NioCorp Developments (NB) 10-Q 14 Nov 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2016	Nov. 11, 2016
Document And Entity Information
Entity Registrant Name	NIOCORP DEVELOPMENTS LTD
Entity Central Index Key	1,512,228
Document Type	10-Q
Trading Symbol	NIOBF
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		184,626,976
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
Current
Cash	$ 1,724	$ 4,412
Restricted cash	500
Receivables	5	5
Prepaid expenses	66	101
Total current assets	2,295	4,518
Non-current
Deposits	65	65
Available for sale securities at fair value	43	32
Equipment	12	14
Mineral interests	10,617	10,617
Total assets	13,032	15,246
Current
Accounts payable and accrued liabilities	1,740	1,256
Related party loan	1,000	1,000
Total current liabilities	2,740	2,256
Convertible debt	6,279	6,466
Derivative liability, convertible debt	247	330
Total liabilities	9,266	9,052
SHAREHOLDERS' EQUITY
Common stock, unlimited shares authorized; shares outstanding: 180,598,219 and 180,467,990, respectively	58,465	58,401
Additional paid-in capital	8,847	8,630
Accumulated deficit	(62,997)	(60,222)
Accumulated other comprehensive loss	(549)	(615)
Total equity	3,766	6,194
Total liabilities and equity	$ 13,032	$ 15,246

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - shares	Sep. 30, 2016	Jun. 30, 2016
Statement of Financial Position [Abstract]
Common stock, outstanding	180,598,219	180,467,990

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating expenses
Consulting		$ 64
Depreciation	2	2
Employee related costs	540	338
Finance costs		12
Professional fees	333	33
Exploration expenditures	1,970	1,964
Other operating expenses	135	226
Total operating expenses	2,980	2,639
Change in financial instrument fair value	(296)	(29)
Foreign exchange loss	33	150
Interest expense	69	53
Gain on available for sale securities	(11)	(6)
Loss before income taxes	2,775	2,807
Income tax benefit
Net loss	2,775	2,807
Other comprehensive loss:
Net loss	2,775	2,807
Other comprehensive gain:
Reporting currency translation	(66)	(234)
Total comprehensive loss	$ 2,709	$ 2,573
Loss per common share, basic and diluted (in dollars per shares)	$ 0.02	$ 0.02
Weighted average common shares outstanding (in shares)	180,530,068	157,599,039

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Total loss for the period	$ (2,775)	$ (2,807)
Adjustments for:
Depreciation	2	2
Change in financial instrument fair value	(296)	(29)
Unrealized gain on available-for-sale investments	(11)	(6)
Accretion of convertible debt	46
Foreign exchange loss	124	279
Share-based compensation	218	57
Subtotal	(2,692)	(2,504)
Change in non-cash working capital items:
Receivables		(1)
Prepaid expenses	34	11
Accounts payable and accrued liabilities	411	336
Net cash used in operating activities	(2,247)	(2,158)
CASH FLOWS FROM INVESTING ACTIVITIES
Restricted cash funding	(500)
Acquisition of equipment		(2)
Net cash used in investing activities	(500)	(2)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of capital stock	64	901
Issuance of convertible debt, net of issuance costs		654
Related party debt draws		500
Net cash provided by financing activities	64	2,055
Exchange rate effect on cash	(5)	(112)
Change in cash during the period	(2,688)	(217)
Cash, beginning of period	4,412	753
Cash, end of period	1,724	536
Supplemental cash flow information:
Amounts paid for interest	16
Amounts paid for income taxes
Non-cash financing transaction

