NioCorp Developments (NB) 10-Q 4 Feb 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2021	Feb. 04, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--06-30
Entity File Number	000-55710
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	855
Local Phone Number	264-6267
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		264,903,954

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Current
Cash	$ 4,866	$ 7,317
Prepaid expenses and other	279	24
Total current assets	5,145	7,341
Non-current
Deposits	35	35
Investment in equity securities	11	16
Right-of-use assets	126	156
Land and buildings, net	852	837
Mineral interests	16,085	16,085
Total assets	22,254	24,470
Current
Accounts payable and accrued liabilities	458	408
Related party loan	2,000	2,318
Convertible debt		1,123
Operating lease liability	76	69
Total current liabilities	2,534	3,918
Convertible debt, net of current	4,262	6,784
Operating lease liability	66	105
Total liabilities	6,862	10,807
SHAREHOLDERS’ EQUITY
Common shares, unlimited shares authorized; shares outstanding: 264,026,990 at December 31, 2021 and 256,379,931 at June 30, 2021	120,935	113,882
Accumulated deficit	(104,494)	(99,076)
Accumulated other comprehensive loss	(1,049)	(1,143)
Total shareholders’ equity	15,392	13,663
Total liabilities and equity	$ 22,254	$ 24,470

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - shares	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Statement of Financial Position [Abstract]
Common stock, authorized	Unlimited	Unlimited
Common stock, shares outstanding	264,026,990	256,379,931

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Operating expenses
Employee related costs	$ 1,232	$ 686	$ 1,551	$ 1,005
Professional fees	424	85	514	193
Exploration expenditures	491	189	1,112	414
Other operating expenses	881	253	1,107	664
Total operating expenses	3,028	1,213	4,284	2,276
Other income		(186)		(186)
Loss on debt extinguishment		163		163
Change in financial instrument fair value		62		28
Foreign exchange (gain) loss	(61)	(302)	149	(403)
Interest expense	488	131	980	258
Other loss (gain) on equity securities	3		5	(2)
Loss before income taxes	3,458	1,081	5,418	2,134
Income tax benefit
Net loss	3,458	1,081	5,418	2,134
Other comprehensive loss:
Net loss	3,458	1,081	5,418	2,134
Other comprehensive loss (gain):
Reporting currency translation	(15)	257	94	387
Total comprehensive loss	$ 3,443	$ 1,338	$ 5,512	$ 2,521
Loss per common share, basic and diluted	$ 0.01	$ 0	$ 0.02	$ 0.01
Weighted average common shares outstanding	261,392,248	239,060,052	259,734,327	237,965,059

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (5,418)	$ (2,134)
Adjustments to reconcile net loss to net cash used in operations:
Change in financial instrument fair value		28
Unrealized loss (gain) on equity securities	5	(2)
Accretion of convertible debt	877	3
Noncash lease expense	(3)	11
Depreciation	1
Gain on debt forgiveness		163
Loss on debt extinguishment		(186)
Foreign exchange loss (gain)	210	(319)
Share-based compensation	1,568	797
total	(2,760)	(1,639)
Change in working capital items:
Prepaid expenses	(255)	(17)
Accounts payable and accrued liabilities	57	(103)
Net cash used in operating activities	(2,958)	(1,759)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of land and buildings	(16)
Net cash used in financing activities	(16)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common shares	963	1,636
Loan repayments		(67)
Related party debt repayments	(318)
Net cash provided by financing activities	645	1,569
Exchange rate effect on cash and cash equivalents	(122)	16
Change in cash and cash equivalents during period	(2,451)	(174)
Cash and cash equivalents, beginning of period	7,317	307
Cash and cash equivalent, end of period	4,866	133
Supplemental cash flow information:
Amounts paid for interest	40	37
Amounts paid for income taxes
Non-cash financing transactions
Conversions of debt for common shares	4,522	456
Recognition of operating lease liabilities		231
Loan amounts forgiven		186
Accounts payable to convertible debt conversion		$ 1,693

