NioCorp Developments (NB) 10-Q 14 Nov 22 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		279,450,884

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Current
Cash	$ 3,192	$ 5,280
Prepaid expenses and other	189	402
Total current assets	3,381	5,682
Non-current
Deferred transaction costs	2,809
Deposits	35	35
Investment in equity securities	10	10
Right-of-use assets	76	94
Land and buildings, net	850	850
Mineral interests	16,085	16,085
Total assets	23,246	22,756
Current
Accounts payable and accrued liabilities	3,670	817
Related party loan	2,000	2,000
Convertible debt	755	2,169
Operating lease liability	86	82
Total current liabilities	6,511	5,068
Operating lease liability		23
Total liabilities	6,511	5,091
SHAREHOLDERS’ EQUITY
Common shares, unlimited shares authorized; shares outstanding: 279,393,227 at September 30, 2022 and 276,670,606 at June 30, 2022	130,684	129,055
Accumulated deficit	(112,951)	(110,397)
Accumulated other comprehensive loss	(998)	(993)
Total shareholders’ equity	16,735	17,665
Total liabilities and equity	$ 23,246	$ 22,756

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - shares	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Common stock, authorized	Unlimited	Unlimited
Common stock, shares outstanding	279,393,227	276,670,606

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating expenses
Employee related costs	$ 293	$ 319
Professional fees	164	90
Exploration expenditures	1,288	621
Other operating expenses	337	226
Total operating expenses	2,082	1,256
Foreign exchange loss	173	225
Interest expense	300	605
Other (gain) loss on equity securities	(1)	2
Loss before income taxes	2,554	2,088
Income tax benefit
Net loss	2,554	2,088
Other comprehensive loss (gain):
Reporting currency translation	5	(124)
Total comprehensive loss	$ 2,559	$ 1,964
Loss per common share, basic and diluted	$ 0.01	$ 0.01
Weighted average common shares outstanding	277,926,316	258,023,048

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (2,554)	$ (2,088)
Adjustments to reconcile net loss to net cash used in operations:
Unrealized (gain) loss on equity securities	(1)	2
Accretion of convertible debt	236	551
Noncash lease expense	(2)	(1)
Depreciation	1	1
Foreign exchange loss	177	288
Total	(2,143)	(1,247)
Change in working capital items:
Prepaid expenses and other	209	(270)
Accounts payable and accrued liabilities	196	(92)
Net cash used in operating activities	(1,738)	(1,609)
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		664
Share issue costs	(21)
Related party debt repayments		(318)
Net cash provided by financing activities	(21)	346
Exchange rate effect on cash and cash equivalents	(329)	(170)
Change in cash and cash equivalents during period	(2,088)	(1,449)
Cash and cash equivalents, beginning of period	5,280	7,317
Cash and cash equivalent, end of period	3,192	5,868
Supplemental cash flow information:
Amounts paid for interest		40
Amounts paid for income taxes
Non-cash financing transactions:
Conversions of debt for common shares	1,650	1,350
Deferred transaction costs, accrued but not paid	$ 2,809

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, 2021	$ 113,882	$ (99,510)	$ (1,159)	$ 13,213
Beginning balance (in shares) at Jun. 30, 2021	256,379,931
Exercise of warrants	$ 543			543
Exercise of warrants (in shares)	871,750
Exercise of options	$ 121			121
Exercise of options (in shares)	282,702
Debt conversions	$ 1,350			1,350
Debt conversions (in shares)	1,583,986
Reporting currency translation			124	124
Loss for the period		(2,088)		(2,088)
Reporting currency translation			(124)	(124)
Ending balance, value at Sep. 30, 2021	$ 115,896	(101,598)	(1,035)	13,263
Ending balance (in shares) at Sep. 30, 2021	259,118,369
Beginning balance, value at Jun. 30, 2022	$ 129,055	(110,397)	(993)	$ 17,665
Beginning balance (in shares) at Jun. 30, 2022	276,670,606			276,670,606
Exercise of options (in shares)
Debt conversions	$ 1,650			$ 1,650
Debt conversions (in shares)	2,722,621
Share issuance costs	$ (21)			(21)
Reporting currency translation			5	5
Loss for the period		(2,554)		(2,554)
Reporting currency translation			(5)	(5)
Ending balance, value at Sep. 30, 2022	$ 130,684	$ (112,951)	$ (998)	$ 16,735
Ending balance (in shares) at Sep. 30, 2022	279,393,227			279,393,227

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Sep. 30, 2022
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 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 4, 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.