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance, beginning at Jun. 30, 2015	$ 47,617	$ 7,250	$ (48,814)	$ (1,042)	$ 5,011
Balance, beginning (in shares) at Jun. 30, 2015	156,420,334
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	$ 5,838				5,838
Exercise of warrants (in shares)	12,549,309
Exercise of options	$ 405				405
Exercise of options (in shares)	1,415,000
Fair value of broker warrants granted		15			15
Fair value of Lind Warrants granted		620			620
Private placement - January 2016	$ 3,750				3,750
Private placement - January 2016 (in shares)	9,074,835
Debt conversions	$ 638				638
Debt conversions (in shares)	1,008,512
Share issuance costs	$ (151)				(151)
Fair value of stock options exercised	304	(304)
Share-based payments		1,049			1,049
Reporting currency presentation				427	427
Loss for the period			(11,408)		(11,408)
Balance, ending at Jun. 30, 2016	$ 58,401	8,630	(60,222)	(615)	$ 6,194
Balance, ending (in shares) at Jun. 30, 2016	180,467,990				180,467,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	$ 64				$ 64
Exercise of warrants (in shares)	130,229
Exercise of options (in shares)
Share-based payments		217			$ 217
Reporting currency presentation				66	(66)
Loss for the period			(2,775)		(2,775)
Balance, ending at Sep. 30, 2016	$ 58,465	$ 8,847	$ (62,997)	$ (549)	$ 3,766
Balance, ending (in shares) at Sep. 30, 2016	180,598,219				180,598,219

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS NioCorp Developments Ltd. (the “Company”) was incorporated on February 27, 1987 under the laws of the Province of British Columbia and currently operates in one reportable operating segment consisting of exploration and development of mineral deposits in North America, specifically, the Elk Creek Niobium/Scandium/Titanium property (the “Elk Creek Project”) located in Southeastern Nebraska. 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. The Company’s ability to continue as a going concern is uncertain and is dependent upon the generation of profits from mineral properties, obtaining additional financing and maintaining continued support from its shareholders and creditors.

BASIS OF PREPARATION

BASIS OF PREPARATION	3 Months Ended
	Sep. 30, 2016
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 interim 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 consolidated interim financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2016. 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 September 30, 2016 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 such 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, 2016. The interim results are not necessarily indicative of results for the full year ending June 30, 2017, or future operating periods. b) Recent Accounting Standards In February 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-02, Leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities for leases with lease terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease have not significantly changed from the previous GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. The Company is currently assessing the impact, if any, of implementing this guidance on its consolidated financial position, results of operations and liquidity. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements of FASB Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition and most industry-specific guidance. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This ASU provides alternative methods of retrospective adoption and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption would be permitted but not before annual periods beginning after December 15, 2016. The Company is currently assessing the potential impact of adopting this ASU on its consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern. The new standard requires management of public and private companies to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The new standard is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Adoption of the new guidance is not expected to have a material impact on the financial statement presentation of the Company. 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 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	3 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN ISSUES	3. GOING CONCERN ISSUES The Company incurred a loss of $2,775 for the three months ended September 30, 2016 (2015 - $2,807), and has an accumulated deficit of $62,997 as of September 30, 2016. In addition, the Company has a working capital deficiency of $445 as of September 30, 2016. These factors indicate the existence of a material uncertainty that raises substantial doubt about the Company's ability to continue as a going concern. The Company’s ability to continue operations and fund its expenditures is dependent on Management’s ability to secure additional financing. Management is actively pursuing such 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. These consolidated financial statements do not give effect to any adjustments required to realize its 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.

RESTRICTED CASH

RESTRICTED CASH	3 Months Ended
	Sep. 30, 2016
Restricted Cash
RESTRICTED CASH	4. RESTRICTED CASH Restricted cash represents amounts held in escrow to secure payment of feasibility study work. On October 5, 2016, $235 of these funds were released back to the Company. Under the terms of the escrow agreement, the balance of $265 will be drawn against outstanding accounts payable once certain project milestones are met.

CONVERTIBLE DEBT

CONVERTIBLE DEBT	3 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
CONVERTIBLE DEBT	5. CONVERTIBLE DEBT As of September 30, June 30, Convertible Notes $ 501 $ 475 Convertible Security 5,778 5,991 $ 6,279 $ 6,466 Convertible Notes Changes in the Notes balance are comprised of the following: Convertible Notes Balance, June 30, 2016 $ 475 Accreted interest, net of interest paid 26 Balance, September 30, 2016 $ 501 The changes in the derivative liability related to the conversion feature are as follows: Derivative Balance, June 30, 2016 $ 330 Change in fair value of derivative liability (83 ) Balance, September 30, 2016 $ 247 Lind Partners Convertible Security Funding Changes in the Convertible Security balance are comprised of the following: Convertible Security Opening balance $ 5,991 Conversions - Change in fair market value (213 ) Balance, September 30, 2016 $ 5,778 The Convertible Security contains financial and non-financial covenants customary for a facility of this size and nature, and includes a financial covenant defining an event of default as all present and future liabilities of the Company or any of its subsidiaries, exclusive of related party loans, for an amount or amounts exceeding $2,000, and which have not been satisfied on time or within 90 days of invoice, or have become prematurely payable as a result of its default or breach. The Company was in compliance as of September 30, 2016.

