 5, 2016 |
3.2(1) |
|
Articles, as amended, effective as of January 27, 2015 |
3.3(2) |
|
Amendment to Articles, effective March 17, 2023 |
4.1(3) |
|
Form of Subscription Agreement in respect of units issued in December 2023 |
4.2(3) |
|
Form of Warrants issued in December 2023 |
31.1 |
|
Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 |
|
Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1 |
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2 |
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS(4) |
|
Inline
XBRL Instance Document |
101.SCH(4) |
|
Inline
XBRL Taxonomy Extension- Schema |
101.CAL(4) |
|
Inline
XBRL Taxonomy Extension – Calculations |
101.DEF(4) |
|
Inline
XBRL Taxonomy Extension – Definitions |
101.LAB(4) |
|
Inline
XBRL Taxonomy Extension – Labels |
101.PRE(4) |
|
Inline
XBRL Taxonomy Extension – Presentations |
104 |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
(1) |
Previously
filed as an exhibit to the Company’s Draft Registration Statement on Form S-1 (Registration No. 377-01354) submitted
to the SEC on July 26, 2016, and incorporated herein by reference. |
(2) |
Previously
filed as an exhibit to the Company’s Current Report on Form 8-K (File No. 001-41655) filed with the SEC on March 17,
2023, and incorporated herein by reference. |
(3) |
Previously
filed as an exhibit to the Company’s Current Report on Form 8-K (File No. 001-41655) filed with the SEC on December
20, 2023, and incorporated herein by reference. |
(4) |
Submitted
Electronically Herewith. Attached as Exhibit 101 to this report are the following formatted in inline XBRL (Extensible Business
Reporting Language): (i) the Interim Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023,
(ii) the Interim Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months
ended December 31, 2023 and 2022, (iii) the Interim Condensed Consolidated Statements of Cash Flows for the Six Months
ended December 31, 2023 and 2022, (iv) the Interim Condensed Consolidated Statements of Shareholders’ (Deficit)
Equity for the Three and Six Months ended December 31, 2023 and 2022 and (v) the Notes to the Interim Condensed
Consolidated Financial Statements. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
NIOCORP
DEVELOPMENTS LTD.
(Registrant)
By: |
/s/
Mark A. Smith |
|
|
Mark A. Smith |
|
|
President, Chief Executive Officer and
Executive Chairman |
|
|
(Principal Executive Officer) |
|
|
|
|
Date: February 13, 2024 |
|
|
|
|
By: |
/s/ Neal
Shah |
|
|
Neal Shah |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
|
|
|
|
Date: February 13, 2024 |
|
EXHIBIT 31.1
CERTIFICATION
I, Mark A. Smith, certify that:
1. I have reviewed this Quarterly Report
on Form 10-Q of NioCorp Developments Ltd.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;
3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report;
4. The registrant's other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):
(a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 13, 2024 |
By: |
/s/ Mark A. Smith |
|
|
Mark A. Smith |
|
|
Chief Executive Officer
(Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATION
I, Neal Shah, certify that:
1. I have reviewed this Quarterly Report
on Form 10-Q of NioCorp Developments Ltd.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;
3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report;
4. The registrant's other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):
(a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 13, 2024 |
By: |
/s/ Neal Shah |
|
|
Neal Shah |
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer) |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
In connection with the Quarterly Report
on Form 10-Q of NioCorp Developments Ltd. (the "Company"), for the period ended December 31, 2023, as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), I, Mark Smith, Chief Executive Officer of the Company,
hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that,
to my knowledge:
1. The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.
Date: February 13, 2024 |
By: |
/s/ Mark A. Smith |
|
|
Mark A. Smith |
|
|
Chief Executive Officer
(Principal Executive Officer) |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
In connection with the Quarterly Report
on Form 10-Q of NioCorp Developments Ltd. (the "Company"), for the period ended December 31, 2023, as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), I, Neal Shah, Chief Financial Officer of the Company,
hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that,
to my knowledge:
1. The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.
Date: February 13, 2024 |
By: |
/s/ Neal Shah |
|
|
Neal Shah |
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer) |
v3.24.0.1
Cover - shares
|
6 Months Ended |
|
Dec. 31, 2023 |
Feb. 13, 2024 |
Document Type |
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|
|
Document Fiscal Period Focus |
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|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--06-30
|
|
Entity File Number |
001-41655
|
|
Entity Registrant Name |
NioCorp Developments Ltd.
|
|
Entity Central Index Key |
0001512228
|
|
Entity Tax Identification Number |
98-1262185
|
|
Entity Incorporation, State or Country Code |
A1
|
|
Entity Address, Address Line One |
7000 South Yosemite Street
|
|
Entity Address, Address Line Two |
Suite
115
|
|
Entity Address, City or Town |
Centennial
|
|
Entity Address, State or Province |
CO
|
|
Entity Address, Postal Zip Code |
80112
|
|
City Area Code |
(720)
|
|
Local Phone Number |
334-7066
|
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Entity Current Reporting Status |
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|
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|
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|
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|
|
Title of 12(b) Security |
Common Shares, without par value
|
|
Trading Symbol |
NB
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|
Security Exchange Name |
NASDAQ
|
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Title of 12(b) Security |
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NIOBW
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v3.24.0.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Current |
|
|
Cash and cash equivalents |
$ 634
|
$ 2,341
|
Prepaid expenses and other |
432
|
1,385
|
Total current assets |
1,066
|
3,726
|
Non-current |
|
|
Deposits |
35
|
35
|
Investment in equity securities |
7
|
9
|
Right-of-use assets |
209
|
236
|
Land and buildings, net |
838
|
839
|
Mineral properties |
16,085
|
16,085
|
Total assets |
18,240
|
20,930
|
Current |
|
|
Accounts payable and accrued liabilities |
4,001
|
3,491
|
Convertible debt, current portion |
5,506
|
|
Warrant liability, at fair value |
2,093
|
|
Operating lease liability |
95
|
71
|
Total current liabilities |
11,695
|
3,562
|
Non-current |
|
|
Convertible debt |
|
10,561
|
Warrant liabilities, at fair value |
3,040
|
4,989
|
Earnout Shares liability, at fair value |
7,622
|
10,521
|
Operating lease liability |
135
|
164
|
Total liabilities |
22,492
|
29,797
|
Redeemable noncontrolling interest |
1,830
|
2,100
|
SHAREHOLDERS’ DEFICIT |
|
|
Common shares, no par value, unlimited shares authorized; 34,091,844 and 31,202,131 shares outstanding, respectively |
151,810
|
140,421
|
Accumulated deficit |
(156,981)
|
(150,477)
|
Accumulated other comprehensive loss |
(911)
|
(911)
|
Total shareholders’ deficit |
(6,082)
|
(10,967)
|
Total liabilities, redeemable noncontrolling interest, and shareholders’ deficit |
$ 18,240
|
$ 20,930
|
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Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Operating expenses |
|
|
|
|
Employee related costs |
$ 328
|
$ 291
|
$ 650
|
$ 584
|
Professional fees |
952
|
262
|
2,139
|
426
|
Exploration expenditures |
828
|
1,317
|
1,928
|
2,605
|
Other operating expenses |
809
|
331
|
1,643
|
668
|
Total operating expenses |
2,917
|
2,201
|
6,360
|
4,283
|
Other gain |
|
(13)
|
|
(13)
|
Change in fair value of Earnout Shares liability |
(806)
|
|
(2,899)
|
|
Change in fair value of warrant liability |
71
|
341
|
144
|
84
|
Debt extinguishment |
|
|
|
1,622
|
Foreign exchange loss (gain) |
28
|
(64)
|
17
|
109
|
Interest expense (income) |
1,176
|
(38)
|
3,251
|
220
|
Loss on equity securities |
1
|
2
|
2
|
1
|
Loss before income taxes |
3,387
|
2,429
|
6,875
|
6,306
|
Income tax benefit |
|
|
(101)
|
|
Net loss |
3,387
|
2,429
|
6,774
|
6,306
|
Net loss attributable to redeemable noncontrolling interest |
96
|
|
270
|
|
Net loss attributable to the Company |
3,291
|
2,429
|
6,504
|
6,306
|
Other comprehensive loss: |
|
|
|
|
Net loss |
3,387
|
2,429
|
6,774
|
6,306
|
Other comprehensive loss: |
|
|
|
|
Reporting currency translation |
|
25
|
|
30
|
Total comprehensive loss |
3,387
|
2,454
|
6,774
|
6,336
|
Comprehensive loss attributable to redeemable noncontrolling interest |
96
|
|
270
|
|
Comprehensive loss attributable to the Company |
$ 3,291
|
$ 2,454
|
$ 6,504
|
$ 6,336
|
Loss per common share, basic and diluted |
$ 0.09
|
$ 0.09
|
$ 0.18
|
$ 0.23
|
Weighted average common shares outstanding, basic and diluted |
33,255,557
|
28,056,263
|
32,555,092
|
27,924,447
|
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v3.24.0.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss for the period |
$ (6,774)
|
$ (6,306)
|
Adjustments for: |
|
|
Change in fair value of Earnout Shares liability |
(2,899)
|
|
Change in fair value of warrant liabilities |
144
|
84
|
Accretion of convertible debt |
3,251
|
121
|
Loss on debt extinguishment |
|
1,622