RESTATEMENT

RESTATEMENT	3 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
RESTATEMENT	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, 2022. Certain transactions include reference to Canadian dollars (“C$”) where applicable. In the opinion of management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) for a fair statement of the financial position, results of operations, and cash flows at September 30, 2022, 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, 2022. The interim results are not necessarily indicative of results for the full year ending June 30, 2023, or future operating periods. b) Recent Accounting Standards Issued and Adopted 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 adopted ASU 2020-06 on July 1, 2022, with no material effect on the Company’ s current financial position, results of operations or financial statement disclosures. Issued and Not Effective 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. d) Basic and Diluted Earnings per Share Basic net loss per share is computed by dividing net loss by the weighted average number of Common Shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of Common Share equivalents outstanding for the period determined using the treasury stock method or the if-converted method, as applicable. For purposes of this calculation, options to purchase Common Shares (“Options”) and warrants to purchase Common Shares (“Warrants”) are considered to be Common Share equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following shares underlying Options, 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 as indicated below. Schedule of excluded from the dilutive securities For the three months ended September 30, Excluded potentially dilutive securities (1) 2022 2021 Options 14,464,000 15,225,000 Warrants 18,516,253 13,470,118 Convertible debt 1,030,000 14,744,000 Total potential dilutive securities 34,010,253 43,439,118 ( 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 3. RESTATEMENT As previously reported, the Company restated its consolidated balance sheets as of June 30, 2022 and 2021, and consolidated statements of operations and comprehensive income, equity and cash flows for the years ended June 30, 2022 and 2021. In addition, the restatement impacted the first, second and third quarters of our fiscal year ended June 30, 2022. The summarized restatement impacts for the comparable interim period in fiscal year 2022 are presented below. The restatement corrects errors related to the accounting for the unamortized deferred financing costs and debt discounts upon extinguishments of debt related to debt conversions. . Restatement Impacts to the Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) Restatement Impacts to the Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the Three Months Ended September 30, 2021 For the three months ended September 30, 2021 As Previously Reported Restatement Restated Foreign exchange loss $ 210 $ 15 $ 225 Interest expense 492 113 605 Loss before income taxes 1,960 128 2,088 Net loss 1,960 128 2,088 Reporting currency translation (109 ) (15 ) (124 ) Total comprehensive loss 1,851 113 1,964 Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited) Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited) For the Three Months Ended September 30, 2021 As Previously Reported Restatement Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (1,960 ) $ (128 ) $ (2,088 ) Accretion of convertible debt 438 113 551 Foreign exchange loss 273 15 288 Restatement Impact to the Condensed Consolidated Statement of Shareholders' Equity (unaudited) Restatement Impacts to the Condensed Consolidated Statement of Shareholders' Equity (unaudited) For the Three Months Ended September 30, 2021 As Previously Restatement Restated June 30, 2021 opening balance adjustments: Deficit $ (99,076 ) $ (434 ) $ (99,510 ) Accumulated other comprehensive loss (1,143 ) (16 ) (1,159 ) Total Shareholders’ equity 13,663 (450 ) 13,213 Activity adjustments: Loss for the period (1,960 ) (128 ) (2,088 ) Reporting currency translation 109 15 124 September 30, 2021 ending balance adjustments: Deficit (101,036 ) (562 ) (101,598 ) Accumulated other comprehensive loss (1,034 ) (1 ) (1,035 ) Total equity 13,826 (563 ) 13,263

GOING CONCERN ISSUES

GOING CONCERN ISSUES	3 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN ISSUES	4. GOING CONCERN ISSUES The Company incurred a loss of $ 2,554 2,088 3,130 112,951 3,192 The Company’s ability to continue operations and fund its expenditures, which have historically averaged approximately $ 1,265 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 and subsequent COVID-19 variants. In addition, recent worldwide events have created general global economic uncertainty as well as uncertainty in capital markets, supply chain disruptions, increased interest rates, and the potential for geographic recessions. 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. The full extent to which these events 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.

DEFERRED TRANSACTION COSTS

DEFERRED TRANSACTION COSTS	3 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
DEFERRED TRANSACTION COSTS	5. DEFERRED TRANSACTION COSTS The Company has deferred third-party costs, including legal fees, other professional and consulting fees, and due diligence fees, incurred in connection with the proposed transaction discussed in Note 13. These costs are deferred until closing, at which time a portion of the costs will be recorded against convertible debt to be entered into in connection with the proposed transaction, with the remainder treated as a reduction to the value of Common Shares issued.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	3 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Schedule of account payable and accrued liabilities As of Note September 30, 2022 June 30, 2022 Accounts payable, trade $ 2,904 $ 115 Accounts payable accruals 467 654 Consent accrual 13 200 - Interest payable to related party 9 51 - Other accruals 48 48 Total accounts payable and accrued liabilities $ 3,670 $ 817

CONVERTIBLE DEBT

CONVERTIBLE DEBT	3 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
CONVERTIBLE DEBT	7. CONVERTIBLE DEBT Changes in the convertible security (the “Lind III Convertible Security”) issued to Lind Global Asset Management III, LLC, are as follows: Lind III Balance, June 30, 2022 $ 2,169 Accretion expense 236 Conversions (1,650 ) Balance, September 30, 2022 $ 755 Based on the Company’s closing Common Share price of C$ 1.43 815 1,030,000 0.01 Company would be obligated to issue would change by approximately 8,000 shares.