COMMON STOCK

COMMON STOCK	3 Months Ended
	Sep. 30, 2016
Equity [Abstract]
COMMON STOCK	6. COMMON STOCK a) Stock Options The Company has a rolling stock option plan (the “Plan”) whereby the Company may grant stock options to executive officers and directors, employees, and consultants at an exercise price to be determined by the board of directors, provided the exercise price is not lower than the market value on the date of grant. The Plan provides for the issuance of up to 10% of the Company’s issued common shares as at the date of grant with each stock option having a maximum term of five years. The board of directors has the exclusive power over the granting of options and their vesting provisions. Stock option transactions are summarized as follows: Number of Weighted Balance, June 30, 2016 11,465,000 $ 0.69 Granted 710,000 0.96 Exercised - - Cancelled/expired - - Balance, September 30, 2016 12,175,000 0.71 The following table summarizes the information and assumptions used to determine option costs for the three-month period ended September 30, 2016: Fair value per option granted during the period (C$) $ 0.50 Risk-free interest rate 0.75 % Expected dividend yield 0 % Expected stock price volatility (historical basis) 97.2 % Expected option life in years 2.15 The following table summarizes information about stock options outstanding at September 30, 2016: Exercise Expiry date Number Aggregate Number Aggregate $ 0.50 May 9, 2017 370,000 $ 115 370,000 $ 115 $ 0.62 January 19, 2021 5,575,000 1,059 2,787,500 530 $ 0.65 May 20, 2017 50,000 8 50,000 8 $ 0.65 July 28, 2017 1,250,000 200 1,250,000 200 $ 0.76 September 2, 2017 500,000 25 500,000 25 $ 0.80 December 22, 2017 3,220,000 32 3,220,000 32 $ 0.94 April 28, 2018 500,000 - 375,000 - $ 0.96 July 21, 2021 710,000 - - - Balance September 30, 2016 12,175,000 $ 1,439 8,552,500 $ 910 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing stock price of C$0.81 as of September 30, 2016, which 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 September 30, 2016 was 8,177,500. As of September 30, 2016, there was $380 of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Plan. The cost is expected to be recognized over a weighted average period of approximately 1.25 years. b) Warrants Warrant transactions are summarized as follows: Warrants Weighted average Balance June 30, 2016 22,733,685 $ 0.74 Granted - - Exercised (130,229 ) 0.65 Expired - - Balance, September 30, 2016 22,603,456 $ 0.74 At September 30, 2016, the Company has outstanding exercisable warrants, as follows: Number Exercise Expiry Date 7,431,261 $ 0.65 November 10, 2016 182,910 0.85 February 27, 2017 2,714,000 1.00 February 27, 2017 3,125,000 0.72 December 22, 2018 9,150,285 0.75 January 19, 2019 22,603,456

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	3 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND BALANCES	7. RELATED PARTY TRANSACTIONS AND BALANCES Related party loan represents the amount outstanding on a loan with Mark Smith, Chief Executive Officer and Executive Chairman of NioCorp. The loan is due June 17, 2017, bears an interest rate of 10%, is secured by the Company’s assets pursuant to a concurrently executed general security agreement, and is subject to both a 2.5% establishment fee and 2.5% prepayment fee. As of September 30, 2016, accounts payable and accrued liabilities included interest payable to Mr. Smith of $80.