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Jun. 30, 2020	$ 97,682	$ (94,686)	$ (355)	$ 2,641
Beginning balance (in shares) at Jun. 30, 2020	235,925,684
Exercise of warrants	$ 1,495			1,495
Exercise of warrants (in shares)	2,777,422
Exercise of options	$ 141			141
Exercise of options (in shares)	438,617
Fair value of warrant granted	$ 63			63
Debt conversions	$ 506			506
Debt conversions (in shares)	968,544
Share issuance costs	$ (1)			(1)
Share-based compensation	797			797
Reporting currency presentation			(387)	(387)
Loss for the period		(2,134)		(2,134)
Ending balance, value at Dec. 31, 2020	$ 100,683	(96,820)	(742)	3,121
Ending balance (in shares) at Dec. 31, 2020	240,110,267
Beginning balance, value at Sep. 30, 2020	$ 99,404	(95,739)	(485)	3,180
Beginning balance (in shares) at Sep. 30, 2020	238,667,620
Exercise of warrants	$ 144			144
Exercise of warrants (in shares)	308,901
Exercise of options	$ 110			110
Exercise of options (in shares)	229,500
Fair value of warrant granted	$ 63			63
Debt conversions	$ 469			469
Debt conversions (in shares)	904,246
Share-based compensation	$ 493			493
Reporting currency presentation			(257)	(257)
Loss for the period		(1,081)		(1,081)
Ending balance, value at Dec. 31, 2020	$ 100,683	(96,820)	(742)	3,121
Ending balance (in shares) at Dec. 31, 2020	240,110,267
Beginning balance, value at Jun. 30, 2021	$ 113,882	(99,076)	(1,143)	$ 13,663
Beginning balance (in shares) at Jun. 30, 2021	256,379,931			256,379,931
Exercise of warrants	$ 543			$ 543
Exercise of warrants (in shares)	871,750			(871,750)
Exercise of options	$ 420			$ 420
Exercise of options (in shares)	1,019,616			1,019,616
Debt conversions	$ 4,522			$ 4,522
Debt conversions (in shares)	5,755,693
Share-based compensation	$ 1,568			1,568
Reporting currency presentation			94	94
Loss for the period		(5,418)		(5,418)
Ending balance, value at Dec. 31, 2021	$ 120,935	(104,494)	(1,049)	$ 15,392
Ending balance (in shares) at Dec. 31, 2021	264,026,990			264,026,990
Beginning balance, value at Sep. 30, 2021	$ 115,896	(101,036)	(1,034)	$ 13,826
Beginning balance (in shares) at Sep. 30, 2021	259,118,369
Exercise of options	$ 299			299
Exercise of options (in shares)	736,914
Debt conversions	$ 3,172			3,172
Debt conversions (in shares)	4,171,707
Share-based compensation	$ 1,568			1,568
Reporting currency presentation			(15)	(15)
Loss for the period		(3,458)		(3,458)
Ending balance, value at Dec. 31, 2021	$ 120,935	$ (104,494)	$ (1,049)	$ 15,392
Ending balance (in shares) at Dec. 31, 2021	264,026,990			264,026,990

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS NioCorp Developments Ltd. (“NioCorp” or the “Company”) was incorporated on February 27, 1987, under the laws of the Province of British Columbia and currently operates in one These 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, the Company’s ability to continue as a going concern is uncertain and is dependent upon obtaining sufficient financing, the generation of profits from mineral properties, and maintaining continued support from its shareholders and creditors.

BASIS OF PREPARATION

BASIS OF PREPARATION	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PREPARATION	2. BASIS OF PREPARATION a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US 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, 2021. In the opinion of management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations, and cash flows at December 31, 2021, 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 US 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, 2021. The interim results are not necessarily indicative of results for the full year ending June 30, 2022, or future operating periods. During fiscal year 2021 the Company combined the presentation of Additional Paid in Capital into the Common Shares line item in Shareholders’ Equity on the consolidated balance sheets. This presentation change was made as the Company’s common shares (“Common Shares”) are issued at no par value, and the fiscal year 2020 presentations were changed to conform with the current period presentation. b) Recent Accounting Standards Issued and Adopted In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in ASC Topic 740. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on July 1, 2021, with no material effect on the Company’ s current financial position, results of operations or financial statement disclosures. Issued and Not Effective In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies the accounting for convertible instruments. ASU 2020-06 removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the new guidance on our financial statements. 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. c) Use of Estimates The preparation of consolidated financial statements in conformity with US 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 deferred income tax asset valuations, convertible debt valuations, 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.