|
Fair value of private placement warrants |
102
|
|
Loss on Yorkville equity facility shares issued |
63
|
|
Foreign exchange loss |
|
151
|
Gain on sale of assets |
|
(13)
|
Depreciation |
1
|
1
|
Unrealized loss on equity securities |
2
|
1
|
Non-cash lease activity |
22
|
(4)
|
Total |
(6,088)
|
(4,343)
|
Change in working capital items: |
|
|
Prepaid expenses and other |
953
|
289
|
Accounts payable and accrued liabilities |
510
|
(70)
|
Net cash used in operating activities |
(4,625)
|
(4,124)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Proceeds from sale of assets |
|
21
|
Net cash provided by investing activities |
|
21
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from issuance of capital stock |
3,054
|
11
|
Share issue costs |
(136)
|
(21)
|
Payment of deferred transaction costs |
|
(537)
|
Net cash provided by (used in) financing activities |
2,918
|
(547)
|
Exchange rate effect on cash and cash equivalents |
|
(206)
|
Change in cash and cash equivalents during period |
(1,707)
|
(4,856)
|
Cash and cash equivalents, beginning of period |
2,341
|
5,280
|
Cash and cash equivalents, end of period |
634
|
424
|
Supplemental cash flow information: |
|
|
Amounts paid for interest |
|
|
Amounts paid for income taxes |
|
|
Non-cash investing and financing transactions: |
|
|
Conversion of debt for common shares |
8,306
|
1,950
|
Deferred transaction costs, accrued but not paid |
|
$ 3,800
|
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v3.24.0.1
Condensed Consolidated Statements of Shareholders' (Deficit) Equity and Redeemable Noncontrolling Interest (unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Redeemable Noncontrolling Interest [Member] |
Beginning balance, value at Jun. 30, 2022 |
$ 129,055
|
$ (110,397)
|
$ (993)
|
$ 17,665
|
|
Beginning balance (in shares) at Jun. 30, 2022 |
27,667,060
|
|
|
|
|
Exercise of options |
$ 11
|
|
|
11
|
|
Exercise of options (in shares) |
260,581
|
|
|
|
|
Debt conversions |
$ 1,950
|
|
|
1,950
|
|
Debt conversions (in shares) |
314,422
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(30)
|
(30)
|
|
Loss for the period |
|
(6,306)
|
|
(6,306)
|
|
Share issuance costs |
(21)
|
|
|
(21)
|
|
Ending balance, value at Dec. 31, 2022 |
$ 130,995
|
(116,703)
|
(1,023)
|
13,269
|
|
Ending balance (in shares) at Dec. 31, 2022 |
28,242,063
|
|
|
|
|
Beginning balance, value at Sep. 30, 2022 |
$ 130,684
|
(114,274)
|
(998)
|
15,412
|
|
Beginning balance (in shares) at Sep. 30, 2022 |
27,939,322
|
|
|
|
|
Exercise of options |
$ 11
|
|
|
11
|
|
Exercise of options (in shares) |
260,581
|
|
|
|
|
Debt conversions |
$ 300
|
|
|
300
|
|
Debt conversions (in shares) |
42,160
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(25)
|
(25)
|
|
Loss for the period |
|
(2,429)
|
|
(2,429)
|
|
Ending balance, value at Dec. 31, 2022 |
$ 130,995
|
(116,703)
|
(1,023)
|
13,269
|
|
Ending balance (in shares) at Dec. 31, 2022 |
28,242,063
|
|
|
|
|
Beginning balance, value at Jun. 30, 2023 |
$ 140,421
|
(150,477)
|
(911)
|
$ (10,967)
|
2,100
|
Beginning balance (in shares) at Jun. 30, 2023 |
31,202,131
|
|
|
31,202,131
|
|
Exercise of options |
|
|
|
|
|
Exercise of options (in shares) |
7,800
|
|
|
7,800
|
|
Debt conversions |
$ 8,306
|
|
|
$ 8,306
|
|
Debt conversions (in shares) |
1,998,481
|
|
|
|
|
Loss for the period |
|
(6,504)
|
|
(6,504)
|
(270)
|
Private placements |
$ 2,393
|
|
|
2,393
|
|
Private placements (in shares) |
663,432
|
|
|
|
|
Yorkville equity facility draws |
$ 829
|
|
|
829
|
|
Yorkville equity facility draws (in shares) |
220,000
|
|
|
|
|
Share issuance costs |
$ (139)
|
|
|
(139)
|
|
Ending balance, value at Dec. 31, 2023 |
$ 151,810
|
(156,981)
|
(911)
|
$ (6,082)
|
1,830
|
Ending balance (in shares) at Dec. 31, 2023 |
34,091,844
|
|
|
34,091,844
|
|
Beginning balance, value at Sep. 30, 2023 |
$ 147,697
|
(153,690)
|
(911)
|
$ (6,904)
|
1,926
|
Beginning balance (in shares) at Sep. 30, 2023 |
32,913,419
|
|
|
|
|
Exercise of options |
|
|
|
|
|
Exercise of options (in shares) |
7,800
|
|
|
|
|
Debt conversions |
$ 2,577
|
|
|
2,577
|
|
Debt conversions (in shares) |
682,193
|
|
|
|
|
Loss for the period |
|
(3,291)
|
|
(3,291)
|
(96)
|
Private placements |
$ 1,393
|
|
|
1,393
|
|
Private placements (in shares) |
413,432
|
|
|
|
|
Yorkville equity facility draws |
$ 244
|
|
|
244
|
|
Yorkville equity facility draws (in shares) |
75,000
|
|
|
|
|
Share issuance costs |
$ (101)
|
|
|
(101)
|
|
Ending balance, value at Dec. 31, 2023 |
$ 151,810
|
$ (156,981)
|
$ (911)
|
$ (6,082)
|
$ 1,830
|
Ending balance (in shares) at Dec. 31, 2023 |
34,091,844
|
|
|
34,091,844
|
|
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v3.24.0.1
DESCRIPTION OF BUSINESS
|
6 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
DESCRIPTION OF BUSINESS |
1. | DESCRIPTION
OF BUSINESS |
NioCorp
Developments Ltd. (“we,” “us,” “our,” “NioCorp” or the “Company”)
was incorporated on February 27, 1987, under the laws of the Province of British Columbia and currently operates in one reportable
operating segment consisting of exploration and development of mineral deposits in North America, specifically, the Elk Creek
development-stage property (the “Elk Creek Project”) located in southeastern Nebraska.
In
October 2023, NioCorp Technologies Ltd. (“Technologies”), a wholly owned subsidiary of the Company, was incorporated
in the United Kingdom (the “UK”). The initial capital contribution in Technologies was £100 for 100 ordinary
shares. Technologies was formed to provide the ability to take advantage of various business opportunities in the UK, including
research and development of aluminum-scandium alloys.
These
interim condensed consolidated financial statements have been prepared on a going concern basis that contemplates the realization
of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These
financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.
The
Company currently earns no operating revenues and will require additional capital in order to advance the Elk Creek Project to
construction and commercial operation. As further discussed in Note 3, these matters raised substantial doubt about the Company’s
ability to continue as a going concern, and the Company is dependent upon the generation of profits from mineral properties, obtaining
additional financing and maintaining continued support from its shareholders and creditors.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.24.0.1
BASIS OF PREPARATION
|
6 Months Ended |
Dec. 31, 2023 |
Basis Of Preparation |
|
BASIS OF PREPARATION |
| a) | Basis
of Preparation and Consolidation |
The
accompanying interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting
principles of the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange
Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the
Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed
in preparing these interim condensed consolidated financial statements are those used by the Company as set out in the audited
consolidated financial statements for the year ended June 30, 2023. Certain transactions include reference to Canadian dollars
(“C$”) where applicable.
In
the opinion of management, all adjustments considered necessary (including normal recurring adjustments) for a fair statement
of the financial position, results of operations, and cash flows at December 31, 2023, and for all periods presented, have been
included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included
in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to appropriate
SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited
consolidated financial statements for the year ended June 30, 2023. The interim results are not necessarily indicative of results
for the full year ending June 30, 2024, or future operating periods.
|
b) |
Recent
Accounting Standards |
Issued
and Not Effective
In
October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06, Disclosure Improvements
- Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in
this update modify the disclosure or presentation requirements of a variety of Topics in the Accounting Standards Codification
(“ASC”) in response to the SEC’s Release No. 33-10532,
Disclosure Update and Simplification Initiative, and
align the ASC’s requirements with the SEC’s regulations. For entities subject to the SEC’s existing disclosure
requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure
from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure
from its regulations, the amendments will be removed from the ASC and not become effective. Early adoption is prohibited. We are
currently in the process of evaluating the impact of the amendment on our consolidated financial statements and related disclosures.
In
November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through
enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses
that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments
are effective for the Company’s annual periods beginning July 1, 2024, and interim periods beginning July 1, 2025, with
early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The
Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments
that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories
and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning June 1, 2025,
with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating
the ASU to determine its impact on the Company’s disclosures.
From
time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective
date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a
material impact on the Company’s consolidated financial statements upon adoption.