EXPLORATION EXPENDITURES

EXPLORATION EXPENDITURES	3 Months Ended
	Sep. 30, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
EXPLORATION EXPENDITURES	8. Exploration Expenditures For the three months 2016 2015 Technical studies and engineering $ 519 $ 1,416 Field management and other 234 168 Drilling - 281 Metallurgical development 1,190 85 Geologists and field staff 27 14 Total $ 1,970 $ 1,964

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	9. 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 table presents information about the assets and liabilities that are measured at fair value on a recurring basis as at September 30, 2016 and June 30, 2016, and indicates 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 included situations where there is little, if any, market activity for the instrument: As of September 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,724 $ 1,724 $ - $ - Available for sale securities 43 43 - - Total $ 1,767 $ 1,767 $ - $ - Liabilities: Convertible debt $ 5,778 $ - $ - $ 5,778 Derivative liability, convertible debt 247 - - 247 $ 6,025 $ - $ - $ 6,025 As of June 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 4,412 $ 4,412 $ - $ - Available for sale securities 32 32 - - Total $ 4,444 $ 4,444 $ - $ - Liabilities: Convertible debt $ 5,991 $ - $ - $ 5,991 Derivative liability, convertible debt 330 - - 330 $ 6,321 $ - $ - $ 6,321 The Company measures the fair market value of the Level 3 components using the Black-Scholes model and discounted cash flows, as appropriate. These models are prepared by a third party and take into account management's best estimate of the conversion price of the stock, an estimate of the expected time to conversion, an estimate of the stock's volatility, and the risk-free rate of return expected for an instrument with a term equal to the duration of the convertible debt. The following table sets forth a reconciliation of changes in the fair value of the Company's convertible debt components classified as Level 3 in the fair value hierarchy: Beginning balance $ 6,321 Conversions to equity - Realized and unrealized losses (296 ) Ending balance $ 6,025

BASIS OF PREPARATION (Policies)

BASIS OF PREPARATION (Policies)	3 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Preparation and Consolidation	a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated interim 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 consolidated interim financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2016. 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 September 30, 2016 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 such 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, 2016. The interim results are not necessarily indicative of results for the full year ending June 30, 2017, or future operating periods.
Recent Accounting Standards	b) Recent Accounting Standards In February 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-02, Leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities for leases with lease terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease have not significantly changed from the previous GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. The Company is currently assessing the impact, if any, of implementing this guidance on its consolidated financial position, results of operations and liquidity. In November 2014, the FASB issued ASU 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The ASU clarifies how current guidance should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of a host contract. The ASU is effective for fiscal years and interim periods beginning after December 15, 2015. The Company is currently assessing the impact, if any, of implementing this guidance on its consolidated financial position, results of operations and liquidity.
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 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.

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	3 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of convertible debt	As of September 30, June 30, Convertible Notes $ 501 $ 475 Convertible Security 5,778 5,991 $ 6,279 $ 6,466
Schedule of changes in the notes balance	Changes in the Notes balance are comprised of the following: Convertible Notes Balance, June 30, 2016 $ 475 Accreted interest, net of interest paid 26 Balance, September 30, 2016 $ 501
Schedule of derivative liability related to the conversion feature	The changes in the derivative liability related to the conversion feature are as follows: Derivative Balance, June 30, 2016 $ 330 Change in fair value of derivative liability (83 ) Balance, September 30, 2016 $ 247
Schedule of change in convertible security balance	Changes in the Convertible Security balance are comprised of the following: Convertible Security Opening balance $ 5,991 Conversions - Change in fair market value (213 ) Balance, September 30, 2016 $ 5,778

COMMON STOCK (Tables)

COMMON STOCK (Tables)	3 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Schedule of stock option	Stock option transactions are summarized as follows: Number of Weighted Balance, June 30, 2016 11,465,000 $ 0.69 Granted 710,000 0.96 Exercised - - Cancelled/expired - - Balance, September 30, 2016 12,175,000 0.71
Schedule of information and assumptions used to determine option costs	The following table summarizes the information and assumptions used to determine option costs for the three-month period ended September 30, 2016: Fair value per option granted during the period (C$) $ 0.50 Risk-free interest rate 0.75 % Expected dividend yield 0 % Expected stock price volatility (historical basis) 97.2 % Expected option life in years 2.15
Schedule of information about stock options outstanding	The following table summarizes information about stock options outstanding at September 30, 2016: Exercise Expiry date Number Aggregate Number Aggregate $ 0.50 May 9, 2017 370,000 $ 115 370,000 $ 115 $ 0.62 January 19, 2021 5,575,000 1,059 2,787,500 530 $ 0.65 May 20, 2017 50,000 8 50,000 8 $ 0.65 July 28, 2017 1,250,000 200 1,250,000 200 $ 0.76 September 2, 2017 500,000 25 500,000 25 $ 0.80 December 22, 2017 3,220,000 32 3,220,000 32 $ 0.94 April 28, 2018 500,000 - 375,000 - $ 0.96 July 21, 2021 710,000 - - - Balance September 30, 2016 12,175,000 $ 1,439 8,552,500 $ 910
Schedule of warrant transactions	Warrant transactions are summarized as follows: Warrants Weighted average Balance June 30, 2016 22,733,685 $ 0.74 Granted - - Exercised (130,229 ) 0.65 Expired - - Balance, September 30, 2016 22,603,456 $ 0.74
Schedule of outstanding exercisable warrants	At September 30, 2016, the Company has outstanding exercisable warrants, as follows: Number Exercise Expiry Date 7,431,261 $ 0.65 November 10, 2016 182,910 0.85 February 27, 2017 2,714,000 1.00 February 27, 2017 3,125,000 0.72 December 22, 2018 9,150,285 0.75 January 19, 2019 22,603,456