COMMON SHARES

COMMON SHARES	3 Months Ended
	Sep. 30, 2022
Equity [Abstract]
COMMON SHARES	8. COMMON SHARES a) Stock Options Schedule of stock option Number of Weighted Balance, June 30, 2022 14,464,000 C$ 0.83 Granted - - Exercised - - Cancelled/expired - - Balance, September 30, 2022 14,464,000 C$ 0.83 The following table summarizes information about Options outstanding at September 30, 2022: Schedule of information about stock options outstanding Exercise Price Expiry Date Number Aggregate Number Aggregate C$ 0.47 November 9, 2022 2,804,000 C$ 2,692 2,804,000 C$ 2,692 C$ 0.84 September 18, 2023 1,050,000 619 1,050,000 619 C$ 0.54 November 15, 2023 3,785,000 3,369 3,785,000 3,369 C$ 0.75 December 14, 2023 1,825,000 1,241 1,825,000 1,241 C$ 0.75 December 16, 2023 525,000 357 525,000 357 C$ 1.36 December 17, 2024 3,975,000 278 3,975,000 278 C$ 1.10 May 30, 2025 500,000 165 500,000 165 14,464,000 C$ 8,721 14,464,000 C$ 8,721 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing Common Share price of C$ 1.43 0 b) Warrants Schedule of warrant transactions Number of Weighted Balance, June 30, 2022 18,516,253 C$ 1.16 Granted - - Exercised - - Cancelled/expired - - Balance, September 30, 2022 18,516,253 C$ 1.16 At September 30, 2022, the Company had outstanding exercisable Common Share purchase warrants (“Warrants”), as follows: Schedule of outstanding exercisable warrants Number Exercise Price Expiry Date 500,000 C$ 0.80 December 18, 2022 4,412,118 C$ 1.63 May 10, 2023 5,046,135 C$ 1.10 June 30, 2024 8,558,000 C$ 0.97 February 19, 2025 18,516,253

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	3 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND BALANCES	9. 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 2.5 As of September 30, 2022, the principal amount outstanding under the Smith Credit Facility was $ 2,000 51

EXPLORATION EXPENDITURES

EXPLORATION EXPENDITURES	3 Months Ended
	Sep. 30, 2022
Extractive Industries [Abstract]
EXPLORATION EXPENDITURES	10. EXPLORATION EXPENDITURES Schedule of exploration expenditures For the Three Months 2022 2021 Technical studies and engineering $ 141 $ 50 Field management and other 154 124 Metallurgical development 993 436 Geologists and field staff - 11 Total $ 1,288 $ 621

LEASES

LEASES	3 Months Ended
	Sep. 30, 2022
Leases
LEASES	11. LEASES The Company incurred lease costs as follows: For the Three Months 2022 2021 Operating Lease Cost: Fixed rent expense $ 21 $ 21 Variable rent expense 3 2 Short term lease cost 2 5 Sublease income (6 ) (5 ) Net lease cost – other operating expense 20 23 The maturities of lease liabilities are as follows at September 30, 2022: Fiscal Year Total lease payments – through September 2023 $ 93 Less portion of payments representing interest (7 ) Present value of lease payments – current lease liability $ 86

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	12. 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, including investments in equity securities, 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 September 30, 2022, and June 30, 2022, 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 September 30, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 3,192 $ 3,192 $ - $ - Equity securities 10 10 - - Total $ 3,202 $ 3,202 $ - $ - As of June 30, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 5,280 $ 5,280 $ - $ - Equity securities 10 10 - - Total $ 5,290 $ 5,290 $ - $ - The Lind III Convertible Security discussed in Note 7 was initially recorded at fair value, which represented a nonrecurring fair value measurement using a Level 3 input. At September 30, 2022 and June 30, 2022, the estimated fair value of this instrument approximated carrying value given that the instrument was issued in fiscal 2021 and has a short time period until maturity.