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates
estimates and assumptions related to the carrying value of long-term assets, deferred income tax assets and related valuations,
liabilities related to the Earnout Shares, Private Warrants, and Contingent Consent Warrants (each, as defined below), and share-based
compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors
that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the
other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates.
To the extent there are material differences between estimates and the actual results, future results of operations will be affected.
| d) | Basic
and Diluted Earnings per Share |
The
Company utilizes the weighted average method to determine the impact of changes in a participating security on the calculation
of loss per share. The following table sets forth the computation of the Company’s basic and diluted net loss per share
attributable to common shareholders:
| |
For the Three Months Ended
December 31, | | |
For the Six Months Ended
December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss | |
$ | 3,387 | | |
| 2,429 | | |
$ | 6,774 | | |
$ | 6,306 | |
Adjust: Net loss attributable to noncontrolling interest | |
| (96 | ) | |
| - | | |
| (270 | ) | |
| - | |
Net loss available to participating securities | |
| 3,291 | | |
| 2,429 | | |
| 6,504 | | |
| 6,306 | |
Net loss attributable to vested shares of ECRC Class B common stock | |
| (321 | ) | |
| - | | |
| (580 | ) | |
| - | |
Net loss attributed to common shareholders - basic and diluted | |
$ | 2,970 | | |
| 2,429 | | |
$ | 5,924 | | |
$ | 6,306 | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding – basic and diluted | |
| 33,255,557 | | |
| 28,056,263 | | |
| 32,555,092 | | |
| 27,924,447 | |
| |
| | | |
| | | |
| | | |
| | |
Loss per Common Share outstanding – basic and diluted | |
$ | 0.09 | | |
| 0.09 | | |
$ | 0.18 | | |
$ | 0.23 | |
The
following common shares, no par value, of the Company (“Common Shares”) underlying options to purchase Common Shares
(“Options”), Common Share purchase warrants (“Warrants”), and outstanding convertible debt were antidilutive due
to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation for the three- and
six-month periods indicated below.
Schedule of excluded from the dilutive securities
| |
For the Three and Six Months Ended
December 31, | |
Excluded potentially dilutive securities (1)(2): | |
2023 | | |
2022 | |
Options | |
| 938,000 | | |
| 996,000 | |
Warrants | |
| 19,032,421 | | |
| 1,801,624 | |
Convertible debt | |
| 2,089,860 | | |
| 81,600 | |
Total potential dilutive securities | |
| 22,060,281 | | |
| 2,879,224 | |
|
(1) |
The
number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as
of the period end. Such amounts have not been adjusted for the treasury stock method or weighted average outstanding
calculations as required if the securities were dilutive. |
|
(2) |
Earnout
Shares are excluded as the vesting terms were not met as of the end of the reporting period. |
|
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v3.24.0.1
GOING CONCERN
|
6 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
The
Company incurred a loss of $6,774 for the six months ended December 31, 2023 (2022 - $6,306) and had a working capital deficit
of $10,629 and an accumulated deficit of $156,981 as of December 31, 2023. As a development stage issuer, the Company has not
yet commenced its mining operations and accordingly does not generate any revenue. As of December 31, 2023, the Company had cash
of $634, which will not be sufficient to fund normal operations for the next twelve months. These conditions and events raise substantial doubt about the Company’s ability to continue as a going
concern.
In
response to these conditions and events, the Company plans to obtain additional financing. NioCorp expects to have access to
up to $61,796
in net proceeds from the Standby Equity Purchase Agreement, dated January 26, 2023 (the “Yorkville Equity Facility
Financing Agreement”), between
the
Company and YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP (“Yorkville”), through
April 1, 2026. In addition, the Company may pursue additional sources of financing, and while it has been successful in doing
so in the past, there can be no assurance it will be able to do so in the future. Other than the potential issuance of Common
Shares under the Yorkville Equity Facility Financing Agreement, the Company did not have any further funding commitments or
arrangements for additional financing as of December 31, 2023. The Company’s plans to obtain additional financing have
not been finalized, are subject to market conditions, and are not within the Company’s control and therefore cannot be
deemed probable. Further, the Company will be required to raise additional funds for the construction and commencement of
operations. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the
Company’s ability to continue as a going concern.
These interim condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.
|
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v3.24.0.1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
|
6 Months Ended |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
| 4. | ACCOUNTS
PAYABLE AND ACCRUED LIABILITIES |
Schedule of account payable and accrued liabilities
| |
|
|
|
|
| |
| |
As of | |
| |
December 31, 2023 | | |
June 30, 2023 | |
Accounts payable, trade | |
$ | 3,160 | | |
$ | 1,990 | |
Trade payable accruals | |
| 765 | | |
| 1,324 | |
Income taxes payable | |
| - | | |
| 101 | |
Environmental accruals | |
| 48 | | |
| 48 | |
Loan origination fees payable to related party | |
| 28 | | |
| 28 | |
Total accounts payable and accrued liabilities | |
$ | 4,001 | | |
$ | 3,491 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.0.1
CONVERTIBLE DEBT
|
6 Months Ended |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE DEBT |
The
unsecured convertible debentures (the “Convertible Debentures”) issued to Yorkville pursuant to the Securities Purchase
Agreement, dated January 26, 2023 (as amended, the “Yorkville Convertible Debt Financing Agreement”), between the
Company and Yorkville, have a maturity date of September 17, 2024, and are classified as a current liability as of December 31,
2023. Changes in the Convertible Debentures are as follows:
Changes in the Convertible Debentures are as follows
| |
Amount | |
Opening balance, June 30, 2023 | |
$ | 10,561 | |
Accretion expense | |
| 3,251 | |
Principal and accrued interest converted | |
| (8,306 | ) |
Balance, December 31, 2023 | |
$ | 5,506 | |
Add: Unamortized debt issuance costs | |
| 494 | |
Remaining principal balance, December 31, 2023 | |
$ | 6,000 | |
Based
on the Company’s closing Common Share price of $3.19 as of December 31, 2023, conversion of the remaining Convertible Debenture
balance, including accrued interest, would require the issuance of approximately 2,089,860 Common Shares. For each $0.10 change
in the fair value of one Common Share, the total shares the Company would be obligated to issue would change by approximately
67,600 shares.
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v3.24.0.1
CLASS B COMMON STOCK OF ECRC
|
6 Months Ended |
Dec. 31, 2023 |
Class B Common Stock Of Ecrc |
|
CLASS B COMMON STOCK OF ECRC |
6. | CLASS
B COMMON STOCK OF ECRC |
The
shares of Class B common stock of Elk Creek Resource Corporation (“ECRC”), an indirect, majority-owned subsidiary
of NioCorp formerly known as GX Acquisition Corp. II (“GXII”), the rights of the holders of which to exchange such
shares into Common Shares are subject to certain vesting conditions (such shares of ECRC Class B common stock, the “Earnout
Shares”), were valued utilizing a Monte Carlo Simulation pricing model with the following primary inputs:
Key Valuation Input | |
December 31,
2023 | |
June 30,
2023 |
Closing Common Share price | |
$3.19 | |
$5.03 |
Term (expiry) | |
March 17, 2033 | |
March 17, 2033 |
Volatility | |
54.8% | |
33.5% |
Risk-free rate | |
3.88% | |
3.83% |
The
following table sets forth a summary of the changes in the fair value of the Earnout Shares liability for the three- and six-month
periods ended December 31, 2023:
| |
Amount | |
Fair value as of June 30, 2023 | |
$ | 10,521 | |
Change in fair value | |
| (2,093 | ) |
Fair value as of September 30, 2023 | |
| 8,428 | |
Change in fair value | |
| (806 | ) |
Fair value as of December 31, 2023 | |
$ | 7,622 | |
|
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v3.24.0.1
COMMON SHARES
|
6 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
COMMON SHARES |
On
September 1, 2023, the Company closed a non-brokered private placement (the “September 2023 Private Placement”) of
units of the Company (the “September 2023 Units”). A total of 250,000 September 2023 Units were issued at a price
per September 2023 Unit of $4.00, for total gross proceeds to the Company of $1,000. Each September 2023 Unit consists of one
Common Share and one Warrant (“September 2023 Warrant”). Each September 2023 Warrant entitles the holder to acquire
one Common Share at a price of $4.60 at any time prior to September 1, 2025. Proceeds of the September 2023 Private Placement
will be used for continued advancement of the Company’s Elk Creek Critical Minerals Project and for working capital and
general corporate purposes.
The
September 2023 Warrants were classified as an equity instrument and accordingly, the net proceeds of $962 were allocated based
on the relative fair values of the Common Shares and the September 2023 Warrants on the date of issuance. The amount allocated
to the fair value of the September 2023 Warrants was $254 and the balance of the proceeds of $708 was allocated to the Common
Shares. The fair value of the September 2023 Warrants issued was computed using the Black Scholes option pricing model using the
following assumptions: an expected life of 2.0 years, a risk-free interest rate of 4.85%, an expected volatility of 71.63%, and
an expected dividend rate of 0%.