EXPLORATION EXPENDITURES (Tabl

EXPLORATION EXPENDITURES (Tables)	3 Months Ended
	Sep. 30, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Schedule of exploration expenditures	For the three months 2016 2015 Technical studies and engineering $ 519 $ 1,416 Field management and other 234 168 Drilling - 281 Metallurgical development 1,190 85 Geologists and field staff 27 14 Total $ 1,970 $ 1,964

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of fair values determined by Level 3 inputs are unobservable data	The following table presents information about the assets and liabilities that are measured at fair value on a recurring basis as at September 30, 2016 and June 30, 2016, and indicates 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 included situations where there is little, if any, market activity for the instrument: As of September 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,724 $ 1,724 $ - $ - Available for sale securities 43 43 - - Total $ 1,767 $ 1,767 $ - $ - Liabilities: Convertible debt $ 5,778 $ - $ - $ 5,778 Derivative liability, convertible debt 247 - - 247 $ 6,025 $ - $ - $ 6,025 As of June 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 4,412 $ 4,412 $ - $ - Available for sale securities 32 32 - - Total $ 4,444 $ 4,444 $ - $ - Liabilities: Convertible debt $ 5,991 $ - $ - $ 5,991 Derivative liability, convertible debt 330 - - 330 $ 6,321 $ - $ - $ 6,321
Schedule of reconciliation of changes in the fair value	The following table sets forth a reconciliation of changes in the fair value of the Company's convertible debt components classified as Level 3 in the fair value hierarchy: Beginning balance $ 6,321 Conversions to equity - Realized and unrealized losses (296 ) Ending balance $ 6,025

GOING CONCERN ISSUES (Details N

GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016
Accounting Policies [Abstract]
Accumulated deficit	$ (62,997)		$ (60,222)
Net loss	(2,775)	$ (2,807)	$ (11,408)
Working capital deficit	$ 445

RESTRICTED CASH (Details Narrat

RESTRICTED CASH (Details Narrative) - Subsequent Event [Member] $ in Thousands	1 Months Ended
	Oct. 05, 2016USD ($)
Restricted cash amounts held in escrow account	$ 235
Accounts Payable [Member]
Restricted cash amounts held in escrow account	$ 265

CONVERTIBLE DEBT (Details)

CONVERTIBLE DEBT (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
Convertible debt	$ 6,279	$ 6,466
Unsecured Convertible Promissory Notes [Member]
Convertible debt	501	475
Secured Convertible Security [Member]
Convertible debt	$ 5,778	$ 5,991

CONVERTIBLE DEBT (Details 1)

CONVERTIBLE DEBT (Details 1) $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)
Convertible Notes [Roll Forward]
Balance at beginning	$ 6,466
Balance at ending	6,279
Unsecured Convertible Promissory Notes [Member]
Convertible Notes [Roll Forward]
Balance at beginning	475
Accreted interest, net of interest paid	26
Balance at ending	$ 501

CONVERTIBLE DEBT (Details 2)

CONVERTIBLE DEBT (Details 2) $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)
Derivative Instruments and Hedges, Liabilities, Noncurrent [Roll Forward]
Balance at beginning	$ 330
Balance at ending	247
Unsecured Convertible Promissory Notes [Member]
Derivative Instruments and Hedges, Liabilities, Noncurrent [Roll Forward]
Balance at beginning	330
Change in fair value of derivative liability	(83)
Balance at ending	$ 247