PROPOSED TRANSACTION

PROPOSED TRANSACTION	3 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
PROPOSED TRANSACTION	13. PROPOSED TRANSACTION On September 25, 2022, the Company, GX Acquisition Corp. II, a Delaware corporation (“GXII”), and Big Red Merger Sub Ltd (“Merger Sub”), a Delaware corporation incorporated in September 2022, and a direct, wholly owned subsidiary of the Company, entered into a business combination agreement (the “Business Combination Agreement”). Pursuant to the Business Combination Agreement, as the result of a series of transactions, GXII will become a subsidiary of the Company (as successor by merger to the Company’s subsidiary, Elk Creek Resources Corporation, a Delaware corporation (“ECRC”)), with the pre-combination public shareholders of GXII receiving Common Shares based on a fixed exchange ratio of 11.1829212 (the “Exchange Ratio”) Common Shares for each GXII Class A common share held and not redeemed, and the GXII founders receiving shares in GXII (as successor by merger to ECRC) based on the Exchange Ratio. Pursuant to the Business Combination Agreement, after closing, the GXII founders will have the right to exchange such shares for Common Shares on a one-for-one basis under certain conditions. Pursuant to the Business Combination Agreement, the Company will also assume the obligations under the issued and outstanding GXII warrants, which will be converted into warrants exercisable into Common Shares following closing of the Transaction. The Business Combination Agreement contemplates that the Company will undertake a reverse stock split of the Common Shares at the time of close in connection with an expected cross-listing to the Nasdaq Stock Market (“Nasdaq”). In addition, pursuant to the Business Combination Agreement, post-closing, the Company’s Board will include two directors from pre-combination GXII. The transactions contemplated by the Business Combination Agreement and the ancillary agreements thereto are referred to collectively as the “Transaction.” As currently structured, the Business Combination Agreement is expected to be accounted for as a recapitalization in accordance with GAAP. Under this method of accounting, GXII will be treated as the “acquired” company for financial reporting purposes. Accordingly, the transaction is treated as the equivalent of NioCorp issuing Common Shares for the net assets of GXII, accompanied by a recapitalization. The net assets of GXII will be stated at historical cost, with no goodwill or other intangible assets recorded. In addition, in connection with the entry into the Business Combination Agreement, the Company announced the signing of non-binding letters of intent (“LOIs”) for two separate financing packages with Yorkville Advisors Global, LP (“Yorkville”). Subject to entering into definitive agreements, these financings could provide the Company with access to up to an additional $ 81.0 16.0 require Yorkville, subject to the conditions set out in the definitive agreements, to purchase up to $ 65.0 The proposed Transaction is expected to close in the first calendar quarter of 2023, subject to the satisfaction or waiver of certain customary closing conditions contained in the Business Combination Agreement, including, among other things, (i) obtaining required approvals of the Transaction and related matters by the respective shareholders of NioCorp and GXII, (ii) the effectiveness of the registration statement on Form S-4 that the Company originally filed on November 7, 2022, (iii) receipt of approval for listing on Nasdaq of the NioCorp Common Shares to be issued in connection with the Transaction, (iv) receipt of approval for listing on Nasdaq of the NioCorp warrants to be issued in exchange for the GXII warrants that NioCorp has agreed to assume, (v) receipt of approval from the TSX with respect to the issuance and listing of the NioCorp Common Shares issuable in connection with the Transaction, (vi) that NioCorp and its subsidiaries (including GXII, as successor by merger to ECRC) will have at least $ 5.000001 15.0 On September 25, 2022, the Company and Lind entered into an agreement (the “Lind Consent”), which included the following principal terms: (i) the consent of Lind to the Transaction and Yorkville financing transactions, including all actions taken by NioCorp as set out in the Business Combination Agreement to permit the completion of the Transaction; (ii) the consent of Lind to NioCorp’s expected Nasdaq listing and the consolidation of the NioCorp Common Shares in order to meet the minimum listing requirements thereof; (iii) the waiver of Lind of its participation right for up to 15 As consideration for entering into the Lind Consent, Lind received, amongst other things: (i) the right to receive payment of $ 500 200 1.00 5.0 The final Consent Payment value and the issuance of Consent Warrants under the Lind Consent, if any, are subject to shareholders’ approval of the Transaction, an event which is outside of management control. Therefore, pending shareholders’ approval of the Transaction, the Company has included the minimum $ 200

RESTATEMENT (Policies)