GOING CONCERN ISSUES

GOING CONCERN ISSUES	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN ISSUES	3. GOING CONCERN ISSUES The Company incurred a loss of $ 5,418 2,134 104,494 4,866 The Company’s ability to continue operations and fund its expenditures, which have historically averaged approximately $1,050 per quarter, is dependent on management’s ability to secure additional financing. Management is actively pursuing 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. The Company did not have any further funding commitments or arrangements for additional financing as of December 31, 2021. These consolidated financial statements do not give effect to any adjustments required to realize the Company’s assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying financial statements. Since March 2020, several measures have been implemented in the United States, Canada, and the rest of the world in response to the increased impact from the novel coronavirus (“COVID-19”) pandemic. The full extent to which the COVID-19 pandemic and our precautionary measures may continue to impact our business will depend on future developments, which continue to be highly uncertain and cannot be predicted at this time, including, but not limited to, the duration and geographic spread of the pandemic, its severity, the actions to contain the virus or treat its impact, future spikes of COVID-19 infections resulting in additional preventative measures to contain or mitigate the spread of the virus, the effectiveness, distribution and acceptance of COVID-19 vaccines, including the vaccines’ efficacy against emerging COVID-19 variants, and how quickly and to what extent normal economic and operating conditions can resume. We believe this could have an adverse impact on our ability to obtain financing, development plans, results of operations, financial position, and cash flows during the current fiscal year.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Schedule of account payable and accrued liabilities As of Note December 31, June 30, Accounts payable, trade $ 186 $ 163 Interest payable to related party 7 104 40 Other accruals 168 205 Total accounts payable and accrued liabilities $ 458 $ 408

CONVERTIBLE DEBT

CONVERTIBLE DEBT	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
CONVERTIBLE DEBT	5. CONVERTIBLE DEBT Schedule of convertible debt As of December 31, June 30, Current Portion Nordmin Note $ - $ 1,123 Non-Current Portion Lind III Convertible Security $ 4,262 $ 6,784 Changes in the convertible security (the “Lind III Convertible Security”) issued to Lind Global Asset Management III, LLC, and the convertible note issued to Nordmin Engineering Ltd. (the “Nordmin Note”), are as follows: Lind III Nordmin Balance, June 30, 2021 $ 6,784 $ 1,123 Accretion expense 828 49 Conversions (3,350 ) (1,172 ) Balance, December 31, 2021 $ 4,262 $ - Based on the Company’s closing Common Share price of C$1.29 as of December 31, 2021, conversion of the remaining Lind III Convertible Security balance, including accrued interest, would require the issuance of approximately 7,804,000 0.01 Company would be obligated to issue would change by approximately 61,000 shares

COMMON SHARES

COMMON SHARES	6 Months Ended
	Dec. 31, 2021
Equity [Abstract]
COMMON SHARES	6. COMMON SHARES a) Stock Options Schedule of stock option Number of Weighted Balance, June 30, 2021 15,965,000 C$ 0.65 Granted 3,975,000 1.36 Exercised (1,019,616 ) 0.72 Cancelled/expired (605,384 ) 0.84 Balance, December 31, 2021 18,315,000 C$ 0.80 On December 17, 2021, the Company granted 3,975,000 options to purchase Common Shares (“Options”) at a fair value price of $C0.50 per Option, based on Black-Scholes models with an average risk-free rate of 1.18%, average share price volatility of 53.9%, and a three-year expected option life. The following table summarizes information about Options outstanding at December 31, 2021: Exercise Price Expiry Date Number Aggregate Number Aggregate C$ 0.76 March 6, 2022 4,000,000 C$ 2,120 4,000,000 C$ 2,120 C$ 0.47 November 9, 2022 3,030,000 2,485 3,030,000 2,485 C$ 0.84 September 18, 2023 1,050,000 472 1,050,000 472 C$ 0.54 November 15, 2023 3,910,000 2,933 3,910,000 2,933 C$ 0.75 December 14, 2023 1,825,000 986 1,825,000 986 C$ 0.75 December 16, 2023 525,000 283 525,000 283 C$ 1.36 December 17, 2024 3,975,000 - 3,975,000 - 18,315,000 C$ 9,279 18,315,000 C$ 9,279 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing Common Share price of C$1.29 as of December 31, 2021, that would have been received by the Option holders had all Option holders exercised their Options as of that date. The total number of in-the-money Options vested and exercisable as of December 31, 2021, was 14,340,000. As of December 31, 2021, there was $0 of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Option plans. b) Warrants Schedule of warrant transactions Number of Weighted Balance, June 30, 2021 14,341,868 C$ 1.16 Exercised (871,750 ) 0.78 Balance, December 31, 2021 13,470,118 C$ 1.18 At December 31, 2021, the Company had outstanding exercisable Common Share purchase warrants (“Warrants”), as follows: Number Exercise Price Expiry Date 500,000 C$ 0.80 December 18, 2022 4,412,118 C$ 1.63 May 10, 2023 8,558,000 C$ 0.97 February 19, 2025 13,470,118