CONVERTIBLE DEBT (Details 3)

CONVERTIBLE DEBT (Details 3) $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)
Change Convertible Security Balance [Roll Forward]
Balance at beginning	$ 6,466
Balance at ending	6,279
Secured Convertible Security [Member]
Change Convertible Security Balance [Roll Forward]
Balance at beginning	5,991
Conversions
Change in fair market value	(213)
Balance at ending	$ 5,778

CONVERTIBLE DEBT (Details Narra

CONVERTIBLE DEBT (Details Narrative)	3 Months Ended
	Sep. 30, 2016
Secured Convertible Security [Member]
Description of convenent	The Convertible Security contains financial and non-financial covenants customary for a facility of this size and nature, and includes a financial covenant defining an event of default as all present and future liabilities of the Company or any of its subsidiaries, exclusive of related party loans, for an amount or amounts exceeding $2,000, and which have not been satisfied on time or within 90 days of invoice, or have become prematurely payable as a result of its default or breach.

COMMON STOCK (Details)

COMMON STOCK (Details)	3 Months Ended
	Sep. 30, 2016CAD / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at beginning | shares	11,465,000
Granted | shares	710,000
Exercised | shares
Cancelled/expired | shares
Balance at end | shares	12,175,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Balance at beginning | CAD / shares	CAD 0.69
Granted | CAD / shares	0.96
Exercised | CAD / shares
Cancelled/expired | CAD / shares
Balance at end | CAD / shares	CAD 0.71

COMMON STOCK (Details 1)

COMMON STOCK (Details 1)	3 Months Ended
	Sep. 30, 2016CAD / shares
Equity [Abstract]
Fair value per option granted during the period (C$)	CAD 0.50
Risk-free interest rate	0.75%
Expected dividend yield	0.00%
Expected stock price volatility (historical basis)	97.20%
Expected option life in years	2 years 1 month 24 days

COMMON STOCK (Details 2)

COMMON STOCK (Details 2) $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)shares
Number of outstanding | shares	12,175,000
Aggregate Intrinsic Value | $	$ 1,439
Number of exercisable | shares	8,552,500
Aggregate Intrinsic Value | $	$ 910
Exercise Price C$0.50 [Member]
Expiry date	May 9, 2017
Number of outstanding | shares	370,000
Aggregate Intrinsic Value | $	$ 115
Number of exercisable | shares	370,000
Aggregate Intrinsic Value | $	$ 115
Exercise Price C$0.62 [Member]
Expiry date	Jan. 19, 2021
Number of outstanding | shares	5,575,000
Aggregate Intrinsic Value | $	$ 1,059
Number of exercisable | shares	2,787,500
Aggregate Intrinsic Value | $	$ 530
Exercise Price C$0.65 [Member]
Expiry date	May 20, 2017
Number of outstanding | shares	50,000
Aggregate Intrinsic Value | $	$ 8
Number of exercisable | shares	50,000
Aggregate Intrinsic Value | $	$ 8
Exercise Price C$0.65 [Member]
Expiry date	Jul. 28, 2017
Number of outstanding | shares	1,250,000
Aggregate Intrinsic Value | $	$ 200
Number of exercisable | shares	1,250,000
Aggregate Intrinsic Value | $	$ 200
Exercise Price C$0.76 [Member]
Expiry date	Sep. 2, 2017
Number of outstanding | shares	500,000
Aggregate Intrinsic Value | $	$ 25
Number of exercisable | shares	500,000
Aggregate Intrinsic Value | $	$ 25
Exercise Price C$0.80 [Member]
Expiry date	Dec. 22, 2017
Number of outstanding | shares	3,220,000
Aggregate Intrinsic Value | $	$ 32
Number of exercisable | shares	3,220,000
Aggregate Intrinsic Value | $	$ 32
Exercise Price C$0.94 [Member]
Expiry date	Apr. 28, 2018
Number of outstanding | shares	500,000
Aggregate Intrinsic Value | $
Number of exercisable | shares	375,000
Aggregate Intrinsic Value | $
Exercise Price C$0.96 [Member]
Expiry date	Jul. 21, 2021
Number of outstanding | shares	710,000
Aggregate Intrinsic Value | $
Number of exercisable | shares
Aggregate Intrinsic Value | $