RESTATEMENT (Policies)	3 Months Ended
	Sep. 30, 2022
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, 2022. Certain transactions include reference to Canadian dollars (“C$”) where applicable. In the opinion of management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) for a fair statement of the financial position, results of operations, and cash flows at September 30, 2022, 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, 2022. The interim results are not necessarily indicative of results for the full year ending June 30, 2023, or future operating periods.
Recent Accounting Standards	b) Recent Accounting Standards Issued and Adopted 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 adopted ASU 2020-06 on July 1, 2022, with no material effect on the Company’ s current financial position, results of operations or financial statement disclosures. Issued and Not Effective 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.
Basic and Diluted Earnings per Share	d) Basic and Diluted Earnings per Share Basic net loss per share is computed by dividing net loss by the weighted average number of Common Shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of Common Share equivalents outstanding for the period determined using the treasury stock method or the if-converted method, as applicable. For purposes of this calculation, options to purchase Common Shares (“Options”) and warrants to purchase Common Shares (“Warrants”) are considered to be Common Share equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following shares underlying Options, 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 as indicated below. Schedule of excluded from the dilutive securities For the three months ended September 30, Excluded potentially dilutive securities (1) 2022 2021 Options 14,464,000 15,225,000 Warrants 18,516,253 13,470,118 Convertible debt 1,030,000 14,744,000 Total potential dilutive securities 34,010,253 43,439,118 ( 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 3. RESTATEMENT As previously reported, the Company restated its consolidated balance sheets as of June 30, 2022 and 2021, and consolidated statements of operations and comprehensive income, equity and cash flows for the years ended June 30, 2022 and 2021. In addition, the restatement impacted the first, second and third quarters of our fiscal year ended June 30, 2022. The summarized restatement impacts for the comparable interim period in fiscal year 2022 are presented below. The restatement corrects errors related to the accounting for the unamortized deferred financing costs and debt discounts upon extinguishments of debt related to debt conversions. . Restatement Impacts to the Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) Restatement Impacts to the Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the Three Months Ended September 30, 2021 For the three months ended September 30, 2021 As Previously Reported Restatement Restated Foreign exchange loss $ 210 $ 15 $ 225 Interest expense 492 113 605 Loss before income taxes 1,960 128 2,088 Net loss 1,960 128 2,088 Reporting currency translation (109 ) (15 ) (124 ) Total comprehensive loss 1,851 113 1,964 Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited) Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited) For the Three Months Ended September 30, 2021 As Previously Reported Restatement Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (1,960 ) $ (128 ) $ (2,088 ) Accretion of convertible debt 438 113 551 Foreign exchange loss 273 15 288 Restatement Impact to the Condensed Consolidated Statement of Shareholders' Equity (unaudited) Restatement Impacts to the Condensed Consolidated Statement of Shareholders' Equity (unaudited) For the Three Months Ended September 30, 2021 As Previously Restatement Restated June 30, 2021 opening balance adjustments: Deficit $ (99,076 ) $ (434 ) $ (99,510 ) Accumulated other comprehensive loss (1,143 ) (16 ) (1,159 ) Total Shareholders’ equity 13,663 (450 ) 13,213 Activity adjustments: Loss for the period (1,960 ) (128 ) (2,088 ) Reporting currency translation 109 15 124 September 30, 2021 ending balance adjustments: Deficit (101,036 ) (562 ) (101,598 ) Accumulated other comprehensive loss (1,034 ) (1 ) (1,035 ) Total equity 13,826 (563 ) 13,263

RESTATEMENT (Tables)

RESTATEMENT (Tables)	3 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of excluded from the dilutive securities	Schedule of excluded from the dilutive securities For the three months ended September 30, Excluded potentially dilutive securities (1) 2022 2021 Options 14,464,000 15,225,000 Warrants 18,516,253 13,470,118 Convertible debt 1,030,000 14,744,000 Total potential dilutive securities 34,010,253 43,439,118 ( 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
Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited)	Restatement Impacts to the Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) Restatement Impacts to the Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the Three Months Ended September 30, 2021 For the three months ended September 30, 2021 As Previously Reported Restatement Restated Foreign exchange loss $ 210 $ 15 $ 225 Interest expense 492 113 605 Loss before income taxes 1,960 128 2,088 Net loss 1,960 128 2,088 Reporting currency translation (109 ) (15 ) (124 ) Total comprehensive loss 1,851 113 1,964 Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited) Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited) For the Three Months Ended September 30, 2021 As Previously Reported Restatement Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (1,960 ) $ (128 ) $ (2,088 ) Accretion of convertible debt 438 113 551 Foreign exchange loss 273 15 288
Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited)	Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited) Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited) For the Three Months Ended September 30, 2021 As Previously Reported Restatement Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (1,960 ) $ (128 ) $ (2,088 ) Accretion of convertible debt 438 113 551 Foreign exchange loss 273 15 288
Restatement Impact to the Condensed Consolidated Statement of Shareholders' Equity (unaudited)	Restatement Impact to the Condensed Consolidated Statement of Shareholders' Equity (unaudited) Restatement Impacts to the Condensed Consolidated Statement of Shareholders' Equity (unaudited) For the Three Months Ended September 30, 2021 As Previously Restatement Restated June 30, 2021 opening balance adjustments: Deficit $ (99,076 ) $ (434 ) $ (99,510 ) Accumulated other comprehensive loss (1,143 ) (16 ) (1,159 ) Total Shareholders’ equity 13,663 (450 ) 13,213 Activity adjustments: Loss for the period (1,960 ) (128 ) (2,088 ) Reporting currency translation 109 15 124 September 30, 2021 ending balance adjustments: Deficit (101,036 ) (562 ) (101,598 ) Accumulated other comprehensive loss (1,034 ) (1 ) (1,035 ) Total equity 13,826 (563 ) 13,263

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	3 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of account payable and accrued liabilities	Schedule of account payable and accrued liabilities As of Note September 30, 2022 June 30, 2022 Accounts payable, trade $ 2,904 $ 115 Accounts payable accruals 467 654 Consent accrual 13 200 - Interest payable to related party 9 51 - Other accruals 48 48 Total accounts payable and accrued liabilities $ 3,670 $ 817

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	3 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Changes in the convertible security (the “Lind III Convertible Security”) issued to Lind Global Asset Management III, LLC, are as follows:	Changes in the convertible security (the “Lind III Convertible Security”) issued to Lind Global Asset Management III, LLC, are as follows: Lind III Balance, June 30, 2022 $ 2,169 Accretion expense 236 Conversions (1,650 ) Balance, September 30, 2022 $ 755