On
December 22, 2023, the Company closed a non-brokered private placement (the “December 2023 Private Placement”) of
413,432 units of the Company (the “December 2023 Units”). Each December 2023 Unit consists of one Common Share and
one Warrant (“December 2023 Warrant”). Each December 2023 Warrant entitles the holder to acquire one Common Share
at a price of $3.54 at any time until December 22, 2025. 274,587 of the December 2023 Units were issued and sold to certain accredited
investors, who are not affiliated
with the Company but with whom the Company had a pre-existing relationship, at a price of $3.08
per December 2023 Unit, and 138,845 of the December 2023 Units were issued and sold to certain officers and directors of the Company
(the “Insider Investors”), at a price of $3.205 per December 2023 Unit. The price per December 2023 Unit paid by the
Insider Investors included $0.125 per December 2023 Warrant underlying each December 2023 Unit purchased by the Insider Investors
which allowed the Insider Investors to participate in the December 2023 Private Placement in accordance with the rules of The
Nasdaq Stock Market LLC (“Nasdaq”). The Company received aggregate gross proceeds from the December 2023 Private Placement
of approximately $1,290. Proceeds of the December 2023 Private Placement will be used for continued advancement of the Elk Creek
Project and for working capital and general corporate purposes. The Company recorded a non-cash expense of $92 and $10 to other operating expense and employee related costs, respectively, representing the excess of fair value of the December 2023 Units over the purchase price paid by Insider Investors.
The
December 2023 Warrants were classified as an equity instrument and accordingly, the estimated net proceeds of $1,241 were allocated
based on the relative fair values of the Common Shares and the December 2023 Warrants on the date of issuance. The amount allocated
to the fair value of the December 2023 Warrants was $264 and the balance of the proceeds of $977 was allocated to the Common Shares.
The fair value of the December 2023 Warrants issued was computed using the Black Scholes option pricing model using the following
assumptions: an expected life of 2.0 years, a risk-free interest rate of 4.33%, an expected volatility of 54.8%, and an expected
dividend rate of 0%.
The
Company issued the following Common Shares under the Yorkville Equity Facility Financing Agreement during the six months ended
December 31, 2023:
Date | | |
Common Shares
Issued | | |
Gross Funds
Received | | |
Market Value of
Shares Issued | | |
Loss on
Transaction | |
September 12, 2023 | | |
| 70,000 | | |
$ | 259 | | |
$ | 271 | | |
$ | 12 | |
September 18, 2023 | | |
| 75,000 | | |
| 273 | | |
| 314 | | |
| 41 | |
November 30, 2023 | | |
| 75,000 | | |
| 234 | | |
| 244 | | |
| 10 | |
Loss
on transaction represents a non-cash expense equal to the difference between the proceeds received and the fair value of the Common
Shares issued based on the Nasdaq closing price per Common Share on the issuance date and is recorded in other operating expenses
in the consolidated statement of operations and comprehensive loss.
Schedule of stock options
| | |
Number of Options | | |
Weighted Average Exercise Price | |
Balance, June 30, 2023 | | |
| 1,541,500 | | |
C$ |
9.64 | |
Exercised | | |
| (7,800 | ) | |
|
5.40 | |
Cancelled/expired | | |
| (595,700 | ) | |
|
7.37 | |
Balance, December 31, 2023 | | |
| 938,000 | | |
C$ |
11.12 | |
The
following table summarizes information about Options outstanding at December 31, 2023:
Exercise Price | | |
Expiry Date | |
Number
Outstanding | | |
Aggregate
Intrinsic Value | | |
Number
Exercisable | | |
Aggregate
Intrinsic Value | |
C$ |
13.60 | | |
December 17, 2024 | |
| 350,000 | | |
| - | | |
| 350,000 | | |
| - | |
C$ |
11.00 | | |
May 30, 2025 | |
| 50,000 | | |
| - | | |
| 50,000 | | |
| - | |
C$ |
9.52 | | |
March 27, 2026 | |
| 538,000 | | |
| - | | |
| 538,000 | | |
| - | |
|
| | |
| |
| 938,000 | | |
$ | - | | |
| 938,000 | | |
$ | - | |
Schedule of warrant transactions
| | |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, June 30, 2023 | | |
| 18,816,304 | | |
$ | 10.98 | |
Granted | | |
| 663,432 | | |
| 3.94 | |
Exercised | | |
| - | | |
| - | |
Cancelled | | |
| (447,315 | ) | |
| 8.94 | |
Balance, December 31, 2023 | | |
| 19,032,421 | | |
$ | 10.78 | |
At
December 31, 2023, the Company had outstanding exercisable Warrants, as follows:
Number | | |
Exercise
Price | | |
Expiry
Date | |
| 504,611 | | |
C$ | 11.00 | | |
| June
30, 2024 | |
| 1,341,952 | | |
$ | 8.94 | | |
| (1) | |
| 855,800 | | |
C$ | 9.70 | | |
| February
19, 2025 | |
| 250,000 | | |
$ | 4.60 | | |
| September
1, 2025 | |
| 413,432 | | |
$ | 3.54 | | |
| December
22, 2025 | |
| 15,666,626 | | |
$ | 11.50 | | |
| March
17, 2028 | |
| 19,032,421 | | |
| | | |
| | |
(1) | These
Warrants expire in equal monthly tranches from January 17, 2024 through September 17, 2024 |
Private
Warrants
In
connection with the closing of the previously publicly disclosed business combination transaction on March 17, 2023 (the “Closing”),
the Company assumed GXII’s obligations under the agreement governing the GXII Warrants, as amended by an assignment, assumption
and amendment agreement (the “NioCorp Assumed Warrant Agreement”), and issued an aggregate of 15,666,626 Warrants
(the “NioCorp Assumed Warrants”). The Company issued (a) 9,999,959 public NioCorp Assumed Warrants (the “Public
Warrants”) in respect of the GXII Warrants that were publicly traded prior to the Closing and (b) 5,666,667 NioCorp Assumed
Warrants (the “Private Warrants”) to GX Sponsor II LLC (the “Sponsor”).
Each
Private Warrant entitles the holder to the right to purchase 1.11829212 Common Shares at an exercise price of $11.50 per 1.11829212
Common Shares (subject to adjustments for stock splits, stock dividends, reorganizations, recapitalizations and the like). No
fractional shares will be issued upon exercise of any Private Warrants, and fractional shares that would otherwise be due to the
exercising holder will be rounded down to the nearest whole Common Share. In no event will the Company be required to net cash
settle any Private Warrant.
The
Private Warrants: (i) will be exercisable either for cash or on a cashless basis at the holder’s option and (ii) will not
be redeemable by the Company, in either case as long as the Private Warrants are held by the Sponsor, its members or any of their
permitted transferees (as prescribed in the NioCorp Assumed Warrant Agreement). In accordance with the NioCorp Assumed Warrant
Agreement, any Private Warrants that are held by someone other than the Sponsor, its members or any their permitted transferees
are treated as Public Warrants.
The
Company classifies Private Warrants as Level 2 instruments under the fair value hierarchy as inputs into our pricing model are based on observable data points. The following observable data points were used in calculating the fair value of the Private Warrants using a
Black Scholes model:
Key Valuation Input | |
December 31,
2023 | | |
June 30, 2023 | |
Stock price on valuation date | |
$ | 3.19 | | |
$ | 5.03 | |
Strike price | |
$ | 11.50 | | |
$ | 11.50 | |
Implied volatility of Public Warrants | |
| 54.8 | % | |
| 33.5 | % |
Risk free rate | |
| 3.91 | % | |
| 4.18 | % |
Dividend yield | |
| 0 | % | |
| 0 | % |
Expected warrant life in years | |
| 4.22 | | |
| 4.73 | |
The
change in the Private Warrants liability is presented below:
| |
Amount | |
Fair value at June 30, 2023 | |
$ | 3,279 | |
Change in fair value | |
| (181 | ) |
Fair value at September 30, 2023 | |
$ | 3,098 | |
Change in fair value | |
| (58 | ) |
Fair value at December 31, 2023 | |
$ | 3,040 | |
Contingent
Consent Warrants
As
consideration for entering into the previously publicly disclosed Waiver and Consent Agreement, dated September 25, 2022 (the
“Lind Consent”), between the Company and Lind Global Asset Management III, LLC (“Lind”), Lind received,
amongst other things, the right to receive additional Warrants (the “Contingent Consent Warrants”) if on September
17, 2024, the closing trading price of the Common Shares on the TSX or such other stock exchange on which such shares may then
be listed, is less than C$10.00, subject to adjustments. The number of Contingent Consent Warrants to be issued, if any, is based
on the Canadian dollar equivalent (based on the then current Canadian to US dollar exchange rate as reported by Bloomberg, LP)
of $5,000 divided by the five-day volume weighted average price of the Common Shares on the date of issuance. Further, the number
of Contingent Consent Warrants issued will be proportionately adjusted based on the percentage of Warrants currently held by Lind
that are exercised, if any, prior to the issuance of any Contingent Consent Warrants.
The
Contingent Consent Warrants are classified as a Level 3 financial instrument and were valued utilizing a Monte Carlo simulation
pricing model, which calculates multiple potential outcomes for future share prices based on historic volatility of the Common
Shares to determine the probability of issuance at 18 months following the applicable valuation date and to determine the value
of the Contingent Consent Warrants. The following table discloses the primary inputs into the Monte Carlo model at the balance
sheet date and the probability of issuance calculated by the model.