COMMON STOCK (Details 3)

COMMON STOCK (Details 3) - Warrants [Member]	3 Months Ended
	Sep. 30, 2016CAD / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Balance, at beginning | shares	22,733,685
Granted | shares
Exercised | shares	(130,229)
Expired | shares
Balance, at end | shares	22,603,456
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Weighted average exercise price [Roll Forward]
Balance, at beginning | CAD / shares	CAD 0.74
Granted | CAD / shares
Exercised | CAD / shares	0.65
Expired | CAD / shares
Balance, at end | CAD / shares	CAD 0.74

COMMON STOCK (Details 4)

COMMON STOCK (Details 4)	3 Months Ended
	Sep. 30, 2016CAD / sharesshares
Warrants One[Member]
Number of shares	7,431,261
Exercise Price | CAD / shares	CAD 0.65
Expiry date	Nov. 10, 2016
Warrants Two [Member]
Number of shares	182,910
Exercise Price | CAD / shares	CAD 0.85
Expiry date	Feb. 27, 2017
Warrants Three [Member]
Number of shares	2,714,000
Exercise Price | CAD / shares	CAD 1
Expiry date	Feb. 27, 2017
Warrants Four [Member]
Number of shares	3,125,000
Exercise Price | CAD / shares	CAD 0.72
Expiry date	Dec. 22, 2018
Warrants Five [Member]
Number of shares	9,150,285
Exercise Price | CAD / shares	CAD 0.75
Expiry date	Jan. 19, 2019
Warrants [Member]
Number of shares	22,603,456

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - 3 months ended Sep. 30, 2016 - Stock Option Plan [Member] $ in Thousands	USD ($)shares	CAD / shares
Percentage of maximum outstanding stock issued under plan	10.00%
Plan award term	5 years
Number of vested and exercisable options | shares	8,177,500
Unrecognized compensation cost | $	$ 380
Cost recognized weighted average period	1 year 3 months
Canada [Member]
Share price (in dollars per share) | CAD / shares		CAD 0.81

RELATED PARTY TRANSACTIONS AN34

RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - Mark A. Smith [Member] $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)
Interest payable	$ 80
Smith Loans [Member] | General Security Agreement [Member]
Description of fees associated with providing collateral for the credit facility	Secured by the Company’s assets pursuant to a concurrently executed general security agreement, and is subject to both a 2.5% establishment fee and 2.5% prepayment fee.
Expiration date	Jun. 17, 2017
Credit facility interest rate	10.00%

EXPLORATION EXPENDITURES (Detai

EXPLORATION EXPENDITURES (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Total	$ 1,970	$ 1,964
Technical Studies And Engineering [Member]
Total	519	1,416
Field Management and Other [Member]
Total	234	168
Drilling [Member]
Total		281
Metallurgical development [Member]
Total	1,190	85
Geologists and Field Staff [Member]
Total	$ 27	$ 14

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
Level 3 [Member]
Liabilities:
Convertible debt	$ 6,025	$ 6,321
Fair Value, Measurements, Recurring [Member]
Assets:
Cash and cash equivalents	1,724	4,412
Available for sale securities	43	32
Total	1,767	4,444
Liabilities:
Convertible debt	5,778	5,991
Derivative liability, convertible debt	247	330
Total	6,025	6,321
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets:
Cash and cash equivalents	1,724	4,412
Available for sale securities	43	32
Total	1,767	4,444
Liabilities:
Convertible debt
Derivative liability, convertible debt
Total
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets:
Cash and cash equivalents
Available for sale securities
Total
Liabilities:
Convertible debt
Derivative liability, convertible debt
Total
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets:
Cash and cash equivalents
Available for sale securities
Total
Liabilities:
Convertible debt	5,778	5,991
Derivative liability, convertible debt	247	330
Total	$ 6,025	$ 6,321

FAIR VALUE MEASUREMENTS (Deta37

FAIR VALUE MEASUREMENTS (Details 1) - Level 3 [Member] $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)
Debt Instrument, Fair Value Disclosure [Roll Forward]
Beginning balance	$ 6,321
Conversions to equity
Realized and unrealized losses	(296)
Ending balance	$ 6,025