COMMON SHARES (Tables)

COMMON SHARES (Tables)	3 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of stock option	Schedule of stock option Number of Weighted Balance, June 30, 2022 14,464,000 C$ 0.83 Granted - - Exercised - - Cancelled/expired - - Balance, September 30, 2022 14,464,000 C$ 0.83
Schedule of information about stock options outstanding	The following table summarizes information about Options outstanding at September 30, 2022: Schedule of information about stock options outstanding Exercise Price Expiry Date Number Aggregate Number Aggregate C$ 0.47 November 9, 2022 2,804,000 C$ 2,692 2,804,000 C$ 2,692 C$ 0.84 September 18, 2023 1,050,000 619 1,050,000 619 C$ 0.54 November 15, 2023 3,785,000 3,369 3,785,000 3,369 C$ 0.75 December 14, 2023 1,825,000 1,241 1,825,000 1,241 C$ 0.75 December 16, 2023 525,000 357 525,000 357 C$ 1.36 December 17, 2024 3,975,000 278 3,975,000 278 C$ 1.10 May 30, 2025 500,000 165 500,000 165 14,464,000 C$ 8,721 14,464,000 C$ 8,721
Schedule of warrant transactions	Schedule of warrant transactions Number of Weighted Balance, June 30, 2022 18,516,253 C$ 1.16 Granted - - Exercised - - Cancelled/expired - - Balance, September 30, 2022 18,516,253 C$ 1.16
Schedule of outstanding exercisable warrants	At September 30, 2022, the Company had outstanding exercisable Common Share purchase warrants (“Warrants”), as follows: Schedule of outstanding exercisable warrants Number Exercise Price Expiry Date 500,000 C$ 0.80 December 18, 2022 4,412,118 C$ 1.63 May 10, 2023 5,046,135 C$ 1.10 June 30, 2024 8,558,000 C$ 0.97 February 19, 2025 18,516,253

EXPLORATION EXPENDITURES (Table

EXPLORATION EXPENDITURES (Tables)	3 Months Ended
	Sep. 30, 2022
Extractive Industries [Abstract]
Schedule of exploration expenditures	Schedule of exploration expenditures For the Three Months 2022 2021 Technical studies and engineering $ 141 $ 50 Field management and other 154 124 Metallurgical development 993 436 Geologists and field staff - 11 Total $ 1,288 $ 621

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Sep. 30, 2022
Leases
The Company incurred lease costs as follows:	The Company incurred lease costs as follows: For the Three Months 2022 2021 Operating Lease Cost: Fixed rent expense $ 21 $ 21 Variable rent expense 3 2 Short term lease cost 2 5 Sublease income (6 ) (5 ) Net lease cost – other operating expense 20 23
The maturities of lease liabilities are as follows at September 30, 2022:	The maturities of lease liabilities are as follows at September 30, 2022: Fiscal Year Total lease payments – through September 2023 $ 93 Less portion of payments representing interest (7 ) Present value of lease payments – current lease liability $ 86

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2022
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 September 30, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 3,192 $ 3,192 $ - $ - Equity securities 10 10 - - Total $ 3,202 $ 3,202 $ - $ - As of June 30, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 5,280 $ 5,280 $ - $ - Equity securities 10 10 - - Total $ 5,290 $ 5,290 $ - $ -

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details Narrative)	3 Months Ended
	Sep. 30, 2022 Numbers
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Schedule of excluded from the d

Schedule of excluded from the dilutive securities (Details) - shares		3 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Options	[1]	14,464,000	15,225,000
Warrants	[1]	18,516,253	13,470,118
Convertible debt	[1]	1,030,000	14,744,000
Total potential dilutive securities	[1]	34,010,253	43,439,118
[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

Restatement Impacts to the Cond

Restatement Impacts to the Condensed Consolidated Statement of Cash Flows (unaudited) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Foreign exchange loss	$ 173	$ 225
Interest expense	300	605
Loss before income taxes	2,554	2,088
Net loss	2,554	2,088
Reporting currency translation	5	(124)
Total comprehensive loss	2,559	1,964
CASH FLOWS FROM OPERATING ACTIVITIES
Total loss for the period	(2,554)	(2,088)
Accretion of convertible debt	236	551
Foreign exchange loss	$ 177	288
Previously Reported [Member]
Foreign exchange loss		210
Interest expense		492
Loss before income taxes		1,960
Net loss		1,960
Reporting currency translation		(109)
Total comprehensive loss		1,851
CASH FLOWS FROM OPERATING ACTIVITIES
Total loss for the period		(1,960)
Accretion of convertible debt		438
Foreign exchange loss		273
Revision of Prior Period, Adjustment [Member]
Foreign exchange loss		15
Interest expense		113
Loss before income taxes		128
Net loss		128
Reporting currency translation		(15)
Total comprehensive loss		113
CASH FLOWS FROM OPERATING ACTIVITIES
Total loss for the period		(128)
Accretion of convertible debt		113
Foreign exchange loss		$ 15