Key Valuation Input | |
December 31, 2023 | | |
June 30, 2023 | |
Share price on valuation date | |
$ | 3.19 | | |
$ | 5.03 | |
Volatility | |
| 64.0 | % | |
| 63.0 | % |
Risk free rate | |
| 3.86 | % | |
| 4.11 | % |
Probability of issuance | |
| 96.6 | % | |
| 80.8 | % |
The
change in the fair value of the Contingent Consent Warrants is presented below:
| |
Amount | |
Fair value at June 30, 2023 | |
$ | 1,710 | |
Change in fair value | |
| 254 | |
Fair value at September 30, 2023 | |
| 1,964 | |
Change in fair value | |
| 129 | |
Fair value at December 31, 2023 | |
$ | 2,093 | |
The
measurement date for the potential issuance of Contingent Consent Warrants is September 17, 2024, and therefore, as of December
31, 2023, the Contingent Consent Warrants are classified as a current liability.
|
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v3.24.0.1
EXPLORATION EXPENDITURES
|
6 Months Ended |
Dec. 31, 2023 |
Exploration Expenditures |
|
EXPLORATION EXPENDITURES |
8. |
EXPLORATION
EXPENDITURES |
Schedule of exploration expenditures
| |
For the Three Months
Ended December 31 | | |
For the Six Months
Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Technical studies and engineering | |
$ | 97 | | |
$ | 28 | | |
$ | 297 | | |
$ | 137 | |
Field management and other | |
| 147 | | |
| 207 | | |
| 282 | | |
| 393 | |
Metallurgical development | |
| 584 | | |
| 1,080 | | |
| 1,330 | | |
| 2,073 | |
Geologists and field staff | |
| - | | |
| 2 | | |
| 19 | | |
| 2 | |
Total | |
$ | 828 | | |
$ | 1,317 | | |
$ | 1,928 | | |
$ | 2,605 | |
|
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v3.24.0.1
LEASES
|
6 Months Ended |
Dec. 31, 2023 |
Leases |
|
LEASES |
The
Company incurred lease costs as follows:
| |
|
|
|
|
| | |
|
|
|
|
| |
| |
For the Three Months
Ended December 31, | | |
For the Six Months
Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating Lease Cost: | |
| | | |
| | | |
| | | |
| | |
Fixed rent expense | |
$ | 23 | | |
$ | 23 | | |
$ | 45 | | |
$ | 43 | |
Variable rent expense | |
| 3 | | |
| 3 | | |
| 7 | | |
| 5 | |
Short-term lease cost | |
| 2 | | |
| 3 | | |
| 5 | | |
| 9 | |
Sublease income | |
| (10 | ) | |
| (12 | ) | |
| (16 | ) | |
| (15 | ) |
Net lease cost – other operating expense | |
$ | 18 | | |
$ | 17 | | |
$ | 41 | | |
$ | 42 | |
The
maturities of lease liabilities are as follows at December 31, 2023:
|
| Future Lease Maturities | |
Total remaining lease payments | |
$ | 291 | |
Less portion of payments representing interest | |
| (61 | ) |
Present value of lease payments | |
| 230 | |
Less current portion of lease payments | |
| 95 | |
Non-current lease liability | |
$ | 135 | |
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v3.24.0.1
FAIR VALUE MEASUREMENT
|
6 Months Ended |
Dec. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENT |
10. |
FAIR
VALUE MEASUREMENT |
The
following tables present information about the assets and liabilities that are measured at fair value on a recurring basis as
of December 31, 2023, and June 30, 2023, respectively, and indicate the fair value hierarchy of the valuation techniques the Company
utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted)
in active markets for identical instruments. Fair values determined by Level 2 inputs utilize data points that are observable,
such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points
for the financial instrument and include situations where there is little, if any, market activity for the instrument.
Schedule of fair values determined by level 3 inputs are unobservable data
| |
| | |
As of December 31, 2023 | |
| |
Note | | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets: | |
| | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
| | |
$ | 634 | | |
$ | 634 | | |
$ | - | | |
$ | - | |
Investment in equity securities | |
| | |
| 7 | | |
| 7 | | |
| - | | |
| - | |
Total | |
| | |
$ | 641 | | |
$ | 641 | | |
$ | - | | |
$ | - | |
Liabilities: | |
| | |
| | | |
| | | |
| | | |
| | |
Earnout Shares liability | |
6 | | |
$ | 7,622 | | |
$ | - | | |
$ | - | | |
$ | 7,622 | |
Warrant liabilities | |
7c | | |
| 5,133 | | |
| - | | |
| 3,098 | | |
| 2,035 | |
Total | |
| | |
$ | 12,755 | | |
$ | - | | |
$ | 3,098 | | |
$ | 9,657 | |
| |
As of June 30, 2023 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets: | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
$ | 2,341 | | |
$ | 2,341 | | |
$ | - | | |
$ | - | |
Investment in equity securities | |
| 9 | | |
| 9 | | |
| - | | |
| - | |
Total | |
$ | 2,350 | | |
$ | 2,350 | | |
$ | - | | |
$ | - | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Earnout Shares liability | |
$ | 10,521 | | |
$ | - | | |
$ | - | | |
$ | 10,521 | |
Warrant liabilities | |
| 4,989 | | |
| - | | |
| 3,279 | | |
| 1,710 | |
Total | |
$ | 15,510 | | |
$ | - | | |
$ | 3,279 | | |
$ | 12,231 | |
The
Convertible Debentures discussed in Note 5 were initially recorded
at fair value, which represented a nonrecurring fair value measurement using a Level 3 input. At December 31, 2023, the estimated
fair value of this instrument approximated carrying value given that the instrument was issued in March 2023 and has a short time
period until maturity.
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v3.24.0.1
BASIS OF PREPARATION (Policies)
|
6 Months Ended |
Dec. 31, 2023 |
Basis Of Preparation |
|
Basis of Preparation and Consolidation |
| a) | Basis
of Preparation and Consolidation |
The
accompanying interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting
principles of the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange
Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the
Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed
in preparing these interim condensed consolidated financial statements are those used by the Company as set out in the audited
consolidated financial statements for the year ended June 30, 2023. Certain transactions include reference to Canadian dollars
(“C$”) where applicable.
In
the opinion of management, all adjustments considered necessary (including normal recurring adjustments) for a fair statement
of the financial position, results of operations, and cash flows at December 31, 2023, and for all periods presented, have been
included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included
in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to appropriate
SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited
consolidated financial statements for the year ended June 30, 2023. The interim results are not necessarily indicative of results
for the full year ending June 30, 2024, or future operating periods.
|
Recent Accounting Standards |
|
b) |
Recent
Accounting Standards |
Issued
and Not Effective
In
October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06, Disclosure Improvements
- Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in
this update modify the disclosure or presentation requirements of a variety of Topics in the Accounting Standards Codification
(“ASC”) in response to the SEC’s Release No. 33-10532,
Disclosure Update and Simplification Initiative, and
align the ASC’s requirements with the SEC’s regulations. For entities subject to the SEC’s existing disclosure
requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure
from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure
from its regulations, the amendments will be removed from the ASC and not become effective. Early adoption is prohibited. We are
currently in the process of evaluating the impact of the amendment on our consolidated financial statements and related disclosures.
In
November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through
enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses
that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments
are effective for the Company’s annual periods beginning July 1, 2024, and interim periods beginning July 1, 2025, with
early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The
Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments
that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories
and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning June 1, 2025,
with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating
the ASU to determine its impact on the Company’s disclosures.
From
time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective
date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a
material impact on the Company’s consolidated financial statements upon adoption.
|
Use of Estimates |
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates
estimates and assumptions related to the carrying value of long-term assets, deferred income tax assets and related valuations,
liabilities related to the Earnout Shares, Private Warrants, and Contingent Consent Warrants (each, as defined below), and share-based
compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors
that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the
other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates.
To the extent there are material differences between estimates and the actual results, future results of operations will be affected.
|
Basic and Diluted Earnings per Share |
| d) | Basic
and Diluted Earnings per Share |
The
Company utilizes the weighted average method to determine the impact of changes in a participating security on the calculation
of loss per share. The following table sets forth the computation of the Company’s basic and diluted net loss per share
attributable to common shareholders:
| |
For the Three Months Ended
December 31, | | |
For the Six Months Ended
December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss | |
$ | 3,387 | | |
| 2,429 | | |
$ | 6,774 | | |
$ | 6,306 | |
Adjust: Net loss attributable to noncontrolling interest | |
| (96 | ) | |
| - | | |
| (270 | ) | |
| - | |
Net loss available to participating securities | |
| 3,291 | | |
| 2,429 | | |
| 6,504 | | |
| 6,306 | |
Net loss attributable to vested shares of ECRC Class B common stock | |
| (321 | ) | |
| - | | |
| (580 | ) | |
| - | |
Net loss attributed to common shareholders - basic and diluted | |
$ | 2,970 | | |
| 2,429 | | |
$ | 5,924 | | |
$ | 6,306 | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding – basic and diluted | |
| 33,255,557 | | |
| 28,056,263 | | |
| 32,555,092 | | |
| 27,924,447 | |
| |
| | | |
| | | |
| | | |
| | |
Loss per Common Share outstanding – basic and diluted | |
$ | 0.09 | | |
| 0.09 | | |
$ | 0.18 | | |
$ | 0.23 | |
The
following common shares, no par value, of the Company (“Common Shares”) underlying options to purchase Common Shares
(“Options”), Common Share purchase warrants (“Warrants”), and outstanding convertible debt were antidilutive due
to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation for the three- and
six-month periods indicated below.