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	6 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND BALANCES	7. RELATED PARTY TRANSACTIONS AND BALANCES Borrowings under the non-revolving credit facility agreement (the “Smith Credit Facility”) with Mark Smith, Chief Executive Officer, President, and Executive Chairman of NioCorp, bear interest at a rate of 10% and drawdowns from the Smith Credit Facility are subject to a 2.5 2,000 On July 23, 2021, the Company paid Mr. Smith $ 40 104

Exploration Expenditures

Exploration Expenditures	6 Months Ended
	Dec. 31, 2021
Extractive Industries [Abstract]
Exploration Expenditures	8. Exploration Expenditures Schedule of exploration expenditures For the Three Months For the Six Months 2021 2020 2021 2020 Technical studies and engineering $ 84 $ - $ 134 $ - Field management and other 157 148 281 330 Metallurgical development 150 41 586 84 Geologists and field staff 100 - 111 - Total $ 491 $ 189 $ 1,112 $ 414

Leases

Leases	6 Months Ended
	Dec. 31, 2021
Leases
Leases	9. Leases The Company incurred lease costs as follows: For the Three Months For the Six Months 2021 2020 2021 2020 Operating Lease Cost: Fixed rent expense $ 23 $ 28 $ 43 $ 57 Variable rent expense 2 2 5 2 Short term lease cost 2 3 9 7 Sublease income (10 ) (5 ) (15 ) (10 ) Net lease cost 17 28 42 56 Lease cost – other operating expense 17 22 42 44 Lease cost – exploration expenditures - 6 - 12 Net lease cost $ 17 $ 28 $ 42 $ 56 The maturities of lease liabilities are as follows at December 31, 2021: Fiscal Year 2021 $ 46 2022 92 2023 and thereafter 23 Total lease payments 161 Less portion of payments representing interest (19 ) Present value of lease payments 142 Less current portion of lease liability (76 ) Noncurrent lease liability $ 66

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables, or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized in income. Financial instruments including receivables, accounts payable and accrued liabilities, and related party loans are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The following tables present information about the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2021, and June 30, 2021, 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, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 4,866 $ 4,866 $ - $ - Equity securities 11 11 - - Total $ 4,877 $ 4,877 $ - $ - As of June 30, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 7,317 $ 7,317 $ - $ - Equity securities 16 16 - - Total $ 7,333 $ 7,333 $ - $ -

BASIS OF PREPARATION (Policies)

BASIS OF PREPARATION (Policies)	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation and Consolidation	a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US 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, 2021. In the opinion of management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations, and cash flows at December 31, 2021, 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 US 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, 2021. The interim results are not necessarily indicative of results for the full year ending June 30, 2022, or future operating periods. During fiscal year 2021 the Company combined the presentation of Additional Paid in Capital into the Common Shares line item in Shareholders’ Equity on the consolidated balance sheets. This presentation change was made as the Company’s common shares (“Common Shares”) are issued at no par value, and the fiscal year 2020 presentations were changed to conform with the current period presentation.
Recent Accounting Standards	b) Recent Accounting Standards Issued and Adopted In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in ASC Topic 740. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on July 1, 2021, with no material effect on the Company’ s current financial position, results of operations or financial statement disclosures. Issued and Not Effective In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies the accounting for convertible instruments. ASU 2020-06 removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the new guidance on our financial statements. 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	c) Use of Estimates The preparation of consolidated financial statements in conformity with US 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 deferred income tax asset valuations, convertible debt valuations, 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.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	6 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of account payable and accrued liabilities	Schedule of account payable and accrued liabilities As of Note December 31, June 30, Accounts payable, trade $ 186 $ 163 Interest payable to related party 7 104 40 Other accruals 168 205 Total accounts payable and accrued liabilities $ 458 $ 408