Restatement Impact to the Conde

Restatement Impact to the Condensed Consolidated Statement of Shareholders' Equity (unaudited) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Beginning balance, value	$ 17,665	$ 13,213
Loss for the period	(2,554)	(2,088)
Reporting currency presentation	5	124
Ending balance, value	16,735	13,263
Retained Earnings [Member]
Beginning balance, value	(110,397)	(99,510)
Loss for the period	(2,554)	(2,088)
Reporting currency presentation
Ending balance, value	(112,951)	(101,598)
AOCI Attributable to Parent [Member]
Beginning balance, value	(993)	(1,159)
Loss for the period
Reporting currency presentation	5	124
Ending balance, value	$ (998)	(1,035)
Previously Reported [Member]
Beginning balance, value		13,663
Loss for the period		(1,960)
Reporting currency presentation		109
Ending balance, value		13,826
Previously Reported [Member] | Retained Earnings [Member]
Beginning balance, value		(99,076)
Ending balance, value		(101,036)
Previously Reported [Member] | AOCI Attributable to Parent [Member]
Beginning balance, value		(1,143)
Ending balance, value		(1,034)
Revision of Prior Period, Adjustment [Member]
Beginning balance, value		(450)
Loss for the period		(128)
Reporting currency presentation		15
Ending balance, value		(563)
Revision of Prior Period, Adjustment [Member] | Retained Earnings [Member]
Beginning balance, value		(434)
Ending balance, value		(562)
Revision of Prior Period, Adjustment [Member] | AOCI Attributable to Parent [Member]
Beginning balance, value		(16)
Ending balance, value		$ (1)

GOING CONCERN ISSUES (Details N

GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 2,554	$ 2,088
Working capital deficit	3,130
Accumulated deficit	(112,951)		$ (110,397)
Cash	3,192
Capital expenditure of operations	$ (109,005)

Schedule of account payable and

Schedule of account payable and accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Payables and Accruals [Abstract]
Accounts payable, trade	$ 2,904	$ 115
Accounts payable accruals	467	654
Consent accrual	200
Interest payable to related party	51
Other accruals	48	48
Total accounts payable and accrued liabilities	$ 3,670	$ 817

Changes in the convertible secu

Changes in the convertible security (the “Lind III Convertible Security”) issued to Lind Global Asset Management III, LLC, are as follows: (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Short-Term Debt [Line Items]
Beginning balance	$ 2,169
Accretion expense	236	$ 551
Ending balance	755
Convertible Security [Member]
Short-Term Debt [Line Items]
Beginning balance	2,169
Accretion expense	236
Conversions	(1,650)
Ending balance	$ 755

CONVERTIBLE DEBT (Details Narra

CONVERTIBLE DEBT (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Short-Term Debt [Line Items]
Convertible security | $	$ 815
Convertible Security [Member] | Lind Asset Management I VLLC [Member]
Short-Term Debt [Line Items]
Number of shares issued upon debt conversion | shares	1,030,000
Description of change fair value obligated to issue	Company would be obligated to issue would change by approximately 8,000 shares.
Nordmin Convertible Note [Member] | Canada, Dollars
Short-Term Debt [Line Items]
Shares price	$ 1.43
Nordmin Agreement [Member] | Canada, Dollars | Nordmin Convertible Note [Member]
Short-Term Debt [Line Items]
Conversion price (in dollars per share)	$ 0.01

Schedule of stock option (Detai

Schedule of stock option (Details)	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Beginning balance | shares	14,464,000
Granted | shares
Exercised | shares
Cancelled/expired | shares
Ending balance | shares	14,464,000
Canada, Dollars
Beginning balance | $ / shares	$ 0.83
Granted | $ / shares
Exercised | $ / shares
Cancelled/expired | $ / shares
Ending Balance | $ / shares	$ 0.83

Schedule of information about s

Schedule of information about stock options outstanding (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($) shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding | shares	14,464,000
Number exercisable | shares	14,464,000
Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate intrinsic value | $	$ 8,721
Aggregate intrinsic value | $	$ 8,721
Exercise Price 0.47 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Nov. 09, 2022
Number of outstanding | shares	2,804,000
Number exercisable | shares	2,804,000
Exercise Price 0.47 [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate intrinsic value | $	$ 2,692
Aggregate intrinsic value | $	$ 2,692
Exercise Price 0.84 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Sep. 18, 2023
Number of outstanding | shares	1,050,000
Number exercisable | shares	1,050,000
Exercise Price 0.84 [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate intrinsic value | $	$ 619
Aggregate intrinsic value | $	$ 619
Exercise Price 0.54 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Nov. 15, 2023
Number of outstanding | shares	3,785,000
Number exercisable | shares	3,785,000
Exercise Price 0.54 [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate intrinsic value | $	$ 3,369
Aggregate intrinsic value | $	$ 3,369
Exercise Price 0.75 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Dec. 14, 2023
Number of outstanding | shares	1,825,000
Number exercisable | shares	1,825,000
Exercise Price 0.75 [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate intrinsic value | $	$ 1,241
Aggregate intrinsic value | $	$ 1,241
Exercise Price 0.75 One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Dec. 16, 2023
Number of outstanding | shares	525,000
Number exercisable | shares	525,000
Exercise Price 0.75 One [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate intrinsic value | $	$ 357
Aggregate intrinsic value | $	$ 357
Exercise Price 1.36 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Dec. 17, 2024
Number of outstanding | shares	3,975,000
Number exercisable | shares	3,975,000
Exercise Price 1.36 [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate intrinsic value | $	$ 278
Aggregate intrinsic value | $	$ 278
Exercise Price 1.10 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	May 30, 2025
Number of outstanding | shares	500,000
Number exercisable | shares	500,000
Exercise Price 1.10 [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate intrinsic value | $	$ 165
Aggregate intrinsic value | $	$ 165