Schedule of excluded from the dilutive securities
| |
For the Three and Six Months Ended
December 31, | |
Excluded potentially dilutive securities (1)(2): | |
2023 | | |
2022 | |
Options | |
| 938,000 | | |
| 996,000 | |
Warrants | |
| 19,032,421 | | |
| 1,801,624 | |
Convertible debt | |
| 2,089,860 | | |
| 81,600 | |
Total potential dilutive securities | |
| 22,060,281 | | |
| 2,879,224 | |
|
(1) |
The
number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as
of the period end. Such amounts have not been adjusted for the treasury stock method or weighted average outstanding
calculations as required if the securities were dilutive. |
|
(2) |
Earnout
Shares are excluded as the vesting terms were not met as of the end of the reporting period. |
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v3.24.0.1
BASIS OF PREPARATION (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Basis Of Preparation |
|
The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common shareholders: |
The
Company utilizes the weighted average method to determine the impact of changes in a participating security on the calculation
of loss per share. The following table sets forth the computation of the Company’s basic and diluted net loss per share
attributable to common shareholders:
| |
For the Three Months Ended
December 31, | | |
For the Six Months Ended
December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss | |
$ | 3,387 | | |
| 2,429 | | |
$ | 6,774 | | |
$ | 6,306 | |
Adjust: Net loss attributable to noncontrolling interest | |
| (96 | ) | |
| - | | |
| (270 | ) | |
| - | |
Net loss available to participating securities | |
| 3,291 | | |
| 2,429 | | |
| 6,504 | | |
| 6,306 | |
Net loss attributable to vested shares of ECRC Class B common stock | |
| (321 | ) | |
| - | | |
| (580 | ) | |
| - | |
Net loss attributed to common shareholders - basic and diluted | |
$ | 2,970 | | |
| 2,429 | | |
$ | 5,924 | | |
$ | 6,306 | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding – basic and diluted | |
| 33,255,557 | | |
| 28,056,263 | | |
| 32,555,092 | | |
| 27,924,447 | |
| |
| | | |
| | | |
| | | |
| | |
Loss per Common Share outstanding – basic and diluted | |
$ | 0.09 | | |
| 0.09 | | |
$ | 0.18 | | |
$ | 0.23 | |
|
Schedule of excluded from the dilutive securities |
Schedule of excluded from the dilutive securities
| |
For the Three and Six Months Ended
December 31, | |
Excluded potentially dilutive securities (1)(2): | |
2023 | | |
2022 | |
Options | |
| 938,000 | | |
| 996,000 | |
Warrants | |
| 19,032,421 | | |
| 1,801,624 | |
Convertible debt | |
| 2,089,860 | | |
| 81,600 | |
Total potential dilutive securities | |
| 22,060,281 | | |
| 2,879,224 | |
|
(1) |
The
number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as
of the period end. Such amounts have not been adjusted for the treasury stock method or weighted average outstanding
calculations as required if the securities were dilutive. |
|
(2) |
Earnout
Shares are excluded as the vesting terms were not met as of the end of the reporting period. |
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v3.24.0.1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of account payable and accrued liabilities |
Schedule of account payable and accrued liabilities
| |
|
|
|
|
| |
| |
As of | |
| |
December 31, 2023 | | |
June 30, 2023 | |
Accounts payable, trade | |
$ | 3,160 | | |
$ | 1,990 | |
Trade payable accruals | |
| 765 | | |
| 1,324 | |
Income taxes payable | |
| - | | |
| 101 | |
Environmental accruals | |
| 48 | | |
| 48 | |
Loan origination fees payable to related party | |
| 28 | | |
| 28 | |
Total accounts payable and accrued liabilities | |
$ | 4,001 | | |
$ | 3,491 | |
|
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v3.24.0.1
CONVERTIBLE DEBT (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
Changes in the Convertible Debentures are as follows |
Changes in the Convertible Debentures are as follows
| |
Amount | |
Opening balance, June 30, 2023 | |
$ | 10,561 | |
Accretion expense | |
| 3,251 | |
Principal and accrued interest converted | |
| (8,306 | ) |
Balance, December 31, 2023 | |
$ | 5,506 | |
Add: Unamortized debt issuance costs | |
| 494 | |
Remaining principal balance, December 31, 2023 | |
$ | 6,000 | |
|
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v3.24.0.1
CLASS B COMMON STOCK OF ECRC (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Class B Common Stock Of Ecrc |
|
The following table discloses the primary inputs into the Monte Carlo Model |
Key Valuation Input | |
December 31,
2023 | |
June 30,
2023 |
Closing Common Share price | |
$3.19 | |
$5.03 |
Term (expiry) | |
March 17, 2033 | |
March 17, 2033 |
Volatility | |
54.8% | |
33.5% |
Risk-free rate | |
3.88% | |
3.83% |
|
The following table sets forth a summary of the changes in the fair value of the Earnout Shares liability for the three- and six-month periods ended December 31, 2023: |
The
following table sets forth a summary of the changes in the fair value of the Earnout Shares liability for the three- and six-month
periods ended December 31, 2023:
| |
Amount | |
Fair value as of June 30, 2023 | |
$ | 10,521 | |
Change in fair value | |
| (2,093 | ) |
Fair value as of September 30, 2023 | |
| 8,428 | |
Change in fair value | |
| (806 | ) |
Fair value as of December 31, 2023 | |
$ | 7,622 | |
|
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v3.24.0.1
COMMON SHARES (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
The Company issued the following Common Shares under the Yorkville Equity Facility Financing Agreement during the six months ended December 31, 2023: |
The
Company issued the following Common Shares under the Yorkville Equity Facility Financing Agreement during the six months ended
December 31, 2023:
Date | | |
Common Shares
Issued | | |
Gross Funds
Received | | |
Market Value of
Shares Issued | | |
Loss on
Transaction | |
September 12, 2023 | | |
| 70,000 | | |
$ | 259 | | |
$ | 271 | | |
$ | 12 | |
September 18, 2023 | | |
| 75,000 | | |
| 273 | | |
| 314 | | |
| 41 | |
November 30, 2023 | | |
| 75,000 | | |
| 234 | | |
| 244 | | |
| 10 | |
|
Schedule of stock options |
Schedule of stock options
| | |
Number of Options | | |
Weighted Average Exercise Price | |
Balance, June 30, 2023 | | |
| 1,541,500 | | |
C$ |
9.64 | |
Exercised | | |
| (7,800 | ) | |
|
5.40 | |
Cancelled/expired | | |
| (595,700 | ) | |
|
7.37 | |
Balance, December 31, 2023 | | |
| 938,000 | | |
C$ |
11.12 | |
|
The following table summarizes information about Options outstanding at December 31, 2023: |
The
following table summarizes information about Options outstanding at December 31, 2023:
Exercise Price | | |
Expiry Date | |
Number
Outstanding | | |
Aggregate
Intrinsic Value | | |
Number
Exercisable | | |
Aggregate
Intrinsic Value | |
C$ |
13.60 | | |
December 17, 2024 | |
| 350,000 | | |
| - | | |
| 350,000 | | |
| - | |
C$ |
11.00 | | |
May 30, 2025 | |
| 50,000 | | |
| - | | |
| 50,000 | | |
| - | |
C$ |
9.52 | | |
March 27, 2026 | |
| 538,000 | | |
| - | | |
| 538,000 | | |
| - | |
|
| | |
| |
| 938,000 | | |
$ | - | | |
| 938,000 | | |
$ | - | |
|
Schedule of warrant transactions |
Schedule of warrant transactions
| | |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, June 30, 2023 | | |
| 18,816,304 | | |
$ | 10.98 | |
Granted | | |
| 663,432 | | |
| 3.94 | |
Exercised | | |
| - | | |
| - | |
Cancelled | | |
| (447,315 | ) | |
| 8.94 | |
Balance, December 31, 2023 | | |
| 19,032,421 | | |
$ | 10.78 | |
|
At December 31, 2023, the Company had outstanding exercisable Warrants, as follows: |
At
December 31, 2023, the Company had outstanding exercisable Warrants, as follows:
Number | | |
Exercise
Price | | |
Expiry
Date | |
| 504,611 | | |
C$ | 11.00 | | |
| June
30, 2024 | |
| 1,341,952 | | |
$ | 8.94 | | |
| (1) | |
| 855,800 | | |
C$ | 9.70 | | |
| February
19, 2025 | |
| 250,000 | | |
$ | 4.60 | | |
| September
1, 2025 | |
| 413,432 | | |
$ | 3.54 | | |
| December
22, 2025 | |
| 15,666,626 | | |
$ | 11.50 | | |
| March
17, 2028 | |
| 19,032,421 | | |
| | | |
| | |
(1) | These
Warrants expire in equal monthly tranches from January 17, 2024 through September 17, 2024 |
|
The Company classifies Private Warrants as Level 2 instruments under the fair value hierarchy as inputs into our pricing model are based on observable data points. The following observable data points were used in calculating the fair value of the Private Warrants using a Black Scholes model: |
The
Company classifies Private Warrants as Level 2 instruments under the fair value hierarchy as inputs into our pricing model are based on observable data points. The following observable data points were used in calculating the fair value of the Private Warrants using a
Black Scholes model:
Key Valuation Input | |
December 31,
2023 | | |
June 30, 2023 | |
Stock price on valuation date | |
$ | 3.19 | | |
$ | 5.03 | |
Strike price | |
$ | 11.50 | | |
$ | 11.50 | |
Implied volatility of Public Warrants | |
| 54.8 | % | |
| 33.5 | % |
Risk free rate | |
| 3.91 | % | |
| 4.18 | % |
Dividend yield | |
| 0 | % | |
| 0 | % |
Expected warrant life in years | |
| 4.22 | | |
| 4.73 | |
|
The change in the Private Warrants liability is presented below: |
The
change in the Private Warrants liability is presented below:
| |
Amount | |
Fair value at June 30, 2023 | |
$ | 3,279 | |
Change in fair value | |
| (181 | ) |
Fair value at September 30, 2023 | |
$ | 3,098 | |
Change in fair value | |
| (58 | ) |
Fair value at December 31, 2023 | |
$ | 3,040 | |
|
The following table discloses the primary inputs into the Monte Carlo model at the balance sheet date and the probability of issuance calculated by the model. |
The
Contingent Consent Warrants are classified as a Level 3 financial instrument and were valued utilizing a Monte Carlo simulation
pricing model, which calculates multiple potential outcomes for future share prices based on historic volatility of the Common
Shares to determine the probability of issuance at 18 months following the applicable valuation date and to determine the value
of the Contingent Consent Warrants. The following table discloses the primary inputs into the Monte Carlo model at the balance
sheet date and the probability of issuance calculated by the model.