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of convertible debt	Schedule of convertible debt As of December 31, June 30, Current Portion Nordmin Note $ - $ 1,123 Non-Current Portion Lind III Convertible Security $ 4,262 $ 6,784
Changes in the convertible security (the “Lind III Convertible Security”) issued to Lind Global Asset Management III, LLC, and the convertible note issued to Nordmin Engineering Ltd. (the “Nordmin Note”), are as follows:	Changes in the convertible security (the “Lind III Convertible Security”) issued to Lind Global Asset Management III, LLC, and the convertible note issued to Nordmin Engineering Ltd. (the “Nordmin Note”), are as follows: Lind III Nordmin Balance, June 30, 2021 $ 6,784 $ 1,123 Accretion expense 828 49 Conversions (3,350 ) (1,172 ) Balance, December 31, 2021 $ 4,262 $ -

COMMON SHARES (Tables)

COMMON SHARES (Tables)	6 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of stock option	Schedule of stock option Number of Weighted Balance, June 30, 2021 15,965,000 C$ 0.65 Granted 3,975,000 1.36 Exercised (1,019,616 ) 0.72 Cancelled/expired (605,384 ) 0.84 Balance, December 31, 2021 18,315,000 C$ 0.80
The following table summarizes information about Options outstanding at December 31, 2021:	The following table summarizes information about Options outstanding at December 31, 2021: Exercise Price Expiry Date Number Aggregate Number Aggregate C$ 0.76 March 6, 2022 4,000,000 C$ 2,120 4,000,000 C$ 2,120 C$ 0.47 November 9, 2022 3,030,000 2,485 3,030,000 2,485 C$ 0.84 September 18, 2023 1,050,000 472 1,050,000 472 C$ 0.54 November 15, 2023 3,910,000 2,933 3,910,000 2,933 C$ 0.75 December 14, 2023 1,825,000 986 1,825,000 986 C$ 0.75 December 16, 2023 525,000 283 525,000 283 C$ 1.36 December 17, 2024 3,975,000 - 3,975,000 - 18,315,000 C$ 9,279 18,315,000 C$ 9,279
Schedule of warrant transactions	Schedule of warrant transactions Number of Weighted Balance, June 30, 2021 14,341,868 C$ 1.16 Exercised (871,750 ) 0.78 Balance, December 31, 2021 13,470,118 C$ 1.18
At December 31, 2021, the Company had outstanding exercisable Common Share purchase warrants (“Warrants”), as follows:	At December 31, 2021, the Company had outstanding exercisable Common Share purchase warrants (“Warrants”), as follows: Number Exercise Price Expiry Date 500,000 C$ 0.80 December 18, 2022 4,412,118 C$ 1.63 May 10, 2023 8,558,000 C$ 0.97 February 19, 2025 13,470,118

Exploration Expenditures (Table

Exploration Expenditures (Tables)	6 Months Ended
	Dec. 31, 2021
Extractive Industries [Abstract]
Schedule of exploration expenditures	Schedule of exploration expenditures For the Three Months For the Six Months 2021 2020 2021 2020 Technical studies and engineering $ 84 $ - $ 134 $ - Field management and other 157 148 281 330 Metallurgical development 150 41 586 84 Geologists and field staff 100 - 111 - Total $ 491 $ 189 $ 1,112 $ 414

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2021
Leases
The Company incurred lease costs as follows:	The Company incurred lease costs as follows: For the Three Months For the Six Months 2021 2020 2021 2020 Operating Lease Cost: Fixed rent expense $ 23 $ 28 $ 43 $ 57 Variable rent expense 2 2 5 2 Short term lease cost 2 3 9 7 Sublease income (10 ) (5 ) (15 ) (10 ) Net lease cost 17 28 42 56 Lease cost – other operating expense 17 22 42 44 Lease cost – exploration expenditures - 6 - 12 Net lease cost $ 17 $ 28 $ 42 $ 56
The maturities of lease liabilities are as follows at December 31, 2021:	The maturities of lease liabilities are as follows at December 31, 2021: Fiscal Year 2021 $ 46 2022 92 2023 and thereafter 23 Total lease payments 161 Less portion of payments representing interest (19 ) Present value of lease payments 142 Less current portion of lease liability (76 ) Noncurrent lease liability $ 66