Schedule of warrant transaction

Schedule of warrant transactions (Details)	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Balance, at beginning | shares	18,516,253
Granted | shares
Exercised | shares
Cancelled/expired | shares
Balance, at ending | shares	18,516,253
Canada, Dollars
Balance, at beginning | $ / shares	$ 1.16
Granted | $ / shares
Exercised | $ / shares
Cancelled/expired | $ / shares
Balance, at ending | $ / shares	$ 1.16

Schedule of outstanding exercis

Schedule of outstanding exercisable warrants (Details) - $ / shares	Sep. 30, 2022	Jun. 30, 2022
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number	18,516,253	18,516,253
Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Warrant exercise price (in dollars per share)	$ 1.16	$ 1.16
Exercise Price 0.80 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number	500,000
Expiry date	Dec. 18, 2022
Exercise Price 0.80 [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Warrant exercise price (in dollars per share)	$ 0.80
Exercise Price 1.63 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number	4,412,118
Expiry date	May 10, 2023
Exercise Price 1.63 [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Warrant exercise price (in dollars per share)	$ 1.63
Exercise Price 1.10 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number	5,046,135
Expiry date	Jun. 30, 2024
Exercise Price 1.10 [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Warrant exercise price (in dollars per share)	$ 1.10
Exercise Price 0.97 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number	8,558,000
Expiry date	Feb. 19, 2025
Exercise Price 0.97 [Member] | Canada, Dollars
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Warrant exercise price (in dollars per share)	$ 0.97

COMMON SHARES (Details Narrativ

COMMON SHARES (Details Narrative) - Canada, Dollars $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($) $ / shares
Share price | $ / shares	$ 1.43
Unrecognized compensation cost | $	$ 0

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Accrued interest		$ 40
Mark Smith [Member]
Related Party Transaction [Line Items]
Principal amount outstanding	2,000
Accrued interest	$ 51
General Security Agreement [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Interest at a rate	10%
Prepayment fee	2.50%

Schedule of exploration expendi

Schedule of exploration expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Total	$ 1,288	$ 621
Technical Studies and Engineering [Member]
Total	141	50
Field Management and Other [Member]
Total	154	124
Exploration and Production Equipment [Member]
Total	993	436
Geologists and Field Staff [Member]
Total		$ 11

The Company incurred lease cost

The Company incurred lease costs as follows: (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Lease Cost:
Fixed rent expense	$ 21	$ 21
Variable rent expense	3	2
Short term lease cost	2	5
Sublease income	(6)	(5)
Net lease cost – other operating expense	$ 20	$ 23

The maturities of lease liabili

The maturities of lease liabilities are as follows at September 30, 2022: (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases
Total lease payments – through September 2023	$ 93
Less portion of payments representing interest	(7)
Present value of lease payments – current lease liability	$ 86

Schedule of fair values determi

Schedule of fair values determined by level 3 inputs are unobservable data (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 3,192	$ 5,280
Investment in equity securities	10	10
Total	3,202	5,290
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	3,192	5,280
Investment in equity securities	10	10
Total	3,202	5,290
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
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

PROPOSED TRANSACTION (Details N

PROPOSED TRANSACTION (Details Narrative) - USD ($)		3 Months Ended
	Sep. 25, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Business Acquisition [Line Items]
Amount converted		$ 755,000		$ 2,169,000
Purchase of Common Shares		65,000,000
Net tangible assets		5,000,001
Cash		15,000,000
Participation right	15%
Payment receive		1,650,000	$ 1,350,000
Issuance of warrants		5,000,000
Accrued liability		$ 200,000
Canada, Dollars
Business Acquisition [Line Items]
Other stock exchange shares		$ 1
Maximum [Member]
Business Acquisition [Line Items]
Payment receive		$ 500,000
Minimum [Member]
Business Acquisition [Line Items]
Payment receive		200,000
Business Combination Agreement [Member] | Elk Creek Resources Corp [Member]
Business Acquisition [Line Items]
Advance		81,000,000
Amount converted		16,000,000
Convertible debt		$ 16,000,000