Key Valuation Input | |
December 31, 2023 | | |
June 30, 2023 | |
Share price on valuation date | |
$ | 3.19 | | |
$ | 5.03 | |
Volatility | |
| 64.0 | % | |
| 63.0 | % |
Risk free rate | |
| 3.86 | % | |
| 4.11 | % |
Probability of issuance | |
| 96.6 | % | |
| 80.8 | % |
|
The change in the fair value of the Contingent Consent Warrants is presented below: |
The
change in the fair value of the Contingent Consent Warrants is presented below:
| |
Amount | |
Fair value at June 30, 2023 | |
$ | 1,710 | |
Change in fair value | |
| 254 | |
Fair value at September 30, 2023 | |
| 1,964 | |
Change in fair value | |
| 129 | |
Fair value at December 31, 2023 | |
$ | 2,093 | |
|
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v3.24.0.1
EXPLORATION EXPENDITURES (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Exploration Expenditures |
|
Schedule of exploration expenditures |
Schedule of exploration expenditures
| |
For the Three Months
Ended December 31 | | |
For the Six Months
Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Technical studies and engineering | |
$ | 97 | | |
$ | 28 | | |
$ | 297 | | |
$ | 137 | |
Field management and other | |
| 147 | | |
| 207 | | |
| 282 | | |
| 393 | |
Metallurgical development | |
| 584 | | |
| 1,080 | | |
| 1,330 | | |
| 2,073 | |
Geologists and field staff | |
| - | | |
| 2 | | |
| 19 | | |
| 2 | |
Total | |
$ | 828 | | |
$ | 1,317 | | |
$ | 1,928 | | |
$ | 2,605 | |
|
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v3.24.0.1
LEASES (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Leases |
|
The Company incurred lease costs as follows: |
The
Company incurred lease costs as follows:
| |
|
|
|
|
| | |
|
|
|
|
| |
| |
For the Three Months
Ended December 31, | | |
For the Six Months
Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating Lease Cost: | |
| | | |
| | | |
| | | |
| | |
Fixed rent expense | |
$ | 23 | | |
$ | 23 | | |
$ | 45 | | |
$ | 43 | |
Variable rent expense | |
| 3 | | |
| 3 | | |
| 7 | | |
| 5 | |
Short-term lease cost | |
| 2 | | |
| 3 | | |
| 5 | | |
| 9 | |
Sublease income | |
| (10 | ) | |
| (12 | ) | |
| (16 | ) | |
| (15 | ) |
Net lease cost – other operating expense | |
$ | 18 | | |
$ | 17 | | |
$ | 41 | | |
$ | 42 | |
|
The maturities of lease liabilities are as follows at December 31, 2023: |
The
maturities of lease liabilities are as follows at December 31, 2023:
|
| Future Lease Maturities | |
Total remaining lease payments | |
$ | 291 | |
Less portion of payments representing interest | |
| (61 | ) |
Present value of lease payments | |
| 230 | |
Less current portion of lease payments | |
| 95 | |
Non-current lease liability | |
$ | 135 | |
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v3.24.0.1
FAIR VALUE MEASUREMENT (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of fair values determined by level 3 inputs are unobservable data |
Schedule of fair values determined by level 3 inputs are unobservable data
| |
| | |
As of December 31, 2023 | |
| |
Note | | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets: | |
| | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
| | |
$ | 634 | | |
$ | 634 | | |
$ | - | | |
$ | - | |
Investment in equity securities | |
| | |
| 7 | | |
| 7 | | |
| - | | |
| - | |
Total | |
| | |
$ | 641 | | |
$ | 641 | | |
$ | - | | |
$ | - | |
Liabilities: | |
| | |
| | | |
| | | |
| | | |
| | |
Earnout Shares liability | |
6 | | |
$ | 7,622 | | |
$ | - | | |
$ | - | | |
$ | 7,622 | |
Warrant liabilities | |
7c | | |
| 5,133 | | |
| - | | |
| 3,098 | | |
| 2,035 | |
Total | |
| | |
$ | 12,755 | | |
$ | - | | |
$ | 3,098 | | |
$ | 9,657 | |
| |
As of June 30, 2023 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets: | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
$ | 2,341 | | |
$ | 2,341 | | |
$ | - | | |
$ | - | |
Investment in equity securities | |
| 9 | | |
| 9 | | |
| - | | |
| - | |
Total | |
$ | 2,350 | | |
$ | 2,350 | | |
$ | - | | |
$ | - | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Earnout Shares liability | |
$ | 10,521 | | |
$ | - | | |
$ | - | | |
$ | 10,521 | |
Warrant liabilities | |
| 4,989 | | |
| - | | |
| 3,279 | | |
| 1,710 | |
Total | |
$ | 15,510 | | |
$ | - | | |
$ | 3,279 | | |
$ | 12,231 | |
|
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v3.24.0.1
The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common shareholders: (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Basis Of Preparation |
|
|
|
|
Net loss |
$ 3,387
|
$ 2,429
|
$ 6,774
|
$ 6,306
|
Adjust: net loss attributable to noncontrolling interest |
(96)
|
|
(270)
|
|
Net loss available to participating securities |
3,291
|
2,429
|
6,504
|
6,306
|
Net loss attributable to vested shares of ECRC Class B common stock |
(321)
|
|
(580)
|
|
Net loss attributed to common shareholders - basic and diluted |
$ 2,970
|
$ 2,429
|
$ 5,924
|
$ 6,306
|
Weighted average shares outstanding basic and diluted |
33,255,557
|
28,056,263
|
32,555,092
|
27,924,447
|
Loss per common share outstanding basic and diluted |
$ 0.09
|
$ 0.09
|
$ 0.18
|
$ 0.23
|
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v3.24.0.1
Schedule of excluded from the dilutive securities (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Basis Of Preparation |
|
|
|
|
|
Options |
[1],[2] |
938,000
|
996,000
|
938,000
|
996,000
|
Warrants |
[1],[2] |
19,032,421
|
1,801,624
|
19,032,421
|
1,801,624
|
Convertible debt |
[1],[2] |
2,089,860
|
81,600
|
2,089,860
|
81,600
|
Total potentially dilutive securities |
[1],[2] |
$ 22,060,281
|
$ 2,879,224
|
$ 22,060,281
|
$ 2,879,224
|
|
|
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v3.24.0.1
GOING CONCERN (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Net loss |
$ 3,387
|
$ 2,429
|
$ 6,774
|
$ 6,306
|
|
Capital deficit |
10,629
|
|
10,629
|
|
|
Accumulated deficit |
$ 156,981
|
|
156,981
|
|
$ 150,477
|
Cash |
|
|
634
|
|
|
Net proceeds |
|
|
$ 61,796
|
|
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Changes in the Convertible Debentures are as follows (Details) $ in Thousands |
6 Months Ended |
Dec. 31, 2023
USD ($)
|
Debt Disclosure [Abstract] |
|
Opening balance, June 30, 2023 |
$ 10,561
|
Accretion expense |
3,251
|
Principal and accrued interest converted |
(8,306)
|
Balance, December 31, 2023 |
5,506
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Add: uamortized debt issuance costs |
494
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Remaining principal balance, December 31, 2023 |
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v3.24.0.1
The following table sets forth a summary of the changes in the fair value of the Earnout Shares liability for the three- and six-month periods ended December 31, 2023: (Details) - Earnout [Member] - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2023 |
Sep. 30, 2023 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Fair value at beginning |
$ 8,428
|
$ 10,521
|
Change in fair value |
(806)
|
(2,093)
|
Fair value at ending |
$ 7,622
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$ 8,428
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v3.24.0.1
Schedule of stock options (Details)
|
6 Months Ended |
Dec. 31, 2023
$ / shares
shares
|
Equity [Abstract] |
|
Beginning balance | shares |
1,541,500
|
Beginning balance | $ / shares |
$ 9.64
|
Cancelled/expired, in shares | shares |
(7,800)
|
Cancelled/expired, per share | $ / shares |
$ 5.40
|
Cancelled/expired, in shares | shares |
(595,700)
|
Cancelled/expired, per share | $ / shares |
$ 7.37
|
Ending balance | shares |
938,000
|
Ending balance | $ / shares |
$ 11.12
|
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v3.24.0.1
The following table summarizes information about Options outstanding at December 31, 2023: (Details)
|
6 Months Ended |
Dec. 31, 2023
USD ($)
shares
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Number Outstanding | shares |
938,000
|
Number Exercisable | shares |
938,000
|
Canada, Dollars |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Aggregate Intrinsic Value | $ |
|