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2021
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, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 4,866 $ 4,866 $ - $ - Equity securities 11 11 - - Total $ 4,877 $ 4,877 $ - $ - As of June 30, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 7,317 $ 7,317 $ - $ - Equity securities 16 16 - - Total $ 7,333 $ 7,333 $ - $ -

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details Narrative)	6 Months Ended
	Dec. 31, 2021NUMBER
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

GOING CONCERN ISSUES (Details N

GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Total loss for the period	$ (3,458)	$ (1,081)	$ (5,418)	$ (2,134)
Accumulated deficit	(104,494)		(104,494)		$ (99,076)
Cash	$ 4,866		$ 4,866		$ 7,317

Schedule of account payable and

Schedule of account payable and accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Payables and Accruals [Abstract]
Accounts payable, trade	$ 186	$ 163
Interest payable to related party	104	40
Other accruals	168	205
Total accounts payable and accrued liabilities	$ 458	$ 408

Schedule of convertible debt (D

Schedule of convertible debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Short-term Debt [Line Items]
Nordmin Note		$ 1,123
Lind III Convertible Security	4,262	6,784
Nordmin Convertible Note [Member]
Short-term Debt [Line Items]
Nordmin Note		1,123
Convertible Security [Member]
Short-term Debt [Line Items]
Lind III Convertible Security	$ 4,262	$ 6,784

Changes in the convertible secu

Changes in the convertible security (the “Lind III Convertible Security”) issued to Lind Global Asset Management III, LLC, and the convertible note issued to Nordmin Engineering Ltd. (the “Nordmin Note”), are as follows: (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Beginning balance	$ 1,123
Accretion expense	877	$ 3
Ending balance
Nordmin Convertible Note [Member]
Short-term Debt [Line Items]
Beginning balance	1,123
Accretion expense	49
Conversion	(1,172)
Ending balance
Convertible Security [Member]
Short-term Debt [Line Items]
Beginning balance	6,784
Accretion expense	828
Conversion	(3,350)
Ending balance	$ 4,262

CONVERTIBLE DEBT (Details Narra

CONVERTIBLE DEBT (Details Narrative)	6 Months Ended
	Dec. 31, 2021$ / sharesshares
Convertible Security [Member] | Lind Asset Management I VLLC [Member]
Short-term Debt [Line Items]
Number of shares issued upon debt conversion | shares	7,804,000
Description of change fair value obligated to issue	Company would be obligated to issue would change by approximately 61,000 shares
Nordmin Convertible Note [Member] | Nordmin Agreement [Member]
Short-term Debt [Line Items]
Conversion price (in dollars per share) | $ / shares	$ 0.01

Schedule of stock option (Detai

Schedule of stock option (Details)	6 Months Ended
	Dec. 31, 2021$ / sharesshares
Balance at beginning | shares	15,965,000
Granted | shares	3,975,000
Granted | $ / shares	$ 1.36
Exercised | shares	(1,019,616)
Cancelled/expired | shares	(605,384)
Balance at end | shares	18,315,000
Canada, Dollars
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 0.65
Exercised | $ / shares	0.72
Cancelled/expired | $ / shares	0.84
Balance at end | $ / shares	$ 0.80