Aggregate Intrinsic Value | $ |
|
Exercise Price 13.60 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Expiry Date |
Dec. 17, 2024
|
Number Outstanding | shares |
350,000
|
Number Exercisable | shares |
350,000
|
Exercise Price 13.60 [Member] | Canada, Dollars |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Aggregate Intrinsic Value | $ |
|
Aggregate Intrinsic Value | $ |
|
Exercise Price 11.00 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Expiry Date |
May 30, 2025
|
Number Outstanding | shares |
50,000
|
Number Exercisable | shares |
50,000
|
Exercise Price 11.00 [Member] | Canada, Dollars |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Aggregate Intrinsic Value | $ |
|
Aggregate Intrinsic Value | $ |
|
Exercise Price 9.52 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Expiry Date |
Mar. 27, 2026
|
Number Outstanding | shares |
538,000
|
Number Exercisable | shares |
538,000
|
Exercise Price 9.52 [Member] | Canada, Dollars |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Aggregate Intrinsic Value | $ |
|
Aggregate Intrinsic Value | $ |
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v3.24.0.1
At December 31, 2023, the Company had outstanding exercisable Warrants, as follows: (Details)
|
Dec. 31, 2023
$ / shares
shares
|
Dec. 31, 2023
$ / shares
shares
|
Jun. 30, 2023
$ / shares
shares
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
|
Number | shares |
19,032,421
|
19,032,421
|
18,816,304
|
Warrant exercise price (in dollars per share) | $ / shares |
$ 10.78
|
|
$ 10.98
|
Exercise Price 11.00 [Member] |
|
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
|
Number | shares |
504,611
|
504,611
|
|
Warrant exercise price (in dollars per share) | $ / shares |
|
$ 11.00
|
|
Expiry date |
Jun. 30, 2024
|
Jun. 30, 2024
|
|
Exercise Price 8.94 [Member] |
|
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
|
Number | shares |
1,341,952
|
1,341,952
|
|
Warrant exercise price (in dollars per share) | $ / shares |
$ 8.94
|
|
|
Exercise Price 9.70 [Member] |
|
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
|
Number | shares |
855,800
|
855,800
|
|
Warrant exercise price (in dollars per share) | $ / shares |
|
$ 9.70
|
|
Expiry date |
Feb. 19, 2025
|
Feb. 19, 2025
|
|
Exercise Price 4.60 [Member] |
|
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
|
Number | shares |
250,000
|
250,000
|
|
Warrant exercise price (in dollars per share) | $ / shares |
$ 4.60
|
|
|
Expiry date |
Sep. 01, 2025
|
Sep. 01, 2025
|
|
Exercise Price 3.54 [Member] |
|
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
|
Number | shares |
413,432
|
413,432
|
|
Warrant exercise price (in dollars per share) | $ / shares |
$ 3.54
|
|
|
Expiry date |
Dec. 22, 2025
|
Dec. 22, 2025
|
|
Exercise Price 11.50 [Member] |
|
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
|
Number | shares |
15,666,626
|
15,666,626
|
|
Warrant exercise price (in dollars per share) | $ / shares |
$ 11.50
|
|
|
Expiry date |
Mar. 17, 2028
|
Mar. 17, 2028
|
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v3.24.0.1
COMMON SHARES (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
1 Months Ended |
6 Months Ended |
|
|
Sep. 02, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Sep. 01, 2023 |
Jun. 30, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Proceeds from equity |
|
$ 962
|
$ 1,241
|
|
|
Warrants traded prior to the closing |
|
|
19,032,421
|
|
18,816,304
|
Contingent consideration description |
|
|
As
consideration for entering into the previously publicly disclosed Waiver and Consent Agreement, dated September 25, 2022 (the
“Lind Consent”), between the Company and Lind Global Asset Management III, LLC (“Lind”), Lind received,
amongst other things, the right to receive additional Warrants (the “Contingent Consent Warrants”) if on September
17, 2024, the closing trading price of the Common Shares on the TSX or such other stock exchange on which such shares may then
be listed, is less than C$10.00, subject to adjustments. The number of Contingent Consent Warrants to be issued, if any, is based
on the Canadian dollar equivalent (based on the then current Canadian to US dollar exchange rate as reported by Bloomberg, LP)
of $5,000 divided by the five-day volume weighted average price of the Common Shares on the date of issuance
|
|
|
GXII Public Warrants [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Warrants traded prior to the closing |
|
|
9,999,959
|
|
|
GXII Private Warrants [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Warrants traded prior to the closing |
|
|
5,666,667
|
|
|
Warrant [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Proceeds from equity |
|
$ 254
|
$ 264
|
|
|
Expected life |
|
2 years
|
2 years
|
|
|
Risk-free rate |
|
4.85%
|
4.33%
|
|
|
Expected volatility |
|
71.63%
|
54.80%
|
|
|
Expected dividend rate |
|
0.00%
|
0.00%
|
|
|
Warrants traded prior to the closing |
|
|
15,666,626
|
|
|
Description of warrants |
|
|
Each
Private Warrant entitles the holder to the right to purchase 1.11829212 Common Shares at an exercise price of $11.50 per 1.11829212
Common Shares (subject to adjustments for stock splits, stock dividends, reorganizations, recapitalizations and the like).
|
|
|
Common Stock [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Proceeds from equity |
|
$ 708
|
$ 977
|
|
|
Private Placement [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Other operating expenses |
|
|
92
|
|
|
Employee related costs |
|
|
$ 10
|
|
|
Private Placement [Member] | Canada, Dollars |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Shares issue |
250,000
|
|
413,432
|
|
|
Price per unit |
|
|
|
$ 4.00
|
|
Gross proceeds |
$ 1,000
|
|
$ 1,290
|
|
|
Shares price |
|
|
$ 3.54
|
$ 4.60
|
|
Private Placement [Member] | Canada, Dollars | Director [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Shares price |
|
|
$ 3.205
|
|
|
Units issue and sold |
|
|
138,845
|
|
|
Private Placement [Member] | Canada, Dollars | Investor [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Shares price |
|
|
$ 3.08
|
|
|
Units issue and sold |
|
|
274,587
|
|
|
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- DefinitionThe element represents sale of stock price per share 1.
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v3.24.0.1
Schedule of exploration expenditures (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Exploration expenditures |
$ 828
|
$ 1,317
|
$ 1,928
|
$ 2,605
|
Technical Studies and Engineering [Member] |
|
|
|
|
Exploration expenditures |
97
|
28
|
297
|
137
|
Field Management and Other [Member] |
|
|
|
|
Exploration expenditures |
147
|
207
|
282
|
393
|
Metallurgical Development [Member] |
|
|
|
|
Exploration expenditures |
584
|
1,080
|
1,330
|
2,073
|
Geologists and Field Staff [Member] |
|
|
|
|
Exploration expenditures |
|
$ 2
|
$ 19
|
$ 2
|
X |
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Schedule of fair values determined by level 3 inputs are unobservable data (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
$ 634
|
$ 2,341
|
Investment in equity securities |
7
|
9
|
Total |
641
|
2,350
|
Earnout shares liability |
7,622
|
10,521
|
Warrant liabilities |
5,133
|
4,989
|
Total |
12,755
|
15,510
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
634
|
2,341
|
Investment in equity securities |
7
|
9
|
Total |
641
|
2,350
|
Earnout shares liability |
|
|
Warrant liabilities |
|
|
Total |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
|
|
Investment in equity securities |
|
|
Total |
|
|
Earnout shares liability |
|
|
Warrant liabilities |
3,098
|
3,279
|
Total |
3,098
|
3,279
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
|
|
Investment in equity securities |
|
|
Total |
|
|
Earnout shares liability |
7,622
|
10,521
|
Warrant liabilities |
2,035
|
1,710
|
Total |
$ 9,657
|
$ 12,231
|
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- DefinitionThe element represents available for sale securities equity securities other.
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