The following table summarizes

The following table summarizes information about Options outstanding at December 31, 2021: (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2021USD ($)shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding | shares	18,315,000
Number exercisable | shares	18,315,000
Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 9,279
Aggregate Intrinsic Value | $	$ 9,279
Exercise Price 0. 76 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding | shares	4,000,000
Number exercisable | shares	4,000,000
Exercise Price 0. 76 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 2,120
Aggregate Intrinsic Value | $	$ 2,120
Exercise Price 0. 47 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding | shares	3,030,000
Number exercisable | shares	3,030,000
Expiry date	Nov. 9, 2022
Exercise Price 0. 47 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 2,485
Aggregate Intrinsic Value | $	$ 2,485
Exercise Price 0. 84 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding | shares	1,050,000
Number exercisable | shares	1,050,000
Expiry date	Sep. 18, 2023
Exercise Price 0. 84 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 472
Aggregate Intrinsic Value | $	$ 472
Exercise Price 0. 54 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding | shares	3,910,000
Number exercisable | shares	3,910,000
Expiry date	Nov. 15, 2023
Exercise Price 0. 54 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 2,933
Aggregate Intrinsic Value | $	$ 2,933
Exercise Price 0. 75 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding | shares	1,825,000
Number exercisable | shares	1,825,000
Expiry date	Dec. 14, 2023
Exercise Price 0. 75 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 986
Aggregate Intrinsic Value | $	$ 986
Exercise Price 0. 75 One [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding | shares	525,000
Number exercisable | shares	525,000
Expiry date	Dec. 16, 2023
Exercise Price 0. 75 One [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 283
Aggregate Intrinsic Value | $	$ 283
Exercise Price1.36 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding | shares	3,975,000
Number exercisable | shares	3,975,000
Expiry date	Dec. 17, 2024
Exercise Price1.36 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $
Aggregate Intrinsic Value | $

Schedule of warrant transaction

Schedule of warrant transactions (Details)	6 Months Ended
	Dec. 31, 2021$ / sharesshares
Balance, at beginning | shares	14,341,868
Warrant exercise price beginning (in dollars per share) | $ / shares	$ 1.16
Exercised | shares	(871,750)
Balance, at ending | shares	13,470,118
Warrant exercise price ending (in dollars per share) | $ / shares	$ 1.18
Canada, Dollars
Exercised | $ / shares	$ 0.78

At December 31, 2021, the Compa

At December 31, 2021, the Company had outstanding exercisable Common Share purchase warrants (“Warrants”), as follows: (Details)	Dec. 31, 2021$ / sharesshares	Dec. 31, 2021$ / sharesshares	Jun. 30, 2021$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number | shares	13,470,118	13,470,118	14,341,868
Warrant exercise price (in dollars per share) | $ / shares		$ 1.18	$ 1.16
Exercise Price 0. 80 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number | shares	500,000	500,000
Warrant exercise price (in dollars per share) | $ / shares	$ 0.80
Expiry Date	Dec. 18, 2022	Dec. 18, 2022
Exercise Price 1.63 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number | shares	4,412,118	4,412,118
Warrant exercise price (in dollars per share) | $ / shares	$ 1.63
Expiry Date	May 10, 2023	May 10, 2023
Exercise Price 0. 97 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number | shares	8,558,000	8,558,000
Warrant exercise price (in dollars per share) | $ / shares	$ 0.97
Expiry Date	Feb. 19, 2025	Feb. 19, 2025

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Jul. 23, 2021	Jun. 30, 2021
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities	$ 104		$ 40
Revolving Credit Facility [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Establishment fee	2.50%
Principal amount outstanding	$ 2,000
Origination fees payable		$ 40
Accounts payable and accrued liabilities	$ 104

Schedule of exploration expendi

Schedule of exploration expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Total	$ 491	$ 189	$ 1,112	$ 414
Feasibility Study and Engineering [Member]
Total	84		134
Field Management and Other [Member]
Total	157	148	281	330
Exploration and Production Equipment [Member]
Total	150	41	586	84
Geologists and Field Staff [Member]
Total	$ 100		$ 111

The Company incurred lease cost

The Company incurred lease costs as follows: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Operating Lease Cost:
Fixed rent expense	$ 23	$ 28	$ 43	$ 57
Variable rent expense	2	2	5	2
Short term lease cost	2	3	9	7
Sublease income	(10)	(5)	(15)	(10)
Net lease cost	17	28	42	56
Lease cost – other operating expense	17	22	42	44
Lease cost – exploration expenditures		$ 6		$ 12

The maturities of lease liabili

The maturities of lease liabilities are as follows at December 31, 2021: (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Leases
2021	$ 46
2022	92
2023 and thereafter	23
Total lease payments	161
Less portion of payments representing interest	(19)
Present value of lease payments	142
Less current portion of lease liability	(76)	$ (69)
Noncurrent lease liability	$ 66	$ 105

Schedule of fair values determi

Schedule of fair values determined by level 3 inputs are unobservable data (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 4,866	$ 7,317
Equity securities	11	16
Total	4,877	7,333
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	4,866	7,317
Equity securities	11	16
Total	4,877	7,333
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents
Equity securities
Total
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents
Equity securities
Total